According to officials from the two banks, the Egyptians’ returns on the 18% return on savings certificates issued by the two largest government banks amounted to 57 billion pounds in 48 hours, while the Egyptian Dar Al Iftaa confirmed that investing in these two banks is “halal.” “.
Yehia Aboul Fotouh, Vice Chairman of the Board of Directors of the State Bank of Egypt, the largest state bank, said that the savings certificate, which returns 18 per cent, has raised 37 billion pounds in banks since its launch on Monday morning. .
Meanwhile, Mohamed El-Etreby, head of Banque Misr, the second largest state-owned bank, said that the bank had raised 20 billion pounds in similar savings certificates before officially ending its work on Tuesday. night.
Ahli Bank and Banque Misr launched, on Monday morning, savings certificates with a fixed return rate of 18% and maturity of 18%, in monthly installments, coinciding with the Central Bank’s decision to raise deposit and lending rates by 1%.
The highest rate of return on savings certificates until then was not more than 11%, while Egyptian media reports quoted banking sources as saying that the issuance of high-return certificates is temporary and the amount of financial liquidity targeted from them will depend. Achieving the function of stabilizing the banking sector.
The Central Bank’s decision to raise interest rates caused a sharp drop in the value of the pound against the dollar, which encouraged investors to invest in the stock market or deposit in banks in the Egyptian currency.
In a related context, the Egyptian Dar Al Iftaa issued, late on Tuesday evening, a clarification in which it said that investment certificates are permitted and permitted, without any doubt about it.
Dar Al-Iftaa attributes this to the fact that the investment certificate is a financing contract and is not considered a loan in any way, while the financing contract is in fact a new contract.
She stressed that new contracts – which were not mentioned in the jurisprudence of heredity – are permissible as long as they are free of gharar and damage and serve the interests of the parties, noting that the objection to the contract is that it contains gharar, damage or usury. no.
Dar Al-Iftaa confirmed that the profits provided by these certificates are permissible, and the final goal of issuing these certificates is to support saving awareness and strengthen the Egyptian economy.
It concluded that investment certificates enjoy legal protection for their regulation and oversight.