Islamic banks’ financing jumps by 27.80% during 2022.

Islamic banks' Financing portfolio, (Abu Dhabi Islamic Bank, Faisal and Al Baraka Banks), increased during 2022 by 27.80%, to record EGP 109.6 bn at the end of 2022, compared to EGP 85.76 bn at the end of 2021, an increase of EGP23.84 bn.

alBaraka Bank was the fastest growing Islamic bank in financing to customers during the past year, as its portfolio jumped by 46.15%, to reach EGP35.38 bn at the end of 2022, compared to EGP 24.21 bn at the end of 2021, an increase of EGP 11.17 bn.

While Abu Dhabi Islamic Bank was the largest in terms of growth value, as its financing to customers increased by EGP 11.95 bn, to reach EGP59.68 bn by the end of 2022, compared to EGP47.73 bn by the end of 2021, achieving a growth rate of 25.04% on annually.

Faisal Islamic Bank financing increased by 5.20%, to reach EGP14.55 bn by the end of 2022, compared to EGP13.83 bn by the end of 2021, an increase of EGP718.41 mn.

In terms of Islamic banks' market share in the loan market, it declined slightly to 2.73% of total banking sector loans at the end of 2022, compared to 2.83% at the end of 2021.

The market share of ADIB Egypt in the financing market decreased to 1.49% of the total banking sector loans by the end of 2022, compared to 1.57% by the end of 2021.

Faisal Bank lost 0.09% of its share in the loan market, as it declined to 0.36% of the total banking sector loans by the end of 2022, compared to 0.46% by the end of 2021.

While alBaraka succeeded in increasing its share in the loan market to 0.88% of the total banking sector loans by the end of 2022, compared to 0.80% by the end of 2021, and this strong performance came after an exceptional year achieved under the leadership of Hazem Hegazy, CEO and Vice Chairman of the Board of Directors of the bank.