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]

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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