Islamic banking in Egypt surges to EGP 1.08trn in March 2025

Daily News Egypt

2 days ago

The volume of Islamic banking in Egypt reached EGP 1.079trn in March 2025, marking a year-on-year increase of EGP 379bn and a robust growth rate of 54%, according to the latest report from the Egyptian Islamic Finance Association (EIFA).
Sharia-compliant deposits rose to EGP 784bn, accounting for 7.4% of total banking sector deposits. This reflects a year-on-year increase of EGP 273bn. Meanwhile, Islamic financing climbed to EGP 886bn, making up 6% of total loans issued in Egypt's banking sector, with an annual increase of EGP 310bn—also a 54% rise.
EIFA noted that 15 banks in Egypt are licensed by the Central Bank of Egypt (CBE) to offer Islamic banking services, including four fully fledged Islamic banks: Abu Dhabi Islamic Bank (ADIB), Faisal Islamic Bank of Egypt, Al Baraka Bank, and Kuwait Finance House. The remaining 11 institutions operate Islamic banking windows alongside conventional services.
The number of Islamic banking branches grew to 320 in March 2025—an increase of 56 branches year-on-year—bolstered by the expansion of Kuwait Finance House's network. These branches collectively serve nearly 4 million customers. EIFA also pointed out that some conventional banks offering Islamic products do so through their entire branch network, and Nasser Social Bank also provides sharia-compliant financial services.
Abu Dhabi Islamic Bank–Egypt retained its position as market leader, with total business volume reaching EGP 282bn, capturing 26.1% of the Islamic banking market. Faisal Islamic Bank of Egypt ranked second with EGP 247bn and a 22.9% share. Banque Misr's Islamic banking windows followed in third place at EGP 209bn (19.4%), while Al Baraka Bank held fourth position with EGP 134bn (12.4%). The United Bank came in fifth with EGP 16bn, accounting for a 1.5% market share.