Islamic banks ADIB Egypt, Faisal, and alBaraka banks continued to strengthen their financial positions and exp

Analysis

Islamic Banks' Asset Portfolio Jumps to EGP 383.7 Bn by March-2023end

6/5/2023 10:05:00 AM

Islamic banks (ADIB Egypt, Faisal, and alBaraka banks) continued to strengthen their financial positions and expand their operations significantly, reflected in the notable growth of their assets. By the end of March 2023, their asset portfolio reached EGP 383.69 bn, compared to EGP 354.38 bn at the end of 2022, achieving a growth rate of 8.27% and an increase of EGP 29.31 bn.

Faisal Islamic Bank was the fastest-growing Islamic bank during the first quarter of 2023 and also had the largest asset portfolio. Its asset size reached EGP 166.06 bn by the end of last March, compared to EGP 151.64 bn at the end of 2022, achieving a growth rate of 9.51% and an increase of EGP 14.42 bn.

ADIB's asset portfolio increased by 7.63% to reach a value of EGP 124.3 bn by the end of March 2023, compared to EGP 115.52 bn at the end of 2022, with an increase of EGP 8.82 bn.

alBaraka's total assets rose by 6.97% to reach a value of EGP 93.3 bn by the end of March 2023, compared to EGP 87.2 bn at the end of 2022, with an increase of EGP 6.076 bn.