Posts tagged as: Egypt

Finance minister: Laws and regulations governing Islamic Bonds set to continue

Finance minister: Laws and regulations governing Islamic Bonds set to continue

<p>Laws, legislative rules and regulations governing Islamic bonds will be implemented as planned, as part of government efforts to revive the economy, according to Egyptian Finance Minister Ahmed Galal. However, he refused to say who would assume the role of Chairman of the Islamic Bonds Division within the ministry, after the sacking of previous chairman Ahmed Al-Nagar. Ahmed Al-Gabali, Advisor to the Minister on Islamic Bonds, is reportedly interested in the position but will need to be made aware of the nature of the job before applying. Galal previously published a decision to dispose of a number of legal advisors and chairmen of financial units due to their affiliation with the Muslim Brotherhood, among them Ahmed Al-Nagar, previous Chairman of the Ministry of Finance&rsquo;s Islamic Bonds Divisi&oacute;n.</p>
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<p><a href="http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regulations-governing-islamic-bonds-set-to-continue/" title="http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regulations-governing-islamic-bonds-set-to-continue/">http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regul…</a></p>
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Jump in bank profits in the last six months

Jump in bank profits in the last six months

<p>Egypt&rsquo;s banking sector witnessed a jump in profits during the first half of the current fiscal year in comparison to the same period last year, and even in comparison to the first quarter of this year. The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), a 30.7% increase compared to the same period last year. Bankers throughout the country expect that other institutions will also soon announce increases in their profit margins for the first half of this year, due to their subscription to government debt instruments, which have brought high returns over the last six months. The stabilisation of the country is expected to allow banks to begin lending once again at higher rates, to both individuals and companies, which would help stimulate the economy, support banks and help them achieve higher profit margins.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/" title="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/">http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-las…</a></p>
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Jump in bank profits in the last six months

Jump in bank profits in the last six months

<p>Egypt&rsquo;s banking sector witnessed a jump in profits during the first half of the current fiscal year in comparison to the same period last year, and even in comparison to the first quarter of this year. The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), a 30.7% increase compared to the same period last year. Bankers throughout the country expect that other institutions will also soon announce increases in their profit margins for the first half of this year, due to their subscription to government debt instruments, which have brought high returns over the last six months. The stabilisation of the country is expected to allow banks to begin lending once again at higher rates, to both individuals and companies, which would help stimulate the economy, support banks and help them achieve higher profit margins.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/" title="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/">http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-las…</a></p>
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Hamas Faces Financial Crisis

Hamas Faces Financial Crisis

The Hamas government relies heavily on the taxes and tariffs imposed on goods flowing through the crossings with Israel and the tunnels with Egypt to cover monthly costs and payments for governance. The Hamas government taxes the majority of the Egypti…

The fate of Islamic bonds remains vague after the ouster of the Muslim Brotherhood

The fate of Islamic bonds remains vague after the ouster of the Muslim Brotherhood

<p>Ahmed Al-Gabali, Technical Advisor for Islamic bonds at the finance ministry. temporarily left his post at the Ministry of Finance due to his conviction that not enough political and economic support currently exists to push Egypt&rsquo;s Islamic bonds law. This, he said, will cause returns on any Islamic bonds that are issued to be significantly less than previously estimated. He stated that the fate of Egypt&rsquo;s Islamic bonds law changed after the events of 30 June and the ouster of former president Mohamed Morsi. He maintained, however, that Islamic bonds would remain a powerful finance tool in the future, since sukuk have existed in a number of countries that do not operate under an Islamist or a Brotherhood regime. Abdullah Al-Adali, chairman of the taxes division at Price Waterhouse Coopers, stated that he supported keeping the country&rsquo;s Islamic bonds law as it was despite the removal of Morsi.</p>
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<p><a href="http://www.dailynewsegypt.com/2013/07/09/the-fate-of-islamic-bonds-remains-vague-after-the-ouster-of-the-muslim-brotherhood/" title="http://www.dailynewsegypt.com/2013/07/09/the-fate-of-islamic-bonds-remains-vague-after-the-ouster-of-the-muslim-brotherhood/">http://www.dailynewsegypt.com/2013/07/09/the-fate-of-islamic-bonds-remai…</a></p>
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Islamic banking association launches index of bourse’s Sharia-compliant shares

