In the name of Allah Most Beneficent, the Most Merciful
And say, Work: so Allah see your work and ( so will ) His Apostle and the believers : and you shall be brought back to the Knower of the unseen and the seen, then He will inform your of what you did.
Surat Al- ttubh ( 105 ) 3
Annual Report 2018 Contents
Subject Page No. About The Bank 3 The Bank’s Shareholding in Companies and Corporations 4 Bank Branches 5 Board of Directors 6 Executive Management 7 Report of the Board of Directors To The 51th Ordinary Meeting of the General 8 Assembly The Resolutions of the 51th Regular General Assembly 10 Shareaa Board Report 12 Auditor’s Report 13 Balance Sheets 2018 14 The Financial Performance and Review for the Fiscal year 2018 15 Bank’s Correspondents 39
4 5
Our Vision: To be your best banking choice:
Our Mission: We are aware of our national responsibility to contribute in social development in addition to our leading economic role. We stick to Islamic Shariaa Laws in all our transactions. We believe in the role of qualified and well trained staff to serve our customers. We attract deposits and provide finance according to Islamic models. We maintain the rights of shareholders, customers and employees to satisfy them.
Our values: Honesty Transparency Devotion Role model Teamwork Observance of the ethics and standards of the job. Sustainable development and improvement. about the bank
During the seventies of the century last and after the nationalization of the foreign banks, a group of Sudanese businessmen joined by the Bank of Sudan (The Central Bank of Sudan) initiated the idea of establishing this bank. A number of local and foreign corporations together with some individuals joined them. The bank started in 1979 under the name of Sudanese Investment Bank with acapital amounted to 7.5 million SDG. In 1981, its name was changed to be “Sudanese International Bank”. In 1993 the bank acquired its famous name the Sudanese French Bank. It continued its growth and success by attracting Cofida Holding to be the biggest shareholder with 20% of the shares, Social Security Investment Agency with 17.07% of the shares, Osco Corporation 14.51% , and Dubai Investment Corporation 14.46% of the shares beside a distinguished group of national investors. In an effort to join the international markets the bank capital was raised to 500 million SDG out of which 274.5 million SDG was paid up.
Paid Up Capital As At 31/12/2018 Nominal Capital : 500 million SDG Paid- up Capital: 274,500,000 SDG Total Shares: 183,000,000 Shares
Bank Address Headquarters: Al Qasr Avenue Khartoum P.O. Box: 2775 Khartoum- Sudan Telephones: (+249-1) 8377730- 83776542 – 87013000 Fax: (+249-1) 83790391- 83790391 – 837774832 – 83771740 Website: www.sfbank-sd.com Email: [email protected] Swift: SUFRSDKH
Member of Sudanese Banks Union. Member of Arab Banks Union. Member of Banks Deposit Guarantee Fund. Member of Arab Trade Finance Program 6 Member (Observer) of Islamic Financial Services Council – Malaysia. Bank Branches 7
Branch P.O. Box Area Code Tel. No. Fax No. Khartoum 2775 +249-1 83785250 - 83776542 83779300 Algamhouria 1950 +249-1 83781735 -83778600 83773696 Khartoum (2) 6640 +249-1 83472833 - 83461107 83471627 Alsaggana 87 +249-1 83462545 - 83463905 83460589 Khartoum North 1591 +249-1 85339907 -85339908 85339910 Omdurman 1055 +249-1 87568729 - 87555068 87554643 Souk Libya 45 +249-1 87609203 - 87609201 87609202 AlsoukAlmahali 12606 +249-1 83438840-83414580 83438838 AlRiyadh Khartoum 7059 +249-1 83520022-83520025 83520024 Garden City 7445 +249-1 83270935 83270962 Almamora 7067 +249-1 83525284 83525283 Al Kadaro 2775 +249-1 87013626 83776542 Port Sudan 871 +249-311 820945 - 824440 826280 Qadariff 191 +249-441 843303 - 833069 843352 New Halfa 134 +249-421 822153 - 822383 822522 Madani 305 +249-511 842307 - 843076 843725 Sinnar 122 +249-561 823203 -822280 823116 Rabak 108 +249-572 825070 825145 Almanagil 12 +249-517 872112 - 879999 873200 Hasahissa 86 +249-541 832165 831050 Aldamazin 45 +249-551 822094 - 822394 822394 Obeid 432 +249-611 824333 - 823246 822670 Nyala 456 +249-711 832305 - 833280 832889 Atbra 99 +249 - 211 832910 832913 El Genaid 86 +249-541 87013625 831050
*Bank Cash Office - National University – Khartoum The Bank’s Shareholding in Companies and Corporations
Since its incorporation in 1978 the bank continued to share in the capitals of companies and corporations to help development projects to succeed and reflect the national role of the bank. These companies are considered an investment channel for the bank resources to achieve a reasonable return. Within this context the bank shared in some effective projects on the Sudanese economy like:
Alfaransi Financial Services Company Ltd. The bank coped with investment development in financial stocks by establishing this company to be the assisting arm of the bank and its clients in the field of investment in stocks. The company is a licensed agent in Khartoum Stock Exchange.
The bank is also a shareholder in the following companies: 1. Gulf National Flour Mills 2. Electronic Banking Services Company 3. Financial Investment Bank 4. Sudanese Rural Development Company 5. Juba Insurance Company 6. The Arab Financial Services Company (Bahrain) 7. National Agency for Insurance and Finance of Exports 8. Al Rai Alaam Printing and Publishing Company 9. Micro Finance Agency
8 Board of Directors: 9 Dr. Taha Ali Elbashir Chairman
Mr. Osman Selman Mohamed Member Mr. Fuad Yousif Shaker Member Mr. Roger Farid Dagher Member Mr. Hussein Fadul Ali Gadorra Member Mr. Salah Eldin Elsheikh Khedir Member Mr. Amin Mohammed Osman Fadul Member Dr. Mustafa Abass Mustafa Member Mr. Abd Elgadir Mansour Abd Elgadir Member Mr. Abd Elkhalig Elsamani Abd Elrazig (G.M.) Member
Mr. Dafalaa Elfadel Mohamed Abu Gadeer Board Secretary
Shariaa Supervisory Board: Mr. El Tayib El Faki Musa Chairman Dr. Ahmed Mohammed Abdalmageed Moh. Member Dr. Mohammed Ali Yousif Ahmed Member Dr. Yousif Elkbashi Idreis Soliman Member and Shariaa Control Officer
Certified Public Accountants: Mubarak For accounting, Auditing & Financial Consultancy Tel: (+249) 1 83779392 Fax: (+249) 1 83787665 E-mail : [email protected] P.O. Box 6556 - Khartoum - Sudan Executive Management
Mr. Abd Elkhalig Elsamani Abd Elrazig General Manager
Mrs. Ayaad Abd Alla Suliman Haggar Deputy General Manager
GM Assistances:
Mr. Tag Elsir Hamid Abd Elkareem Assist. G. M. For Financial Affaires Dr. Haroun Mahmoud Adam Abekar Assist. G.M. For Foreign Relations Mr. Alwaleed Fawzy Ahmed Elfadil Assist. G. M. For Investment & Marketing Mr. Sief Eldin Elfakki Mohammed Head of Legal Department
Departments Managers:
Mr. Nabeeh Mustafa Alemam Mohamed Computer & Information Technology Dept. Mr. Osama Bukhari Abdalla Elkhider Administration Affaires Dept. Mrs. Adeeba Ibrahim Bushara Elsaid Human Resources Dept. Mr. Azhari Adam Ali Mohamed Internal Auditor Dept. Mr. Faissal Mohammed Ali Financial Affairs Dept. Mr. Musaad Albashir Ahmed Ibrahim Risk Management Dept. Dr. Babiker Ali Elawad Research and Studies Dept. Mr. Elmahgoub Ahmed Ibrahim Elhassan Foreign Relations Dept. Mr. Waiel Baha Eldin Abd Elgalil Mukhtar Investment and Finance Dept. Mr. Ahmed Abdalla Abdelrahman Executive Office Dr. Nazik Hamid Ali Elhashemi Compliance Officer Mr. Tarig Abdelaziz Abd Alla Shiddo Marketing& Public Relationship Dept.
