Egypt, October 21 – There are more than 500 banks worldwide working in accordance with the Islamic Sharia, with assets amounting to one trillion dollars in 60 counties, said head of Islamic committee for Islamic funding and Muslim Brotherhood's figure Mohamed el-Beltagy.
He added that 320 others offer Islamic financial services.
"Islamic banks offer funding in the form of Islamic speculations, murabaha and renting," Beltagy said in the committee's second conference held in Port Said in cooperation with the Muslim Brotherhood's Freedom and Justice Party (FJP).
"Islamic financing will not replace regular financing but compete with it for the better of economic growth," Chief of FJP Economic Committee Wael al-Ghandour said.
FJP seeks to attract foreign investments through the Islamic economic atmosphere which has the lowest rates on interests, added Ghandour.