Arzaq, a microfinance company owned by Abu Dhabi Islamic Bank Egypt, has obtained a licence from the Financial Regulatory Authority to open its first 13 branches as part of its geographic expansion strategy.

The company had received approval from the Central Shariah Supervisory Committee at the Financial Regulatory Authority last year to launch its first products based on profit-sharing and participation systems. These products were adopted as the first Islamic Sharia-compliant products by the Financial Regulatory Authority on 11 September 2023.

Mohamed Ali, the CEO and Managing Director of Abu Dhabi Islamic Bank – Egypt, said that the license to open 13 branches in 10 provinces, covering both the north and the south, was the first phase of the company’s expansion plan. He added that the company aimed to extend its presence in all provinces soon, focusing on the northern regions, and to offer diverse Islamic Sharia-compliant financial products for all segments of society.

Ahmed El-Khatib, CEO and Managing Director of Arzaq, said that the branches were being equipped with the necessary technological systems and were located in Aswan, Dokki, Zagazig, Fayoum, Benha, Damietta, Damanhur, Sohag, Shubra El-Kheima, Shebin El Kom, Tanta, Faqus, and Kafr El-Sheikh.

He also said that the company expected to have 60 branches by the end of next year, covering all areas in Upper Egypt and the Delta, and to reach a large customer base and contribute to the social development of these regions.

Abu Dhabi Islamic Bank – Egypt was one of the first banks to operate in the microfinance sector. The bank established a specialized microfinance company as part of its expansion strategy in this field. The bank believes that microfinance is one of the most important economic tools to boost the country’s economy by integrating a large segment of society into formal channels and helping them get the necessary financing for their projects.

Arzaq was launched to empower micro-entrepreneurs and young business leaders to build their futures by providing them with financial support in line with Islamic Sharia principles.

© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (