DOCSLIB.ORG

Ithmaar Holding (Formerly Ithmaar Bank B.S.C.) Announces 2016 Profits, Reports Continued Growth in Core Business

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ithmaar Holding (Formerly Ithmaar Bank B.S.C.) Announces 2016 Profits, Reports Continued Growth in Core Business Ithmaar Holding (formerly Ithmaar Bank B.S.C.) announces 2016 profits, reports continued growth in core business MANAMA, BAHRAIN – 27 February 2017 – Ithmaar Holding BSC (formerly Ithmaar Bank BSC) (Ithmaar) reported today (ed note: 27/02/17) a net profit of US$13.80 million for the year ended 31 December 2016, compared to a net loss of US$46.40 million reported for 2015. Net profit attributable to equity holders of the Bank for the year ended 31 December 2016 was US$3.28 million, compared to a net loss US$60.80 million reported for 2015. The 2016 financial results include a net loss for the three-month period ended 31 December 2016 of US$2.93 million compared to the net loss of US$57.79 million reported for the same period last year. Net loss attributable to equity holders of the Bank for the three-month period ended 31 December 2016 was US$3.23 million compared to the US$62.90 million net loss reported for the same period last year. The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval, by the Board of Directors, of Ithmaar’s consolidated financial results for the year ended 31 December 2016. “On behalf of the Board of Directors, I am pleased to announce that Ithmaar has returned to profitability for 2016 as it continues to show stable growth in its core retail banking business,” said HRH Prince Amr. “This is most clearly reflected in Ithmaar’s net income, before overseas taxation, which amounted to US$36.74 million, for the year ended 31 December 2016, a 315 percent increase and a complete turnaround from the US$17.07 million net loss, before overseas taxation, reported for 2015,” he said. “This is, in a large part, a result of continuously improving Ithmaar’s products and services while also keeping costs and expenses under control,” said HRH Prince Amr. “Total expenses for the year ended 31 December 2016, for example, amounted to US$192.10 million, a marginal increase from the total expenses of US$190.41 million reported for 2015. This is despite the continuous expansions of Ithmaar’s retail banking operations both in Bahrain and in Pakistan, where 75 new branches were opened in 2016.” he said. “Ithmaar’s financial performance in 2016 is testimony to the efforts invested in focusing on developing the Bank’s core retail banking business,” said HRH Prince Amr. “We are confident that, following the completion of the reorganisation and the formal commencement of the new group structure this year, we will further develop this growth,” he said. The new structure, which was proposed by the Bank’s Board of Directors and approved by shareholders in March 2016, resulted in the conversion of Ithmaar Bank B.S.C into Ithmaar Holding B.S.C. (Ithmaar Holding), which is licensed and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse and Boursa Kuwait. Ithmaar Holding retains 100 percent ownership of all assets formerly owned by Ithmaar Bank B.S.C., through two wholly- owned subsidiaries Ithmaar Bank B.S.C (closed) (Ithmaar Bank), an Islamic retail bank subsidiary which holds the core retail banking business, and IB Capital B.S.C. (closed) (IB Capital), an investment subsidiary, which holds investments and other non-core assets. The two subsidiaries are licensed and regulated by the CBB. “In this context, we extend our sincere thanks and appreciation to the Central Bank of Bahrain and the Ministry of Industry, Commerce and Tourism as well as the Bahrain Bourse and Boursa Kuwait for their outstanding support which has led to the completion of the two-year long reorganisation project successfully on time,” said HRH Prince Amr. Ithmaar Chief Executive Officer, Ahmed Abdul Rahim, noted that the 2016 financial results demonstrate that Ithmaar’s efforts to grow its core retail banking business were paying off, and said the new structure will facilitate it taking advantage of new growth opportunities and help generate greater value to shareholders. “I am pleased to report that Ithmaar’s financial performance in 2016 indicates that efforts to focus on our core retail banking business are clearly paying off,” said Abdul Rahim. “The core