Faisal Islamic Bank

Stock performance

History

Faisal Islamic Bank of Sudan was founded in 1977 with backing from Saudi investors led by Prince Mohammed al-Faisal, as one of the first modern Islamic banks in the world. It was a pioneer of Islamic banking in Sudan years before the government required the entire banking system to follow Islamic principles.

Business model

The bank offers Islamic retail and corporate banking, using profit-sharing and trade-finance contracts such as murabaha and musharaka instead of interest-bearing loans, and finances agriculture, trade, and industry.

Market position

Faisal Islamic Bank is one of Sudan's largest private banks and one of the most established Islamic banks in Africa.

Country impact

As a pioneer of Islamic finance, the bank helped shape the model that Sudan later adopted nationwide, and it remains an important source of credit for Sudanese agriculture and trade.