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FAB’s unit in Egypt inaugurates new Islamic branch

FAB’s unit in Egypt inaugurates new Islamic branch
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Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), a private bank of the UAE lender FAB in Egypt, has opened its new Islamic branch in the Fifth Settlement in New Cairo area to operate in line with Sharia terms and Islamic finance.

The branch offers a wide range of Sharia-aligned financial products and services such as saving accounts, financing solutions, and wealth management, according to a press release.

CEO and Managing Director of FABMISR, Mohamed Fayed, said: “The launch of our new Islamic branch is a significant milestone in our journey to expand our Islamic banking services and products across Egypt.”

Fayed elaborated: “We believe that Islamic banking is a key pillar of our growth strategy, as it offers a valuable alternative to traditional banking for our customers who seek to adhere to their religious beliefs.”

The CEO concluded: “Our new branch is designed to meet our customers' various needs, providing them with a comprehensive banking experience. We are committed to offering innovative and Sharia-compliant solutions that maximise the benefits for all our customers, while also fostering long-term relationships.”

It is worth noting that during the first nine months (9M) of 2023, FABMISR generated net profits worth EGP 8.20 billion, while its net loan portfolio amounted to EGP 82.93 billion.

Another subsidiary of a UAE lender, Emirates NBD, recently announced the inauguration of a new branch in Egypt.