Legal aspects of banking regulation in a developing country: the case of Egypt (Ph.D. Thesis)

This thesis discusses legal aspects of banking regulation in Egypt. Since 1991, Egypt's banking regulatory system has undergone significant changes, primarily in response to an economic reform program initiated along with international financial organizations. This thesis examines how banking regulations currently operate and what role the Central Bank of Egypt plays in these regulations. When these regulatory changes were developed, Egypt's particular circumstances were not properly accounted for. These conditions include: Egypt's previous experiences with modern banking, the prohibition of usury in Islam, the persistence of a large informal financial market, and the overall legal context in which banking operates. This thesis illustrates problems facing banking regulation and supervision in the developing world as a result of the neglect of the type of social and cultural considerations mentioned above, as well as a methodology applicable to other case studies.