Egypt’s Banque Misr mulls new Islamic lending for corporates

Banque Misr, Egypt’s second largest bank, is studying new sharia-compliant credit facilities worth up to 14.2 billion Egyptian pounds ($905 million) for giant firms, vice chairman Akef El Maghraby said on Tuesday.

Last week, the bank and its leasing arm BM Lease signed a 700 million pound Islamic seven-year musharakah financing deal with Bonyan for Development and Trade to finance the completion of Walk of Cairo (WOC) project.