Islamic banking captures 5.5% of Egypt market share in H1

The volume of Islamic banking in Egypt registered 318 billion Egyptian pounds in the first half of 2019  capturing 5.5 percent of the banking market share, said head of the Egyptian Islamic Finance Association Mohamed El-Beltagy.

The volume of Islamic banking worldwide has recorded $2.4 trillion in 2019, El-Beltagy added.

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.

Faisal Islamic Bank of Egypt ranked first in regard to the volume of Islamic banking, deposits balances, and funding balances while its financial position posted 97.2 billion pounds in H1 2019.