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Kuwait Finance House (K.S.C.P.) and Subsidiaries 36th Annual Report Kuwait Finance House (K.S.C.P.) and Subsidiaries 2014 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 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) Contents Financial Performance Highlights 08 KFH Group Overview 10 Chairman’s Message 12 Board of Directors 14 Fatwa & Shari’a Supervisory Board Report 19 Fatwa & Shari’a Supervisory Board 20 Economic Developments in 2014 22 Chief Executive Officer’s Statement & Management Discussion 24 Financial Performance in 2014 27 Executive Management 28 Corporate Governance Report 34 Capital Adequacy Disclosures - Basel III 48 Auditor’s Report and Consolidated Financial Statements 62 KFH Corporate Governance Manual 128 Annual Report 2014 Financial Performance Highlights KFH Financial Performance Highlights Total Assets (2012 - 2014) 2012 13,959 2013 15,288 2014 17,182 +23% KD Million 13,000 14,000 15,000 16,000 17,000 18,000 Total Financing Receivables (2012 - 2014) 2012 7,562 2013 7,595 2014 8,119 +7% KD Million 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Total Deposits (2012 - 2014) 2012 11,648 2013 12,573 2014 14,333 +23% KD Million 6,000 8,000 10,000 12,000 14,000 16,000 Total Revenues (2012 - 2014) 2012 929 2013 995 2014 1,035 +11% KD Million 0 200 400 600 800 1,000 1,200 Net Profit attributable to the Shareholders (2012 - 2014) 2012 88 2013 116 2014 126.5 +44% KD Million 0 20 40 60 80 100 120 140 8 Kuwait Finance House (K.S.C.P.) and Subsidiaries Annual Report 2014 KFH Group Overview Kuwait Finance House (K.S.C.P.) and Subsidiaries 9 Annual Report 2014 KFH Group Overview KFH Group Overview Global Integrated Operations Leading the Islamic finance industry, KFH Group’s banking network spans across four regions worldwide, with 390 branches, over 740 ATMs and more than 9,000 employees. 3 1 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 one Kuwait Finance House B.S.C. - Bahrain of the biggest financiers 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 Annual Report 2014 KFH Group Overview Vision To lead the international development of Islamic financial services and become the most trusted and sustainably 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.. Partnership and accountability.. In accordance with the principles of Islamic Shari’a. Kuwait Finance House (K.S.C.P.) and Subsidiaries 11 Annual Report 2014 Chairman’s Message Chairman’s Message Praise be to Allah the Almighty and Peace and Blessings be upon our Prophet Muhammad (PBUH), his family and his companions. Dear Esteemed Shareholders, Alsalamu Alykum Warahmatu Allah Wabarakatuh,,, On behalf of myself and my fellow colleagues, members of of the Bank in a difficult period that hit the local and global the Board of Directors of Kuwait Finance House (“KFH” / the economy. During such period, the Group sought to keep its “Bank”), I am pleased to present the 2014 KFH Group Annu- assets and the essence of KFH reaching the best financial al Report. results. The year 2014 marked a turning point for KFH. The year In view of these financial results, the Board proposed the began with the election of a new experienced, qualified and following: well-rounded Board of Directors. Towards the end of the year a new CEO was appointed having solid banking knowl- 1. Payment of cash dividends of 15% and distribution of edge and vast banking experience. This was followed by bonus shares of 10%. the revamping of senior management positions in order to 2. Distribution of profits on investment deposits and sav- build a team capable of facing the challenges in the mar- ing accounts as shown in table (1). ket and to deliver future growth. The restructuring of these positions will also help us develop sustainable performance Table (1) Depositor’s profit rates according to the best international credit and investment practices. This coincides with the restructuring of invest- Account Type 2014 2013 ment portfolios in order to align them with our business “Al-Khumasiya” Investment 2.337% 2.180% strategy and ultimately drive profitability. Deposits Moreover this has been reflected in the acceleration of the “Mustamera” Investment Deposits 2.064% 1.962% Bank’s progress through the enhancement of our abilities “Al-Sedra” Investment Deposits 1.681% 1.526% in all fields particularly in human resources, as we view our staff to be the key strategic asset. Increasingly we regard “Tawfeer” Investment Accounts 0.935% 1.308% the expansion of our scope in local and international mar- “Dimah” Investment Deposits 1.446% - kets as well as the modernization, development and the (6 months) launching of the new and innovative banking products, as the keys to our success. For that to materialize customer We continue to work in an environment of changing eco- satisfaction has been and will be an even stronger thrust nomic and regulatory conditions in addition to unprec- that we put in everything we do. edented regional and global political developments. We have taken upon ourselves at an early stage to develop our We will mark 2014 as an exceptional year and a turning businesses to face the future with a strategic vision to be- point in the Bank’s progression towards achieving its stra- come the world leader in the Islamic banking industry. In tegic vision as a leading financial institution in the local 2014, we enhanced this prestigious position exceeding our market as well in the region. This can be seen through the capital position as approved by the Central Bank of Kuwait. improvement in operating efficiencies, cost rationalization This falls within the framework of Basel III, which sets the and creation of new banking tools and products. This will capital requirements and will be implemented over phases enable us to meet our clients’ expectations and needs at that would end by 2018. The Bank’s capital adequacy ra- the highest standards of quality and governance. Although tio reached 16.25%; a high ratio according to regional and most of the change initiatives took place in the second and international standards. We also sought to develop and im- third quarters of this year, the positive results of such ini- prove credit risk management, settle the debts of insolvent tiatives started to emerge earlier with an overall excellent companies and adopt measures to face any potential fail- performance for 2014. ure of repayment. The Bank’s net income level rose to a record level as we, The continuous deployment of KFH’s expertise coupled with with the help of Allah, achieved a net profit that reached KD the accelerated coordination between the different depart- 126.5 million by the end of the year 2014 with a profit per ments allowed us to benefit from all available opportunities share of 29.68 fils. The total assets reached KD 17.2 billion, in 2014. We were able to expand our branch network, en- an increase of 12.4% and the client deposits increased by hance our infrastructure, launch new products and develop 14% reaching KD 14.3 billion compared to KD 12.6 billion electronic service channels to increase the level of satisfac- last year. These figures reflect the strong financial position tion of our clients inside and outside Kuwait. With the grace 12 Kuwait Finance House (K.S.C.P.) and Subsidiaries Annual Report 2014 Chairman’s Message of Allah, we were able to achieve exceptional profits from In conclusion, on behalf of the Honorable Board members, the largest real estate event in Kuwait in 2014 through the I would like to express the highest gratitude and apprecia- auction of the KFH Real Estate Portfolio where 68 properties tion to His Highness the Amir of the State of Kuwait, Sheikh were sold with a total value of KD 125.58 million. The bank’s Sabah Al-Ahmad Al-Jaber Al-Sabah, may Allah safeguard, share of profit from this was KD 36 million. His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al- Jaber Al-Sabah, may Allah safeguard, the Central Bank as This year has been a pivotal year for the integration among well as all the regulatory authorities for their support of the the units of KFH Group, the restructuring of its investments banking sector of the State of Kuwait.
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