ADIB Egypt, IFC Sign 1st Murabaha Funding Deal Worth $50 M

ADIB revealed last Monday that International Finance Corporation (IFC) inked a support financing deal with the bank, using the Murabaha system worth $50 million over five years.

According to the released statement, ADIB CEO Mohamed Ali said that this deal is the first of its sort for IFC under Sharia-compliant funding, both in Egypt and internationally.

It’s important to note that the bank’s profit increased in the first quarter of this year, coming in at over bln Egyptian pounds compared to 444.2 M in the corresponding period last year.