Skip Ribbon Commands
Skip to main content

BM NEWS

Banque Misr wins “Deal of the year 2017” award for the Best Islamic Syndicated Finance Transaction “Musharakah”

Recently, Banque Misr has been awarded Islamic Finance News Organization award "Deal of the year 2017" for the Best Islamic Syndicated Finance Deal "Musharakah", owing to the persistent efforts exerted by Banque Misr, and the Bank's significant and distinguished involvement in the field of Islamic Banking. Whereas Banque Misr has administrated a Syndicated Financing "Musharakah" deal, with the participation of four other Banks, for the sake of one of the Real Estate Development companies. Musharakah deal has amounted 900 Million EGP so as to provide a partial financing for the investment cost for establishing two residential and commercial compounds in New Cairo. Banque Misr has also played the role of the lead arranger, syndicated loan marketer and agent, and security agent in addition to the engagement of ADIB Capital as a Financial Consultant. Moreover, Mr. Ashraf  El-Bora'ay – the General Manager of Banque Misr's Islamic Banking Sector has attended the Awards Ceremony that was held in United Arab Emirates in addition to a number of Islamic Banking Sector leaders.

It is worth mentioning that, it is the third time that BM's Islamic Banking Sector wins IFN Deals of the year Award, as the Islamic Banking Sector has, previously, won the awards; Deal of the year 2013 for the Best Islamic financing deal "Mudarabah" and Deal of the year 2014 for the Best Islamic project financing deal. Furthermore, IFN Deals of the year Award is considered the most prestigious award globally recognized in the field of Islamic Financing transactions, whereas Islamic Finance News "Deals of the year" award has been established since the beginning of 2006 until now and recognizes the Islamic Financial Institutions that carry out groundbreaking transactions in the Islamic Financing field.

Not to mention, Banque Misr has pioneered the Islamic Banking field, as Banque Misr is the first among the Public Sector Banks that initiated Islamic Transaction branches i.e. "Kenana". And in response to the huge demand and development that Islamic Banking field has witnessed, Banque Misr has developed various innovative Sharia-compliant services and products under the supervision of Sharia Board so as to meet the customers' needs regarding the different banking products and services. These Islamic banking products include; Hajj and Umrah Murabaha program that facilitate paying the value of Hajj and Umrah on installments, Durable Goods Murabaha program that aims at purchasing durable goods on installments, Tourism Murabaha program in order to pay the trip value on installments, and Auto Murabaha program that finance the purchase of cars as well as Education Murabaha program. Such Murabaha products are offered with the highest finance rate that reaches up to 100% and with a competitive interest rate, also relatives as well can benefit from certain Murabaha products. It is to be noted that Kenana branch network reaches up to 37 branches all over Egypt that are connected electronically in order to work as one branch, Kenana branches as well provide several modern banking services such as Investment Saving account and Banque Misr's certificates for Islamic Transactions, as well as the provision of an investment fund; El-Hassn investment fund for securities investment in compliance with Islamic Sharia rules. Further, Banque Misr Islamic branches "Kenana" issue all the types of Cards such as Islamic Transaction credit cards with a competitive return rate with 57 days repayment grace period, Islamic Transaction debit cards, and Islamic Transaction pre-paid cards. Kenana branches also provide the Small and Medium Enterprises (SMEs) with all the financing services pursuant to the forms of Murabaha, Musharakah, Mudaraba, Istisna' and rent-to-own ijarah.

That is to say, Banque Misr constantly endeavors to keep pace with and apply all the modern products and services in order to fulfill the multifarious needs of customers.