Al Baraka Bank Egypt Maintains Islamic Banking Leadership, Making Significant Strides in Digitalization, Sustainability, and Financial Inclusion in 2024

Al Baraka Bank Egypt serves as a leading example in the Egyptian banking sector, being one of the most prominent financial institutions in the Islamic banking sector for over 40 years. In 2024, the bank achieved several significant milestones while continuing to provide innovative Sharia-compliant banking services, while playing a crucial role in digital transformation, social responsibility, financial inclusion, and financing key real estate projects and small and medium-sized enterprises. These efforts effectively contribute to supporting the national economy and enhancing financial sustainability.
Digital Transformation
Al Baraka Bank Egypt enhances its digital banking capabilities by adopting the latest technologies to provide a seamless customer experience. As part of its extended plan until 2025, the bank has launched a comprehensive mobile banking application for both individuals and corporates, solidifying its position as a pioneer in this field while being among the first four banks in Egypt to introduce the corporate mobile app, aiming to reach 50% of digitally active customers by 2027.
Additionally, the bank has updated and developed its internet banking services and added a new user interface, with the goal of achieving a complete digital transformation.
Furthermore, the bank is diligently working to expand its ATM network by incorporating contactless transaction services and equipping them with the latest global systems. Currently, the bank boasts a network of 163 ATMs strategically located across the country, and targets to add 100 more ATMs in 2025.
And in order to bolster its digital transformation, the bank intends to broaden its digital services by introducing Chatbot and WhatsApp for Business features in the near future to provide its customers with a seamless and secure banking experience.
Expansion Plans and Branch Network
Over the past two years, Al Baraka Bank Egypt has been implementing a comprehensive restructuring plan for its branch network, aiming to enhance its geographic reach by adding new branches in uncovered and economically vibrant governorates to cater to a wider customer base.
Putting their plan into execution, the bank has recently reinforced its presence by opening new branches in El-Mokattam, Beheira, and Beni Suef and relocated some of its existing branches, such as those in Smouha and Abbas El-Akkad, to more strategic locations. In terms of branch modernization, the bank has revamped 10 branches in 2024 and aims to upgrade 9 more in 2025. Moreover, to optimize its branch network and attract new customers, Al Baraka Bank Egypt has plans to inaugurate 9 additional branches and 2 digital ones by the end of the year.
New Products and Services
In 2024, Al Baraka Bank Egypt introduced a range of new Sharia-compliant products, including a variety of credit cards such as the Titanium Credit Card and the Platinum Credit Card, offering flexible benefits and high purchasing power to customers, that cater to their needs and lifestyles.
Al Baraka Bank Egypt has also launched Easy Payment Plan “EPP” service for the first time, enabling the bank credit cardholders to pay back their purchases through POS or online in installments from any merchant inside or outside Egypt with zero profit rate, except for administrative expenses in accordance with Islamic Sharia. Al Baraka Bank has also launched a variety of debit cards that can be utilized for daily purchases, online shopping, and cash withdrawals, such as the Titanium Debit Card. Additionally, the bank has introduced the World USD Debit Card, the first foreign currency card to join Al Baraka Bank’s card portfolio.
In regard to savings products, the bank launched the “Elite” three years’ savings certificate, which allows customers to earn up to 22% annually, paid monthly with a high profit rate. Additionally, Al Baraka Bank Egypt introduced a monthly savings account with a profit rate of up to 25% annually, as well as a current account offering a competitive profit rate of up to 22% annually.
Furthermore, as the first bank to launch a dollar-denominated Sharia-Compliant insurance policy, the I-Relax USD product has been added to the Islamic Sharia-Compliant insurance products portfolio, exclusively available at Al Baraka Bank in partnership with GIG Egypt – Life Takaful.

Financial Inclusion and Sustainability
As part of its commitment to financial inclusion, the bank actively participates in community initiatives and organizes events aimed at raising financial awareness and empowering target groups, with a focus on women, youth, and persons with disabilities (PWD). Subsequently, the bank organized a series of educational seminars on the occasion of International Women’s Day in several governorates (Cairo, Giza, Beni Suef, and Minya) to raise awareness of women’s role in the economy and empower them financially.
