1987–2002: Beginnings as an investment and conventional bank Faysal Bank started in Pakistan in October 1987, with a tiny branch and as a subsidiary of Faysal Islamic Bank, a Bahraini bank owned by
Mohammed bin Faisal Al Saud, the son of the late King
Faisal of Saudi Arabia. The bank was part of a broader initiative by the
Dar al-Maal al-Islami Trust (DMI), a Geneva-based organization founded in 1981 to promote Islamic banking worldwide. Faysal Bank's operations in Pakistan consisted of the branch operations established in 1987 and Faisal Islamic Investment Bank, which was set up in 1996. In the same year, it was listed on
Karachi Stock Exchange.
2002–2008: Merger, slow growth, and controversies In 2002, the Islamic investment bank merged with the conventional bank, resulting in the loss of its Shariah-compliant status.
2008–present: Acquisition of Royal Bank of Scotland Pakistan and conversion to Islamic banking In March 2008, Faysal Bank appointed Naved A. Khan, a former banker at
ABN Amro, as its new head. Previously,
ABN AMRO Bank Pakistan had acquired Prime Commercial Bank, consisting of 69 branches and spanning 24 cities in 2007 for , which was merged into Faysal Bank after RBS Pakistan acquisition. Nauman Ansari, who succeeded Naved Khan, focused on integrating the acquisition and streamlining the bank's operations. It finally converted to a full-fledged Islamic bank by December 2022. ==References==