Islamic banking now represents 4% of the overall Egyptian banking sector, supported by 14 banks licensed by the Central Bank of Egypt to offer Islamic financial products.
The newly-launched EGX33 index, consisting of 33 selected companies from various sectors listed on the EGX, adheres to a methodology approved by the Shariah Supervisory Committee
In a statement, the AFC stated that the loan’s proceeds will contribute to the country’s economic resilience through financing purchases of petroleum products and agricultural commodities
Sharia-compliant financing was recorded at EGP 466.4 billion in September 2023, 26.5% more than in September 2022, equivalent to 4.1% of the total financing portfolio in the Egyptian banking sector
The Egyptian stock market has been developing the index for a while now, with former EGX head Rami El-Dokani telling media in August that it partnered with Standard & Poor’s (S&P) to facilitate the index’s launch between October and November