10 11
Branches Managers
Capital Branches:
Main Branch-Khartoum Mr. Nadir Mohamed Abdalla Jabir. ‘Acting’ Omdurman Mrs. Fatima Mohamed Ali Salih Alsaggana Mrs. Hanan Shibli Saeed Alhassan Khartoum (2) Mr. Abd Elhameed Ismael Mohamed Khartoum North Mr. Ahmed Alzibair Musa Algamhouria Mr. Nadir Omer Nour Eldin Souk Libya Mr. Ameer Hassan Abd Elhafeez Alsouk Almahali Mr. Jalal Eldin Albalal Mohamed AlRiyadh Khartoum Mr. Mohamed Ahmed Ali Seed Ahmed Garden City Mrs. Nayra Abd Alla Hag Sharfi Almamora Mrs. Rahma Hassan Hamd Elamin Al Kadaro Mr. Elzubair Elmagboul Ali
States Branches:
Port Sudan Mr. Abd Alrahman Ahmed Abd Alrahman Mohamed Qadariff Mr. Ali Abdlrahman Osman Abdlfatah Madani Mr. Salih Mustafa Khalil Salih. ‘Acting’ Hasahissa Mr. Yusri Elsir Abdelgadir Ahmed ElObeid Mr. Alsafi Ahmed Alsafi Daei Elnour Rabak Mr. Mohammed Abdelaziz Mustafa Sinnar Mr. Mustafa Osman Elfaki Mustafa Aldamazin Mr. Mutasim Elrashid Sid Ahmed Saeed Almanagil Mr. Mustafa Kamil Mohamed Nour New Halfa Mr. Abdlalah Ebrahem Jaafar Nyala Mr. Mustafa Mohamed Ismael Atbra Mr. Alfadil Izz Eldin Hassan Fadul Almula El Genaid Mr. Mohammed Ahmed Mansour The Board of Directors Report Presented to the Shareholders’ 51th Ordinary Meeting
Praise be to Allah, the Lord of the Creation and Institutions, and the guidelines and circulars of the prayer and peace be upon the last of the Prophets and Central Bank of Sudan, where the performance results Messengers, Mohamed Ibn Abdellah , best prayer and pointed out a remarkable progress compared with the peace be upon him. year 2017. That is clearly described in the following: Dear Brothers and Sisters - shareholders of the Increase of the total assets from 4.8 Billion pounds to Sudanese French Bank 9.6 billion pounds, with an increase rate of 99%. Peace, mercy and blessings of Allah be upon you Increase of the total equity rights from 668 million I Have the pleasure and honor, on behalf of the Board pounds to 836 million pounds. of Directors of the Bank to welcome you and present Increase of the total on-demand and investment to you the annual report on the results of the works of deposits of the Bank from 3.8 billion pounds to 7.9 financial year ending on 31 December 2018 in order to billion pounds, with an increase rate of 110%. become aware of the details of what has been achieved Increase of the volume of the granted financing from according to the report of the external auditor and the 2.4 billion pounds to 3.7 billion pounds, with an report of the Sharia Supervisory Board. We are certain increase rate of 54%. that you will assist the Board of Directors to carry out Increase of the total net revenues of the Bank before its responsibilities under the economic challenges and deducting the rights of the investment depositors from the banking competition internally and externally. 369 million pounds to 625 million pounds, with an Dear Brothers & Sisters, increase rate of 69%. Increase of the total net revenues of the Bank after The Bank has continued its approach of developing deducting the rights of the investment depositors from its various activities and providing its services despite 243 million pounds to 463 million pounds, with an the present economic problems and the suffering increase rate of 90%. of the Banking System in terms o shortage in the in Increase of the total expenses, settlements and privileges cash and sharp lack of foreign exchange resources from 210 million pounds to 266 million pounds, with , affecting negatively the volume and diversity of an increase rate of 27%. banking services and transactions and making most of Increase of net profits after payment of Zakat and taxes the external banks unwilling in the banking transaction from 29 million pounds to 174 million pounds , with an with Sudan, particularly in the field of foreign trade, increase rate of 498% which is reflected in the commercial balance. Increase of the share proceed from 0.19% to 1.11% , Despite the problems faced by the Bank over the with an increase rate of 484%. previous years, internally, besides the economic Increase of the net proceed of the capital from 12.3% to problems and the challenges, facing the Country 74%, with an increase rate of 502%. and the Banking Sector, the Board of Directors, by Therefore, according to the afore-mentioned , these selecting the good executive management mindful of rates are the best ones under the great challenges facing the challenges, with the effort of the all employees in the Sudanese economy, and the Banking System in the Bank, was able to surmount and overcome all these particular. challenges and achieve outcomes considered to be the Dear Brothers & Sisters, best over the past four years. In order to continue such progress, the Board of The Bank kept on its commitment in accordance with Directors has set an ambitious action approach that the guidelines of the Central bank of Sudan, as set out contains the following executive policies and plans: in the financing policy of the year 2018. We shall give Attention to the human component which represents full attention and care to your contribution, opinions the renewable wealth for the achievement of the Bank and proposals which will assist the Board of Directors goals, and it is the most important factor of production to perform its duties and its future plans, as well as through activating the practical training programs and achieving the aspired goals, noting that this session of the planned job rotation, besides upgrading the hard this Board will expire by the end of this meeting, and working and distinguished employees to assume higher you will elect a new Board of Directors for the new 12 management responsibilities, in addition to focus on session. Dear Brothers and Sisters the electronic banking technology which represents the renewable and constantly accelerating future industry. We shall review, here, the results of the Bank works The executive management is giving a great concern on of the financial year ending on 31 December 2018, in quality assets and limiting of insolvency to minimum accordance with the accounting standards issued by the limits, along with building adequate privileges in Accounting & Audit Board of the Islamic Financial accordance with the rules of the Central Bank through close follow up, and granting financing and gearing it 2018. towards priority sectors with excellent guarantees. Due Approving the report of the legal adviser of the Bank to such concern and follow up , the percentage of bad for year 2018. debts was less than 1% on 31/12/2018 , noting that the Approving the recommendation of the Board of standard percentages according to the financing policy Directors with respect to the consent on distribution 13 was 6% in the year 2018 , and therefore, the Bank is of cash profits to shareholders, an amount of 20 considered as the best one with regard to insolvency million pounds from the net profits and capitalization percentage among the banks operating in the Sudan. of 38,467,564.00 pounds, so that the capital shall be The Bank is committed to the guidelines of the 274,500,000.00 pounds. institutional control issued by the Central Bank of the Approving the bonus of the members of the Board Sudan, where the executive management is working of Directors for the year 2018 according to the Bank hard to improve the financial solvency, achieve the regulations and the Central Bank of Sudan guidelines. banking safety requirements and preventive control Electing the Board of Directors for a new session; (CAEL indicators), and as the result of that, the Bank 2019/2021. has gained a satisfactory rank, where the performance Authorizing the new Board of Directors with regard to of the Bank has improved at all percentages composing the selection and appointment of the legal audit for the CAEL indicators, due to the adequacy of the capital bank accounts for the Board’s coming session as well and quality assets, revenues and liquidity. It is regarded as determining its remunerations. as the best rank issued to banks by the Central Bank of 10- Authorizing the new Board of Directors to appoint Sudan in 2018. Sharia Supervisory Board for the coming Board’s In spite of the economic problems, a budget has session as well as determining the remunerations of its been set for the year 2019 in which there are a lot of members. aspirations, where we targeted the banking market Dear Audience, needs in general and the Bank clients in particular, so “The one who doesn’t thank people, will not thank that we can meet and achieve their various banking Allah”. Allow me, on your behalf all and on behalf of services requirements, particularly some new products the Board of Directors to express my great thank and such as the applications of mobile phones, the internet gratitude towards the unlimited cooperation that we and others. find from The Governor of the Central Bank of Sudan, Dear Brothers & Sisters, the Deputy Governor, managers of general departments According to the works results which were pointed out and the employees of the Central Bank of Sudan. in the final accounts and financial statements of the year Special greeting and appreciation to the members 2018, and for accomplishing this report, and before we of the Board of Directors and its committees for the come up to the recommendations presented to you, I considerable work and effort they have exerted, creating call on M/S Mubarak for Financial Audit, Accounting a positive role with regard to work results achieved. and Consultancy to submit their report on the financial Greeting and appreciation to the external auditor/ year ending on 31/12/2018. Mubarak Ali Ibrahim and the brothers in the Sharia I have also, the honor, to call on the Sharia Supervisory Supervisory Board for the guidance and advice they Board to submit its report on the performance of the provide in revising the banking transactions to be in Bank transactions for the year 2018. I similarly, call conformity with the intentions of the blessed Islamic on the chief of the Legal Department to submit his Sharia. remarks pursuant to the provisions of the Central Bank Many thanks to whoever contributed in holding this of Sudan No. 18 for the year 2009. meeting and provided assistance. Special thanks to Based on what has been afore-mentioned and according the Central Bank of Sudan, the General Commercial to the Bank’s Regulations and the Companies Registrar, the Deposit Guarantee Fund, Khartoum Ordinance, I have the honor, on behalf of the Board Foreign Stock Market, the security authorities in of Directors, to present to your kind attention the Khartoum State and the various mass media. following recommendations for approval: We highly appreciate the efforts exerted by the Approving the report of the Board of Directors for the executive management on top of which, the General year 2018, which is, before you. Manager, his assistants and all the employees of the Approving the list of the financial position, income list, Bank. and the account of profits distribution of the financial Finally, We pray Allah to make us successful in what year ending on 31 December 2018. pleases him. Approving the report of the external auditor - M/S Peace, prayer and blessings of Allah be upon you Mubarak for Financial Audit, Accounting and Consultancy for the year 2018. Taha Ali Albashir Approving the report of Sharia Supervisory Board on Chairman Board of Directors the performance of the Bank transactions for the year Sudanese French Bank Resolutions of the 51th Ordinary Meeting
Resolution No (1): The meeting approved the Board of Directors report, the unified financial position list, distribution of current earnings, the certified auditor report and the Shariah Monitoring Board report for the year ending 31 December 2018. Resolution No (2): The meeting approved the Board recommendation on distributing cash dividends amounting to SDG 20,000,000. Resolution No (3): The meeting approved the Board recommendation on distributing free shares of the paid up capital, amounting to SDG 38,467,564. Resolution No (4): The meeting approved the Board recommendation on paying the directors remunerations for the year 2018. Resolution No (5): Election of a new Board for a new session 2019 / 2021. Resolution No (6): The meeting authorized the Board to appoint and to fix his remunerations of Shariah Monitoring Board: Mr. El Sheikh. El TAyeb El Faki Mosa Dr. Ahmed Mohammed Abdalmageed Mohammed٫ Dr. Mohammed Ali Yousif Ahmed Resolution No (7): The meeting authorized the Board to appoint the certified auditor for the year 2019 and to fix his remunerations.
