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 email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org