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The Islamic Branches of Banque Misr – Kenana – sign a Cooperation Protocol with the Arab Academy for Banking and Financial Sciences (AABFS) to finance the Postgraduate Studies Programs
Banque Misr’s Branches for Islamic Transactions (Kenana) conclude a Cooperation Protocol with the Arab Academy for Banking and Financial Sciences (AABFS) on Wednesday corresponding to 31 October 2018, the Head of Banque Misr’s Islamic Banking Sector Mr. Ashraf Boraie and the Chairman of the AABFS Prof. Mustafa Hodaib have signed this Protocol of in the presence of a number of BM’s leaders as well as the leaders of the Arab Academy for Banking and Financial Sciences. This Protocol of Cooperation aims at financing the students of the Arab Academy to pay the tuition fees of the postgraduate studies (the DBA and MBA programs) through the Education Murabaha program offered by Banque Misr’s branches for Islamic Transactions (Kenana).
Moreover, it is worth noting that through this protocol of cooperation will Banque Misr fund the students enrolled in the Postgraduate Studies programs, the DBA and MBA, to pay their tuition expenses through Education Murabaha program with facilitated conditions and special interest rate with the exemption from the administrative fees of the fund. It is also noteworthy that Banque Misr’s network of Islamic transactions branches (Kenana) offer a developed bundle of retail Islamic banking products in compliance with Sharia rules and under the supervision of a Sharia supervisory Board. Such Islamic banking products include a number of products such as: Auto Murabaha program, Hajj and Umrah Murabaha, which facilitates the performance of Hajj and Umrah through payment on installment, and Durable Goods Murabaha for purchasing the durable goods on installment as well as Tourism Murabaha for the payment of tours on installment in addition the Education Murabaha program. Besides, Banque Misr’s Islamic branches offer the said Murabaha products with the highest financing percentage that reaches up to 100% and with a competitive interest rate in addition to offering the customers’ relatives an access to such products. As well, BM’s branches for Islamic transactions also provide the customers with other products as; the Investment Saving Account, and Banque Misr’s Certificates for Islamic Transactions (of monthly or quarterly interest rate) in addition to offering modern banking services including the issuance of all the types of credit and debit cards.
In this regard, it is recalled that Banque Misr is the first in the field of Islamic banking, as Banque Misr is considered the first public sector bank to establish branches in the Islamic banking sector (Kenana) with 38 branches spread all over the Arab Republic of Egypt. It is also recalled that the volume of the Credit Portfolio has reached up to 7.8 Billion EGP at the end of June 2018 with an increase that amount to 2.1 Billion EGP more than the last fiscal year in the fields of syndicated credit facilities, companies and SMEs credit, and retail banking; most of such fields were concentrated within the sectors of iron and steel, contracting, food and beverage, real estate investment, and financial brokerage.
Furthermore, Banque Misr has recently been awarded the “Best Islamic Syndicated Loan (Musharaka) of 2017” award by the Islamic Finance News organization, one of the globally recognized organizations in the field of Islamic finance. Not to mention that this is the third time that BM (the Islamic Banking Sector) receives an award from the same institution, Banque Misr has also received the “Best Bank for Islamic Banking Transactions – Egypt 2018” award from International Finance Magazine. Such awards are considered a reaffirmation of the Bank's significant efforts and achievements in this field.
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