Global Islamic Banking Transactions Reach US$1.2 Trillion

Mohamed El-Beltagy, head of the Egyptian Islamic Finance Association, said Islamic banking has flourished and witnessed increasing international demand after the global financial crisis in 2008 after as commercial banks went bankrupt, while none of the Islamic banks went bankrupt. This made the international financial institutions get interest in Islamic banking.

In the first conference organized by the Egyptian Islamic Finance Association on the development prospects of Islamic finance in Egypt, El-Beltagy added that the volume of Islamic banking in the world reached US$1.2 trillion held by 800 Islamic banks in 60 countries.

The Islamic banking transactions accounted for 7.3% of the total volume of banking transactions in Egypt. The Islamic deposits in Egypt reached EGP 95 billion. The Islamic finances accounted for 7.6% of the total volume of finances n Egypt. The Islamic finances in Egypt reached EGP 65 billion. There are three Islamic banks and 11 commercial banks with Islamic banking licenses in Egypt.