Faysal Bank Limited
Native name
Urdu: فیصل بینک لمیٹڈ
TypePublic
PSX: FABL
IndustryIslamic banking
Founded3 October 1994 (1994-10-03)
HeadquartersKarachi, Pakistan
Key people
  • Farooq Rahmatullah Khan (Chairman)
  • Yousaf Hussain (CEO)
ProductsIslamic banking, loans, consumer banking, business banking, priority banking, credit cards, debit cards, savings
RevenueIncrease Rs. 48.947 billion (US$170 million)[1] (2022)
Increase Rs. 22.393 billion (US$78 million)[1] (2022)
Increase Rs. 11.233 billion (US$39 million)[1] (2022)
Total assetsIncrease Rs. 1.074 trillion (US$3.7 billion)[1]
Total equityIncrease Rs. 59.435 billion (US$210 million)[1]
Number of employees
8,011[1] (2022)
ParentKSA Holdings
Websitewww.faysalbank.com

Faysal Bank Limited is a Pakistani Islamic bank, a subsidiary of KSA Holdings 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

  1. 1 2 3 4 5 6 "Faysal Bank Annual Report 2022" (PDF). faysalbank.com. Retrieved 22 November 2023.
  2. ↑ "A Bank in Pakistan is Splurging on 200 New Branches". Bloomberg. 1 May 2019. Retrieved 6 August 2020.
  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.
  8. ↑ "Faysal Bank branches now 100% Islamic; awarded Islamic Banking license". 2022-12-30.


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