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Banque Misr Wins Two Islamic Banking Awards: Operation of the Year in Africa for Islamic Finance 2020 from The Banker Financial Times; and Best Bank for Corporate Islamic Banking - Egypt 2020 from Global Banking and Finance Review
20/05/2020
Banque Misr recently attained two awards in the field of Islamic banking, the first being "Best Bank for Corporate Islamic Banking - Egypt 2020” from Global Banking and Finance Review and the second "Operation of the Year in Africa for Islamic Finance 2020" from The Banker Financial Times International for its participation in the financing of the Mediterranean Company for Spinning and Weaving. Total financing amounted to USD 34.2 million and the facility was granted for the purpose of restructuring the credit facilities of the MCSW, allowing the company to properly grow.
 
Worth noting is that the transaction was funded by the sale and leaseback of the company's assets. These awards are obtained according to a number of technical criteria through which the results of the nominated banks are analyzed for each category individually and are considered a certificate of confidence for the best performance and business model, whereby both The Banker and Global Banking and Finance Review select the best institutions according to the assessment of a select panel of experts in various fields.
 
It is also worth noting 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 8.7 billion in 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, real estate development, financial brokerage and insurance.
 
Banque Misr has attained numerous awards and accolades recently and in the area of Islamic banking, succeeded in achieving several awards, including “Best Bank for Islamic Banking - Egypt 2019” from International Business magazine; “Best Bank for Islamic Transactions – Egypt” for the years 2018 and 2019 from British Global Business Outlook magazine; “Best Bank for Islamic Banking – Egypt” for the years 2018 and 2019 from International Finance magazine; and “Best Bank for Islamic Banking - Egypt 2019" from Global Banking and Finance Review magazine.
These awards come as a certificate of entitlement to the trust and confidence of its customers, who are considered mainstays in its successes as Banque Misr consistently seeks to provide all clients with innovative services and products that meet and fulfil their needs.