ADIB-Egypt, the largest Islamic bank in Egypt by assets, deposits, and credit facilities, plans to invest EGP 1bn in technological infrastructure and digital transformation by 2025, CEO and Managing Director Mohamed Aly announced.
This investment supports the bank’s ambitious growth strategy over the next five years, aligning with Egypt’s expanding digital banking sector.
Aly cited the bank’s strong Q3 2024 financial results, reporting assets reached EGP 239.3bn, a 47.5% increase from EGP 162.3bn at the end of 2023. “This year’s financial performance across our various products and services reflects strong and comprehensive growth,” he remarked.
This growth includes a 36% increase in the retail banking portfolio, rising from EGP 18.3bn in 2023 to EGP 24.9bn in Q3 2024. “We place great importance on the growth of the retail portfolio and are working on ambitious strategic plans to achieve this goal,” Aly added, noting plans to expand products and services to meet diverse customer needs.
ADIB-Egypt’s digital expansion includes launching several e-banking services, with plans to expand electronic branches and online banking offerings.
The bank has also applied for a digital banking licence from the Central Bank of Egypt (CBE), focusing on innovative services and products, including digital financing options and certificate of deposit purchases accessible via smartphones. Simultaneously, the bank is committed to maintaining its traditional banking presence, continuing to grow its branch and ATM networks.
The bank’s commitment to financial inclusion is highlighted by tailored services for people with disabilities. “All our branches are equipped to meet their needs, providing priority services, smooth access, trained staff, and simplified, non-touch banking solutions,” Aly said.
ADIB-Egypt also continues to support small and medium-sized enterprises (SMEs), with its SME portfolio growing from EGP 1.1bn in 2018 to over EGP 10bn in 2022, now accounting for 25.3% of the total credit portfolio and serving approximately 3,360 SME clients. The bank recently signed a $50m Sharia-compliant Murabaha financing agreement with the International Finance Corporation (IFC).
Aly emphasised the importance of microfinance in driving Egypt’s economic growth, explaining that the launch of “ADIB-Egypt Microfinance – Arzak” is a key component of the bank’s strategy to integrate a larger segment of society into the formal financial system.
Corporate social responsibility is also a key pillar of ADIB-Egypt’s strategy, Aly explained. The bank established the “ADIB-Egypt Charitable Foundation” in 2020 to focus on charitable initiatives and support programs serving various segments of society, especially in health, education, women and youth empowerment, and support for underprivileged groups.
The bank actively supports the foundation through direct initiatives and partnerships with governmental and non-governmental organizations, ensuring collaboration with trusted entities with clear plans and projects.
