The Relationship Between the Bank and Customers

The bank's relationship with depositors is based on the principles of Islamic Mudarabah. In this arrangement, the bank acts as the working partner (Mudarib) and the depositors as the capital providers. Profits generated from operations are distributed according to pre-agreed ratios, while losses are borne by the capital unless the Mudarib is found negligent.

This Mudarabah can either be:

• General Mudarabah: Where the bank invests the Mudarabah capital in various investment avenues, pooling all funds into one investment pool known as the general investment account. The bank uses this account for all forms of financing and investment.

• Specific Mudarabah: Where the investment is for a specific project or sector. An example is the bank-issued Sukuk to finance the construction of the tower located in Midaan El-Galaa in Dokki.

 

The relationship between the bank and investors operates within the framework of different contracts for the use of funds, such as Islamic Mudarabah, Murabaha sale, Musharaka, Salam sale, Istisna’a, and others.

Profit Distribution to Depositors

• General Mudarabah: A quarterly balance sheet and income statement are prepared to calculate net revenue after deducting costs. The bank's share as the Mudarib (announced before the Mudarabah period begins) is deducted, and the remaining profit is distributed between the bank (from its own funds) and the depositors according to their shares in financing the activity during the Mudarabah period. In case of a loss, it is borne by the capital unless the Mudarib is found negligent, in which case the Mudarib bears the loss alone.

• Specific Mudarabah: Accounts are settled at the end of the Mudarabah period (one year, less, or more), with a balance sheet and income statement prepared for the entire Mudarabah period. Profit and loss are distributed according to the agreement made at the start of the Mudarabah period.

Customer Rights Protection

In line with the CBE's efforts to enhance the banking sector and protect customer rights, the bank has established an independent Customer Rights Protection Department under the General Administration for Compliance and Governance. This department aims to set clear rules for the bank-customer relationship, ensuring that products and services meet customers' needs and their ability to fulfill their obligations. It also provides a transparent system for handling complaints to guarantee fairness and protect customer rights, while promoting financial literacy and inclusion. Customers can submit complaints through the following channels: email at cr.protection@faisalbank.com.eg, any bank branch (complaint box), fax at 0237621650, in person at 149 El-Tahrir St., Midan El-Galaa, Dokki, Giza, 3rd floor of Faisal Islamic Bank, or by calling the Customer Call Center at 19851 (within Egypt) or +0020221283100 / +0020221233800 (outside Egypt).

Customer Care

Email: customer.care@faisalbank.com.eg