Agricultural Credit Bank To Offer EGP 100 Mln Islamic Micro-Enterprise Finances

The total value of Murabaha finances offered by the Principal Bank for Development and Agricultural Credit (PBDAC) to micro-enterprises exceeded EGP 1 million and the number of customers the bank financed rose to 250 customers with each receiving from EGP 1000 to EGP 10,000, said Abdel Rahman El-Kafrawy, head of Islamic banking sector at the bank.

The bank targets to increase the value of Islamic finances offered to micro-enterprises to EGP 100 million in the upcoming period, he added. There are about 70,000 customers dealing with the Islamic banking unit of the bank most of them are in Qena and Tanta, besides Tahrir branch which deals with more than 5,000 customers.

It is worth mentioning that the Principal Bank for Development and Agricultural Credit plans to organize a fair to offer durable goods Islamic finances on April 1st in collaboration with Sidnawy Company, subsidiary of Holding Company for Tourism, Hotels & Cinema.