GLOSSAIRE
Discount: It is a way to finance exports. Discount means swapping the debt of a beneficiary for another beneficiary. This debt materialises as a letter of credit or a bill of exchange. If the issuing bank defaults, the beneficiary can take action against the drawee (importer).

Euromisr Branch: The name of the agency in Paris responsible for developing trade between Egypt and Europe.

Euromisr: It's the Registered Name of the commercial offer of Banque Misr Paris and the link between Europe and Egypt.

Forfaiting: It is a way to finance exports. Forfaiting is a discount without the need for a fixed price on a foreign debt. This debt is represented by bills of exchange or letters of credit if the payment is differed.

Ibis: It is the name given to a type of transfer where the final beneficiary is in Egypt. It is initiated by a French bank with Banque Misr acting as an intermediary. (Cf conditions to be fulfilled).

Khofo: It is the name given to an automatic transfer system in euros and other currencies (except Egyptian pounds) to Egypt. (Cf. conditions to be fulfilled).

Misr: It means Egypt in Arabic.

Laundering Operation: : It is an operation that aims at covering the true origin of assets or income that result from criminal activities.

Overseas Branch: The name of the agency in Cairo that deals with foreign countries and international transactions.

RUU (Règles et Usuances Uniformes: Rules and Uniform Usuances): Rules drawn up by the International Chamber of Commerce in 1933 which have been revised and updated on several occasions. They control the processing of Documentary Credits and fix the conditions required to validate the documents.

RUU 500 : The full text of the RUU is not available on the Internet but can be ordered from the ICC's site.

Sphinx: It is the name given to a system of automatic transfers in Egyptian pounds towards Egypt. (Cf: conditions to be fulfilled).

Swift (Society for Worldwide Interbank Financial Telecommunication) : (Society for Worldwide Interbank Financial Telecommunication): An interbank network of telecommunication set up in 1977 under Belgian law. It handles the following operations:

  Treasury operations between banks,
  Transfer orders,
  Documentary Credit credits and payments,
  Extracts of reciprocal accounts,
  Loans and borrowings in euros.

Tala'at harb: It is the name of the person who founded Banque Misr. He was born on 25 November 1867 in Cairo where he studied law and French. Following several positions with responsibilities, he set up a 'solidarity' financial company, offering small loans.
He travelled to Europe to study the banking system and to compare the methods and techniques of the different banks before setting up the Banque Misr in 1920 with the help of the 124 Egyptian shareholders who owned the 20 000 registered shares.


Legal Information | Contact Us | Site Map | Credits | Glossary