Egypt Islamic finance depends crane for its ailing economy

The Financial Times newspaper said that Egypt is heading to Islamic finance as a lever for its ailing economy, after it had been deliberately marginalized by the former regime, which rejected the application of development projects that carry an Islamic character.

islamic finance

The Gazette, in a report yesterday that the size of this sector in Egypt is estimated at about 100 billion Egyptian pounds, and is expected to grow by between 9% and 15% in the next three years. He said that he did not allow Islamic banks in the past only to provide personal finance products, mostly investment banks or traditional development offering Islamic services.

The bill allows for companies and banks to issue instruments after the approval of the Central Bank of Egypt, also allows the companies offering international and regional instruments to finance projects in Egypt.
The Financial Times explained that the party should source according to the draft law to opt for Islamic oversight committee has the right to determine the types of Shariah-compliant instruments, the Committee shall consist of three experts selected by the party's source of a roster of experts prepared by the Fatwa. The law recognizes nine types of instruments.
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