Egypt Shariah Loans Rise on Record Sugar Deal: Islamic Finance
This article is for subscribers only.
Egypt’s biggest Islamic loan, signed yesterday by Al Nouran Sugar, is adding to evidence borrowers are turning to Shariah-compliant funding in a country that ousted its Islamist government less than a year ago.
The company signed a 1.5 billion Egyptian-pound ($215 million) loan to build a factory, according to Al Nouran’s Chief Executive Officer Ashraf Mahmoud. That topped Egyptian Steel’s 1.1 billion-pound facility, which was the North African country’s biggest Islamic loan when it was agreed six months ago, according to data compiled by Bloomberg.