The social services of the bank are represented by the Zakat (alms giving) Fund which is considered one of the main bodies of Faisal Islamic Bank of Egypt and is one of its characteristics as being the first Islamic bank in Egypt that operates in compliance with the rules of Islamic Sharia which include the payment of the prescribed Zakat on the Bank’s capital.
The fund has an independent personality; financially, managerially, and also as regards its budget. Article 3 of law No. 48 of 1977 regarding incorporation of the bank stipulates that all transactions and activities of the Bank shall be subject to the rules and regulations of the Islamic Sharia, especially as regards the prohibition of dealing in usury (Riba) and the payment of the prescribed Zakat.The Zakat paid by the Bank shall be deemed production costs. The Grand Sheikh of Al-Azhar and the Minister of Religious Endowments (Awqaf) shall verify that the Bank allocates the sums of Zakat and spends them as legally prescribed.
Article 4 of the decree No. 77 of 1977 of the Minister of Religious Endowments (Awqaf) regarding issuing the statutes of the bank stipulates the following The bank may accept gifts and donations from individuals and institutions with the purpose of spending them in the field of social service and aid. Such gifts and donations should be accepted under the board of directors' resolution.
Regarding resources, those responsible for the fund exert their utmost effort to develop such resources. The fund receives Zakat by deducting the due Zakat from the realized profits on depositors' accounts subject to the client’s approval. This resource has been growing steadily and occasionally the amount of client’s Zakat money exceeded the bank’s own contribution to the fund.
On the other hand, many individuals who are not clients of the bank have – after appreciating the services of the Zakat fund – deposited their Zakat money in the fund in order to be spent in Zakat legitimate channels.
Concerning Expenditure, the fund managers are very keen to distribute available funds to the needy.