Faisal Islamic Bank to join Egyptian housing initiative

April 1, 2014 9:35 am

Egypt’s Faisal Islamic Bank has said it is to take part in the central bank’s mortgage finance initiative, Daily News Egypt has reported. The country’s apex lender announced in February the allocation of EGP10bn ($1.44bn) to finance low-income housing projects, with the aim of boosting the construction and real estate sectors. Under the initiative, the money will be sent to banks, in the form of deposits, over a 20-year period at low interest rates. Low-income Egyptian citizens who qualify to benefit from the programme will be lent the money at yearly interest rate of 7% to 8%.