Islamic banking penetration is low, despite Egypt's overwhelming Muslim population. Islamic banking assets amounted to EGP459 billion in September 2022, making up just over 4% of the country's banking assets, according to the chair of Egyptian Islamic Finance Association (EIFA) Mohamed Al-Beltagy. Three Islamic banks are in operation: Faisal Islamic Bank (Faisal), Abu Dhabi Islamic Bank - Egypt (ADIB); and Al Baraka Bank. In addition, 11 conventional banks provide Shari'ah-compliant services through Islamic banking branches, including state-owned Banque Misr (BM,....