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Egypt Parliament Prepares Islamic Banking Regulations, Mal Says

June 10 (Bloomberg) -- 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

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