New Egypt Eyes to Be Islamic Finance Hub

Following the overthrow of President Hosni Mubarak, prospects are rising for Egypt to become a new hub for the booming Islamic finance.

Although Egypt is considered the birthplace of Islamic finance, its growth has lagged due to past corruption scandals. Under Mubarak’s 30-year rule, the country sought to enforce a more secular financial system. But after Mubarak’s ouster in a popular revolution two months ago, prospects are rising for the country to become another thriving center of Islamic finance.