Islamic Corporation for the Development of the Private Sector (ICD) and Arab Investment Bank (AIB) Sign Shareholders Agreement to Collaborate in the Leasing Business in Egypt
SHARM EL SHEIKH, Egypt, March 25, 2015/African Press Organization (APO)/ -- The Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com), the private sector arm of the Islamic Development Bank Group (IDB), and the Arab Investment Bank (AIB) signed a Shareholders Agreement to establish “Enmaa Leasing Company” a Sharia-compliant leasing company in Egypt. Enmaa Leasing have an authorized capital of 150 million Egyptian pounds and expect to commence its operations during the third quarter of 2015.
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As a strategic partner in Enmaa Leasing Company, ICD will utilize its extensive experience in the leasing sector, which have accumulated over the course of establishing more than ten similar leasing companies across the Islamic and Arab world, to ensure that the Company meets its stated goals and objectives
The shareholders' agreement was signed between Dr. Ahmed Mohammed Ali, ICD Board Chairman, and Mr. Mohammed Hani Saif El Nasr, AIB Board Chairman, during the recent Egypt Economic Development Conference in Sharm Al Shaikh, in the presence of the Minister of International Cooperation, Dr. Naglaa Al Ahwani.
The Chief Executive Officer and General Manager of ICD, Mr. Khaled Al Aboodi, commented “Egypt is one of the main shareholders of ICD, and has always been one of the key countries for our investments. ICD is pleased to collaborate with a leading Egyptian bank such as the Arab Investment Bank to contribute and develop the private sector in Egypt. Through this partnership, we aim to assist Egyptian SMEs in achieving their growth potential by offering them Sharia-compliant financing products. I am confident that Enmaa Leasing Company will help add depth and diversity to the Egyptian financial services sector.”
From his side, the Chairman of the Arab Investment Bank, Mr. Mohammed Hany Seif El Nasr commented: “The idea of founding Enmaa Leasing Company came after noticing the growing demand for leasing activity and the ability of the market to welcome new companies offering this service. Enmaa Leasing Company is expected to add value to Egypt Leasing sector especially by targeting the small and medium enterprises sector, which represents one of the most important pillars of the national economy”.
Distributed by APO (African Press Organization) on behalf of The Islamic Corporation for the Development of the Private Sector (ICD).
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com) is a multilateral organization, part of the Islamic Development Bank (IDB) Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Sharia through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operations complement the activities of the IDB.
About the the Arab Investment Bank
A Federal joint stock company of Egyptian Nationality Established by Presidential council decree No.1 Of 1974. An Investment and business bank registered and is Operating under the Supervision of central bank of Egypt.
The Bank provides banking services for its client through a group of selective correspondents worldwide and offers full range of banking services in both local & foreign currencies and contribute to national economy development and investment ,through its head office in Cairo and 18 branch in Arab Republic of Egypt, including the 2 Islamic branch.
The Bank is represented as a financial institute in the Egyptian Market by its contribution in the capital of many companies spread over aspects of economic activity represented by the (tourism - industrial - housing -food security - financial - trade - service),sectors which has contributed to highlighting the bank as a financial institution in the Egyptian market, Bank's management is seeking all efforts to place the Bank in the position that allows it to compete with other banks in terms of diversifications of products, and geographically expansion.
With a long – term plan geared towards satisfying our customers, Arab Investment Bank aims to diversify all banking service and increase banks market share, maintain a balanced growth in terms of loans and deposits, achieve high efficiency and sustain superior asset quality and satisfactory capital adequac.
The plan is also considering the development of SMES and will continue to focus and expanding retail services as well as Islamic products.