Islamic Bank deposits grow by 11% during the first 9M- 2023

Islamic banks (Abu Dhabi Islamic Bank, alBarak, and Faisal Islamic Bank) were able to achieve a significant growth rates in their customer deposit portfolio combined by 10.86% during the first 9M of this year, registering EGP 327.8 bn by the end of September 2023, compared to EGP 295.7 bn by the end of 2022, with an increase of EGP 32.10 bn.

Abu Dhabi Islamic Bank was the fastest growing among Islamic banks during the first 9M of this year, jumping its customer deposit portfolio by 18.02%, registering EGP 115.2 bn by the end of last September, compared to EGP 97.61 bn by the end of 2022, with an increase of EGP 17.59 bn.

Faisal Islamic Bank accounted for the largest portfolio of customer deposits, reaching EGP130.3 bn by the end of Q3- 2023, compared to EGP 123.63 bn by the end of 2022, with an increase of 5.4% and an increase of EGP6.65 bn

AlBaraka Bank has also been able to increase its customer deposit portfolio by EGP 7.9 bn, growing by 10.6%, moving its total portfolio from EGP 74.42 bn by the end of December 2022, reaching EGP 82.29 bn by the end of September 2023.