Islamic Banking Hit EGP 102 Bln In Egypt At End-Jan. 2013

Mohamed El-Beltagy, head of the Egyptian Islamic Finance Association, stated that the volume of Islamic banking in Egypt reached EGP 102 billion at the end of last January to seize 7.4% of the total volume of banking transactions in Egypt.

The volume of Islamic banking transactions rose 2.6% since 2011’s revolution and Islamic deposits rose to EGP 83 billion at the end of last January, accounting for 7.2% of the total volume of deposits which reached EGP 1.113 billion at the end of last January, he added.

The total volume of Islamic finance reached EGP 7.2 billion, accounting for 7.2% of the total volume of banking finances which reached EGP 524 billion, he noted.

It is worth mentioning that the Islamic banking transactions are growing slowly during the period from December 2012 to January 2013. The total volume of Islamic banking transactions reached EGP 100 billion, accounting for 8.5% of the total volume of banking transactions in Egypt, but when it rose to EGP 1.2 billion, it accounted for only 7.4% of the total volume of banking transactions.