Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Partners in leasing business
Published in The Saudi Gazette on 28 - 03 - 2015

SHARM ESharm El-Sheikh, Egypt — The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and the Arab Investment Bank (AIB) have signed a shareholders agreement to establish “Enmaa Leasing Company”, a Shariah compliant leasing company in Egypt .
Enmaa Leasing has an authorized capital of 150 million Egyptian pounds and expects to commence its operations during the third quarter of 2015.
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 by Dr. Ahmed Mohammed Ali, ICD Board chairman, and Mohammed Hani Saif El-Nasr, AIB BoardM, 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, 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 Shariah-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, 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's leasing sector, especially by targeting the small and medium enterprises sector, which represents one of the most important pillars of the national economy”.
A Federal joint stock company of Egyptian nationality was established by the Presidential Council decree No.1 Of 1974. It is an investment and business bank registered and operating under the supervision of central bank of Egypt. — SG


Clic here to read the story from its source.