Latest news with #SHMFF
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Banks inject EGP 82.1bn into low-income mortgage initiative until April 2025
The Social Housing and Mortgage Finance Fund (SHMFF) has announced that banks and mortgage finance companies have disbursed a total of EGP 84.64bn to approximately 630,015 low-income beneficiaries under the government-backed mortgage finance initiative as of the end of April 2025. According to the Fund's latest report, 22 participating banks injected around EGP 82.128bn, benefiting 610,201 clients, which accounts for 97% of total disbursements under the initiative. The National Bank of Egypt (NBE) topped the list, providing EGP 20.396bn in financing to 159,522 clients, representing 24.1% of total funding. Banque Misr followed with EGP 19.390bn in loans to 146,347 clients (22.9%), while Banque du Caire came in third with EGP 9.123bn extended to 61,094 clients (10.8%). Housing and Development Bank ranked fourth, disbursing EGP 7.920bn to 76,081 clients (9.4%). QNB Alahli followed in fifth place with EGP 5.802bn granted to 32,665 clients (6.9%). In sixth place, the Commercial International Bank (CIB) provided EGP 5.006bn to 30,606 clients, capturing 5.9% of the market share. It was followed by the United Bank with EGP 2.188bn to 15,236 clients (2.6%), and the Industrial Development Bank with EGP 2.028bn to 17,929 clients (2.4%). Bank NXT ranked ninth with EGP 1.787bn in loans to 10,269 clients (2.1%), while the Arab African International Bank rounded out the top ten with EGP 1.409bn provided to 11,056 clients, representing 1.7% of total disbursements. In parallel, eight mortgage finance companies disbursed a combined EGP 2.514bn to approximately 19,814 clients, accounting for 3% of the initiative's overall funding. Al-Tameer Mortgage Finance Company led the sector with EGP 991.9m extended to 7,429 clients, followed by Contact Mortgage, which disbursed EGP 838.7m to 6,167 clients. Al Ahly Mortgage Finance (AMF) came in third with EGP 285.2m to 2,543 clients, trailed by Amlak Finance Egypt with EGP 252.9m granted to 2,328 clients. The list continues with Tamweel Mortgage Finance (EGP 69.5m to 609 clients), Egyptian Housing Finance Company (EGP 43m to 429 clients), Ahli United Mortgage Finance (EGP 20m to 200 clients), and Arab African International Mortgage Finance (EGP 12.2m to 109 clients).
Daily News Egypt
08-05-2025
- Business
- Daily News Egypt
FRA, Local Development Ministry, and SHMFF coordinate to expand non-banking services
In a move to expand access to non-banking financial services nationwide, the Financial Regulatory Authority (FRA) held a high-level coordination meeting with the Ministry of Local Development and the Social Housing and Mortgage Finance Fund (SHMFF). The meeting brought together FRA Chairperson Mohamed Farid, Minister of Local Development Manal Awad, and SHMFF's CEO Mai Abdel Hamid. The discussions focused on establishing collaborative frameworks to deliver FRA-regulated financial and insurance services to broader segments of the population, particularly in underserved governorates. The initiative supports Egypt's national strategy for financial inclusion and sustainable development. Participants reviewed a broad spectrum of non-banking financial tools, including mortgage finance, leasing, factoring, consumer finance, and capital market products, as well as insurance services. The aim is to leverage these tools to enhance economic resilience at the local level and protect vulnerable citizens from financial risks. Farid stressed the FRA's commitment to strengthening partnerships with government institutions to demonstrate how non-banking solutions can support development goals. 'We are working to design innovative financing, investment, and insurance services tailored to the needs of citizens in governorates across Egypt, especially in marginalized and rural communities,' he said. He highlighted the importance of integrating efforts with the Ministry of Local Development to extend financial services to villages and districts targeted by national initiatives, particularly those under the Decent Life program and local development strategies. Minister Manal Awad underscored the value of this partnership, describing it as a pivotal step toward empowering governorates with modern financial tools. 'Our goal is to foster an enabling environment where citizens can access effective financial and insurance services, raise their living standards, and create local job opportunities,' she said. Awad also stressed the need to enhance financial literacy and public awareness of available services to ensure active citizen participation in economic life. To translate the initiative into action, the parties agreed to form joint working groups comprising representatives from the FRA, the Ministry of Local Development, and the SHMFF. These teams will develop an implementation roadmap based on local priorities, aiming to ensure the broadest possible access to non-banking financial services. The collaboration is seen as a model for institutional integration, aligning efforts among key state bodies to accelerate progress toward Egypt's sustainable development goals and improve the quality of life across all governorates.
