Alternative Finance in a Time of Crisis: How Russia is Looking to Introduce Islamic Banking

... institution had a goal of appealing to poor Egyptians who lacked confidence in state-run banks and opened nine branches throughout Egypt, but was shut down by the Nasser government in 1968 due to its perceived links to Islamic fundamentalism. Islamic banks as we know them today developed in the Middle East thanks to the oil boom of the 1970s. Oil tycoons, particularly in the Gulf, were looking to massively expand their business at the same time that that some of them had little confidence in Western banks whose interest-based operations run ...