Egypt’s Islamic banking hits EGP312bln in September 2019
The volume of Islamic banking in Egypt registered 312 billion Egyptian pounds by the end of March 2019, said head of the Egyptian Islamic Finance Association Mohamed El-Beltagy.
He told Amwal Al Ghad that the Islamic banking is capturing 6 percent of the market share.
He also noted that the Islamic finances portfolio recorded 230 billion Egyptian pounds with increase of 6 percent.
Egypt has now Shariah-compliant operators including three full-fledged Islamic banks; Faisal Islamic Bank of Egypt, Al Baraka Bank-Egypt, and Abu Dhabi Islamic Bank.
An Islamic bank is a bank that complies with the principles of Shari’a in all financing, banking and investment transactions