Al Baraka Bank to set up two leasing and factoring companies
Al Baraka Bank wants in on Egypt’s sukuk and factoring markets, with plans to launch two separate companies to issue corporate sukuk and grow its leasing and factoring portfolio through its investment arm, Al Baraka Financial Investments, in which it holds a 98% stake, Al Baraka Bank Egypt’s CEO Ashraf Ghamrawy told Hapi Journal. The bank is then looking to set up specialized investment funds, Ghamrawy says, stressing that the approval of the Sovereign Sukuk Act is set to open new horizons for growth for Islamic finance in Egypt.
Other things we’re keeping an eye on this morning:
- Egypt will roll out a new digital platform for yacht tourism that will offer a single window for clearance and registration, designed to simplify procedures and grow the industry.
- Luxor received its first charter flights from France and Spain, carrying 178 tourists from Paris and 114 from Madrid.
- E-payment giant Fawry is on course to purchase (pdf) state-owned Banque Misr’s 15% stake in its subsidiary, Fawry Plus Banking Services, for EGP 1.15 per share in a transaction worth c. EGP 16.2 mn, with the proposed purchase to be put to the company’s board.
- An Egyptian court has handed life sentences to 24 Ikhwan leaders on charges of killing police officers in two different cases.