Volume of Islamic banking in Egypt estimated at EGP 459bn by end of September 2022

Volume of Islamic banking in Egypt estimated at EGP 459bn by end of September 2022

Mohamed Al-Beltagy — Chairperson of the Egyptian Islamic Finance Association for Islamic Finance — said that the volume of Islamic banking in Egypt recorded about EGP 459bn by the end of September 2022 — an increase of EGP 52bn and a growth rate of 12.8% over September 2021.

Islamic banking accounts for about 5% of total banking in the Egyptian market.

Al-Beltagy added in a report issued by the association that Faisal Islamic Bank of Egypt came in first place in Egypt’s Islamic banking market with a turnover of EGP 141.7bn, accounting for about 30.9% of the total volume of banking.

He pointed out that Abu Dhabi Islamic Bank – Egypt came in second place with a turnover of EGP 104.8bn and a share of 22.9%. Meanwhile, Banque Misr’s Islamic branches came in third place with a turnover of EGP 95.4bn and a share of 20.8%. Finally, Al-Baraka Bank – Egypt came in fourth with a turnover of EGP 84.9bn and a share of 18.5%.

The Egyptian banking market has 14 banks that have a license from the Central Bank of Egypt (CBE) to offer Islamic banking products. They include fully Islamic banks — such as Faisal Islamic Bank of Egypt, Al-Baraka Bank Egypt,