Faisal Islamic Bank

What Faisal Islamic Bank does

Faisal Islamic Bank is a Sudanese Islamic bank founded in May 1978 and headquartered in Khartoum at Ali Abd Latif Street, Al Faiha Commercial Center. It operates as a pioneer of Islamic banking in Sudan, delivering Sharia-compliant retail, corporate, and government banking services across a network of 11 branches and 2 exchange offices. Its product portfolio spans current accounts, investment deposits, savings accounts in multiple currencies (SDG, USD, EUR, SAR, AED), microfinance and small-scale financing, education financing, and dedicated corporate current accounts for companies, government units, and charitable organizations. All products sit under a dedicated Sharia Supervisory Board that gates product compliance.

The bank's technology stack centers on conventional digital banking channels: an electronic banking web platform, the Fawry mobile application with online account opening, POS terminals, WhatsApp-based customer service, and integration with Quick Pay and Money Gram for remittances. In August 2021, it became the first Sudanese bank licensed to issue Mastercard cards, and it operates a Saudi Arabia-linked remittance corridor for the Sudanese diaspora. Financing operations target industrial, agricultural, infrastructure, manufacturing, and export sectors with one-year maturities, monthly installments, and profit rates starting from 3% per month. Revenue is generated through transaction-based financing margins, subscription-style deposit accounts, microfinance fees, and remittance/POS spreads. No disclosed revenue, headcount, or ownership data is available.

Name

Faisal Islamic Bank

Legal name

Faisal Islamic Bank

Website

https://fib-sd.com

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Faisal Islamic Bank is a Sudanese Islamic bank founded in 1978 that provides Sharia-compliant retail, corporate, and government banking through 11 branches, 2 exchange offices, and digital channels, serving individuals, businesses, public institutions, and the Sudanese diaspora.

Ownership category

akta.pro rank

Product category

Islamic Retail and Corporate Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Islamic Corporate Banking (FSABAGAC), Islamic SME & Commercial Banking (FSABAGAB), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

Keywords

• Islamic banking services
• Retail banking
• Corporate financing
• Microfinance services
• Mobile banking

Headquarters

HQ city

Khartoum

HQ country

Sudan

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Financing Operations: The bank provides financing to industrial and agricultural sectors, infrastructure projects, manufacturing industries, and export encouragement sectors. Financing terms include immediate installments starting from 15% of sale price, profits calculated starting from 3% per month, financing periods not exceeding one year, with monthly installment repayments.
2. Current Accounts: Current accounts for individuals, companies, government units, public institutions, and organizations with access to full banking services through branch network and electronic channels
3. Investment Deposits: Investment deposit accounts compliant with Islamic Sharia principles
4. Savings Accounts: Savings accounts available in Sudanese Pound, US Dollar, Euro, Saudi Riyal, and UAE Dirham
5. Small-Scale Financing: Micro and small-scale financing services for individuals and entrepreneurs
6. Education Financing: Specialized financing for education purposes
7. Online Account Opening: Digital account opening service for customers inside and outside Sudan through the Fawry app and online portal

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Faisal Islamic Bank is a Sudanese Sharia-compliant bank offering retail banking accounts (current, savings, investment deposits), consumer financing (small-scale, micro-finance, education), corporate financing for industrial and agricultural sectors, and digital payment services including Mastercard cards, POS terminals, and international remittances (Quick Pay from Saudi Arabia and MoneyGram). The bank distributes these products through 11 branches, 2 exchange offices, an electronic banking platform, and the Fawry mobile application, all governed by a dedicated Sharia Supervisory Board.

Product overview

Faisal Islamic Bank offers a comprehensive Islamic banking portfolio comprising retail and corporate banking products alongside digital channels. Core retail offerings include current accounts, savings accounts, and investment deposits. The bank's financing services span individual microfinance (small-scale finance, micro-finance, education financing) and corporate financing for industrial and agricultural sectors. Digital banking is delivered through the Fawry mobile app and E-Banking platform, while payment services include POS terminals, Quick Pay (cross-border remittance from Saudi Arabia), Money Gram international transfers, and Mastercard payment cards (launched August 2021 as the first bank in Sudan with Mastercard issuing rights). Corporate banking encompasses dedicated current accounts for companies, government entities, and organizations. All products operate under Islamic Sharia principles with Sharia Supervisory Board oversight.

