Islamic banking garners 8.4% of Egypt market share: EIFA chairman

Head of the Egyptian Islamic Finance Association Mohammed Al-Beltagy. Image from en.almalnews

Cairo, (IINA) - The market share of Islamic finances in Egypt climbed 8.4 percent by the end of 2015, Zawya online news reported quoting Chairman of the Egyptian Islamic Finance Association (EIFA) Mohammed Al-Beltagy.
By late 2015, Islamic finances in Egypt recorded 114 billion Egyptian pounds ($12.8 billion), 26 percent higher from 2014 figures, Al-Beltagy told Amwal Al Ghad news.
Egypt has now Shariah-compliant operators including three full-fledged Islamic banks; Faisal Islamic Bank of Egypt, Al Baraka Bank-Egypt, and Abu Dhabi Islamic Bank (ADIB) - Egypt, in addition to 11 banks with Islamic windows, including the National Bank of Egypt.
There are around 232 Islamic branches, Al-Beltagy added, saying the number of clients of Islamic banks has reached 2.8 million.
SM/IINA

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