Al Baraka Egypt Eyes EGP 2 Bln Increase In Deposits In 2012

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Al Baraka Bank Egypt targets to increase the value of the deposit portfolio to EGP 15 billion by the end of 2012, from EGP 13 billion at the end of 2011.

Such increase will be reached through offering sharia-compliant savings instruments with daily return, said Ashraf El Ghamrawy CEO of Al Baraka Bank Egypt.

The bank plans to launch U.S. dollar-denominated sukuk (Islamic bonds) and 10-year Egyptian pound-denominated sukuk.

Al Baraka Bank Egypt posted net profit of EGP 67.821 million in the first half of 2012, up from EGP 66.446 million in the first half of 2011, with an increase of 2.1%.

Al Baraka Bank Egypt targets to increase the value of the deposit portfolio to EGP 15 billion by the end of 2012, from EGP 13 billion at the end of 2011.

Such increase will be reached through offering sharia-compliant savings instruments with daily return, said Ashraf El Ghamrawy CEO of Al Baraka Bank Egypt.

The bank plans to launch U.S. dollar-denominated sukuk (Islamic bonds) and 10-year Egyptian Pound-denominated sukuk.

AL Baraka Bank Egypt posted net profit of EGP 67.821 million in the first half of 2012, up from EGP 66.446 million in the first half of 2011, with an increase of 2.1%.

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