Abu Dhabi Islamic Bank-Egypt to establish new company for sukuk

ADIB will own 98% of the new entity

  
The corporate logo of Abu Dhabi Islamic Bank is seen in Dubai, United Arab Emirates, December 31, 2018.

The corporate logo of Abu Dhabi Islamic Bank is seen in Dubai, United Arab Emirates, December 31, 2018.

REUTERS/Hamad I Mohammed
 

Abu Dhabi Islamic Bank-Egypt's (ADIB) board of directors ratified the establishment of Abu Dhabi Islamic Sukuk Company with an authorized capital of EGP 100 million and issued capital with EPG 10 million, according to the bank statement filed to the Egyptian exchange.

ADIB will own 98% of the new entity.

The bank had previously announced a tripartite partnership contract with the Egyptian startup Khazna and the Egyptian Company for Electronic Payments, to issue the Shariah-compliant prepaid Meza card, ADIB Khazna Meeza card.

The listed bank posted a consolidated net profit before minority interest of EGP 328.222 million in quarter one of 2021.

ADIB, formerly National Bank for Development, is an Egypt-based public shareholding company engaged in the provision of retail, corporate, and investment banking services through a network of 69 branches located across Egypt.

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