The premium on liquidity in the interbank markets shot up. The impossibility to roll over short term financing forced banks and special purpose vehicles to dispose off assets. In order to regain public confidence and create buffers against further unexpected losses, the financial sector strove to maintain or even raise capital ratios.
It is interesting to note that in the countries where Arab revolts occurred and Islamic-oriented political parties are now in charge of government, after the collapse of previous authoritarian regimes, the development of Islamic finance is gaining momentum. Very recently the Egyptian Legislative Council has adopted a project to issue sukuk.