Islamic banking garners 5.2% of Egypt market share in 2018

The volume of Islamic banking in Egypt registered 260 billion Egyptian pounds by the end of March 2018  capturing 5.3 percent of the market share, said head of the Egyptian Islamic Finance Association Mohamed El-Beltagy.

He told Amwal Al Ghad that the volume of Islamic finances in Egypt recorded 185 billion in March 2018 Egyptian pounds with a market share of 6 percent, increasing by 12 percent in March 2017.

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.