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Article: Sharia banking takes root: Cairo has recognised the value of Islamic banking products and is starting to support its development to provide project finance, home loans and insurance.(ISLAMIC FINANCE)(Company rankings)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- November 7, 2008
- Author:
CopyrightCOPYRIGHT 2008 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Mit Ghamr Savings Bank was established in a small town of the same name in Egypt's Nile Delta in 1963. One of the modern world's first Sharia-compliant financial institutions, it developed 53 branches in five years, and focused on profit-sharing investment by local depositors.
Despite stealing a march on the rest of the Muslim world, four-and-a-half decades on, the Egyptian Islamic banking sector is one of the least developed in the Middle East.
Egypt has rising investment needs and a large consumer middle class, most of whom are Muslim, but Islamic banking has not taken off in Egypt to the extent it has in the Gulf.
Egypt has only a few ...