On International Youth Day, the bank participated in the 15th edition of the Edugate Fair at the Bibliotheca Alexandrina, to showcase its financial services and financial literacy programs designed for youth. Al Baraka Bank also celebrated and honored top-performing visually impaired high school graduates, recognizing their will and achievements, coinciding with the International Day of PWD.
Moreover, Al Baraka Bank Egypt has demonstrated its commitment to sustainability by issuing its first sustainability report for 2023, with the support of the USAID’s Business Egypt program, which outlines the bank’s efforts to achieve a balance between financial growth and contributing positively to society and the environment. It highlights several key areas, including sustainable finance, responsible environmental practices, and a strong emphasis on good governance.
In line with these efforts, the bank has started to implement an Environmental and Social Management System (ESMS) that aligns with International Finance Corporation (IFC) standards. This system is designed to improve the management of sustainability-related risks by integrating them into the bank’s operations and internal policies, ultimately contributing to a sustainable and balanced performance.
Furthermore, the bank has launched a Sustainable Finance Policy, which serves as the primary framework for the bank’s sustainable practices and has been developed in line with Islamic Financial principles. The policy aims to create added value focused on achieving economic and social development while preserving the environment, reflecting the bank’s commitment to a comprehensive and innovative approach to sustainability.
The bank continues its efforts to empower marginalized communities and support small and medium-sized enterprises that contribute to sustainable development, particularly in sectors such as renewable energy, education, and healthcare.
In this context, Al Baraka Bank Egypt was proud to sponsor the fifth edition of the Arab Sustainable Development Week, one of the most important regional events focused on sustainable development issues. Through this participation, the bank contributes to raising awareness of the importance of adopting responsible practices that balance economic growth with environmental preservation.
Syndicated Financing and Investments
In 2024, Al Baraka Bank Egypt’s Structured Finance and Syndication department focused on diversifying its participation across various sectors of the Egyptian economy. The bank actively participated in Sharia-compliant primary bonds and sukuk issuances, as well as syndicated finances.
During this year, the bank played a pivotal role in 12 syndicated finance deals as either an initial lead arranger, lead arranger or underwriter with a total contribution to these deals exceeding EGP 6 billion, representing a significant portion of the overall financing. Additionally, the bank participated in 5 securitization transactions for Egyptian companies, contributing EGP 1.2 billion. This demonstrates Al Baraka Bank Egypt’s commitment to developing and offering diverse financing and investment solutions to its customer base, as the bank’s acquisition of a license from the Financial Regulatory Authority (FRA) to underwrite and cover subscriptions has enabled it to act as a coverage underwriter in numerous securitization transactions.
Among the most prominent syndicated finances are those for Giza Systems, guaranteed by Saudi Arabia’s STC, the Egyptian General Petroleum Corporation, Ora Developers’ New Cairo Zed project, Badya and Palmet projects by Palm Hills Developments, Madinet Masr’s Taj City and Sarai projects, the South Red Sea Shipyard (SRSS), Redcon Development, and the Saudi Egyptian Developers Company. Notable investment deals during the year include securitization transactions for Bedaya Mortgage Finance, Drive Finance, and Cairo for Investment And Real Estate Developments-CIRA.
Sustainable Projects and Strengthening Trade Relations
In accordance with the Egyptian Central Bank’s plan and vision to achieve the Sustainable Development Goals within Egypt’s Vision 2030, Al Baraka Bank Egypt has adopted a comprehensive approach to financing sustainable projects by establishing a specialized department dedicated to developing specific policies and procedures for sustainable financing and preparing periodic reports on these initiatives. This approach aims to enhance investment opportunities, particularly attracting investors while encouraging foreign currency inflows into the banking market.
Moreover, the bank has given special attention to all aspects of sustainable financing and has provided numerous finances and credit facilities to companies that align with its objectives, such as (Raya Information Technology, Empower New Energy for new and renewable energy, PRIME Energy Services, Al Salam Educational Technology, and the Egyptian Electricity Holding Company). It is worth mentioning that the bank’s investments in companies amounted to about EGP 500 million by the end of 2024.
