The client goes to the unit for opening accounts where the employee checks the client’s identification. Passport – arms possession license, ID for officers and non-commissioned officers.

Steps for Opening Accounts for Legal Entities :
The following documents must be presented upon opening accounts for the companies mentioned hereafter :

Partnership companies or limited companies :

The Memorandum of association of the company signed by all partners.
The summary of the Memorandum of association registered at the primary court.
An Authorized copy of the commercial register .
The official bulletin in which the formation of the company has been announced.

The joint stock companies incorporated under the investment law :

 The official bulletin of the Egyptian Gazette including the decision of the Minister of Economy issued for the incorporation of the company, the company’s memorandum of association and its statutes.
 An authorized copy of the minutes of the General Assembly in which the board of directors has been elected.
 An authorized copy of the minutes of the meeting of the board of directors in which the party entitled to sign on behalf of the company has been specified.
 An authorized copy of the commercial register.
 

Joint Stock companies under law 159 for the year 1987 :

 The memorandum of association and the statutes endosed from the companies authority or the official bulletin of companies including the said documents.
 An authorized copy of the minutes of the meeting of the General Assembly in which the board of directors has been elected.
 An authorized copy of the minutes of the meeting of the board of directors in which the party entitled to sign on behalf of the company has been specified.
 An authorized copy of the commercial register.

 

Saving Certificates

§         3-years saving certificates with variable revenue :

ü     The certificate is of a three-years term that may be renewed at the end of the term.

ü     The certificate is issued with the value of 500 Egyptian Pounds or its multiples.

ü     A quarter-year revenue is calculated on the proceeds of the actual results in accordance with the rules of Shari’ah.

ü     Egyptian as well as other nationalities may buy such certificates without a maximum limit. Such certificates yield a higher return than that of the investment accounts.

§         7-years saving certificates with accumulated return (Nama’a) :

ü     The certificate is a nominal one and is subject to the rulings of Islamic Shari’ah.

ü     The certificate has a seven years term starting from the beginning of the month following the months of purchase.

ü     The certificate is issued with the value of 500 Egyptian pounds or its multiples.

ü     Purchase of certificates with no maximum limit is available to Egyptians, Arabs and Foreigners, whether individuals or institutions.

ü     Return is calculated as from the month following the month of purchase. This return is not cashed but is re-invested with the principal till the end of the term. This, of course, increase the accumulated return calculated for the certificates.

ü     The financial resources of these certificates are directed to finance long term investment projects of higher yields.

ü     Owners of these certificates may obtain (50%) of the accumulated return following the elapse of (4) years. The certificates, together with their profits may be redeemed after two years of the issuance date and prior to maturity redemplian reference tables.

ü     The owners may apply to carry out investment operations with the bank, guaranteed by the certificates subject to the terms and conditions of the bank.

ü     The owners benefit of the possibility of making Umrah at the bank’s expense in the lots conducted by the bank twice a year. They are also exempted of 50% of the fees of ATM and Visa Electron Cards. In addition to this, the certificates are exempted from all taxes fixed by the state.

Investment Funds

 §         FIBE’s Growth & Income Mutual Fund.

§         FIBE and CIB Joint Capital Growth Mutual Fund (El-Aman).

 FIBE’s Growth & Income Mutual Fund :

ü      The Fund started with an amount of L.E. (50) million divided over (500) thousand certificates with a nominal value of L.E. (100) each. Minimum purchase limit is (10) Certificates for L.E. (1000).

ü      The objective of the Fund is to realize the utmost possible development of its investments and also distributing semi-annual profits to the certificates holders. The Investment operations of the fund are subject to the strict verification and revision of the Religious Supervisory Board of the bank.

ü      Subscription in the investment certificates of the fund is available to Egyptians and foreigners with no maximum limit.

ü      The fund is managed by “EFG – HERMES”, which is one of the major firms in this field in terms of the number of clients and volume of assets under management and is considered the foremost expert company in that field.

