Faisal Islamic Bank of Egypt is the first Egyptian Islamic & Commercial Bank . The bank has officially started operations on 5/7/1979; However, the real beginning was before that date by more than five years, when the founders met and agreed to establish a bank in Egypt operating in accordance with the Islamic Shariah to serve as a model for Islamic banks all over the world. His Royal Highness Prince Mohamed Al-Faisal Al-Saud - Chairman of the board of directors - submitted the idea before a number of Egyptian personalities and officials. The idea was widely welcomed on the popular as well as the official level. The Bank was incorporated under Law No. 48 of 1977 which was then endorsed by the parliament and the bank was licensed as an economic and social institution taking the form of an Egyptian joint-stock company operating in compliance with the rulings of Islamic Shari'ah. The Articles of incorporation were amended under law No. 142 of 1981 and were amended for the second time under law 97 of 1996. There was a great demand for the bank's shares at the time of subscription in the Bank's capital. This demand exceeded by five times the shares offered for subscription. This prompted successive increases in the Bank's capital till it reached $ 500 million as an authorized capital against $ 297 million as an issued and fully paid- up capital . As at 31/12/2012 the bank manages more than one million and fifty Thousand accounts. The bank's total assets reached more than 6$ billion by the end of 2012.