NBE’s Islamic Retail Finances Hit EGP 150 Mln At End-March

The National Bank of Egypt’s (NBE) Islamic retail finances reached about EGP 150 million at the end of Q1 of 2013. Sources said the bank plans to offer EGP 50 million finances to raise the portfolio to EGP 200 million by the end of June of this year.

The bank awaits the announcement of a new chairman to submit the new Islamic banking plan to him in order to be approved, as part of the bank’s efforts to expand in Islamic banking transactions.

The bank has two Islamic branches in Dokki and Al-Azhar. The Dokki’s branch acquires 80% of the bank’s Islamic deposits.