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Ali Gomaa, former Grand Mufti of Egypt, said Islam prohibits monopoly and its economy is based on free markets, saying Prophet Mohamed (peace be upon him) prohibited monopolizing trade.
During a workshop on Islamic finance, he affirmed that Egypt has many Islamic banks such as Faisal Islamic Bank and Al Baraka Bank as well as some conventional banks which offer sharia-compliant banking products.
Islamic heritage has about 45 sharia-compliant contracts and jurisprudence and sharia scholars affirm that new Islamic and usury-free contracts can be drafted.
