3 Islamic Banks driving digitisation in North Africa

By Delisha Fernandes

Islamic Finance is often called Sharia-compliant finance, highlighting the main difference between conventional and Islamic Finance. While both types of Finance must obey the country’s laws in which they are offered, Sharia-compliant Finance is also designed to be compatible with the laws of Islam.

According to Statista, in 2021, the total assets of global Islamic banking amounted to about $2.8 trillion. The total value of global Islamic banking assets was projected to continue to increase. This is likely driven by the steadily rising public demand for Islamic products and the expected improvement in the operating environment.

Here are 3 Islamic banks driving digitisation in North Africa:

• Faisal Islamic Bank of Egypt

Faisal Islamic Bank of Egypt is an Egyptian Sharia-compliant and commercial bank. It was incorporated under law no. 48 of the year 1977 and its amendments to perform all banking, financial, commercial, and investment activities and establish and participate in industrial, economic development and urbanisation projects inside and outside Egypt. Faisal Islamic Bank has recently partnered with Intellect Global Consumer Banking’s CBX Platform to enhance the digital banking experience for customers.

• Jordan Islamic Bank 

Jordan Islamic Bank was established in 1978 as a public shareholding limited company to carry out all kinds of banking, financing, and investment business operations in compliance with the Islamic Sharia’ and in accordance with the provisions of Jordan Islamic Bank’s Special Law. The Sharia-compliant Bank recently introduced phone banking (IVR), a digital service to enhance digital electronic channels for its customers.

• National Bank of Kuwait

NBK Egypt provides a comprehensive array of financial solutions, including working capital finance, capital equipment finance, trade finance, cash management, project finance, and treasury products. At NBK Egypt, The bank provides Sharia-compliant banking solutions through two dedicated Islamic branches and conventional banking solutions to different size enterprises ranging from small to super large enterprises across various industries. National Bank of Kuwait (NBK) recently launched Weyay, a digital bank in Kuwait.