Islamic banking garners 6% of Egypt market share in 2018

The volume of Islamic banking in Egypt registered 300 billion Egyptian pounds by the end of 2018  capturing 6 percent of the market share, said head of the Egyptian Islamic Finance Association Mohamed El-Beltagy.

He further told Amwal Al Ghad that the volume of Islamic banking  has posted 273 billion pounds by the end of June 2018.

Furthermore,  the volume of Islamic finances in Egypt recorded 220 billion pounds by the end 2018 with an increase of 22 percent when compared to 2017 finances.

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, in addition to 11 branches of  the traditional banks that offer Islamic products.

On the other hand, El-Beltagy expected that the volume of Islamic banking will considerably increase during with the approach of introducing international sovereign sukuk, or Islamic bonds into the Egyptian market.

An Islamic bank is a bank that complies with the principles of Shari’a in all financing, banking and investment transactions.