Dr. Hala El Saeed, professor at Faculty of Economics and Political Science, ruled out Islamizing Egypt’s economy even if the next president will be an Islamist. However, El Saeed expected the introduction of Islamic sharia-compliant market mechanisms and finance channels by which banks and regulators in Egypt will abide because of the increasing demand on Islamic products.
El Saeed told Amwal Al Ghad that commercial banks will continue their business as long as sharia-compliant products are available, meaning that all market requirements will be met. Most banks in Kingdom of Saudi Arabia, where sharia is applied in all aspects of life, are commercial ones, El Saeed added.
Egypt’s stock market and banks will not be insulated from the global economy as each will offer both commercial and Islamic products, El Saeed added, recommending activating the role of regulators and training employees so as to cope with the new requirements, responding to the upcoming changes in economy.
