Egypt’s Islamic Banking Volume Reaches EGP 443 Billion by the End of June 2022
August 26, 2022 | Updated at August 29, 2022
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Email The Islamic banking volume in Egypt has witnessed an EGP 52.8 billion (USD 2.8 billion) increase to reach EGP 443 billion (USD 23.38 billon) by the end of June 2022, recording a 13.5% growth rate from June 2021 and representing about 5% of the country’s banking market size as a whole, according to the President of the Egyptian Association for Islamic Finance, Mohamed Al-Beltagy.
Why it Matters?
The Egyptian banking sector consists of 14 banks that are licenced by the Central Bank of Egypt (CBE) to offer Islamic banking products. This includes 11 banks with Islamic branches alongside their conventional ones, and three fully Islamic banks, namely Faisal Islamic Bank of Egypt, Al-Baraka Bank Egypt, and Abu Dhabi Islamic Bank Egypt.
