ADIB is getting a USD 50 mn shariah-compliant facility from the IFC: Our friends at the International Finance Corporation (IFC) are extending a five-year, shariah-compliant Tier 2 facility worth USD 50 mn to Abu Dhabi Islamic Bank (ADIB) Egypt, the lender said in an a statement (pdf) yesterday.

Where the money’s going: The Murabaha facility will “primarily work on providing financing for small- and medium-sized enterprises,” ADIB Egypt CEO and Managing Director Mohamed Aly said. The bank also plans to use the funding to help increase its adoption of sustainable development-focused initiatives, Aly said.

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