AGL40▲ 0 (0.00%)AIRLINK129.06▼ -0.47 (0.00%)BOP6.75▲ 0.07 (0.01%)CNERGY4.49▼ -0.14 (-0.03%)DCL8.55▼ -0.39 (-0.04%)DFML40.82▼ -0.87 (-0.02%)DGKC80.96▼ -2.81 (-0.03%)FCCL32.77▲ 0 (0.00%)FFBL74.43▼ -1.04 (-0.01%)FFL11.74▲ 0.27 (0.02%)HUBC109.58▼ -0.97 (-0.01%)HUMNL13.75▼ -0.81 (-0.06%)KEL5.31▼ -0.08 (-0.01%)KOSM7.72▼ -0.68 (-0.08%)MLCF38.6▼ -1.19 (-0.03%)NBP63.51▲ 3.22 (0.05%)OGDC194.69▼ -4.97 (-0.02%)PAEL25.71▼ -0.94 (-0.04%)PIBTL7.39▼ -0.27 (-0.04%)PPL155.45▼ -2.47 (-0.02%)PRL25.79▼ -0.94 (-0.04%)PTC17.5▼ -0.96 (-0.05%)SEARL78.65▼ -3.79 (-0.05%)TELE7.86▼ -0.45 (-0.05%)TOMCL33.73▼ -0.78 (-0.02%)TPLP8.4▼ -0.66 (-0.07%)TREET16.27▼ -1.2 (-0.07%)TRG58.22▼ -3.1 (-0.05%)UNITY27.49▲ 0.06 (0.00%)WTL1.39▲ 0.01 (0.01%)

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

Get Alerts