Al Baraka Islamic Bank - Egypt will inject EGP 500 million into the SME finance portfolio, raising it to EGP 1.5 billion by the end of FY 2012/2013, up from EGP one billion at the end of FY 2011/2012. After signing a musharaka finance contract (Islamic partnership contract) amounting to EGP 200 million yesterday with the Social Fund for Development (SFD), Ashraf El Ghamrawy, CEO of Al Baraka Islamic Bank, said the bank targets to expand in offering musharaka service as it witnesses high demand from customers. The value of musharaka contracts signed with SFD reached EGP 230 million and the bank plans to increase such value in the upcoming period, El Ghamrawy added. The first musharaka contract Al Baraka Islamic Bank had signed with SFD was in 2004 with a value of EGP 30 million. The bank targets to expand in financing all sectors so as increase job opportunities. El Ghamrawy stressed on the importance of setting up a regulatory body to supervise and support micro enterprises.
