Arab Finance: Abu Dhabi Islamic Bank (ADIB Egypt) has signed the first Islamic Sharia-compliant subordinated Tier 2 loan agreement worth $50 million with the International Finance Corporation (IFC) using the Murabaha system, according to an emailed press release on July 17th.
The five-year loan is expected to contribute to the bank’s future growth plans as well as to financing for small- and medium-sized enterprises (SMEs) in Egypt.
The funding would not affect the shareholders’ rights.
The move is part of the bank’s strategy to boost its capital base and financial position.