VOL. XXXII

NO. 41

17-JULY-1989

Financial and Banking News

REGIONAL BANKING

CMA Approves New Status for Egyptian Islamic Company

The Capital Markets Authority (CMA) of Egypt has approved the application ofthe al-Sharif Company for Economic Development to operate under the DepositTaking Companies Law 146, which was issued in June 1988. The company has become the first Islamic investment venture to change its status, and is shortlyexpected to issue "investment deeds" for all its depositors.

According...