Faisal Islamic Bank of Egypt SAE is a "shariah-compliant" financial institution based in Egypt and headquartered in Cairo, with a market capitalization of $402 million as of September 2016.[1][2] It is a joint-stock company and was incorporated in 1977 but started operating in 1979.[1] Bloomberg News reports it provides "various" commercial "banking products and services in Egypt and internationally", such as "current and investment accounts, and joint accounts; saving certificates; and mutual funds".[3]
According to the bank, it was "the first Egyptian Islamic and Commercial bank".[1] Another source describes it as "part of the banking empire" established by Saudi Prince Mohammed al-Faisal and associated with Saudi Arabia's conservative political and religious influence in Egypt.[4]
Among the bank's first activities was providing animator/musician Richard Williams with funding for his passion project The Thief and the Cobbler (1978–79).
See also
- List of banks in Egypt
- Islamic banking and finance
References
- Faisal Islamic Bank Of Egypt S.A.E. emis.com, retrieved 16 September 2016^
- Faisal Islamic Bank of Egypt SAE (FAITA.CA) reuters.com, retrieved 16 September 2016^
- Company Overview of Faisal Islamic Bank of Egypt (S.A.E.) bloomberg.com, September 16, 2016, retrieved 16 September 2016^
- Context of '1976: Faisal Islamic Bank of Egypt Founded, Funds Political Growth of Islamist Movement' History Commons, retrieved 16 September 2016^