Faisal Islamic Bank of Egypt

#Egypt Faisal Islamic Bank gets FRA's approval for capital raise

The Egyptian Financial Regulatory Authority (FRA) approved a request from Faisal Islamic Bank of Egypt to publish the disclosure form to proceed with its capital increase procedures. The disclosure form included the board of directors’ approval to raise the company’s issued capital by $66.02 million to $506.2 million from $440.19 million. The capital increase will be carried out by issuing 66.03 million shares at a nominal value of $1 or its equivalent in the Egyptian pound per share through a 0.149-for-one bonus issue.

Faisal Islamic offers 3 proposals to activate central bank's mortgage initiative

Faisal Islamic Bank of Egypt is offering the country's central bank three proposals to activate the mortgage finance initiative for the low and medium-class incomes. Mahmoud Idris - Faisal Bank's Product Manager for Mortgage Unit - said that one of the three proposals offered by the bank to the CBE is to raise premiums of the housing unit gradually every year. The second suggestion is to elongate the funding period from 20 to 25 years. Idris stated that the third proposal is to launch a national campaign by the CBE in coordination with banks to raise citizens' awareness about the importance of the initiative and the necessary steps to participate in it.

Faisal Islamic Bank attains $49mln-profits in 2015 H1

Faisal Islamic Bank of Egypt (FAIT) has achieved profits volume of 387.1 million Egyptian pounds (US$49.4 million) within the first half of 2015 versus EGP 351.48 million in the same period of 2014 marking 10% increase. The bank's revenues has been increased to 2.15 billion Egyptian pounds in six months opposed to 1.81 billion within the first half of 2014 registering 19% increase. The volume of bank's total assets also has been boosted to EGP 53.2 billion at the end of June 2015 compared to EGP 49.05 billion at the end of 2014 with 8.5% increase. The business volume of Faisal Islamic Bank of Egypt has recorded EGP 53.2 billion. Moreover, the number of accounts managed by the bank has been increased from 1.083 million at the end of June 2014 to 1.086 million at the end of June 2015.

Faisal Islamic Bank of Egypt posts 68% jump in H1 profits

Faisal Islamic Bank of Egypt has announced its net profit for the quarter ending June 30, 2013, jumped around 68% to EGP413.2m. The Shari'ah-compliant lender reported net profits of EGP281m for the corresponding period a year earlier.

Jump in bank profits in the last six months

Egypt’s banking sector witnessed a jump in profits during the first half of the current fiscal year in comparison to the same period last year, and even in comparison to the first quarter of this year. The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), a 30.7% increase compared to the same period last year. Bankers throughout the country expect that other institutions will also soon announce increases in their profit margins for the first half of this year, due to their subscription to government debt instruments, which have brought high returns over the last six months. The stabilisation of the country is expected to allow banks to begin lending once again at higher rates, to both individuals and companies, which would help stimulate the economy, support banks and help them achieve higher profit margins.

Prize for research in Islamic economics announced

The committee of Prince Mohammad Al-Faisal Prize has officially announced new nominations for the annual prize 2012. The prize has an important role in promoting Islamic economics and should contribute to foster creativity among young researchers. The winning research work on Islamic economics will be granted a SR100,000 cash prize.

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Egypt to Issue Sukuk Rules in 2011 to Compete With Gulf: Islamic Finance

Egypt, home to the Arab world’s largest Muslim population, will issue its first Islamic debt guidelines in 2011 to catch up with the Persian Gulf and Southeast Asia and help spur sales.
Al Baraka Bank Egypt ESC, a Cairo unit of Bahrain-based Islamic lender Albaraka Banking Group, may sell dollar- denominated Islamic bonds, known as sukuk, in the second half of 2011.
Al Baraka, Faisal Islamic Bank of Egypt and National Bank for Development are the nation’s only Shariah- compliant financial institutions.

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