Egypt banks’ Islamic deposits hit EGP274 bln in 9M, ADIB fastest growing

The Islamic deposits of banks in Egypt reached 274.5 billion Egyptian pounds increasing by 19.27% or 16.6 billion pounds during the third quarter of 2022 compared to 257 billion pounds by the end of 2021.

The Egyptian Islamic banking includes Abu Dhabi Islamic Bank, Faisal Islamic Bank and Al Baraka Egypt.

Abu Dhabi Islamic Bank is the fastest growing Islamic bank during the first 9 months 2022 as its deposits portfolio jumped by 13.19% to record 85.803 billion pounds at the end of last September, compared to 75.803 billion pounds at the end of 2021, achieving an increase of 100.00 billion pounds.

However, Faisal Islamic Bank’s deposits increased to 116.177 billion pounds during Q3, compared to 109.560 billion pounds at the end of 2021, achieving a growth rate of 6.04%, and an increase of 6.617 billion pounds.

Al Baraka Islamic Bank’s deposits portfolio increased by 0.04% to record 72.596 billion pounds at the end of September 2022, compared to 72.569 billion pounds at the end of 2021, achieving an increase of 27 million pounds.