Islamic banking in Egypt valued at EGP 390bn in June 2021
Published 22 Aug,2021 via Daily News Egypt - The Egyptian Association for Islamic Finance has revealed that the volume of Islamic banking in Egypt reached about EGP 390bn in June 2021, accounting for 5.1% of the Egyptian banking market, an increase of EGP 42.4bn (12.2%) over March 2020.
According to a recent report of the association, the Egyptian banking market includes 14 banks that have a licence from the Central Bank of Egypt (CBE) to provide Islamic banking products. There are also three Islamic banks in the country, namely Faisal Islamic Bank, Al Baraka Bank, and Abu Dhabi Islamic Bank, in addition to 11 banks that have some branches for Islamic banking.
The report explained that the Faisal Islamic Bank of Egypt is at the forefront of these banks, as its financial position amounted to about EGP 123bn in June 2021. This constitutes 31.5% of the volume of the Islamic banking market in Egypt.
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Daily News Egypt