Islamic Banks’ assets rose to EGP 519.8 bn during Q1-2024
First Bank
Islamic banks (Abu Dhabi Islamic Bank, alBaraka and Faisal Islamic Bank of Egypt) were able to strengthen their financial positions during Q1 of this year. The growth rates achieved were the best proof. The assets portfolio of the three banks rose to EGP 519.80 bn by the end of March 2024, compared to EGP 438.06 bn by the end of December 2023.
Faisal Islamic Bank of Egypt was the fastest growing Islamic bank, the largest in terms of portfolio size in Q1 of 2024, with its portfolio rising to EGP 217.18 bn by the end of March 2024, compared to EGP 176.96 bn by the end of December 2023, with a growth rate of 22.73%, and an increase of more than EGP 40 bn.
Abu Dhabi Islamic Bank’s Assets Portfolio rose by EGP 28.9 bn and grew by 18.02% during the first 3M of this year after its portfolio recorded about EGP 189.59 bn by the end of March, compared to EGP 160.65 bn by the end of 2023.
In terms of its assets portfolio, alBaraka Bank grew by 12.52% in Q1 of this year, bringing the total portfolio to EGP 113.02 bn by the end of March 2024, compared to EGP 100.45 bn by the end of 2023, with an increase of EGP 12.58 bn.
