Islamic banking in Egypt records 222 bln pounds: official

Islamic finances in Egypt recorded 222 billion Egyptian pounds (US$12.4 billion), thus Islamic banking garners 6 % of the market share, Mohamed Al-Beltagy – Chairman of the Egyptian Islamic Finance Association said.

She said on the side lines of during a forum regarding the Islamic funding of the small and medium enterprises that the volume of Shariah-compliant deposits recorded 190 billion Pounds while the volume of islamic  funding  registered 171 billion pounds.

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.

He added that the volume of Islamic finances around the world has hit $ 2 trillion with average growth rate of 16 percent