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The Central Bank of Egypt (CBE) will not grant Islamic banking licenses in the meantime amid the low growth rates and the market recession, said Gamal Negm, sub-governor of CBE.
This suspension may be extended to the end of 2013 as there is enough number of Islamic banks in Egypt, he explained. Egypt has three Islamic banks and 11 Islamic banking windows which are subsidiary of conventional banks.
A number of Egyptian banks have submitted offers to CBE asking for Islamic banking licenses such as Alex Bank Intesa Sanpaolo, Ahli United Bank, Industrial Development and Workers Bank of Egypt, Export Development Bank of Egypt and Barclays Bank Egypt.
