BANQUE MISR ANNUAL2017 SUSTAINABILITY / 2018 Report 2017/2018 1
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EGYPTIAN TEMPLES ANNUAL SUSTAINABILITY REPORT BANQUE MISR ANNUAL2017 SUSTAINABILITY / 2018 REpoRT 2017/2018 1 BANQUE MISR ANNUAL SUSTAINABILITY REpoRT 2017/2018 3 PROMOTING THE TREASURES OF ANCIENT EGYPT With a legacy dating back to 1920, Banque Misr (BM) was to Cleopatra as Aegyptia or “Egyptian”, in view of her deep established by Mohamed Talaat Harb Pasha to demonstrate entrenchment in ancient Egyptian culture. Her family’s reign inclusive and sustainable economic growth among Egyptians. was considered a turning point in the monetary history of Since its establishment, BM has adopted an approach that is Egypt. It was not until Egypt’s last ancient empire that any real not solely focused on attaining financial profits, but also on currency was adopted. It was under the reign of Cleopatra’s having a sustainable impact, as well as a mission to develop a family that fiscal institutions, coinage, banks, and tax farming strong national economy. This strategy greatly supported the were first introduced to Egypt. In light of this, coined money Egyptian economy. was introduced to the taxation system. For example, payment of wage labor and small transactions became a new feature For nearly 100 years, BM has been a beacon of inspiration of the Egyptian economy. Following in the footsteps of the for a value-based culture that creates a stronger future every pharaohs, Egypt’s last ancient dynasty stood as an eternal day; enriching communities and nurturing the local economy beacon of learning and discovery. Many temples were built by putting human rights and the environment first. BM has and decorated to display the Ptolemaic kings as pharaohs focused on building national institutions particularly in the performing Egyptian rituals and promoting inclusiveness fields of manufacturing, aviation, maritime transport, oil, among the inhabitants of Egypt. The largest library in ancient insurance, travel, weaving, mining, transportation, real estate, times was built in Alexandria, marking one of the most and art. Furthermore, the bank has contributed to setting up inspirational intellectual contributions of human history. many local businesses, including Egypt Air, Misr Insurance, Misr Oil Refining, Studio Misr, and Misr Company for Cotton For this annual report, Banque Misr has chosen to promote the Ginning. treasures of ancient Egypt, especially the Egyptian temples. The Egyptians are said to be the first to build temples to The choice to feature Cleopatra VII in BM’s logo carries worship gods and sustain the pharaohs’ spirits in the afterlife. a great deal of cultural symbolism. Cleopatra was the last Temples were seen as houses for the gods or kings to whom pharaoh of Egypt in the Ptolemaic reign during the Hellenistic they were dedicated. Access to the stone platform of the period. She is a symbol of one of the most prosperous periods temples' most sacred chambers was strictly limited, but other in ancient Egyptian history. Though her name is derived areas of the temples were open to pilgrims at least on special from κλεος (kleos), meaning “glory”, Roman historians refer 4 BANQUE MISR ANNUAL SUSTAINABILITY REpoRT 2017/2018 FOREWORD BM occasions. Within the temples, Egyptians performed a variety Greco-Roman alphabet system, which is one of the greatest APPROACH of rituals, which were central functions of Egyptian religion. In achievements of the human mind, has been traced to ancient the nineteenth century CE, Egyptologists divided temples into Egypt, after discovering the oldest Semitic texts transcribed two main categories. Temples were termed under "Mortuary with signs that resemble hieroglyphs. The most perfectly Temples" or "Cultus Temples." Recent scholarship has shown constructed ancient architecture that man has ever built is that this division is imprecise, since temples carried varied and also found in Egypt, namely the Great Pyramids of Giza. Thus interwoven functions. For example, temples played a significant undoubtedly, ancient Egyptian temples continue to inspire role not only in the religious domain of Egyptian society and people in the modern days. For instance, one of the most HOW BM HOW for the commemoration of pharaohs, but also in the economic stunning constructions is the Temple of Abu Simbel, which was OPERATES sphere. The construction of large temples required sizable precisely designed so that the central chamber of the temple tracts of land and the employment of thousands of workers, is illuminated by the sun twice a year. This kind of precision in addition to the industrial activities of Egyptian temples, in design and construction can be seen in temples across such as the manufacturing of linen and papyrus, which were Egypt. As in many other branches of science, ancient Egypt is vital generators of cash. Temples were also payment centers considered a pioneer in medicine. Ancient Egyptian principles, BM in areas such as the Thebaid, where evidence of tax receipts