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Thursday, September 13, 2012

Egyptian MPs seek to bar IMF loan for "usury"

Al Ahram reports:

Egyptian parliamentarians have renewed their attacks on government plans to take a $4.8 billion loan from the International Monetary Fund, with some Islamist figures claiming such borrowing is against religious law.
Speaking during a Wednesday afternoon sitting of Egypt's Upper House of Parliament, several MPs said an IMF loan would involve ursury [sic], a practice forbidden by Islamic strictures.

They called for a 'fatwa' -- a religious ruling -- from Egypt's Office of Religious Edicts.

Leading the calls was Abdel-Halim El-Gammal from the Salafist Nour Party and head of the economic committee in the Upper House.

El-Gammal claimed that Egypt has untapped resources which could form an alternative to the controversial loan.
Maybe they can sell the Pyramids to a Vegas developer to get the cash they need!