Abdel Hamid Abu Mousa completes 30 years in Faisal Islamic Bank leadership

Abdel Hamid leads one of the most important banking experiences in the Egyptian market, namely Islamic Banking, has steadily proved his ingenuity, and wrote an exceptional success story that enabled Faisal Islamic Bank to top Islamic banks in Egypt in assets and deposits markets.

In conducting our website First Bank to monitor the development of the most important indicators of the Bank under the leadership of Abdel Hamid Abu Mousa during the last decade on the occasion of his completion today of the thirtieth year in the leadership of Faisal Islamic Bank, it is clear that under his leadership the Bank has achieved record achievements and which is revealed in figures.

Abu Mousa has been able to jump the Bank's net profits by about 550.88% over the past 10 years, registering EGP 4.1 bn in 2023, compared to EGP 623.28 mn in 2014, with an increase of EGP 3.4 bn.

Net interest income rose to EGP 5.95 bn in 2023, compared to EGP 1.6 bn in 2014, with a growth of 263.5%, and an increase of EGP 4.3 bn.

Fees and commissions income rose from EGP 89.5 mn in 2014 to EGP 516.39 mn in 2023, recording a growth rate of 477.3%, and an increase of EGP 426.9 mn.

Abu Mousa has strengthened the financial position of Faisal Islamic Bank and expanded its volume significantly, resulting in increasing of the Bank's assets portfolio to EGP 176.96 bn by the end of December 2023, compared to EGP 50.1 bn by the end of 2014, with a growth of 253.2% and an increase of EGP 126.9 bn.

It sought to introduce products and saving deposits with competitive returns to attract more customers to the Bank, thus increasing the Bank's saving deposits and certificates balances by about 191.41% during the period under analysis, reaching EGP 130.5 bn by the end of 2023, compared to EGP 44.8 bn by the end of 2014, with an estimated increase of about EGP 85.69 bn.

Individuals controlled saving deposits and certificates balances at Faisal Islamic Bank, with a relative weight of 96.25% of the total portfolio by the end of 2023, following an increase in the accounts of individuals to EGP 125.6 bn by the end of last year, compared to EGP 42.8 bn by the end of 2014, with a growth rate of 193.4% and an increase of EGP 82.8 bn.

Corporates accounted for only 3.75% of the bank's total saving deposits and certificates balances by the end of last year, after corporates accounts rose by 148% during the period under analysis, reaching EGP 4.9 bn by the end of 2023, compared to EGP 2 bn by the end of 2014, with an estimated increase of EGP 2.9 bn.

Faisal Islamic Bank is keen to comply with the supervisory instructions established by the Central Bank of Egypt. The Department successfully increased the Bank's exported and paid capital to about EGP 5.7 bn as one of the first banks to meet and even exceeded the Central Bank of Egypt limit of EGP 5 bn. It is worth mentioning that over the last decade, the Bank has been able to achieve significant growth. Its growth rate was 435.94%, compared to EGP 1.06 bn by the end of 2014.

Abu Mousa maintained the Bank's conservative policy towards granting credit despite the remarkable growth in loans portfolio, rising to EGP 16.1 bn by the end of last year, compared to EGP 6.6 bn by the end of 2014, with a growth rate of 142.3% and an increase of EGP 9.4 bn.

The increase is due to the rise in the retail banking sector, as evidenced by the rise in its retail loans portfolio by about 232.32% over the last decade, reaching EGP 3.3 bn by the end of 2023, up from EGP 988.5 mn by the end of 2014.

The Bank also achieved good growth in its corporate loans, with its portfolio rising by 126.5% during the period under analysis, to EGP 12.8 bn by the end of last year, compared to EGP 5.6 bn by the end of 2014, with an increase of EGP 7.1 bn.

It also succeeded in reducing distress rates to a record level, falling to 2.4% by the end of 2023, from 25.8% by the end of 2014.

He also significantly boosted the Bank's total financial investments, jumping from EGP 31.4 bn by the end of 2014, to EGP 96.26 bn by the end of 2023, recording a growth rate of 206.4% and an increase of EGP 64.8 bn.

Abdel Hamid Abu Mousa recognized the importance of digital transformation, and hence; set up the bank's technological infrastructure to provide competitive electronic financial services that keep pace with the best digital financial systems around the world. The most prominent of his efforts on this file was the launch of Faisal Bank E-wallet, That allows customers to pay various bills, donations, and buy via mobile phone And online, money transfer, cash withdrawal through fawry outlets, and also the development of Faisal Islamic Bank technological infrastructure to improve the quality of services provided to its customers, and to help the Bank launch many products and e-banking services.