The Banking Executive Magazine - July Issue 2021

Faisal Islamic Bank Mastercard and Network Interna- tional on this huge milestone, which will enable the bank’s customers to withdraw funds from ATMs globally, shop online, and transact at millions of merchants around the world that accept Mastercard payment cards. Faisal Islamic Bank is fully commit- ted to broadening and growing the payments landscape in Sudan, which will have a positive impact on the economic growth of our nation. We look forward to introducing best practices and market-centric strate- gies which will benefit our cus- tomers,” said Moawia Ahmed Elamin, CEO of Faisal Islamic Bank, Sudan. VISA ISSUING LICENSE Faisal Islamic Bank became one of the first banks in Sudan to issue cash- less payment products via global payment platform Visa, a turning point in the bank’s history and a sig- nificant milestone in its growth jour- ney. This enables FIB customers to use their Visa cards at merchants and websites across the globe. As CEO of FIB, Mr. Moawia Ahmed Elamin shared in an interview with IFN “This indeed was a landmark moment not only for Faisal Islamic Bank but for the whole nation as Visa is the first US based financial pay- ment solutions provider entering Sudan after decades of economic embargo”. “With the arrival of Visa payment so- lutions in Sudan, we are quite confi- dent that this will encourage other international institutions to start cor- respondent banking relationships with Sudan. We are looking forward to working with both Visa and the regulator to offer Visa products and solutions to our Sudanese cus- tomers”. Mr. Moawia added. CSR INITIATIVES AND CONTRIBUTIONS Faisal Islamic Bank is committed to responsible business practices, to its employees, customers and its com- munity. FIB commitment to society is deeply rooted in the bank values, and forms an integral part of FIB strategy. The bank’s drive for sustain- able development complements its core strategy of partnering with busi- nesses to contribute to their growth. FIB aspires to maintain its long-stand- ing reputation, through its current strategies and the primary focus on the interest of its stakeholders re- mains a key focus. FIB supports various charitable or- ganizations and local community groups, including organizations which advocate for environmental responsibility and public health, among others, through sponsorship, donations or contributions. The bank supports a range of institu- tions and local community groups including health initiatives, educa- tional institutions, and a range of or- ganizations focused on voluntary and humanitarian services. FIB also supports various educational, cul- tural, sporting and community events. The bank is also passionate about training and the development of education for the Sudanese na- tionals and supports various endeav- ors in this regard. FIB ACTIVITIES AND MEASURES DURING COVID-19 PANDEMIC As soon as the full lockdown was im- posed nationwide in April 2020, concerns about the impacts of Covid-19 pandemic on the banking industry became reality across all levels of the economy in Sudan. Ex- pectedly, the banking sector was af- fected during the lockdown, which was a direct implication on almost all sectors and different walks of life across the globe. Like any other serv- ice sector, provision of banking serv- ice was interrupted, and office working was tightly restricted and was limited to providing urgent and necessary services that are related to the government supplies and func- tioning of public life affairs. How- ever, FIB took multiple steps and measures to ensure decreasing the negative impacts of the pandemic on the Bank operational activities, backed by the electronic channels the Bank provides to facilitate finan- cial transactions and enable the Bank’s customers to make use of the e-services such as: e-bank, ATMs and Fawry mobile pp. In addition, FIB business continuity plan has made it easier for the Bank to deal with the situation by setting procedures to en- sure the flow of the operational processes during such threats and disasters. The thought of establishing Islamic banks started during the seventies, where it began with the foundation of the Islamic Development Bank in Jeddah, trailed by a public exertion particularly to build up Islamic banks where His Highness Prince Mo- hammed Al-Faisal was the pioneer in requiring the foundation of Islamic banks beginning with Dar Al-Maal Holding Company, with a capital of billion dollar which set up numerous Islamic banks in various nations. Sudan was not far from these en- deavors; in reality, the possibility of establishing an Islamic bank in Sudan previously arose at Omdur- man Islamic University in 1966, yet the idea didn't find its approach to execution. In February 1976, the ef- forts of Prince Mohammed Al-Faisal and some Sudanese colleagues suc- ceeded in obtaining the approval of the former President of Sudan Jaafar Mohamed Nemiri for the foundation of an Islamic bank in Sudan. In May 1977, 86 Sudanese and Saudi organizers and a few residents of other Islamic nations met and con- ceded to the possibility of establish- ing and subscribing half of the then-approved capital of 6,000,000 Sudanese pounds. On August 18, 1977, Faisal Islamic Bank (Sudan) was enlisted as a limited sharehold- ing organization under the Compa- nies Law of 1925. The Bank has authoritatively initiated operations in May 1978. ISSUE 151 JULY 2021 the BANKING EXECUTIVE 19