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Egypt permits participatory real estate finance
The Egyptian Financial Regulatory Authority has decided to allow mortgage finance companies to offer participatory financing operations, where multiple companies participate in providing funding to clients purchasing high-value units. The goal of this decision is to address challenges such as rising unit prices, limited capital among some companies, and difficulties in financing within the capital adequacy framework. Companies are required to adhere to mortgage finance laws, set limits on financing ratios for residential and non-residential purposes, and restrict certain proportions for investors' employees, all while considering financial soundness criteria. This decision comes amid a 21% decline in the number of new clients engaging in mortgage activities, despite a 17.5% increase in total financing amounts, with approximately 78% of the financing directed toward residential units.
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