• December 27, 2011
  • 3 minutes read

Islamists Vow Support for Egypt Economy

Islamists Vow Support for Egypt Economy

CAIRO – Showing their support for the country’s stumbling stock market, Egypt’s political powers, including Islamists, have thrown their weight behind boosting the nation’s economy, the Daily News Egypt reported.


"We all support our market and Egyptian society,” Essam Sultan, vice president of Al-Wasat party, said.


“There is a unified front here today; just like we stood together in Tahrir, we are standing here today to help our economy because we want to see Egypt move forward."


Leaders of political parties came together Monday, December 26, to discuss how to boost Egypt’s economy following the January revolution that toppled president Hosni Mubarak.


Among attendees were representatives of the Muslim Brotherhood’s Freedom and Justice Party, the Salafist Al-Nour party and the Free Egyptians Party.


"The principle goal of the bourse is to activate and boost the economy, thus creating jobs,” said Ashraf El-Sharkawy, head of the Egyptian Financial Supervisory Authority.


“I believe this is one of the main goals of all political parties, despite differences in ideologies.”


Sharkawy pointed out that Dow Jones "even has indicators that advise traders on which companies are Shari`ah-compliant."


The lack of capital inflows since the January revolution has forced Egypt’s central bank to deplete about 40% of its foreign-currency reserves to prop up the Egyptian pound.


The country faces the possibility of an imminent economic crisis.


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