Bankers want Egypt to rely on Islamic Instruments

Experts fear Egypt's economy is driving away potential investors Egyptian bankers have called on the government to rely on Islamic Instruments as an alternative to treasury regulations. They say that the government is economically bankrupt and "does not have the successful financing instruments to get out of the bottleneck, to move past the current crisis."
Deputies will discuss financial and economic affairs in the Shura Council, opening the Islamic Instruments file, to discuss the regulatory mechanisms as one of the sources of funding.
Dr Mohamed Al Beltagy, Chairman of the Board of Directors of The Egyptian Association for Islamic Finance said: "The system of Islamic Instruments is applicable in many places around the world, which Muslims and non-Muslims are dealing with. There are many legal projects on these instruments, made by the Ministry of Finance and the Freedom and Justice party."
On the other hand, Chairman of the Board of Directors of Advice for Financial Services and Banking, Basant Fahmi said: "The unstable political and security situation in Egypt nowadays has led the government to discuss the issuance of these instruments, to attract and raise money to cover the deficit in the state budget."
She added: "Islamic Instruments must be used in direct and real investment, and to be used in infrastructure projects and other investment. The deteriorating political situation is impeding on investment and has lead to the flight of investors."