Egypt: Fawry receives Islamic financing license from FRA
Arab Finance: Fawry, Egypt's leading fintech company, announced that its fully owned subsidiary, Fawry MSME Finance, has secured an Islamic financing license from the Financial Regulatory Authority (FRA), as per a disclosure.
The license enables Fawry to expand its services by offering Sharia-compliant financial solutions, addressing the increasing demand for Islamic finance in Egypt.
'The approval from the FRA reinforces Fawry's commitment to diversifying its financial services, positioning itself as a key player in Egypt's rapidly evolving fintech and Islamic finance landscape. This step is expected to drive further growth, customer engagement, and market penetration, particularly among segments that prioritize Islamic banking principles in their financial transactions,' Fawry's CEO Ashraf Sabry commented.
'With its Islamic financing license, Fawry MSME Finance will offer Sharia-compliant financial products, meeting the growing demand for Islamic finance among Egyptian entrepreneurs. This step aligns with the company's strategy to expand financial inclusion and support MSMEs with tailored and accessible financial instruments," Chief Executive Officer of Fawry MSME Finance Alexander Levchenko stated.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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