13.11.2012 - Egypt’s NBD signs up for Islamic Euro Nostro Product
The product will allow NBD to earn Shari’ah-compliant profits on its account balances at Standard Chartered Bank Germany Branch in Frankfurt. NBD offers a broad spectrum of Shariah - compliant banking products and solutions for large corporate as well as individuals across all governorates of Egypt. The agreement was signed recently at SIBOS 2012, which was held in Osaka Japan. The Standard Chartered Saadiq EUR Nostro Account utilises a Shariah-compliant account sweep facility. At the end of each business day, available EUR balance in NBD’s Saadiq clearing account will be invested using the Islamic finance mode of Murabaha. Profit generated from these transactions will be credited on a monthly basis...............................................Full Article: Source
Print