Banque Misr studies providing long-term sharia-compliant finance worth EGP 3 billion to Misr Financial Investments which is owned by the bank and is working in foreign investments and assets management. The mudaraba and musharaka finance will be directed to restructure the company for a term from 7 to 10 years, sources told Amwal Al Ghad. The bank is still studying the project and has not decided yet whether other banks will contribute in financing the project or not, especially under the current banking law that does not allow banks to finance a customer with more than 25% of its capital and Banque Misr's capital is less than EGP 5 billion. Sources said Misr Financial Investments acquires shares in many companies such as 99.9% share in Banque Du Caire, 43.58% share in National Company for maize products, 39.41% share in Future for Urban Development, 15.2% share in Alexandria Mineral Oils Company (AMOC), 10% share in Middle East Oil Tankage and Pipelines Co. (MIDTAP), 7.5% share in MISR Cement Company (Qena), 4.16% share in Alexandria Fertilizers Co. (AlexFert) and 3.06% share in Suez Cement Company. Misr Financial Investments also manages two companies which are totally owned by Banque Mist namely; Misr El Amria Spinning and Weaving and Misr El Amria Co. for Real Estate Investment. Misr Financial Investments was founded in accordance with Capital Market law no. 95 of 1992 and with the license no. 586 issued by the Egyptian Financial Supervisory Authority. The Company's issued and paid-up capital reached EGP 1.5 billion. Bank's Share Capital Company 99.9% EGP 1.6 Billion Banque Du Caire 43.58% EGP 295.1 million National Company for maize products 39.41% EGP 2.8 billion Future for Urban Development 15.2% EGP 280 million Alexandria Mineral Oils Company 10% EGP 256 million Middle East Oil Tankage and Pipelines Co. 7.5% EGP 298.7 million MISR Cement Company (Qena) 4.16% EGP 248.75 million Alexandria Fertilizers Co. 3.06% EGP 909.2 million Suez Cement Company
