Abu Dhabi Islamic Bank Egypt launches new sukuk firm

Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt) said on Sunday it is launching a new sukuk unit worth 10 million Egyptian pounds ($328,103) in capital.

During a press conference in Cairo on Sunday, ADIB Egypt CEO Mohamed Aly said the bank had been cooperating with the ministry of finance since February 2019 to establish the Sukuk Law.

“In March 2019, the bank has been the ministry’s sole partner for the Sukuk Law in collaboration with a number of key institutions, with Al-Azhar at the top of the list,” Aly further said.

More plans underway

“ADIB Egypt also plans to launch its consumer finance unit worth 100 million pounds in capital within the second quarter of the year,” the official added.

The bank seeks to launch its microfinance company before the end of the second quarter, Aly noted.