ICD and AIB sign an agreement for joint venture ‘Enmaa’ in Egypt

28/03/2015 06:41 AST

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.

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