Faisal Islamic Bank of Egypt is the first Egyptian Islamic and commercial bank. It was incorporated under law no. 48 of the year 1977 and its amendments to perform all banking, financial, commercial, and investment activities, as well as establishing and participation in industrial, economic development and urbanization projects inside and outside Egypt, subject to the Bank's articles of association. The Bank has officially started its operations on 5 July 1979, but in fact, the beginning was more than five years before that date, when the Bank's founders agreed to establish a bank in Egypt operating in conformity with the Islamic Sharia to serve as a model for Islamic banking all over the world.