Shariah-Compliant Finance got off to a start of sorts in Egypt in the 1960s and 1970s, but a series of investment scams built up around the industry soured the populous on the concept.
The ruling regime also discouraged the growth of Shariah finance in Egypt as they knew that it had been the artificial creation of Sayyid Abul Ala Mawdudi, one of the ideological godfathers of Islamism and it was a darling of Hassan al Banna, the founder of the Muslim Brotherhood in Egypt.
When it appeared not long ago that the Islamists and Muslim Brotherhood would seize power in Egypt, Shariah finance seemed poised to ascend there. But now this is not so clear. The military regime has barred the Salafists and the Muslim Brotherhood candidates from the presidential elections and the military regime appears to be mostly opposed to the onset of Shariah Finance in Egypt.
How long they can legitimately hold the line remains to be seen.
The link below is to an article that Reuters has written on the subject. You will no doubt note the clearly pro-Shariah tone in the “news” article. That should come as no surprise. Reuters’ parent company is a major player in the Shariah-Compliant Finance marketplace…