NBE Offers Al-Watania Poultry EGP 200 Mln Islamic Finance

The National Bank of Egypt (NBE) has approved to grant Al-Watania Poultry a Murabaha worth EGP 200 million.

Sources the bank will offer the company the Islamic-compliant loan to finance its expansions including the purchasing of raw materials, machines and equipments in the current period. The bank will start providing the company with the finance by next week, sources added.

The bank’s Islamic deposits are close to reach EGP 1 billion, but the bank does not target to increase them by the upcoming period because the loan-to-deposit ratio is low in the meantime due to the current market recession, sources noted.

The bank has two Islamic branches; one in Dokki which acquires 80% of deposits, and the other in Al-Azhar which acquires 20% of deposits.