29.10.2012 - Egypt’s savings vacuum shows struggle for banks: Islamic finance
“Let’s not give too much weight to the ravings about Islamic banking in Egypt,” Abdul Hameed Abu Musa, governor of Cairo-based Faisal Islamic Bank of Egypt, said in a phone interview Oct. 22. He dismissed as “exaggerated” estimates by groups such as the Muslim Brotherhood’s Freedom and Justice Party that Islamic deposits and lending may expand six-fold in the next five years. Only three of the 39 banks operating in the most-populous Arab country are fully Shariah compliant. Real credit growth to private businesses and consumers may shrink 5.9 percent this year and 5.4 percent in 2013, according to HSBC Holdings Plc estimates...............................................Full Article: Source
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