Islamic deposits in Egypt stood at EGP 738 billion by December 2024, accounting for 7.3% of total banking sector deposits.
Egypt’s Islamic banking sector achieved significant growth last year, reaching EGP 1.14 trillion in 2024, representing about 5% of the total banking market.
This marked a notable increase of EGP 412 billion compared to December 2023, reflecting a 68% growth rate, according to Mohamed El-Beltagy, Chairperson of the Egyptian Islamic Finance Association (EIFA).
Islamic deposits in Egypt stood at EGP 738 billion by December 2024, accounting for 7.3% of total banking sector deposits.
This reflected an increase of EGP 290 billion, marking a 65% growth compared to the previous year. Sharia-compliant financing reached EGP 807 billion, representing 6% of the total loan portfolio across all banks. This represented a rise of EGP 314 billion, reflecting a 64% 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.
The sector's growth was driven by both Islamic-only and conventional banks offering Islamic banking 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 EGP 258 billion, capturing 24.5% of the market and achieving a 62% growth rate compared to 2023.
Faisal Islamic Bank of Egypt followed closely in second place, recording EGP 240 billion in business volume and a 23.6% market share.
Banque Misr’s Islamic Transactions Unit ranked third, reaching EGP 195 billion and holding 19% of the market.
Al Baraka Bank Egypt secured the fourth position with EGP 128 billion in business volume and a 12.5% market share.
The United Bank rounded out the top five, reporting EGP 17 billion in Islamic business, representing 2% of the sector.
Beyond banking, the Islamic financial sector experienced expansion in the Sukuk market, with total issuances reaching EGP 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.
