Friday, November 25, 2022

Quantity of Islamic banking in Egypt estimated at EGP 459bn by finish of September 2022

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Mohamed Al-Beltagy — Chairperson of the Egyptian Islamic Finance Affiliation for Islamic Finance — mentioned that the quantity of Islamic banking in Egypt recorded about EGP 459bn by the tip of September 2022 — a rise of EGP 52bn and a progress fee of 12.8% over September 2021.

Islamic banking accounts for about 5% of complete banking within the Egyptian market.

Al-Beltagy added in a report issued by the affiliation that Faisal Islamic Financial institution of Egypt got here in first place in Egypt’s Islamic banking market with a turnover of EGP 141.7bn, accounting for about 30.9% of the whole quantity of banking.

He identified that Abu Dhabi Islamic Financial institution – Egypt got here in second place with a turnover of EGP 104.8bn and a share of twenty-two.9%. In the meantime, Banque Misr’s Islamic branches got here in third place with a turnover of EGP 95.4bn and a share of 20.8%. Lastly, Al-Baraka Financial institution – Egypt got here in fourth with a turnover of EGP 84.9bn and a share of 18.5%.

The Egyptian banking market has 14 banks which have a license from the Central Financial institution of Egypt (CBE) to supply Islamic banking merchandise. They embody absolutely Islamic banks — akin to Faisal Islamic Financial institution of Egypt, Al-Baraka Financial institution Egypt, and Abu Dhabi Islamic Financial institution – Egypt — along with 11 banks which have Islamic branches along with the normal branches.

Al-Beltagy added that the quantity of deposits that adjust to Islamic regulation in banks amounted to about EGP 364.2bn by the tip of September 2022 — a rise of EGP 29bn and a progress fee of 8.7% — mentioning that these deposits are equal to about 6.1% of the whole quantity of deposits within the Egyptian banking sector.

Moreover, he mentioned that the variety of Islamic branches affiliated to banks reached 253, which is equal to five.5% of the whole variety of branches within the Egyptian banking sector, mentioning that these branches present companies to greater than 3.2 million clients.

He continued that the quantity of financing appropriate with Islamic regulation recorded about EGP 360.5bn on the finish of September 2022 — a rise of EGP 47.4bn with a progress fee of 15.1% — mentioning that this kind of financing acquired about 5% of the whole quantity of financing within the Egyptian banking sector.

Al-Beltagy added that the Egyptian market is witnessing the event of many Islamic banking merchandise that meet the wants of shoppers, that are greater than 60 banking services and products, stressing that the market continues to be in want of growing and innovating extra Sharia-compliant merchandise, whether or not for people or corporations and the small and medium enterprises sector.

Lastly, he mentioned that the Company Sukuk Regulation and its govt rules have been issued on the finish of 2018. Six sukuk have been issued till the tip of September 2022 at a price of EGP 11.3bn and three new sukuk issuances are at present being thought-about, including that it’s anticipated that the Egyptian market will witness the issuance of the primary state-owned sukuk providing earlier than the tip of this yr.

© 2022 Every day Information Egypt. Supplied by SyndiGate Media Inc. (Syndigate.information).



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