Islamic banking garners EGP 220bln by Sep. 2018

The volume of Islamic banking in Egypt registered 220 billion Egyptian pounds by the end of September 2018 in comparison to 207 billion pounds by the end of June 2018, said head of the Egyptian Islamic Finance Association Mohamed El-Beltagy.

He told Amwal Al Ghad that the total financial position of the Islamic  banking has reached 290 billion pounds  by the end of September 2018, capturing 6  percent of the market share.

El Beltagy further noted that the Islamic deposits have increased to record 250 billion pounds by the end of September 2018 compared to June 2018.

He added that the Islamic banking has achieved growth rates of 22 percent.

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.

Those banks have around 234 branches by the end of September 2018 growing 15 percent compared to 2017.

The banks provide 40 Islamic services and products to 3 million clients.

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

The Islamic banking is expected to widely grow during 2019 after apply the Islamic Sukuk  in Egypt