New Egypt Eyes to Be Islamic Finance Hub

Islamic finance assets in Egypt are expected to grow to $10 billion in 2013 from $6 billion in 2007

CAIRO – Following the overthrow of President Hosni Mubarak, prospects are rising for Egypt to become a new hub for the booming Islamic finance.

"I prefer Islamic finance,” Amal Abbas, a 50-year-old research center manager, told Reuters on Thursday, April 21.

“It keeps me far from usury and I feel my money is blessed," said the veiled woman as she waited for her turn to place a deposit at Cairo’s Al Baraka Egypt Bank, one of the country’s two fully-fledged Islamic banks.

It's Arab and it's personal

The Arab revolution puts regional and international powers on notice as it pushes for the removal of autocrats.

The Arab revolution is on the march, and there is no turning back.
Sweeping transformation is coming – sooner rather than later – but, just as Arabs realise change is a must and are making it happen with much fanfare, their regimes and many world leaders don't seem to get the message.
Americans, Europeans and Israelis – like Turks and Iranians, as well as Russians and Chinese, or even Brazilian leaders – are yet to internalise the dramatic transformations in the Arab region and change their policies accordingly.
They're either playing catch up, hedging their bets or are terribly indifferent to the spirit and magnitude of change at play among the Arabs.

Heirs of late NDP member Kamal Shazly blocked from accessing family fortune (New!)

Former Labor Minister Aisha Abdel Hadi released on 10,000 LE bail over camel incident pending investigation (New!)

15 day detention order for business tycoon Ibrahim Kamel pending investigation of Camel incident New

Omar Suleiman summoned for questioning in charges filed against Mubarak (New!)

Reuters: Interior Ministry permission needed to demonstrate in Syria under new law passed by cabinet (New!)