AIB’s Individual Loans Hit EGP 100 Mln In H1 2012

The Arab Investment Bank’s (AIB) individual loans registered EGP 100 million at the end of the first half of 2012. Sources said the bank targets to expand in individual finances and achieve high growth rates in the second half of the current year through expanding in retail banking, personal loans and car loans.

The bank targets to launch a number of sharia-compliant banking products such as Al-Khair investment certificate with terms of 3, 5, and 10 years. These instruments are expected to boost the bank’s deposit portfolio.

In addition, the bank plans to offer a new savings account with a term of 3 years and a return of 8.5% and another savings account with a term of 5 years and a return of 9%.

The bank has two Islamic branches in Cairo and Alexandria and plans to increase the number of Islamic branches to 10 branches by 2013 through expanding in murabaha, musharaka and ijara products.