Ahli United Raises Mortgage Portfolio By EGP 600 Mln In 2012

Al Ahli United Mortgage Company targets to increase its loan portfolio to EGP 100 million by the end of 2012, up from EGP 40 million at the end of the first half of 2012.

The Company succeeded in passing the turmoil that followed 2011’s revolution unscathed as it achieved growth rate of 200% since the start of 2011, said Hani Al Barri, managing director of the Company.

The Company considers offering mortgages of more than EGP 20 million this month to a number of customers who asked earlier for such finances.

The Company targets to launch Ijara services which are compliant with sharia law in the upcoming period as it is the most profitable service. However, such service needs amending the mortgage law or the financial lease law.