Daily News Egypt
09-03-2025
- Business
- Daily News Egypt
22 banks offer EGP 79.2bn in mortgage financing, supporting 599,512 low-income clients as of February 2025
The Social Housing and Mortgage Finance Fund (SHMFF) revealed that 22 banks participating in the low-income mortgage finance initiative have contributed a total of EGP 79.2bn to the programme. This financing has supported approximately 599,512 clients, representing 96.9% of the initiative's total beneficiaries. In parallel, eight mortgage companies provided EGP 2.5bn in financing for 19,815 clients, which accounts for the remaining 3.1% of the initiative. The National Bank of Egypt (NBE) leads the contributors, having provided EGP 19.9bn in financing to 157,572 clients. This represents 24.4% of the total financing distributed through the initiative. Banque Misr follows closely behind with EGP 18.9bn allocated to 144,070 clients, amounting to a 23.1% share. Banque du Caire ranks third with a contribution of EGP 8.3bn for 58,655 clients, holding a 10.2% share. Other notable contributors include the Housing and Development Bank (HDB), which financed EGP 7.8bn for 75,776 clients, representing 9.6% of the initiative, and QNB Alahli, which allocated EGP 5.5bn to 31,513 clients, accounting for 6.7% of the total. The Commercial International Bank (CIB) contributed EGP 4.7bn to 29,754 clients, amounting to a 5.8% share. United Bank and the Industrial Development Bank (IDB) followed with contributions of EGP 2.1bn to 14,987 clients (2.6%) and EGP 2.0bn to 17,849 clients (2.5%), respectively. Next Bank financed EGP 1.7bn for 9,850 clients, making up 2% of the total. The Arab African International Bank (AAIB) supported 10,908 clients with EGP 1.4bn, representing a 1.7% share. The report also highlighted the efforts of mortgage companies participating in the initiative. Al-Tameer Mortgage Finance led this segment, granting EGP 991.9m in loans to 7,429 clients. Contact Mortgage Finance ranked second with EGP 838.7m allocated to 6,167 clients. Al Ahly Mortgage Finance secured third place with a portfolio of EGP 285.2m benefiting 2,543 clients. Additional contributions came from Amlak Mortgage Finance, which provided EGP 253.1m in financing to 2,329 clients, and Tamweel Mortgage Finance, which financed EGP 69.5m for 609 clients. The Egyptian Housing Finance Company (EHFC) supported 429 clients with loans worth EGP 43.0m. Ahli United financed EGP 20.0m for 200 clients, while the Arab African International Company contributed EGP 12.2m to 109 clients.
Zawya
03-03-2025
- Business
- Zawya
Mortgage finance in Egypt reaches $1.60bln, benefiting 617,500 citizens
Egypt- Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (SHMFF), announced that total mortgage financing in Egypt has reached approximately EGP 81.22bn, benefiting 617,500 recipients through 22 banks and eight mortgage finance companies. She noted that direct cash subsidies granted to beneficiaries amounted to EGP 10.13bn, with an average mortgage loan of EGP 131,500 per client. Since June 1, 2014, a total of 19 housing announcements have been issued, attracting applications from 2.1 million citizens. Abdel Hamid shared these updates during a meeting of the Social Housing and Mortgage Finance Fund's Board of Directors, chaired by Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities. The meeting reviewed progress on housing projects for low- and middle-income citizens under the presidential initiative Housing for All Egyptians, the status of the initiative's fifth phase, and key performance indicators. El-Sherbiny stated that nearly one million housing units for low-income citizens have been completed or are under construction as part of the initiative. Of these, 721,000 units have been fully delivered, while 251,000 are still being developed. The initiative's fifth and sixth phases include the construction of 54,600 green housing units across nine cities. Additionally, 27,944 middle-income and investment housing units are under construction in 15 cities and governorates. Providing further details on the 'Housing for All Egyptians 5' announcement, Abdel Hamid revealed that 78,000 housing units are included in this phase. She noted that approximately 762,000 citizens have purchased application booklets, with 589,000 paying the reservation deposit. Around 571,000 applicants have submitted their requests online through the fund's official website. The government's continued efforts to expand affordable housing options reflect its commitment to addressing the growing demand for homeownership while ensuring access to mortgage financing for low- and middle-income citizens.
