Islamic Banking in Egypt Reaches EGP 1.14 Trillion in 2024
Mar 04, 2025
The Islamic banking sector in Egypt has experienced significant growth in 2024 with a 68% increase, reaching EGP 1.14 trillion, which accounts for 5% of the total banking market. This represents an increase of EGP 412 billion compared to 2023.
As of now, 15 banks in Egypt are licensed by the central bank to offer Islamic banking services, four of which fully comply with Islamic principles: Faisal Islamic Bank of Egypt, Al Baraka Bank Egypt, Abu Dhabi Islamic Bank – Egypt (ADIB), and Kuwait Finance House. ADIB stands as the largest among these, with a total business volume of EGP 240 billion.
Islamic bank deposits in Egypt totaled EGP 738 billion, representing 7.3% of the total banking sector's deposits. This marks an increase of EGP 290 billion, reflecting a 65% growth rate compared to 2023. Additionally, Sharia-compliant deposits have reached EGP 807 billion, making up 6% of the total loan portfolio across all Egyptian banks. This shows a rise of EGP 314 billion and a 64% growth from the previous year.
Beyond banking, the Sharia-compliant finance sector has seen a surge in the sukuk market, including both corporate and sovereign sukuk, with total issuances reaching EGP 100 billion in 2024. This highlights the growing interest in Islamic financial instruments. Additionally, the sector has witnessed significant expansion, with seven takaful companies and two real estate financing firms operating under Islamic principles.
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