Agricultural Credit’s Islamic Finances To Micro-Enterprises Hit EGP 5 Mln

The Principal Bank for Development and Agricultural Credit’s Islamic finances for micro agricultural projects reached EGP 5 million offered to 500 customers by giving EGP 10,000 for each customer in a month.

The bank targets to inject EGP 500 million to agricultural projects before the end of FY 2012/2013, said Abdel Rahman El-Kafrawy, head of Islamic banking sector at the bank.

The bank also plans to increase the number of Islamic banking units through launching six new branches to reach 24 branches during FY 2012/2013, he added.