Wednesday February 21st, 2024
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Islamic Banking Transactions in Egypt Increase by 27% in 2023

According to the Egyptian Islamic Finance Association, these transactions reached a total of EGP 562 billion in September 2023.

Cairo Scene

According to the Egyptian Islamic Finance Association (EIFA), the rate of Islamic banking transactions in Egypt has increased by 27% in 2023. These transactions reached a total of EGP 562 billion in September 2023, compared to EGP 120 billion in September 2022.

Comprising 5% of the Egyptian banking market, 14 banks across the country have licenses from the Central Bank of Egypt to offer Islamic financial products. Three of these banks - namely Faisal Islamic Bank, Al Baraka Bank and Abu Dhabi Islamic Bank - operate as fully Islamic banks, while the remaining eleven banks have dedicated Islamic branches.

Faisal Islamic Bank of Egypt ranks as the leader of Islamic banking market in the country, boasting a business volume of EGP 171 billion, which constitutes 29.5% of the local Islamic banking industry.

The Egyptian banking sector has experienced a surge in the establishment of Islamic branches, reaching 260 branches in 2023.

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