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ANNUAL REPORT 2011 GATEWAY TO ISLAMIC BANKING GATEWAY TO ISLAMIC BANKING The logo of Bahrain Islamic Bank (BisB) is echoed in the photographs of this annual report. They depict arches, archways and arched gateways from some of the buildings that form Bahrain’s rich Islamic architectural heritage. As the oldest gateway to Islamic banking in Bahrain, BisB provides clients with security, protection and support through creative financial solutions that are innovatively structured to meet their needs. His Royal Highness His Royal Majesty His Royal Highness Prince Khalifa bin Salman King Hamad bin Isa Prince Salman bin Hamad Al Khalifa Al Khalifa Al Khalifa The Prime Minister The King of the The Crown Prince, Kingdom of Bahrain and Deputy Supreme Commander بسم اهلل الرحمن الرحيم َيا أَ ُّي َها َّال ِذ َين َآم ُنوا َّات ُقوا َّالل َه َو َذ ُروا َما َب ِق َي ِم َن ِّالر َبا ِإن ُك ُنتم ُّم ْؤ ِم ِن َين )سورة البقرة - اآلية 278 - الجزء 2( In the name of Allah, the Most Beneficent, the Most Merciful. O ye who believe! Fear Allah, and give up what remains of your usury, if ye are indeed believers (Chapter 2 Al Baqara - Verse 278) 2 | BisB Annual Report 2011 TabLE OF CONteNts Content Page About BisB 4 Financial Highlights 6 Chairman’s Statement 8 Board of Directors 10 Chief Executive’s Report 14 Executive Management 18 Review of Operations 21 Risk Management 27 Corporate Governance 32 Corporate Social Responsibility 45 Sharia Supervisory Board’s Report 48 Financial Statements 50 Public Disclosures 94 Contact Details 144 3 Our vision is to be the best Sharia’a-compliant financial solutions provider. Our mission is to leverage our core competencies of customer intimacy, service, leadership and product innovation, in order to exceed the expectations of our stakeholders. 4 | BisB Annual Report 2011 Bahrain Islamic Bank (BisB) is the first Islamic bank in the Kingdom of Bahrain and the third in the world. Bahrain Islamic Bank (BisB) is uniquely The Bank offers a range of high quality and distinguished as being the first Islamic bank in the innovative Sharia’a-compliant retail, corporate, Kingdom of Bahrain, and the third in the world. and institutional and investment banking Incorporated in 1979, BisB operates under an services. These are delivered through a network Islamic Retail Banking Licence from the Central of 13 branches and 48 ATMs, the largest of any Bank of Bahrain, and is listed on the Bahrain Islamic bank in the Kingdom. As a pioneer of Bourse. At the end of 2011, the Bank’s paid-up modern Islamic banking, BisB is committed to capital was BD 94 million, while total assets stood continuing to contribute to development of the at BD 839 million. Islamic financial services sector in Bahrain, and to the growth of Islamic banking worldwide. By combining its unique heritage and tradition with the adoption of modern banking practices, underscored by technology and innovation, BisB has maintained its status as the leading Islamic commercial bank in Bahrain. This was reinforced by receipt of the ‘Best Islamic Bank in Bahrain 2011’ award from Global Finance magazine, together with four regional and international technology-related awards. 5 FINANciaL HighLights ‘07 ‘08 ‘09 ‘10 ‘11 TOTAL ASSETS BD MILLIONS 659 874 912 936 839 ‘07 ‘08 ‘09 ‘10 ‘11 ISLAMIC FINANCING 244 385 438 422 400 BD MILLIONS ‘07 ‘08 ‘09 ‘10 ‘11 TOTAL OPERATING INCOME 52.8 73.3 41.5 35.1 41.1 BD MILLIONS ‘07 ‘08 ‘09 ‘10 ‘11 INVESTORS’ SHARE IN INCOME 15.7 17.7 17.6 17.7 14.7 BD MILLIONS 6 | BisB Annual Report 2011 ‘07 ‘08 ‘09 ‘10 ‘11 INVESTMENTS BD MILLIONS 154 265 303 249 242 ‘07 ‘08 ‘09 ‘10 ‘11 UNRESTRICTED INVESTMENT ACCOUNTS 403 624 680 741 638 BD MILLIONS ‘07 ‘08 ‘09 ‘10 ‘11 BOOK VALUE PER SHARE 311 251 194 138 108 FILS ‘07 ‘08 ‘09 ‘10 ‘11 SHARE PRICE 514 290 196 129 90 FILS 7 In the name of Allah, the Most Beneficent, Chairman’S the Most Merciful. Prayers and Peace be upon StatemeNT the Last Apostle and Messenger, Our Prophet Mohammed, His Comrades and Relatives. On behalf of the Board of Directors, it is my In light of such challenging market conditions, privilege to present the annual report and the Bank maintained its prudent and conservative consolidated financial statements of Bahrain approach, making provisions for impairment of Islamic Bank (BisB) for the year ended 31 BD 21.4 million. This resulted in a net loss of BD December 2011. In what proved to be a very 17.35 million for the year. challenging year for the financial services sector, the Bank responded in a proactive manner to During 2011, BisB successfully maintained address the various challenges. its competitive edge in Bahrain’s commercial banking sector, continuing our strong As a Bahrain-based local bank, we were not commitment to support the aspirations and directly affected by the ongoing global financial needs of our retail and corporate customers. crisis, economic downturn, and international The construction of five new financial malls in market volatility. However, it