Islamic bank wants polyethylene loan share

A senior representative from the Faisal Islamic Bank of Egypt has revealed that the bank is willing to finance 60 percent of the $1.25bn loan allocated for the establishment of an ethylene and polyethylene complex in Alexandria. Nabil Abdelhamid has told Egyptian daily al-Masry al-Youm that the bank intends to "snap up a stake of the polyethylene loan." The three banks involved in arranging the loan, National Bank of Egypt, Banque Misr and the Commercial International Bank (CIB) had agreed to allocate a portion to Islamic finance, after several Islamic banks declared that they wanted to finance the loan.