The move comes as part of ongoing efforts to facilitate the country’s digital transformation and support SMEs.
Egypt’s Banque Misr has launched its first Sharia-compliant digital microfinancing service, Murabaha, as part of its increased support for small and medium-sized enterprises (SMEs).
Murabaha, which was designed in a manner informed by the supervision of a Sharia authority board, allows users to request financing for small projects through the Banque Misr website, simplifying the process by leapfrogging the previous requirement to visit one of the bank’s physical Islamic Banking branches.
Users can expect to receive loans within five days of requesting, with microfinance loans commencing from 100,000 EGP and capped at 2 million EGP. SMEs with an annual revenue of less than EGP are eligible to apply.
The initiative comes as one of various new digital services being offered by the bank as part of its ongoing efforts to facilitate the country’s vision of digital transformation and falls under the umbrella of Banque Misr Express.