Faisal Bank Launches Bai Salam, Istisna’a, Ijarah Al-Khadamat

Faisal Islamic Bank of Egypt has received an approval from the Sharia Supervisory Board to conduct transactions of Bai Salam (forward sale), Istisna’a (product manufacturing contract) and Ijarah Al-Khadamat.

Sources said the new services will cater to the needs of many customers especially the Ijarah product which allows customers to pay for surgeries and subscriptions. Such services will be available in most of the bank’s branches by the beginning of next month.

Sources expected the new financing products to raise the loan-to-deposit ratio in the upcoming period as there is growing demand for Islamic banking products.

Faisal Islamic Bank of Egypt achieved noticeable increase in profit as shown in the non-consolidated results for the first nine months of 2012 as it reached EGP 515.3 million at the end of last September, compared to EGP 162.4 million at the end of September in 2011, registering an increase of EGP 352.8 million.