25.10.2012 - Egyptís savings vacuum shows struggle for banks: Islamic finance
The lack of clients underscores the struggle Islamists face to promote Shariah- compliant financing after last yearís revolt propelled them to power. For Islamic banking to flourish in the majority Muslim nation, President Mohamed Mursi must lift economic growth from 2011ís 19-year low of 1.8 percent, Capital Economics Ltd. said. Mursi, who became Egyptís 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 Islamís ban on interest...............................................Full Article: Source
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