business areas of financing, customer deposits, and unrestricted investment account holders have achieved good growth, resulting in increasing total assets to US$8.34 billion as at 31 December 2016, an increase of 2.5 percent from US$8.14 billion as at 31 December 2015,” he said. “I am pleased, also, to report that our customer deposits continue to grow,” said Abdul Rahim. “This is evident from the equity of unrestricted investment account holders growing to US$2.77 billion as at 31 December 2016, a 15.5 percent increase compared to US$2.40 billion as at 31 December 2015,” he said. “This increase reflects customer confidence in Ithmaar, and is a further evidence that Ithmaar’s efforts to grow continuously closer to its customers are paying off,” said Abdul Rahim. “Current accounts and due to investors, for example, grew to US$3.48 billion as at 31 December 2016, a 9.3 percent increase compared to US$3.19 billion as at 31 December 2015. Total Financing (Murabaha, Musharaka and Ijarah) also increased to US$3.93 billion as at 31 December 2016, a 5.7 percent increase from US$3.72 billion as at 31 December 2015,” he said. “The shareholders’ equity increased to US$427.4 million as at 31 December 2016, a 3.2 percent increase from US$414.2 million as at 31 December 2015,” said Abdul Rahim. Abdul Rahim also thanked the CBB and the Ministry of Industry, Commerce and Tourism, as well as the Bahrain Bourse and Boursa Kuwait for their continued guidance and support. “The new group structure will assist the Bank’s long-term strategy for growth by providing greater insight into the strength of its core retail banking operations and further facilitating the focussed management of the Group’s investment assets,” said Abdul Rahim. “The financial results consistently show that our efforts to significantly transform the Group’s operations and focus on developing our core business are paying off, and that we are on the right track,” said Abdul Rahim. “The new structure is the next logical step in this process, and underlines our commitment to become one of the region’s leading Islamic financial institution,” he said. In 2016, Ithmaar further expanded its retail banking network, both in Bahrain where it added a new full-service branch in Galali and two Automated Teller Machines (ATMs) in Hamad Town, as well as in Pakistan, where Faysal Bank Limited added 75 new, full-service Islamic branches. In line with its commitment to continuously improving its products and services, Ithmaar partnered with Batelco and Arab Financial Services to launch Bahrain’s first ever mobile payment solution, Easy Pay, in 2016. The solution uses secure Near Field Communication (NFC) tags to eliminate the need for cash or cards by allowing customers to shop simply by tapping their mobile phones at Point of Sale (POS) machines. The formal launch earlier this year marked a key milestone for the Bahrain retail market, potentially revolutionizing shopping experiences of the customers with secure, real-time payments now possible directly from their mobile phones. Ithmaar was last year singled out among the world’s Islamic banks for a prestigious international award in recognition of its Corporate Social Responsibility and Financial Disclosure. The independent award was presented at the World Islamic Banking Conference (WIBC) that was in Bahrain last year in strategic partnership with the CBB. The WIBC is a high-profile event, which was attended by leading international banking experts, and is widely recognised as one of the most important events on the world Islamic banking calendar. -ENDS- About Ithmaar Holding: Ithmaar Holding B.S.C. (formerly Ithmaar Bank B.S.C.) (“Ithmaar Holding or Ithmaar”) is licensed as an investment firm and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse and Boursa Kuwait. Ithmaar Holding retains 100 percent ownership of all assets formerly owned by Ithmaar Bank B.S.C., through two wholly-owned subsidiaries Ithmaar Bank B.S.C (closed) (Ithmaar Bank), an Islamic retail bank subsidiary which holds the core retail banking business, and IB Capital B.S.C. (closed) (IB Capital), an investment subsidiary, which holds investments and other non-core assets. The two subsidiaries are licensed and regulated by the CBB. Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions. Ithmaar also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan). .
