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Egypt's biggest Islamic bank plans to invest more than $1 billion in technology and digital transformation . ADIB-Egypt CEO Mohamed Aly says the investment will support the bank's "ambitious expansion strategy over the next five years" The bank, which has 23 branches in Egypt, has seen its assets rise 47.5% over the past five years to 239.3 billion Egyptian pounds .Summarized by AI Model:google/pegasus-multi_news
– One of Egypt's largest Islamic banks plans to invest more than $1 billion in technology and digital transformation over the next five years in an effort to become the country's "biggest Islamic bank in terms of assets, deposits, and loan facilities," per a press release. ADIB-Egypt CEO Mohamed Aly says the investment will support the bank's "ambitious expansion strategy over the next five years." "All of our branches are prepared to meet their needs by offering priority services, easy access, skilled personnel, and straightforward non-touch banking solutions," he adds, per the International Business Times. The bank, which has 23 branches in Egypt, has seen its assets rise 47.5% over the past five years to 239.3 billion Egyptian pounds, or about $10.7 billion, per the press release. "The financial performance of our different products and services this year shows robust and all-encompassing growth," says Aly. The bank, which has applied for a digital banking license from Egypt's Central Bank, plans to expand its online banking and electronic branch capabilities, as well as offer smartphone-accessible certificate of deposit purchases and digital financing alternatives, per the press release.By 2025, ADIB-Egypt, Egypt’s biggest Islamic bank in terms of assets, deposits, and loan facilities, intends to invest EGP 1 billion on digital transformation and technology infrastructure, according to CEO and Managing Director Mohamed Aly. In line with Egypt’s growing digital banking industry, this investment supports the bank’s ambitious expansion strategy over the next five years.
Aly mentioned the bank’s impressive Q3 2024 financial performance, stating that its reported assets increased by 47.5% to EGP 239.3 billion from EGP 162.3 billion at the end of 2023. “The financial performance of our different products and services this year shows robust and all-encompassing growth,” he said.
The retail banking portfolio increased by 36% during this period, from EGP 18.3 billion in 2023 to EGP 24.9 billion in Q3 2024. Aly continued, “We are working on ambitious strategic plans to achieve this goal and place great importance on the growth of the retail portfolio.” The plans include expanding products and services to fulfil a variety of client needs. As part of its digital expansion, ADIB-Egypt has launched a number of e-banking services and expects to increase its online banking and electronic branch capabilities.
Additionally, the bank has requested for a digital banking licence from the Central Bank of Egypt (CBE), emphasising cutting-edge services and goods such smartphone-accessible certificate of deposit purchases and digital financing alternatives. At the same time, the bank is dedicated to preserving its traditional banking presence by expanding its network of branches and automated teller machines. Specialised services for individuals with disabilities demonstrate the bank’s dedication to financial inclusion. According to Aly, “all of our branches are prepared to meet their needs by offering priority services, easy access, skilled personnel, and straightforward, non-touch banking solutions.”
Additionally, ADIB-Egypt is still helping small and medium-sized businesses (SMEs). In 2022, its SME portfolio grew from EGP 1.1 billion in 2018 to over EGP 10 billion, making up 25.3% of the overall credit portfolio and providing services to about 3,360 SME clients. The International Finance Corporation (IFC) and the bank recently inked a $50 million Sharia-compliant Murabaha financing deal. Aly underlined how crucial microfinance is to Egypt’s economic development, stating that the introduction of “ADIB-Egypt Microfinance – Arzak” is a crucial part of the bank’s plan to bring a wider range of people into the official financial system.
Aly underlined that another important component of ADIB-Egypt’s strategy is corporate social responsibility. In 2020, the bank created the “ADIB-Egypt Charitable Foundation” to concentrate on philanthropic endeavours and support programs that benefit several facets of society, particularly in the areas of health, education, women’s and youth empowerment, and assistance for marginalised communities. Through direct initiatives and collaborations with governmental and non-governmental organisations, the bank actively supports the foundation, guaranteeing cooperation with reliable organisations that have well-defined aims and projects.
