Maksab The Egyptian Microfinance is the first Islamic finance company in Egypt.

A recent report issued by the Egyptian Association for Islamic Finance revealed that the number of companies offering microfinance in compliance with Islamic law has reached 5 companies.

The report added:
“Maksab is the first company to receive a license, as announced by the Chairman of the Financial Regulatory Authority.”

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We are pleased to announce a partnership between Maksab Egyptian Microfinance and OPay to facilitate payment operations for our Sharia-compliant financing solutions!
Through this collaboration, OPay will become a trusted payment method for small business owners benefiting from Maksab’s Islamic financing services—ensuring secure, seamless, and efficient transactions that help entrepreneurs focus on growing their businesses.

To read more, click the link.

"It is worth noting that after the company 'Egyptian Microfinance Company – Maksab' obtained a new license to carry out microenterprise financing activities based on the application of the 'investment agency financing' model for its various financial products, the number of companies licensed by the authority to engage in microfinance activities within Egyptian society has risen to 19 companies."

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It is worth noting that following the issuance of a new license to "Maksab – Egyptian Microfinance Company" to operate in the field of microenterprise financing based on the "Investment Agency Financing" model for its various financial products, the number of companies licensed by the Authority to engage in microfinance activities in the Egyptian market has increased to 19

Following the issuance of a new license to "Maksab – Egyptian Microfinance Company" to operate in microenterprise financing based on the "Investment Agency Financing" model for its various financial products, the number of companies licensed by the Authority to engage in microfinance activities within the Egyptian market has risen to 19.

To read more, click the link.

Egypt’s Financial Regulatory Authority (FRA) issued on Tuesday a licence for the Egyptian company Maksab for micro-financing in compliance with Islamic law – the first of its kind in the non-banking system in Egypt.

FRA chairman Mohamed Farid said that this licence should boost the development of non-banking financial activities.

“This licence adopts the Wakala investment instrument, which is an investment contract done by an investment agency on behalf of the investor,” according to Farid.

Farid also revealed that the FRA is currently considering approving other financial products that adopt key principles of Islamic financing, including Murabaha and sharing financing tools, to be applied for the first time in Egypt, particularly in the macro-sized non-banking enterprises sector.

Diversifying micro-financing products will contribute to accelerating the pace of integrating these projects into the formal sector and will further the state’s financial inclusion policy, according to Farid.

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Egypt’s Financial Regulatory Authority has issued the country’s first license to an institution engaged in Shariah-compliant financing of micro-enterprises.

The authority awarded the license to  Egyptian Microfinance Co., known as Maksab, according to a statement.

It is part of the FRA’s drive to achieve financial inclusion by diversifying financing solutions to boost the growth of micro-enterprises, FRA chairman Mohamed Farid, said. 

Following the issuance of the license to Maksab, the number of firms authorized to engage in micro-financing has reached 19. 

To read more, click the link.

The Financial Regulatory Authority (FRA) issued its first license to provide sharia-compliant microfinancing, announced FRA chairperson Mohamed Farid yesterday. The license allows companies to engage in financing micro projects within the non-banking sector that are compliant with Islamic financing formulas.

Farid revealed yesterday that the new license will increase financial inclusion by opening up a new venue of microfinancing options for unbanked microbusinesses.

The “Egyptian Microfinance Company - Maksab” received the license, allowing it to engage in microfinance activity based on the application of the “Wakala Investment” formula for its various financing products.

“This license adopts the Wakala investment instrument, which is an investment contract done by an investment agency on behalf of the investor,” said Farid.

This brings the total number of licensed micro-financing companies in the local market to 19.

Egypt is currently looking into more Islamic microfinancing options and issuing the necessary approvals to enable more forms of Islamic financing, including sharia-compliant murabaha and musharaka financing for companies within the non-banking micro-enterprise sector, revealed the FRA head.

In a statement, Farid stressed the importance of diversifying the applications of financing formulas in general to finance micro-enterprises. He pointed out that this would help accelerate the integration of microbusinesses within the informal economy into the formal economy. He added that this would support the state’s objectives of improving financial inclusion.

To read more, click the link.