Banque Misr ups Islamic Funding to EGP2 billion at 2014-end

Banque Misr has registered total Shariah-compliant funding of two billion Egyptian pounds (US$135 million) by end of 2014.

According to a senior source from the bank who spoke to Amwal Al Ghad on Saturday, Banque Misr’s Shariah-compliant deposits have totalled around 26 billion pounds.

During fiscal year 2013/2014, Banque Misr had arranged a number of Islamic funding contracts including a US$110 million contract as pursuant to Mudaraba system. The bank had also implemented the first joint Islamic financing with Istisna’a followed by Ijarah system described in the disclosure to finance a project with a total value of about 1.07 billion pounds.

It had also arranged another joint Islamic funding with Istisna’a followed by Ijara system has also been arranged in order to establish one of the largest factories engaged in the manufacture of sugar, with a total value of about 1.5 billion pounds through an alliance between 13 Banks and international funding institution.

Moreover, the bank had carried out the first Islamic finance in the Egyptian market with Musharakah Mutanaqisah system (Diminishing Partnership) – MMP in favor of one of the major electricity production companies with a total value of 285 million pounds.