Al Baraka Bank Egypt targets to expand in financing small and medium enterprises (SMEs) by the beginning of next month with various financing programs mainly Musharaka (Islamic partnership).
The bank will offer Musharaka products after it signed finance contract worth EGP 200 million with the Social Fund for Development (SFD) in August, said Ashraf El Ghamrawy, CEO of the bank.
Musharaka is one of the most attractive Islamic finance products, he added, noting that Islamic banking has been witnessing high demand from 10 years before the rise of Islamists to power because it offers diversified products and various financing programs.
The bank targets to increase the portfolio of SME finance by EGP 500 million to reach EGP 1.5 billion in 2013.
Al Baraka Bank Egypt achieved net profit of EGP 67.821 million at the end of first half of 2012, up from EGP 66.446 million at the end of the first half of 2011.
