Hilal Bank today announced a plan to raise U.S. $500 million by selling Islamic shares in the fourth quarter, a strategy designed to diversify its financing sources. “This figure is part of the U.S. $2.5 billion in U.S. shares settled by the governmental Islamic bank in Abu Dhabi,” said Executive President of Hilal Mohamed Barou. “The dollar will dominate these Islamic shares,” he added. “The Islamic shares will reach maturity in five years.” The Islamic international banking development rate is estimated to be 15 percent annually, according to a new financial study. “Islamic banking in Egypt is estimated to be 5 percent of the Egyptian market,” said an official in the Egyptian Central Bank.
