Suez Canal Bank’s Islamic Banking Transactions Hit EGP 950 Mln At End-2012

Suez Canal Bank’s Islamic banking transactions reached EGP 950 million at the end of 2012, registering an annual increase ranging from EGP 200 million to EGP 300 million.

The bank targets to increase the volume of Islamic banking transactions to EGP 1.5 billion by the end of next June through expanding in offering Mudaraba finances, a source said.

The bank also studies to offer Sharia-compliant savings pools with terms of three and five years, the source added.

The financial statements showed that the bank’s profit surplus before provision surged 102.6% to reach EGP 124.9 million at the end of September 2012, compared to EGP 61.6 million at the end of September 2011.