Islamic Banking Accounts For 8.5% Of Transactions In Egypt: El-Beltagy

Mohamed El-Beltagy, head of the Egyptian Islamic Finance Association, stated that volume of Islamic banking accounted for 8.5% of total volume of banking in Egypt, up from 7.2% in December 2012.

El-Beltagy expected the volume of Islamic banking to reach 10.5% of the total volume of banking market in Egypt in the upcoming period as there is growing demand for Sharia-compliant banking products in the current period.

The volume of Islamic banking reached EGP 100 million at the end of 2012, 7.2% of the total volume of the banking market in Egypt which stood at EGP 1.3 trillion. The volume of Islamic deposits reached EGP 80 billion, 7.6% of the total volume of deposits. The volume of Islamic finances reached EGP 70 billion, 7.1% of the total volume of finances.

The number of Islamic banking branches in Egypt reached 212 branches, 8.8% of the total number of banking branches which reached 4,000 as of September 2012.