Islamic banks' deposits in US dollars jumped by 64.55% in 2022

Islamic banks' deposit portfolio, (Abu Dhabi Islamic Bank, Faisal and alBaraka banks), in US dollars witnessed a remarkable growth during 2022, as it jumped by 64.55%, to reach EGP70.84 bn at the end of last year, compared to EGP 43.05 bn at the end of 2021, an increase of EGP27.79 bn.

Abu Dhabi Islamic Bank was the fastest growing in US dollar deposits, as its portfolio jumped 87.21%, to reach EGP14.76 bn at the end of 2022, compared to EGP 7.88 bn at the end of 2021, an increase of EGP6.88 bn.

alBaraka Bank’s deposit portfolio in US dollars rose to EGP 14.67 bn by the end of 2022, compared to EGP8.71 bn by the end of 2021, achieving a growth rate of 68.42%, and an increase of EGP5.96 bn.

saving pools portfolio and savings certificates in US dollars at Faisal Islamic Bank also increased by 56.53%, to reach EGP41.42 bn by the end of 2022, compared to EGP26.46 bn by the end of 2021, an increase of EGP14.96 bn.

This increase is Due to the significant increase in foreign exchange rates in the Egyptian market, which led to an increase in the equivalent values ​​of deposits in foreign currency, due to issuance of financial statements in EGP.