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Connected Despite the Distance

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Connected Despite the Distance CONNECTED DESPITE THE DISTANCE Annual Financial & Sustainability Report 2020 His Royal Majesty His Royal Highness King Hamad bin Isa Al Khalifa Prince Salman bin Hamad Al Khalifa The King of the Kingdom of Bahrain The Crown Prince and Prime Minister CONNECTED DESPITE THE DISTANCE 1. INTRODUCTION 02 8. CORPORATE GOVERNANCE AND ETHICAL BEHAVIOUR 46 CORPORATE PROFILE 02 CORPORATE GOVERNANCE REVIEW 63 BisB BRAND 03 COMPLIANCE 63 FINANCIAL HIGHLIGHTS 06 INTERNAL AUDIT 66 OPERATIONAL HIGHLIGHTS 08 RISK MANAGEMENT 67 BOARD OF DIRECTORS’ REPORT 10 REMUNERATION DISCLOSURES 71 BOARD OF DIRECTORS 12 SHARI’A SUPERVISORY BOARD REPORT 77 SHARI’A SUPERVISORY BOARD 18 CHIEF EXECUTIVE OFFICER REPORT 20 9. FINANCIAL STATEMENTS 78 EXECUTIVE MANAGEMENT 22 INDEPENDENT AUDITORS’ REPORT 79 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 83 2. SUSTAINABILITY 28 CONSOLIDATED STATEMENT OF INCOME 84 STAKEHOLDER DIALOGUE 28 CONSOLIDATED STATEMENT OF CASH FLOWS 85 MATERIAL TOPICS 30 CONSOLIDATED STATEMENT OF CHANGES IN 3. RESPONSIBLE BANKING 32 OWNERS’ EQUITY 86 ISLAMIC FINANCE 32 CONSOLIDATED STATEMENT OF SOURCES AND USES OF GOOD FAITH QARD FUND 87 FINANCIAL INCLUSION 32 CONSOLIDATED STATEMENT OF SOURCES AND 4. SERVING OUR CUSTOMERS 33 USES OF ZAKAH AND CHARITY FUND 88 RETAIL BANKING 34 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 89 CORPORATE AND FINANCIAL INSTITUTIONAL BANKING 36 SUPPLEMENTARY DISCLOSURES TO THE CONSOLIDATED FINANCIAL STATEMENTS 139 TREASURY 37 CUSTOMER RELATIONS 37 10. RISK AND CAPITAL MANAGEMENT DISCLOSURE 141 BACKGROUND 142 5. NURTURING OUR WORKFORCE 39 STATEMENT OF FINANCIAL POSITION UNDER CORPORATE CULTURE AND ETHICS 40 THE REGULATORY SCOPE OF CONSOLIDATION 142 DIVERSITY AND INCLUSION 40 CAPITAL ADEQUACY 144 HEALTH AND SAFETY 41 RISK MANAGEMENT 147 TRAINING AND EDUCATION 41 GLOSSARY OF TERMS 176 6. COMMUNITY INVESTMENT 43 11. GRI CONTENT INDEX 177 FINANCIAL LITERACY 43 GENERAL DISCLOSURES 178 SUPPLIER RELATIONS 44 MATERIAL TOPICS 180 7. PRESERVING NATURAL RESOURCES 45 WATER AND ENERGY SAVING 45 WASTE MANAGEMENT 45 Bahrain Islamic Bank B.S.C. Diplomatic Area P.O. Box 5240, Manama, Kingdom of Bahrain Tel: (+973) 17 515 151 Fax: (+973) 17 535 808 Email: [email protected] Licensed as an Islamic Retail Bank by the Central Bank of Bahrain NO MATTER WHERE YOU ARE BisB IS ALWAYS CONNECTED TO YOU CORPORATE PROFILE Founded in 1979 as the first Islamic Bank in the The Bank has successfully built a strong base of excellence Kingdom of Bahrain, and the fourth in the GCC, from the implementation of the Back-to-Basics Ishraq Bahrain Islamic Bank (BisB) has played a significant strategy; digitalisation, streamlining operations, restructuring role in the development not only of the Kingdom’s our financial role and engaging with our employees and local partners to grow deeper and more meaningful roots. We wish economy, but also of the Islamic banking industry. to promote the principles of sustainability in all markets, as The Bank operates under an Islamic Retail Bank this shift will further maximize total positive impact in Bahrain. license from the Central Bank of Bahrain and is listed Nourished by our combined efforts and hard work, the ideals on the Bahrain Bourse. The Bank operates with of BisB have evolved and flourished, giving birth to a new four branches, four innovative financial malls, one DNA brand that will lead us to a stronger and brighter future, Digital branch and 52 ATMs located throughout the where we compete by being different. Kingdom. During 2020, the National Bank of Bahrain (NBB) acquired additional shares of Bahrain Islamic Bank, which increased Driven by our Islamic values, BisB has developed itself in the NBB’s shareholding in BisB from 29.06% as reported at 31 Kingdom of Bahrain as a leader of the Islamic industry and the December 2019 to 78.81%. Hence, NBB is considered as Parent leading provider of integrated financial solutions compliant of the Bank for financial reporting purposes. with Shari’a. Adopting a customer-centered approach, we have shown our forward-thinking by constantly developing in This successful integration of NBB and BisB - two of the anticipation of the needs and expectations of our customers. country’s historic banks - into a robust banking Group, is a proud achievement that serves as a national benchmark and Innovation has always been at the core of our operations has contributed to strengthening the Kingdom’s position as a and financial offerings. We believe we are the industry's regional financing hub. The integration has served to reinforce "mover and shaker", and as part of our strategic drive for both brand positions by drawing on their respective strengths digitalisation, we have achieved major milestones