Dafa Allah Alfadil Mohamed Abu Gadeer Secretary, the Board of Directors Rapporteur, the 51th Ordinary Meeting 14 6 April 2019 The Shariah Monitoring Board Report On the Bank Activities for the Year ending 31/12/2018 Presented to the Sudanese French Bank Shareholders 15
Praise and thanks to Allah, cherisher and supporter of the world, and peace and blessings be upon His Messenger and his companions. The Shariah Monitoring Board is pleased to present its report to the general assembly of the Sudanese French Bank shareholders covering the period 1/1/2018 to 31/12/2018. Pursuant to the institutional monitoring criteria for Islamic financial institutions (No1) issued by the Bahrain based Accounting and Auditing Organization for Islamic Financial Institutions, the Shariah Monitoring Board presents to the shareholders general assembly the following report: 1. The responsibility for ensuring that the bank operates according to the Islamic Shariah rules is a joint responsibility shared by the bank management and the Shariah Monitoring Board. 2. In 2018 the Shariah Monitoring Board held 18 meetings. 3. The Shariah Monitoring Board conducted inspection visits to a number of branches in Khartoum State and requested the Shariah controller to review the performance of four of these branches to ensure the contracts comply with Shariah rules. The Shariah Monitoring Board reviewed the contracts and made the necessary amendments. 4. The Shariah Monitoring Board requested to be supplied with samples of investment transactions conducted at the branches and asked the Shariah controller to review four of these transactions to ensure the contracts comply with Shariah rules. The Shariah Monitoring Board reviewed the contracts and made the necessary amendments. 5. The Shariah Monitoring Board issued a number of fatwas and directives on the matters referred to it by bank management as stated in the records. 6. The Shariah Monitoring Board reviewed the external auditor report, the bank financial position and the income list for the year ending 31/12/2018 as well as clarifications thereof. The Shariah Monitoring Board listened to a detailed explanation from the assistant finance manager and made some notes as stated in the records. 7. The Shariah Monitoring Board reviewed the bank activities during the year ending 31/12/2018 and decided the flowing: a. The contracts and transactions conducted by the bank during the year ending 31/12/2018 and reviewed by the Shariah Monitoring Board were found to be compatible to Islamic Shariah rules. b. The distribution of profits as well as charging the losses to the investment account were Shariah compliant and in conformity with the Shariah Monitoring Board procedures. c. The Zakat account had been conducted according to the Islamic Shariah rules. 8. The Shariah Monitoring Board would like to thank the bank management for their cooperation which helped us to successfully complete the mission. We pray to the Almighty Allah to grant us success and guide us to the right path of Islamic Shariah leading to progress and success.
Altayeb Alfaki Musa Chairman, Shariah Monitoring Board للمحاسبة واملراجعة واإلستشارات املالية For Accounting, Auditing & Financial محاسبون قانونيون Consultancy Certified Public Accountants INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF SUDANESE FRENCH BANK
We have audited the accompanying financial auditors’ judgment, including the assessment statements of Sudanese French Bank which of the risks of material misstatement of the comprise the statement of financial position as financial statements, whether due to fraud or at 31 December 2018, the income statement, error. In making those risk assessments, the cash flows statement and statement of auditor considers internal control relevant to changes in equity for the year then ended, and the entity’s preparation and fair presentation a summary of significant accounting policies of the financial statements in order to design and other explanatory notes. audit procedures that are appropriate for the Management’s Responsibility for the circumstances, but not for the purpose of Financial Statements expressing an opinion on the effectiveness of the entity’s internal control. An audit also Management is responsible for the includes evaluating the appropriateness of preparation and fair presentation of these accounting policies used and the reasonableness financial statements in accordance with of accounting estimates made by management, Financial Accounting Standards issued by as well as evaluating the overall presentation The Accounting and Auditing Organization of the financial statements. for Islamic Financial Institutions (AAOIFI). This responsibility includes: designing, We believe that the audit evidence we have implementing and maintaining internal obtained is sufficient and appropriate to provide control relevant to the preparation and fair a basis for our audit opinion. presentation of financial statements that are Opinion free from material misstatement, whether In our opinion, the financial statements present due to fraud or error; selecting and applying fairly, in all material respects, the financial appropriate accounting policies; and making position of the Bank as of 31 December 2018 accounting estimates that are reasonable in and its financial performance and its cash flows the circumstances. for the year then ended in accordance with Auditors’ Responsibility Accounting Standards of The Accounting and Our responsibility is to express an opinion on Auditing Organization for Islamic Financial these financial statements based on our audit. Institutions and in accordance with the Central We conducted our audit in accordance with Bank of Sudan directives and circulars and the Audit Standards Issued by (AAOIFI). Those law. standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. 16 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Mubarak Ali Ibrahim – CPA-CGMA The procedures selected depend on the April 1, 2019 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 17
2018 2017 Assests and other debit balances Note SDG SDG Cash and cash equivalents 4 3,913,859,043 1,030,954,668 Central Bank of Saudan -statutory cash reserve 5 760,140,227 395,577,815 Sales receivable 6 1,977,624,370 1,399,768,976 Mudaraba Investments 7 125,726,717 131,343,563 Musharaka Investments 8 985,348,076 447,608,483 Securities held at amortized cost 10 698,440,761 487,485,900 Investment at FV through equity 11 102,180,133 89,804,468 Investment in subsidiaries 12 5,940,000 5,940,000 Other Assets & Debit Balances 13 497,611,149 342,491,808 Intangible Assets 14 1,585,843 900,863 Fixed assets 15 553,731,105 514,880,425 Total Assets 9,622,187,423 4,846,756,969 LIAIBILITIES, UNRESTRICTED INVESTMENT ACCOUNTS AND SHAREHOLDERS’ EQUITY Liabilities: Current and saving customers’ accounts 16 5,473,166,308 2,828,518,150 Other liabilities 17 755,450,041 356,622,040 Provisions 18 31,020,999 10,247,611 Total liabilities 6,259,637,348 3,195,387,801 Unrestricted investment accounts 19 2,525,941,837 982,587,951 Shareholders’ Equity Paid up Capital 20 236,032,436 236,032,436 Reserves 21 535,842,942 420,696,346 Retained earnings / (losses) 64,732,860 12,052,435 Total Shareholders’ Equity 836,608,238 668,781,217 Total Liabilities, Unrestricted Investment 9,622,187,423 Accounts and Shareholders’ Equity 4,846,756,969 Contra Accounts 31 4,193,048,435 2,378,799,402
Taha Ali Al Bashir Mohamed Elfatih Zain Elabdin Abd Alkhaleq Al Samani Abd Alrazeq Chairman of Board of Directors Member of the Board of Directors General Manager
The attached notes 1 to 43 from an integral part of these financial statements INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018
2018 2017 Income Notes SDG SDG Income from receivable sales 22 240,221,681 173,109,742 Income from investments 23 173,515,936 120,835,875 Total Income from finance and investments 413,737,618 293,945,617 Less: Return on unrestricted investment 19 (162,372,257) (125,806,997) accounts Bank’s share in income from investments( As 251,365,360 168,138,620 (Mudarib and fund owner Income from banking services 24 97,100,839 34,925,639 Income from investment in associates 25 17,544,540 2,353,547 Gains /(Losses) from foreign currency 94,031,217 8,675,851 revaluation Other income 26 3,344,482 29,822,044 TOTAL BANK INCOME 463,386,438 243,915,701 Expenses Staff cost 27 (138,826,518) (105,677,538) General and administrative expenses 28 (70,409,209) (54,800,336) Depreciation and Amortization 29 (48,287,500) (36,097,369) Penalties from Central Bank of Sudan - (99,115) Provisions for finance and investments 91/ (9,106,347) (13,774,854) Total Expenses (266,629,574) (210,449,212) Net income before Zakah and Tax 196,756,864 33,466,489 Zakah provision 41 (8,249,406) (4,353,170) Tax provision 42 (14,400,922) - Net income for the year 174,106,536 29,113,319 Earning per share 30 1.11 0.19
Taha Ali Al Bashir Mohamed Elfatih Zain Elabdin Abd Alkhaleq Al Samani Abd Alrazeq Chairman of Board of Directors Member of the Board of Directors General Manager 18
The attached notes 1 to 43 from an integral part of these financial statements STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2018
19 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES SDG SDG Net income for the year 174,106,536 29,113,319 Adjustment for :- Depreciation and Amortization 48,287,500 36,097,369 Zakah provision 8,249,406 4,353,170 Tax provision 14,400,922 - Provision for Deposit Security Fund 8,370,671 5,894,441 Zakah paid (4,353,170) (3,009,361) Provision for Bank Deposit Security Fund paid (5,894,441) (4,134,778) Change in valuation of investments at fair value through 3,704,725 (1,332,105) equity Profit on sale of fixed assets (861,340) (21,959,225) Provision for capital gain tax (144,000) (3,871,604) 245,866,809 41,151,226 Changes in operating assets, liabilities and unrestricted investment accounts Bank of Sudan Statutory cash reserve (364,562,412) (171,722,096) Sales receivable (577,855,394) (384,465,849) Profit of Equity of Unrestricted investment accounts holders (67,571,015) (48,710,885) paid Investments (755,453,272) (329,293,397) Other assets & debit balances (186,315,423) (137,499,220) Current and saving customers’ accounts 2,644,648,158 1,195,078,751 Other liabilities 398,828,002 149,966,670 Unrestricted investment accounts 1,610,924,900 156,223,492 Prior year expenses - (15,300,000) 2,702,643,545 414,277,467 Net cash from / (used in) operating activities 2,948,510,353 455,428,692 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixed assets (55,265,566) (21,012,118) Proceed from sales of fixed assets 1,045,341 42,283,855 Purchase of intangible assets (1,401,512) (479,295) Net cash from (used in) investing activities (55,621,738) 20,792,442 CASH FLOW FROM FINANCING ACTIVITIES Dividends paid (9,984,240) (15,000,000) Net cash from /(used in) financing activities (9,984,240) (15,000,000) Net increase/(decrease) in cash & cash equivalents for 2,882,904,375 the year 461,221,134 Cash & cash equivalents at the beginning of the year 1,030,954,668 569,733,533 Cash & cash equivalent at the end of the year 3,913,859,043 1,030,954,668
