Shariah-Compliant Finance Continues its Creep into Egypt
On February 11, 2013 · In Abu Dhabi, Creeping Shariah, Egypt, Islamic Banking, Islamic Finance, Islamic Law, Shariah Banking, Shariah Finance, Shariah Law
As anticipated, Shariah-Compliant Finance is making headway into the Egyptian financial system and economy.
The latest evidence comes from the announcement that the Egyptian Electricity Ministry has inked its first ever Shariah-compliant financing contract with the help of National Bank for Development (NBD) and the Abu Dhabi Islamic Bank.
The $110 million deal is the first such contract that “conforms to Islamic Sharia to finance public sector projects.”
The money will go to the East Delta Electricity Production Company.