Islamic Finance Won’t Exclude Conventional Finance: FJP’s Wael Al-Ghandour

The Egyptian Islamic Finance Association (EIFA) and the Freedom and Justice Party (FJP) held yesterday the second conference on Islamic finance in Port Said. FJP invited the Association to explain the practical applications of Islamic finance instruments to businessmen in Port Said.

Wael Al-Ghandour, Chief of FJP Economic Committee, said introducing Islamic finance will not exclude conventional finance, but it will rather create competition in favor of customers.

He added that FJP targets to attract more local and foreign investments which will be attained through diversifying financial instruments through supporting Islamic finance which offers low interest rates.

Al-Ghandour revealed that the main aim of introducing Islamic finance in Egypt is attracting Arab Gulf investors who prefer to conduct their financial transactions in compliance with Islamic law.

Islamic financial institutions have proven success in more than 60 countries as the volume of their investments reached US$ 1.200 trillion in 2012. FJP believes that adhering to the moderate Islamic teachings will help Egypt address its economic crisis.