Banque Misr’s Retail Finances Hit EGP 2.9 Bln In September

Banque Misr’s retail finance portfolio stood at EGP 2.9 billion at the end of last September, compared to EGP 2.7 billion at the end of June 2012, with an increase of EGP 200 million.

Sources said the bank targets to expand in retail banking products as it plans to raise the portfolio to EGP 4 billion in 2013 through offering new products such as the mortgage product which will be launched by the beginning of 2013. The bank allocated EGP 500 million for the mortgage product, sources added.

The bank also focuses greatly on Islamic banking products as the lender has recently launched the car Murabaha product and durable goods finance product. The bank also plans to launch a sharia-compliant card by next year.