EFSA Approves AUB’s Islamic Mortgage Product

Egyptian Financial Supervisory Authority (EFSA) approved Ahli United Bank Group’s Islamic Sharia-Compliant mortgage product (Murabaha system).

Sources said that AUB Group is doing a study on its products to be submitted to EFSA afterwards and that AUB Group will further launch Islamic products because of the increasing demand on them.

Sources expected AUB Group to launch the new Islamic products before the end of the first half of the current year.

It is worth mentioning that AUB Egypt achieved a 19% increase in its profit in 2011 which is equal to EGP 31 million, registering EGP 195 million, compared with EGP 164 million in 2010.