FABMISR implements CBE’s 8% mortgage finance initiative

First Abu Dhabi Bank / Handout via Zawya

The bank’s new mortgage finance programme aims to meet the needs of a specific customer segment, while increasing demand for real estate financing services

Staff Writer, Mubasher

April 1, 2024

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Cairo – First Abu Dhabi Bank Misr (FABMISR), an Egypt-based unit of the ADX-listed FAB, has launched a mortgage finance system with an interest rate of up to 8%, in implementation of the latest initiative by the Central Bank of Egypt (CBE).

The bank’s new mortgage finance programme aims to meet the needs of a specific customer segment, while increasing demand for real estate financing services, according to a press release.

Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, stated: “We take pride in participating in the mortgage finance initiative introduced by CBE. This initiative resonates with our global strategy, which focuses on broadening our market reach by catering to various customer segments.”

It is worth noting that FABMISR registered a 131% year-on-year (YoY) leap in net profit to EGP 10.40 billion in 2023.

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