Suez Canal Bank’s Islamic Transactions Hit EGP 900 Mln

Suez Canal Bank’s Islamic banking transactions surged by EGP 200 million during the period from the end of September to the end of November, registering EGP 900 million.

A source said the bank targets to increase the volume of Islamic banking transactions to EGP 1.5 billion by the end of next June through offering sukuk (Islamic bond) by the beginning of 2013 and expanding in offering Mudaraba and Murabaha, while lowering the offering of Musharaka. The bank also mulls to offer a number of Sharia-compliant savings pools with terms of three years and five years.

The Suez Canal Bank’s financial statements for the first nine months of 2012 showed that the bank’s profit surplus before provisions rose by 102.6% to reach EGP 124.9 million at the end of last September, compared to EGP 61.6 million at the end of September 2011.