Differentiator

Problem solved

Functional benefit

Brands

• Fawry (فوري): Mobile banking application enabling customers to open accounts, conduct transactions, and access banking services remotely.
• Electronic Banking (البنك الإلكتروني)
• Quick Pay (كويك باي)

Products and services

• E-Banking (Internet Banking) (البنك الإلكتروني) Electronic banking service enabling customers to monitor their accounts in real-time and conduct banking transactions online via internet browser, available to both individual and corporate customers.
• Fawry Mobile App (تطبيق فوري) Mobile banking application providing confidential and secure banking services, enabling online account opening and banking transactions for customers inside or outside Sudan.
• POS (Point of Sale) Non-cash trading facilitation service using POS terminals for receiving value by deducting from buyer account to seller account, enabling card-based merchant payments.
• Quick Pay Remittance (كويك باي) Cross-border remittance service for Sudanese expatriates in Saudi Arabia via Quick Pay Cash centers in partnership with the National Commercial Bank (NCB), with free-of-charge receipt in original transfer currency at Faisal Islamic Bank in Sudan.
• MoneyGram International Money Transfer External international transfer service in partnership with MoneyGram, a global money transfer and payments company, enabling outbound and inbound international money transfers.
• Current Account (Individuals) (الحساب الجاري) Sharia-compliant current account for individuals with access to electronic banking, ATM cards, checkbook, and SMS notifications.
• Investment Deposits (الودائع الاستثمارية) Sharia-compliant investment deposit accounts allowing customers to invest funds under Islamic principles.
• Savings Account (حساب الادخار) Sharia-compliant savings account for individuals available in Sudanese Pound, US Dollar, Euro, Saudi Riyal, and UAE Dirham.
• Small-Scale Finance (التمويل الأصغر) Small-scale Sharia-compliant financing services for individuals and entrepreneurs.
• Micro-Finance (التمويل الصغير) Sharia-compliant micro-financing services for individuals.
• Education Financing (تمويل التعليم) Specialized Sharia-compliant financing services for education purposes.
• Corporate Current Account (الحساب الجاري للشركات) Dedicated current account services for companies and businesses.
• Government Current Account (الحساب الجاري لوحدات حكومية، مؤسسات وهيئات عامة) Dedicated current account services tailored for government units, public institutions, and public entities under Sharia principles.
• Organizations Current Account (الحساب الجاري لجهات اعتبارية، منظمات) Dedicated current account services for legal personalities, charitable organizations, and social organizations.
• Industrial and Agricultural Sector Financing (تمويل كافة القطاعات وفق سياسات البنك المركزي) Sharia-compliant financing for permitted sectors per Central Bank of Sudan policies including industrial projects, agricultural projects, infrastructure, manufacturing industries, and export encouragement sectors, structured with immediate installments and monthly profit margins.
• Mastercard Payment Service Mastercard card payment service enabling customers to make payments using Mastercard globally, issued as the first Mastercard-licensed card product in Sudan.
• WhatsApp Customer Service Customer service delivery channel via the WhatsApp application, launched December 2020 for direct customer engagement with the bank.

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

One partnership is on record.

• MastercardcoreTechnology or Integration · 10 August 2021Faisal Islamic Bank announced the launch of Mastercard payment services in August 2021, becoming the first bank in Sudan to obtain a license for issuing and providing Mastercard global payment cards. The partnership was announced through a press conference at Al Faisal Cultural Center, with attendance from media representatives and officials from other banks and institutions, as well as participation from Mastercard's East Africa manager.

Scale indicators4 records

Expansion highlights5 records

Broad incumbents

• Al Baraka Banking Group: Bahrain-based global Islamic banking conglomerate with a Sudanese subsidiary (Al Baraka Bank Sudan). Operates a much broader regional and international Islamic banking franchise, making it a relevant broader incumbent comparable for Islamic banking strategy and product taxonomy.
• Al Rajhi Bank: Saudi Arabia's largest Islamic bank and a regional Islamic banking giant. Comparable as a benchmark for Islamic retail banking execution, digital Islamic banking, and Saudi-Sudan remittance corridor economics.

Direct peers

• Tadamon Islamic Bank: Sudanese Islamic bank offering Sharia-compliant retail and corporate banking products. Competes directly with Faisal Islamic Bank for Islamic retail deposits and SME financing within Sudan.
• Al Baraka Bank Sudan: Sudanese subsidiary of Al Baraka Banking Group, providing Sharia-compliant retail, corporate, and investment banking in Sudan. Directly competes with Faisal Islamic Bank in the Islamic banking segment and shares the same pioneer-era institutional heritage.
• Workers' National Bank: Sudanese national bank offering retail, corporate, and Islamic banking services. A direct competitor in the Sudan domestic market, particularly for salary-based retail accounts and SME financing.
• El Nilein Bank: One of Sudan's largest state-owned banks, providing retail, corporate, and development financing across the country. Competes in the same Sudanese market for government accounts, corporate financing, and retail deposits.
• Saudi Sudanese Bank: Sudanese bank with Saudi shareholder ties, offering commercial and Islamic banking products. Overlaps with Faisal Islamic Bank in corporate, retail, and remittance services, particularly cross-border Sudan-Saudi activity.
• Bank of Khartoum: One of the largest Sudanese banks, also offering Islamic-compliant products and serving retail, corporate, and government clients across Sudan. Directly competes with Faisal Islamic Bank for deposits, financing, and government mandates in the domestic Sudanese market.
• Omdurman National Bank: Sudanese commercial bank with Islamic product offerings serving retail, corporate, and government clients. A direct competitor in the Sudanese market for both conventional and Sharia-compliant banking customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/fibsd1
• Facebookfacebook.com/fibsd1
• LinkedInlinkedin.com/company/fibsd1

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Faisal Islamic Bank