Banque Misr’s Car Loans Reaches EGP 200 Mln

Banque Misr’s car finances rose to EGP 200 million at the end of last April and “White Taxi” finances registered EGP 100 million of which, sources told Amwal Al Ghad.

The Bank plans to inject EGP 500 million in the retail banking portfolio this year, to register EGP 2.750 billion, up from EGP 2.2250 billion. Personal loans stood at 90% of the retail banking portfolio.

Banque Misr has an ambitious plan to expand in retail banking sector, especially the sharia-compliant products through launching credit and debit products including car murabaha (Islamic finance), murabaha durable goods finance and micro-enterprises finance in compliance with murabaha and musharaka (profit sharing) system.

Sources added that the Bank will launch an Islamic sharia-compliant visa based on murabaha system.