AUB completes conversion of its Egypt operations from conventional to Islamic banking

TDT | Manama

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Ahli United Bank has successfully converted Ahli United Bank – Egypt from conventional to Islamic banking.

This milestone positions the Bank as a key provider of Sharia-compliant banking and financial solutions in the Egyptian market. In recent months, the Bank has implemented extensive changes to ensure that all its products and services adhere to Sharia requirements.

This overhaul involved revamping and restructuring services, products, and systems, as well as establishing a dedicated Sharia Supervisory Board to oversee ongoing compliance with Islamic principles.

“We are delighted to announce the full conversion of Ahli United Bank – Egypt, following our successful efforts to meet all the Islamic Banking requirements,” said Hamad Abdul Mohsen Al Marzouq, Chairman of Ahli United Bank Group .

“This achievement provides a significant opportunity to expand our operations in this promising market and increase our market share, given the strong demand for Islamic banking and financial services in Egypt.

This accomplishment also builds on our previous success in converting our operations in Bahrain and the United Kingdom to Islamic banking seamlessly and in a record time.”

This development marks an important addition to the Islamic banking sector in the Arab world. The Egyptian market is strategically important to the Group, considering its size and the strong demand for Islamic banking and financial services.

This transition highlights the Group’s commitment to offering a comprehensive range of Sharia-compliant services to its Egyptian clientele.