ISLAMIC BANKING AND FINANCE IN EGYPT
Abdel Hamid Abu Mousa, the regulator of Faisal Islamic Bank of Egypt, told Zawya: “The market portion of Islamic banks in Egypt is nearly 5 %, while estimates of roughly 25 % in the developed Arab economies of the Gulf. Islamic banking resources in Egypt are awaited to reach around EGP 128 billion (USD 18.4 billion) in 2014, actualising an ordinary growth of 10% to 12%.
Islamic finance loses substantial political support.
* Potential requirement among population still there.
* Egypt progressively confident on Gulf economic relations.
* Officials do not rule out sovereign sukuk issue.
* Bankers have not seen any impression on trades since July.
Although an Islamist government is ruling in Egypt, there are questions about the involvements this will have on the economy, especially, the banking sector. Will Islamic banks last longer or replace conventional ones? What effect will have on personal trade dealings and on the country’s development on the whole? There will be many matters when Islamic Banking and Islamic Finance enter Egypt.
