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Friday, 13 July 2007

Profile 020 - Faisal Islamic Bank of Egypt

Faisal Islamic Bank of Egypt is the first Egyptian Islamic Commercial Bank and is one of the most important Egyptian banks. The bank has officially started operations on 5/7/1979, however, the real beginning was before that date by more than five years, when the founders met and agreed to establishing a bank in Egypt operating in accordance with the Islamic Shari’ah to serve as a model for Islamic banks all over the world. His Royal Highness Prince Muhammad Al-Faisal Al-Saud -Chairman of the board of directors - submitted the idea before a number of Egyptian personalities and officials. The idea was widely welcomed on the popular as well as the official level. The Bank was incorporated under Law No. 48 of 1977 which was endorsed by the parliament in the aforementioned year and licensed the incorporation of the bank as an economic and social institution taking the form of an Egyptian joint-stock company operating in compliance with the rules of the Islamic Shari'ah. The Articles of incorporation were amended under law no. (42) of 1981 and were amended for the second time under law (97) of 1996.There was a heavy demand for the bank's stocks at the time of subscription in the Bank's capital. This demand exceeded by five times the stocks offered for subscription. This prompted successive increases in the Bank's capital till it reached 500 million dollars as an authorized capital against 132 million dollars as an issued and fully paid up capital. The equity share of Egyptian nationals stands at 44% of the capital, whilst the equity of the foreign partners - which include individuals and Islamic institutions from all over the world - is 56%. The Bank now administers over half a million investment accounts, and its total assets amount to more than 2 billion U.S dollars.

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