Islamic banking in Egypt grows 15.8% y-o-y in Q1

The total size of the Islamic banking sector in Egypt grew 15.8 percent to around 301 billion Egyptian pounds ($18.1 billion) in the first quarter of the year.

Shariah-compliant loans recorded around 226 billion pounds at the end of March, 22 percent up from 185 billion pounds at the end of March 2018, head of the Egyptian Islamic Finance Association Mohamed El-Beltagy told Amwal Al Ghad on Sunday.

In Egypt, there are around 14 banks which provide Shariah-compliant products and services, including three fully-fledged Islamic banks, namely Faisal Islamic Bank of Egypt, Al Baraka Bank-Egypt, and Abu Dhabi Islamic Bank (ADIB-Egypt).