ADIB Egypt and IFC sign first Shariah-compliant subordinated Tier 2 financing agreement worth $50mln

ADIB Egypt and IFC sign first Shariah-compliant subordinated Tier 2 financing agreement worth $50mln

The financing provided by the International Finance Corporation (IFC) is the first Shariah-compliant subordinated Tier 2 financing agreement worth $50 million for a period of five years, and is set to be included in the second tranche of the bank’s capital base. The financing agreement drives Abu Dhabi Islamic Bank Egypt’s expansion plan towards adopting more initiatives aimed at supporting sustainable development. Mohamed Aly, CEO and Managing Director of Abu Dhabi Islamic Bank Egypt: "The financing enhances the bank's future growth plans and contributes significantly to providing financing for small and medium-sized enterprises to support the local industries in Egypt." Cairo 17 July 2023 - Abu Dhabi Islamic Bank Egypt has announced the signing of the first Shariah-compliant subordinated Tier 2 financing agreement worth $50 million with the International Finance Corporation (IFC) using the Murabaha system. The financing agreement has a duration of five years and is expected to be included in the bank's second tier of the capital base, with no impact on shareholder rights. This step is part of Abu Dhabi Islamic Bank Egypt's ongoing strategy to increase its capital base and financial strength, and reflects the global financial institutions' confidence in the bank's performance. Mohamed Aly, CEO