Export Development Bank Confirms Asking For Islamic Banking License

The Export Development Bank of Egypt (EDBE) issued a statement today affirming what Amwal Al Ghad reported yesterday that the bank submitted a request to the Central Bank of Egypt (CBE) to get an Islamic banking license. The bank stated it asked CBE yesterday for a license to conduct sharia-compliant transactions.

Amwal Al Ghad revealed the bank’s three-year strategy to expand in all banking sectors in order to be a ‘comprehensive bank’ that will provide all kinds of banking services to cater to the needs of all customers through launching a number of retail banking products such as personal loan, credit cards and electronic banking services, sources added.

The bank also plans to increase its branches from 21 to 50 branches in the next three years. The bank targets to launch three new branches in the current year. The bank aims at doubling its budget during the next three years to reach EGP 29 billion, up from EGP 14.5 billion, if the economic situation improves.