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Islamic banking represents 5% of local banking business, deposits up 18% YoY

Sharia-compliant financing was recorded at EGP 466.4 billion in September 2023, 26.5% more than in September 2022, equivalent to 4.1% of the total financing portfolio in the Egyptian banking sector

Fitch revises ratings of 4 banks in Egypt, upgrades outlooks to stable

Fitch Ratings has lowered credit ratings on four Egyptian banks, citing concerns about external financing, macroeconomic stability, and government debt

Standard Chartered Bank expects operations to kick-off by end of 2023

The launch of the bank’s first Egyptian branch was originally expected to happen in September 2022, after receiving the go-ahead from the central bank in January 2022

Central Bank of Egypt lifts credit card usage limits for travelers

If credit card users are unable to prove that the credit card was used while traveling, the issuing bank will alert the Egyptian Credit Bureau (I-Score)

CBE calls on banks to tighten controls on credit card withdrawals abroad

According to a statement, the instructions were sent after the central bank was made aware of users withdrawing cash abroad despite not traveling