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in the Egyptian market, including sukuk, surged to EGP 1.080trn in September 2024, reflecting a remarkable growth rate of 67.5% compared to September 2023. 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property="name" class="post post-post current-item">Islamic banking in Egyptian market increases to EGP 1.080trn in September 2024</span><meta property="url" content="https://www.dailynewsegypt.com/2024/11/23/islamic-banking-in-egyptian-market-increases-to-egp-1-080trn-in-september-2024/"><meta property="position" content="5"></span></div> </aside> <div class="s-cats ecat-bg-1 ecat-size-big"><div class="p-categories"><a class="p-category category-id-34197" href="https://www.dailynewsegypt.com/category/business/banking-a-finance/" rel="category">Banking</a></div></div> <h1 class="s-title fw-headline">Islamic banking in Egyptian market increases to EGP 1.080trn in September 2024</h1> <div class="single-meta meta-s-default yes-0"> <div class="smeta-in"> <a class="meta-el meta-avatar" href="https://www.dailynewsegypt.com/author/hossam-mounir/"><img alt='Hossam Mounir' src='https://secure.gravatar.com/avatar/1c93f3856f7d50781a5ae7c1072a97e5?s=120&d=mm&r=g' 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data-gravity=w ><i class="rbi rbi-print" aria-hidden="true"></i></a> <a class="share-action native-share-trigger more-icon" aria-label="More" href="#" data-link="https://www.dailynewsegypt.com/2024/11/23/islamic-banking-in-egyptian-market-increases-to-egp-1-080trn-in-september-2024/" data-ptitle="Islamic banking in Egyptian market increases to EGP 1.080trn in September 2024" data-title="More" data-gravity=w rel="nofollow"><i class="rbi rbi-more" aria-hidden="true"></i></a> </div> </div> </div> <div class="e-ct-outer"> <div class="entry-content rbct clearfix"><p>The Egyptian Islamic Finance Association (EIFA) reported that the volume of Islamic banking in the Egyptian market, including sukuk, surged to EGP 1.080trn in September 2024, reflecting a remarkable growth rate of 67.5% compared to September 2023.</p> <p>This substantial growth is attributed to the transformation of Al-Ahli United Bank into an Islamic bank following its acquisition by Kuwait Finance House.</p> <p><strong>Islamic Banking Landscape in Egypt</strong></p> <p>The Egyptian banking sector comprises 15 banks licensed by the Central Bank of Egypt (CBE) to offer Islamic products. Among these, four are fully Islamic banks: Abu Dhabi Islamic Bank, Faisal Islamic Bank, Al Baraka Bank, and Kuwait Finance House (formerly Al-Ahli United). Additionally, 11 conventional banks operate Islamic branches alongside their traditional banking services.</p> <p>The number of Islamic branches in the market reached 311 as of September 2024, marking an increase of 51 branches compared to the same period in 2023. This expansion was driven largely by the integration of the Kuwait Finance House branch network. These branches collectively serve around four million customers, supplemented by the operations of Nasser Social Bank.</p> <p><strong>Market Leaders in Islamic Banking</strong></p> <p>Abu Dhabi Islamic Bank – Egypt ranked first among Islamic banks in the Egyptian market, achieving a business volume of EGP 238bn and capturing a 24.5% share of total Islamic banking activity. Faisal Islamic Bank of Egypt followed in second place with a business volume of EGP 226bn, accounting for 23.2% of the market.</p> <p>The Islamic branches of Banque Misr secured third place, with a business volume of EGP 190bn and a 19% market share. Al Baraka Bank ranked fourth with EGP 125bn, holding a 12.9% share, while United Bank placed fifth with a business volume of EGP 17bn and a 2% market share.</p> <p><strong>Deposits and Financing Growth</strong></p> <p>EIFA highlighted a significant rise in Sharia-compliant deposits, which reached EGP 716bn by the end of September 2024. This represents 7.8% of the total deposits in the Egyptian banking sector and reflects an increase of EGP 285bn, achieving a growth rate of 66% compared to September 2023.</p> <p>Similarly, the volume of Islamic financing grew to EGP 719bn, equivalent to 6% of the total loans in the Egyptian banking market. This figure represents an increase of EGP 252bn, with a growth rate of 54.2%.</p> <p> </p> </div> <div class="entry-bottom"> <div id="custom_html-2" class="widget_text widget entry-widget clearfix widget_custom_html"><div class="textwidget custom-html-widget"><p><a href="https://whatsapp.com/channel/0029VaDVKK2BvvslZgooFG0o" style="color: blue; text-decoration: underline;">To follow Daily News Egypt on WhatsApp press here </a></p> <p><a href="https://t.me/Dailynewssegypt " style="color: Red; text-decoration: underline;">To follow Daily News Egypt on Telegram press here </a></p></div></div><div id="text-3" class="widget entry-widget clearfix widget_text"> <div class="textwidget"> <div class="related-sec related-5"> <div class="inner"> <div class="block-h heading-layout-1"><div class="heading-inner"><h3 class="heading-title none-toc"><span>You Might Also Like</span></h3></div></div> <div class="block-inner"> <div class="p-wrap p-list-inline" data-pid="262029"> <h4 class="entry-title 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