Egypt strives to rise agricultural productivity    Egypt Knauf launches its first training centre in Egypt    Gold prices in Egypt on May 17    Egypt purchases 1.75m tons of local wheat    Egypt-first to have new climate targets ahead of UN summit    Egypt uncovers official logo for COP27    Ukrainian people say goodbye to Leonid Kravchuk – first elected president    Noura Al-Mutair – first Gulf female boxer in World Championships    Egypt unveils 50 pound coin minted to mark Avenue of Sphinxes grand reopening    Canada's Robert Oliphant starts Egypt, Morocco visit today    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Hot, rainy weather hits Egypt this week    COVID-19 in Egypt: infections fall to 124 cases last week    Realme announces Global Photography Contest 2022    Egypt to play key role in integrating water, climate issues globally – World Bank official    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



4 banks acquire 90% of Islamic banking in Egyptian market
Faisal Islamic Bank of Egypt ranked first with EGP 119bn turnover in March 2021
Published in Daily News Egypt on 22 - 05 - 2021

Total of EGP 313.5bn volume of deposits, EGP 297.7bn volume of financing comply with Islamic Sharia
The Egyptian Islamic Finance Association (EIFA) has revealed that the volume of Sharia-compliant banking in the Egyptian market reached about EGP 378bn by the end of March 2021.
This ensures that this segment makes up about 5.3% of the Egyptian banking market volume, an increase of EGP 47bn, and a growth rate of 14.3% compared to March 2020.
EIFA recently issued its quarterly report on the developments in Islamic banking in the Egyptian market at the end of March 2021, compared to the end of March 2020. It was prepared using reports of banks and the Central Bank of Egypt (CBE) published in March 2020.
In its report, the association explained that the Egyptian market includes 14 banks that have a licence from the CBE to provide Islamic banking products, including three fully Islamic banks. These banks are Faisal Islamic Bank, Al Baraka – Egypt, and Abu Dhabi Islamic Bank – Egypt, in addition to 11 banks with Islamic branches besides their traditional branches.
According to EIFA, the Faisal Islamic Bank of Egypt ranks first, with a volume of EGP 119bn. It accounted for about 31.4% of the volume of the Islamic banking industry in the Egyptian market.
In second place was Banque Misr's Islamic Banking segment, with a business volume of EGP 78.7bn, or 20.8% of the market.
Meanwhile, the Abu Dhabi Islamic Bank – Egypt (ADIB) occupies third place, with a volume of EGP 76.8bn, or 20.8%. Al Baraka Bank – Egypt ranks fourth, with a turnover of EGP 76.5bn, or 20.2% of the volume of Islamic banking in the Egyptian market.
Moreover, EIFA revealed that the volume of deposits compliant with Islamic law reached about EGP 313.5bn at the end of March. This represents about 7.2% of the total volume of deposits with Egyptian banks as a whole, an increase of EGP 32.1bn, and a growth rate of 11.4%, compared to March 2020.
On the other hand, the volume of financing in Islamic formulas amounted to about EGP 297.7bn, equivalent to about 5.7% of the total loans in banks. This reflected an increase of EGP 49bn, and a growth rate of 20% compared to March 2020.
According to the association, the number of Islamic branches in Egyptian banks currently stands at 243, constituting about 5.5% of the total number of branches in the Egyptian banking market. They provide their services to about 3 million customers.
It is noteworthy that the volume of the Islamic banking industry worldwide reached about $3trn in 2021, according to a report by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). It is expected to reach about $3.2trn in 2022.
The Egyptian market has witnessed the development of many Islamic banking products that meet the various needs of customers, which amount to about 45 banking products and services. The market still needs to develop and innovate many Sharia-compliant products, whether for individuals or companies.
This also requires training and developing of human resources capable of providing these products to customers. The AAOIFI is working to provide this, in terms of professional qualifications in Islamic finance issued by the General Council of Islamic Banks and Financial Institutions (CIBAFI), and certificates issued by AAOIFI.
These developments also include programmes specialised in developing skills and increasing the knowledge of Islamic banking employees.


Clic here to read the story from its source.