Banque Misr Looks To Launch Islamic Durable Goods Fund

Banque Misr studies launching Murabaha (Islamic finance) fund for durable goods as well as Musharaka (Islamic joint venture) and Murabaha funds for micro-enterprises.

In addition, Central Bank of Egypt (CBE) has licensed Banque Misr’s Murabaha Sharia-compliant Visa, sources said.

Sources affirmed that Banque Misr does not target expanding in Ijara service (Islamic lease) as there are currently no laws regulating this service in Egypt.

It is worth mentioning that Banque Misr is arranging Islamic Murabaha syndication together with Bank Audi with value of EGP 900 million to finance iron factory (IIC) in Minya owned by Ahmed Abu Hashima.