Banking in Tunisia
Tunisia is known for economic and political stability, its highly educated workforce, while Islamic radicalism is weak. Tunisia does not have the resource curse of oil or mineral deposits that often determine instability. From 2000 to 2009, Tunisia grew at an annual rate of 5.2% and its per capita income of about $8,300 (in PPP terms) in 2009 was second only to Lebanon among the oil-importing MENA countries. The stability of the Tunisian Dinar and historically low inflation in Tunisia are positive indicators for its potential development of financial services. Inflation was 4.9% in FY 2007-08 and 3.5% in FY 2008-09. The Tunisian Dinar was less volatile in 2000-2010 than the currencies of its oil-importing neighbors, Egypt and Morocco.
Secularism in Tunisia
In 1956, Tunisia achieved formal independence from France. In 1956–1987, under the leadership of Habib Bourguiba, the first President of the Republic of Tunisia, Tunisia’s post independence government pursued a program of secularization. Bourguiba, "who has been one of the most avowedly secularist political strategists in the Arab world", modified laws regarding religious endowments (habus), secularized education and unified the legal system so that all Tunisians, regardless of religion, were subject to the state courts. He restricted the influence of the religious University of Ez-Zitouna and replaced it with a faculty of theology integrated into the University of Tunis, banned the headscarf for women, made members of the religious hierarchy state employees and ordered that the expenses for the upkeep of mosques and the salaries of preachers to be regulated.