Latest news with #AlBarakaBankEgypt
Zawya
26-05-2025
- Business
- Zawya
Al Baraka Bank Egypt launches joint trade program with South Africa branch
Arab Finance: Al Baraka Bank Egypt has launched a foreign trade cooperation program with Al Baraka Bank South Africa to support trade activities through the group's digital trade platform, as per an emailed press release. The initiative is part of Al Baraka Banking Group's strategy to facilitate investment and trade exchange across regional markets. It aims to provide practical support for exporters and importers by improving trade finance mechanisms to meet client needs and encourage economic ties among African countries. The program follows previous efforts involving other Al Baraka branches in Türkiye, Pakistan, Jordan, and Algeria. It reflects the group's continued focus on developing its digital platforms and strengthening cooperation across its regional network. During a webinar announcing the program, the bank noted that this step contributes to broader efforts to support trade integration and serve clients and communities across different markets. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
28-04-2025
- Business
- Zawya
Al Baraka Bank Egypt partners with Delta University to advance financial inclusion and empower youth
Cairo – As part of the celebrations of Arab Day for Financial Inclusion, observed from April 1 to April 30, Al Baraka Bank Egypt has signed a Memorandum of Understanding with Delta University for Science and Technology in Dakahlia Governorate. This step reflects the Bank's commitment to supporting financial inclusion efforts and empowering youth. The partnership aims to implement a series of activities on campus, where the Bank hosted interactive activations, introducing its banking services and directly engaging with over 9,500 students. As part of this initiative, Al Baraka Bank Egypt will organize a series of awareness seminars for university students, introducing the fundamentals of financial inclusion and covering six key events throughout the year. These include financial inclusion themes such as Arab Day, Youth, Farmers, Women, Savings, and People of Determination, among other vital topics. The seminars are designed to enhance students' financial literacy and equip them with the knowledge they need to make informed financial decisions that support their economic independence and future. During the financial inclusion events, the Bank will offer a special package of exclusive services, including youth savings accounts (Start), economic activity accounts (Sana'a), and simplified accounts (Kol El Nas), all with no minimum balance requirements. Clients will also be exempt from account opening fees and debit card issuance fees for the first year. Reinforcing its commitment to youth empowerment, the initiative also includes practical training programs for outstanding students at Al Baraka Bank Egypt branches, offering them real-world experience and hands-on skills in a professional banking environment. In parallel, the bank is also driving financial awareness internally by hosting educational sessions for support staff at its headquarters. These sessions aim to combat financial illiteracy, encourage account openings, and promote exclusive benefits, including cashback programs. On this occasion, Mr. Abdelaziz Samir, Deputy CEO for Consumer Banking at Al Baraka Bank Egypt, stated: "At Al Baraka Bank Egypt, we believe that fostering financial literacy and empowering individuals, especially youth, is key to unlocking emerging economic opportunities in our society. Our partnership with Delta University marks a pivotal step towards sustainable development. We view these initiatives not merely as celebratory events but as true platforms to help youth engage with the financial system, build essential banking skills, and actively participate in Egypt's economic future. We reaffirm our deep commitment to expanding financial inclusion and supporting every initiative that empowers the next generation.' This collaboration falls within Al Baraka Bank Egypt's broader strategy to increase youth integration into the financial system, reinforcing its position as a socially responsible financial institution that places sustainable and inclusive youth development at the heart of its priorities. The recent launch of a dedicated youth account by the Bank further supports this vision, offering flexible and innovative banking solutions to help young individuals embark on their financial journeys with ease.
Zawya
04-03-2025
- Business
- Zawya
Al Baraka Capital to launch 3 funds in H2 2025
Egypt - Al Baraka Capital, a subsidiary of Al Baraka Bank Egypt, plans to launch three new funds during the second half (H2) of 2025, the company's Managing Director Sarah Hosni told Al Borsa News. The company will also launch two funds with EGP 50 million in each capital, Hosni noted, adding that one is a stock fund and the other is a Shariah-compliant fund. She highlighted that the stock fund would invest in companies listed on the EGX33 Shariah index, which was launched by the Egyptian Exchange (EGX) last year. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
CairoScene
04-03-2025
- Business
- CairoScene
Islamic Banking in Egypt Reaches EGP 1.14 Trillion in 2024
This represents an increase of EGP 412 billion compared to 2023. 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.
Egypt Today
03-03-2025
- Business
- Egypt Today
Egypt's Islamic Banking Sector grows 68% in 2024, accounting for 5% of market
Cairo – March 3, 2025: In 2024, Egypt's Islamic banking sector saw substantial growth, reaching LE 1.14 trillion, which accounts for approximately 5 percent of the total banking market. This represents a significant increase of LE 412 billion from December 2023, reflecting an impressive 68 percent growth, as reported by Mohamed El-Beltagy, Chairperson of the Egyptian Islamic Finance Association (EIFA). Islamic deposits in Egypt stood at LE 738 billion by December 2024, accounting for 7.3 percent of total banking sector deposits. This reflected an increase of LE 290 billion, marking a 65 percent growth compared to the previous year. Sharia-compliant financing reached LE 807 billion, representing 6 percent of the total loan portfolio across all banks. This represented a rise of LE 314 billion, reflecting a 64 percent growth rate over 2023. The Egyptian market saw the continued development of Islamic banking products, with more than 65 Sharia-compliant financial instruments available, including savings plans, financing structures, and investment products. Despite this growth, El-Beltagy emphasized the need for further innovation in Islamic financial solutions across individual, corporate, public sector, and SME banking, as well as in non-banking financial services. By 2024, 15 banks in Egypt had been licensed by the Central Bank of Egypt (CBE) to provide Sharia-compliant banking services. Four of these banks operated exclusively on Islamic finance principles, including Faisal Islamic Bank of Egypt, Al Baraka Bank Egypt, Abu Dhabi Islamic Bank – Egypt (ADIB), and Kuwait Finance House, which had recently acquired Ahli United Bank. Additionally, 11 conventional banks offered Islamic banking services through dedicated branches. The number of Islamic banking branches in Egypt expanded to 311 last year, an increase of 51 branches from the previous year. These branches served nearly 4 million customers, with some conventional banks with Islamic finance licenses offering Sharia-compliant services across their entire branch networks. Nasser Social Bank, a government-owned entity, continued to offer a variety of Islamic financial products in accordance with Sharia law. ADIB maintained its position as the market leader in Egypt's Islamic banking sector, with a total business volume of LE 258 billion, capturing 24.5 percent of the market and achieving a 62 percent growth rate compared to 2023. Faisal Islamic Bank of Egypt followed closely in second place, recording LE 240 billion in business volume and a 23.6 percent market share. Banque Misr's Islamic Transactions Unit ranked third, reaching LE 195 billion and holding 19 percent of the market. Al Baraka Bank Egypt secured the fourth position with LE 128 billion in business volume and a 12.5 percent market share. The United Bank rounded out the top five, reporting LE 17 billion in Islamic business, representing 2 percent of the sector. Beyond banking, the Islamic financial sector experienced expansion in the Sukuk market, with total issuances reaching LE 100 billion in 2024. This included both sovereign and corporate Sukuk, reflecting increased investor interest in Sharia-compliant financial instruments. The industry also saw growth in related sectors, with 17 Islamic investment funds, seven Takaful (Islamic insurance) companies, and two real estate financing firms operating under Sharia principles. Additionally, microfinance and consumer finance companies increasingly incorporated Islamic financial products into their offerings.
