ADIB-Egypt signs IFC first murabaha funding deal worth $50 mln

Abu Dhabi Islamic Bank – Egypt (ADIB) signed a support financing agreement with the International Finance Corporation (IFC) under the murabaha system at a value of $50 million for five years, the bank announced on Monday.

ADIB’s CEO Mohamed Ali confirmed that this agreement is the first of its kind for IFC under Sharia-compliant funding not only in Egypt but also globally, according to the statement.

It is worth mentioning that the bank’s profit rose during the first quarter of this year, registering more than 1 billion Egyptian pounds against about 444.2 million pounds for the same quarter last year.