MLF begins work and targets a billion-pound financing portfolio.

January 19, 2020by MLF Finance

The company’s ownership structure includes a group of senior businessmen, which enhances and ensures the company’s strength and financial solvency,  Ahmed Zahran, CEO of MLF for non-banking financial services, which is considered the latest entity in the sector in the local market, said that the procedures for establishing the company, which is the first Egyptian entity operating under the unified license system, (Leasing, Factoring and Mortgage) have been completed, which was approved by The Financial Regulatory Authority during a previous period. In an interview with Al Mal, Zahran revealed that the company’s ownership structure includes a group of senior businessmen, which enhances and ensures the company’s strength and financial solvency.

Contributing to the company are “Sameh Sawiris, Ahmed Zahran, Nehad Ragab, President of SIAC, Fathallah Fawzy, Vice President of the Egyptian Businessmen Association and Head of the Construction and Building Committee, and Mohamed Idris, CEO of “Mebane Idris”.

The list of investors also includes Eng. Khalil Kandil, President of Kandil Glass Company, Eng. Mohamed Hassan Al-Durra, Chairman of the Board of Directors of “Al-Durra” Real Estate Development Company, and Omar Al-Durra, Managing Director of Al-Durra Real Estate Development Company as well. Zahran said that the company has an ambitious plan that has already begun in the first steps of its implementation, and aims to reach the size of the financing portfolio provided to customers during the current year to one billion pounds, which is the first year of starting the company’s work. He explained that this portfolio is divided between the three activities: financial leasing, factoring and real estate financing. He stressed that the company chose to work with the unified license system since it enables the institution to provide an integrated service to One Stop Shop customers. Egypt has become one of the fastest countries in establishing companies. He pointed out that completing the incorporation procedures and obtaining the necessary approvals took a short period, indicating the improvement of the investment climate and the maturity and professionalism of the regulatory authorities regulating work, namely the Financial Supervisory Authority and the General Investment Authority, pointing out that Egypt has become one of the fastest countries in establishing companies compared to his experience in establishing companies. Abroad, and it will be reflected in Egypt’s next ranking in the competitiveness report. Plans to add “Insurance Brokerage” and “Securitization” activities Zahran revealed that the most prominent axes of the company’s plan included adding more non-banking financial activities, on top of which are insurance brokerage and securitization. He praised the financial and monetary policies adopted by the Central Bank in recent times, citing the example that the Egyptian currency occupied an advanced position, among the most upward currencies in the past year, unlike what was witnessed by some currencies of neighboring and regional countries, which witnessed a remarkable decline. He stressed that the Egyptian market is characterized as a virgin market, capable of attracting more foreign investors, but the success of any new investments is contingent upon the directives of those in charge of it.