About 300 Islamic institutions managed a total capital of
US$8–12 billion at the time, equalling the state’s entire annual budget. Four
of these companies alone had 375,000 shareholders whose invested capital
amounted to US$4.3 billion. The great euphoria this engendered was under-
mined, when later, during Mubarak’s presidency, several of these companies
were found to have adopted fraudulent practices. Many Egyptians lost all the
money they had saved while working abroad, which they had invested in these
companies hoping for good returns.
US$8–12 billion at the time, equalling the state’s entire annual budget. Four
of these companies alone had 375,000 shareholders whose invested capital
amounted to US$4.3 billion. The great euphoria this engendered was under-
mined, when later, during Mubarak’s presidency, several of these companies
were found to have adopted fraudulent practices. Many Egyptians lost all the
money they had saved while working abroad, which they had invested in these
companies hoping for good returns.
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