PBDAC Negotiates With SFD Over EGP 100 Mln Murabaha Contract

The Principal Bank for Development and Agricultural Credit is in talks with the Social Fund for Development (SFD) to sign a Murabaha (Islamic sale) contract worth EGP 100 million to finance small and medium enterprises (SMEs).

The total value of Islamic finance (Murabaha and Musharaka) offered by the bank reached about EGP 507 million at the end of last August.

The bank targets to increase the value of Islamic deposits to EGP one billion in FY 2012/2013, after they registered EGP 800 million at the end of last August.

The bank’s Islamic banking unit succeeded in achieving surplus of EGP 5.455 million in FY 2011/2012 after distributing profits.