Faisal Islamic Bank of Sudan explained

Faisal Islamic Bank of Sudan
Type:Private company
Industry:Banking
Hq Location City:Khartoum
Hq Location Country:Sudan
Locations:65 Branches
Products:Islamic banking
Num Employees:1,288
Num Employees Year:2017

Faisal Islamic Bank of Sudan is an Islamic bank in Sudan. The bank describes itself as having "Islamic orientation" and "Sudanese features".[1] The Indian site Siasat Daily describes it as Sudan’s "largest lender", and one that as of 2016 "favours low-risk, short-term loans and quick returns".[2]

History

According to the bank, it was founded in May 1977, by "86 Sudanese and Saudi founders as well as other nationals of some Islamic States" who "prescribed and paid up half of the authorized capital".[1] The bank is headquartered in Khartoum and lists 65 branches mostly in Khartoum, Khartoum North and Omdurman.[3] Bloomberg lists it as having 1,288 Employees.[4]

According to the Chicago Tribune, the bank was founded by Al Shamal Islamic Bank and four other parties. According to public records, 19 percent of the Faisal Islamic Bank is owned by the Dar Al-Maal Al-Islami Trust, or simply DMI Trust, also headed by Prince Faisal. The $3.5 billion DMI Trust, whose slogan is "Allah is the purveyor of success," was founded in 1981 to foster the spread of Islamic banking across the Muslim world. Its 12-member board of directors includes Haydar Mohamed Bin Laden, a half-brother of Osama bin Laden, according to a DMI spokesman.[5] Other shareholders include:[6]

The bank is partially owned by Saudi Arabia.[8]

See also

External links

Notes and References

  1. Web site: Faisal Islamic Bank (Sudan). 28 June 2017 . fibsudan.com.
  2. News: Why Islamic Banking is back in the news ?. 28 June 2017. 22 November 2016.
  3. Web site: Bank Branches. fibsudan.com . 28 June 2017.
  4. Web site: Company Overview of Faisal Islamic Bank (Sudan). bloomberg.com. 28 June 2017.
  5. News: Swiss Officials Freeze Bank Accounts Linked to Supporters of Terrorist Groups . John Crewdson . Chicago Tribune . November 3, 2001 . dead . https://web.archive.org/web/20070927152434/http://www.sudanreeves.org/Sections-article396-p1.html . 2007-09-27 .
  6. http://www.zawya.com/marketing.cfm?zp&p=/cm/profile.cfm?companyid=1000787&cc Zawya profile
  7. News: How Saudi wealth fueled holy war. Sam Roe, Laurie Cohen and Stephen Franklin. Chicago Tribune. February 22, 2004.
  8. News: On the Front Line of the Saudi War in Yemen: Child Soldiers From Darfur . . December 28, 2018 . Their payments were deposited directly into the Faisal Islamic Bank of Sudan, partly owned by Saudis. . David D. . Kirkpatrick.