Egypt’s Islamic Banking Volume Rises to EGP 434 Billion in March 2022 

The Egyptian Islamic Finance Association (EIFA) has reported that the Islamic banking volume in Egypt has increased by an EGP 55.2 billion (USD 3 billion) to reach EPG 434 billion (USD 23 billion) by the end of March 2022 from March 2021, witnessing a 14.6% growth rate and making up 5% of the local banking market.

Why it Matters?

Egypt now has 14 banks that are licensed by the Central Bank of Egypt (CBE) to provide Islamic banking products, three of which are fully Islamic banks, namely Faisal Islamic Bank of Egypt, Al-Baraka Bank Egypt, and Abu Dhabi Islamic Bank in Egypt, while 11 banks have Islamic banking branches along with the traditional branches, according to Head of EIFA, Mohamed Al-Beltagy. Following the completion of the State Sukuk Law and...