Load more

Recommended publications
  • 2013 Annual Report
    ANNUAL REPORT 2013 His Royal Highness His Majesty King Hamad His Royal Highness Prince Prince Khalifa Bin Salman Bin Isa Al-Khalifa Salman Bin Hamad Al-Khalifa The King of Bahrain Al-Khalifa The Prime Minister The Crown Prince & Deputy Supreme Commander of Bahrain Defence Force & First Deputy Prime Minister KHALEEJI COMMERCIAL BANK BSC CONTENTS Financial Highlights 3 Board of Directors 4 Shari’a Supervisory Board 5 Chairman’s Report 6 Executive Management Report 8 Corporate Governance 12 Risk Management 14 Shari’a Report 19 Auditor’s Report 20 Consolidated Financial Statments 21 Notes to the Consolidated Financial Statments 28 Risk Management Disclosures 69 Khaleeji Commercial Bank BSC Harbour Tower East Bahrain Financial Harbour P.O. Box 60002 Manama, Kingdom of Bahrain Designs Mu Telephone: +973 17 50 50 50 Facsimile: +973 17 10 00 17 Email: [email protected] www.khcbonline.com Licensed by the Central Bank of Bahrain as a Retail Islamic Bank Design and production: KHALEEJI COMMERCIAL BANK BSC FINANCIAL HIGHLIGHTS 2013 19,696 (19,209) Total Income Net Loss (17.11) 542,242 100,011 Earnings Per Total Assets Total Equity Share (fils) 2013 2012 2011 2010 2009 Total Income 19,696 19,817 22,929 19,585 33,232 Net Profit / (Loss) (19,209) 751 518 (6,533) 3,100 Total Assets 542,242 473,159 447,515 419,216 473,604 Total Equity 100,011 119,448 118,923 118,158 126,574 Earnings Per Share (fils) (17.11) 0.67 0.46 (5.87) 3.04 Financial Highlights 3 KHALEEJI COMMERCIAL BANK BSC BOARD OF DIRECTORS From left to right: Dr.
    [Show full text]
  • Customer Complaints Report July- September 2020
    Customer Complaints Report July- September 2020 Customer Complaints Report for the months July - September 2020 Production: Consumer Protection Unit Central Bank of Bahrain PO Box 27, Manama Kingdom of Bahrain www.cbb.gov.bh The Customers Complaints Report is a monthly report prepared by the Consumer Protection Unit. It is available in PDF format in the Publications and Data section at http://www.cbb.gov.bh. Contents 1. Introduction .......................................................................................................... 1 2. Concentration of Complaints: .............................................................................. 2 3. Nature of Complaints: .......................................................................................... 3 4. Status of Complaints ............................................................................................ 6 1. Introduction The Consumer Protection Unit “CP” received 24 complaints in July 2020, 18 complaints in August 2020, and 27 complaints in September 2020. Totalling 69 complaints. The following graph illustrates the monthly complaints received from 1st of July to 30th of September 2020. Monthly Complaints for Year 2020 30 27 25 24 20 18 15 Number Number Complaints of 10 5 0 July August September Customer Complaints Report July – September 2020 1 2. Concentration of Complaints: The complaints received during July-September 2020 are reported with respect to the following financial institutions, banks, and insurance companies as illustrated in the graph below. No. of Complaints (July-September 2020) 10 9 8 7 6 6 5 5 5 5 4 4 4 Number Number Complaints of 3 3 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 Customer Complaints Report July – September 2020 2 3. Nature of Complaints: The following chart demonstrates the nature of complaints received by the (CP) Unit during the months of July-September 2020.
