United Bank, SFD to Ink EGP50mn Islamic Contract for Egypt’s Small Projects

Egyptian lender United Bank S.A.E will sign tomorrow a new Islamic finance contract with the Social Fund for Development (SFD) worth EGP 50 million.

The contract aims to finance small enterprises, through using the Islamic finance instrument ‘Mosharka’ (participating).

Last year, SFD sign an Islamic finance contract with United Bank at value of EGP 25 million to fund small enterprises.

The United Bank’s portfolio of total small and medium-sized enterprises (SMEs) financing reached around EGP 250 million by end of first half of 2014.

Moreover, SFD has recently signed two financing contracts with the National Bank of Egypt and Banque Du Caire totalling EGP 550 million to support small and micro enterprises.