Egypt’s Islamic Banking Grows in March 2023

Updated 6/7/2023 12:12:00 PM
Egypt’s Islamic Banking Grows in March 2023

The Egyptian Islamic Finance Association (EIFA) revealed that the volume of Islamic banking in the Egyptian market increased to EGP 544 billion in March 2023, with a growth rate of 25%, compared to March 2022, when it reached EGP 434 billion.  

According to the EIFA, the volume of deposits compatible with the provisions of Islamic law represent about 6% of the total volume of deposits in the Egyptian banking sector as a whole.   

Also, the volume of financing compatible with the provisions of Islamic law represents 5% of the total volume of financing in the Egyptian banking sector.

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