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Egypt: Islamic banking loses patron

Posted on 25 June 2012

When the Supreme Council for the Armed Forces, which has ruled the country for the last 16 months, decided to dissolve parliament, the ramifications of the decision were not limited to the political arena, but also encompassed Islamic banking which had begun to benefit from the rise of Islamist political currents.
The parliament, in which Islamists controlled 70% of the seats, created powerful pressures on the Central Bank to allow more freedom to banks to provide Islamic Banking services. It also encouraged a greater number of banks to apply for licenses in order to provide such services. Such requests had been automatically rejected in previous years………………………………………..Full Article: Source

 
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