SAIB Bank to ink first Shariah-compliant deal with SFD Egypt early 2016

Societe Arabe Internationale de Banque (SAIB) will be signing its first Shariah-compliant agreement upon the Musharaka system with Egypt’s Social Fund for Development (SFD) by early 2016.

According to Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance, SAIB Bank is set to secure an initial of 30 million Egyptian pounds (US$3.8 million) with the possibility to increase the volume of funding in the coming period.

The finance will go for small projects in Egypt.

The SFD was established by presidential decree 40/1991 as a socio-economic safety net to combat unemployment, alleviate poverty, improve living conditions and help attain comprehensive socio-economic development.