Banque Misr To launch Two New Products In FY 2012/13

Banque Misr targets to launch two new products in the current fiscal year which are sharia-compliant mortgage and Hajj finance.

The bank is currently doing studies to determine the value of the portfolio of the Murabaha Mortgage product, said Ahmed El-Dorghamy, head of Islamic finance department at Banque Misr.

The bank plans to launch the Hajj finance scheme after getting approval from the Sharia Supervisory Board at the bank. Such kind of finance enables customers to pay the costs of Hajj over installments before or after the Hajj with insurance coverage provided by a Takaful insurance company, he added.

There are not enough efficient employees who can conduct Islamic banking transactions, but they have been increasing in the current period, he noted.

Banque Misr continuously innovating new retail banking products to cater to the needs of its six million retail banking customers.