Upgrading or downgrading or Egypt's credit rating won't influence the Islamic bonds "sukuk" applications, Finance Minister Fayyad Abdel-Monem said on Sunday.

Egypt's credit ranking would only affect the bonds, not the sukuk which is a new financial instrument related to the ownership of the existing or the to-be-established assets, official news agency MENA quoted the minister as saying at "a conference on the practical applications of the sukuk."

Standard and Poor's (S&P) credit downgrade, reducing Egypt's foreign and domestic long-term rating to 'CCC+' and foreign and local short-term rating to C is the latest in a series of such actions taken by the most prominent international rating agencies since Egypt's January 2011 unrest.

Monem added his ministry will continue its efforts to boost the sukuk mechanisms and take the required steps for serving Egypt and alleviating the burdens over the society.

Egypt's legislative body, Shura Council unanimously approved on May 1 , the controversial Islamic bonds bill and referred it to the president for final endorsement, after all the remarks of Al- Azhar's Senior Scholars Authority have been completely endorsed.

Al-Azhar, the country's highest Islamic reference, has rejected the draft law more than once over concerns that the new finance system might allow foreigners to own key state assets, besides suspicions about its fixed interests that are not allowed in Islam. Endi

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