The best Islamic bank in Egypt 2023: Banque Misr
The global turmoil of 2022 posed a severe test for Banque Misr and its more than 10 million customers. The one-two punch of Russia’s invasion of Ukraine and the foreign-currency crunch caused by surging inflation sent Egypt to the IMF.
Banque Misr’s chief executive, Mohamed El-Etreby, and his management team have taken the hits in their stride. The Islamic banking portfolio grew by 31% in 2022 year on year. Its Shariah-compliant business in micro, small and medium-sized enterprises, corporate credit and syndicated loans all grew as well.
Banque Misr’s Islamic retail banking portfolio increased by around 13.5% in 2022 year on year. The bank has grown its credit-card franchise, as well as its wide range of Murabaha products. These include financing for car purchases, durable goods, educational tuition and tourism, including Hajj and Umrah pilgrimage trips.
The bank’s Islamic branches provide insurance products in partnership with the Egyptian Tukaful Life Insurance Company.
Banque Misr still enjoys a first-mover advantage in the online microfinance Murabaha space in coordination with the nation’s Shariah supervisory authority.