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Banque Misr and BM Financial Leasing Sign an Islamic Finance Partnership in Favor of Bonyan for Development and Trade Valued EGP 700 Million
Banque Misr and BM Financial Leasing company signed a medium-term Islamic finance partnership agreement for financing a leasing contract in favor of Bonyan for Development and Trade, valued EGP 700 million. The signature ceremony was witnessed by Mr. Mohamed El-Etreby – Chairman of Banque Misr and the agreement was signed by and between Mr. Akef El-Maghraby – Vice Chairman of Banque Misr, Eng. Shamil Aboul Fadl – Chairman of Bonyan for Development and Trade and Mr. Hisham Sheta – Chairman and Managing Director of BM Financial Leasing. The event was also witnessed by Mr. Mohamed Khairat – Head of Corporate Credit and Syndicated Loans at Banque Misr, Mr. Tarek Amin – Director of the Central Credit Department and Supervisor of Islamic Banking at Banque Misr; in addition to select leaders representing the three parties. The ceremony was also attended by Ms. Nevin El-Mesiri – Managing Partner at Panther Associates, who acted as the financial advisor and general coordinator of Bonyan company's financing. Worth noting is that the partnership will extend for a term of 7 years; with Banque Misr's share being 93% or the equivalent of EGP 650 million; and BM Financial Leasing's share amounting to 7% or the equivalent of EGP 50 million. This is for completing the finishing works of the remaining phase of Walk of Cairo Project and payment of the commitments of Bonyan.
Walk of Cairo is situated in Sheikh Zayed City at the northern edge of SODIC and extends over an area of 111,000 square meters, making it the longest commercial walkway in Sheikh Zayed. The project is in proximity to 4 major thoroughfares (Cairo – Alexandria desert road, Al-Daba'a road, Roud Al Farag Axis and Dahshour road) as well as to Sphinx International Airport and serves some one million residents at both Sheikh Zayed and Sixth October cities. The project also encompasses more than 100 commercial, recreational and service outlets that accommodate all age groups.
Worth noting is that Banque Misr has been a pioneer in Islamic finance, being the first public sector bank to establish Islamic banking branches (Kinana), which currently number 45 branches throughout Egypt. Insofar as Islamic retail banking, all modern banking services are rendered at Kinana branches; such as the issuance of all types of cards as well as a suite of products tailored to serve Kinana customers; including Murabaha of pilgrimage and Umrah, of consumer goods, tourism, automotive and education Murabaha for funding tuition and school supplies. Takaful banking insurance services are also offered, in collaboration with Egyptian Takaful Insurance Company.
Owing to the efforts exerted in the domain of Islamic banking, Banque Misr has attained numerous awards, such as "Deal of the Year (Islamic Finance) Africa – 2020" from The Banker magazine – Financial Times; "Best Islamic Banking Transactions – Egypt 2019 and 2020" from International Business magazine and Global Banking and Finance Review; and "Best Islamic Banking Service Provider – Egypt 2020" from The Global Economics magazine.
Banque Misr has been a leading and pioneering financial institution that has keenly partaken in initiatives and protocols that provide services accommodating the needs of all customer segments; since the Bank's values and strategies reflect an unwavering commitment to achieve sustainable development and prosperity for Egypt.
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