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.

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