Incorporation & History

FIBE is the first Egyptian Islamic and commercial bank. The Bank has officially started its operations on 5/7/1979. However, the real beginning was before that date by more than five years, when the 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 Al-Saud* - Chairman of the board of directors - presented the idea before a number of Egyptian figures and officials. The idea was widely welcomed on the popular as well as the official level. The Bank was incorporated under Law No. 48 of 1977 which was then endorsed by the 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 the rulings of Islamic Shari'ah. The Articles of incorporation were amended under law No. 142 of 1981 and were amended for the second time under law No. 97 of 1996. There was a great demand for the bank's shares at the time of subscription in the Bank's capital. This demand exceeded by five times the shares offered for subscription, resulting in successive increases in the Bank's capital till it reached $ 500 million as an authorized capital against $ 367 million as an issued and fully paid-up capital. The Bank manages about 2 million accounts. Total assets of the Bank reached EGP 90 billion. * Nowadays, his Royal Highness Prince Amr Al-Faisal is the Chairman of the Board of Directors as a successor to the late His Royal Highness Prince Mohammed Al-Faisal Aal Saud.