Islamic banking in Egypt increases 16 % in 2017: official

The market share of Islamic finances in Egypt climbed 16 percent by the end of 2017 recording 240 million Egyptian pounds, said head of the Egyptian Islamic Finance Association (EIFA).

The Islamic banking represents 6  percents of the Egyptian banking system, Mohamed Al-Beltagy added.

The volume of deposits has recorded 205 billion pounds by last December, seizing 6.5 percent of the volume of clients deposits of the banking system.

the volume of Shariah-compliant deposits recorded 180 billion Pounds by the end of the last year, the number of branches the presents the Islamic banking services are 232 branches representing 6.2 percent of total branches of the banking sector.

The Egyptian market  is managing the Islamic funding services through 14 banks providing 40 Islamic products including finance formulas  and saving schemes that serve  around 3 million clients.

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.