Egypt banks’ Islamic deposits hit $13 bln in June

By Islam Salah & Mohamed Hamdy On Sep 5, 2018

Mohamed El-Beltagy, head of the Egyptian Islamic Finance Association (EIFA)

The Islamic deposits of banks in Egypt reached 233 billion Egyptian pounds ($13 billion) by the end of June 2018, capturing 6.5 percent of the market share, said head of the Egyptian Islamic Finance Association (EIFA) Mohamed El-Beltagy.

The Islamic deposits increased by 15 percent compared to March 2017.

He told Amwal Al Al Ghad that the number of Islamic branches reached 233 by the end of June 2018 serving 3 million clients, which account fo 20 percent of the total banking clientele.

Egypt has now 14 Shariah-compliant operators including three full-fledged Islamic banks; Faisal Islamic Bank of Egypt, Al Baraka Bank-Egypt, and Abu Dhabi Islamic Bank.