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.

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