Suez Canal Bank has formed a new committee to develop its services and products that are compatible with the principles of Islamic Sharia.
The Fatwa Committee comprises Abbas Shoman, former Undersecretary of Al-Azhar and Head of the Senior Scholars Authority and Member of the Islamic Research Complex at Al-Azhar Al-Sharif, and Mohamed El-Beltagy, Islamic Banking Consultant and Member of the Accounting Board of the Accounting and Auditing Organization for Islamic Financial Institutions in Bahrain.
It will review all Suez Canal Bank’s Islamic services and products, ensuring their compatibility with Islamic Sharia.
This step reflects the bank’s keenness to provide banking solutions that meet the needs of all its customers and its efforts to provide them with a distinguished banking experience.
The bank offers a variety of products that comply with the principles of Islamic Sharia, including savings accounts, investment accounts in the form of Mudharabah, sukuk certificates, and deposit certificates with distinctive profit rates, most notably the “Maisarah” certificate. It comes in the form of investment by proxy for three years, with a minimum of EGP 10,000, which the bank offers at a competitive profit rate of up to 27% annually and is disbursed monthly. The bank also provides a range of other services and products, including opening documentary credits of all kinds, issuing letters of guarantee of all kinds, collecting checks, issuing checks, leasing iron safes of different sizes, conducting internal and external transfers, and foreign exchange transactions.
Suez Canal Bank seeks to provide a diverse, integrated package of banking solutions, products, and financial services to its customers through 52 branches, including the Dokki branch, which is dedicated to Islamic transactions, in addition to a wide network of ATMs spread across the country.