| The Faisal Islamic Bank of Egypt was founded in 1977 by Prince Muhammad al-Faisal al-Saud. It claims to run its operations on the basis of the shariah. A board of ulema supervises the legality of the operations. Its operations consist of musharakah, mudarabah, murabahah and qard hasan. Authorized capital was US$500 million and paid-up capital was $100 million in 1983. Most of the bank's activities consisted of financing short-term projects. However, it had plans to start long-term financing as well. The bank had established thirty-two companies in various development fields. The bank collected and disbursed zakat as well. |
