Pakistan arrests Islamic State Khorasan media chief    Government clarifies Al Mana aviation fuel project at Sokhna based on usufruct, not land sale    Lebanese Army Commander Rudolf Heikal holds critical security talks in Paris    Egypt partners with global firms to localise medical imaging technology    The Long Goodbye: Your Definitive Guide to the Festive Season in Egypt (Dec 19 – Jan 7)    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    EGX closes in red zone on 18 Dec.    Egypt flags red lines, urges Sudan unity, civilian protection    "Property Egypt" platform launched to drive foreign currency inflows    Helwan Castings to manufacture unique strategic products for Middle East markets    Egypt, Jordan renew electricity exchange agreement for 2026    Oil prices rise on Thursday    Egypt's Al-Sisi offers to host talks to support DRC peace process in call with Tshisekedi    Egypt's Abdelatty proposes hospital project, infrastructure support in Gambia    Egypt explores opportunities to expand sustainable environmental investment in natural reserves    Central Bank of Egypt, Medical Emergencies, Genetic and Rare Diseases Fund renew deal for 3 years    Egypt's SPNEX Satellite successfully enters orbit    Egypt unveils restored colossal statues of King Amenhotep III at Luxor mortuary temple    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    UNESCO adds Egyptian Koshari to intangible cultural heritage list    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



United Bank Signs EGP 75 Mln Islamic Contract With SFD
Rana Mamdouh Published in Amwal Al Ghad on 03 - 06 - 2012

United Bank will sign an Islamic finance contract with value of EGP 75 million with Social Fund for Development (SFD) next week, as part of SFD's efforts towards offering Islamic finance to small and medium enterprises (SMEs).
Essam El Korashy, head of SMEs Development Department, said this is the first Islamic finance signed by SFD in compliance with Murabaha system, adding that the Fund plans to sign contracts with value of EGP 310 million with 5 banks to finance SMEs in compliance with Murabaha system.
SFD negotiates with Industrial Development and Workers Bank of Egypt over signing an Islamic finance contract with value of EGP 100 million, with National Bank of Abu Dhabi over EGP 30 million contract, with Principal Bank for Development and Agricultural Credit over EGP 150 million contract and with National Bank of Egypt over EGP 100 million contract.
SFD signed finance contracts with value of EGP 400 million to 6,000 projects that provided 20,000 job vacancies in the first quarter.
El Korashy added that the Fund targets increasing SMEs portfolio to EGP 5 billion by the end of the current year, up from EGP 4 billion at the end of last March, noting that micro-enterprises portfolio reached EGP 400 million.

Clic here to read the story from its source.