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October 2022: EMRC election for new Board of Directors.

 In its meeting held on October 10, 2022, EMRC General Assembly elected its new Board of Directors, announcing Mrs. Rana Badawy as its new Chairman.

January 2021: PML drawing power.

 To cope with the changes in the real estate market and continue its usual support to PMLs, EMRC decided raising PMLs drawing power based on unit value to allow higher refinance amount to its clients reaching 100% and minimum of 90% in accordance to unit values and mortgage product type.

January 2021: Extending PMLs allowable refinance limit.

 To ensure maximum utilization of its competitive rates, EMRC decided to extend its allowable refinance limit for PMLs under normal rates. PMLs will now be able to borrow up to 100 times their capital participation in EMRC under normal rates instead of 75 times applied before, with an additional 0.25% for subsequent refinancing utilization up to 150 times capital participation. 

2021: New shareholders "United Finance" & "MLF".

 EMRC is pleased to announce United Finance & MLF as new shareholders in EMRC Capital by 3000 shares & 2000 Shares respectively. Accordingly, EMRC shareholder current structure comprise all active Mortgage Finance Companies; 13 MFCs in addition to 19 renowned Banks, Central Bank of Egypt and Social Housing Fund & Mortgage Finance Subsidy.

May 2018: EMRC appoints Mr. Ehab Abou Ali as the company's Managing Director. 

Mr. Abou Ali joined EMRC in July 2014 as Chief Risk Officer after more than 20 years of experience in reputable financial institutions in Egypt and in August 2016 was appointed as the Company’s Chief Executive Officer.

May 2017: EMRC launches "Ijarah" product.

EMRC introduced Ijarah product to its clients of Primary Mortgage Lenders (PMLs) to refinance individuals & companies for both resedential and non-residential purposes.  Ijarah is a new low risk retial product prospected to promote the Mortgage Finance Market in the coming years.

March 2017: EMRC launched a new product in corporation with the Central Bank of Egypt to refinance mortgages for low and middle income citizens under the CBE initiative.

Continuing its vital role in supporting Egypt’s mortgage finance market, EMRC signed a subordinated loan contract with the Central Bank of Egypt. The loan lies within the framework of the mortgage finance initiative which supports the low and middle income citizens through which EMRC will allocate funds to Mortgage Finance Companies that intend to take part in the initiative. This follows the Central Bank of Egypt’s decision to allow Mortgage Finance Companies to work side by side with Banks instead of working under their umbrella which allows the Companies to play more effective role in the initiative and take part in boosting the sector in the coming few years.

August 2016: “Contact Mortgage Finance” joines EMRC as a new shareholder.

EMRC is pleased to announce Contact Mortgage Finance as its new shareholder. Contact Mortgage Finance obtained the license to practice mortgage finance in June 2016. It has an issued capital of EGP50mn. Being a shareholder of EMRC will give the new Primary Mortgage Lender access to EMRC’s various products and allow it to benefit from the long term financing schemes it offers.

August 2016: EMRC appoints Ehab Abou Ali as its new Chief Executive Officer.

EMRC appointed Mr. Ehab Abou Ali as its new Chief Executive Officer in August 2016. Mr. Abou Ali joined EMRC in July 2014 as its Chief Risk Officer after more than 20 years of experience in reputable financial institutions in Egypt.

November 2015: Lobna Helal continues to be EMRC Chairman.

Mrs. Lobna Helal, Deputy Governor of the Central Bank of Egypt, will continue to be the Chairman of EMRC. Mrs. Lobna Helal was appointed; in her capacity as representative of the Central Bank of Egypt; to be a full time Chairman and Managing director of EMRC in March 2013. Yet, following the Presidential Decree no. 427 for the year 2015 to appoint Mrs. Helal as Deputy Governor of the Central bank of Egypt on November 27th, 2015, she resigned from her roles as the Managing director of EMRC, while continued to be its non-executive Chairman.

November 2015: New products to refinance Administrative and Commercial mortgages.

