Al Baraka Bank Egypt: H1 customers’ deposits surge to $143.3 mln

Al Baraka Bank Egypt, part of Bahrain’s Al Baraka Banking Group, says customers’ deposits compliant to the Shariah rose to 1.272 billion Egyptian pounds ($143.3 million) in the first half of 2015.

In the first half of 2015, the bank reported customers deposits amounting to 1.123 billion pounds.

Shariah-compliant finances; Murabaha, Mudaraba, and Musharaka of customers have totalled around 10.958 billion pounds, from 9.277 billion pounds by end of December 2015.

Murabaha is an Islamic financing structure in which an intermediary buys a property with free and clear title. Murabaha is not an interest-bearing loan, which is considered riba (or excess), and is an acceptable form of credit sale under Sharia (Islamic religious law).

In Islamic finance, Mudaraba is a trust financing contract. Mudaraba may be conducted between investment account holders as fund providers and the Islamic bank as a mudarib.

Musharaka is an Islamic mode of finance in which capital is provided by two or more parties for project development.