Islamic banking association launches index of bourse’s Sharia-compliant shares

<p>Islamic banking experts have called on the Central Bank of Egypt to tailor its policies regarding Islamic banking services to be more in line with those of Islamic banks themselves. The call came during the fourth annual conference of the Egyptian Islamic Finance Association, during which the association launched its index of shares compatible with Islamic law, measuring the performance of those shares traded on Egypt&rsquo;s stock exchange by their compatibility with Sharia standards.Mustafa Ibrahim, forensic audit manager for the National Bank for Investment, said the index was unique in that it was founded upon Sharia standard number 21, released by the Accounting and Auditing Organisation for Islamic Financial Institutions.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.dailynewsegypt.com/2013/06/26/islamic-banking-association-launches-index-of-bourses-sharia-compliant-shares/" title="http://www.dailynewsegypt.com/2013/06/26/islamic-banking-association-launches-index-of-bourses-sharia-compliant-shares/">http://www.dailynewsegypt.com/2013/06/26/islamic-banking-association-lau…</a></p>
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Islamic Development Bank considers $10 billion funding for Egypt

Islamic Development Bank considers $10 billion funding for Egypt

<p>The Islamic Development Bank is considering a recent request by Egypt for $10 billion in funding for infrastructure development projects, to be provided over the next five years. On Monday, Egypt received a $300 million loan from the IDB to the Egyptian General Petroleum Corporation. The loan is part of a total $1 billion loan agreement signed by Egypt with the IDB in July of last year aimed at funding food and energy imports. Ahmed Mohamed Ali, head of the Islamic Development Bank Group reiterated the bank&rsquo;s commitment to helping Egypt surmount its formidable economic challenges, having already granted it $6 billion in funds. Ali pledged to send an IDB team to Cairo to begin discussions on the requested $10 billion loan in September.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://english.ahram.org.eg/NewsContent/3/12/75037/Business/Economy/Islamic-Development-Bank-considers–billion-fundin.aspx" title="http://english.ahram.org.eg/NewsContent/3/12/75037/Business/Economy/Islamic-Development-Bank-considers–billion-fundin.aspx">http://english.ahram.org.eg/NewsContent/3/12/75037/Business/Economy/Isla…</a></p>
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Crowell & Moring Cairo advises ADIB-Egypt on Islamic finance deal

Crowell & Moring Cairo advises ADIB-Egypt on Islamic finance deal

Crowell & Moring’s Cairo office has advised the Abu Dhabi Islamic Bank-Egypt in connection with an Islamic finance facility extended to Maridive and Oil Services SAE. Abu Dhabi Islamic Bank- Egypt was the Initial Mandated Lead Arranger and the glob…

Crowell & Moring Cairo advises ADIB-Egypt on Islamic finance deal

Crowell & Moring Cairo advises ADIB-Egypt on Islamic finance deal

Crowell & Moring’s Cairo office has advised the Abu Dhabi Islamic Bank-Egypt in connection with an Islamic finance facility extended to Maridive and Oil Services SAE. Abu Dhabi Islamic Bank- Egypt was the Initial Mandated Lead Arranger and the glob…

Egyptian CSOs submit recommendations on Bank’s Safeguard Policies

Egyptian CSOs submit recommendations on Bank’s Safeguard Policies

A group of Egyptian civil society organizations have submitted their recommendations to the World Bank as input to Phase 1 of the Social and Environmental Safeguard policy review process. The document was endorsed by many of the same organizations that pushed the Bank to hold a civil society consultation in Cairo since such a meeting had not originally been scheduled to take place. In the submission, the groups emphasized the need for transparency, shared responsibility and accountability between the Bank and borrowing governments, and the need for the Bank to align its standards with those of international standards and conventions, while remembering that safeguards should contribute to the Bank’s overarching goal of reducing poverty.

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