{"id":638999,"date":"2017-10-18T04:04:28","date_gmt":"2017-10-18T04:04:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/18\/islamic-bank-executives-meet-with-central-bank-committee-drafting-banking-act-to-discuss-suggestions\/"},"modified":"2017-10-18T04:04:28","modified_gmt":"2017-10-18T04:04:28","slug":"islamic-bank-executives-meet-with-central-bank-committee-drafting-banking-act-to-discuss-suggestions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/18\/islamic-bank-executives-meet-with-central-bank-committee-drafting-banking-act-to-discuss-suggestions\/","title":{"rendered":"Islamic bank executives meet with central bank committee drafting Banking Act to discuss suggestions"},"content":{"rendered":"

Executives from Islamic banks operating in the market met over the last few weeks with the central bank committee drafting the new Banking Act to discuss their input on the bill, sources close to the matter tell Al Borsa<\/a>. The group proposed an additional six articles to the law that mean to regulate Islamic banking in the country, that cover establishment of an Islamic banking authority in the CBE, the introduction of sukuk, mudarabah, and other sharia-compliant financing tools and options to the industry, as well as the relationship between Islamic financing institutions operating in the market. The CBE had said in September<\/a> that the amended draft for the act<\/a> would be ready in a month, after the committee filters through notes and suggestions from the Federation of Egyptian Banks, which had objected to a number of proposed amendments, including those on setting term limits for bank managing directors and suggesting that banks kick in 5% of their bottom lines annually for an industry development fund.<\/p>\n","protected":false},"excerpt":{"rendered":"

Executives from Islamic banks operating in the market met over the last few weeks with the central bank committee drafting the new Banking Act to discuss their input on the bill, sources close to the matter tell Al Borsa. The group proposed an additional six articles to the law that mean to regulate Islamic banking […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9344],"tags":[72,2375],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-638999","post","type-post","status-publish","format-standard","hentry","category-legislation-policy","tag-enterpriseam","tag-legislation-policy","wpautop","entry"],"acf":{"mongo_id":"d76ef74f-ff1a-4078-9422-f1177f78bc77","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[638955],"teaser":"","voice_url":""},"yoast_head":"\nIslamic bank executives meet with central bank committee drafting Banking Act to discuss suggestions - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/18\/islamic-bank-executives-meet-with-central-bank-committee-drafting-banking-act-to-discuss-suggestions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Islamic bank executives meet with central bank committee drafting Banking Act to discuss suggestions\" \/>\n<meta property=\"og:description\" content=\"Executives from Islamic banks operating in the market met over the last few weeks with the central bank committee drafting the new Banking Act to discuss their input on the bill, sources close to the matter tell Al Borsa. 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The timing of cabinet\u2019s review remains unclear. CBE Governor Tarek Amer\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622220,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/egypt-working-to-step-up-punishment-for-forex-black-market\/","url_meta":{"origin":638999,"position":1},"title":"Egypt working to step up punishment for forex black market","author":"enterpriseam admin","date":"29 November 2018","format":false,"excerpt":"LEGISLATION WATCH- House awaits CBE response on legislation to curb forex black market: The House\u2019s Constitutional and Legislation Committee has come up with an amendment to the Banking and Central Banks Act that aims to step up punishment for currency black market traders. 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No further details were provided on the changes, but sources told the local press last month that a revised version of the bill would\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593612,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/","url_meta":{"origin":638999,"position":3},"title":"Egypt\u2019s cabinet approves new Banking and Central Bank Act","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"LEGISLATION WATCH- Cabinet greenlights Banking Act: The Madbouly Cabinet has approved in its weekly meeting a 242-article final draft of the Banking and Central Bank Act that would grant the Central Bank of Egypt (CBE) increased oversight of the banking sector, according to a cabinet statement. 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