Fawry for Banking Technology and Electronic Payments announced that its subsidiary, Fawry Microfinance, has received an Islamic financing license from the Financial Regulatory Authority (FRA). This license allows the company to offer Sharia-compliant financing solutions, addressing the increasing demand for Islamic financial services in Egypt.
According to the company’s disclosure to the stock exchange, this step will enhance Fawry’s expansion into the Islamic finance market, providing innovative financial solutions tailored to individuals and small and medium enterprises (SMEs) seeking Sharia-compliant funding options.
Fawry recorded a net profit of EGP 1.74 billion in 2024, compared to EGP 815.96 million in 2023, reflecting a strong growth trajectory.
The company’s revenues surged to EGP 5.51 billion in 2024, up from EGP 3.27 billion in the previous year. This significant increase highlights Fawry’s rapid expansion in the digital payments and financial services sector, capitalizing on the growing adoption of electronic transactions in Egypt.
