Islamic banking in Egypt valued at EGP 407b in Sept 2021

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The volume of Islamic banking in Egypt increased to EGP 407bn in September 2021, an increase of 14.5% from September 2020.

According to the Egyptian Association for Islamic Finance, Islamic banking currently accounts for about 5% of the Egyptian banking market.

Mohamed El-Beltagy, President of the Egyptian Association for Islamic Finance, said that the volume of Islamic deposits amounted to about EGP 335bn at the end of September 2021, and constitutes 7% of the size of the Egyptian banking market, with an increase of EGP 35.1bn and a growth rate of 11.7% over September 2020.

He added that the volume of financing at the end of September 2021 recorded about EGP 313.2bn, which constitutes 5.5% of the size of the Egyptian banking market, an increase of EGP 28.2bn and a growth rate of 10% compared to September 2020.

El-Beltagy explained that there are 245 Islamic branches in Egyptian banks, which constitute 5.5% of the number of branches in the Egyptian banking market, providing services to more than 3 million customers.

There are 14 banks that have a license from the Central Bank of Egypt (CBE) to provide Islamic banking products, including three fully Islamic banks, which are Faisal Islamic Bank of Egypt, Al Baraka Bank Egypt, and Abu Dhabi Islamic Bank – Egypt, in addition to 11 banks that have Islamic branches alongside their traditional ones.

According to a report by the association, Faisal Islamic Bank of Egypt maintained its first position in the Islamic banking market in Egypt with a turnover of EGP 126bn at the end of September 2021, constituting 31.1% of the volume of the Islamic banking industry in the Egyptian market. —Zawya News

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