The imposition of Shariah in Egypt as part of the so-called “Arab Spring,” has entered the financial realm, with the Islamist parties declaring the Egyptian Stock Exchange to be “Shariah-Compliant…”

Egypt’s political powers expressed their support for the Egyptian Stock Exchange at a press conference Monday, as the Islamist parties, which dominate parliament, pointed out that trading in the exchange is “Sharia-compliant,” or permissible in Islam.

Tareq Shaalan, coordinator of the planning committee of Al-Nour Party, pointed out that a new award will be introduced to the Sharia-compliant banks or companies with the best performing portfolios in the stock market.

“With that being said, that the trading in the bourse is halal, we want to encourage trading so we plan to introduce an award for the companies which are fully Sharia-compliant, and companies will be judged on their performance,” he said.



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