Islamic Banks' finances rise to EGP 238.3 bn by the end of H1-2024

Islamic Banks’ (Abu Dhabi Islamic Bank, Al Baraka, Faisal Islamic Bank and Ahli United Bank) total customer financing increased by 22.26% during the first half of this year, to EGP 238.28 bn by the end of June 2024, compared to EGP 194.89 bn by the end of December 2023, with an increase of EGP 43.39 bn.

Abu Dhabi Islamic Bank was the fastest growing Islamic bank in customer financing during the first 6 months of 2024, after its total customer financing jumped by 33.54%, to register EGP 90.76 bn by the end of June, compared to 67.96 bn by the end of 2023, with an increase of EGP 22.80 bn.

Al Baraka was second in the growth of Islamic banks as its total customer financing rose to EGP 49.81 bn by the end of June 2024, compared to EGP 43.73 bn by the end of 2023, with a growth of 13.90% and an increase of EGP 6.07 bn.

As for the total financing of Faisal Islamic Bank, it rose by EGP 1.16 bn, with a growth rate of 7.20% to move from EGP 16.05 bn by the end of 2023, to EGP 17.21 bn by the end of June 2024

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, having served as a traditional bank. This follows the approval of the General Assembly of the Kuwait Finance House to integrate with the parent group.

Its total customer financing portfolio rose by 19.90%, to EGP 80.51 bn by the end of June, compared to EGP 67.15 bn by the end of December 2023, with an increase of EGP 13.36 bn