Banque Misr has secured an approval from the Central Bank of Egypt (CBE) to offer Ijara Muntaheya Bettamleek (Islamic lease-to-own) services by the end of 2012.
Ahmed El-Dorghamy, head of Islamic finance department at Banque Misr, said CBE has also given Banque Misr an approval to provide Musharaka Mutanaqisa (diminishing partnership) services. Banque Misr also asked CBE to approve the launch of Istisna’a service (product manufacturing contract with agreed delivery and price).
El-Dorghamy added that the bank has started to expand in sharia-compliant banking products and services in order to meet the increasing demand on such products in the current period, adding that Banque Misr has 35 Islamic branches.
Banque Misr has launched car Murabaha (profitable sale) and will launch a durable goods Murabaha product as well as a SME Murabaha and Musharaka (Islamic partnership), El-Dorghamy stated.
