Islamic Finance in Egypt
Despite the current political turmoil, the post-revolution Egyptian Islamic Finance market continues to witness positive developments. Société Arabe Internationale De-Banque (SAIB) has lately joined the Egyptian Islamic Finance sector.
Additionally, SAIB is establishing its headquarters in Cairo, Egypt. The bank’s board has decided to issue two newly developed financial instruments in the Egyptian market. SAIB has obtained the required approvals for the issuance of the new Sukuk, with variable return. The bank also launched a new category of Islamic credit cards known as El-Tayseer. Although El-Tayseer cards are very similar to conventional cards, they have two noticeable limitations: they neither allow cash withdrawal transactions nor transactions involving the purchase of gold or silver. SAIB has announced that it plans to focus on a number of areas including real estate, finance and microfinance.
Adopted from "Positive Developments in Egypt Despite Turmoil" by Dr. Walid Hegazy. Islamic Finance News bulletin of September 28, 2011.
Islamic Finance Useful Links
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The New Government is Setting the Stage for an Islamic Finance Renaissance in Egypt
Accounting and Auditing Organization for Islamic Financial Institution
"Islam and Economics" Blog
Random thoughts about Islam, Muslims and issues related to economics and finance, moderated by Dr. Mahmoud El-Gamal, Rice University, Houston
"Islamic Finance" Foundation
"Islamic Business and Finance" Organization
"Islamic Finance" News
Egyptian Islamic Finance Forum