Islamic or “participative banking”, as it is known in Morocco, has developed only very recently, in comparison with other places in MENA. It was only in 2017, when the Central Bank of Morocco (Bank Al-Maghrib) granted the first licenses for five banks to start operating with participative financial products in the country and the establishment of three Islamic windows (branches of conventional banks offering Sharia-compliant banking services). Since then, further regulations have been implemented and it is expected that the operation of Takaful services (Sharia-compliant insurance services) will be finally allowed soon, which will contribute to the consolidation of the industry.

Sharia-compliant banking makes up about 5,4% of the Egyptian banking market, with a growth rate of 12.2% compared to March 2020 (Egyptian Islamic Finance Association (EIFA), report 2021). Among 38 banks operating in Egypt, a total of 14 banks are providing Islamic banking products in Egypt, including 3 full-fledged Islamic banks: Faisal Islamic Bank of Egypt (30,6% of Islamic banking industry), Abu Dhabi Islamic Bank (21%), and Al Baraka Bank (19%), in addition to Banque Misr´s Islamic Banking segment (22%), and other 10 Islamic units from conventional banks. There are 248 Islamic banking branches (5,5% of banking branches) serving about 3 million customers in Egypt (Daily News Egypt, 22/05/21).  

The Egyptian government is making new progress to develop its financial sector and increase financial inclusion in the country (56.2% out of adult population-CBE, Eleqtisade News, 26/04/22). Beyond the banking system, Sukuk law was introduced by the financial regulatory authority “FRA” in the amended Capital Market Law no. 17 of 2018, including a reorganization of the issuance and trading of all sukuk forms. The country offers ample investment opportunities that can attract the Islamic placement opportunities for financing development whether Infrastructure projects, Corporate & SMEs finance or consumer levels. The current growing Egyptian economic development needs and population’s values offer promising prospects for Islamic finance.  

In this context, the roundtable, organized by the SCIEF-Casa Árabe Observatory of Islamic Finance in Spain, will explore the potential of Islamic finance to contribute to financial development in Egypt, in SME and corporate finance, and in the capital market. Diverse industry experts and players, financial experts and bankers will share their views and opinions on Islamic Banking and Finance industry development in Egypt.

With the participation of Rania Abdelfattah, Mostafa El Eskandarany, Nourhan El Sharkawy, Mohamed Shousha, and Abdallah Kenawy, moderated by Fatiha Talahite (CNRS & Paris Nanterre University), with a first reaction by Mehmet Asutay (Durham University) (tbc).

Part of the discussion series IF @NA: current developments and prospects in times of [digital] change, dedicated to analysing the state and evolution of Islamic Finance in the North of Africa.

BIOS*

Rania Abdelfattah 

She holds a PhD in Finance by the German University in Cairo (GUC), an MBA in Financial Management by the Arab Academy for Banking and Financial Sciences and a BA degree from the Faculty of Commerce at Ain Shams University, Egypt.

Mostafa El Eskandarany  
Mostafa El Eskandarany is a Financial Service Professional with nearly 11 years of experience who worked with several international financial organizations such as Ernst&Young and the Islamic Development Bank Group. He also served as a director in several companies across the Middle East. His focus is on Impact Investing working with Development Financial Institutions (DFI´s) achieving SDG´s and ESG (Environment, Social, Governance) objectives across the OIC (Organization of the Islamic Cooperation).  

El Eskandarany holds a Master of Science in Finance and Investment from Durham University and a Bachelor of Accounting from the American University in Cairo. He also passed all four exams of the CPA and is currently a CFA Level III candidate. At present, he is Lead Principal at the Islamic Corporation for the Development of the Private Sector (ICD), institution member of the Islamic Development Bank Group (IsDB). 

Nourhan El Sharkawy  
Nourhan El Sharkawy is experienced in the corporate credit analysis, economic research, and econometrics modeling. Her focus of expertise is currently on Islamic corporate banking by offering facilities using different Islamic finance contracts. She holds a MA in International Economics from Paris Dauphine University and a MA in Banking and Finance from Limoges University. Currently she is Deputy Manager at First Abu Dhabi Bank.

Mohamed Shousha
Mohamed Shousha is a banking and finance professional bringing 14+ years of progressive experience in corporate and Islamic banking with leading banks, along with a track record in business development, portfolio management and value creation with clients. His banking expertise ranges from corporate finance and syndicated loans, to Sukuk, Islamic product development, liquidity management and structured finance, across various client profiles ranging from large corporations, SMEs and governmental related entities. He holds MBA in Financial Management and Certified Islamic Professional Accountant. Currently he is the Group Head of Islamic Corporate at First Abu Dhabi Bank.

Abdallah Kenawy

Program in English (enlace PDF)