Faisal Islamic Bank in talks to finance medium-class housing units

Faisal Islamic Bank of Egypt is currently negotiating with four real estate investment firms to take part in the central bank's social housing initiative, Product Manager-Mortgage Unit Mahmoud Idris said. Idris stated that the bank is to sign a protocol with one of those companies this week. He refused to reveal the names of the four firms before finishing the agreements. In 2014, Egypt's Central Bank (CBE) launched a new initiative worth 10 billion Egyptian pounds (US$1.4 billion) to stimulate the mortgage sector.