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Islamic finance’s fortune turns in Egypt

Posted on 25 July 2012

Mohammed Morsi When Ahmed El Naggar opened the world’s first Islamic bank in Egypt in 1963, the country looked as if it could harness that legacy to grow into one of the biggest Islamic finance hubs in the world.
But years of suspicion that the Muslim Brotherhood, illegal at that time, would use Islamic finance as a way to gain prominence in the country has left Egypt trailing behind its Arabian Gulf neighbours mainly because no tight regulation or laws have been implemented………………………………………..Full Article: Source

 
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