By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
    Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
    March 25, 2023
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: 4 banks acquire 90% of Islamic banking in Egyptian market
Share
Notification
Latest News
Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
Business Technology
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > 4 banks acquire 90% of Islamic banking in Egyptian market
Banking

4 banks acquire 90% of Islamic banking in Egyptian market

Daily News Egypt
Last updated: 2021/05/22 at 5:28 PM
By Daily News Egypt 4 Min Read
Share
SHARE

Total of EGP 313.5bn volume of deposits, EGP 297.7bn volume of financing comply with Islamic Sharia

The Egyptian Islamic Finance Association (EIFA) has revealed that the volume of Sharia-compliant banking in the Egyptian market reached about EGP 378bn by the end of March 2021.

This ensures that this segment makes up about 5.3% of the Egyptian banking market volume, an increase of EGP 47bn, and a growth rate of 14.3% compared to March 2020.

EIFA recently issued its quarterly report on the developments in Islamic banking in the Egyptian market at the end of March 2021, compared to the end of March 2020. It was prepared using reports of banks and the Central Bank of Egypt (CBE) published in March 2020.

In its report, the association explained that the Egyptian market includes 14 banks that have a licence from the CBE to provide Islamic banking products, including three fully Islamic banks. These banks are Faisal Islamic Bank, Al Baraka – Egypt, and Abu Dhabi Islamic Bank – Egypt, in addition to 11 banks with Islamic branches besides their traditional branches.

According to EIFA, the Faisal Islamic Bank of Egypt ranks first, with a volume of EGP 119bn. It accounted for about 31.4% of the volume of the Islamic banking industry in the Egyptian market.

In second place was Banque Misr’s Islamic Banking segment, with a business volume of EGP 78.7bn, or 20.8% of the market. 

Banque Misr 1

Meanwhile, the Abu Dhabi Islamic Bank – Egypt (ADIB) occupies third place, with a volume of EGP 76.8bn, or 20.8%. Al Baraka Bank – Egypt ranks fourth, with a turnover of EGP 76.5bn, or 20.2% of the volume of Islamic banking in the Egyptian market.

Moreover, EIFA revealed that the volume of deposits compliant with Islamic law reached about EGP 313.5bn at the end of March. This represents about 7.2% of the total volume of deposits with Egyptian banks as a whole, an increase of EGP 32.1bn, and a growth rate of 11.4%, compared to March 2020.

On the other hand, the volume of financing in Islamic formulas amounted to about EGP 297.7bn, equivalent to about 5.7% of the total loans in banks. This reflected an increase of EGP 49bn, and a growth rate of 20% compared to March 2020.

According to the association, the number of Islamic branches in Egyptian banks currently stands at 243, constituting about 5.5% of the total number of branches in the Egyptian banking market. They provide their services to about 3 million customers.

It is noteworthy that the volume of the Islamic banking industry worldwide reached about $3trn in 2021, according to a report by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). It is expected to reach about $3.2trn in 2022.

The Egyptian market has witnessed the development of many Islamic banking products that meet the various needs of customers, which amount to about 45 banking products and services. The market still needs to develop and innovate many Sharia-compliant products, whether for individuals or companies.

This also requires training and developing of human resources capable of providing these products to customers. The AAOIFI is working to provide this, in terms of professional qualifications in Islamic finance issued by the General Council of Islamic Banks and Financial Institutions (CIBAFI), and certificates issued by AAOIFI. 

These developments also include programmes specialised in developing skills and increasing the knowledge of Islamic banking employees.

You Might Also Like

IFC partners with Egypt’s CIB in managing climate risk, boosting sustainability

CIB general assembly approves issuance of financial instruments worth $1bn 

DNE Awards honours CIB as Most Efficient Egyptian Bank

AUB Egypt records 73.6% growth in consolidated net profit to EGP 2.04bn in 2022

CBE approves rules governing payment card service codes

TAGGED: banks, Islamic banking
Share this Article
Facebook Twitter Email Print
Previous Article 10 Egyptian startups raise $55.3m in 2021 10 Egyptian startups raise $55.3m in 2021
Next Article Egypt, Norway discuss reconstruction process in Palestine Egypt, Norway discuss reconstruction process in Palestine
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
Business Technology
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?