A boom in demand for Islamic banks' deposits during H1-2024

Islamic banks (Abu Dhabi Islamic Bank, alBaraka, Faisal Islamic Bank and Ahli United Bank) were able to achieve strong growth rates in their customer deposit portfolio. The four banks' deposit portfolio jumped by 25.94% during the first half of this year, reaching EGP 544.89 bn by the end of June 2024, compared to EGP 432.65 bn by the end of 2023.

Abu Dhabi Islamic Bank was the fastest growing Islamic bank, with its customer deposit portfolio rising by 28.53% and an increase of EGP 36.27 bn during the first 6M of this year, after registering EGP 163.40 bn by the end of the first half of this year, compared to EGP 127.13 bn by the end of last year.

Faisal Islamic Bank came second in the growth of Islamic banks. Its deposits portfolio and savings certificates increased by about 26.57% in the first 6M of this year, after reaching about EGP 165.12 bn by the end of June 2024, compared to EGP 130.46 bn by the end of 2023, with an increase of EGP 34.66 bn.

alBaraka Bank was third in bank growth, with its customer deposit portfolio rising by EGP 21.06 bn and a growth rate of 24.77% during the first half of this year, reaching EGP 106.06 bn by the end of June, compared to 85.01 bn by the end of December 2023.

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.

Ahli United Bank-Egypt's deposit portfolio increased by 22.49%, registering EGP 110.31 bn by the end of June, compared to EGP 90.06 bn by the end of December 2023, with an increase of EGP 20.25 bn.