A recent report by the Egyptian Islamic Finance Association (EIFA) highlights the robust performance of Islamic banking in Egypt. In June 2024, the turnover of Islamic banking reached EGP 737bn, marking a substantial increase of EGP 175bn compared to June 2023. This impressive growth represents a 31.1% year-on-year expansion.
Market Share:
Islamic banking now constitutes 4% of the overall Egyptian banking market.
The Egyptian market includes 14 banks licensed by the Central Bank of Egypt (CBE) to offer Islamic financial products.
Among these, three banks operate exclusively as Islamic banks: Faisal Islamic Bank of Egypt, Al Baraka Bank Egypt, and Abu Dhabi Islamic Bank Egypt. Additionally, 11 other banks have Islamic branches alongside their traditional ones.
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