was not possible to strategic locations across Bahrain progressed remain immune to the increased volatility of the according to plan, and the malls are set for regional markets, and the consequences arising completion by the end of 2012. At the same from the political and social unrest across the time, we continued to enhance the institutional MENA region, including Bahrain. This affected capability of the Bank – further strengthening business sentiment and investor confidence, our corporate governance and risk management with a consequent reduction in commercial framework – and enhancing our substantial activities, bank financing and consumer investment in people and information spending. In addition, the continued pressure technology. Encouragingly, our efforts were on values of asset classes, especially in the real recognised by five new industry awards in 2011, estate sector, affected mortgage activity, with covering the areas of Islamic banking, website customers remaining very cautious for the third design, and eContent. consecutive year. During the year, BisB engaged in detailed discussions with Al Salam Bank regarding a I am pleased to report that BisB achieved a strong possible merger of the two banks. However, in underlying financial performance in 2011. Total February 2012 we mutually agreed to end merger income grew by just under 52 per cent to BD talks since it has not been possible to reach an 26.38 million from BD 17.39 million the previous agreement on the exchange ratio for the shares. year. This was due to a significant increase of Moving forward, we will continue to focus on 76 per cent in fees and commissions. Customer implementing our three-year strategic plan. Key deposits remained strong at BD 614.43 million, elements include achieving and maintaining while income from Islamic finances increased sustainable recurring income, and increasing to BD 29.67 million. The rights issue during fee income to protect and enhance the balance the year, which raised BD 21.11 million, helped sheet. We will also improve customer service to to enhance the Bank’s capital adequacy and achieve greater penetration in Bahrain’s retail and liquidity ratios, and strengthen its overall corporate financing segments; and enhance our financial soundness. focus on the small-to-medium-enterprise (SME) 8 | BisB Annual Report 2011 sector. At the same time, we will maintain a well- – and Bahrain – remains positive. Any recovery balanced and diversified investment portfolio. in the economy has a strong positive effect on The Bank also actively supports key Government the banking and financial services industry, and infrastructure and strategic projects in Bahrain. we remain cautiously optimistic for the future. The Bank has the core fundamentals in place to As Bahrain’s oldest Islamic bank, we have an return to profitability, take advantage of new enduring commitment to contribute to the business opportunities arising from improved social well-being and economic prosperity of market conditions and, importantly, continue the Kingdom of Bahrain, and the development to contribute to social, economic and business of the Islamic banking industry. In 2011, in activities that will lead to greater prosperity for collaboration with Tamkeen, BisB organised the Kingdom of Bahrain. the Private Sector Enterprise Forum, designed to encourage owners of small and intermediate On behalf of the Board of Directors, I would enterprises to grow and develop their businesses. like to extend my sincere appreciation to His This is in line with the Bank’s existing BD 10 Majesty the King of Bahrain, His Royal Highness million agreement signed with Tamkeen in 2010, the Prime Minister, and His Royal Highness the to support its Enterprise Financing Scheme. The Crown Prince, for their wise leadership and Board has approved an additional BD 10 million visionary reform programme; and also for their financing for the Scheme in 2012, since it helps encouragement for the Islamic banking sector, to bolster national economic development which remains a particular source of strength for by developing Bahrainis and supporting job BisB. Our thanks are also due to the Central Bank creation. BisB also sponsored a number of of Bahrain and other Government institutions major annual international conferences held for their continued guidance and cooperation. in the Kingdom, covering Islamic banking and Sharia’a-compliant investment funds. Finally, I would like to take this opportunity to express our gratitude to the Bank’s shareholders Looking ahead, we expect 2012 to be a year and clients for their loyalty and support; to our that will be full of uncertainties. Nevertheless, Sharia’a Supervisory Board for their advice and we remain hopeful that the local economy supervision; and to the management and staff will improve, and that business will recover to of BisB for their highly-valued dedication and its previous level of activities.
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