Egypt Parliament Prepares Islamic Banking Regulations, Mal Says

Egypt’s parliament is drafting amendments to the country’s central bank law, including the creation of an interbank market for Islamic banks, Al Mal reported, citing Mohamed Gouda, a member of the Freedom and Justice Party’s economic committee.

The regulations will aim at increasing the market share of Islamic banks to 35 percent in five years, compared with 4 percent now, the Cairo-based newspaper cited Gouda as saying. The law under discussion also stipulates raising the minimum capital for banks to 2 billion Egyptian pounds ($331 million) from 500 million pounds and limiting the governor to two four- year terms in office, according to the report.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.