| Finally, one of the most obvious markets for Islamic finance is opening for business. Egypt’s Government is currently inundated with applications for banking licences as foreign banks rush to take advantage of its potential. It’s also launched an Islamic index and is hoping to plug a $1 billion hole in its finances with a Sukuk issuance this year.
Surely Egypt, with an economy dependent on agriculture, a 90 per cent Muslim population and a claim to being the birthplace of Islamic finance is the perfect country for Islamic finance to thrive. Its devoutly religious population – 84 per cent of which support the death penalty for those who leave Islam, according to a 2010 Pew Global Attitude Survey – must welcome the chance to bank without violating their strict faith...............................................Full Article: Source
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