The Arab Spring has seen the fall of dictators in Tunisia, Yemen, Libya, and Egypt as well as serious protests and uprisings in other countries across the Arab world. While each movement is based upon different factors, two persistent strains can be heard within each: a demand for economic justice and a call for a return to Islam. Amongst the diverse population that comprises Egypt, calls for the former have been undeniably unified while calls for the latter have been varied and fragmented.

Notwithstanding religious elements, Islamic law has something important to say about economic justice. However, former Egyptian president Hosni Mubarak worked hard to suppress Islamist voices and discouraged any form of Islamic law during his rule. Mubarak succeeded until February 11, 2011, when he officially resigned after massive protests. Thereafter, Egyptians elected to the presidency the Muslim Brotherhood-backed candidate Mohamed Morsi. Now, the world is pondering to what extent Islamic law will be implemented in Egypt post-Revolution. Specifically, the legal world is wondering what, if anything, Islamic banking law will have to say about economic justice in Egypt.

Upon initial post-Revolution parliamentary elections, Muslim Brotherhood political leaders drafted a bill that sought to increase the market share of Islamic banks within the current, secular legal framework. However, the bill would likely not achieve its purpose due to complications of competition with conventional banks in a dual-banking regime. Thus, Egypt’s next parliament should adopt strict Islamic banking and finance law, thereby forbidding conventional banking in Egypt.

Although an overhaul of the secular banking law regime in Egypt would be complex, harsh, and perhaps injurious in some respects, the future benefits of adopting strict Islamic banking law outweigh those challenges. Specifically, a wholly Islamic banking sector will allow Egypt to cultivate and make use of its excellent source of human capital while promoting fairness in monetary dealings and appeasing those who seek a return to the religious and cultural roots of Islam.