Despite the low value of finance offered to the real estate sector in the last two years by local banks in Egypt and the claims of real estate developers that banks are retreating from financing the sector, heads of banks and credit sectors affirm (...)
“Sukuk between Theory and Practice" conference, organized by United Bank, is launched on Monday. The conference is held in cooperation with Al-Azhar University and under the auspices of Grand Imam of Al-Azhar Ahmed El-Tayeb and will be attended by (...)
Ali Gomaa, former Grand Mufti of Egypt and member of Al-Azhar's Senior Scholars Council, said Islamic jurisprudence has many writings about contracts and it allows innovating contracts as long as they neither harm anyone nor apply usury.
On the (...)
Mohamed El-Mahdy, member of Al-Azhar's Senior Scholars Council, stated that some terms motioned in the draft sukuk law need clarification such as the difference between the assets publicly owned by the state and the assets privately owned by the (...)
The return on sukuk reached 18% in Sudan and many studies reveal that return on sukuk in Egypt may reach 25-30% and this will solve the country's economic problems, said Adel Hamid, vice dean of Faculty of Commerce of Al-Azhar University.
Hamid (...)
EGYPTAIR 2011 Limited, Al Tawfeek Leasing Co, Sogelease Egypt, International Company for Leasing (Incolease) and Corporate Leasing Company Egypt (CorpLease) acquired the top five ranks in offering the largest financial leasing services during 2012 (...)
A number of bankers expected banks in Egypt to raise returns on savings certificates in the current period after Banque Misr has already raised interest rates on its local-currency distinct savings certificate from 11.5% to 12.5% and Commercial (...)
Egypt's foreign cash reserves dropped US$ 21 million to reach US$ 15.014 billion at the end of last December, compared to US$ 15.035billion at the end of last November.
Banking experts attributed such decline in international reserves to the (...)
Before bringing into effect the sukuk law, the Egyptian policy makers shall consider a number of issues such as how to calculate the rate on sukuk, the guarantee offered to investors that can be hypothecated and the availability of the market-maker (...)
Emad El-Mansoury, head of credit sector at the United Bank, demands the amendment of the sukuk draft law to ban foreign investors from owning the country's sovereign assets and projects as some media said the country will hypothecate the sovereign (...)
Mohamed El-Beltagy, head of the Egyptian Islamic Finance Association, stated that many international banks await the issuance of the sukuk law in Egypt to inject investments to the country. These banks offered bids totaling billions of dollars to (...)
A number of banking experts expected the Monetary Policy Committee to leave overnight deposit and lending rates unchanged at 9.25% and 10.25% respectively, as well as repo rates at 9.75% and credit and discount rates at 9.5%, in its meeting next (...)