As part of Banque Misr's ongoing commitment to meet the diverse needs of its customers and introducing new products that align with their requirements, as well as continuously developing the bank's savings instruments, Banque Misr is launching two savings certificates, 'Al-Qimma' and 'Elite,' in U.S. dollars for a duration of three years, starting from Wednesday, July 26, 2023.
It is worth mentioning that the 'Al-Qimma' certificate has an annual return of 9%. It is a nominal certificate issued for Egyptians and foreigners, and the return is paid upfront for the three years (27%) in Egyptian pounds. As for the 'Elite' certificate, it has an annual return of 7%, and it is also a nominal certificate issued for Egyptians and foreigners. The return is paid quarterly in U.S. dollars. Both certificates can be purchased by Egyptians and foreigners in denominations of 1000 U.S. dollars and its multiples. The issuance date of the certificate starts from the next working day after the deposit and serves as the basis for the return and redemption, according to the terms and conditions set forth by the bank. Holders of the 'Elite' certificate can also borrow in Egyptian pounds up to 50% of the certificate's redemption value, with a maximum limit of 10 million EGP. The redemption of the certificates is in U.S. dollars, subject to the terms and conditions established for this purpose.
The certificates can be purchased through the bank's website, internet banking (BM Online), bank branches inside and outside Egypt, and ATMs. The redemption of the certificates can be made after a period of six months, in accordance with the specific redemption rules applicable to these certificates. The Central Bank of Egypt guarantees the right of certificate holders to transfer the redemption amounts and returns to their accounts outside Egypt upon request, without any maximum limit for the transfer and with exemption from certain account-related fees.
Banque Misr has also recently introduced personal loan and real estate financing products for Egyptians working abroad, as part of its continuous efforts to provide various bank products tailored to their needs. This expansion allows granting real estate financing to Egyptians working abroad, enabling them to finance the purchase of residential units in their home country. This move encourages them to invest their savings in the real estate sector. The bank's actions align with the state's development plan and its ongoing efforts to expand urban development and create new cities and urban communities.
The mortgage loan product for Egyptians working abroad provides funding for all existing residential units with financing rates of up to 80% of the unit's value, and the repayment period can extend up to 15 years. Moreover, Banque Misr offers a personal loan product for Egyptians working abroad, with a loan value of up to 3 million Egyptian pounds and a repayment period of up to 4 years. Both products feature easy procedures, conditions, and specifications to meet their various needs, and they offer communication channels with customers at their locations without the need to be physically present in Egypt. Additionally, the bank provides insurance for the client to cover against the risks of death and total disability, God forbid.
The bank's website provides all the details regarding the requirements for obtaining these products, along with the necessary steps to follow for Egyptians working abroad, including the option to download all the required documents.
Banque Misr is committed to playing a vital role in supporting all activities that contribute to creating a better life for Egyptian citizens. The bank strives to offer banking and financial services in an accessible and advanced manner. It aims to enhance the excellence of its services and maintain long-term success while actively participating in providing services that meet the needs of its customers. The bank's values and business strategies consistently reflect its commitment to sustainable development and prosperity for Egypt.
