Volume Of Islamic Banking Reached EGP 94.5 Bln In Egypt: Hermes

Khalil El Bawab, Director of Fixed Income at EFG Hermes Asset Management, said the Egyptian market needs more sound bases in order to be attractive for foreign investors who wish to invest in sharia-compliant instruments.

The Islamic finance industry lacks some requirements to flourish such as developing the EGX, improving human capabilities and fostering transparency, he affirmed.

The volume of Islamic banking reached EGP 94.5 billion at the end of last March, representing 7.3% of the Egyptian banking market.

The idea of Islamic finance has grabbed the attention of banks and financiers after the global financial crisis as Islamic finance links between the volume of assets and that of money.

El Bawab added that Egypt has many investment opportunities which will increase by the launch of more Islamic investment funds.