ADIB Egypt to Launch Egypt’s First Sharia-Compliant Microfinance Firm

Source: Zawya

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.