AUB Group studies offering Islamic mortgage products

Ahli United Bank Group (AUB) is currently studying offering Islamic sharia-compliant mortgage products. AUB is waiting the Egyptian Financial Supervisory Authority’s approval on offering mortgage products, namely Murabaha, Istissna’a and Mudaraba, as there is an increasing demand on Islamic products. AUB will be offering these products before the end of the first quarter of the current year.

Noteworthy that AUB Group achieved USD 310.6 million net profit in 2011, achieving USD 70.3 million net profits in the last quarter of the year, compared with USD 64.4 million for the same period in 2010.