In terms of the issuance of the state’s first sovereign sukuk bonds, El-Baltagy expects Egypt to launch it by the end of Q2 of this year
The volume of Islamic banking in Egypt in March 2022 has climbed to EGP 434 billion, recording a growth rate of 14.6% compared to March 2021 with an increase of EGP 55.2 billion, revealed the Egyptian Association for Islamic Finance earlier today.
This constitutes around 5% of the Egyptian banking market.
The volume of financing through Islamic formulas jumped by 15% in March 2022, compared to the same month in 2021, reaching EGP 343.4 billion at an increase of EGP 44.7 billion, and constitutes around 5.3% of total financing within the Egyptian banking market.
In a statement, president of the association Mohamed El-Beltagy, noted that Egypt’s Islamic banking market includes 14 banks which have received a license from the Central Bank of Egypt (CBE) to provide Islamic banking products.
According to El-Beltagy, there are currently 3 Islamic banks within Egypt - Faisal Islamic Bank of Egypt, Al-Baraka Bank Egypt, and Abu Dhabi Islamic Bank in Egypt – alongside 11 banks that have dedicated Islamic banking branches.
In a recently released report, Al-Beltagy explained that Faisal Islamic Bank of Egypt came in first place in the Islamic banking market in Egypt with a turnover of EGP 137 billion, constituting a 31.7% share of the Islamic banking industry in Egypt.
It was followed by the Abu Dhabi Islamic Bank in Egypt with a turnover of EGP 93.9 billion and a share of 21.7%, trailed by Banque Misr’s Islamic transactions with a turnover of EGP 89 billion and a share of 20.6%, while Al-Baraka Bank came in fourth with a turnover of EGP 82.2 billion and a share of 19%.
Islamic deposits rose in March by 13.4% to reach EGP 355.4 billion, taking around 6.8% of the total volume of deposits in the Egyptian banking market as a whole.
In terms of the issuance of the state’s first sovereign sukuk bonds, El-Baltagy expects Egypt to launch it by the end of Q2 of this year.