Egypt’s Islamic Banking Volume Reaches USD 25.9 Billion as of September 2021

In September 2021, Egypt’s Islamic banking volume was EGP 407 billion (USD 25.9 billion), up 14.5% from September 2020.

Why it Matters?

According to the Egyptian Association for Islamic finance (EIFA), Islamic banking presently accounts for around 5% of the Egyptian banking market. Mohamed El-Beltagy, President at the EIFA, noted that Egyptian banks have 245 Islamic branches, accounting for 5.5% of the total number of branches in the country’s banking system and serving more than 3 million customers. El-Beltagy also stated that the market needs more products that are Shariah-compliant.

Details

Islamic deposits in Egypt were over EGP 335 billion (USD 21.3 billion) at the end of September 2021, accounting for 7% of the size of t...