SFD, United Bank Ink EGP50mn Islamic Contract for SMEs

Egypt-base Social Fund for Development (SFD) and United Bank are in talk over a new Islamic contract worth EGP50 million for funding Small and Medium enterprises (SMEs) in accordance with the provisions of Islamic Sharia law, Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance – said.

In the previous year, SFD was signed Islamic contract with the United Bank worth EGP25 million for small projects by sharing system.

The anticipated contract will be through Islamic bank program for development in which SFD obtained US$50 million fund from it, Gamea explained.

The fund held a meeting with Housing and Development bank (HDB) in the last week to study the bank’s financial statements and to identify the fund’s value that will be obtained.