Islamic banking increased to EGP 606 billion in Egypt, an increase of EGP 110 billion, with a growth rate of 22.3% from 2022, according to a report by The Egyptian Islamic Finance Association (EIFA).

Additionally, Islamic banking now comprises roughly 4% of the Egyptian banking sector’s total volume.

According to the EIFA, the number of Islamic banks branches grew to 263 by the conclusion of 2023, marking a rise of 18 branches compared to 2022.

In terms of market share, Faisal Islamic Bank of Egypt takes the lead with a business volume of EGP 177 billion, accounting for 29.2% of the total volume in Egypt's Islamic banking sector.

Following closely is Abu Dhabi Islamic Bank - Egypt, with a business volume of EGP 161 billion, marking 26.5% in terms of market share, and a 40% growth rate since 2022.

Ranking third are Banque Misr's Islamic transaction branches, with a business volume of EGP 124 billion and a 20.5% market share.

 Al Baraka Bank holds the fourth position with EGP 100.4 billion and a 16.6% share, while the United Bank occupies fifth place with a business volume of EGP 15 billion and a 2.4% share.

The EIFA also reports that deposits complying with Islamic law reached EGP 447.5 billion in 2023, constituting 5.8% of the total deposits in Egypt's banking sector. This represents an increase of EGP 57 billion and a growth rate of 14.5% compared to 2022.

Islamic Sharia-compliant financing rose to EGP 493 billion, accounting for 4.8% of the total financing volume in the Egyptian banking sector. This reflects an increase of EGP 104 billion and a growth rate of 26.8%.