PBDAC Postpones Meeting With Bangladeshi Delegation

Sources at the Principal Bank for Development and Agricultural Credit said the current political turmoil delayed the meeting that is slated to be held this week with a Bangladeshi delegation to discuss possible methods for mutual cooperation and Islamic investment opportunities between both countries.

The bank is in talks with a number of Islamic banks to exchange views and experiences about Islamic banking. The value of Islamic finances (Murabaha and Musharaka) offered by the bank reached EGP 510 million at the end of the last September and the lender plans to increase such value to EGP one billion by the end of the current fiscal year.

The bank’s Islamic banking unit deals with about 70,000 customers mainly in Qena and Tanta. The bank’s branch in Tahrir deals with more than 5,000 customers, but the bank closed the branch temporarily after the clashes that erupted in Mohamed Mahmoud and the sit-in in Tahrir Square.