Islamic banking garners 8.4% of Egypt market share: official

The market share of Islamic finances in Egypt climbed 8.4 percent by the end of 2015, said head of the Egyptian Islamic Finance Association (EIFA).

By late 2015, Islamic finances in Egypt recorded 114 billion Egyptian pounds (US$12.8 billion), 26 percent higher from 2014 figures, Mohamed Al-Beltagy – Chairman of the Egyptian Islamic Finance Association – told Amwal Al Ghad Wednesday.

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.

There are around 232 Islamic branches, Al-Beltagy added, saying the number of clients of Islamic banks has reached 2.8 million.