Islamic Banks' assets rise to EGP 687 bn during H1-2024
First Bank
Islamic Banks (Abu Dhabi Islamic Bank, alBaraka, Faisal Islamic Bank of Egypt and Ahli United Bank) were able to strengthen their financial positions during the first half of this year. The growth rates were a success. The assets portfolio of the four banks rose to EGP 686.99 bn by the end of June 2024, compared to EGP 551.26 bn by the end of December 2023.
Abu Dhabi Islamic Bank was the fastest growing Islamic bank in the first 6 months of 2024, with its portfolio rising to EGP 208.91 bn by the end of June, compared to EGP 160.65 bn by the end of December 2023, with a growth of 30.04% and an increase of EGP 48.26 bn.
alBaraka Bank's asset portfolio came in second place as the fastest growing Islamic bank at 24.04% during the first half of this year, bringing the total portfolio to EGP 124.60 bn by the end of June 2024, compared to EGP 100.45 bn by the end of 2023, with an increase of EGP 24.15 bn.
As for Faisal Islamic Bank of Egypt, the largest in terms of portfolio size, after its portfolio was worth about EGP 215.77 bn by the end of the first half of 2024, compared to 176.96 bn by the end of last year, growing by 21.65% and an increase of EGP 38.81 bn.
Ahli United Bank - Egypt joined the list of Islamic banks last May, after announcing the transfer of all its banking operations to conform to the principles of Islamic Shari 'a, after operating as a traditional bank, following the approval of the General Assembly of Kuwait Finance House to integrate with the parent group. Its asset portfolio climbed to EGP 137.72 bn by the end of June, compared to EGP 113.21 bn by the end of December 2023, growing by 21.65% and an increase of EGP 24.51 bn.
