Bank Audi Egypt aims to increase its corporate Shariah-compliant finance portfolio to reach EGP 1bn by the end of this year, Mohamed Latif, the bank’s chief institutional and Islamic banking officer said on Monday.
Latif explained that the bank’s expansion plan aims to boost the Shariah-compliant sector contribution up to profits over 10% by the end of 2020.
He added that the bank aims to expand its Shariah-compliant banking services by launching two new services before the end of this year, noting that the bank currently offers 12 different Shariah-compliant services through three branches.
Moreover, Mohammed Hassan, head of Islamic banking at Bank Audi Egypt, explained that the first service will be financing medium enterprises, in accordance with Shariah law, by up to EGP 2m per client.
The second service is the Shariah-compliant credit card, based on the concept of free loans, where a monthly fee is collected from the client, as a service fee provided by the bank. If clients do not use the card, or do not exceed the allocated credit limit, fees will be refunded.