FABMISR appoints new Internal Sharia Supervisory Committee for Islamic banking services

Daily News Egypt
3 Min Read

FABMISR, one of Egypt’s largest banks, is pleased to announce the appointment of a new Internal Sharia Supervisory Committee (ISSC). This committee will oversee and regulate the implementation of Islamic banking services within FABMISR’s extensive portfolio. The move reflects FABMISR’s commitment to diversifying its offerings and meeting the growing demand for Sharia-compliant financial solutions.

The newly appointed committee will play a crucial role in ensuring that all Islamic banking products and services provided 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.

Key members of the committee 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), a member of the Sovereign Sukuk Supervision Committee at the Ministry of Finance, and a 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 in the Sharia Supervisory Committees of the Egyptian Financial Regulatory Authority (FRA).

“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.”

As part of this initiative, FABMISR is dedicating five branches exclusively to Islamic banking services. These branches offer a comprehensive range of products and solutions tailored to meet the needs of valued customers seeking Sharia-compliant banking solutions.

FABMISR’s Islamic banking services are available at the following branches: Fifth Settlement Islamic Branch, October Islamic Branch, Mossadak Islamic Branch, Haram Islamic Branch, and Miami Islamic Branch in Alexandria. Each branch is staffed with well-trained professionals knowledgeable in Islamic banking to assist customers with their specific needs.

With the addition of Islamic banking, FABMISR continues to be a leader in the banking industry, committed to delivering innovative, inclusive, and customer-centric financial solutions.


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