Export Development Bank Seeks Islamic Banking License
The Export Development Bank of Egypt (EDBE) has submitted a request to the Central Bank of Egypt (CBE) to get a Sharia-compliant banking license.
Sources said the bank submitted such request last September in order to tap into the increasing demand for Islamic banking products.
The bank has set a three-year strategy to expand in all banking sectors in order to be a ‘comprehensive bank’ that will provide all kinds of banking services to cater to the needs of all customers through launching a number of retail banking products such as personal loan, credit cards and electronic banking services, sources added.
The bank also plans to increase its branches from 21 to 50 branches in the next three years. The bank targets to launch three new branches in the current year. The bank aims at doubling its budget during the next three years to reach EGP 29 billion, up from EGP 14.5 billion, if the economic situation improves.
The bank reduced its real estate assets portfolio from EGP one billion to EGP 700 million through transferring the ownership of a land lot in Nozha to a real estate company subsidiary to the bank.
In addition, the bank plans to reduce its investment portfolio and consider the sale of some of its direct and indirect investments in the next period.
