Faisal Islamic Bank, Egypt, is a Sharia-compliant financial institution based in Cairo. It was incorporated in 1977 but began operating in 1979. The bank provides numerous products and services, including savings, current, credit cards, loans, and investment accounts.
Faisal Islamic Bank has been recognized as one of the strongest companies in the Egyptian market. Forbes Middle East ranked it as one of the top 50 Egyptian companies. The bank is also known for its innovative services, including its e-wallet Faisal Cash, mobile banking, and Internet banking.
With its commitment to Sharia-compliant banking, Faisal Islamic Bank has become a leader in the Islamic finance industry. Its focus on ethical and sustainable banking practices has made it popular for customers who want to bank in line with their values.
History and Background
Founding of Faisal Islamic Bank
Faisal Islamic Bank of Egypt SAE is a Shariah-compliant financial institution based in Egypt that started operating in 1979. It was incorporated in 1977 as a joint-stock company. The bank was founded by Saudi Prince Mohammed al-Faisal, who built a banking empire that included several similar banks, such as Faisal Islamic Bank (Sudan). Several of the founding members of the Faisal Islamic Bank of Egypt are leading members of the Muslim Brotherhood, including the “Blind Sheikh,” Sheikh Omar Abdul-Rahman.
Role of Al Awqaf Egyptian Authority
The Al Awqaf Egyptian Authority owns 15.3% of Faisal Islamic Bank of Egypt. The bank has a network of 36 branches and provides retail and corporate banking services and investment activities across Egypt. In March 2021, it financed more than $672 million for large and medium companies and more than $52 million for small enterprises. As of the end of 2022, the bank had over 1.9 million customer accounts and employed more than 1,700 people.
The success of the Dubai Islamic Bank, the first major Islamic commercial bank, led to the establishment of similar banks, including Faisal Islamic Bank of Egypt and Kuwait Finance House (Kuwait), founded in 1977. Faisal Islamic Bank of Egypt’s total assets increased by 11.8% to reach $7.3 billion, while profits continue to grow.
In summary, Faisal Islamic Bank of Egypt was founded in 1977 and is a Shariah-compliant financial institution based in Egypt. The bank provides retail and corporate banking services and investment activities through its 36 branches across Egypt. The Al Awqaf Egyptian Authority owns 15.3% of the bank, and several founding members are leading members of the Muslim Brotherhood.
Banking Services
Faisal Islamic Bank of Egypt offers several banking services to both retail and corporate customers. The bank’s services are designed to accommodate the requirements of its diverse customer base, which includes individuals, small and medium-sized enterprises, and large corporations.
Retail and Corporate Banking
Faisal Islamic Bank of Egypt provides customers with retail and corporate banking services. These services include deposit accounts, loans, credit cards, and other financial products. The bank offers various deposit accounts, including savings, current, and time deposit accounts. Customers can choose the account that best accommodates their requirements.
Faisal Islamic Bank of Egypt provides a range of services for corporate customers, including trade finance, project finance, and treasury services. The bank also offers various lending products, including working capital loans, term loans, and project finance loans.
Investment Services
Faisal Islamic Bank of Egypt offers investment services to its customers. These services include asset management, brokerage, and advisory services. The bank’s asset management services are designed to help customers grow their wealth over the long term. The bank’s brokerage services provide customers access to the stock market and other investment opportunities. Also, the bank’s advisory services help customers make informed investment decisions.
Faisal Islamic Bank of Egypt’s investment services are designed to meet the needs of both individual and institutional investors. The bank’s investment professionals have extensive experience in the financial markets and are committed to providing customers with the highest level of service.
In conclusion, Faisal Islamic Bank of Egypt provides its customers with numerous banking and investment services. The bank’s services are designed to accommodate the needs of both retail and corporate customers, and its investment services are designed to help customers grow their wealth over the long term.
Financial Performance
Market Value and Shareholder Information
Faisal Islamic Bank of Egypt has been performing well financially, as evidenced by its financial statements. The bank’s net operating cash flow has been consistently positive, and its earnings per share have increased.
As of July 21, 2024, Faisal Islamic Bank’s shares on the Egyptian Exchange (EGX) market value were unavailable in the provided search results. However, the bank’s financial statements show that its sales and tangible book value have steadily increased.