Zawya
24-02-2025
- Business
- Zawya
Egypt launches automated system for social housing reconciliation procedures
Egypt - Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (SHMFF), has announced the launch of an automated system for handling reconciliation requests related to violations of the Social Housing Law. This system will process cases documented by judicial officers across the country against individuals found in breach of Social Housing Law No. 93 of 2018. The introduction of this system is part of SHMFF's broader efforts to digitize its services, aligning with the state's digital transformation strategy. This initiative aims to streamline service delivery, reduce bureaucracy, and enhance governance and transparency by eliminating direct interactions between service providers and applicants. It ensures efficient, high-quality service for citizens while reinforcing the legal framework governing Egypt's social housing program. Under the new system, individuals against whom judicial reports have been filed will receive SMS notifications containing a link to the reconciliation platform. Upon accessing the link, violators must enter their national ID number and password if they already have an account on the fund's website. If not, they must first create an account. Once logged in, they will be directed to the 'Reconciliation Request' section, where they can download the reconciliation request form. The next step requires them to visit an automated post office with their national ID card to pay the designated reconciliation fees. After completing this step, violators must fill out the reconciliation form and upload it along with the payment receipt to the system. They will then wait for an SMS confirmation indicating whether their reconciliation request has been accepted. Once approved, they must return to the post office to pay the fine. In cases where reports have already been transferred to the judicial authorities, the system will issue a formal statement for reconciled individuals. Abdel Hamid stressed the importance of ensuring that subsidized housing units are used by their rightful beneficiaries. She emphasized that residents must occupy their housing units continuously and regularly for a minimum of seven years. Any actions such as renting, selling, or altering the designated use of the unit constitute a violation, exposing the beneficiary to strict legal penalties. To reinforce compliance, the judicial control system will intensify field inspections in the coming period to crack down on violations and guarantee that subsidized housing reaches the people who need it most. The implementation of the new system has already produced significant results. Since its launch, a total of 10,087 reports have been processed. Out of these, 3,940 cases have been successfully reconciled, while 4,253 convictions have been issued against violators. Additionally, 1,756 cases remain under prosecution, and 372 reports have proceeded to court trials. Furthermore, judicial authorities have issued 2,231 court rulings mandating the retrieval of unlawfully occupied housing units. Of these, 1,389 rulings have been executed, with efforts ongoing to reclaim the remaining units in accordance with final court decisions. To strengthen deterrence and ensure compliance with social housing regulations, the penalties for violations have been substantially increased. If a subsidized housing unit is found to have been sold illegally, it will be permanently withdrawn from the violator. For cases involving rental violations, the reconciliation fee has been raised to EGP 50,000 if settled before court proceedings commence. If reconciliation is sought after legal proceedings have begun, the fee increases to EGP 75,000. It is important to note that reconciliation for rental violations will only be permitted once, and violators will be required to remove the infraction and pay the necessary fine to complete the process. Abdel Hamid urged citizens to stay informed about these new procedures and compliance requirements through SHMFF's official digital platforms and social media channels. She also encouraged individuals to reach out to customer service centers located in city authorities and housing directorates for further assistance. Additionally, citizens can submit inquiries and concerns via the fund's designated complaint and suggestion platform. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
