Banque Misr opened in May 1920 as the first financial institution owned by Egyptian shareholders and staffed entirely by Egyptian nationals. This entity, founded by Talaat Harb, served as the bedrock for a national economic identity that mandated the use of Arabic in all official communications, directly challenging foreign control over local investment funds.
Economic Nationalist Strategy
Harb began advocating for a sovereign national bank as early as 1907. He argued that idle capital held by foreign interests should instead fuel domestic industrial development. To promote these ideas, he co-founded the newspaper Al Jarida and authored The Egyptian Economic Reform and the Nation's Bank Project in 1911. His career was defined by persistent efforts to address systemic economic crises, including the fluctuation of cotton trading and the Kom Ombo sugar shortage.
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Under Harb’s leadership, Banque Misr functioned as a holding company for diverse industrial interests. Between 1920 and 1940, he oversaw the launch of numerous enterprises, including Misr Weaving Co. with a capital of LE 300,000, the Egypt Air company, and Misr Company for Acting and Cinema. He expanded the bank's operational reach beyond Egypt into Syria, Lebanon, Sudan, Yemen, and Saudi Arabia.
Legacy and Official Recognition
Following his death in 1941, the state posthumously recognized his contributions. In 1980, President Anwar Sadat awarded him the Order of The Nile. His public legacy is marked by his statue in Cairo’s Talaat Harb Square. His personal history included four daughters—Fatma, Aisha, Khadiga, and Hoda—who donated resources to support an academic cardiac institute at the Ain Shams Faculty of Medicine.
Fast facts
- Born: 1867, Al-Jamāliyah
- Died: 1941, Cairo
- Founder: Banque Misr, 1920
- Occupations: Economist, Banker
- Citizenship: Ottoman Empire, Kingdom of Egypt, Sultanate of Egypt
- Notable Recognition: Order of The Nile, 1980
Questions readers ask
What was the initial capital of Banque Misr?
Upon its founding in 1920, the bank started with a capital of LE 80,000.
Did Talaat Harb participate in sports organization?
Yes, in 1907 he contributed 100 EGP toward the establishment of Al Ahly Sporting Club.
