United Bank To Offer EGP 90 Mln Islamic Loan To Tawfeek Financial Lease

United Bank approves offering Islamic sharia-compliant finance with value of EGP 90 million to Al Tawfeek Co. for Financial Lease.

Sources told Amwal Al Ghad that the Bank targets expanding in the Egyptian market in the upcoming period through increasing its loans portfolio by EGP one billion to reach EGP EGP 4 billion.

The Bank plans to make all its transactions compliant with Islamic sharia system in two years. Islamic banking transactions represent 65%, or EGP 2.8 billion, of the Bank’s total volume of transactions.