Islamic Banking Volume Reaches EGP 390 Billion in Egypt in June 2021

The Egyptian Islamic banking market reached EGP 390 billion in terms of volume in June 2021, amounting to 5.1% of the Egyptian banking market, according to the Egyptian Association for Islamic Finance, in a recent report.

Why it Matters?

Many Islamic banking products have been developed by the Egyptian banking market aiming to meet the requirements of customers. More of such products and services are required in the form of Shariah-compliant products both for individuals and corporate customers.

Details

14 licensed banks which provide Islamic banking products include three Islamic banks and eleven banks which operate some branches for Islamic banking. There are 244 Islamic banking branches in Egypt, accounting for...