(comments and other questions in COLOR are the opinion of the blogger, not in the original article)
SECTOR SERVICE: As Islamic finance booms globally, Egypt needs to play catch-up
By Pascale Nader
First Published: August 27, 2008 CAIRO: A convergence between two systems of finance is taking place in the global arena: The world is looking to modern(??) Islamic finance as an alternative to what are now considered “conventional” Western systems.
Islam and the West may clash on socio-political fronts, (This is true, and now that they want to change banking, we will clash on many other fronts) but economic goals and financial innovation are where they meet.(where we “met” as this will further distance us from life with Muslims as we will not share banking as a way to be involved in the same culture) This is most vividly expressed as the global credit market turns to Islamic finance for liquidity.
No longer a niche industry,(SCARY) Islamic finance is quickly becoming a confident participant in the global scene of profit-and-loss sharing, venture capital and ethical (?) investment.
The Islamic finance industry was nearly non-existent 30 years ago, but in 2006, Islamic financial institutions’ (IFIs) assets worldwide were estimated at more than $300 billion, with another $400 billion in financial investments, according to a study by accounting firm KPMG.
Islamic finance is growing at a rate of about 15 percent annually, the study found. Consulting firm McKinsey & Co. predicts at least a 20 percent growth over the next five years.
Egypt began experimenting with Islamic finance in 1963 in the form of the Mit Ghamr Savings Bank, but that’s as far as the country’s pioneering spirit on Islamic banking went.
continue reading at……………………http://www.thedailynewsegypt.com/article.aspx?ArticleID=16043