Egypt’s Nasser Social Bank mulls launch of new savings certificates

Egypt’s Nasser Social Bank (NSB) is studying launching a three-year savings certificate for Egyptian pounds compliant with Shariah, its chairman Mohamed Shoman announced on Sunday.

This comes as part of the bank’s strategy to raise the volume of deposits to 5.5 billion Egyptian pounds ($619.4 million) by the end of financial year 2016/2017, from 4.5 billion pounds recorded during the financial year 2015/2016, Shoman told Amwal Al Ghad.

NSB is currently in talks over $1.2 million grant from the African Development Bank (AfDB) to finance a restructure plan aimed to develop and diversify the Egyptian bank’s products and services to help achieve financial inclusion for the poor eventually. This will the first foreign credit facility Nasser Social Bank could secure.