The Bank's authorized capital is USD one billion, and USD (440.2) million as an issued and fully paid-up capital. Valuation of capital is made in Egyptian pound based on historical cost in pursuance of CBE's instructions. On 15th September 1982, The Bank's shares are listed in Cairo and Alexandria stock markets, and the last coupon of 2018 has been released for USD 8% per share (EGP 1.4331) at a rate of (6%) of the nominal value of the share. This is in addition to approval for distribution of bonus shares to shareholders by (3%) of what is owned by each shareholder, deducting from retained profits at a cost of EGP 200 million after taking all necessary legal procedures. On 11/09/2006, the Bank has distributed a bonus share for each two original shares. On 18/09/2006, the nominal value of share (USD 100) was split into (20) shares with an amount of USD (5) or its EGP equivalent for each share. On 30/07/2008, the Bank's board of directors approved USD 100 million capital increase fully subscribed by the Bank's oldest shareholders. As a result, the Bank's capital amounted to USD (300) million. The number of issues was five issues and the number of listed shares was 59357700 shares. During 2015, the share was split into five shares, so the nominal value of the share is "one US dollar" or its equivalent in Egyptian pound. The share split was done after all necessary steps and procedures were taken and completed. Total number of issued and traded shares was (297) million Shares, so the share has been traded on the Egyptian Exchange according to the new situation as of 4/1/2016. The Bank's issued and paid-up capital has increased by (20%) during 2016 through retained earnings and distribution of bonus shares to shareholders with a value of USD (59.3) million, bringing its issued and paid-up capital to USD (356.1) million, divided into (356.1) million shares with a nominal value of one US dollar or the equivalent in Egyptian pound. The share trading has already begun as it is on the Egyptian Exchange as of 3/11/2016. In this regard, on 2 November 2017, The Bank's issued and paid-up capital increased by through retained earnings and distribution of bonus shares to shareholders with 10684386 million shares, bringing its issued and paid-up capital to USD (366.8).
The Central Bank of Egypt has licensed Faisal Islamic Bank of Egypt as a private commercial bank dealing in local and foreign currencies. Consequently, Faisal Islamic Bank has joined the association of Egyptian banks since it is one of the banks operating in the country. The bank's operations and departments are under full supervision carried out by the following authorities:
The Central Bank of Egypt (CBE)
The Bank is under the supervision of the Central Bank of Egypt (CBE) and abides by all the rules, regulations and decisions governing the banking activity inside the country which is further governed by the law of banks and credit number (159) for the year 1981 and its amendments.
The CBE's supervision includes periodical comprehensive inspection of the records and registers and to ensure validity of assets and operations, adequate provisions and capital adequacy. Furthermore, CBE sets rules and principles of operations and transaction limits concerning certain kinds of activities or customers that the Bank has to abide by. Moreover, CBE endorses the nominations of the board members and senior Management members.
The supervision of the Central Bank of Egypt also involves monitoring of data and information that it periodically demands covering all aspects of the Bank's activity and the results of its activities in order to verify the implementation of policies, rules and decisions issued and to follow up the bank's contribution to the implementation of the national plans and goals.
The Religious Supervisory Board
The Board gives the legal opinion concerning the bank's transactions, dealings and various activities and shows whether they are in line with the Islamic Sharia principles or not.
The Board reviews all dealings and activities of the bank in order to verify two things: First that the bank's activities and dealings which have been previously submitted to the Board have been carried out in accordance with the rules of Sharia. Second, that the activities and dealings carried out by the Bank without being referred to the Board, comply with the rules of Sharia.
Members of the Religious Supervisory Board
Dr. Nasr Farid Mohammed Wassel
Dr. Ali Gomaa Mohammed Abdulwahab
Dr. Hamdi Sobh Taha Dawood
Dr. Abdelhady mohamed abdelhady
The Bank has two financial auditors appointed by the General Assembly to carry out their responsibilities till the next meeting of the General Assembly. The Auditors have to monitor the bank's activities during the financial year for which they have been appointed. If the position of any of them becomes vacant at any time during that year, the Board of Directors shall immediately appoint a substitute. The Auditors have the right to inspect all the Bank's registers, documents and records at any time. Moreover, they have the right to demand the data and explanations that they think are necessary for the accomplishment of their job. The Auditors also have to verify assets and liabilities of the bank. The current Auditors of the Bank are:
Mr. Salah eldien mosad elmsery ----- KPMG.
Mr. Mohamed Mortada Abdelhamid ---- BDO.