PBDAC Targets Raising Islamic Deposits To EGP 1.5 Bln In FY 2012/13

The Principal Bank for Development and Agricultural Credit targets to increase the value of Islamic deposits to EGP 1.5 billion by the end of FY 2012/2013, compared to EGP one billion at the end of last November.

The bank plans to increase the value of such deposits through launching a number of Sharia-compliant certificates of deposit and savings pools, said Abdel Rahman El-Kafrawy, head of Islamic banking sector at the bank.

The total value of the bank’s Islamic finances reached EGP 510 million, he added. The bank plans to offer EGP 500 million Islamic finances to agricultural projects before the end of FY 2012/2013.

El-Kafrawy revealed that the bank studies to launch sukuk in the upcoming period after the sukuk law is enacted.

The bank aims at inaugurating six new Islamic banking branches in Arish and Port Said and other cities to reach 24 by the end of FY 2012/2013.