Arab Finance: Faisal Islamic Bank of Egypt has obtained the Central Bank of Egypt's (CBE) approval to fully purchase the stake held by the Technology Development Fund in Smart Cards Applications Co., as per a disclosure.
The stake represents 11.2% of Smart Cards Applications Co's capital, amounts to nearly 1.399 million shares.
The EGX-listed bank aims to buy the stake for an amount of EGP 53.764 million.
Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services per Islamic Sharia principles.