Faysal Bank

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Faysal Bank Limited
TypePublic
PSXFABL
IndustryConventional Banking
Islamic banking
Founded3 October 1994; 28 years ago (1994-10-03)
HeadquartersKarachi, Pakistan
Key people
Amr Bin Faisal
Chief Executive & President[1]
ProductsIslamic banking, loans, consumer banking, business banking, priority banking, credit cards, debit cards, savings
RevenueIncrease Rs. 34.75 billion (US$150 million)[2] (2021)
Increase Rs. 8.35 billion (US$37 million)[2] (2021)
Total assetsIncrease Rs. 869.968 billion (US$3.8 billion)[2] (2021)
Number of employees
7,093[3] (2021)
ParentKSA Holdings
Websitewww.faysalbank.com/en/islamic/

Faysal Bank Limited is a Pakistani Islamic and commercial bank, a subsidiary of KSA Holdings ultimate parent of bank is KSA Holdings and Ithmaar Bank,[4] based in Karachi, Pakistan.[5] It is named after Mohammed bin Faisal Al Saud.

History[edit]

Faysal Bank started in Pakistan in 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.[6]

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.[7]

In June 2010, Royal Bank of Scotland sold its Pakistan operations to Faysal Bank for £34 million.[8]

In 2014 it announced to convert itself into a full-fledged Islamic Bank in three to five years.[9]

References[edit]

  1. ^ "Senior Management - Faysal Bank".
  2. ^ a b c "Archived copy" (PDF). Retrieved 2022-03-20.
  3. ^ https://www.faysalbank.com/wp-content/uploads/2022/03/FBL-AR-2021.pdf[bare URL PDF]
  4. ^ "A Bank in Pakistan is Splurging on 200 New Branches". Bloomberg. 1 May 2019. Retrieved 6 August 2020.
  5. ^ "About Faysal Bank". Archived from the original on 2011-10-11. Retrieved 2011-09-24.
  6. ^ Report, Monitoring (April 16, 2018). "Gulf investors seek exit opportunity from Pakistan's banking industry".
  7. ^ "Banks` appetite for acquisitions". DAWN.COM. May 3, 2010.
  8. ^ "RBS sells its operations in Pakistan". BBC. 16 June 2010. Retrieved 6 August 2020.
  9. ^ "Pakistan's Faysal Bank to convert into Islamic bank". Reuters. 2014-03-25. Retrieved 2020-07-09.

External links[edit]