NBE Offers EGP 200 Mln Islamic Finance To A Poultry Company

The National Bank of Egypt (NBE) approved offering EGP 200 million murabaha loan to a poultry company, raising the value of sharia-compliant finances and credit facilities to EGP 400 million, up from EGP 200 million at the end of last March.

Sources said such finance will be used to purchase raw materials, machines and equipments required by the company.

NBE targets to increase the value of Islamic finances to EGP 800 million by the end of 2012. The value of Islamic deposits is close to EGP one billion, sources noted, adding that the bank does not target to increase its deposits as the lending rate shrank as a result of the economic recession.

The .bank has two Islamic branches; one in Dokki which acquires 80% of Islamic deposits and another in Azhar which acquires 20% of the Islamic deposits.