Al Baraka Bank Egypt Eyes 15% Increase In Deposits

Al Baraka Bank Egypt targets to increase deposits by 15% by the next year, said Ashraf El Ghamrawy, CEO of the bank, adding that the bank’s deposits stood at EGP 13 billion.

The bank plans to launch dollar-denominated sukuk (Islamic bond) in the upcoming period after the Egyptian pound- denominated sukuk has made a success. The bank also aims at offering a number of products such as Al Baraka Islamic Credit Card.

The bank’s finances exceeded EGP 6 billion after the lender contributed EGP 75 million to the loan arranged by the National Bank for Development (NBD) to East Delta Electricity Production Company.

Al Baraka Bank Egypt achieved net profit of EGP 67.821 million at the end of first half of 2012, up from EGP 66.446 million at the end of the first half of 2011.