SAIB Opens Its First Islamic Branch In Cairo On Morsi’s Win

Societe Arabe Internationale De Banque (SAIB), has secured approval from the Central Bank of Egypt to open its first Islamic branch in Cairo, besides its branch in Port Said.

Sources told Amwal Al Ghad that the new branch will be launched in the next few days. The branch will be managed by Alaa Bondok, head of Islamic finance sector at SAIB. The Islamic branch will provide all sharia-compliant (debit and credit) banking services, sources added.

The new branch will be the first Islamic branch to be opened after an Islamist assumed the presidency in Egypt, raising expectations that this would support Islamic banking in Egypt that accounts for 7% of Egyptian banking sector.

CBE approved SAIB’s new sharia-compliant investment funds named Manna and Salwa (Manna and Quails), sources noted, expecting these products to be offered in the next few days to meet the increasing demand over Islamic banking services in Egypt, in addition to strengthening its deposits portfolio.