Taha Ali Al Bashir Mohamed Elfatih Zain Elabdin Abd Alkhaleq Al Samani Abd Alrazeq Chairman of Board of Directors Member of the Board of Directors General Manager The attached notes 1 to 43 from an integral part of these financial statements 3,704,725 - 174,106,536 (9,984,240) - 311,885,984 (1,332,105) 29,113,319 29,113,319 (15,000,000) (15,300,000) 359,414,019 SDG 668,781,217 Total - 668,781,217 - 836,608,238 - - - - - 311,885,984 - - - - 54,067,148 SDG 365,953,132 Fixed assets Revaluation Reserve - 365,953,132 - 365,953,132 3,704,725 - - - - - (1,332,105) - - - 18,454,435 SDG 17,122,330 Fair Value Value Fair Reserve - 17,122,330 - 20,827,055 General Manager - 94,031,217 - 8,675,851 - - - - 1,470,852 SDG - Foreign Currencies Revaluation reserve 10,146,703 - 10,146,703 - 104,177,920 Abd Alkhaleq Al Samani Abd Alrazeq Abd Al Samani Alkhaleq Abd ------24,562,849 SDG - Statutory Reserve 27,474,181 2,911,332 2,911,332 27,474,181 17,410,654 44,884,834 YE A R EN D E 31 C MB ER 2018 - (94,031,217) 174,106,536 - - (8,675,851) 29,113,319 29,113,319 (15,300,000) (15,000,000) 24,826,299 SDG (9,984,240) Retained Earnings 12,052,435 (2,911,332) 12,052,435 (17,410,654) 64,732,860 T H E Mohamed Elfatih Zain Elabdin Member of the Board Directors FO R ------236,032,436 SDG - Paid up Capital 236,032,436 - 236,032,436 - 236,032,436 21 21 31 Notes The attached notes 1 to 43 from an integral part of these financial statements Taha Ali Al Bashir Ali Taha Chairman of Board Directors
20 CHA N G E S I Q U TY OF TE M ENT A R eserves et change in fair value reserve N et change in fair Valuation of currency differences of currency Valuation et income for the year N et income for Revaluation of fixed assets Net change in fair value reserve Reserves Valuation of currency differences Valuation Prior year adjustments Net income for the year Dividends paid Balance as at January 1, 2017 Dividends paid Balance as at January 1, 2018 Balance as at December 31, 2018 Balance as at December Balance as at December 31, 2017 S T
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 21 1- Incorporation and activities Sudanese French Bank (the Bank) was established in 1978 and started its banking activities in January 1979. In 1981 the name of the bank was changed to Sudanese International Bank; in 1993 the name was changed to Sudanese French Bank as a public listed limited liability company under Companies Act, 1925 with registration certificate No. 1152. The Bank is providing commercial, financial, investments,development projects financing and banking services according to Islamic rules and principles. The Bank is providing its services from the Head Office which is located at Qaser street and through its branches located in Khartoum and other states.totaling 26 branches .The number of the bank’s employees as at 31 December 2018 is 645 employees (2017:667) 2- Significant accounting policies: i) Basis of preparation 1. The financial statements are prepared in accordance with the standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), as required by the Central Bank of Sudan and Shari’ a Supervisory Board (SSB) requirements. 2. The financial statements have been presented in Sudanese pounds (SDG), the functional currency. 3. The financial statements are prepared on the historical cost concept except for the re-measurement at fair value of securities and shares at end of the year. 4. The Bank uses the accrual basis in recording its assets, liabilities, revenues and expenses. 5. The accounting policies for the current year are consistent with previous year . ii) Fixed Assets Fixed assets are stated at cost less accumulated depreciation and any impairment in value. Depreciation of fixed assets is calculated on a straight line basis over their estimated useful lives, as follows: Motor vehicles 15% Machinery and equipment 10% Furniture 10% Buildings 2.5% IT equipment 15% The carrying amounts of the Bank’s fixed assets are reviewed at each balance sheet date to determine whether there is any indication or objective evidence of impairment. If any increase in the recoverable values the new values will be booked and difference between the carrying values and the new recoverable values will be charged to equity to decrease the revaluation reserve. the leased hold land amortized over period of 30 years which is the contract duration. iii ) Foreign Currencies Transactions in foreign currencies are recorded at the prevailing exchange rate on the transaction date . Monetary assets and liabilities at balance sheet date, denominated in foreign currencies, are translated at the exchange rates prevailing at the balance sheet date. Foreign Currency differences related to normal bank transactions in investments denominated in foreign currencies, whether gains or losses, are treated as revaluation differences. Other realized and unrealized gains or losses on foreign exchange are credited or charged to the income statement. iv ) Revenue recognition a. Murabaha and Istisnaa The profits from Murabaha and Istisnaa transactions are recognized on a cash basis when the debt is collected from the customer. b. Mudaraba Financing Mudaraba financing is recognized in the Income Statement at the time of liquidation or to extent of profits being distributed or at declaration date or when such profits can reasonably be estimated. c. Musharaka and Salam Financing The profits from Musharaka and Salam transactions are recognized at the time of the liquidation. d. Income from banking services Income from banking services is recognized at the time the related services are provided and the amount of revenue can be measured reliably h. Dividends income and Profit from Securities. Dividend income and profit from securities are recognized when declared or when such profits can reasonably be estimated. v ) Provision for doubtful debts The provision for doubtful debts is based on the assessment of collectability of each debt and in accordance with the directives of the Central Bank of Sudan and the Bank’s policy. vi) Cash and cash equivalents For the purpose of preparation of the statement of cash flows, cash and cash equivalents consist of cash with banks (current accounts) and balances with Central Bank of Sudan and cash in hand. vii) Provisions Provisions are recognized when the Bank has an obligation (legal or constructive) arising from a past event, and the costs to settle the obligation are both probable and can reliably be measured. viii) Employees end of service benefits End of service benefits payable to employees at the end of their services are provided for in accordance with Sudanese labour law. ix) Measurement of investments & finance at the end of the period a. Sales receivable Sales receivable are initially recorded at cost, at the end of the financial period sales receivables are measured at their face value or net realizable value, whichever is less. b. Mudaraba Mudaraba is measured by the amount paid or the amount placed under the disposition of the Mudarib less the portion of the Mudaraba capital recovered from the Mudarib (if any). c. Musharaka 22 Musharaka is recorded at cost less any impairment loss in the statement of financial position. d. Investments at fair value through equity Invetments at fair value through equity are shown in the balance sheet at fair value and any difference is carried to the revaluation reserve as part of equity. Where fair value cannot be reliably measured, those investments are carried at cost. x ) Zakah and Tax treatment The Bank is subject to the Zakah and Tax according to regulations prescribed by Zakah and Tax authorities. The Bank is subject to Business Profit Tax after excluding profits from investments in Shahama’s bonds. 23 xi ) Return on Unrestricted Investment Accounts The Return on unrestricted investment accounts is calculated on a yearly basis. The Bank allows the investment account holders to withdraw funds from their investment accounts before maturity with a condition that they forfeit any accrued profits , and in the case of Mudaraba transactions with specified period of investment, the Bank as Mudarib, retains the right to hold the Mudaraba instrument to it’s maturity. Profits are allocated between the unrestricted investment account holders and the Bank’s share holders according to the contribution of each of the two parties. Those profit added to their accounts after the approval of Shari’ a Supervisory Board and the regulatory authorities.Profits are distributed on basis of 75% to the owners and 25% to the bank as a Mudarib for the years 2018 and 2017 ,The rate of return has been 12% for 2018 (11% :2017) ,The bank has not support the rate of return of unrestricted investment account holders. xii ) Impairment and uncollectibility of financial assets An assessment is made at each statement of financial position date to determine whether there is objective evidence that a specific financial asset may be impaired. If such evidence exists, an impairment loss is recognised in the consolidated statement of income. xiii ) Liabilities Liabilities are recognized for amounts to be paid in the future for materials and services received, whether billed by the supplier or not. These are carried at cost, which is the fair value of the consideration to be paid in the future for amounts payable. 3- Shari’ a Supervisory Board (SSB) The Bank’s business activities are subject to supervision of Shari’ a Supervisory Board. The Shari’ a Supervisory Board has been appointed by the shareholders. The Shari’ a Supervisory Board has the power to directly review and supervise the activities of the Bank.
