#AbuDhabiIslamicBank #Bank #Company #Entreprises #Investment #EGYPT #UnitedArabEmirates
Agence Ecofin
Tuesday 9 November 2021 Last update on Tuesday, November 9, 2021 At 1:13 PM

In an effort to strengthen its capital and increase its exposure to Egyptian companies, Abu Dhabi Islamic Bank Egypt is hoping for a subordinated loan from IFC.

Abu Dhabi Islamic Bank Egypt has requested a subordinated loan in the amount of $ 50 million from the International Finance Corporation (IFC). If approved, the line of credit will be provided in the form of Murabaha financing (the process by which a financial institution purchases products that its customers need and sells them to them at a margin) in accordance with Islamic law, Sharia law. , with a maturity of 5 years.

This amount will be complemented by a set of environmental and social requirements that Abu Dhabi Islamic Bank Egypt should apply to its entire portfolio. The establishment listed on the Egyptian Stock Exchange and having as its largest shareholder with 49.62% of shares, the Emirati bank Abu Dhabi Islamic Bank plans to use its funds to develop its operations in Egypt, increase its loan offer to micro, small and underserved medium-sized enterprises in the country.

“The project involves subordinate financing which should be used to strengthen the bank’s capital, increase its exposure to corporate finance and commercial activities,” said IFC in the project presentation note.

Abu Dhabi Islamic Bank Egypt which started operations in 2007 increased its corporate financing by 29.7% to 28.7 billion Egyptian pounds ($ 1.8 billion) in 2020.

React to this article

Your comments

Rejoignez la discussion

Your email address will not be published. Required fields are marked *