The United Bank Egypt has signed an agreement today to offer sharia-compliant loans to the members of Aerosport Club in order pay the subscriptions. The signing event was attended by the Minister of Civil Aviation Samir Ibaby, chairman of United Bank Mohamed Ashmawy, chairman and managing director of Aerosport Club and general manager of branches and retail banking sector at the United Bank Azza Radwan. Ashmawy said the bank will finance the payment of the club subscriptions under Ijara agreements. The club's members can also receive the Diyar mortgage service which finances up to 80% of the value of the property in compliance with sharia law. In addition, the members will also be given Millionaire Certificate which grants 64 opportunities to enter into 32 monthly draws over awards worth EGP 4 million. The new members will receive banking offers such as savings accounts with attractive annual returns, ATM cards and payment protection takaful (Islamic insurance) products. Aerosport, which has 4200 members, targets to launch a new branch on an area of 44 feddans (45.672 acres), said Sherif Allam, chairman and managing director of Aerosport. The club will also conduct periodic maintenance and renew the buildings of the new branch which is on an area of 11 feddans (11.418 acres), he added. It is worth mentioning that the United Bank offers such high-level banking service from five years to the members of Zamalek Sporting Club, Al Ahly Club, Wadi Degla Club, Petro Sport Club and Acacia Club in Alexandria.
