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 Ratings has lowered credit ratings on four Egyptian banks, citing concerns about external financing, macroeconomic stability, and government debt
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
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)
According to a statement, the instructions were sent after the central bank was made aware of users withdrawing cash abroad despite not traveling
