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. 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%. 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, and Abu Dhabi Islamic Bank – Egypt — in addition to 11 banks that have Islamic branches in addition to the traditional branches.

Source: Daily News Egypt November 25, 2022 20:25 UTC