Faisal Islamic a Top Shariah-compliant Bank in Egypt – Poll

Faisal Islamic Bank is the most popular Islamic bank in Egypt for 2014, according to a new opinion poll.

The Egyptian Center for Public Opinion Research (Baseera)’s poll commissioned by the leading economic magazine Amwal Al Ghad found that Faisal Bank enjoys a 16 percent approval rating among voters – the highest among other Islamic banks operating in the country. Baseera has polled out 550 voters of 18 years and older.

In Egypt, there are 3 Islamic banks operating in the market, Faisal Bank, Al Baraka Bank Egypt, and Abu Dhabi Islamic Bank (ADIB); while there are 11 commercial banks that enjoy the licence to practice Islamic banking activities.

On the other hand, 79 percent of the Egyptians polled answered as “I don’t know’, which reflects the fiasco that lies with the Islamic banks’ inability to introduce their Shariah-compliant products and services.