AGL40.03▲ 0.03 (0.00%)AIRLINK127.7▲ 0.66 (0.01%)BOP6.61▼ -0.06 (-0.01%)CNERGY4.6▲ 0.09 (0.02%)DCL8.79▲ 0.24 (0.03%)DFML41.58▲ 0.14 (0.00%)DGKC85.79▼ -1.06 (-0.01%)FCCL32.49▲ 0.21 (0.01%)FFBL64.03▼ -0.77 (-0.01%)FFL10.55▲ 0.3 (0.03%)HUBC110.77▲ 1.2 (0.01%)HUMNL15.07▲ 0.39 (0.03%)KEL4.88▼ -0.17 (-0.03%)KOSM7.45▼ -0.01 (0.00%)MLCF40.52▼ -0.86 (-0.02%)NBP61.05▲ 0.64 (0.01%)OGDC194.87▲ 4.77 (0.03%)PAEL27.51▼ -0.32 (-0.01%)PIBTL7.81▼ -0.02 (0.00%)PPL152.53▲ 2.47 (0.02%)PRL26.58▼ -0.3 (-0.01%)PTC16.26▲ 0.19 (0.01%)SEARL84.14▼ -1.86 (-0.02%)TELE7.96▲ 0.25 (0.03%)TOMCL36.6▲ 1.19 (0.03%)TPLP8.66▲ 0.54 (0.07%)TREET17.66▲ 1.25 (0.08%)TRG58.62▲ 5.33 (0.10%)UNITY26.86▲ 0.7 (0.03%)WTL1.38▲ 0.12 (0.10%)

ADIB Egypt to launch Country’s 1st Sharia-compliant microfinance firm

Share
Tweet
WhatsApp
Share on Linkedin
[tta_listen_btn]

 

The Financial Regulatory Authority (FRA) has granted Abu Dhabi Islamic Bank (ADIB Egypt) a license to launch the first Sharia-compliant microfinance firm in Egypt, as per an emailed press release on July 30th.

The new company’s authorized capital is valued at EGP 100 million, while the paid-up capital amounts to EGP 25 million, the company’s CEO and Managing Director Ahmed El-Khatib noted.

The company has several competitive advantages, including applying the latest technologies while focusing on expanding to the governorates and regions in dire need of financing, he highlighted.

El-Khatib added that the company could provide a maximum of EGP 220,000 in financing.

The move comes within the framework of the bank’s plans to achieve financial inclusion and boost the sector of micro-sized enterprises.—Zawya News

Related Posts

© 2024 All rights reserved | Pakistan Observer