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Islamic banks likely to inject EGP 9bn in Egypt in Q2 – EIFA chairman

Islamic banks likely to inject EGP 9bn in Egypt in Q2 – EIFA chairman
Total Islamic funding are forecast to reach EGP 235 billion at the end of June

By: Islam Fadl

Cairo – Mubasher: Islamic funding injected by banks are expected to increase by EGP 9 billion during the second quarter of 2019, head of the Egyptian Islamic Finance Association (EIFA), Mohamed El-Beltagy, told Mubasher on Wednesday.

Total Islamic funding is forecast to reach EGP 235 billion in the three-month period ended 30 June, compared to EGP 226 billion in the year-ago period, El-Beltagy added.

At the end of June 2018, Islamic funding reached EGP 190 billion, he revealed.

In Q1-19, total sharia-compliant loans grew by 22% year-on-year to EGP 226 billion from EGP 185 billion.

A total of 14 banks are providing Islamic banking products in Egypt, including three full-fledged Islamic banks; namely, Faisal Islamic Bank of Egypt (FAIT), Al Baraka Bank – Egypt, and Abu Dhabi Islamic Bank – Egypt.

There are 231 Islamic banking branches serving about 3 million customers in Egypt.

 

Translated by: Zeinab Adel