since our and best practices to maximise their potential and deliver establishment. We have succeeded in changing the norms operational excellence. Both entities are benefitting from the of banking within the Kingdom, thus improving the lives of delivery of significant synergies in business and investments; society. access to a shared talent pool of expertise, resources The role of Bahrain Islamic Bank as the leading Shari'a- and technologies; improved efficiencies and optimised compliant Bank has been cemented by a steady emphasis on performance; and an expanded solutions portfolio, all of sound corporate governance and risk management, employee which serve to enhance profitability and shareholder returns growth, and the use of state-of-the-art technology to provide as well as better the customer experience, sharing the same superior customer service. aspirations and sustainability framework. Instant cash The first bank in withdrawal online Bahrain to automate from credit cards the Know Your to savings and Customer providing current accounts eKYC processes New digitally Account Opening empowered for Corporate self-service kiosks Customers across all branches through Mobile and financial Malls BisB ANNUAL FINANCIAL & SUSTAINABILITY REPORT 2020 02 BisB BRAND OUR BRAND PROMISE FUELED BY BAHRAINI DEVOTION, WE CRAFT NEW WAYS OF SIMPLIFYING YOUR MONEY MATTERS BAHRAINI Our legendary national warmth and caring for others guide our approach to our DEVOTION customers, partners, personnel and broader society. WE Our entire team and organisation is committed to your financial well-being. CRAFT We sculpt and refine our services and products to best serve your needs. NEW WAYS Innovation and continuous development drive us to challenge the ordinary SIMPLIFYING We remove barriers and get things done efficiently and easily for you. BRAND VALUES Bahraini Innovative We are Muslims, generous, polite, modest and We move rocks to create more effective processes, respect others. We are hospitable and treat products and ideas. Being innovative does not everyone with warmth. We desire to establish only mean inventing something new but changing trust and build relationships with people before the status quo and adapting to change to deliver doing business. Family at home and at work is better products and services to everyone. important to us and we are loyal to them. We care about the people we interact with and offer a helping hand. We are modern, intelligent and very literate. Simple Bold We strive for clarity and consistency, make We think big and work with others across decisions quickly and pragmatically and focus boundaries to drive transformational growth. We on what’s essential. We go out of our way to always attempt to stand out within the boundaries simplify the lives of everyone around us because of simplicity. Being different does not always we understand that banking is complicated. We mean digitalisation and does not always require always challenge ourselves to find better ways. us to reinvent the wheel. We seek to challenge the We celebrate successful improvements and norm and be heard - to be a head turner. learn from experiences. BisB ANNUAL FINANCIAL & SUSTAINABILITY REPORT 2020 03 BisB BRAND (Cont’d) OUR GUIDING PRINCIPLES BisB ANNUAL FINANCIAL & SUSTAINABILITY REPORT 2020 04 BisB BRAND (Cont’d) OUR GUIDING PRINCIPLES BisB Tree of Life Pillars Bahrain-ness We want to instill our Bahraini insights and local values in our daily tasks at work and our business approach, cementing our “Bahrain-ness” as a living value. We want to capture the hearts of our customers, and be known for our friendly and open voice, treating our customers with warmth and respect, dedicated to surpassing their expectations. Banking re-imagined Constantly finding new solutions for our customers, we connect people to the right technology, adding world-class security measures to deal with the increased risks they face in an increasingly digital world. Start-up mindset A creative space, our BisB Innovation Lab fosters idea generation and is one of the achievements we are most passionate about. We want to celebrate every day success stories in our culture of continuous learning. Social innovation Social innovation is at the heart and soul of all that we do at BisB. We are excited about the projects we are developing and will be counting on all of our stakeholders to actively participate in creating a positive impact on local society. BisB ANNUAL FINANCIAL & SUSTAINABILITY REPORT 2020 05 FINANCIAL HIGHLIGHTS 2020 2019 2018 2017 2016 Earnings (BD Millions) Net profit income 34.4 34.7 33.9 32.9 30.6 Other income 4.6 7.6 9.5 7.0 8.2 Operating expenses 23.4 25.1 23.1 23.5 20.7 Net profit/(loss) (12.6) 6.2 11.4 10.1 8.4 Cash dividend - - - - 5.1 Stock dividend - - - 5.1 - Financial Position (BD Millions) Total assets
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