Egypt’s Banque Misr approves EGP 1 billion Islamic financing for Porto, Bonyan projects

Banque Misr approved a Shariah-compliant loan worth 1 billion Egyptian pounds ($64 million) loan for Bonyan Development and Trade Company and Porto Group, sources with knowledge of the matter told a local press on Monday.

The state-owned bank will finance Porto October project, which spans over 1.38 million metres, with 500 million pounds, while the other 500 million pounds will be set aside for Bonyan’s commercial and administrative project located in Sheikh Zayed City.

Egypt’s banking sector is seeing a growing interest in shariah-compliant financing. Banque Misr is also studying providing shariah-compliant financing worth 6.6 billion pounds for seven real estate companies.