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Banque Misr has approved the final form of the car murabaha (Islamic finance) to be launched in the next week.
Sources said the launch of this product was postponed many times before, despite being approved by the Central Bank of Egypt from three months, due to the political turmoil and instability Egypt witnessed in the last period. The bank has allocated EGP 100 million as an initial segment for car murabaha program, sources added.
Besides, Banque Misr studies launching durable-goods murabaha and micro-enterprises murabaha and musharaka (profit sharing) as well as a sharia-compliant murabaha visa.