2018 2017 4- Cash and Cash Equivalents SDG SDG Cash in hand and in ATM (Note 4 / 1 ) 31,808,426 135,159,763 Balance with Central Bank Of Sudan (Note 4/ 2) 3,629,518,132 849,054,111 Cash with foreign correspondent banks 252,532,484 46,740,794 3,913,859,043 1,030,954,668
2018 2017 4/ 1 - Cash In Hand and In ATM SDG SDG Local currency 11,786,658 120,641,288 Foreign currency 20,021,768 14,518,475 31,808,426 135,159,763
2018 2017 4 / 2 - Balance With Central Bank Of Sudan SDG SDG Local currency 823,095,634 244,565,709 Foreign currency 2,806,422,498 604,488,402 3,629,518,132 849,054,111
2018 2017 5- Central Bank OF Sudan - Statutory Cash Reserve SDG SDG Local currency 521,358,805 351,565,934 Foreign currency 238,781,422 44,011,881 760,140,227 395,577,815
2018 2017 6- Sales Receivable SDG SDG Murabaha 2,311,045,659 1,585,374,091 Mugawla 54,153,399 9,767,333 Micro finance 33,171,657 37,854,167 Deferred payment sales 12,444,459 17,627,296 2,410,815,174 1,650,622,887 Less: Deferred profits (399,095,535) (220,779,437) 2,011,719,640 1,429,843,450 Less: Provision for doubtful debts (Note 9/ 1) (34,095,269) (30,074,473) 1,977,624,370 1,399,768,976
6- Sales Receivable (continued) 2018 2017 Sales receivable financed as follows to: SDG SDG Finance - self 1,541,318,216 517,823,030 24 Finance - joint 470,401,424 912,020,420 2,011,719,640 1,429,843,450 2018 2017 7- Mudaraba Finance SDG SDG 25 Mudaraba with financial institutions - 38,021,872 Investment funds 126,996,683 94,937,822 126,996,683 132,959,694 Less: Provision for doubtful debts (Note 9 /1) (1,269,967) (1,616,131) 125,726,717 131,343,563
2018 2017 The Mudaraba investments are financed as follows: SDG SDG Finance - self 97,300,984 47,238,563 Finance - joint 29,695,699 85,721,131 126,996,683 132,959,694
2018 2017 8- Musharaka Investment SDG SDG Musharaka 995,301,087 452,129,781 Less: Provision for doubtful debts (Note 9 /1) (9,953,011) (4,521,298) 985,348,076 447,608,483
2018 2017 The Musharaka investments are financed as follows: SDG SDG Finance - self 762,569,329 160,634,854 Finance - joint 232,731,758 291,494,927 995,301,087 452,129,781
2018 2017 9- Provisions For Finance and Investment SDG SDG General provision: Balance at the beginning of the year 19,535,745 12,885,364 Provisions for the year 11,650,833 6,650,381 Balance at the end of the year 31,186,578 19,535,745 Specific provision: Balance at the beginning of the year 16,676,156 9,551,683 provisions for the year (2,544,486) 7,124,473 Balance at the end of the year 14,131,670 16,676,156 Total provision (General+ Specific) (Note 9/ 1) 45,318,247 36,211,901 2018 2017 9 /1 - Total Provision (General and Specific) SDG SDG Provision for doubtful debt sales receivable (Note 6) 34,095,269 30,074,473 Provision for investment losses (Note 7) 1,269,967 1,616,131 Provision for finance losses (Note 8) 9,953,011 4,521,298 45,318,247 36,211,901
2018 2017 10 - Securities Held At Amortized Cost SDG SDG Shahama securities (Note 10 /1) 593,554,861 482,600,000 Government’s Bonds (Note 10 /2) 400 400 Shama (Note 10/ 3) 423,000 423,000 Shasha (Note 10/ 4) 4,462,500 4,462,500 Bareeq Gold Investment (Note 10/ 5) 100,000,000 - 698,440,761 487,485,900
The Securities held at amortized cost are financed as follows: Finance - self 535,124,003 145,632,927 Finance - joint 163,316,758 341,852,973 698,440,761 487,485,900
10 /1 Shahama Securities Represents securities issued by the Ministry of Finance and are based on the Musharaka contract. The certificates are traded at Khartoum Stock Exchange (KSE). Current year yield for redeemed securities ranged between 15% to 17%. There are certain certificates retained in favour of Blue Nile Mashreq Bank for SDG 40 Millions. 10 /2 Government’s Bonds These bonds are issued by The Ministry of Finance and are distributed through Sudan Financial Services Company. The maturity of these bonds is from 2 to 6 years. These bonds are ijara contracts invested in assets management. The profits distributed every 3 months and these bonds are quoted and listed in Khartoum Stock Exchange. 10 /3 Shama Shama certificates are Khartoum Refinery bonds which are quoted and listed in Khartoum Stock Exchange with an average return of 14% distributed every 3 months and the maturity of these bonds are 7 years stated from October 2010. 10/ 4 Shasha Sudanese Electricity Distribution Company’s Sukuk represents funds issued by Sudanese Company for Financial Services. The Sukuk are financial instruments which represent investments in the assets of Electricity Distribution Company. These assets are purchased by the investment funds and leased back to the Ministry of Finance. These Sukuk are available for individuals, companies, and financial institutions. profits of the Sukuk are distributed annualy. 10/ 5 - Bareeq Gold Investment 26 Represents securities based on the Musharaka contract. The certificates are traded at Khartoum Stock Exchange (KSE). The fund was created during this year, and the expected return is unknown since it’s new, therefore, no accrued revenue was calculated. 2018 2017 11- Investment At FV Through Equity SDG SDG 27 Investments in shares of listed companies (Note 11/ 1) 31,968,159 27,803,721 Investments in shares of unlisted companies (Note 11 /2) 20,947,372 20,579,988 Liquidity Management Fund (Note 11 /3) 49,264,601 41,420,759 102,180,133 89,804,468
2018 2017 11 / 1- Investments In Shares of Listed SDG SDG Companies Ownership Juba Insurance Company 10% 26,459,969 22,979,997 Financial Investment Bank 2.66% 5,408,191 4,723,724 Ray Aam for Printing and Publishing 2.50% 100,000 100,000 31,968,159 27,803,721
2018 2017 11/ 2- Investments In Shares of Unlisted SDG SDG Companies Ownership Khaleej National Flour Mills Co. 49% 18,171,731 18,171,731 Electronic Banking Services Co. 1.32% 217,833 217,833 National Agency for Export Development 0.45% 250,000 250,000 Rural Development Co. 10.83% 1,340,000 972,616 Arab Financial Services Co. 0.03% 309,808 309,808 Micro-Finance Agency 2.60% 658,000 658,000 20,947,372 20,579,988
11 /3 Liquidity Management Fund Represents 49,130 bonds. This Fund is concerned with the liquidity management among banks and managed by Financial Investment Bank. All banks operating in Sudan are required to contribute in this fund in accordance with the Central Bank of Sudan’s directives. These securities have been classified at fair value.
12- Investment In Subsidiaries Represents investments in Al Faransi Financial Services Company, The Bank owns 99% of the Company’s shares. 2018 2017 13- Other Assets SDG SDG Other debit balances (Note 13/ 1) 142,856,400 - Revaluation of assets and liabilities (Note 13/ 2) 46,864,952 58,581,191 Accrued revenue (Note 13/ 3) 50,546,245 55,761,976 Staff loans 54,970,945 50,754,905 Foreign Currency coverage deficit (Note 13/ 4) 152,665,733 169,665,733 Prepaid expenses 7,913,398 6,528,238 Inventory - Printing 4,322,167 1,827,272 Central Bank of Sudan - foreign currency market 27,452,055 10,710,390 Direct Investments assets 10,019,254 - Documents under shipping - 5,627,103 Provision for doubtful debts (Khaleej National Flour - (16,965,000) Profits - Al Nafizah Co.) 497,611,150 342,491,808
13/ 1- Other Debit Balances Represent amount of 3 million US Dollars, a remaining balance of the sale of land mortgaged in favour of the Sudanese French Bank which was held as a guarantee for the finance of Sudanese Kuwaiti Hotels Company by Bank of Beirut. 13 /2- Revaluation Of Assets and Liabilities Represent foreign exchange losses resulting from revaluation of assets and liabilities in foreign currencies arising in 2012 amounting to SDG 117 Million. The Central Bank Of Sudan has agreed to be amortized over 10 yaers starting from 2013. 13 /3 Accrued Revenue Represent profits from Shahama and Al Faransi Financial Services Company. 13 /4 Foreign Currency Coverage Deficit Represents difference arises from coverage in CBOS window for foregin currencies. The Central Bank of Sudan agreed to amortise it over 10 years starting from 2018.
2018 2017 14- Intangible Assets SDG SDG Cost at:- 1 January 2,997,739 2,518,444 Addition during the year 1,401,512 479,295 31 December 4,399,252 2,997,739 Amotrization at:- 1 January 2,096,876 1,545,258 Addition during the year 716,532 551,618 31 December 2,813,408 2,096,876 Net Book Value at 31 December 1,585,843 900,863 28 * Intangible assets represent computer software. 29 (76,182) 642,703,248 (36,182) 88,972,143 553,731,105 514,880,425 587,513,863 72,633,438 Total 55,265,566 16,374,886 SDG - - 45,534,335 - 45,534,335 - - - Assets Under Construction 45,534,335 - SDG - 239,463,716 - 19,744,522 219,719,195 224,617,124 238,388,518 13,771,394 Buildings 1,075,198 5,973,128 SDG (40,000) 252,639,091 - 1,608,405 251,030,686 251,070,686 252,679,091 1,608,405 Lands - - SDG - 21,221,509 - 16,943,674 4,277,835 4,747,167 19,645,498 14,898,331 Electronic Equipments 1,576,011 1,576,011 2,045,343 SDG (36,182) 54,593,115 (36,182) 32,392,875 22,200,241 21,052,205 48,831,293 27,779,088 Furnitures, Fittings & Equipments 5,798,004 4,649,968 SDG 27,969,463 - 29,251,481 14,576,220 - 18,282,667 10,968,814 13,393,243 Motor Vehicles Motor 1,282,018 3,706,447 SDG At 31 December 2017 15- Fixed Assets 15- Fixed At 1 January 2018 2018 At 31 December at: Depreciation At 1 January 2018 2018 At 31 December Value: N et Book 2018 At 31 December Additions for the year Charge Cost at: Disposals Disposals 2018 2017 16- Current and Saving Customers’ Accounts SDG SDG Current accounts in local currency 3,471,072,176 1,983,036,261 Current accounts in foreign currency 1,333,672,343 224,068,354 Saving accounts 668,421,789 621,413,535 5,473,166,308 2,828,518,150
2018 2017 17- Other Liabilities SDG SDG Cash margin against letters of credit 178,299,596 72,413,341 Cash margin against letters of guarantee 3,832,632 3,374,570 Notes payable 232,150,794 143,753,544 Transactions under process (Note 17 /1) 1,089,704 3,001,067 Other credit balances 47,998,797 28,383,435 Export accounts (Note 17/ 2) 35,043,175 3,011,776 Dividends payable 11,973,109 11,147,598 Transfers under clearance 757,851 2,199,564 Foreign bank’s interest (No 17/ 3) 350 5,848 Staff deposits 10,131 10,131 End of Service benefits 151,800 - Central Bank of Sudan - foreign currency market 14,560,068 4,795,640 Correspondant Bank payable (Note 17 /4) 229,582,034 84,525,526 755,450,041 356,622,040
17/ 1- Transactions Under Process Represent amount received from customers until the completion of the total amount of letters of credits’ cash margin. 17/ 2- Export Accounts Amounts related to export and are opened and used according to the dirctives of Central Bank Of Sudan. 17 /3- Foreign Banks Interest Represent interest received from transactions with foreign banks. These amounts are used according to Sharia Supervisory Board directives. 17/ 4- Correspondant Bank Payable Represent amounts payable to Bank of Beirut resulted from LCs of import of wheat.
