Islamic banks' assets rise to EGP 438.1 bn by the end of 2023

Islamic banks (Abu Dhabi Islamic Bank, alBaraka and Faisal Islamic Bank) were able to strengthen their financial position, as evidenced by their high growth rates over the past year. Their combined asset portfolio rose to EGP 438.1 bn by the end of 2023, compared to EGP 354.4 bn by the end of 2022, with growth of 23.6% and an increase of EGP 83.7 bn.

Abu Dhabi Islamic Bank – Egypt was the fastest growing Islamic bank in the past year, increasing its portfolio to EGP 160.6 bn by the end of 2023, compared to EGP 115.5 bn by the end of 2022, with a growth rate of 39.1% and an increase over EGP 45 bn.

Faisal Islamic Bank of Egypt was the largest in terms of portfolio size, with a portfolio of about EGP 177 bn by the end of last year, after being EGP 151.6 bn by the end of 2022, with a rise of about 16.7% and an increase of EGP 25.3 bn.

Al Baraka Bank's asset portfolio rose by 15.2% over the past year, reaching EGP 100.4 bn by the end of 2023, compared to EGP 87.2 bn by the end of 2022, with an estimated increase of EGP 13.2 bn.