Faisal Islamic Bank of Sudan

Faisal Islamic Bank of Sudan is an Islamic bank in Sudan. The bank describes itself as having "Islamic orientation" and "Sudanese features".[2] The Indian site Siasat Daily describes it as Sudan’s "largest lender", and one that as of 2016 "favours low-risk, short-term loans and quick returns".[3]

Faisal Islamic Bank of Sudan
TypePrivate company
IndustryBanking
FoundedMay 1977 (1977-05)
Headquarters
Khartoum
,
Sudan
Number of locations
65 Branches
ProductsIslamic banking
Number of employees
1,288 [1] (2017)
Websitewww.fibsudan.com

History

According to the bank, it was founded in May 1977, by "86 Sudanese and Saudi founders as well as other nationals of some Islamic States" who "prescribed and paid up half of the authorized capital".[2] The bank is headquartered in Khartoum and lists 65 branches mostly in Khartoum, Khartoum North and Omdurman.[4] Bloomberg lists it as having 1,288 Employees.[1]

According to the Chicago Tribune, the bank was founded by Al Shamal Islamic Bank and four other parties. According to public records, 19 percent of the Faisal Islamic Bank is owned by the Dar Al-Maal Al-Islami Trust, or simply DMI Trust, also headed by Prince Faisal. The $3.5 billion DMI Trust, whose slogan is "Allah is the purveyor of success," was founded in 1981 to foster the spread of Islamic banking across the Muslim world. Its 12-member board of directors includes Haydar Mohamed Bin Laden, a half-brother of Osama bin Laden, according to a DMI spokesman.[5] Other shareholders include:[6]

The bank is partially owned by Saudi Arabia.[8]

See also

References
  1. "Company Overview of Faisal Islamic Bank (Sudan)". bloomberg.com. Retrieved 28 June 2017.
  2. "Faisal Islamic Bank (Sudan)". fibsudan.com. Retrieved 28 June 2017.
  3. "Why Islamic Banking is back in the news ?". 22 November 2016. Retrieved 28 June 2017.
  4. "Bank Branches". fibsudan.com. Retrieved 28 June 2017.
  5. John Crewdson (November 3, 2001). "Swiss Officials Freeze Bank Accounts Linked to Supporters of Terrorist Groups". Chicago Tribune. Archived from the original on 2007-09-27.
  6. Zawya profile
  7. Sam Roe, Laurie Cohen and Stephen Franklin (February 22, 2004). "How Saudi wealth fueled holy war". Chicago Tribune.
  8. Kirkpatrick, David D. (December 28, 2018). "On the Front Line of the Saudi War in Yemen: Child Soldiers From Darfur". The New York Times. Their payments were deposited directly into the Faisal Islamic Bank of Sudan, partly owned by Saudis.
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