Volume of Shariah-Compliant Banking in Egyptian Market at EGP 378 Billion at End-March 2021: EIFA

The Egyptian Islamic Finance Association (EIFA) recently released its quarterly report on Islamic banking. According to the report, as at end-March 2021, the volume of Shariah-compliant banking in Egypt had reached around EGP 378 billion, up 14.3% year-on-year and accounting for a volume share of approximately 5.3% of Egypt’s total banking market.

Why it Matters?

There has been significant development of many Islamic banking products catering to the varied needs of customers, although the market still has room for development and innovation for products and services geared towards both individuals and companies. To fulfil this, human resources are also needed, and the Auditing Organization for Islamic Financial Institutions (AAOIFI) and General...