30 2018 2017 18- Provisions SDG SDG 31 Zakah Provision (Note 18/ 1) 8,249,406 4,353,170 Tax Provision (Note 18/ 2) 14,400,922.18 - Provision for Bank’s deposit security Fund (Note 18/ 3) 8,370,671 5,894,441 31,020,999 10,247,611
2018 2017 18/ 1- Zakah Provision SDG SDG At 1 January 4,353,170 3,009,361 Charge for the year 8,249,406 4,353,170 Payment during the year (4,353,170) (3,009,361) At 31 December 8,249,406 4,353,170
2018 2017 18/ 2- Tax Provision SDG SDG At 1 January - - Charge for the year 14,400,922 - At 31 December 14,400,922 -
2018 2017 18 /3 - Provision for Bank’s Deposit Security Fund SDG SDG At 1 January 5,894,441 4,134,778 Charged for the year (Note 28) 7,541,246 5,126,158 Unrestricted investment account holders balance (Note 829,425 768,283 19) Payment during the year (5,894,441) (4,134,778) At 31 December 8,370,671 5,894,441
2018 2017 19- Equity of Unrestricted investment accounts holders SDG SDG Unrestricted investment accounts balance 2,431,970,019 906,260,122 Unrestricted investment accounts return for the year 162,372,257 125,806,997 Profit paid during the year (67,571,015) (48,710,885) Holders’ share in deposit security fund provision (Note (829,425) (768,283) 18 /2) 2,525,941,837 982,587,951 19- Equity of Unrestricted investment accounts holders (continued) * Concentration of unrestricted investment accounts:- The source of unrestricted investment accounts are from deposits in local currency of SDG 1.096 million and in foreign currency of SDG 1.336 million (all from domestic sources) and are distributed between companies, individuals and financial institutions (2017 deposits in local currency amounted to SDG 589 million and in foreign currency SDG 317 million)
2018 2017 20- Capital SDG SDG Authorised capital 500,000,000 500,000,000 Paid up capital 236,032,436 236,032,436
The authorised share capital of the bank comprises of 333.34 million shares issued and paid is157 million shares of a nominal value of SDG 1.5 each.
2018 2017 21- Reserves SDG SDG Fair value reserve 20,827,055 17,122,330 Fixed assets revaluation reserve (Note 21 /1) 365,953,132 365,953,132 Foreign Currencies Revaluation 104,177,920 10,146,703 Statutory reserve 44,884,834 27,474,181 535,842,942 420,696,346
21/ 1 Fixed Assets Revaluation Reserve The Bank revalued its lands and buildings in 2017 by authorized valuer which resulted in a surplus of SDG 311,885,984.
2018 2017 22- Income from Sales Receivable SDG SDG Murabaha income 236,871,971 168,679,159 Muqawala income 3,349,711 4,430,583 240,221,681 173,109,742 32 33 2018 2017 23- Income From Investments SDG SDG Profit from securities 73,679,418 74,657,567 Musharaka 88,459,735 40,849,223 Income from portfolio investment 6,270,844 2,359,737 Mudaraba - Financial institutions 2,860,005 2,926,077 Direct Investment (Note 23/ 1) 2,245,934 43,271 173,515,936 120,835,875
2018 2017 23 /1 Direct Investment SDG SDG Reveune 25,731,262 336,000 Cost of Revenue (23,485,328) (292,729) Profit 2,245,934 43,271
2018 2017 24- Income From Banking Services SDG SDG Letters of credit fees 13,745,486 8,651,172 Documents under collection fees 35,394,614 4,522,923 Commission on checks collections and transfers 10,955,999 8,847,935 Foreign Transfers fee 2,072,668 324,988 Letters Of guarantee fee 2,934,394 1,938,025 Export 4,078,465 733,413 Income from Nile card 917,871 1,020,958 Book keeping fee 8,889,190 5,951,141 Foreign exchange 8,483,303 1,153,407 Income from trading in currencies 9,564,569 1,743,449 Communication commission 64,281 38,228 97,100,839 34,925,639 2018 2017 25- Income From Investments In Associates SDG SDG Khaleej National Flour Mills Co. 14,700,000 - Al Faransi Financial Services Co. 1,980,000 990,000 Financial investment bank 561,179 861,900 Sudanese Rural development 95,461 23,450 Juba Insurance 207,900 478,197 17,544,540 2,353,547
2018 2017 26- Other Income SDG SDG Fees and other commissions 2,178,874 4,894,341 Recovery of bad debts 234,659 2,290,048 Insurance commission 69,609 678,430 Gain on sale of fixed assets 861,340 21,959,225 3,344,482 29,822,044
2018 2017 27- Staff Cost SDG SDG Salaries and wages 35,104,659 29,472,484 Staff bonus 29,482,626 16,877,645 Eids bonus 14,356,432 12,159,367 Vacation expenses 18,072,237 15,055,374 Uniform 11,375,270 9,514,294 End of service benefits 757,800 4,200 Training 1,906,214 1,062,037 Social Insurance 5,427,956 4,553,455 Health Insurance 9,339,081 5,955,307 Overtime 1,701,112 1,453,403 Tickets 5,564,062 4,675,285 Travel and business trips 1,030,738 535,331 Staff Tax 4,708,332 4,018,855 Haj Bonus - 340,501 138,826,518 105,677,538
34 2018 2017 35 28- General and administrative expenses SDG SDG Printing & stationery 5,022,855 3,159,212 Subscribtion on bank security fund (Note 18/ 2) 7,541,246 5,126,158 Rent and Rates 3,209,035 3,022,459 Electricity & Water 5,290,995 3,073,097 Board of Directors remuneration 4,990,155 1,792,806 Advertising 2,763,300 2,642,459 Communication 4,425,910 3,536,495 Insurance 3,193,861 3,083,895 Cash handling 1,446,214 1,846,856 Bank charges 9,488,967 6,756,142 Repairs and Maintenance 6,240,025 3,971,352 Fuel and lubricants 1,891,102 1,741,932 Security Services 1,753,032 1,491,158 Entertainment & refreshment 1,746,064 1,233,057 Donations and gifts 363,302 820,261 Transportation 885,448 536,491 ATM expenses 3,544,455 3,642,489 Subscriptions 1,041,211 963,259 Cleaning expenses 1,550,070 1,231,907 Board of Directors’ expenses 303,425 290,219 Sharia Supervisory Board’s expenses 78,000 78,000 Government fees 820,048 519,429 Legal consultancy fees 297,052 251,756 General Annual meeting expenses 392,421 361,276 Postage 136,374 115,294 Audit fees 614,250 497,250 Miscellaneous (Note 28/ 1) 122,446 115,081 Hotel charges 262,192 333,163 Newspapers & Magazines 169,654 113,896 Registration 257,759 196,119 Electric tools consuming 203,419 101,714 Assets revaluation fees - 250,000 Payment of previously closed liabilities 364,921 240,654 Provision for doubtful debts - 1,665,000 70,409,209 54,800,336 28/ 1- Miscellaneous Represent expenses not classified and consist of: consumed material amounted to SDG 55,576 and gardening amounted to SDG 66,870.
2018 2017 29- Depreciation and Amortization SDG SDG Fixed Assets depreciation (Note 15) 16,374,885 10,371,344 Rehabilitation expenses amortization - 61,590 Amortization of Intangible Assets (Note 14) 716,532 551,618 Receivables amortization - 13,396,578 Assets and liabilities amortization (Note 13 /2) 11,716,239 11,716,239 Losses on Foreign Currency coverage deficit (Note 13 /4) 19,479,844 - 48,287,500 36,097,369
2018 2017 30- Earnings per share SDG SDG Net income for the year 174,106,536 29,113,319 Number of Shares 157,354,957 157,354,957 Earning per Share 1.11 0.19
31- Contra Accounts Contra accounts not included in financial statement of the Bank are as follows:
2018 2017 31- Contra Accounts SDG SDG Cheques under collections 3,406,249,761 2,126,271,686 Letters of credit 43,449,645 38,457,476 Letters of Guarantee 34,775,962 30,360,661 Facilities from Foreign Banks * 685,070,225 159,639,788 Bad debts 23,502,841 24,069,791 4,193,048,435 2,378,799,402
* Facilities From Foreign Banks Represent facilities extended from correspondent bank’s to a number of the bank’s customers. The role of the bank is to manage these facilities in return for agreed commission to be paid to the bank for such service.
