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Kuwait Finance House K.S.C.P. and Subsidiaries 35th Annual Report Kuwait Finance House K.S.C.P. and Subsidiaries 2013 In the name of Allah the Most Gracious, the Most Merciful. Ye who Believe! Fear Allah and give up what remains of your demand for usury, if ye are indeed believers (278). If ye do it not, take notice of war from Allah and his Apostle, but if ye turn back, ye shall have your capital sums deal not unjustly and ye shall not be dealt unjustly (279). Al Baqara (278 - 279) Al-Quran His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah The Amir of the State of Kuwait His Highness Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah The Crown Prince His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah The Prime Minister Contents Financial Performance Highlights 08 KFH Group Overview 10 Chairman’s Statement 12 Board of Directors 15 Fatwa & Shari’a Supervisory Board Report 19 Fatwa & Shari’a Supervisory Board 20 Economic Overview 22 Chief Executive Officer’s Statement 24 Executive Management 25 Management Discussion & Analysis (MD&A) 32 Corporate Governance Report 42 Capital Adequacy Disclosures 54 Auditor’s Report and Consolidated Financial Statements 74 KFH Corporate Governance Manual 144 Kuwait Finance House Abdullah Al-Mubarak Street - Murqab - Kuwait P.O. Box 24989 Safat 13110 Kuwait Tel: +965 1800700 Fax: +965 22455135 Cable: BAITMAL KT [email protected] www.kfh.com @KFHGroup @KFHGroup Kuwait Finance House (KFH) Annual Report 2013 Financial Performance Highlights Financial Performance Highlights Net Profit Attributable to Shareholders (2011 - 2013) 2011 80 2012 88 2013 116 +45% KD Million 0 20 40 80 100 120 Total Operating Revenue (2011 - 2013) 2011 872 2012 929 2013 996 +14.2% KFH KD Million 0 200 400 600 800 1,000 Group Total Assets (2011 - 2013) 2011 13,460 Overview 2012 14,703 2013 16,140 +19.9% KD Million 0 4,000 8,000 12,000 16,000 20,000 Total Deposits (2011 - 2013) 2011 8,882 2012 9,393 2013 10,104 +13.8% KD Million 0 2,000 4,000 6,000 8,000 10,000 12,000 8 Kuwait Finance House K.S.C.P. and Subsidiaries Annual Report 2013 Annual Report 2013 KFH Group Overview KFH Group Overview KFH Group Overview Global Integrated Operations Vision Leading the Islamic finance industry, KFH Group’s bank- To lead the international development of Islamic financial ing network spans across four regions worldwide, with 355 services and become the most trusted and sustainably branches, over 475 ATMs and more than 8,000 employees. most profitable Shari’a compliant bank in the world Mission Deliver superior innovation and customer service excellence while protecting and enhancing the interests of all our stakeholders Values Leadership and innovation.. 3 Partnership and accountability.. 1 In accordance with the principles of Islamic Shari’a. 2 5 6 4 7 • Kuwait Finance House (KFH) was the first Islamic bank 1 Kuwait Finance House K.S.C.P. - Kuwait established in Kuwait in 1977. Today, KFH is one of the 2 leading Islamic banking institutions in the world, and Kuwait Finance House B.S.C. - Bahrain one of the biggest lenders in both the local and regional 3 Kuwait Turkish Participation Bank - Turkey markets. 4 Kuwait Finance House - Malaysia (Berhad) • KFH’s largest shareholders include: Kuwait Investment 5 Authority (Direct), Kuwait Awqaf Public Foundation (Direct), Saudi Kuwaiti Finance House S.S.C. Public Authority for Minors’ Affairs (Direct), The Public 6 Kuwait Turkish Participation Bank - Dubai Institution for Social Security (Indirect). 7 Kuwait Finance House - Australia (Representative Office) • KFH (KSE: KFIN) is a publically listed company on the Kuwait Stock Exchange (KSE). 10 Kuwait Finance House K.S.C.P. and Subsidiaries Kuwait Finance House K.S.C.P. and Subsidiaries 11 Annual Report 2013 Annual Report 2013 Chairman’s Statement Chairman’s Statement Chairman’s Statement The year 2013, witnessed significant efforts to comply with corporate governance requirements, which were crowned Praise be to Allah the Almighty and Peace and Blessings be upon our Prophet Muhammad with the issuance of KFH’s Corporate Governance Manual in (PBUH), his family and his companions. compliance with the instructions of regulatory authorities. In addition to the documented policies on corporate gover- nance approved by the Board of Directors, KFH’s strategies Dear Esteemed Shareholders, on corporate governance were drawn up to respond to all local and regional legal and regulatory requirements, and Alsalamu alykum warahmatu Allah wabarakatuh,,, Shari’a principles, in the markets in which we operate. Fur- On behalf of myself and my fellow colleagues, members thermore, the necessary measures were taken to promote consolidating KFH’s portfolio under specialized companies. the culture of corporate governance within KFH Group and of the Board of Directors of Kuwait Finance House (“KFH” This was done by initiating three companies under the / the “Bank”), I am pleased to present the 2013 KFH Group to apply best practices so as to carry out their functions Investment function which are KFH Real Estate, KFH