The Egyptian Islamic Finance Association (EIFA) has announced that the volume of Sharia compliant banking in the market in Egypt reached EGP 378bn by end of March 2021.
This secures that the segment makes up around 5.3% of the Egyptian banking market volume, a growth of EGP 47bn, and an increase rate of 14.3% compared to that of March 2020.
EIFA recently published its quarterly report on the Islamic banking developments in the markets in Egypt at the end of March 2021, compared to the end of March 2020. The report was arranged using other bank reports and the Central Bank of Egypt (CBE) revealed in March 2020.
In the report, the EIFA points out that Egyptian market includes fourteen banks that possess license from the CBE to provide Islamic banking products, including three Islamic banks. The banks mentioned in the report are Faisal Islamic Bank, Al Baraka – Egypt, and Abu Dhabi Islamic Bank – Egypt, in addition to eleven banks with Islamic branches besides their traditional branches.
EIFA also stated that Egypt’s Faisal Islamic Bank ranks on the top position, with a volume of EGP 119bn. It totaled around 31.4% of the volume of Islamic banking industry in Egypt.
The second place was reserved for Banque Misr’s Islamic Banking segment, with a business volume of EGP 78.7bn, or 20.8% of the market in Egypt.
Source: Daily News Egypt