Islamic finance in Egyptian market exceeds EGP 600bn in 1H 2023: El-Beltagy

Mohamed El-Beltagy, President of the Egyptian Islamic Finance Association, has said that the Islamic finance in the Egyptian market exceeded EGP 600bn in the first half (1H) of this year, of which EGP 562bn provided by banks, and the rest EGP 60bn was Sukuk issuances.

El-Beltagy added in a report issued Tuesday, that the volume of Islamic banking accounts for 5% of the Egyptian banking market, as it increased by about EGP 120bn in June 2023, with a growth rate of 27% over June 2022.

He added that the Egyptian market includes three Islamic banks, which are Faisal Islamic Bank of Egypt, Al Baraka Bank Egypt, and Abu Dhabi Islamic Bank, in addition to 11 Islamic branches of normal banks, serving about 3.5 million customers.

He said that the number of Islamic branches reached 256 in June 2023, an increase of 11 branches over 2022, pointing out that these branches represent 5.1% of the total branches in the banking sector as a whole, taking into account that there are conventional banks that have an Islamic financing license and provide this service. in all its branches.

According to El-Beltagy, Faisal Islamic Bank of Egypt occupies the first position in the Islamic banking market in Egypt, with a turnover of EGP 170bn, with a share of 30.1%, while Abu Dhabi Islamic Bank came in second place with a turnover of EGP 137.6bn with a share of 24.5%. Banque Misr for Islamic Transactions ranked third with a turnover of EGP 118bn and a share of 21%. Al Baraka Bank came in fourth place with a turnover of EGP 93.8bn and a share of 16.7%. The United Bank came in fifth place with a turnover of EGP 14.4bn and a share of 2.6%.