Faisal Private Bank
The Faisal Private Bank (Switzerland) SA (FPB) was the first purely according to the rules of Islamic banking bank operating in Switzerland. It was based in Geneva and focuses exclusively on asset management .
The company was founded in 1980 under the name Shari'A Investment Services SA in Geneva and renamed Faisal Finance (Switzerland) SA in 1990 . In October 2006, the company received approval as a bank from the Swiss Federal Banking Commission and adopted its current company name. The main shareholder with 79.6% of the equity is the Ithmaar Bank based in the Kingdom of Bahrain . The Chairman of the Board of Directors was Khalid Abdulla-Janahi from Bahrain.
At the end of 2006, Faisal Private Bank (Switzerland) had 38 employees. Client assets amounted to CHF 819 million. Around 36 percent of the assets under management were invested in real estate, of which almost three quarters were in real estate investments in the USA.
In 2012, the parent company decided to continue running the bank as a family office and to surrender the banking license.