Faisal Islamic Bank of Egypt has diverse shareholders, including individual and institutional investors. According to the provided search results, the bank reported a net income of EGP 6,152.33 million for the first quarter of 2024 and EGP 4,429.32 million for the entire year ended December 31, 2023.
Regarding shareholder information, Faisal Islamic Bank of Egypt has not disclosed any major changes in its ownership structure in the provided search results. However, the bank’s financial statements show that its retained earnings have increased over the years, indicating that it has been reinvesting its profits into the business.
Faisal Islamic Bank of Egypt’s financial performance has been strong in recent years, with positive net operating cash flow, increasing earnings per share, and a diverse group of shareholders.
Branch Network
Faisal Islamic Bank of Egypt has a well-established branch network, with 36 branches in various parts of the country. The bank has a strong presence in Cairo, where it operates several branches that offer its customers a range of banking services.
Expansion and Presence in Cairo
Over the years, Faisal Islamic Bank of Egypt has expanded its branch network to reach more customers in Cairo. The bank has branches in different parts of the city, including Nasr City and New Cairo.
The bank has a branch in Nasr City on Ahmed Qassem Gouda Street, off Abbas El Akkad Street. This branch offers several services, including personal and business banking and investment and financing solutions.
The bank has a branch in Zizinia, located in New Cairo. This branch offers numerous services, including personal and business banking and investment and financing solutions.
Faisal Islamic Bank of Egypt’s branches in Cairo are staffed by experienced and knowledgeable professionals committed to providing excellent customer service. The bank’s branches have modern facilities and technology to ensure customers can conduct their banking transactions quickly and efficiently.
Overall, Faisal Islamic Bank of Egypt’s branch network is a key strength, enabling it to serve its customers effectively and efficiently. The bank’s presence in Cairo is particularly important, given the city’s status as a major commercial and financial center in Egypt.
Strategic Partnerships and Affiliations
Ithmaar Bank as an Associate
Faisal Islamic Bank of Egypt has partnered strategically with Ithmaar Bank, a Bahrain-based Islamic retail bank. The partnership is aimed at enhancing the bank’s position in the Islamic finance industry, as well as providing its customers with access to a wider range of products and services as an associate of Ithmaar Bank, Faisal Islamic Bank of Egypt has access to its network of branches and offices in the Middle East and North Africa region, which enables it to expand its reach and serve a larger customer base.
Collaboration with the Central Intelligence Agency
Frequently Asked Questions
How can I apply for a career at Faisal Islamic Bank in Egypt?
To apply for a career at Faisal Islamic Bank in Egypt, visit the bank’s official website and navigate to the “Careers” section. You can find a list of available job openings and submit your application online. The bank also accepts applications through email, which can be found on its website.
What is the customer support hotline number at Faisal Islamic Bank?
Faisal Islamic Bank provides 24/7 customer support through its hotline numbers. If you are calling from inside Egypt, you can dial 19851. If you are calling from outside Egypt, dial 0020221283100 to 0020221283200. The bank’s customer service team is always ready to help you with queries or concerns.
How do I log in to my Faisal Islamic Bank online account?
To log in to your Faisal Islamic Bank online account, visit the bank’s official website and click the “Online Banking” button. You will be redirected to the login page, where you can enter your username and password to access your account. If you have trouble logging in, contact the bank’s customer support team for assistance.
Where can I see the current exchange rates offered by Faisal Islamic Bank?
Faisal Islamic Bank offers competitive exchange rates for various currencies. The current exchange rates can be found on the bank’s official website or by contacting the bank’s customer support team. The exchange rates are updated regularly to reflect the latest market trends.
What is the SWIFT code for Faisal Islamic Bank in Egypt?
The SWIFT code for Faisal Islamic Bank in Egypt is FAIEEGCX. This code identifies the bank in international transactions and wire transfers. If you need to transfer funds to a Faisal Islamic Bank account, you must provide the bank’s SWIFT code, account number, and other necessary details.
How can I locate the nearest Faisal Islamic Bank branch?
To locate the nearest Faisal Islamic Bank branch, visit the bank’s official website and click the “Branch Locator” button. You will be prompted to enter your location or zip code, and the website will display a list of nearby branches. Alternatively, you can contact the bank’s customer support team for assistance in finding the nearest branch.
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