Egypt’s Nasser bank’s to expand into non-banking deals

By Aya Anwar On Sep 10, 2024

The Financial Regulatory Authority (FRA) has added Nasser Social Bank to the list of institutions allowed to contribute to non-banking financial companies, supporting the bank’s expansion and restructuring plans.

Upon the announcement, Minister of Social Solidarity and Chairperson of the bank, Maya Morsy, praised the FRA’s decision, which allows Nasser Social Bank to engage in activities such as managing investment portfolios, issuing sukuk, and mortgage financing.

The bank is also expanding into non-banking investment services, including the launch of a Sharia-compliant fixed-income fund and charitable funds like Ataa for people with disabilities.

Mohamed Abdel Fadil, First Deputy Chairman, stated that the bank is preparing to market investment fund certificates in metals and equities to diversify options for its clients, further enhancing the bank’s investment portfolio across various sectors in Egypt.

Attribution: Egyptian Cabinet
Subediting: M. S. Salama

Financial Regulatory Authority (FRA)First Deputy Chairman issuing sukuk launch of a Sharia-compliant fixed-income fund managing investment portfolios market investment fund Maya Morsy Minister of Social Solidarity and Chairperson of the bank