Societe Arab Internationale du Banque (SAIB) is currently studying the possibility of participating with EGP 50 million in the syndicated loan, arranged by Banque Misr and Bank Audi, in value to EGP 900 million to finance establishing a steel factory (IIC) in Beni Suef, owned by the Egyptian businessman Ahmed Abu Hashima.
SAIB is negotiating with Banque Misr to participate in its share in value to EGP 750 million, said Ashraf Gabr, head of credit department at SAIB.
Gabr added that SAIB plans to expand in Islamic finance services in the upcoming period.
The 7-year finance gives a 2-year grace period which is the period of construction, so that the company will repay the installments on 5 years.
Banque Misr is currently studying marketing the biggest part of its share, EGP 750 million, in the local market during this month, Mohamed Abbas Farid, vice president of Banque Misr, told Amwal Al Ghad.
Farid declined to tell about the share Banque Misr wishes to retain until it receives the offers from banks willing to participate in the finance.
Bank Audi will participate with EGP 150 million in the Islamic Murabaha syndicated loan, said Walid Hassouna, head of Islamic finance department at Bank Audi. Hassouna added that Bank Audi will retain the biggest share of the finance and market the rest.