Islamic banking garners 5.2% of Egypt market share – EIFA

The Islamic banking in Egypt captures a 5.2 percent market share of the country’s banking sector business, said head of the Egyptian Islamic Finance Association (EIFA) on Monday.

By late 2016, Islamic finances in Egypt recorded around 205 billion Egyptian pounds ($11.36 billion), 34 percent higher from 2015 figures, EIFA chairman Mohamed Al-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 (ADIB) – Egypt, in addition to 11 banks with Islamic windows, including the National Bank of Egypt.

The Islamic transactions in Faisal Bank, Al Baraka Bank-Egypt, and ADIB Egypt account for 92.4 percent of the total Islamic banking dealings in the country, Al-Beltagy stated.