By: Islam Fadl

Cairo – Mubasher: Islamic banking sector in Egypt grew 15.8% year-on-year to EGP 301 billion in the first quarter of 2019.

The total value of loans granted in compliance with Sharia reached EGP 226 billion in Q1-19 versus EGP 185 billion in Q1-17, head of the Egyptian Islamic Finance Association (EIFA), Mohamed El-Beltagy, told Mubasher.

Customers deposits at Islamic banks grew to EGP 255 billion from January to the end of March 2018, the top official added.

A number of 14 banks are providing Islamic banking products in Egypt, including 3 fully Islamic banks, Faisal Islamic Bank of Egypt (FAIT), Al Baraka Bank – Egypt, Abu Dhabi Islamic Bank – Egypt.

Translated by: Muhammad Abdul-Wakeel