DOCSLIB.ORG

2013 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
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. Fuad Abdulla Al-Omar Chairman Mr. Abdulrahman Mohammed Mr. Khalid Rashid Al-Thani Mr. Tariq Qasim Fakhroo Mr. Abdulla Abdulkarim Jamsheer Board Member Board Member Showaiter Vice Chairman Board Member Mr. Mohammed Barrak Mr. Mosobah Saif Al-Mutairy Dr. Ahmed Khalil Al Mutawa Mr. Hisham Ahmed Al Rayes Al-Mutair Board Member Board Member Board Member Board Member 4 Annual Report 2013 KHALEEJI COMMERCIAL BANK BSC SHARI’A SUPERVISORY BOARD Khaleeji Commercial Bank is guided by a Shari’a Supervisory Board consisting of three distinguished scholars. This Board reviews the bank’s activities to ensure that all products and investment transactions comply fully with the rules and principles of Islamic Shari’a, and consists of: Dr. Fareed Yaqoob Al Muftah Dr. Fareed Mohammed Hadi Shaikh Nizam Mohammed Chairman Executive Member Saleh Yaquby Member Experience: Experience: Experience: • Member of the Supreme Council of • Assistant Professor at the College • Executive Member of the Shari’a Islamic Affairs. of Arts, Department of Arabic Supervisory Board of Abu Dhabi • Undersecretary of the Ministry of and Islamic studies, University of Islamic Bank - UAE. Justice & Islamic Affairs - Bahrain. Bahrain. • Executive Member of the Shari’a • Former judge of the high Shari’a • Member of Shari’a Supervisory Supervisory Board of Bahrain Court. Board of a number of Islamic banks. Islamic Bank - Bahrain. • Former Lecturer at the University of • Executive Member of the Shari’a Bahrain. Qualification: Supervisory Board of Ithmaar Bank • Ph.D. in Ibn Hazm’s Methodology - Bahrain. Qualification: of Jahala, University of Edinburgh • Board Member of the Dow Jones • Ph.D. from the University of - UK. Islamic index. Edinburgh - United Kingdom. • Ph.D. in Al-Bukhari’s Methodology, • Member of Shari’a Supervisory University of Mohammed V - Board of a number of Islamic banks Morocco. & insurance companies. Shari’a Supervisory Board 5 KHALEEJI COMMERCIAL BANK BSC CHAIRMAN’S REPORT was the fact that customer deposits (including Restricted Investment Accounts and Reverse Murabaha from customers and Current Accounts) have also increased by BD 110.6 million reaching BD 391.9 million (a growth of 39.3%), which reflects the market’s confidence in the Bank’s products and services. Commercial Banking Assets overall increased by 7.2% over 2012, reaching BD 289.3 million; with Consumer Finance Portfolio reaching BD 52.3 million, a 66.7% growth over 2012. Total Income from Commercial Banking comprises 94.6% of total income as a result of a significant 74.5% increase in Consumer Finance activities. As the Bank continued to execute its strategic plan, the Board and the Management conducted a review to ensure that assets, especially those acquired prior to the new business model reflect realisable and fair value. Based on this review the Board decided to take a very conservative view and provide for all assets which were impaired or likely to be impaired in the short to medium term. Consequently, in 2013 the Bank provided an aggregate Dear Shareholders, commercial banking business into the amount of BD 17.7 million in impairment regional markets. While the overall provisions and marked to market In the name of Allah, the beneficent, business volumes have not yet reached losses. This resulted in a Net Loss of the merciful, prayers and peace upon our expectations, I am pleased to report BD 19.2 million compared to a Profit of the last apostle and messenger, our that we have achieved considerable BD 751 thousand in 2012. The Board prophet Muhammad. progress in accomplishing key and the Management now believe that milestones including opening new assets on the Bank’s books reflect true On behalf of the Board of Directors, it branches, launching new retail banking and fair value. Furthermore, this will is my pleasure to present the annual products and expanding our consumer provide considerable stability for the financial statements of Khaleeji finance business. business in the future and will pave the Commercial Bank for the year ended way forward to achieving acceptable 31 December 2013. This, the ninth year OVERALL PERFORMANCE results. Even after accounting for of operations for the Bank, has been Similar to many other financial this large provisions, the Bank challenging one. While regional and institutions, the current market continues to maintain strong liquidity global economic environment has seen environment has had an adverse impact (with 27.3% of the Bank’s assets signs of improvement, local economic on the Bank, both directly and indirectly. being liquid) and adequate capital and business environment remained However, I am pleased to report that by (the Bank has a regulatory capital challenging. adopting a combination of prudent and adequacy ratio of 22.95% compared conservative management, the Bank to a minimum regulatory mandated The Bank continued to execute its was able to navigate this difficult period 12%), both comfortably in excess of articulated business model based on successfully. The Bank has focused on regulatory requirements. its strategic plan, which focuses on diversifying and expanding its business expanding its retail and commercial while maintaining conservative liquidity The Bank will continue to promote banking business. Key elements of and capital positions. and market a full suite of Consumer the plan are growing the retail banking Finance products including Auto business in Bahrain; increasing the Despite difficult market conditions, Finance, Personal Finance, Mortgage Bank’s share of business in the local the Bank grew its Total Assets by Finance and Visa branded credit cards corporate and consumer finance 14.6% from BD 473.2 million to BD and will launch new products based on markets; and expanding the Bank’s 542.2 million. Of particular satisfaction customer needs. I am happy to report 6 Annual Report 2013 KHALEEJI COMMERCIAL BANK BSC that products that have been launched in which it operates, and in the past, the Bin Hamad Al Khalifa, the Crown Prince in 2013 were well received by the Bank has supported several initiatives and Deputy Supreme Commander of Bank’s customers. The enhanced Al- that provided benefits to the local Bahrain Defence Force and First Deputy Waffer savings account continued to community. In 2013, a wide range of Prime Minister for their encouragement expand and attract new customers with organisations involved in humanitarian, of the growth of the private sector a growth in deposits of BD 6.1 million education, health, sport and other and the development of the banking compared to 2012. A new cycle of Al- activities received support from the and finance industry in Bahrain. I also Waffer will be launched very soon with Bank both in cash and in kind. The extend my thanks to all government higher prices and higher probability of Board has a continued commitment to ministries and the Central Bank of winning. Continuing a line of successful expand these through the Bank’s on- Bahrain for their continued guidance liability products, the Bank launched going programme of Corporate Social and support. “Loyalty” account, which helped in Responsibility. attracting additional customer deposits, Special appreciation is due to the and diversifying its customer base and LOOKING AHEAD Bank’s shareholders, clients and managing the liquidity mismatch. The The Board believes that the recent business partners for their on-going Bank’s investment banking team has challenges facing the banking sector confidence and loyalty; and to the been actively managing the portfolio will continue in 2014 and the Bank will Bank’s management and staff for their of investment products and Restricted not be immune to these challenges. hard work and dedication. Investment Accounts (RIA), to enhance However, the Board also foresee many the value of the assets held in those opportunities for growing the Bank’s Allah the almighty is the purveyor of all products and to work towards potential business, not only in the primary success. exits. During the year the team achieved markets of the GCC, but also in the the sale of one of the larger Investment wider MENA region. In the last five products, namely Jawhara Greens in years, the Bank has taken several steps Doha, Qatar. Given the current market to diversify its assets, revenue streams conditions, the full sale of land rather and widen its customer base.
Load more

Recommended publications
  • 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]
  • 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.
    [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]