July 26, 2021

Al Marasem to obtain EGP 3.3B through Islamic financing agreements

ArabFinance: Al Marasem Development signed EGP 3.3 billion-worth of Islamic financing agreements in July, Hapi Journal reported.

The funding will be allocated to finance real estate projects in the New Administrative Capital (NAC).

Banque Misr and Banque du Caire provided over half of the funding, while AAIB, Bank of Alexandria, Housing and Development Bank, Al Baraka Bank Egypt, Suez Canal Bank, and Faisal Islamic Bank of Egypt also participated.

Earlier this year, the real estate developer signed an agreement with a Banque Misr-led consortium for EGP 3.2 billion credit facility.

The loan will be earmarked for the 158-feddan Fifth Square development in New Cairo’s 5th Settlement district

Categories : islamic finance

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