Islamic Banks’ Deposits rose to EGP 394.9 bn by the end of Q1-2024

Islamic banks (Abu Dhabi Islamic Bank, alBaraka and Faisal Islamic Bank) managed to achieve good growth rates in their collective customer deposit portfolios, jumping by 15.3% during the first quarter of this year, reaching EGP 394.9 bn by the end of March 2024, compared to EGP 342.6 bn by the end of 2023, with an increase of EGP 52.3 bn.

Faisal Islamic Bank was the fastest growing Bank at the level of Islamic Banks, with its deposits and savings certificates portfolio jumping by 20.6% during the first 3M of this year, reaching EGP 157.3 bn by the end of March 2024, compared to EGP 130.5 bn by the end of 2023, with an increase of EGP 26.9 bn.

Abu Dhabi Islamic Bank's customer deposit portfolio rose to EGP 143.4 bn by the end of the first quarter of this year, compared to EGP 127.1 bn by the end of last year, with a growth of 12.83% and an increase of EGP 16.3 bn.

alBaraka Bank's customer deposits portfolio rose by 10.67% and an increase of EGP 9.07 bn during the first quarter of this year, reaching EGP 94.07 bn by the end of March 2024, compared to 85.01 bn by the end of December 2023.