responsibly. This will bolster not only the rights of share- Annual Report. KFH achieved positive results despite the Investment and KFH Capital aiming to avoid the duplication continuous unfavorable economic conditions worsened holders but it will also protect the long term interests of of certain activities, expanding our strategic oversight, and the Group. by the weak growth in many countries and the ongoing pursuing income generating investment opportunities. political unrest in the region. Nevertheless, it would be fair KFH takes a leading position in pioneering social and eco- to say that the year 2013 was a landmark year in KFH’s We also continued our policy to set aside adequate nomic development in the State of Kuwait driven by its firm record of achievements. provisions to protect KFH against potential or unforeseeable belief that it constitutes an integral part of our beloved risks abiding with our slogan to provide security and peace country. We shoulder the responsibility of providing quality We were able, with Allah’s blessings, to increase the capital of mind for KFH Group. We will always adopt a perspective of the Bank as per the resolution passed by the Extraordinary services in addition to launching initiatives for economic to achieve security and reassurance for KFH, control costs development and the welfare of society. As an emphasis General Assembly on 24 April 2013. Furthermore, we across the Group, whose ratio to revenue fell in 2013 as surpassed the goals set to mitigate the weighted risks of this role, we managed to launch the Third Sustainability compared to the previous year, without compromising Report for KFH, in accordance with GRI (Global Reporting and comply with the Capital Adequacy Standards. We are efficiency standards. also in a good position to respond to the Basel III Accord. Initiative) Sustainability Guidelines. The report summarizes This is in line with KFH’s strategy for achieving sustainable Since 2012, we developed a new global organizational the contributions made by KFH in making positive change success amidst the rapid and ongoing developments in the structure for KFH, which provides stability, takes into in the areas where we operate and represents a part of the banking sector. This reflects KFH’s strong financial position account the applicable governance standards, enables the efforts put forth by KFH during the year in order to achieve and its ability to cope with the global changes and crises execution of objective growth plans, ensures integration sustainable growth. while maintaining high standards of quality and excellence among the Group’s business units and activities, and As part of our social responsibility, several ambitious initia- to KFH Customers. To this end, KFH has been well prepared streamlines procedures which have reflected in notable tives and programs have been implemented to support Ku- to explore new horizons and take crucial decisions during improvements in the majority of key revenue sources at wait Zakat House and other educational, rehabilitation, cul- the course of the year. the Group level as indicated by our 2013 financial results. tural and humanitarian organizations. During the year, KFH We have been able, thanks to Allah, to realize a net profit of We have outlined our strategic direction since 2012 that donated nearly KD 3.5 million in support of Zakat House approximately KD 116 million, earnings per share of 32.69 charitable projects and activities. Furthermore, KFH played would enable us to overcome the potential challenges fils and total assets of KD 16.1 billion, which represents a that could affect the regulatory, economic and operational an active role in supporting and fostering the environment 10% increase over last year. Further, KFH clients’ deposits as well as supporting academic events and seminars. environment, and to adequately respond to the regulatory grew by 8% to KD 10.1 billion as compared to last year, which requirements, while ensuring customer centricity by were approximately KD 9.4 billion. These figures reflect a KFH Credit Ratings & Global Awards catering to all their needs and exceeding their expectations. strong financial position given the difficult times that the We strive to continue upholding leadership and excellence local and global economies have been experiencing, during KFH, for the second consecutive year, maintained its pres- in everything we provide in order to attain distinct and which the Group sought to safeguard KFH assets and attain tigious international credit ratings issued by the leading sustainable performance. best financial results. international rating agencies as illustrated in Table 2. We believe that our Shari’a compliant business model, In view of these financial results, the Board of Directors pro- Table 2 illustrates KFH’s credit ratings in 2013 solid financial position, efficient control systems, prudent posed the following: risk management practices, on-going efforts of our Bank’s Long Short Rating Agency Outlook Executive Management and sound investment decisions 1.
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