ü      The investment certificates are available in all the bank’s branches, in addition to the offices of the Egyptian post office all over the country.

ü      These certificates may be redeemed weekly in full, before 12:00 noon on the first working day of each week through the bank’s branches at the value published weekly in the official newspapers and in the bank’s branches.

 FIBE’s and CIB Joint Capital Growth Mutual Fund (El-Aman) :

This new investment fund was established in collaboration with the commercial International Bank. The main objective of the fund is to make use of the sound progress of the capital market and the huge development of the performance indicators of the stock exchange supported by the positive development of the domestic economy, the activation of the privitization process and offering more companies for public subscription.

The fund was met with great enthusiasm since its inception on 25/9/2006 from the clients of both banks. Subscription was closed on 15/10/2006 with subscribed certificates amounting to L.E. (234) million, against a target figure of L.E. (100) million at is inception.

The following are the main features of the fund :

ü      Name : FIBE’s and CIB Joint Capital Growth Fund – El-Aman.

ü      Volume : L.E. (100) million at incorporation divided over one million certificates with nominal value L.E. (100).

ü      Objective : To realize the utmost possible development of its investments without being exposed to high risks to safeguard the fund’s assets.

ü      Supervision : The fund is compliant with shari’a and is reviewed and verified by the Religious Supervisory Board of the bank.

ü      Duration and Legal Form : The Fund is of of (25) years’ term and has a legal form of an open ended Fund with accumulated return established with the approval of the Central Bank of Egypt and the capital market authority.

ü      Currency : Subscription, valuation of assets and liabilities and redemption of Fund certificates is effected in Egyptian pounds.

ü      Subscription in the Fund Certificates :

It is available to Egyptians and foreigners whether natural persons or legal persons.

Subscription is concluded by registering the number of certificates in the certificate holder book and the client is only given copy of the subscription application indicating the implementation of the purchase transaction at published price. Minimum subscription limit is (50) certificates of L.E. (5000) and with no maximum.

ü      Redemption value :

Holders of certificates can redeem their certificates in full or in part according to the redemption value calculated on basis of the investor’s share in the net value of the Fund assets at the close of the last working day of every week.

ü      Investment policy of the Fund :

The Fund adopts a conservative policy of investment, mitigating risks by sound diversification of investments in accordance with Islamic Shari’ah principles and as approved by the Religious Supervisory Board of the bank.

ü      Investment Manager :

The two banks assigned the Fund management to the “CI Assets Management”; an Egyptian joint stock company (one of the CIB companies) incorporated in 2004, and subject to law No. (95) of the year 1992.

Investment certificates can be purchased from the two banks and their branches.

Any subscriber can redeem the value of his certificates in full before 12:00 – noon of the first working day of every week according to the declared redemption value which is published once a week in the official newspapers.

Privileges and prizes for holders of current and investment accounts and of certificates :

ü      Freedom to withdraw and deposit easily at any time.

ü      Safe keeping of all the client’s correspondence at the bank upon his request which he can retrieve personally at any time.

ü      Joining the drawing of lots for winning a free trip for performing the Umrah at the bank’s expense. Faisal Islamic Bank offers the chance for 50 winners annually from amongst the holders of investment accounts and certificates (of a value not less than 5000 L.E. or an equivalent sum in foreign currencies on which six months have elapsed). The winners are determined through a drawing of lots performed twice a year using the Bank’s computer. The first one is at the anniversary of the Prophet’s Birthday and the second one is in the month of Ragab, 25 clients on each occasion.

ü      The priority is given to the holders of investment account and certificates in buying or booking housing units or durable commodities offered by the bank.

ü      Sending statements of account to clients periodically (semi annually) or upon the client’s request.

ü      Funding the purchases of the holders of investment deposits through Murabaha sale with their deposits as a guarantee. For example, buying housing units, cars, and durable commodities.