The Central Bank of Egypt approved the request Faisal Islamic Bank Al-Masry acquired the entire share of the Technology Development Fund Company in the Smart Card Applications Company – “Smart”, amounting to 1.399 million shares, representing 11.2% of the capital.
Faisal Bank explained in a filing to the Egyptian Stock Exchange today that the value of the deal amounted to 53.74 million pounds, as part of enhancing its investments in the technology and digital services sector.
The bank’s acquisition comes within the framework of its plan to strengthen its presence in the financial technology sector and develop the digital services system, in line with the country’s strategic directions towards expanding technology solutions and smart payment applications.
The bank confirmed that the deal represents an important addition to its investment portfolio, given the extensive experience that Smart has in the field of smart card applications and related technical services, in addition to the great growth opportunities expected in the market during the coming period.
Faisal Al Islami was established in 1979 and provides banking and investment services compatible with Islamic Sharia. The bank provides its services through three sectors: finance and investment, banking services, and investment custodian services.
The Bank sets its sights on providing the necessary financing in various terms (short, medium and long) for all sectors of economic activity, while giving special attention to the productive sectors of vital importance to the national economy. The bank carries out financing activity through a variety of financing and investment forms, such as participation financing and Sharia Mudaraba.
