The Financial Regulatory Authority (FRA) has granted Abu Dhabi Islamic Bank (ADIB Egypt) a license to launch the first Sharia-compliant microfinance firm in Egypt, as per an emailed press release on July 30th.
The new company’s authorized capital is valued at EGP 100 million, while the paid-up capital amounts to EGP 25 million, the company’s CEO and Managing Director Ahmed El-Khatib noted.
The company has several competitive advantages, including applying the latest technologies while focusing on expanding to the governorates and regions in dire need of financing, he highlighted.
El-Khatib added that the company could provide a maximum of EGP 220,000 in financing.
The move comes within the framework of the bank’s plans to achieve financial inclusion and boost the sector of micro-sized enterprises.
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