ICEC

Al Baraka Bank H1 net profit up to $28.7 mln in Egypt

Al Baraka Bank Egypt, part of Bahrain’s Al Baraka Banking Group, reported a first half net profit worth 255.390 million Egyptian pounds ($28.7 million), marking an increase worth 115.098 million pounds.

The bank posted a net profit of 140.291 million pounds in the first half of 2015.

Deposits surged by 4.2 billion pounds, to record 29.578 billion pounds by the end of June 2016, compared to 25.351 billion pounds by the end of December 2015.

Total assets reached 33.168 billion pounds, compared to 28.900 billion pounds last year.

Shariah-compliant finances; Murabaha, Mudaraba, and Musharaka of customers have totalled around 10.958 billion pounds, from 9.277 billion pounds by end of December 2015.

Murabaha is an Islamic financing structure in which an intermediary buys a property with free and clear title. Murabaha is not an interest-bearing loan, which is considered riba (or excess), and is an acceptable form of credit sale under Sharia (Islamic religious law).

In Islamic finance, Mudaraba is a trust financing contract. Mudaraba may be conducted between investment account holders as fund providers and the Islamic bank as a mudarib.

Musharaka is an Islamic mode of finance in which capital is provided by two or more parties for project development.

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