There are several documents suggesting the name of the bazaar was first “New Bazaar”.

The building was endowed to the foundation of the New Mosque, and got its name (“Egyptian Bazaar”, Turkish: Mısır Çarşısı) because it was built with the revenues from Egypt. The word mısır has a double meaning in Turkish: “Egypt” and “maize”. This is why sometimes the name is wrongly translated as “Corn Bazaar”. The bazaar was (and still is) the center for spice trade in Istanbul, but in the last years more and more shops of other type are replacing the spice shops.

The building itself is part of the külliye of the New Mosque, and rents from the shops within was intended to help pay for the upkeep of the mosque. The structure was designed by the chief court architect Koca Kasım Ağa, but completed by architect Mustafa in 1660.