The volume of Islamic banking in the Egyptian market reached EGP 222bn, an equivalent of 6% of total transactions of banks working in Egypt, according to Mohamed El Beltagy, head of the Egyptian Association for Islamic Funding.
El Beltagy explained that the size of Islamic deposits at banks are estimated at EGP 190bn, while the volume of funding provided according Islamic laws reached EGP 171bn.
According to El Beltagy, the Egyptian market offers banking finance services through 228 branches affiliated to about 14 banks, offering nearly 40 Islamic products to about 3 million customers.
