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Abu Dhabi Islamic Bank Egypt has signed a Shariah-compliant subordinated Tier 2 financing agreement worth $50 million with the International Finance Corporation (IFC), using the Murabaha system.
The agreement has a duration of five years and is expected to be included in the bank's second tier of the capital base, with no impact on shareholder rights, the lender, which is majority owned by the UAE's Abu Dhabi Islamic Bank, said in a statement on Monday.
This is part of Abu Dhabi Islamic Bank Egypt's ongoing strategy to increase its capital base and financial strength, the bank said.
The bank said it is the first-ever Shariah-compliant financing for the IFC.
(Writing by Brinda Darasha; editing by Seban Scaria)
