Islamic banks' loans rise to 127.7 bn by the end of 2023, Al Baraka is the fastest-growing Bank

Total customer loans of Islamic banks (Al Baraka, Faisal Islamic Bank and Abu Dhabi Islamic Bank) increased by 16.5% over the past year, reaching EGP 127.7 bn by the end of 2023, compared to EGP 109.6 bn by the end of 2022, with an increase of EGP 18.1 bn.

alBaraka Bank was the fastest growing Islamic bank in customer loans during 2023 as its total customer loans increased by 23.45%, registering EGP 43.6 bn by the end of December, compared to EGP 35.4 bn by the end of 2022, with an increase of over EGP 8 bn.

It is worth mentioning that Al Baraka Bank not only led Islamic banks in terms of growth speed, but also topped listed banks on the Egyptian Stock Exchange, as revealed by First Bank list of the fastest-growing listed banks in total customer loans over the past year. You can view the list in full by clicking here

Abu Dhabi Islamic Bank was the largest in terms of portfolio size since its total customer loans rose to EGP 68 bn by the end of 2023, compared to EGP 59.7 bn by the end of 2022, with a growth of 13.9% and an increase of EGP 8.3 bn.

As for the total loans of Faisal Islamic Bank, it rose from EGP 14.55 bn by the end of 2022, to EGP 16.1 bn by the end of last year, with a growth rate of 10.3%, and an increase estimated at about EGP 1.5 bn.