FABMISR Appoints New Internal Shariah Supervisory Committee to Develop Islamic Banking Services

FABMISR, one of the largest banks in Egypt, is pleased to announce appointing a new Internal Shariah Supervisory Committee (ISSC) to oversee and control the implementation of Islamic banking services within its extensive portfolio of services and products. This strategic move reflects FABMISR’s ongoing commitment to diversify its offerings and catering to the growing demand for Shariah-compliant financial solutions.

The newly appointed committee will play a crucial role in ensuring that all Islamic banking products and services provided by FABMISR adhere to the Shariah principles and regulations. The committee comprises esteemed scholars and experts in Islamic banking, each bringing a wealth of knowledge and professional expertise.

The committee includes His Eminence Dr. Abbas Shoman, Secretary-General of the Senior Scholars Authority at Al-Azhar Al-Sharif, former Undersecretary of Al-Azhar Al-Sharif and General Supervisor of Fatwa at Al-Azhar Al-Sharif, His Eminence Dr. Mohamed El-Beltagy, Chairman of the Egyptian Islamic Finance Association EIFA, a member of the Sovereign Sukuk Supervision Committee at the Ministry of Finance and a member of many Sharia bodies and committees of local & international Islamic financial institutions, in addition to His Eminence Dr. Mohamed Wissam, a member of the Fatwa Secretariat at the Egyptian Dar Al-Iftaa, Head of Researchers and Director of the Written Fatwa Department , noting that all members are accredited in the Shariah Supervisory Committees of the Egyptian Financial Regulatory FRA.

“We are excited to develop the Islamic banking as an integral part of FABMISR’s service portfolio,” said Mohamed Abbas Fayed, CEO and Managing Director of FABMISR. “By offering Shariah-compliant products, we aim to serve a broader segment of our clients. The appointment of the Internal Shariah Supervisory Committee is considered a testament to the bank’s dedication to providing diverse and inclusive financial solutions.”

As part of this initiative, FABMISR is dedicating five branches exclusively to Islamic banking services. These branches are offering a comprehensive range of products and solutions tailored to meet the needs of its valued customers seeking Shariah-compliant banking solutions.

FABMISR’s Islamic banking services are available at the following branches: Fifth Settlement Islamic Branch, October Islamic Branch, Mossadak Islamic Branch, and Haram Islamic Branch, in addition to Miami Islamic Branch in Alexandria. Each branch is staffed with well-trained professionals, knowledgeable in Islamic banking to assist customers with their specific banking needs.

It is noteworthy that FABMISR is offering a wide range of services designed to meet the diverse financial needs of its customers. With the addition of Islamic banking, FABMISR is further enhancing its portfolio to provide Shariah-compliant financial solutions for individuals and corporate clients. This comprehensive suite of services ensures that FABMISR remains a leader in the banking industry, committed to delivering innovative, inclusive, and customer-centric financial solutions.