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Egypt’s savings vacuum shows struggle for banks: Islamic finance

Posted on 25 October 2012

The lack of clients underscores the struggle Islamists face to promote Shariah- compliant financing after last year’s revolt propelled them to power. For Islamic banking to flourish in the majority Muslim nation, President Mohamed Mursi must lift economic growth from 2011’s 19-year low of 1.8 percent, Capital Economics Ltd. said.
Mursi, who became Egypt’s first democratically elected leader in June, is preparing laws to increase the share of Shariah-compliant deposits from 6 percent now, and enable borrowers to sell bonds complying with Islam’s ban on interest………………………………………..Full Article: Source

 
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