Abu Dhabi Islamic Bank-Egypt

EGP 11.7bn funding portfolio of #corporate finance in Abu Dhabi Islamic bank by end of June 2017

The corporate sector in #Egypt acquired EGP 11.7bn of the total loans portfolio in Abu Dhabi Islamic Bank-Egypt until the end of June 2017. The bank continued its programme to fund small and medium enterprises (SMEs). The sector continued its growth also in the field of retail banking, reaching EGP 4.3bn, whereas the volume of the portfolio managed by the treasury sector in the bank is estimated at EGP 12.2bn. Abu Dhabi Islamic Bank-Egypt revealed its business results for H1 2017, where total net profits during that period reached EGP 339m with EGP 148m increase by 78% compared to H1 2016. Total revenues reached EGP 1.841bn compared to EGP 1.225bn, with a growth of 50%. The volume of growth in total assets reached 30% by the end of June 2017 compared to June 2016. In its report the bank stressed its commitment to developing the technological infrastructure and investing in human resources.

CORRECTED-Abu Dhabi Islamic Bank seeks to expand Tier 1 sukuk programme

Abu Dhabi Islamic Bank will ask shareholders for permission to expand its existing Tier 1 sukuk programme to $3 billion from $2 billion, it said in a bourse filing on Thursday. The increase is subject to regulatory approval, the Abu Dhabi lender said. It will also ask shareholders to vote to increase the bank's capital by 504 million dirhams ($137.2 million) through a rights issue.

Crowell & Moring Cairo advises ADIB-Egypt on Islamic finance deal

Crowell & Moring's Cairo office has advised the Abu Dhabi Islamic Bank-Egypt in connection with an Islamic finance facility extended to Maridive and Oil Services SAE. Abu Dhabi Islamic Bank- Egypt was the Initial Mandated Lead Arranger and the global coordinator in the deal, coordinating the financing with several Banks. The deal is the first Islamic Ijara structure syndication to take place in the Egyptian market, valued at $150 million. As legal counsel to the initial mandated lead arranger, Crowell & Moring advised the facility providers (the banks) on the structuring and documentation of the transaction.

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