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Egyptian agri-lender to launch Shari'ah-compliant services
- Egypt: Wednesday, February 13 - 2013 at 02:55
Egypt's main agricultural bank, Principal Bank for Development and Agricultural Credit (PBDAC), has announced plans to launch Islamic retail services this month to meet increasing demand in rural areas, Reuters has reported. Government-owned PBDAC will offer retail finance at 18 Islamic branches through murabaha and musharaka structures, said Abdel Rahman Al-Kafrawi, head of Islamic transactions at PBDAC. "We are launching sharia-compliant retail banking this month with a portfolio of EGP50m ($7.5m) and can raise that to EGP100m" next June based on demand, said Al-Kafrawi.
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