Faisal Islamic Bank of Egypt SAE is a "

shariah Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the H ...

-compliant" financial institution based in

Egypt Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Mediter ...

and headquartered in

Cairo Cairo ( ; ar, القاهرة, al-Qāhirah, ) is the capital of Egypt and its largest city, home to 10 million people. It is also part of the largest urban agglomeration in Africa, the Arab world and the Middle East: The Greater Cairo metro ...

, with a market capitalization of $402 million as of September 2016. It is a

joint-stock company A joint-stock company is a business entity in which shares of the company's capital stock, stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their share (finance), shares (certificates ...

and was incorporated in 1977 but started operating in 1979.

Bloomberg News Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Televi ...

reports it provides "various" commercial "banking products and services in Egypt and internationally", such as "current and investment accounts, and joint accounts; saving certificates; and mutual funds". According to the bank it was "the first Egyptian Islamic and Commercial bank". Another source describes it as "part of the banking empire" established by Saudi Prince Mohammed al-Faisal, and associated with

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...

's conservative political and religious influence in Egypt. Among the bank's first activities was they provided animator/musician Richard Williams with funding for his passion project ''

The Thief and the Cobbler ''The Thief and the Cobbler'' is an Unfinished creative work, unfinished animated film, animated fantasy film co-written and directed by Richard Williams (animator), Richard Williams. Originally conceived in the 1960s, the film was in and out o ...

'' (1978-79).

References

* Banks established in 1977 Islamic banks {{bank-stub

See also

References