    [Show full text]
  • The Power of Microfinance an Era of Achievements
    The Power of Microfinance An Era of Achievements Familybankbh Familybankbh @familybankbh www.familybankbh.com HM King Hamad bin Isa Al Khalifa The King of the Kingdom of Bahrain HRH Prince Khalifa bin Salman Al Khalifa HRH Prince Salman bin Hamad Al Khalifa Prime Minister Crown Prince and Deputy Supreme Commander Contents Introduction 04 Vision & Mission 06 Chairperson Statement 08 CEO Message 10 Board of Directors 12 Senior Management 16 Micro-Finance 18 Non-Financial Services 22 Idea Factory 25 Success Stories 30 Awards, Events and Summits 39 02 | FAMILY BANK BSC (C) FAMILY BANK BSC (C) | 03 FAMILY BANK A PIONEER ISLAMIC SOCIAL BANK IN BAHRAIN Bahrain is a country in transition, where the economic The primary target demography of the Family reforms have resulted in the rapid liberalization of Bank will be needy families, unemployed, domestic economy and improvement in the business widows and youth that receive various MICROCREDIT CAME TO PROMINENCE IN THE 1980’S, ALTHOUGH environment. Statistic show that micro, small and medium government aids and assistance. Family Bank will EARLY EXPERIMENTS COMMENCED BACK TO 1720 IN IRELAND, enterprises represent a significant part of the Bahraini provide them with Islamic microfinance (up to economy. BD 5,000) to support income generating 1800 IN GERMANY AND USA, AND A FEW OTHER COUNTRIES. activities enabling them to prosper as productive 1 TODAY, IT HAS BEEN REALIZED THAT MICROFINANCE IS ONE OF THE Microfinance, which is a powerful tool for creating members of a vibrant economy. The proposed SUSTAINABLE TOOLS TO ADDRESS POVERTY AND PROMOTE MICRO- microenterprises and self-employment opportunities, was target groups for Family Bank are: ENTERPRISES.
    [Show full text]
  • Customer Complaints Report January-March 2021
    Customer Complaints Report January-March 2021 Customer Complaints Report for the months January-March 2021 Production: Consumer Protection Unit Central Bank of Bahrain PO Box 27, Manama Kingdom of Bahrain www.cbb.gov.bh The Customers Complaints Report is a monthly report prepared by the Consumer Protection Unit. It is available in PDF format in the Publications and Data section at http://www.cbb.gov.bh. Customer Complaints Report January-March 2021 Contents 1. Introduction................................................................................................. 1 2. Concentration of Complaints ....................................................................... 2 3. Nature of Complaints ................................................................................ 3-5 4. Status of Complaints ........................................................... ….…………………. 6 Customer Complaints Report January-March 2021 1. Introduction The Consumer Protection Unit “CP” received 14 complaints in January 2021, 27 complaints in February 2021, and 20 complaints in March 2021. Totalling 61 complaints. The following graph illustrates the monthly complaints received from 1st of January to 31th of March 2021. Monthly Complaints for Year 2021 30 27 25 20 20 15 14 Number Number Complaints of 10 5 0 January February March 1 Customer Complaints Report January-March 2021 2. Concentration of Complaints: The complaints received during January-March 2021 are reported with respect to the following financial institutions, banks, and insurance companies as illustrated in the grah below. No. of Complaints (January-March 2021) 10 9 9 9 8 7 6 6 5 5 4 4 4 4 Number Number Complaints of 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 0 2 Customer Complaints Report January-March 2021 3. Nature of Complaints: The following chart demonstrates the nature of complaints received by the (CP) Unit during the months of January-March 2021.
    [Show full text]
  • Ithmaar Holding Reports Half-Year Results
    Ithmaar Holding reports half-year results MANAMA, BAHRAIN – 20 August 2020 – Ithmaar Holding B.S.C. (Trading symbol: ITHMR), a Bahrain-based holding company, announced its financial results for the six-month period ended 30 June 2020. The announcement, by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Company’s consolidated financial results. Ithmaar Holding reported a net loss attributable to equity holders for the six-month period ended 30 June 2020 of US$1.29 million, a 115 percent decrease compared to the net profit of US$8.37 million reported for the same period in 2019. The loss is mainly due to the economic impact of the global Covid-19 pandemic. Overall, the Company’s results show a net profit for the six-month period ended 30 June 2020 of US$7.40 million, a 43 percent decrease compared to the net profit of US$13.02 million reported for same period in 2019. Earnings Per Share (EPS) for the period ended 30 June 2020 were negative US Cents 0.04, compared to positive US Cents 0.29 for the same period in 2019. Ithmaar Holding’s total owners’ equity stood at US$8.80 million as at 30 June 2020, a 90.8 percent decrease compared to US$95.55 million as 31 December 2019, mainly due to the dramatic economic slowdown cause by the Covid-19 pandemic. Accumulated losses, as at 30 June 2020, of US$795.6 million amounted to 105 percent of the share capital, compared to 98.5 percent as at 31 December 2019.