To cope up with the recent developments in the mortgage finance market, EMRC launches two new products to refinance Primary Mortgage Lenders’ mortgage portfolios for administrative and commercial purposes for both individuals and corporates. This raises the number of products offered by EMRC to eight main products beside several other sub products to satisfy the various needs of its clients

July 2015: Establishment of the Egyptian Mortgage Federation and assigning Lobna Helal as EMRC's Chairman & Managing Director.

The Egyptian Mortgage Federation was established according to the Egyptian Financial Supervisory Authority’s Board of Directors decision No. 41 for 2015 with regards to the latest amendments in the Mortgage Finance Law and its Executive Regulations. Ms. Lobna Helal, Chairman and Managing Director of EMRC, was assigned to be the Egyptian Mortgage Federation Chairman after being elected as a board member in June 2015. The Federation main purpose is to help developing the mortgage finance activity in Egypt through several measures which include raising the public awareness of real estate financing, making recommendations regarding laws and regulations related to real estate financing, and setting code of ethics for the mortgage finance activity.

April 2015: EMRC participated in collaboration with Mortgage Finance Companies in amending the Mortgage Finance law.

The Egyptian Financial Supervisory Authority (now Financial Regulatory Authority) launched in 2014 the new amended Mortgage Finance Law No. 148 for 2001 whereas it approved its Executive Regulations in 2015. EMRC participated in collaboration with the other Mortgage Finance Companies in the amending process. The amended Law includes, among others, stating for the first time the Mortgage Refinance activity, adding Ijarah, Murabaha, Musharakah and Usufruct to Mortgage Finance products, and introducing the Egyptian Mortgage Federation. It also tightened the control on social housing beneficiaries in case of fraud or incorrect data, in addition to prohibiting any acts or transactions on subsidized residential units until getting the Mortgage Finance Fund approval.

July 2014: New Product “NUCA”.

EMRC launched a new product to refinance units owned by the New Urban Communities “NUCA”. This product was initiated to support Primary Mortgage Lenders financing NUCA’s owned units that are offered for sale to the public. The Ministry of Housing, Utilities and Urban Communities represented by the New Urban Communities (NUCA) who has the ownership of units in Madinaty & Al Rehab had started sales in tranches and announced that these units are not subsidized and the proceeds realized from their sale will be directed to support the low income Social Housing Project. This new product will avail an opportunity for new mortgage financing bookings for Banks and Mortgage Finance Companies.

October 2013: Arab African International Mortgage Finance Company joined EMRC as a new shareholder.

EMRC Board of Directors approved in its meeting No.44, dated May 28, 2013 the request of “Arab African International Mortgage Finance Company” to join EMRC as a shareholder through acquiring the shares of “Arab African International Bank” in EMRC, which owns 3923 shares representing 1.08% of EMRC capital.
“Arab African International Mortgage Finance Company” was established as a joint stock Company on August 14, 2008 under the name of “Global Housing Mortgage Finance Co”. In March 2010, “Arab African International Bank” acquired the Company and changed its name to Arab African International Mortgage Finance Company. In October 2013, the transfer of shares was completed announcing the entrance of AAIMFC as a new shareholder in EMRC and the exit of AAIB.

May 2013: “Elite”: New product to refinance High End Mortgage Portfolios.

EMRC launched a new product to refinance high end mortgage portfolios “Elite” that allow accepting mortgage portfolios with outstanding balances that are higher than the Business As Usual product. to meet the increasing unit prices in the real estate market and to satisfy its clients’ needs. This product will help widen the refinance opportunities allowed by EMRC to Primary Mortgage Lenders.

March 2013: Mrs. Lobna Helal joined EMRC as Chairman and Managing Director.

Mrs. Lobna Helal was appointed; in her capacity as representative of the Central Bank of Egypt; to be a full time Chairman and Managing director of EMRC.
The decision was taken in view of the company’s recent capital increase and the planned expansion in business through increasing loan refinance portfolio as well as diversifying funding base through issuing bonds in the near future. EMRC’s objective is to enhance its role and contribution in supporting the mortgage market in Egypt and improve its operations through building a solid institutional framework.

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