Nagui Fahmy, chairman of the Egyptian Mortgage Federation (EMF) launched the Accredited Mortgage Program (AMP), set to take place on November 2, demonstrating the efforts exerted towards improving the mortgage finance climate in Egypt, Invest-Gate reports.
This was announced during the federation’s annual honoring ceremony, held at the Nile-Ritz Carlton Cairo, during which three of the most influential figures in the mortgage industry were honored, namely Gamal Negm, Deputy Governor of the Central Bank of Egypt (CBE), Mai Abdel Hamid, CEO of the Mortgage Finance Fund (MFF), and Maged Eldin Ibrahim, founder of Egypt’s first mortgage financing company.
Established in 2015, under the supervision of the Egyptian Financial Regulatory Authority (FRA), the EMF currently has 28 members involved in developing the mortgage finance industry in Egypt.
“Our goals, from day one, have been centered around improving the sector’s performance, and aligned with the Financial Regulatory Authority’s strategic objectives; aiming for the creation of inclusive financial systems and improving the competitiveness of the national economy,” EMF chairman Nagui Fahmy said.
The Accredited Mortgage Program (AMP) is “aimed at individuals and entities wishing to become professionals in any of the branches related to the mortgage financing sector,” Fahmy explained.
The AMP also focuses on preparing students to master post-sale services; an indispensable aspect of real estate mortgage financing. The program is accredited by the EMF and will be under the patronage of the Financial Regulatory Authority.
Due to the increasing demand, the first class for the program is initially comprised of 30 students who are projected to attend 60 hours of classes across five weeks, and will be concluded with a final exam to measure the progress of each student, according to the statement. The first round is set to commence on November 2 at the National Academy for Financial Services, it added.
The EMF also unveiled a significantly informative and dynamic website, which gives a closer look at its activities, features articles of the mortgage finance law and its executive regulations, the FRA’s decisions, as well as a thorough frequently asked questions section.
Magdy El Yamani, Managing Director of the EMF, elaborated on the EMF’s website map clarifying that, “The website comes as a major step towards making information about mortgage finance in Egypt accessible to everyone through a dynamic site.”
According to research, reliance on mortgage financing solutions is increasing in Egypt with the volume of mortgage finance reaching around EGP 2.2 bn during 2018, showing a growth rate of 57% from EGP 1.4 bn recorded in , the EMF noted.