    [Show full text]
  • BBK and Ithmaar Holding Sign Acquisition Plans Mou
    BBK and Ithmaar Holding sign acquisition plans MoU MANAMA, BAHRAIN – 14 September 2020 – The Bank of Bahrain and Kuwait (BBK), one of the largest commercial banks in Bahrain, and Ithmaar Holding, the parent of Ithmaar Bank, which operates the largest Islamic retail banking network in Bahrain, signed today (ed note: 14/09/20) a Memorandum of Understanding (MoU) on the potential acquisition by BBK of Ithmaar Bank’s Bahrain operations as well as specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding. The MoU, which was signed by BBK Chief Executive Officer, Dr. AbdulRahman Ali Saif, and Ithmaar Holding Chief Executive Officer, Ahmed Abdul Rahim, who is also the Ithmaar Bank Chief Executive Officer, builds on the joint BBK-Ithmaar Holding statement made on 26 August 2020 announcing initial talks regarding the potential acquisition. The plans, which are subject to shareholder and regulatory approvals, are still in the discussions phase and subject to the completion of due diligence by both parties. When implemented, the plans will significantly expand BBK’s already large operations in Bahrain and add a turn-key, full-service Islamic banking solution, while also bolstering the already well established Ithmaar Bank brand and position it to better capitalize on opportunities for growth. The plans are in line with Ithmaar Holding’s strategy of creating value for its shareholders. Details of the plans will be announced in due course, following necessary approvals. -ENDS- About Ithmaar Holding: Ithmaar Holding B.S.C. (“Ithmaar Holding or Ithmaar”) is licensed as an investment firm and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse and Dubai Financial Market.
    [Show full text]
  • (Formerly Ithmaar Bank BSC) CONSOLIDATED FINANCIAL
    ITHMAAR HOLDING B.S.C. (Formerly Ithmaar Bank B.S.C.) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 Ithmaar Holding B.S.C (formerly Ithmaar Bank B.S.C.) Consolidated financial statements for the year ended 31 December 2018 Contents Page Report of the Sharia Supervisory Board 3 – 4 Directors’ Report 5 – 6 Independent auditors’ report 7 – 8 Consolidated statement of financial position 9 Consolidated income statement 10 Consolidated statement of changes in owners’ equity 11 – 12 Consolidated statement of cash flows 13 Consolidated statement of changes in restricted investment accounts 14 – 15 Notes to the consolidated financial statements 16 – 66 Ithmaar Holding B.S.C (formerly Ithmaar Bank B.S.C.) Directors' Report for the year ended 31 December 2018 The Directors submit their report dealing with the activities of Ithmaar Holding B.S.C. (“Ithmaar”) for the year ended 31 December 2018, together with the audited consolidated financial statements of Ithmaar and its subsidiaries (collectively the “Group”) for the year then ended. Principal activities Ithmaar Holding B.S.C directly owns two major subsidiaries, Ithmaar Bank B.S.C (C) (Ithmaar Bank) an Islamic retail bank subsidiary which holds the core retail banking business, and IB Capital B.S.C (C), an Islamic investment subsidiary which holds investments and other non-core assets. The two subsidiaries are licensed and regulated by the CBB. The principal activities of the Group are a wide range of financial services, including retail, commercial, asset management, private banking, takaful and real estate development. Consolidated financial position and results The consolidated financial position of the Group as at 31 December 2018, together with the consolidated results for the year then ended is set out in the accompanying consolidated financial statements.
