Egypt's FRA nods Faisal Islamic Bank to increase capital

The bank will increase the capital to $607.471mln from $101.245mln

  
Image used for illustrative purpose People walk past the Faisal Islamic Bank in Khartoum, Sudan January 12, 2016. Picture taken January 12, 2016. REUTERS/Mohamed Nureldin Abdallah REUTERS/Mohamed Nureldin Abdallah

Image used for illustrative purpose People walk past the Faisal Islamic Bank in Khartoum, Sudan January 12, 2016. Picture taken January 12, 2016. REUTERS/Mohamed Nureldin Abdallah REUTERS/Mohamed Nureldin Abdallah

Egypt - Faisal Islamic Bank of Egypt (FAIT) obtained the Financial Regulatory Authority (FRA) to approved the issued and paid-in capital increase by $101.245 million (EGP 1.586 billion), according to FRA’s statement released on May 4th.

The bank will increase the capital to $607.471 million (EGP 9.515 million) from $101.245 million (EGP 1.586 billion), the statement highlighted. It will distribute 0.200000000039 free share for every one held.

The bank posted a net profit of EGP 2.247 billion in 2020, compared to EGP 2.78 billion in 2019.

Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services in accordance with Islamic Sharia principles through its head office and 27 branches located across the country.

*At press time, the conversion rate is $1 = EGP 15.64

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