PBDAC Launched Four New Islamic Banking Units

The Principal Bank for Development and Agricultural Credit launched four new Islamic banking units, which were slated to be opened in September, in Suhag, Assiut, Shakia and Menoufia during this month.

With the latest branches, the number of the bank’s Islamic banking branches rose to 15 branches. Sources said the bank targets to increase the number of Islamic banking branches to 25 by the end of 2012 through opening 10 new branches in November and December.

The bank offered a new micro-finance product for young farmers who own from one feddan to three feddans. The new finance product provides farmers with production requirements such as pesticides and fertilizers. The bank plans to provide such kind of finance to 10,000 feddans.

The bank’s Islamic deposits reached about EGP 800 million and Islamic finances registered about EGP 508 million at the end of FY 2011/2012.