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For the Second Consecutive Year, Banque Misr Wins Best Bank for Islamic Banking – Egypt 2020 Award from International Business Magazine

Jul 27, 2020 12:00 AM
Banque Misr has recently attained the award for “Best Bank for Islamic Banking – Egypt 2020” from International Business magazine, based on a set of technical criteria through which the Bank’s results are analyzed. The magazine selects the best institutions pursuant to the assessment made by a select panel of experts in various disciplines. Having said so, this accolade comes as a certificate of trust for the best performance and business model pertinent to Islamic banking transactions. 

Worth noting is that Banque Misr has been a forerunner of Islamic banking, being the first public sector bank to establish branches for conducting Islamic banking transactions (Kenana), numbering some 44 branches throughout the Arab Republic of Egypt. The Islamic banking credit portfolio witnessed an increase to record EGP 16.9 billion as at 6/2020 (compared to EGP 8.7 billion as at 6/2019) insofar as joint facilities, corporate credit, micro, small and medium enterprises, in addition to retail banking; most of which were concentrated in the sectors of building and construction, sewage networks, food and beverage manufacturing, real estate development, financial brokerage and insurance, manufacture and trade of plastics, agriculture, forestry, manufacture and trade of vehicles, spares and accessories and manufacture and trade of home appliances.

Also worth noting is that Banque Misr has attained numerous awards in various business sectors over the recent period. In the area of Islamic banking, Banque Misr succeeded in attaining several awards, including the “Best Bank for Islamic Banking – Egypt 2019” from International Business magazine; the “Best Bank for Islamic Transactions – Egypt” for the years 2018 and 2019 from British Global Business Outlook magazine; the “Best Bank for Islamic Banking – Egypt” for the years 2018 and 2019 from International Finance magazine; the “Best Bank for Islamic banking - Egypt 2019" from Global Banking and Finance Review magazine; “Best Islamic Corporate Bank – Egypt 2020” from Global Banking and Finance Review and “Deal of the Year Islamic Finance Africa – 2020” from The Banker Financial Times.

The Bank’s acquisition of said awards and accolades comes as a certificate of entitlement to the trust and confidence of its customers, who are considered mainstays in its business success; as it strives to offer new products and services that consistently fulfill their needs.