Al Baraka Bank Egypt has also launched a series of seminars designed to deepen cooperation among its branches worldwide and introduce innovative banking solutions to strengthen international commercial ties. Recently, the bank has added branches in Turkey, Algeria, and Jordan to its trade finance platform, which previously included branches in Pakistan and South Africa.
Social Responsibility and Awareness
As part of its ongoing commitment to supporting the Egyptian community through key pillars such as education, women’s empowerment, and health, Al Baraka Bank Egypt continues to enhance its social responsibility efforts in collaboration with several leading institutions in the country.
In the health sector, Al Baraka Bank Egypt has announced partnerships with each of Magdi Yacoub Heart Foundation, Ahl Masr as well as Baheya Hospital to illuminate its headquarters’ building in pink during Breast Cancer Awareness Month. Additionally, the bank collaborated with the Egyptian Ministry of Health as part of the state’s initiative to eliminate Patients’ waiting lists. In a recent initiative, the bank collaborated with the Mervat Soltan Charity Foundation to launch a comprehensive medical convoy in Beheira Governorate, offering free eye examinations to approximately one thousand residents.
In the field of education, Al Baraka Bank Egypt, in collaboration with the “Man Ahyaha” non-profit organization, covered the operational expenses of a school in Sohag Governorate, benefiting 200 children in the village of Awlad Yahya for an entire year.
As for women’s empowerment, the bank cooperated with the “Ma’an Le Hayah Afdal” Foundation to establish a workshop for women in Beni Suef Governorate to provide job opportunities and a sustainable source of income for a number of women in the governorate.
And through its efforts to promote community awareness, Al Baraka Bank Egypt launched a series of educational videos on social media platforms under the title “Ask the Bank-Sharia Edition”, aimed at educating the public about the concepts of Sharia-compliant banking transactions.
Awards and Recognition
In recognition of its continuous and ongoing efforts throughout the year, Al Baraka Bank Egypt has won more than 15 awards, achieving success in various sectors such as social responsibility, supporting SMEs, digital banking services, and digital transformation. Al Baraka Bank Egypt has also been recognized in the Forbes list of the 50 most powerful companies in Egypt for the third consecutive year. Additionally, Al Baraka Bank Egypt has won two EMEA Finance Awards, further highlighting its commitment to enhancing banking services at both local and international levels.
The bank has cemented its leadership in the Arab banking market by being awarded the title of “The Bank of The Year 2024”, and honoring Mr. Hazem Hegazy, the CEO and Vice Chairman of Al Baraka Bank Egypt, as one of “The Best 100 CEOs in The Arab World of the Year 2023/2024” by the G2T Global Awards.
The bank also received the “Best Islamic Bank in Egypt for 2024” award from the World Arab Union Bankers and The Global Excellence Chronicle Magazine. In addition, it was awarded “Best Banking Experience in Egypt for 2024” and “Best CSR Bank Middle East 2024” by the International Business Magazine.
As part of its efforts towards digital transformation and providing innovative banking services, the bank has won the awards for “Fastest Growing Digital Transformation Bank – Egypt 2024” and “Fastest Growing Bank for 2024” from International Finance Magazine. The bank also won the award for “Fastest Bank to Achieve the World Card Targets in Egypt” from MasterCard, further attesting to its excellence in providing innovative digital banking solutions that meet the needs of customers.
And in recognition of its unwavering commitment to sustainable practices and initiatives that contribute to economic and social development, the bank has been awarded the “Best Sustainable Islamic Bank of 2024” by Business Tabloid magazine.
Finally, in terms of specialized banking services, the bank won the award for “Best Sharia Investment Banking Services Egypt 2024” from Global Business and Finance magazine. Additionally, it received the award for “Outstanding Support for MSME Growth” from The Global Economics, affirming its pivotal role in financing and developing this vital sector that forms the backbone of the Egyptian economy.