Bank Governor

Faisal Islamic Bank of Egypt achieved leaps and unprecedented performance during the year 2021, overcoming the pressures that cast a shadow over the Corona pandemic and the emergence of new variants of the virus that led to negative economic and social challenges that affected the Egyptian and international economy alike. In view of the insightful vision of the leadership of the Central Bank of Egypt in leading such crises, the Central Bank succeeded in strengthening the Egyptian economy and bringing it to safety through many effective measures and initiatives that led to providing a fertile environment for the work of banks to continue the growth of their business and support the Egyptian economy in these circumstances. This was confirmed by Abdul Hamid Abu Musa, Governor of Faisal Islamic Bank of Egypt. He added that our activation of a homogeneous work environment, our professional management of the crisis, and the precautionary policies that we put in place all contributed to the continued advancement of various business sectors, and helped the bank during the year 2021 to maintain its upward growth, seize a number of opportunities, and develop its automated systems to provide the best and latest banking services to its customers in accordance with Islamic law. And stresses his leadership of the Islamic banking industry in the country. He explained that the total assets of the bank rose (according to preliminary figures) to the equivalent of 130.9 billion pounds at the end of the year, achieving an annual increase of 16 billion pounds, or 13.9% compared to last year, to exceed the target for the year 2021 as a whole, reaching 104% of what is required to be achieved. Musharaka, Murabaha, and Mudaraba balances with customers at the bank amounted to about 11.9 billion pounds, achieving an annual increase of 1.9 billion pounds, or 19%, exceeding the target for the year by 119%. As for the balances of savings vessels and certificates, their total amounted to the equivalent of 109.6 billion pounds, achieving an annual increase of 12.6 billion pounds, or 13%. The balances of this item represent about 83.6% of the total liabilities and property rights, and are distributed over more than one million and eight hundred thousand accounts that the bank manages for the benefit of its customers. Abdel Hamid Abu Musa said that the results of our bank’s business during the first nine months of 2021 resulted in achieving total revenues amounting to 8.060 billion pounds, an increase of 1.163 billion pounds, at a rate of 16.9% over the same period of the previous fiscal year. The balances of returns distributed to holders of savings vessels and certificates amounted to about 3.980 billion pounds, compared to 3.760 billion, and the bank’s financial indicators showed during the nine months that it recorded profits after taxes of about 1683 million pounds, an increase from what it was in the same period of 2020, amounting to 360 million pounds, or 27.2 percent. %, and the bank achieved a return on assets of 1.33% and a return on equity of 10.66% by the end of September 2021. The Governor of Faisal Islamic Bank noted the bank's keenness to adhere to the supervisory instructions established by the Central Bank of Egypt. With regard to the issued and paid-up capital of the bank, the department succeeded in increasing it to about 5.7 billion pounds, making it one of the first banks to meet and even exceed the limit set by the Central Bank. The Egyptian five billion pounds. As for the capital adequacy standard, it reached about 32.7% at the end of September 2021, compared to a regulatory minimum of 12.5%. As for the non-risk-based standard, “financial leverage”, it came at about 11.7%, compared to 3% as a minimum limit. With regard to the file of financial inclusion, the bank has set priorities to achieve financial inclusion, reach customers and serve them by various means, especially in light of the Corona crisis, as it continued to implement its plan towards geographical expansion by opening the Mokattam and Al-Rehab branches during the current year and the use of distinguished banking competencies to work in these branches to ensure the provision of banking services to our customers. With the highest rates of quality and efficiency, its network of branches reaches 38 branches covering most of the governorates of the Republic. The bank aims to open four new branches to be added to its network of branches, in the cities of Sheikh Zayed, the administrative capital, Shebin El-Kom and Beni Suef, according to Abu Musa. He explained that the bank owns an advanced system of 520 automated teller machines equipped with the best technological technologies and provides withdrawal, deposit and cash transfer services, as well as its keenness to actively participate in the initiatives issued by the Central Bank of Egypt in this regard, the latest of which was the International Day for People of Determination during the month of December. . Abu Musa added that Faisal Bank has developed a package of products and services that are specially designed for them to facilitate their access to banking services that suit their needs. The bank works to provide talking ATMs equipped with many technologies. The Governor of Faisal Islamic Bank added that the bank succeeded in exploiting the Corona pandemic in developing its technological infrastructure, which contributed to increasing the number of customers subscribing to digital services and the volume of transactions with those services. The number of customers subscribing to the internet banking service increased by 25.1% to reach 98.6 thousand customers compared to the end of 2020, and the volume of transactions that took place through it increased by about 2.2 times, to exceed 5.2 billion pounds. As for the mobile banking service, the number of subscribers to this service increased by 197.1% to reach 42.7 thousand customers, and the volume of transactions that took place through it increased by about 3.3 times, to exceed 9.1 billion pounds. The number of subscribers to the “Faisal Cash” wallet application increased by 104.8%, and the volume of transactions that took place through this application increased by 6.3 times, to exceed 198.5 million pounds. These rates prove the success of the bank's plan to motivate its customers to use digital channels to meet their various banking needs, especially in light of the bank's recent launch of a number of electronic products and services, the latest of which was the national Meeza cards and contactless payment cards (Visa - Meeza). In addition to the “direct cash deposit” service at all ATMs in the branches, it also allowed customers to pay donations, zakat and alms via the internet and mobile banking services. The bank plans to launch services and a product