Faisal Islamic Bank increases its issued capital to $506 million

Faisal Islamic Bank of Egypt (FAIT) has increased its issued and paid-up capital from $440,196,703 to $506,226,208 after the approval of Financial Regulatory Authority (FRA).

The bank’s issued capital will be increased by $66,029,505. The bank will distribute a 0.14999999897 free share for each original share.

The bank posted standalone net profits after taxes of 469 million Egyptian pounds by the end of March, compared to 1.43 billion poundsin the same period a year ago.

Faisal Islamic Bank of Egypt is the first Egyptian Islamic and commercial bank.

The Bank has officially started its operations on 5/7/1979. It was incorporated under Law No. 48 of 1977 which was then endorsed by the parliament and the bank was licensed as an economic and social institution taking the form of an Egyptian joint-stock company operating in compliance with the rulings of Islamic Shari’ah.