Banque Misr started to implement its expansion plan of Islamic banks by inaugurating an Islamic branch in Sadat City last week; that is to reach 33 Islamic branches out of total 476 ones all over Egypt.
Official sources in the bank to “Amwal Al Ghad”, the bank will inaugurate an Islamic branch in Nasr City next week, also it aim to inaugurate an administrative headquarters in Beni Suef in Q1 of 2013.
Sources elaborated that the bank’s expansion plan of Islamic banks came due to the increasingly demand on Islamic products as the Islamic banks notably grow at the current time. It increased from 4.5% in 2009 to reach 7% in 2012.
The sources mentioned that the victory of Mohamed Morsi plus the increasing demand on the Islamic products will support the Islamic banks and will lead to hiking their shares.
