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Egypt’s Salafists to found their first Islamic bank

Egypt’s Salafist party, El-Nour, has called for the founding of its first bank in it’s first economic conference

Ahram Online, Mena, Sunday 24 Jul 2011
A group of salafists who support cleric Sheikh Omar Abdel-Rahman call for his release in front of the U.S. embassy in Cairo (Photo: Reuters)
Views: 1957
Views: 1957

Egypt’s Salafist party, El-Nour, in it’s first economic conference, called for the founding of a bank on behalf of the party that aims to contribute to the Islamic banking sector.

The bank will be based on funding for small and medium enterprises as one of the quick keys to help the youth sector.

The participants agreed at the conference, which was held on Sunday 24 July under the title 'Egypt's economic revolution blooms', on the need to establish an Islamic Chamber of Commerce as a mechanism for economic reform, as well as attempts to attract the high capital members of the party.

Some businessmen who attended the conference donated $101,600 (roughly EGP 637,640) to the party to support and assist the party's economic vision.

El-Nour is Egypt's first Salafist political party, given the green light on 12 June 2011 by the Political Parties Affairs Committee, which accepted the petition submitted by Emad El Din Abd El Ghaffar Abdel Ghany, one of the founders of the party, on 24 May.

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