Faysal Bank
![]() | |
![]() | |
Type | Public |
---|---|
PSX: FABL | |
Industry | Islamic banking |
Founded | October 3, 1994 |
Headquarters | Karachi, Pakistan |
Key people | Yousaf Hussain Chief Executive & President[1] |
Products | Islamic banking, loans, consumer banking, credit cards, savings |
Number of employees | 3,610 |
Parent | Ithmaar Bank |
Website | faysalbank |
Faysal Bank Limited (فیصل بینک (پرائیویٹ) لمیٹڈ) is a Pakistani Islamic and commercial bank, a subsidiary of the Bahraini bank Ithmaar Bank,[2] based in Karachi, Pakistan.[3] It is named after Faisal of Saudi Arabia.
History[]
Faysal Bank started in Pakistan in 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 October 3, 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 GB£34 million.[6]
In 2014 it announced that it plans to convert itself into full-fledged Islamic Bank in three to five years.[7]
References[]
- ^ "Senior Management - Faysal Bank".
- ^ "A Bank in Pakistan is Splurging on 200 New Branches". Bloomberg. 1 May 2019. Retrieved 6 August 2020.
- ^ "About Faysal Bank". Archived from the original on 2011-10-11. Retrieved 2011-09-24.
- ^ Report, Monitoring (April 16, 2018). "Gulf investors seek exit opportunity from Pakistan's banking industry".
- ^ "Banks` appetite for acquisitions". DAWN.COM. May 3, 2010.
- ^ "RBS sells its operations in Pakistan". BBC. 16 June 2010. Retrieved 6 August 2020.
- ^ "Pakistan's Faysal Bank to convert into Islamic bank". Reuters. 2014-03-25. Retrieved 2020-07-09.
External links[]
- Pakistani companies established in 1994
- Banks established in 1994
- Banks of Pakistan
- Companies listed on the Pakistan Stock Exchange
- Companies based in Karachi
- Pakistani subsidiaries of foreign companies
- Islamic banks of Pakistan
- Pakistani company stubs