Al Baraka Targets Raising Retail Banking To EGP 1.6 Bln In 2013

Al Baraka Bank Egypt targets to increase the value of its retail banking portfolio by EGP 600 million to reach EGP 1.6 billion in 2013, up from EGP one billion at the end of the first half of 2012.

Ashraf El-Ghamrawy, CEO of the bank, told Amwal Al Ghad that this increase will be met through expanding in offering sharia-complaint retail banking products such as Al Baraka Gold, Silver and Platinum Cards.

The bank plans to increase the volume of its deposits by EGP two billion to register EGP 15 billion by the end of the current year through offering a number of sharia-compliant savings instruments such as the Investment Account with daily return, Al Baraka Dollar Sukuk and Al Baraka Egyptian Pound Sukuk with term of 10 years.

Al Baraka Bank Egypt targets to increase its issued and paid-up capital by EGP 300 million to register EGP one billion by the end of the current fiscal year.

Al Baraka Bank Egypt achieved net profit of EGP 67.821 million in the first half of 2012, up from EGP 66.446 million in the first half of 2011, with an increase of 2.1%.