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Banque Misr Kenana Launches New Bundle of Diverse Shariah-compliant Products

​​​​As part of its efforts to provide further Islamic retail banking products, compliant with Shariah, and under the supervision of Shariah authority, while keeping in pace with the Egyptian banking sector needs, Banque Misr is offering a new bundle of diversified products through the bank’s branches for Islamic transactions (Kenana).

 
The new package includes the Hajj and Umrah Murabaha, which facilitates carrying out the rites of Hajj and Umrah through an installment plan. The newly launched bundle also comprises Durable Commodities Murabaha in which a buyer purchases a commodity from a seller on a deferred payment basis. Besides, the bundle encompasses Tourist Trips Murabaha, allowing customers to avail an installment plan to pay over a period of time. The varied Murabaha products are offered with the highest funding rate of up to 100% and competitive interest rate. Additionally, clients’ relatives can benefit from the Murabaha various products.
Moreover, Banque Misr’s branches for Islamic transactions offer Car Murabaha service to finance the purchase of cars based on Islamic Murabaha principles, with a competitive interest rate.
Also, the bank provides Investment Saving Account (Saving Books / with no Saving Books) and Banque Misr Certificates for Islamic Transactions (Monthly returns – Quarterly returns this is in addition to providing Al Hessn Investment Fund, in accordance with provisions of Islamic Shariah Law, for the purpose of investing in securities.
 It is worth noting that Banque Misr for Islamic transactions (Kenana) has a network of 34 branches spread across the country and connected with an integrated electronic system. BM Kenana branches issue all types of credit cards including the Islamic credit cards with competitive interest rate and longest repayment period of over 57 days, in addition to the debit cards and prepaid cards. Kenana branches also offer small and medium-sized enterprises funding schemes through the use of Murabaha, Musharaka, Mudaraba, Istisna, and Ijarah transactions, in accordance with provisions of Islamic Shariah Law, whereas the principle of pooled sharing in the outcome applies on investors (the depositors).
Adopted approach complement Banque Misr’s initiating role in supporting the Egyptian economy and meeting the growing demand for the Islamic banking. Banque Misr pioneered the adoption of Islamic banking services.  BM was the first public-sector bank to offer Islamic banking services through designated branches. The bank has developed the Islamic banking activity through offering more client driven innovative products and services, in accordance with provisions of Islamic Shariah Law.