AIB Launches New Islamic Banking Products
The Arab Investment Bank (AIB) intends to expand in Islamic banking in the upcoming period through launching sharia-compliant products such as the new savings account with a term of 3 years and a return of 8.5% and another savings account with a term of 5 years and a return of 9%.
Sources said the bank also plans to offer sharia-compliant savings instruments such as Al-Khair investment certificate with terms of 3, 5, and 10 years. These instruments are expected to boost the bank’s deposit portfolio.
The bank has two Islamic branches in Cairo and Alexandria and plans to increase the number of Islamic branches to 10 branches by 2013.
The bank also targets to increase the number of branches from 15 to 30 by 2013. The bank intends to raise the number of branches by 5 during the current year after receiving approvals from the Central Bank of Egypt to be opened in Zamalek, 10th of Ramadan City, 6th of October City, Minya and Assiut.
