The Principal Bank for Development and Agricultural Credit will meet with a Bangladeshi delegation this week to discuss possible methods for mutual cooperation between both countries. The bank seeks exchanging experiences with Bangladesh as the bank targets to expand in sharia-compliant banking transactions, said Abdel Rahman El-Kafrawy, head of Islamic banking transactions at the bank. The bank will hold a meeting this week to set a general strategy for conducting Islamic banking transactions as the bank plans to finance farmers and young customers with in-kind loans such as agricultural machines, tools and fertilizers, he added. Sources at the bank said the bank's Islamic banking unit achieved profit of EGP 5.455 million in FY 2011/2012. The value of Islamic finances (Murabaha and Musharaka) offered by the bank reached EGP 507 million and the value of Islamic deposit reached EGP 800 million at the end of the last fiscal year.