    [Show full text]
  • Dubai Technology and Media Free Zone Authority the ACADEMY at DIFC
    Dubai Technology and Media Free Zone Authority THE ACADEMY AT DIFC ACT TODAY, BE READY FOR THE BUSINESS OF TOMORROW. LEADERSHIP | BUSINESS | FINANCE | FINTECH The Academy brings you the following courses from renowned international institutions to help you prepare for the business of tomorrow. London Business School London Business School CITY University of London Merger and Acquisitions Leading Teams for Emerging Leaders Finance for Non-Financial Leaders 26 – 29 Nov 2018 19 – 22 Nov 2018 28 Feb – 2 Mar 2019 Places are limited, book your space in one of our courses now by visiting: academy.difc.ae | #TheAcademyAtDIFC DIFC_A4 Ad_Banker ME_EN_AW.indd 1 14/08/2018 17:21 elcome to the ninth edition of the BME100. For almost a decade, the BME100 has served as a benchmark for financial institutions in the W Middle East. The BME100 is a ranking of financial institutions licensed and domiciled within the Middle East region. To be included in this ranking an institution must have its head office based INTRODUCTION in the Middle East and be regulated by one of the region’s central banks. Every year, in the second quarter of the year, we undertake a study of published audited financial reports from financial institutions in the region. This year we have adopted a rigorous new methodology, which you can read about in detail from page six. Because this marks a new chapter for the BME100, we won’t draw on any comparisons to last year’s rankings. Instead, we will simply present the top 100 banks and the 10 fastest-growing banks in the region.
    [Show full text]
  • Ithmaar Holding Reports Half-Year Results
    Ithmaar Holding reports half-year results MANAMA, BAHRAIN – 12 August 2021 – Ithmaar Holding B.S.C. (Trading symbol: ITHMR), a Bahrain- based holding company, announced its financial results for the six-month period ended 30 June 2021, including the second quarter of the year. The announcement, by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval of the Board of Directors of the Company’s consolidated financial results for the six-month period ended 30 June 2021. Ithmaar Holding reported a net loss attributable to equity holders for the three-month period ended 30 June 2021 of US$4.86 million compared to the net profit of US$21.30 million reported for the same period in 2020. Earnings Per Share (EPS) for the three-month period ended 30 June 2021 was negative US Cents 0.17, compared to positive US Cents 0.73 for the same period in 2020. Overall, Ithmaar Holding reported a net profit attributable to equity holders for the six-month period ended 30 June 2021 of US$4.0 million, compared to the net loss of US$1.29 million reported for the same period in 2020. The increase is due mainly to the performance of the Company’s retail banking assets. EPS for the six-month period ended 30 June 2021 was US Cents 0.14, compared to negative US Cents 0.04 for the same period in 2020. Ithmaar Holding’s total owners’ equity also increased to US$38.62 million as at 30 June 2021, a 161.6 percent increase compared to US$14.76 million as at 31 December 2020, mainly due to increased income attributable to equity holders of the Company and fair value reserves.
    [Show full text]
  • Commercial Banks Sector
    Listed Companies BOD Meetings to approve the Financial Results for the Period ended 30/6/2011 BOD No. Company’s Name Remarks Symbol Date Commercial Banks Sector Wednesday 1 Ahli United Bank B.S.C. AUB 13/7/2011 + Thursday 2 Al Salam Bank – Bahrain B.S.C. SALAM 14/7/2011 + Tuesday 3 Bahrain Islamic Bank B.S.C. BISB 26/7/2011 Sunday 4 BBK B.S.C. BBK 7/8/2011 # Thursday 5 Khaleeji Commercial Bank B.S.C KHCB 4/8/2011 Monday 6 National Bank of Bahrain B.S.C. NBB 11/7/2011 # Sunday 7 Bahraini Saudi Bank B.S.C. BSB 17/7/2011 Saturday 8 Ithmaar Bank B.S.C ITHMR 13/8/2011 Investment Sector Wednesday 9 Al Baraka Banking Group B.S.C. BARKA 10/08/2011 Tuesday 10 INOVEST B.S.C &# INOVEST 2/8/2011 # Sunday 11 Arab Banking Corporation B.S.C. ABC 17/7/2011 Wednesday 12 Bahrain Commercial Facilities Company B.S.C. BCFC 27/7/2011 Wednesday 13 Bahrain Middle East Bank B.S.C. BMB 10/8/2011 Wednesday 14 Esterad Investment Company B.S.C. # ESTERAD 3/8/2011 Thursday # 11/8/2011 Published 15 Gulf Finance House B.S.C. GFH on Sunday 4/9/2011 16 Gulf Monetary Group B.S.C. GMG Tuesday 17 Investcorp Bank B.S.C. #+ INVCORP 2/8/2011 Saturday 18 TAIB Bank B.S.C. + TAIB 13/8/2011 Thursday 19 United Gulf Bank B.S.C. UGB 11/8/2011 Thursday 20 United Gulf Investment Corporation B.S.C.
