IslamicFinance.de

The Faisal Islamic Bank of Egypt has reported a 9.3% increase in its volume of business to EGP 112.751bn in August 2020, compared to EGP 103.149bn in August 2019. The bank’s total assets reached EGP 109.713bn in August 2020, which reflects a 13% growth compared to the EGP 97.124bn reported in August 2019. Faisal Islamic Bank aims to open five new branches over the course of the current year, bringing its total network of branches to 41. It aims to further expand its branch network to 46 by the end of 2021. The bank also plans to offer a number of new services, including “Meeza” debit and pre-paid cards, and new bill e-payment service “Fawri”.

#Egypt-based Faisal Islamic Bank's portfolio of mortgage finances pursuant to the central bank's initiative has reached around two million Egyptian pounds ($112,598). Faisal Bank is applying the Islamic financing structure Murabaha in providing mortgage finances as pursuant to the central bank's initiative. Through the new initiative, the central bank would lend Egypt's working banks 20 billion pounds for 20 years to be lent to people of low-income and average-income at 7 and 8% interest in order to buy housing units in new urban communities.

Faisal Islamic Bank of Egypt's volume of business has increased by 7.4 percent to register EGP 56.141 billion (US$7 billion) at the end of January 2016. The indicators also revealed that the bank's volume of business hit EGP 52.259 billion at the end of January 2016. Furthermore, the total assets of the bank increased by 7.6% from EGP 51.756 billion in January 2015 to EGP 55.701 billion in January 2016. In addition, the bank's current accounts and saving pools rose 7.5% to record 49.494 billion, compared to 46.048 billion in the same period of the previous year. However, the Liquid assets gained 6.6% to LE 3.081 billion, up from LE 2.889 billion in the same period a year earlier. Meanwhile, the bank accounts inched up 3.5% to 1.157 million, up from 1.117 million a year earlier.

Faisal Islamic Bank of Egypt is currently negotiating with four real estate investment firms to take part in the central bank's social housing initiative, Product Manager-Mortgage Unit Mahmoud Idris said. Idris stated that the bank is to sign a protocol with one of those companies this week. He refused to reveal the names of the four firms before finishing the agreements. In 2014, Egypt's Central Bank (CBE) launched a new initiative worth 10 billion Egyptian pounds (US$1.4 billion) to stimulate the mortgage sector.

The volume of Faisal Islamic Bank of Egypt’s (FAIT) business increased to LE52.8 bln at the end of April 2015, compared to LE47.9 bln in the same period last year, the bank announced. The increase marks a rise of 10.3% in comparison to last year. Additionally, the total assets of the bank increased by 9.8%, from LE47.4 bln in March 2014 to LE52 bln in April 2015. Meanwhile the bank’s net profits reached LE196.97 m in the first quarter of 2015, compared to EGP 172.3m during the same period in 2014. The bank’s capital is worth LE66.8bln, divided into 13.36 m shares at LE5 per share.

L’installation au Maroc de la Faisal Islamic Bank appartenant au prince saoudien Mohammed Al Faisal Al Saoud n’est qu’une question de temps. En effet, la banque islamique n’attend que l’approbation du projet de loi sur la finance islamique qui devrait entrer en vigueur début 2014. Ce dernier ainsi que le ministre du Budget, Driss El Azami, se sont entretenus pour la deuxième fois avec les responsables de la banque sur le futur partenariat.

A consortium of four banks namely, National Bank of Egypt, Banque Misr, Arab African International Bank, and Banque du Caire arranged, underwrote and syndicated a facility for the Egyptian Nitrogen Products Company (ENPC). Faisal Islamic Bank was among the co-arrangers.