Faysal Bank

Faysal Bank Limited is a Pakistani Islamic bank, a subsidiary of KSA Holdings ultimate parent of bank is KSA Holdings and Ithmaar Bank,[5] based in Karachi, Pakistan.[6] It is named after Mohammed bin Faisal Al Saud.

Faysal Bank Limited
TypePublic
PSX: FABL
IndustryIslamic banking[1]
Founded3 October 1994 (1994-10-03)
HeadquartersKarachi, Pakistan
Key people
Amr Bin Faisal
Chief Executive & President[2]
ProductsIslamic banking, loans, consumer banking, business banking, priority banking, credit cards, debit cards, savings
RevenueIncrease Rs. 34.75 billion (US$120 million)[3] (2021)
Increase Rs. 8.35 billion (US$29 million)[3] (2021)
Total assetsIncrease Rs. 869.968 billion (US$3.0 billion)[3] (2021)
Number of employees
7,093[4] (2021)
ParentKSA Holdings
Websitewww.faysalbank.com/en/islamic/

History

Faysal Bank started in Pakistan in October 1987 with a tiny branch and as a subsidiary of Faysal Islamic Bank, a Bahraini bank owned by Mohammed bin Faisal Al Saud, the son of the late King Faisal of Saudi Arabia.[7]

It was incorporated in Pakistan on 3 October 1994 as a public limited company under the Companies Ordinance, 1984. ABN AMRO Bank Pakistan, a predecessor to Faysal Bank, acquired Prime Commercial Bank consisting of 69 branches and spanning 24 cities in 2007 for US$227 million to expand its loan and deposit base.[8]

In June 2010, Royal Bank of Scotland sold its Pakistan operations to Faysal Bank for £34 million.[9]

In 2014 it announced to convert itself into a full-fledged Islamic Bank in three to five years.[10] It finally converted to a full-fledged Islamic bank by December 2022.[1]

Products and Services

Credit cards

Mastercard

References
  1. "Faysal Bank branches now 100% Islamic; awarded Islamic Banking license". 2022-12-30.
  2. "Senior Management - Faysal Bank".
  3. "Archived copy" (PDF). Retrieved 2022-03-20.
  4. Annual report 2021 Faysal Bank
  5. "A Bank in Pakistan is Splurging on 200 New Branches". Bloomberg. 1 May 2019. Retrieved 6 August 2020.
  6. "About Faysal Bank". Archived from the original on 2011-10-11. Retrieved 2011-09-24.
  7. Report, Monitoring (April 16, 2018). "Gulf investors seek exit opportunity from Pakistan's banking industry".
  8. "Banks' appetite for acquisitions". DAWN.COM. May 3, 2010.
  9. "RBS sells its operations in Pakistan". BBC. 16 June 2010. Retrieved 6 August 2020.
  10. "Pakistan's Faysal Bank to convert into Islamic bank". Reuters. 2014-03-25. Retrieved 2020-07-09.


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