Financial and Banking News


CBE Blocks another Islamic Bank Takeover

The Central Bank of Egypt (CBE) which for the past year has stalled an attempt by A1 Baraka Investment and Development Company to take a 46% stake in the local Pyramids Bank (MEES, 8 June), has forbidden another Islamic investment company from buying into Bank of America's local joint venture, Misr America International Bank (MAIB). The local A1 Rayan Company for Investment and Finance had proposed to...