Egypt Farm Bank Attains EGP30mn Surplus in Islamic Dealings

Egypt’s main agricultural bank – Principal Bank for Development and Agricultural Credit (PBDAC) recorded a surplus of EGP 30 million in its Islamic transactions for fiscal year 2013/2014.

This comes despite the fact that the bank has incurred accumulative losses amounting to EGP 3.5 billion.

“This is a remarkable achievement for the PBDAC,” a source from the Islamic Transactions Division stated, who referred that the bank has 20 offices only for Islamic transactions.

The total value of PBDAC’s Islamic dealings deposits has crossed EGP 800 million, the source said, adding that it is likely to reach EGP 1 billion by end of 2014.

Moreover, the source also noted that the bank recorded total Islamic finances of EGP 650 million, aiming to take part in syndicated Islamic finance alliances in the upcoming period.