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Saudi bailout won’t avert crisis in Egypt over Islamic banking

Posted on 11 May 2012

Saudi Arabia has acted on an initial deal to support the Egyptian economy to the tune of nearly $2 billion. But the loan won’t defuse a looming row between Parliament and the Central Bank of Egypt (CBE).
The CBE has so far refused to issue new Islamic banking licences. A report in the Egyptian newspaper al-Shark al-Awsat claims the central bank said it would allow existing banks in Egypt to open Islamic windows but that in order ‘to protect’ Egypt’s banking market it would not issue new licences………………………………………..Full Article: Source

 
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