CAIRO – 14 March 2024: The total volume of Islamic banking in Egypt reached LE 606 billion, showing an increase of LE 110 billion and a growth rate of 22.3 percent compared to 2022, according to a report by The Egyptian Islamic Finance Association (EIFA).
Islamic banking now constitutes approximately 4 percent of the overall volume of the Egyptian banking sector. The number of Islamic banking branches also expanded to 263 by the end of 2023, with an addition of 18 branches compared to the previous year.
In terms of market share, Faisal Islamic Bank of Egypt leads the way, with a business volume of LE 177 billion, accounting for 29.2 percent of the total volume in Egypt's Islamic banking sector.
Following closely is Abu Dhabi Islamic Bank - Egypt, which experienced impressive growth, reaching a business volume of LE 161 billion, a market share of 26.5 percent, and a growth rate of 40 percent since 2022.
Ranking third in the sector are Banque Misr's Islamic transaction branches, with a business volume of LE 124 billion and a market share of 20.5 percent.
Al Baraka Bank holds the fourth position with LE 100.4 billion and a market share of 16.6 percent, while the United Bank occupies fifth place with a business volume of LE 15 billion and a market share of 2.4 percent.
The EIFA report also highlights those deposits complying with Islamic law reached LE 447.5 billion in 2023, representing 5.8 percent of the total deposits in Egypt's banking sector. This marks an increase of LE 57 billion and a growth rate of 14.5 percent compared to 2022.
Furthermore, Islamic Sharia-compliant financing rose to LE 493 billion, accounting for 4.8 percent of the total financing volume in the Egyptian banking sector. This indicates an increase of LE 104 billion and a growth rate of 26.8 percent.
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