The Banking Executive Magazine - July Issue 2021

Faisal Islamic Bank Since its establishment in 1978, Faisal Islamic Bank (Sudan) has been the pioneer of Islamic banks in Sudan, providing banking and invest- ment services for its ever-growing customer base. The Bank takes the lead in providing new sophisticated financial products that are Shari’a- compliant. With a view to further growth in the future, the Bank, which has over 80 branches across Sudan, has recently developed a new strategy in collab- oration with Deloitte aiming for pro- vision of unique customer experience by widening the Bank’s customer base and broadening prod- ucts and services provided. FIB is also credited for its role in es- tablishing and consolidating the Is- lamic finance industry across the globe as it is considered the first Is- lamic bank established in Sudan and among the first established Islamic banks across the world, where the Bank established the world’s first Shari’a Supervisory Board in 1979, and also established the world’s first Islamic insurance company, Islamic Insurance Company LTD, in 1979 which is a fully owned subsidiary. The FIB new vision reflects the high ambitions of the Bank management to boost its future growth and em- bracing the slogan "To be the best provider of Islamic financial solu- tions in a contemporary style, by ex- celling in customer satisfaction, with creativity and innovation driven by the spirit of youth’’, leveraging the Bank mission as a pillar based on which the Bank strives to achieve this vision through ‘’Delivering bank- ing solutions that improve our cus- tomers’ and our employees lives, by applying the most recent standards, and developing creative, modern, and Shari’a-compliant banking prod- ucts’’. In less than three years under the leadership of Chief Executive Officer, Mr. Moawia Ahmed Elamin, FIB proves to be a prominent bank, in a promising economy such as Sudan. FIB’S RECENT ACHIEVEMENTS The Transformation Program Faisal Islamic Bank (FIB) has launched its transformation program "Project Taghyeer" which is aimed at overhauling the entire organization centered on its core values, its cus- tomers and employees. The program is in continuation of the new strategy developed by FIB with a redefined vision and long-term objectives. The transformation exercise focuses on initiatives targeted towards rev- enue growth, operational efficiency and customer-centricity such as new product launches, organization re- structuring and third-party partner- ships. Effective change management and communication with the internal and external stakeholders of the bank have been identified as the key en- ablers for the transformation. FIB will leverage new-age digital tools and techniques to ensure that transforma- tion is successful, thereby satisfying all its stakeholders' needs, including customers, employees, regulators, ISSUE 151 JULY 2021 the BANKING EXECUTIVE 17