Islamic Banks’ assets portfolio jump by 17.5%, recording EGP 416.4 bn by Sep- 2023 End

Islamic banks (Abu Dhabi Islamic Bank, alBarak, and Faisal Islamic Bank) were able to strengthen their financial position, as evidenced by high growth rates, achieved during the first 9M of this year, with their combined asset portfolio rising by 17.5%, with an increase of EGP 62 bn, registering EGP 416.4 bn by the end of Q3- 2023, compared to 354.4 bn by the end of 2022.

Abu Dhabi Islamic Bank was the fastest growing Islamic bank in the first 9M of 2023, with its asset portfolio rising by 27.3%, reaching EGP 147 bn by the end of September, compared to EGP 115.5 bn by the end of 2022, with an increase of EGP 31.5 bn.

Meanwhile, Faisal Islamic Bank was the largest in terms of the size of the Islamic Bank asset portfolio, with a portfolio of about EGP 171 bn by the end of September 2023, compared to EGP 151.6 bn by the end of 2022, growing by 12.7%, and with an increase of EGP 19.3 bn.

AlBaraka Bank asset portfolio rose by 13% to EGP 98.4 bn from January to September 2023, compared to 87.2 bn by the end of 2022, with an increase of EGP 11.2 bn.