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National Societe Generale Bank 28

Alexandria National Company fo 8.56

Rowad Tourism (Al Rowad) 7.78

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Business - Banks

AWB: Islamic Finances Reach EGP 500 Mln In Q1 2012

Published Thursday, 26 July 2012 12:10 | Written by Abd Elhalem Elgendy

Al Watany Bank of Egypt (AWB) considers expanding in Islamic banking in the upcoming period through contributing to sharia-compliant syndicated loans currently arranged for important sectors such as food industry and steel manufacturing sectors.

Sources said the bank’s Islamic finances portfolio reached about EGP 500 million, while the total value of finances portfolio registered EGP 7.2 billion at the end of Q1 of 2012.

The bank’s Islamic deposits accounted for more than EGP one billion of the total value of the bank’s deposits totaling EGP 13.1 billion.

Sources expected Islamic transactions at AWB to grow between 10% and 15% as the bank targets to launch new credit and debit products, increasing the value of deposits and loans.

AWB posted profit of EGP 75 million in Q1 of 2012, up from EGP 63 million in Q1 of 2011, with an increase of 19%.