NBE signs an EGP 150m Islamic financing contract with SFD

National Bank of Egypt intends to sign an Islamic Sharia compliant financing contract with Social Fund for Development in value to EGP 150 million, to be directed to finance SMEs.

Soha Soliman, head of financing SMEs Unit at NBE, said that the Bank will offer Islamic Sharia Compliant services as there are increasing demand on them.

NBE will receive EGP 150 million from SFD and there will be other financing agreements afterwards if there is demand on this kind of finance.

NBE’s new loans granted to SMEs reached EGP 1.3 billion in the first half of the current fiscal year where 4600 balances were financed, while the total loan agreements reached EGP 1.6 billion.