as they were taught and practiced, laid the groundwork for was documented by the end of the reign of Ptolemy I. Due modern medicine. It was only in the eighteenth century that DIVISIONS to their status as some of the best preserved monuments in humanity made certain advances beyond those reached by Egypt, many temples became world-famous tourist attractions the ancient Egyptians. that contribute to Egypt's modern economy. From the early No other ancient civilization has sustained its economy, dynastic times onwards, this report will shed the light on the government, religion, and environment for so long. The most remarkable temples in Egypt and reveal the stories of 10 over-3000-year-old Egyptian civilization has inspired us main temples across Egypt. to promote the treasures of ancient Egypt in BM’s annual There is no doubt that Egypt’s ancient civilization made report as one of the pillars upon which many civilizations FINANCIAL everlasting contributions to the whole world. The origin of the were founded. PERFORMANCE BANQUE MISR ANNUAL SUSTAINABILITY REpoRT 2017/2018 5 CONTENTS FOREWORD 18 A Pioneering Legacy 22 About the Report OUR APPROACH 32 BM Approach 34 Introduction by the Chairman 42 Financial Highlights for Fiscal Year 2017/2018 43 Sustainability Highlights for Fiscal Year 2017/2018 44 Our Strategy 48 Awards and Recognitions 52 Local and Global Network HOW BM OPERATES 66 Board of Directors as of March 2019 78 Senior Executives as of March 2019 98 BM Board Committees 106 Senior Committees 112 Our Commitment 118 Risk Management 119 BM Service Providers and Suppliers 120 Environmental Sustainability 123 Our People 129 Community Development 6 BANQUE MISR ANNUAL SUSTAINABILITY REpoRT 2017/2018 BM DIVISIONS 166 Technology 168 Corporate Banking 170 Retail Banking 176 SMEs and Microfinance 178 Capital Markets and Investment 182 Treasury and Correspondent Banking 184 Islamic Banking 188 Global Transaction Banking OUR FINANCIAL PERFORMANCE 198 Chairman’s Remarks 200 Financial Statements BANQUE MISR ANNUAL SUSTAINABILITY REpoRT 2017/2018 7 102-4 102-5 102-6 102-7 102-8 201-1 BANQUE MISR AT A GLANCE Ownership Customer base State-owned bank More than 10 million in Egypt Served by Total Assets More than16,000 Employees EGP 884 billion Branches Mutual Funds Over 620 branches, making 8 it the largest network owned by any bank in Egypt and the Middle East Customer Deposits No. of Issued Cards EGP 669.6 billion 6.32 million Shareholders’ Equity Net Interest Income EGP 65.034 billion EGP 6.1 billion ATMs Net Proft After Tax 2,292 EGP 4.1 billion 8 BANQUE MISR ANNUAL SUSTAINABILITY REpoRT 2017/2018 102-2 102-4 102-6 201-1 Through 8 business divisions • Technology • Corporate Banking • Retail Banking • SMEs and Microfnance • Capital Markets and Investment • Treasury and Correspondent Banking • Islamic Banking • Global Transaction Banking Across 7 countries • Egypt • UAE • Russia • Lebanon • France • Germany • China Net Fee and Commission Income EGP 3.993 billion Point of Sale Terminals (POS) 15,404 Direct Equity Participation 158 multi-sector companies Income Tax paid EGP 6.3 billion BANQUE MISR ANNUAL SUSTAINABILITY REPORT 2017/2018 9 PROMOTING THE TREASURES OF ANCIENT EGYPT TEMPLE OF KOM OMBO Following the death of the Macedonian King Alexander the Great in 323 BCE, his military successors split up the empire. As a result, Egypt fell to Alexander’s general, Ptolemy I, who founded the Ptolemaic State. It was during this period that the Temple of Kom Ombo was built. The temple was erected during the reign of King Ptolemaios VI (180–145 BCE). It was dedicated to both Sobek, the crocodile god, and next to him the falcon headed god Horus. Numerous Ptolemaic successors contributed to furthering the architectural development and decorative evolution of this temple, depicting themselves in the guise and role of traditional Egyptian pharaohs. The decoration of the temple walls continued well into the Roman period, even as late as the late second and early third centuries CE. The temple’s architectural plan is symmetrical, whereby each element has a twin or opposite. The Kom Ombo relief offers a beautiful synthesis of the Egyptian belief system, using science, magic, and rituals simultaneously. It combines elements from the “real” world of medicine and mathematics (surgical instruments and fractions) with the natural event of the inundation, and the world of magic and rituals (the recipe on the basis of the floodwater, the reconstitution of the body of Osiris, the amulets, and fumigation) (Coppens & Vymazalová, 2010) (Joan, 2018) (Wilkinson, 2000). 10 BANQUE MISR ANNUAL SUSTAINABILITY REPORT 2017/2018 The Temple of Kom-Ombo in Aswan BANQUE MISR ANNUAL SUSTAINABILITY REPORT 2017/2018 11 The Greco- Roman influence is highly apparent in the architecture of the Temple of Kom Ombo (Look, 2018). 12 BANQUE MISR ANNUAL SUSTAINABILITY REPORT 2017/2018 A relief found on the inner face of the Temple of Kom Ombo’s rear wall, on the extreme left. It depicts Sobek, the crocodile god, and next to him the falcon headed god Horus.