    [Show full text]
  • Capital Markets Issue-7 Q5
    B A H R A I N December 2005 Issue 7 Published by the Bahrain Monetary Agency (BMA) Inside Page 2 Investment business Press announcement rules Agreement with TOCOM rulebook on the way Page 3 he Bahrain Monetary Agency (BMA) Category 1 investment firm licensees Bahrain is financial center of future is finalizing work on part of a new would have the ability to deal in financial regulatory and supervisory frame- instruments as principal (the key activity Sukuk market seeing robust growth T work for investment business licensees. defining this category). They would also GCC stock market bubble? The framework will comprise Volume 4 of have the ability to undertake all other regu- the BMA Rulebook, which the Agency has been lated investment activities; Page 4 progressively issuing since 2004. The BMA is Category 2 investment firm licensees Nass family firm listed intending to issue Volume 4 by mid-2006. would be authorised to undertake all regu- lated investment activities, with the excep- Jawad shares on offer A consultation on part of the investment tion of dealing in financial instruments as Ithmaar Bank plans IPO business framework has been concluded in December 2005. The consultation explained principal. In other words, they would be Banader is listed the background to the project; outlined its allowed to hold client money, but would not proposed structure and coverage; and con- be allowed to act as principal in client trans- Page 5 sulted on five draft modules of the proposed actions or act as a market maker; and GCC IPOs: ‘Hot’ property rulebook. These modules relate to regula- Category 3 investment firm licensees tions on authorization, capital requirements, would neither be allowed to trade as princi- external auditors and accounting standards.
    [Show full text]
  • Building Sustainable Communities
    ANNUAL REPORT 2016 BUILDING SUSTAINABLE COMMUNITIES His Royal Highness His Royal Majesty His Royal Highness Prince Khalifa Bin Salman Al Khalifa King Hamad Bin Isa Al Khalifa Prince Salman Bin Hamad Al Khalifa The Prime Minister The King of the Kingdom of Bahrain The Crown Prince Deputy Supreme Commander First Deputy Prime Minister CONTENTS 4. Company Profile 8. Board of Directors 10. Chairman’s Statement 14. Managing Director’s Statement 18. Management Team 22. Corporate Governance and Risk Management 28. Auditor’s Report 30. Financial Statements 34. Notes to the Financial Statements Building Communities that Build Bahrain 4 Naseej Annual Report Naseej Annual Report 3 COMPANY PROFILE Naseej is the MENA region’s first fully-integrated real estate and infrastructure development company, encompassing the entire value chain from concept to completion. The Company’s core activities comprise design and master planning; development and construction; building components; mortgage facilitation; and asset management. Headquartered in the Kingdom of Bahrain and capitalised at US$286 million, the Company was established by prominent private and public sector investors to act as a pioneering catalyst for addressing the region’s affordable housing development needs. Key shareholders of Naseej include Ithmaar Bank, BBK, Ithmaar Development Company, Social Insurance Organisation of the Kingdom of Bahrain, Ibdar Bank, Gulf Finance House, Khaleeji Commercial Bank, Eskan Ban, Faisal Islamic Bank of Egypt, and Palm Capital. Demand-driven, the Company is committed to delivering value-based real estate solutions through insight and innovation; applying pragmatism when meeting new challenges; delivering real benefits to individuals and societies; and building the foundations of prosperity for future generations, always with vision.
    [Show full text]