Latest news with #FaisalIslamicBankofEgypt
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.
Zawya
14-04-2025
- Business
- Zawya
Egypt: Faisal Islamic Bank sees 87.1% YoY lower standalone profits in Q1 2025
Arab Finance: Faisal Islamic Bank of Egypt logged standalone net profits after tax worth EGP 772.744 million in the first quarter (Q1) of 2025, an annual plunge of 87.1% from EGP 6 billion, as per the financial results. Basic earnings per share (EPS) dropped by 88.5% year-on-year (YoY) to EGP 1.124 in Q1-25 from EGP 9.772. The revenues shrank by 35.9% to EGP 6.527 billion in the first three months of 2025 from EGP 10.175 billion during the same period in 2024. In 2024, the standalone net profits after tax interest hiked by 189.37% YoY to EGP 11.739 billion from EGP 4.056 billion. © 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.
