Egyptian Islamic Finance Association Eyes 12 training programs Till March 2014

The Egyptian Islamic Finance Association Dr. Mohamed El-Beltagy said his association aims 12 training programs for the Islamic financial transactions within the first quarter of this year.

El-Beltagy has informed Amwal Al Ghad that the training programs are various between Takaful insurance , investments finance and Islamic banking sector along with a number of other financial services.

He explained that the Islamic banking market has witnessed positive developments during the past two years, stressing that the total Islamic financing in the Egyptian banks surged from EGP71 billion(US$10.2 billion) at the end of September 2012 to EGP77 billion (US$11 billion) at the end of September 2013.

He emphasized that the Islamic finance jumped successfully in the past year, noting that the Islamic financing proportion registered 6.6% from the total loans banking sector in September 2012 and it inched by 7.2% in the current period.

The total banks which are operating according to Islamic Sharia in the Egyptian market are around 4 including Al-Baraka Islamic bank, Abu Dhabi Islamic bank, Faisal Islamic bank and the United Bank, in addition 11 banks from the traditional banks are owning branches for Islamic transactions.