Parliament Prepares Islamic Banking Regulations

Egypt’s parliament is drafting amendments to the country’s central bank law, including the creation of an interbank market for Islamic banks, said 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, Al Mal cited Gouda as saying.

The law under discussion also stipulates raising the minimum capital for banks to EGP 2 billion ($331 million) from EGP 500 million and limiting the governor to two four- year terms in office, Bloomberg reported.