Egypt bans financing of gold and silver bars in consumer loans
Egypt’s Financial Regulatory Authority (FRA) issued a decision mandating all entities operating in the consumer finance sector to prohibit financing for gold bars, gold jewelry, and precious metals, including silver and platinum. The FRA clarified that gold, jewelry, and precious metals do not fall under the category of consumer goods and services eligible for financing under the provisions of the law, as well as the applicable regulatory rules and decisions. The authority stated that this decision is part of its efforts to regulate oversight of non-bank financial markets, protect the rights and interests of market participants, and enhance market efficiency, soundness, and stability of transactions.
The Media Center of the Egyptian Cabinet denied reports claiming that the Cabinet had imposed a tax of 350 Egyptian pounds on burial permits. The center emphasized that such claims had previously been refuted and reiterated that the information circulating in various posts is baseless and has no connection to reality. It confirmed that no official decisions have been issued regarding the imposition of a tax on burial permits.
In response to inquiries from Egyptians abroad regarding “Bait al-Watan” (Home of the Nation) lands, the Egyptian Ministry of Housing stated that, in light of observations raised by several applicants for the eleventh offering of the “Bait al-Watan” program for Egyptians abroad concerning the locations of the offered land plots and whether they meet their preferences, the ministry clarified that, in response to appeals from Egyptians abroad wishing to reserve plots, it has enabled the receipt of their foreign currency transfers until the opening of the new phase. A “balance” system was implemented, allowing interested parties to transfer funds to their accounts from March 15 to June 15, 2026. This measure aims to provide applicants with sufficient time to complete their transfers without linking reservation priority to the order in which balance amounts are received during this period or to differences in transfer processing times among banks. This approach enabled reservers to transfer large amounts within an adequate timeframe without any priority being affected by the sending bank, thereby ensuring equal opportunities among all reservers.
The ministry added that after the land data was made available, it announced the acceptance of activation transfers to determine reservation priority during the period from June 23 to July 8, spanning 10 working days. This underscores the ministry’s commitment to detailing reservation locations before announcing the acceptance of activation transfers. In light of the high demand for this phase and requests from reservers, the New Urban Communities Authority (NUCA) considered increasing the number of available land plots and announced the availability of 15,545 plots, representing an increase of approximately 242%. The scope of the offering has also been expanded to include 25 new cities, featuring rare and highly distinguished locations at market prices with an installment payment system. Under this system, 25% is paid as a reservation deposit, with the remaining land price paid in installments.
The New Urban Communities Authority reaffirmed that applicants for the eleventh offering are entitled to a full refund of the amounts they have transferred if they choose not to proceed with the reservation.
