Faysal Bank wins Best Islamic Bank Award
Faysal Bank, aleading Islamic bank of Pakistan, has won the Best Islamic Bank for Transformation and Innovation 2021 Award at the Global Islamic Finance Awards (GIFA).
The Global Islamic Finance Awards (GIFA) is one of the most coveted and respectable market-led awards in Islamic banking and finance in the world. Faysal Bank was also the recipient of the Best Emerging Islamic Bank Award last year at GIFA.
Mr. Yousaf Hussain, President and Chief Executive Officer Faysal Bank, said, “Alhamdolillah, we at Faysal Bank are honored to be recognized as the Best Islamic Bank for Transformation and Innovation by the Global Islamic Finance Awards 2021. We are glad to see that our conversion model is being recognized for its comprehensiveness based on our success in possibly one of the largest conversions of a conventional bank to an Islamic Bank, on a global basis. Our transformation & execution strategy that encompassed all facets of the Bank has been a journey of belief, commitment, planning and dedication, supported all the way by our Sponsors, Board, State Bank of Pakistan, our employees and customers. This is a proud moment for us, as all our efforts are now being recognized globally by top industry experts.We are thankful to Allah for this historic Islamic Banking transformation and this coveted award. ”
Faysal Islami is on track to one of the largest conversions of a conventional bank to an Islamic Bank on a global basis. Currently, the Bank has over 520 Islamic banking branches out of a branch network of 576 branches that spans more than 200 cities across the country.
The proceeds raised through this Islamic syndication would be utilized to finance the development of tower sites for various mobile network operators (MNOs) operating in Pakistan. As per terms of the financing arrangement, the tenor of the financing will be seven years, including a grace period of two years.