By: Islam Fadl

Cairo – Mubasher: Faisal Islamic Bank of Egypt has bought a new administrative headquarters in the New Administrative Capital spanning over 7,000 square metres, a source at the bank said.

Egypt’s biggest sharia-compliant financial institution has raised funding in the small- and medium-sized enterprise (SME) portfolio to EGP 2 billion at the end of September, accounting for 23% of its credit portfolio, the source who declined to be named told Mubasher.

The source has not mentioned any further details on the new headquarters’ investments in the new capital.

The lender aims to offer the mobile banking service before the end of 2018, the source added.

Faisal Islamic Bank is also looking to pump around EGP 200 million into the Central Bank of Egypt’s (CBE) mortgage finance initiative, the source noted.

The bank previously reported a 59.6% year-on-year surge in consolidated profits for the first half of 2018, recording EGP 1.32 billion from EGP 828.3 million.

Net income amounted to EGP 3 billion in H1-18, versus EGP 2.2 billion in the year-ago period, the shariah-compliant lender said in a filing to the Egyptian Exchange (EGX).

Translated by: Mai Ezz El-Din