Agricultural Credit Bank To Launch Islamic Retail Banking Products In January
Published Wednesday, 19 December 2012 15:15 | Written by Mohamed Hamdy and Ahmed Taha
The Principal Bank for Development and Agricultural Credit targets to expand in Sharia-compliant retail banking products by the beginning of 2013 through launching a number of products such as durable goods financing programs.
The bank will deal with a number of companies to purchase the tools and then sell them to customers, said Abdel Rahman El-Kafrawy, head of Islamic banking sector at the bank.
The bank also plans to launch financing programs for paying school fees, finishing apartments and purchasing tools and machines. The bank will offer Sharia-compliant mortgage products and expand in offering car Murabaha, he added.
El-Kafrawy added that the bank aims at upgrading its 38 ATMs and IT infrastructure to make it easier for customers to deal with these machines.
The bank’s Islamic banking unit deals with more than 70,000 customers mainly in Qena and Tanta and its branch in Tahrir deals with more than 5,000 customers.