NBE’s Islamic Deposits Hit EGP 700 Mln In August 2012

The National Bank of Egypt’s (NBE) portfolio of Islamic deposits registered EGP 700 million at the end of last August, while the volume of deposits invested reached EGP 200 million.

Sources at NBE said the deposit-to-loan ratio is less than 30%. The bank targets to increase this ratio to 80% by tapping into the increasing demand on such products in the upcoming period.

The bank plans to offer an Islamic Murabaha finance of EGP 200 million to a poultry company to finance the purchasing of raw materials, equipments and machines.

NBE has two Islamic banking branches in Cairo; one in Dokki which acquires 80% of Islamic deposits and another in Azhar which acquires 20% of the Islamic deposits.