Latest news with #EIFA
Egypt Today
3 days ago
- Business
- Egypt Today
Egypt's Islamic Banking sector hits LE 1.079trn mark amid robust annual growth
CAIRO – June 2, 2025 — Egypt's Islamic banking industry has recorded significant progress, with the total volume of sharia-compliant financial activities climbing to LE 1.079 trillion by the end of March 2025. The Egyptian Islamic Finance Association (EIFA) reports this marks a LE 379 billion rise from the previous year—a sharp 54 percent growth. This surge is largely attributed to substantial increases in both Islamic deposits and financing. Sharia-compliant deposits climbed to LE 784 billion, reflecting a year-on-year increase of LE 273 billion. These funds now account for 7.4 percent of total deposits across the national banking system. The continued growth highlights the expanding role of Islamic finance in Egypt's broader financial landscape, with more consumers and institutions turning toward banking models that comply with Islamic law. Similarly, Islamic financing reached LE 886 billion, making up 6 percent of total loans issued nationwide. This reflects a year-on-year increase of LE 310 billion—also a 54 percent rise. Currently, 15 banks are authorized by the Central Bank of Egypt (CBE) to provide Islamic banking services. Among them, four operate as fully Islamic institutions: Abu Dhabi Islamic Bank (ADIB), Faisal Islamic Bank of Egypt, Al Baraka Bank, and Kuwait Finance House. The remaining banks offer Islamic banking services through dedicated windows alongside conventional offerings. The expansion of the sector is also evident in branch network growth. The number of Islamic banking branches across the country reached 320 by March 2025, increasing by 56 branches from the previous year. This growth was notably driven by the network expansion of Kuwait Finance House. Combined, these branches now cater to nearly 4 million customers. EIFA also highlighted that some conventional banks have integrated Islamic financial products throughout their entire branch networks. Nasser Social Bank continues to offer sharia-compliant services as part of its operations as well. In terms of market share, Abu Dhabi Islamic Bank–Egypt leads the Islamic banking landscape with a business volume of LE 282 billion, securing a 26.1 percent share. Faisal Islamic Bank of Egypt follows closely with LE 247 billion (22.9 percent). Banque Misr's Islamic windows ranked third at LE 209 billion (19.4 percent), while Al Baraka Bank and The United Bank took fourth and fifth places with LE 134 billion (12.4 percent) and LE 16 billion (1.5 percent), respectively. The report underscores the growing appetite for Islamic financial services in Egypt, supported by regulatory backing and increased public interest in sharia-compliant banking solutions.
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Islamic banking in Egypt surges to EGP 1.08trn in March 2025
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.
The Courier
13-05-2025
- Politics
- The Courier
Perth campaigners raise equality fears over Bell's Sports Centre plans
Bell's Sports Centre campaigners have demanded answers from Perth and Kinross Council's chief executive as they raise equality fears over the local authority's plans for the facility. Bill Powrie, a member of Perth and Kinross Community Sports Network (PKCSN), wrote to local authority boss Thomas Glen about the proposal to turn the North Inch complex into an unheated arena. The campaign group fear the plan could negatively impact groups most at risk of discrimination, like the elderly, women and disabled sports players. Speaking about over 50s, Bill said: 'This group needs low impact sports like badminton and table tennis that can be played into your 80s. 'Women in the main do not play football and neither do the many disabled people who used to play wheelchair sports like boccia in Bell's. 'These people will be severely affected if the plans go ahead.' The campaigners' complaint is not the first time the local authority has been accused of sacrificing sports that cater for the elderly and disabled in recent years. It was also levelled at the council and Live Active Leisure (LAL) when they made the decision to axe indoor bowls from the city entirely when they moved the gym from Bell's to Dewars Centre. A team of Perthshire international bowls players with disabilities stated the council were putting their future in the sport at risk while Age Scotland also criticised the move. That was only 12 months ago, now the council is facing the same criticism again. The latest census results on the council website states that the Perth and Kinross population is 'evidently aging', with a quarter of residents 65 or over. Last year, The Courier revealed that LAL failed to carry out any consultation in their Equality and Fairness Impact Assessment (EIFA) regarding the move from Bell's. In the section of the report set aside for outlining the findings of said consultation, LAL wrote: 'None.' Under the Equality Act 2010, a public body or organisation is required to eliminate discrimination, advance equality of opportunity, and foster good relations between equality groups. In their report, LAL was unable to find any positive outcomes for closing Bell's for those with disabilities and the single positive for the elderly was that there were good bus routes to Dewars. To further his point, Bill told the chief executive that there are already other facilities within Perth that have, or will have, artificial pitches. He said: 'There are plenty of 3G pitches coming on stream in the near future. 'St Johnstone Football Club, Jeanfield Swifts are building two, Tulloch and when Perth High School is knocked down there will be two more pitches created. 'The usages quoted for football are 20,000 but Bell's used to have 260,000 usages every year.' The future of Bell's, alongside the much-maligned PH2O Thimblerow project, is set to go before council again next month. A spokesperson for the local authority said: 'We recognise the value of sport and recreation for people's general wellbeing. 'We have met with the Perth and Kinross Community Sports Network and their proposals will be considered as part of our response to the consultation. 'Our plans for Bell's and the new PH20 facility, will, alongside our school estate, cater for sports such as badminton. 'These plans are also informed by the findings of our Leisure Assets Review, which looked at demand and usage across all our facilities in Perth and Kinross, and the available capital budget.' The Courier was told that the chief executive, Mr Glen, will reply to Bill 'in due course'.
