Faysal Bank

Faysal Bank Limited
Native name	Urdu: فیصل بینک لمیٹڈ
Company type	Public
Traded as	PSX: FABL
Industry	Islamic banking
Founded	3 October 1994; 29 years ago
Headquarters	Karachi, Pakistan
Key people	Mian Muhammad Younis (Chairman); Yousaf Hussain (CEO);
Products	Islamic banking, loans, consumer banking, business banking, priority banking, credit cards, debit cards, savings
Revenue	Rs. 83.142 billion (US$290 million) (2023)
Operating income	Rs. 41.422 billion (US$140 million) (2023)
Net income	Rs. 20.046 billion (US$69 million) (2023)
Total assets	Rs. 1.370 trillion (US$4.7 billion) (2023)
Total equity	Rs. 90.198 billion (US$310 million) (2023)
Number of employees	8,787 (2023)
Parent	KSA Holdings
Website	www.faysalbank.com

Faysal Bank Limited is a Pakistani Islamic bank, a subsidiary of KSA Holdings, the ultimate parent of bank is KSA Holdings and Ithmaar Bank,^[2] based in Karachi, Pakistan.^[3] It is named after Mohammed bin Faisal Al Saud.

Faysal Bank has over 700+ branches across 270+ cities in Pakistan.

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.^[4]

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.^[5]

In June 2010, Royal Bank of Scotland sold its Pakistan operations to Faysal Bank for £34 million.^[6]

In 2014, it announced to convert itself into a full-fledged Islamic Bank in three to five years.^[7] It finally converted to a full-fledged Islamic bank by December 2022.^[8]

References

^ a b c d e f "Faysal Bank Annual Report 2023" (PDF). faysalbank.com. Retrieved 26 March 2024.
^ "A Bank in Pakistan is Splurging on 200 New Branches". Bloomberg. 1 May 2019. Retrieved 6 August 2020.
^ "About Faysal Bank". Archived from the original on 2011-10-11. Retrieved 2011-09-24.
^ Report, Monitoring (April 16, 2018). "Gulf investors seek exit opportunity from Pakistan's banking industry".
^ "Banks' appetite for acquisitions". DAWN.COM. May 3, 2010.
^ "RBS sells its operations in Pakistan". BBC. 16 June 2010. Retrieved 6 August 2020.
^ "Pakistan's Faysal Bank to convert into Islamic bank". Reuters. 2014-03-25. Retrieved 2020-07-09.
^ "Faysal Bank branches now 100% Islamic; awarded Islamic Banking license". 2022-12-30.

External links

Faysal Bank official website

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[AR2023-1] "Faysal Bank Annual Report 2023" (PDF). faysalbank.com. Retrieved 26 March 2024.

[2] "A Bank in Pakistan is Splurging on 200 New Branches". Bloomberg. 1 May 2019. Retrieved 6 August 2020.

[about-3] "About Faysal Bank". Archived from the original on 2011-10-11. Retrieved 2011-09-24.

[4] Report, Monitoring (April 16, 2018). "Gulf investors seek exit opportunity from Pakistan's banking industry".

[5] "Banks' appetite for acquisitions". DAWN.COM. May 3, 2010.

[6] "RBS sells its operations in Pakistan". BBC. 16 June 2010. Retrieved 6 August 2020.

[7] "Pakistan's Faysal Bank to convert into Islamic bank". Reuters. 2014-03-25. Retrieved 2020-07-09.

[100%_Islamic_Bank-8] "Faysal Bank branches now 100% Islamic; awarded Islamic Banking license". 2022-12-30.