Faysal Bank

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Faysal Bank Limited
Public
Traded asPSXFABL
IndustryIslamic banking
FoundedOctober 3, 1994
HeadquartersKarachi, Sindh, Pakistan
Key people
Yousaf Hussain
Chief Executive & President[1]
ProductsIslamic banking, loans, consumer banking, credit cards, savings
Number of employees
3,610
ParentIthmaar Bank
Websitefaysalbank.com

The Faysal Bank Limited is a Pakistani Islamic and commercial bank, a subsidiary of the Bahraini bank Ithmaar Bank,[2] based in Karachi, Sindh, Pakistan.[3] It was incorporated in Pakistan on October 3, 1994 as a public limited company under the Companies Ordinance, 1984.

It is a publicly listed universal bank engaged in commercial, retail, corporate and islamic banking activities and based on a number of metrics i.e. branch network, asset base, deposit size etc. is positioned as one of the top-ten banks in Pakistan.

Currently the Bank's footprint is spread over more than 150 cities with 550+ branches which include 414+ Islamic branches and a declared expansion plan of opening new branches over the next two years (end 2020) which will position the bank firmly in the top-5 category with a network of 600 branches.

Faysal Bank plans to convert itselt into full-fledged Islamic Bank in three to five years.[4]

History[edit]

In June 2010, Royal Bank of Scotland sold its Pakistan operations to Faysal Bank for GB£34 million.[5]

In 2014, after languishing for many years as a mid-tier bank with limited profitability, the bank undertook a new strategic direction of focused growth and bad cost rationalization. Under the new strategic direction the bank cut bad costs in the initial one to two years and then used the capital released for growth. The bank has now grown to a top-10 position and tripled profitability from ~1.5BN per year to over 4.5BN per year within a period of four years.

As of June 2018, Faysal bank has an asset base which exceeds PKR 600BN - approx US$ 6BN and a highly profitable core business.

References[edit]

  1. ^ "Senior Management - Faysal Bank".
  2. ^ http://www.bloomberg.com/news/articles/2019-05-01/with-plan-for-200-new-branches-pakistan-bank-bucks-global-trend
  3. ^ "About Faysal Bank". Archived from the original on 2011-10-11. Retrieved 2011-09-24.
  4. ^ "Pakistan's Faysal Bank to convert into Islamic bank". Reuters. 2014-03-25. Retrieved 2020-07-09.
  5. ^ https://www.bbc.com/news/10328691

External links[edit]