Banque Misr to Launch Murabaha Mortgage Product in Q1/2014

Banque Misr is planning to launch its new sharia-compliant product “Murabaha Mortgage” within the first quarter of 2014.

According to a senior source in the bank, Amwal Al Ghad was informed that Banque Misr is aiming to launch a package of new Islamic products; notably the Islamic cards.

This comes as Banque Misr had launched last year the Car Murabaha Finance as part of the bank’s Murabaha programs, which meet the needs of all categories, with competitive investment rates and the highest finance rate of the Murabaha contract being up to 100% of the car’s value. Additionally, the bank offers an excellent package of payment schemes with the longest payment period being up to 7 years.

Meanwhile, it is worth mentioning that Banque Misr has obtained an approval from the Central Bank of Egypt (CBE) to offer Ijara Muntaheya Bettamleek (Islamic lease-to-own) services by the end of the current week.

Banque Misr has 33 Islamic branches which have been in operation since 1980 and are located in various areas across Egypt. The bank is targeting more expansions to have 40 Islamic branches within the upcoming phase.