Islamic banking accounts for approx. 5% of overall Egyptian banking sector, says EIFA

The Egyptian Islamic Finance Association (EIFA) reported that the Islamic banking sector in Egypt witnessed significant growth, reaching LE 544 billion in March 2023. This represents an increase of LE 110 billion, with a growth rate of 25 percent, compared to March 2022

Islamic banking accounts for approximately 5 percent of the overall Egyptian banking sector, according to the EIFA’s latest data.

Holding around 31.1 percent of the total volume of the Islamic banking industry in Egypt was the Faisal Islamic Bank of Egypt with a turnover of LE 169.2 billion.

Followed by Abu Dhabi Islamic Bank (ADIB) Egypt with a volume of LE 124.3 billion, representing a 23 percent market share.

Banque Misr for Islamic Transactions ranked third with a turnover of LE 110 billion and a market share of 21.1 percent, a growth rate of 23 percent.

Al Baraka Bank Egypt took 4th place with a turnover of LE 93.3 billion and a market share of 17.4 percent, followed by the United Bank with a turnover of LE 14 billion, accounting for a 3 percent share.

Deposits compliant with Islamic law made up around 6 percent of the total deposit volume in the Egyptian banking sector in March 2023, amounting to LE 413.3 billion

Financing compliant with Islamic law reached LE 430.6 billion, indicating a growth rate of 25.7 percent. This type of financing represents 5 percent of the total volume of financing in the Egyptian banking sector, the EIFA revealed.

Egypt's banking market includes 14 banks authorized by the Central Bank of Egypt to offer Islamic products. Among them, three are fully Islamic banks; Faisal Islamic Bank of Egypt, Al Baraka Bank of Egypt, and Abu Dhabi Islamic Bank - Egypt. Additionally, there are 11 banks that have both Islamic and traditional branches.