Egyptian Parliament prepares Islamic banking regulations
Wednesday June 13, 2012 10:52:00 AM,
IINA
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Cairo: Egypt’s parliament is drafting amendments to the country’s
central bank law, including the creation of an interbank market
for Islamic banks. This was announced by Mohamed Gouda, a member
of the ruling Freedom and Justice Party’s (FJP) economic
committee.
The regulations will aim at increasing the market share of Islamic
banks to 35 percent in five years, compared to four percent now,
the Cairo-based AlMal newspaper citedGoudaas 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.
FJP, the political party of the Muslim Brotherhood, which has the
biggest bloc in Parliament, has proposed changes to the banking
law with the goal of boosting the market share of Islamic banks to
35 percent in five years from 5 percent now, another party member
said. Ahmed Al-Najjar told Reuters that the proposals envisaged a
new Islamic banking section being added to the law, which now has
no specific regulations covering Islamic banks. Draft amendments
to the law have been presented to Parliament but no date has been
set to discuss them, he said.
Bankers say last year’s revolt which toppled President Hosni
Mubarak, whose regime neglected or discouraged Islamic finance for
ideological reasons, has cleared the way for growth of Islamic
finance in the Arab world’s most populous nation. They say the
business needs a regulatory framework before it can grow but that
the nation of 82 million people, who are overwhelmingly Muslim,
offers an attractive market. Islamic finance obeys religious
principles such as bans on the payment of interest and pure
monetary speculation.
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