Fawry for Banking Technology and Electronic Payments announced that its subsidiary, Fawry for Small, Medium, and Micro Enterprises Financing, has obtained an Islamic finance license from the Financial Regulatory Authority.
This license enables the company to offer Sharia-compliant financing solutions, responding to the growing demand for Islamic finance in the Egyptian market.
Alexander Levchenko, CEO of Fawry for Small, Medium, and Micro Enterprises Financing, stated: “By obtaining the Islamic finance license, Fawry will provide Sharia-compliant financial products to meet the increasing demand for Islamic finance among Egyptian entrepreneurs.
This step aligns with the company’s strategy to expand financial inclusion and support small and medium enterprises with tailored and accessible financial products.”
Ashraf Sabry, CEO of Fawry, commented: “The approval from the Financial Regulatory Authority reflects Fawry’s commitment to diversifying its financial services, solidifying its position as a key player in Egypt’s rapidly evolving fintech and Islamic finance sector. This step is expected to contribute to further growth, enhance customer engagement, and increase the company’s market penetration, especially among segments that prefer Islamic banking principles in their financial transactions.”
Fawry for Banking Technology and Electronic Payments achieved profits of EGP 1.74 billion in 2024, compared to EGP 815.96 million in 2023, after accounting for minority rights.
The company’s revenues also rose to EGP 5.51 billion in 2024, compared to EGP 3.27 billion in the previous year, reflecting Fawry’s rapid growth and the expansion of its electronic payments and digital financial services.
