Egypt’s Islamic Banking Volume Reaches EGP 459 Billion by End of September 2022
December 05, 2022 | Updated at December 05, 2022
The volume of Islamic banking in Egypt has reached roughly EGP 459 billion (USD 18.7 billion) by the end of September 2022, witnessing a rise of EGP 52 billion (USD 2.1 billion) and a growth rate of 12.8% over September 2021, according to Mohamed El-Beltagy, Head of the Egyptian Society for Islamic Finance.
Why it Matters?
With more than 60 banking products and services, Islamic banking makes up around 5% of all banking in Egypt. 14 banks in the local market are licensed by the Central Bank of Egypt (CBE) to provide Islamic banking services, including three wholly Islamic banks and 11 banks with Islamic branches in addition to their conventional branches. More than 3.2 million people can access the services offered by the 253 Islamic branches linked w...