13 Banks Ink Islamic Finance Deal for Egypt’s Noran Sugar Today

Today, 13 banks are due to sign an EGP1.5 billion  definitive Islamic finance agreement to go for Noran Sugar Company S.A.E.

The Shariah-compliant finance is arranged by Banque Misr and Bank Audi Egypt, and designated to establish a new sugar plant for Noran Company located in El-Salheya city of Sharkia Governorate.

In this respect, Mohamed Abbas Fayed – Banque Misr’s Vice Chairman – told Amwal Al Ghad that his bank is set to maintain a stake amounting to EGP 300 million in Noran Company’s total Islamic finance.

In addition to Banque Misr and Bank Audi Egypt, there are 11 banks contributing to Noran Co.’s Islamic finance, notably Banque Du Caire, Industrial Development and Workers Bank of Egypt (IDWBE), Egyptian Arab Land Bank (EALB), The United Bank, and Société Arabe Internationale de Banque (SAIB).