Egypt’s Altawfeek Leasing Company signed a finance agreement worth 200 million Egyptian pounds with Qatar National Bank (QNB), the Middle East’s largest lender by assets, during the last couple of days.
A source told Amwal Al Ghad that the company will redirect these funds to mortgage leasing sector, adding that the loan maturity is up to 8 years.
In addition, the company obtained several credit facilities in recent years, including 400 million pounds from the National Bank of Egypt and 150 million pounds from The United Bank and 250 million pounds from the Suez Canal Bank, in addition to 90 million pounds from Misr Iran Development Bank.
A.T. Lease is an affiliate of Bahrain-based Islamic banking group Dallah Al Baraka. It has been the first Islamic sharia-compliant leasing company in Egypt. Its shareholders involve Arab Molltaka Investments Company (AMIC) (68.3 percent) and Al Baraka Bank Egypt (7.5 percent).
Prime Holding has acquired close to 10 percent of Al Tawfeek Leasing (AT Lease) in a transaction worth nearly 29 million Egyptian pounds.