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Barclays Weighs Islamic Finance Products in Egypt to Boost Sales

Barclays Bank Egypt SAE is considering entering the Islamic banking market in the country and lending more to small and medium businesses as it seeks ways to generate new revenue, a senior bank official said.

The bank is weighing how to replicate its South African Islamic products in Egypt, where such finance makes as much as 4 percent to 5 percent of total banking assets in the country, Sherif Elbehery, director for strategy, planning, marketing and corporate affairs at the Bank in Egypt, said in an interview.

Elbehery said the bank has been studying lending to SMEs for the last two years, because they make up 70 percent of economic growth in Egypt.

To contact the reporter on this story: Nadine Marroushi in Cairo at nmarroushi@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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