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ADIB Egypt to set up Sukuk firm

ADIB Egypt to set up Sukuk firm
The company will be established with an authorised capital of EGP 100 million
Abu Dhabi Islamic Bank
ADIB
-0.70% 11.34 -0.08

Cairo - Mubasher: The board of directors of Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) approved a decision to proceed with setting up a Sukuk company. 

The company will be established with an authorised capital of EGP 100 million and issued capital of EGP 10 million, ADIB Egypt said in a bourse disclosure on Sunday. 

The bank will own 98% of the to-be-established company.

In the first quarter (Q1) of 2021, ADIB Egypt logged consolidated net profits of EGP 332.22 million, up from EGP 230.35 million in Q1-20, including minority shareholders' rights.