Egypt may struggle to meet its Islamic finance targets. The new Muslim Brotherhood government aims to boost the sharia-compliant share of total banking assets from 5 to 35 percent within five years.
The potential is undoubtedly big. Egypt is predominantly Muslim and only 10 percent of the 80 million people have bank accounts. But the rise of Islamic finance in Egypt might be slow. Hosni Mubarak, the long-time former president, didn’t hold back Islamic finance, although he didn’t encourage it either. However the nascent sector was badly tarnished in the 1990s by a series of investment scams………………………………………..Full Article: Source