Hany Aboul Fotouh

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Latest by Hany Aboul Fotouh


Reconciliation with Rashid—a step towards justice

I know that my point of view about reconciliation with former minister of industry Rashid Mohamed Rashid will be met with objection by many, but I invite you to look at the issue with more neutrality. Last week, the committee concerned with recovering misappropriated funds has made a decision to reconcile with Rashid after he …

Hany Aboul Fotouh

Social safety nets can be a lifeline for victims of pound flotation

I decided to swim against the tide that accompanied the flotation of the Egyptian pound, the rumbling flood of comments on social media networks and opinion articles that filled newspapers and websites. Everyone is talking about the flotation and cuts to fuel subsidies, some people understand what they are talking about while others are driven …

Hany Aboul Fotouh

Reconciliation with businessmen is a bitter yet vital medicine

For the first few months following the revolution, I welcomed the calls for reconciliation with figures of the former era in a way that ensures a continuous flow of funds for projects and investments, and a preservation of the state’s right to the funds obtained in twisted ways. All of this would create a climate …

Hany Aboul Fotouh

JASTA: Real threats and hidden opportunities

As usual, the United States (US) has enacted an arm-twisting law to blackmail other countries, including its allies. The US congress recently passed a measure of legislation entitled: Justice Against Sponsors of Terrorism Act (JASTA). It entails that those who support acts of terrorism against the US can be held responsible no matter where the …

Hany Aboul Fotouh

Egyptian-Saudi tension: the honeymoon is reaching its end

I, like many others, was surprised by the sudden decision taken by Saudi Aramco to stop supplying Egypt’s needs of petroleum products, despite the agreement between Egypt and Saudi Arabia stating that the latter will secure Egypt’s requirements for petroleum products at 700,000 tonnes per month for five years. The value of the agreement between …

Hany Aboul Fotouh

The other side of the coin: Arab Spring revolutions

I can say with a great deal of certainty that several years after the start of the Arab Spring, it has turned out to be a bitter winter. We would wake up every day as if nothing was around us except a dreadful nightmare. I call on you to look carefully at the economic conditions …

Hany Aboul Fotouh

The banks and the sinking boats

Who among us did not suffer when hearing the news of the over 200 souls who drowned in the sinking of an illegal migrant boat off Egypt’s coast? Most of them were young men who were desperate to realise the dream of becoming rich in Europe. In the end, they did not come to realise …

Hany Aboul Fotouh

Sanctions are what truly keep bankers awake at night

The pressing issues for banks today are many. Apart from known concerns like capital and figuring out how to comply with the requirements of Basel III, I see that the enforcement of sanctions and embargoes is the nightmare that is really keeping bankers awake at night. Let’s start with the obvious. Sanctions and embargoes are …

Hany Aboul Fotouh

Federation of Egyptian Banks and lost independence

When I read the Central Bank of Egypt (CBE) Law No. 88 of 2003, known as the Banking Law, I could not help but notice Article No. 44 regarding the Federation of Egyptian Banks (FEB).To save the effort of interpreting the law for non-specialists, I will list a summary in the following points: The CBE …

Hany Aboul Fotouh

Pardon me CBE, it is none of your business

I was surprised and very distressed after reading about the resolution issued by the Central Bank of Egypt (CBE) last weekend setting a maximum of nine years, consecutive or otherwise, for CEOs to maintain their position at banks. If this period is exceeded, the CEO will continue until the adoption of the annual financial statements …

Hany Aboul Fotouh

How bad is corruption in Africa?

Corruption is the buzzword today. Everyone worldwide is talking about corruption. By definition, corruption is generally known as “dishonest or fraudulent conduct by those in power, typically involving bribery”. It also refers to bribery or kickback. Transparency International, the anti-corruption watchdog, defines corruption as “the abuse of power for private gains”. Transparency International explains that …

Hany Aboul Fotouh

When can a pound build Egypt?

I listened to President Abdel Fattah Al-Sisi’s speech and I found myself wondering how Egyptians will react to his call to donate a pound every morning to collect a total of EGP 4bn in a year via text messages. I became more concerned with the spread of upbeat emotional statements through various media and social networking …

Hany Aboul Fotouh

Corporate Social Responsibility in Banks

  Over the past few years, a rising emphasis was placed on banks’ Corporate Social Responsibility (CSR). But what does CSR mean anyway? This is indeed one of the most frequently asked questions for all those dealing with its matters. A simple definition of CSR would be how banks take the impact of their operational …

Hany Aboul Fotouh

Fat-cat charities and terrorist financing

Charities were originally formed to provide aid to those less fortunate than ourselves; most are indeed legitimate channels to help people in need. However, some charities are fraudulent, created to take advantage of the needy and the generous. Some charities have been used as a cover for money laundering or financing terrorists. It is estimated …

Hany Aboul Fotouh

Corruption in Egypt

If corruption materialised as a man, I would kill that man. Corruption is the fierce enemy that permeates our society, devouring our resources. It works in the dark to destroy our lives. Corruption is the incurable disease that is rampant in the body of society, to blight and exhaust it. Corruption was mentioned in the …

Hany Aboul Fotouh

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