Bank of Alexandria to introduce Islamic retail banking products, if CBE approves

By Mohamed Hamdy

Bank of Alexandria (Bank Of Intesa Sanpaolo Group) demanded an approval from the Central Bank of Egypt (CBE) to have a license for introducing Islamic Shariaa-compliant banking services so as to meet the huge demand on these services.

Basel Rahmy, head of retail banking department, said that the Bank is still waiting the CBE’s approval, but he declined to talk about these services, until they are licensed.

Bank of Alexandria aims at increasing the loans portfolio by EGP one billion by the end of 2012, so it will reach EGP 9 billion, compared with EGO 8.1 billion by the end of 2011.

It is worth mentioning that Bank of Alexandria has renewed five branches out of the 210 Bank’s branches by the beginning of this year, and it will renew 20 branches by the end of 2012.

Amwal Al Ghad