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Banque Misr launches 1st-ever online murabaha in Egypt
Banque Misr has recently launched first ever online murabaha in Egypt for funding small businesses under the auspices of an Islamic monitoring authority.
Murabaha is an Islamic financing structure in which the seller and buyer agree to the cost and markup of an asset.
The digital murabaha is launched under Banque Misr Express Online which is due to offer more digital services in the near future.
The privileges offered under the online murabaha for funding small business include filing an online request for bankrolling a small enterprise via Banque Misr’s website in addition to following up the simple steps for murabaha and getting the money within five days of filling the request in line with the set regulations.
The customer can get murabaha from EGP 100,000 to EGP 2 million with competitive revenue and in accordance with the Central Bank initiative.
Express Online as first online loan service for funding small businesses:
The launch of the online murabaha service crowns the success of Banque Misr in the digital transformation domain as the bank is keen on coping with the continued technological development.
The bank has taken several steps in the digitization field, including the launch of the Express Online service to be the first digital loan service for funding small business in Egypt. Moreover, the bank launched BM Online services.
Banque Misr is at the forefront of banks that offered BM Wallet application for payment via a mobile phone application in addition to introducing Chat Boy services and WhatsApp for Business.
It is worth mentioning that the bank was named as the best bank for funding small and medium enterprises (SMEs) in Egypt 2020 and was honored in this domain by several international institutions in appreciation for its efforts to promote SMEs.
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