Al Baraka Bank Egypt Eyes First Islamic Credit Card Launch in Q4

Al Baraka Bank of Egypt  plans to launch within the fourth quarter of 2013, a new saving scheme represented in ‘Al Baraka Sukuk’ to offer 3-year returns in Egyptian pounds. The bank also considering the launch of the first Islamic credit card in Egypt with the fourth quarter as well. 

Ashraf El Ghamrawy, CEO & Deputy Chairman of Al Baraka Bank Egypt, has told Amwal Al Ghad that the Al Baraka Bank of Egypt is currently finalizing the procedures necessary for the launch of its new Islamic bond.

Mr. El Ghamrawy further added that his bank will enable its clients to receive returns on periodic intervals varied among 6 months, one year or three years.

He said Al Baraka Bank has a wide range of expertise in launching sukuks for the bank has issued EGP-dominated debut Islamic bonds ‘Al Baraka Egypt Sukuk’ in 2011 with 10-year returns.

Al Baraka Bank also intends the issuance of the first Islamic credit card in Egypt within the Q4/2014 in cooperation with MasterCard Co. through  gold, silver and bronze cards.