Question 1

What is Faisal Islamic Bank?

Accepted Answer

Faisal Islamic Bank (Sudan) is a major Islamic banking institution in Sudan, described as the country's largest lender. The bank operates according to Islamic Sharia principles, providing comprehensive banking, investment, and financial services.

Faisal Islamic Bank positions itself as having "Islamic orientation" with "Sudanese features", combining religious compliance with local market understanding. The bank serves a broad customer base through an extensive branch network and has been a pioneer in establishing Islamic banking standards globally.

Question 2

When was Faisal Islamic Bank founded?

Accepted Answer

Faisal Islamic Bank was established in May 1977 following the issuance of Temporary Order (09) dated April 4, 1977. The bank was founded by 86 Sudanese and Saudi founders, along with nationals from other Islamic states.

The founding group met and agreed to establish the bank, subscribing half of the then-authorized capital of 6 million Sudanese pounds. On August 18, 1977, Faisal Islamic Bank was registered as a public limited company under the Companies Ordinance of 1925.

The bank officially commenced operations in May 1978. Faisal Islamic Bank is credited as one of the first Islamic banks established globally and the first in Sudan. The bank established the world's first Sharia Supervisory Board in 1979.

The bank was founded as part of a broader initiative led by His Highness Prince Mohammed Al-Faisal through Dar Al-Maal Holding Company. The bank is partially owned by the Dar Al-Maal Al-Islami Trust (DMI Trust), which was founded in 1981 to foster the spread of Islamic banking across the Muslim world. Other shareholders include Al Baraka Investment and Development Corporation and various Saudi Arabian entities.

Question 3

Where is Faisal Islamic Bank headquartered?

Accepted Answer

Faisal Islamic Bank is headquartered in Khartoum, Sudan. The main office is located at Al Faihaa Commercial Centre, Ali Abdulatif Street in Khartoum.

Question 4

Where does Faisal Islamic Bank operate?

Accepted Answer

Faisal Islamic Bank operates throughout Sudan with an extensive branch network. The bank maintains over 80 branches across the country, with significant concentration in Khartoum, Khartoum North, and Omdurman.

The bank has established widespread geographic coverage to serve customers in urban centers and extend financial services to various regions throughout Sudan. This extensive network supports the bank's role in promoting financial inclusion and economic development across the nation.

Question 5

What services does Faisal Islamic Bank offer?

Accepted Answer

Faisal Islamic Bank provides a comprehensive range of Sharia-compliant banking and financial services:

Islamic banking products including all forms of banking activities conducted according to Islamic Sharia law, with oversight from the bank's Sharia Supervisory Board.

Investment services including participation in economic development and social projects, commercial ventures, and various investment opportunities.

International payment services including foreign trade facilitation, international transfers, and cross-border transactions. The bank offers Quick Pay service for transfers from Saudi Arabia through the National Commercial Bank.

Modern payment cards as the first Sudanese bank to obtain MasterCard issuing and acquiring licenses in collaboration with Network International. The bank also issues Visa-branded cards, making it one of the first banks in Sudan to offer global payment solutions.

Digital banking services including mobile banking capabilities and modern financial technology solutions.

Foreign exchange services with currency exchange for major currencies including US Dollar, Euro, Saudi Riyal, UAE Dirham, Sterling Pound, and other international currencies.

The bank established the Islamic Insurance Company Ltd in 1979, which operates as a fully-owned subsidiary and was the world's first Islamic insurance company.

Question 6

What makes Faisal Islamic Bank unique?

Accepted Answer

Faisal Islamic Bank is distinguished as a pioneer institution in Islamic banking globally. The bank established the world's first Sharia Supervisory Board in 1979, setting standards for Islamic banking governance that have been adopted worldwide.

As Sudan's largest lender, Faisal Islamic Bank plays a critical role in the national economy. The bank has undergone significant transformation programs, including a strategic partnership with Deloitte to develop a comprehensive growth strategy focused on providing unique customer experiences and broadening its product offerings.

The bank achieved historic milestones as the first Sudanese bank to obtain international payment card licenses from both MasterCard and Visa. This breakthrough came after decades of economic embargo and represents a turning point for Sudan's integration into the global financial system.

Faisal Islamic Bank's commitment extends beyond commercial banking. The bank participates actively in economic development and social projects, demonstrating its role in promoting financial inclusion and supporting community development throughout Sudan.

The bank has maintained continuous operations for over 45 years despite challenging economic and political environments, demonstrating institutional resilience and adaptability.

Question 7

What type of financial institution is Faisal Islamic Bank?

Accepted Answer

Faisal Islamic Bank is an Islamic commercial bank in Sudan. It operates as a public limited company authorized to conduct comprehensive banking operations under Islamic Sharia principles.

The bank functions as a universal Islamic bank, providing retail banking, commercial banking, investment banking, and trade finance services. All operations are supervised by the bank's Sharia Supervisory Board to ensure compliance with Islamic law.

Faisal Islamic Bank is regulated by the Central Bank of Sudan and operates under Sudanese banking regulations while maintaining adherence to Islamic finance principles. The bank combines modern banking techniques with Sharia-compliant financial structures, positioning itself as both a contemporary financial institution and a religiously observant Islamic bank.

Faisal Islamic Bank

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About Faisal Islamic Bank in the Sudan