Volume of Islamic banking in Egypt estimated at EGP 459bn by end of September 2022
- Date: 25-Nov-2022
- Source: Zawya
- Sector:Financial Services
- Country:Egypt
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,