Faisal Islamic Bank of Egypt
From Wikipedia, the free encyclopedia
 | |
| Company type | Joint-stock company |
|---|---|
| Industry | Banking |
| Founded | July 5, 1979 |
| Headquarters | , |
| Products | Islamic banking |
| Website | www |
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).
