Japan Bank for International Cooperation (JBIC) provided its first Shari'ah-compliant financing. The project it is cofinancing is a power and water desalination plant in Qatar, 80km from Doha, which costs $3.9 billion, of which JBIC will provide financing for $1.5 billion.
Tamweel, the UAE-based Shari'ah-compliant home finance company, began operations in Egypt. The Islamic finance market in Egypt, where some of the first Islamic finance companies emerged, has been relatively less successful than many other MENA countries, particularly those in the GCC like the UAE.
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