The National Bank of Egypt (NBE) targets to provide small and medium-sized enterprises (SMEs) with Islamic finances worth EGP 50 million by the end of the current fiscal year to raise the total value of its Islamic finances offered to SMEs to EGP 100 million.
A source told Amwal Al Ghad that the bank received a number of offers to provide SMEs with murabaha and musharaka finances after it signed the first musharaka finance contract, which is worth EGP 150 million, with the Social Fund for Development (SFD).
The total value of the bank’s Islamic finances rose by EGP 220 million to reach EGP 420 million, the source added. The value of the bank’s direct and indirect finances offered to SMEs registered EGP 10.3 billion as of the end of 2012; of which direct finances reached EGP 8.9 billion.
The bank has two Islamic branches in Dokki and Al-Azhar. The Dokki’s branch acquires 80% of the bank’s Islamic deposits.
