Faisal Islamic Bank Takes Part in CBE’s Mortgage Funding Initiative

Faisal Islamic Bank of Egypt decided to take part in the Central Bank of Egypt’s mortgage finance initiative.

Faisal Islamic Bank announced in a statement on Monday its participation in the Central Bank of Egypt’s initiative finance low-income housing projects.

In this respect, the bank revealed the launch of its mortgage finance product to finance low-income housing projects as pursuant to the Shariah-compliant finance Murabaha.

CBE announced in February that it had allocated EGP 10 billion ($1.44 billion) to finance low-income housing projects, with the aim of boosting the construction and real estate sectors.

The money will be sent to banks, in the form of deposits, over a period of 20 years at low interest rates. Low-income citizens who qualify to benefit from the programme will be lent the money at yearly interest rate of 7% to 8%.