Agricultural Credit Bank’s Islamic Units Achieved EGP 5.4 Mln Budget Surplus
The Principal Bank for Development and Agricultural Credit’s Islamic units achieved budget surplus of EGP 5.455 million after paying dividends in FY 2011/2012 ended on June 30th, 2012.
The bank’s value of Islamic finances (Musharaka and Murabaha) registered EGP 507 million and the value of Islamic deposits stood at EGP 800 million at the end of last August.
The bank targets to expand in offering sharia-complaint finances to meet the increasing demand on such products as it plans to launch four new Islamic branches in Sohag, Assiut, Sharkia and Menofia.
In addition, the bank aims at launching six new branches by the beginning of 2013 in Beheira, Qalyoubia, Beni Suef and Fayoum, while it received approval from the Central Bank of Egypt (CBE) to launch 14 new branches.
The bank has set a strategy to restructure its Islamic banking branches it had since 1980s. The bank has 11 Islamic branches and targets to increase this number to 25 branches in the upcoming period.
