FABMISR, one of Egypt’s leading banks, has announced the formation of a new Internal Sharia Supervisory Committee (ISSC) to oversee and regulate its growing range of Islamic banking services. This strategic initiative reflects FABMISR’s dedication to diversifying its financial offerings and addressing the increasing demand for Sharia-compliant financial solutions in Egypt. By ensuring adherence to Sharia principles, FABMISR aims to enhance customer trust and expand its market reach in the Islamic banking sector.
FABMISR, Ensuring Sharia Compliance
The newly appointed committee is tasked with ensuring that all Islamic banking products and services offered by FABMISR adhere to Sharia principles and regulations. Comprising esteemed scholars and experts in Islamic banking, the committee brings a wealth of knowledge and professional expertise to the bank’s operations.
Committee Members
The key members of the ISSC include:
- 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.
- Mohamed El-Beltagy: Chairperson of the Egyptian Islamic Finance Association (EIFA), member of the Sovereign Sukuk Supervision Committee at the Ministry of Finance, and participant in various Sharia bodies and committees of local and international Islamic financial institutions.
- Mohamed Wissam: Member of the Fatwa Secretariat at the Egyptian Dar Al-Iftaa, Head of Researchers, and Director of the Written Fatwa Department.
All committee members are accredited by the Sharia Supervisory Committees of the Egyptian Financial Regulatory Authority (FRA), ensuring top-tier governance and compliance.
Expanding Islamic Banking Services
In alignment with its commitment to inclusive financial solutions, FABMISR is dedicating five branches exclusively to Islamic banking services. These branches include:
- Fifth Settlement Islamic Branch
- October Islamic Branch
- Mossadak Islamic Branch
- Haram Islamic Branch
- Miami Islamic Branch in Alexandria
Each branch is staffed with well-trained professionals knowledgeable in Islamic banking, ready to assist customers with their specific needs. The branches will offer a comprehensive range of Sharia-compliant products, including various asset classes such as money market, fixed income, equities, multi-currency investments, and gold.
Commitment to Financial Inclusion
“We are excited to integrate Islamic banking into FABMISR’s service portfolio,” said Mohamed Abbas Fayed, CEO and Managing Director of FABMISR. “By offering Sharia-compliant products, we aim to serve a broader segment of our clients. The appointment of the Internal Sharia Supervisory Committee underscores our dedication to providing diverse and inclusive financial solutions.”
A Leading Force in the Banking Industry
With the launch of its dedicated Islamic banking branches, FABMISR continues to lead the banking industry by providing innovative, inclusive, and customer-centric financial solutions. These efforts demonstrate the bank’s commitment to meeting the evolving needs of its diverse clientele, reinforcing its position as a frontrunner in delivering Sharia-compliant services. By continually enhancing its service offerings, FABMISR is well-equipped to cater to the growing demand for Islamic banking solutions in Egypt, ensuring financial inclusivity and customer satisfaction.
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