Incorporation & History
Faisal Islamic Bank of Egypt (FIBE) is the first Egyptian Islamic and commercial bank. The Bank has officially started its operations on 5th July 1979. but in fact, the beginning was more than five years befor that date, when the Bank's founders met and agreed to establish a bank in Egypt operating in accordance with the Islamic Sharia to serve as a model for Islamic banking all over the world. His Royal Highness Prince Mohammed Al-Faisal Aal-Saoud* - Chairman of the Board of Directors - presented the idea front of a number of Egyptian figures and officials. The idea was widely welcomed and accepted by the general public and Government officials. The Bank was incorporated under Law no. 48 of 1977 which was then endorsed by the Egyption Parliament and the Bank was licensed as an economic and social institution taking the form of an Egyptian Joint-Stock Company operating in compliance with Islamic Sharia principles. The Articles of incorporation was amended under law no. 142 of 1981 and was amended for the second time under law No. 97 of 1996. There was a high demand for the Bank's shares exceeded by five times its subscription shares, resulting in successive increases in the Bank's capital to reached $ one billion as an authorized capital against $ 506.2 million as an issued and fully paid-up capital at the end of 2019. The number of accounts reached more than 1.7 million accounts managed by the bank for his customer. Total assets of the Bank reached to the equivalent of EGP 107.8 billion at the end of 2020. * Nowadays, His Royal Highness Prince Amr Mohammed Al-Faisal Aal-Saoud is the Chairman of the Board of Directors as a successor to the late His Royal Highness Prince Mohammed Al-Faisal Aal Saoud.the bank provides all retail and corporate banking services and investment activities in the Arab Republic of Egypt and abroad,through 38 branches and its head office located at 3, 26th July st.,Cairo.