32- Concentration of investments Finance volume as in December 31, 2018 amounted to SDG 3.382 Millions (2017: SDG 2.5 million) has been distributed to (a) economic sectors (b) the geographical areas (c) customers finance concentration 36 shown below: (a) Economic sectors 2018 2017 SDG SDG 37 Economic Sectors % % Agriculture 7.3% 7.2% Industrial 42.3% 35.4% construction 0.8% 1.6% Export 8.7% 3.2% Transportation and Storage 10.3% 10.5% Mining 2.0% 5.3% Local trading 4.5% 8.0% Import 3.0% 2.0% Other segments 21.0% 26.7% Total 100% 100%
(b) The geographical areas 2018 2017 SDG SDG Geographic Area % % Khartoum 79.5% 83.1% Al Jazeera 8.9% 6.4% Gadaref 2.1% 2.0% Blue Nile 0.5% 0.4% White Nile 1.5% 1.2% South Darfur 0.6% 0.4% North Kordofan 2.7% 2.1% Sinnar 1.3% 1.1% The Red Sea 0.5% 1.1% Kassala 1.8% 1.8% The Nile River 0.6% 0.4% Total 100% 100%
(c) Top Customers Finance Concentration 2018 2017 SDG SDG Client No (1) 415,628,288 110,331,691 Client No (2) 140,011,861 100,499,200 Client No (3) 120,340,200 69,194,775 Client No (4) 113,124,929 49,419,679 Client No (5) 112,214,962 45,541,819 Client No (6) 101,070,600 43,830,317 1,002,390,840 418,817,481 33- Related party transactions These represent transactions with related parties i.e shareholders, board of directors and senior management of the bank, and companies of which they are principal shareholders. These transactions are conducted in an arm length basis. Balances with related parties included in the balance sheet are as follows :
Major Shareholders Top Total as of and Board of management 31 December Directors & related of the bank 2018 companies Financial Statements items: SDG SDG Letters of Guarantee - - - Total - - - Income Statement items: Letters of guarantee - - - Salaries and remuneration of top management - 3,456,010 3,456,010 Total - 3,456,010 3,456,010
34- Liquidity risk Liquidity risk is the risk that the bank will be unable to meet its funding requirements. Liquidity risk can be caused by market disruptions or credit downgrades, which may cause certain sources of funding to dry up immediately. To mitigate this risk, management has diversified funding sources and assets are managed with liquidity in mind, maintaining a healthy balance of cash, cash equivalents, and readily marketable securities. The contractual maturities of assets and liabilities have been determaind on the basis of the remaining period at the balance sheet date to the contractual maturity date. Management monitors the maturity profile to ensure that adequate liquidity is maintained.
38 39 1,585,843 497,611,149 497,611,149 5,940,000 102,180,133 698,440,761 985,348,076 125,726,716 1,977,624,370 760,140,227 3,913,859,043 755,450,041 Total 5,473,166,308 553,731,105 9,622,187,423 31,020,999 6,259,637,348 2,525,941,837 8,785,579,184 836,608,239 9,622,187,423 1,585,843 199,530,685 5,940,000 102,180,133 100,503,809 774,480,229 87,069,785 1,765,643,778 760,140,227 - 12,135,040 More than a year 977,291,577 553,731,105 4,350,805,593 - 989,426,617 2,525,941,837 3,515,368,453 836,608,239 4,351,976,692 - 193,402,645 - - 225,901,686 119,847,506 119,847,506 15,400,000 129,012,605 - - 35,801,376 From 6 to 12 months 647,391,577 - 683,564,442 - 683,192,953 - 683,192,953 - 683,192,953 - 67,206,510 - - 172,864,084 49,893,941 4,526,899 66,572,584 - - 183,221,932 From 3 to 6 months 177,291,577 - 361,064,018 - 360,513,509 - 360,513,509 - 360,513,509 - 37,471,309 - - 199,171,181 41,126,400 18,730,033 16,395,403 - 3,913,859,043 524,291,693 Within 3 months Within 3,671,191,577 - 4,226,753,369 31,020,999 4,226,504,269 - 4,226,504,269 - 4,226,504,269 ’ accounts otal assets and other debit balances otal assets and other otal liabilities investment otal liabilities and unrestricted investment otal liabilities and unrestricted Fixed assets Intangible assets Assets and other debit balances Investment in subsidiaries Investment Securities at FV through equity Investment Securities at FV Securities held at amortized cost Musharak investments Mudaraba investments Sales receivables Central Bank of Sudan Statutory cash reserve Provisions Cash and Equivalent Other liabilities Assets and other debit balances T L iabilities Current and saving customers T investment account holders U nrestricted T accounts holders ’ equity Shareholders Shareholders ’ equity T ’ equity accounts holders and shareholders The following table summerizes the maturity dates of assets and liabilities bank by end 2018 as follows: 35- Credit Risk Credit risk is the risk that one party to a financial instrument will fail discharge an obligation and cause the other party to incur a financial loss. Tha bank attempts to control credit risk by monitoring credit exposures continuosly. The bank seeks to manage its credit risk exposure through the diversification of financing and investment activities to ensure that there is no undue concentration of risks with individuals or groups of customers in specific locations or business. The bank also takes collateral when appropriate. 36- Market Risk Market risk is the risk that the value of an asset will fluctuate as a result of change in market price, whether those changes are caused by factors specific to individual investment or its issuer or factors affecting all investment traded in the market. Market risk is managed on basis of pre-determined asset allocations across various asset categories, diversification of assets in terms of geographical distribution and industry concentration, a continuous appraisal of market condition and trends and managment’s estimate of long and short term changes in fair value. 37- Share Prices Risk Shares price risk is that the value of shares will fluctuate as a result of changes in the market prices of the shares. The Board of Directors of the Bank sets limits on the amounts and types of shares to be acquired for investment purposes. The investment committee of Bank regularly monitors these limits. 38- Profit Rate Risk The profit rate risk refers to the risk due to change of profit rates, which might affect the future earnings of the Bank. Exposure to profit rate risk is managed by Bank through diversification of assets portfolio and by matching maturities of asset an liabilities. In line with the policy approved by the Board of Directors, assets and liabilities committee performs regular review of the assets and liabilities in order to ensure that the maturity gap between assets and liabilities is maintained at minimum levels and also to ensure that financing and investment are made quality assets at higher rate of return. 39- Currency Risk Currency risk is the risk that the value of financial instrument will fluctuate due to changes in foreign exchange rates. Currency risk is manged on the basis of limits determined by the Bank’s Board of Directors. These limits are monitored continuosly to ensure that the net exposure is kept on an acceptable level.
31 December 2018 Total assets Total liabilities Differences Currencies against Dollar against dollar against dollar valued in dollar USD Dollar 37,018,770 43,623,245 (6,604,476) GBP - British Pound 1,400 490,070 (488,669) SAR - Saudi Riyal 6,201,708 5,333,714 867,994 CHF - Swiss Franc 749 560,456 (559,706) JPY - Japanese Yen 52,255 36,578 15,676 AED - Emirate Dirham 14,836,692 6,699,009 8,137,683 QAR - Qatari Riyal 4,898 46 4,852 EUR - Euro 11,852,219 8,154,546 3,697,673 69,968,692 64,897,664 5,071,028
2018 2017 40- Capital Adequacy SDG SDG The bank’s capital adequacy ratio 14.5% 14.0% Minimum capital adequacy ratio required 12.0% 12.0%
41- Zakah 40 The bank paid its Zakah liabilities up to 2017 and provided for 2018 Zakah liability. 42- Business ProfitT ax (BPT) The Bank provides for Businees Profit Tax in 2018. 43- Comparative Figures Certain comparative amounts have been re-classified to conform with current year classification. These re- classification did not affect the comparative year net profits or equity or cash flows statement for 2018. Performance Report & Financial Presentation for 2018
Firstly: financial Position Statement: 9.62 41 Assets: Financial statement (Assets) total amounted to SDG 9.62 billion as on 31/12/2018, compared with SDG 4.85 billion on 31/12/2017 with an increase of SDG 4.77 4.85 billion, (99%). Current assets amounted to SDG 9.06 billion on 31/12/2018, while current liabilities for the same year were SDG 8.78 billion, i.e. a current ratio equal (1:1.03), Total Assets indicating that the bank has been in a sound financial During the Period 2014-2018 (In billion SDG) position that would enable it to meet all its obligations on demand and that its resources was optimal utilized. 3.91 Cash and Cash Equivalents Quasi Cash: Cash and quasi cash amounted to SDG 3.91 billion on 31/12/2018, compared with SDG 1.03 billion on 31/12/2017, with an increase of SDG 2.8 billion and growth rate of 280%., quasi cash and cash reserves amounted to SDG 4.67 billion on 31/12/2018 compared with SDG 1.4 billion on 31/12/ 2017, with an increase of Cash & Quasi Cash SDG 3.25 billion and growth rate of 228%. During the Period 2014-2018 (In billion SDG)
Finance: 3.79 Outstanding finance plus investment in securities reached
SDG 3.79 billion as on 31/12/2018, compared with SDG 2.47 2.47 million on 31/12/2017, with an increase of SDG 1.32 billion, with growth rate of 53%. Realized return on finance and investment hit SDG 413 million after deduction (return on unrestricted investments accounts) equals 66% of the total bank revenues in 2018, which amounted to SDG 625 million. Total Finance During the Period 2014-2018 (In billion SDG) % 0.91 Although there a developed and expanding in the volume 1.66%
of finance through all previous years, the non-performing 1.26% loan was less than 1% out of the total finance as at 31/12/2018, moreover according to the celling policies, the acceptable percentage is not more than 6%, this indicate that the quality of assets.
The Non-performing Loans 2014-2018 Here under the percentage of Islamic finance models based on the outstanding balance of finance as on 31/12/2018
Model % of 2017 Total Finance % of 2018 Total Finance Hire Purchase Morabaha 54.25% 49.58% Mosharaka 17.68% 25.47% Modaraba 0.00% 0.00% Salum 0.00% 0.00% Mogawala 1.51% 2.08% Securities held at amortized cost 18.87% 19.15% Finance Portfolio 2.16% 1.54% Micro Finance 1.69% 0.78% (Good Loan) as advances to 3.84% 1.40% personnel
(Good Loan) as advances Finance Portfolio Micro Finance to personnel % 0.78 % 1.54 % 1.40
Securities held at amortized cost % 19.15
Mogawala Hire Purchase Morabaha % 2.08 % 49.58
Mosharaka % 25.47
Percentage of Islamic finance models based on the outstanding balance of finance on 31/12/2018
42 Finance per Economic Sectors: Economic Sectors Percentages of finance 2018 Percentages of finance 2017 Agricultural 7.29% 7.24% Industrial 42.29% 35.43% 43 Mining 1.95% 5.33% Transportation & Storage 10.29% 10.48% Export 8,66% 3.24% Import 3.00% 1.99% Local Trade 0.04% 7.98% Realstates & construction 0.99% 2.15% Investment Securities 19.14% 20.73% Services 4.45% 2.08% Others 1.90% 3.35% While extending finance, the bank management considered allocation of finance at the different sectors pursuant to the policy of the Central Bank of Sudan (CBOS) and the national economy objectives. The following chart shows the current allocation of finance among the different economic sectors out of 2018 total finance of SDG 3.79 billion compare with 2.47 billion on 2017. The agricultural sector received in 2018 is 7.29% compare with 7.24% in 2017 of the outstanding finance, industrial sector 42.29%in 2018 compare with 35.43% in 2017, the mining sector was decrease from 5.33% in 2017 to 1.95% in 2018, the transportation & storage sector receive 10.48% in 2017 without change, also the export sector received more finance 8.66% in 2018 compare with 3.24 in 201, also the import sector received 3% in 2018 compare with 1.99% in 2017, but the local trade contracted from the percentage of 7.98% in 2017 to 0.04% in 2018, this indicate that the Bank comply with (CBOS) celling policy, the real estate & construction contracted in 2018 reached a percentage of 0.99% compare with 2.15% in 2017, this also according to the celling policy of 2018, the financial securities received 19.14% in 2018 compare with 2017 which was received 20.73% without change , but the services sector received 4.45% in 2018 compare with 2.08% in 2017, more over the other sectors was received 1.90% in 2018 out of total finance amounted SDG 3.79 billion compare with 3.35% out of total finance.
Services Others Agricultural % 1.90 % 4.45 % 7.29 Investment Securities Industrial % 19.14 % 42.29
Realstates & construction % 0.99 Local Trade % 0.04 Import % 3.00
Export % 8,66 Transportation & Storage Mining % 10.29 % 1.95
Percentages of finance extended per economic sectors as on 31/12/2018 Fixed Assets: 553.73 Balance of fixed assets at historical cost has increased (after additions and deductions) from SDG 642.7 million 514.88 compare with SDG 587.51 million in 2017, with an increase amount of SDG 55.19 million with increase percentage of 9%. The net book value of lands and buildings amounted to SDG 470.75 million as on 31/12/2018 with a percentage 85% out of total net book value of fixed assets. Total Fixed Assets During the Period 2014-2018 (in million SDG)
Secondly: Liabilities & Owner’s Equity Liabilities: 9.62 Total liabilities, which are composed of different types of deposits including the owner’s equity of unrestricted
investment accounts holders, creditors, owner’s equity 4.85 and other liabilities, amounted to SDG 9.62 billion as on 31/12/2018 compared with SDG 4.85 billion as on 31/12/2017, with an increase of SDG 4.77 billion with growth rate 99%. Total Liabilities During the Period 2014-2018 (in billion SDG)
Deposits : Total deposits (local, foreign &margins) and the equity of unrestricted investment amounted to SDG 8.22 billion 8.22 as on 31/12/2018, compared with SDG 3.89 billion as on 31/12/2017, with an increase of SDG 4.32 billion with growth rate of 111%. While the total deposits
which are composed of current accounts, unrestricted 3.89 investment accounts and saving accounts in local and foreign currencies amounted to SDG 7.99 billion as 44 on 31/12/2018 compared with SDG 3.81 billion as on 31/12/2017, with an increase of SDG 4.18 billion with Total Deposits growth rate of 110%. During the Period 2014-2018(in billion SDG) Owner’s Equity & Paid-up Capital: The total of owner’s equity, which are composed of the paid-up capital, different reserves and accumulated profits, 45 amounted to SDG 836.60 million as on 31/12/2018, 836.60 compared with SDG 668.78 million as on 31/12/2017, 668.78 with an increase of SDG 167.82 million with growth rate of 25%. During the course of the last five years, owner’s equity increased from SDG 299.5 million in 2014 to SDG 836.6 million in 2018, with an increase of SDG 537.1 million with growth rate of 179%. Total Owner’s Equity During the Period 2014-2018 (in million SDG)
Thirdly: Income Statement Analysis of the income statement for year 2018 compared with that of 2017 reveals the following: 1/ Total revenues (before deduction of the returns of holders of unrestricted investment accounts) increased from SDG 369.73 million in 2017 to SDG 625.76 million as on 31/12/2018, with an increase of SDG 256.03 million with growth rate of 69%. Return on Investments and deferred sales (after deduction of the returns on unrestricted investment accounts) reached SDG 168.14 625.76 million in 2017, compared with SDG 251.36 million in 210.45 2018, with an increase amount of SDG 83.22 million 369.73 with growth rate of 178%. 2 / Total general and administrative expenditures (including provisions, depreciations, debts amortization, in addition to finance provisions) amounted to SDG Total Revenues & Expenditures 266.63 million in 2018 compare with amount of SDG During the Period 2014-2018 (in million SDG) 210.45 million in 2017, with an increase amount of SDG 56.18 million with growth rate of 27%.
• Net Income (before deduction of taxes and Zakat)
amounted to SDG 196.76 million in 2018 compared with 174.11 amount of SDG 33.47 million in 2017, with an increase of SDG 163.29 million with growth rate of 488%. While the net income for the year 2018 amounted to SDG 174.11 million compared with SDG 29.11 million in 2017, with increase amount of SDG 145 million, with a growth rate 498%. Net Income after deduction of Tax and Zakat During the period 2014-2018 (In million SDG) List of Foreign Correspondents
(1) Commercial International Bank (Egypt) (11) Bank Of Beirut S.A.L. Cairo - Egypt Beirut - Lebanon Nile Tower Building 21/23 Building Foch St. Beirut Central District Chares De Gauls Geza P.O. Box: 11-7354 Bank Of Beirut S.A.L. P.O. Box: 2430 Cairo Swift Code: BABELBBE Swift Code: CIBEEGCX (12) Albaraka Bank S.A.L. (2) Qatar Islamic Bank Beirut - Lebanon Doha – Qatar P.O. Box. 113 5683 Beirut P.O. Box: 559 Swift Code: ALCVLBBEXXX Swift Code: QISBQAQA (13) Bankque Libano Francaice S.A.L. (3) Albaraka Islamic Bank Beirut- Lebanon Manama – Bahrain Beirut Liberty Plaza P.O. Box: 1882, Manama BLDG, Roma Street, Hamra Swift Code: ABIBBHBMXXX Beirut. P.O.Box 11-8080 Hamra (4) Ithmar Bank Swift Code: BLFSLBBX Manama – Bahrain (14) Bank Muscat Seef Tower, Alseef District Muscat – Oman P.O. Box: 3005, Manama S.A.O.G. Swift Code: FIBHBHBM P.O. Box: 134 Postal Code:112 RUEI (5) Alsalam Bank Swift Code: BMUSOMR Manama – Bahrain (15) UBAE Arab Italian Bank S.P.A. Roma Bahrain World Trade Center, East Tower King Rome - Italy Faisal Highway VIA Quintino Sella 2 CAP00187 Karbabad 18282,P.O. Box: 18282 Swift Code: UBAIITRRA Swift Code: ALSABHBM (16) BCP Banque De Commerce Et De (6) BOK International Bahrain Placements NTS Manama – Bahrain Geneva - Swezerland BUILD. 854 ALUBAF TOWER FLOOR 5 ROAD Rue De la Fontaine, P.O. Box 3069, 3618 CH - 1211 Geneva 3 P O BOX 60030 Manama Swift Code: BPCPCHGG Swift Code: BOKNBHBMXXX (17) AKTIF Bank (7) Abu Dhabi Islamic Bank Istanbul - Turkey Abu Dhabi – U.A.E. Genel Mudurluk Buyukdere Caddesi No.163 H.O. Bainuna Street, Albateen Abu Dhabi Swift Code: CAYTTRISXXX P.O. Box:313 (18) Bank Of Beirut (UK) LTD Swift Code: ABDIAEAD London - England (8) El Nilein Bank Abu Dhabi 17 A Curzon Street, London W1J 5HS, U.K. Abu Dhabi – U.A.E. Swift Code: BRBAGB2L Khalifa Street, Abu Dhabi (19) BRITISH ARAB COMMERCIAL BANK P.O. Box: 46013, Abu Dhabi – U.A.E. London - England Swift Code: NILBAEAAXXX 8-10 Mansion House Place (9) BOK International UAE London, EC4N 8BJ, UK Abu Dhabi – U.A.E. Swift Code: BACMGB2L Zayed the First St.W9 - C5B, Khalidiya, Abu Dhabi (20) KEB Hana Seoul Bank - UAE, P.O. Box 42253. Seoul - Korea Swift Code: BOKMAEADXXX 46 181, Euljiro 2 - GA, JUNG - GU, C (10) Bank Aletihad P.O. Box: 2924, Seoul 100 - 793, Korea Amman - Jordan Swift Code: KOEXKRSE Shaker Bin Zayed Street - Shemeisani (21) Bank of China P.O. Box: 35104 – Code: 11180 Jordan Bejing - China Swift Code: UBSIJOAX 410 Fucheng Memnei Cajie SWIFT: BKCHCNBJ