ABCC 2016-17

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BANKING & FIN AN CE G U IDE 2 0 1 6 - 2 0 1 7

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Contents FOREWORDS Rt Hon Baroness Symons of Vernham Dean, PC Chairman, Arab British Chamber of Commerce


Dr Afnan Al-Shuaiby Secretary General & Chief Executive Officer, Arab British Chamber of Commerce


Mr Anthony Browne Chief Executive, British Bankers’ Association


Mr George Kanaan Chief Executive Officer, The Arab Bankers Association


EDITORIAL What Brexit Means for Britain and the Arab World


Cyber Security in the Banking Sector


How ICT is Transforming Banking Services
































Saudi Arabia










United Arab Emirates




United Kingdom






BANK LISTINGS Arab Banks by Country


UK Banks


Arab and Islamic Banks in the UK


European Banks


ABCC Members in Banking and Finance


Arab British Chamber of Commerce 43 Upper Grosvenor Street London, W1K 2NJ, UK Tel: +44 (0) 20 7235 4363 Fax: +44 (0) 20 7245 6688 Website: While all due care and attention has been taken in the compilation and production of this publication and the statements contained herein are believed to be correct at the time of going to press, the publishers and promoters cannot accept responsibility for any perceived inaccuracies or anomalies. Reproduction of any part of this publication without obtaining permission is strictly prohibited. BLS Media and the A-BCC make no recommendation in respect of any of the advertisers found within these pages and no such recommendation can be implied by way of the presence of their advertisements. Editorial Team: Abdeslam El-Idrissi (Chief Editor), Dr Yasmin Husein, Cliff Lawrence and David Morgan

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Arab British European Banking & Finance Guide



Rt Hon Baroness Symons of Vernham Dean PC Chairman Arab British Chamber of Commerce


s the Chairman of the Arab British Chamber of Commerce, I welcome the publication of this new edition of the Chamber’s annual banking and finance guide. The volume highlights the important place of this industry as part of the close cooperation between Britain and its Arab partners. We are witnessing deeper and broader collaboration across a broad spectrum of sectors and activities between investors and financial service providers. Foreign companies, including those from the Arab world, have invested around £100 billion into the UK financial services sector since 2007, according to the CityUK, the financial industry’s main lobby group. The UK is highly attractive to Arab investors because of the deregulation of its markets and enjoys a strategic position as one of the world’s major financial centres. Financial and related professional services remain vitally important to the UK economy and play an increasingly strategic role in this deepening partnership.

The sector produces nearly 12% of the UK’s total economic output, contributes £66 billion in taxes to the Exchequer and generates a trade surplus of £72 billion. Over seven percent of the country’s workforce in employed in banking, finance and associated services. Arab sovereign wealth funds have invested heavily in the UK and especially in prime London property amassing substantial equity holdings in UK entities.


Arab banks have become truly global players over the past few years exerting considerable influence in the market place. Banks play a strategic role in delivering services to the private sector and are doing more to tailor their products to support the requirements of smaller enterprises. As a global industry banks are investing in new innovative services that offer more convenient banking facilities to their customers. As a result banks are increasingly looking to the design of new products as they seek to meet the demands of their customers for greater accessibility. The ambitious infrastructure programmes unveiled by Arab governments and especially in the Gulf countries require financial solutions such as public-private partnership to ensure their successful completion. Experts from the British financial services industry are contributing towards these projects by closely working with Arab partners. The strength of the Arab banking and financial services industry today is an indication of the growing underlying strength of the Arab economies which are making a successful transition towards more diverse income streams and away from reliance on oil based revenue generation. The success of the region’s banks is indicated by the growth in profits of leading institutions and their contributions towards financing economic activity in the local markets. This volume reflects the many avenues of collaboration between the Arab and British

Arab British European Banking & Finance Guide

banking industries and highlights the investment opportunities that are emerging. It is an impressive example of the comprehensive range of professional services that the Chamber delivers to its members. I believe that readers of this informative and well produced guide will find much that will be of help to them as they consider their future investments and implement business plans.

Rt. Hon Baroness Symons of Vernham Dean PC Chairman Arab British Chamber of Commerce


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Dr Afnan Al-Shuaiby

Secretary General & Chief Executive Officer Arab British Chamber of Commerce


am very pleased to introduce this guide and recommend it to its readers.

Within these pages you will find many useful insights into the nature of the banking and financial services industry in the Arab world and the many connections that exist with their British equivalents. The guide should prove equally valuable to you whether you are an Arab investor looking to the UK or a British banking professional seeking to engage with the Arab markets. The contents of this publication have been designed to assist companies wishing to understand the nature of their chosen area of operations or attempting to explore sources of funding that are available in a specific market. The guide offers help to readers in understanding the extremely diverse Arab banking and financial services industry and the unique features of the banking sector in each market which are undergoing rapid transformation. The contents reflect the historic relations that Britain and the Arab countries enjoy and which today offers new opportunities for banking and financial services sectors to co-operate and succeed in joint enterprise. It is on the basis of this strong and unshakeable partnership that our mutual prosperity can be strengthened and secured going into the future. Financial institutions play a strategic role in


economic development by securing funding for new infrastructure projects and by helping businesses succeed through competitive credit facilities. The growing financial centres around the Arab world are now firmly established global hubs for managing investment and transactions and have grown into integral components of the international financial architecture. An indication of the strong Arab-British relationship is reflected in the Arab Sovereign Wealth Funds that have heavily invested in Britain and now hold stakes in many high profile assets. The British capital has long been a favourite investment destination and is judged to be a safe haven for Arab investment. The strong expression of Arab investor confidence in the market is reflected in the billions in assets under management in the UK and directly invested in equities traded on the London Stock Exchange. The UK boasts a transparent and robust legal framework which gives investors the assurance that their assets will be secure. London is the destination of choice for high net worth individuals from around the Arab world and is set to remain so for many years to come. The Arab British Chamber of Commerce can boast a proud record of support for the mutually beneficial partnership between Arab and British enterprise and encourages the flow

Arab British European Banking & Finance Guide

of investments, business interaction, bilateral trading and the deepening of financial ties. The Chamber is constantly enhancing its range of services to ensure that they remain relevant to the business needs of its members and help them to succeed in the global market. I am confident that readers of this guide will discover a wealth of valuable information on the main trends in the banking and financial services industry. I welcome this latest edition and commend it to its readers without hesitation. Dr. Afnan Al-Shuaiby Secretary General & Chief Executive Officer Arab British Chamber of Commerce





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Arab British European Banking & Finance Guide

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Arab British European Banking & Finance Guide

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Anthony Browne

Chief Executive British Bankers’ Association



s a leading European and global centre for financial services, the UK is strategically placed to win a growing share of finance business from the Gulf and Arab world in coming years. The country’s financial services industry benefits from the long history of close partnership between the UK and the Arab countries in the Gulf and the wider MENA region.

the Olympic Village and the redevelopment of Chelsea Barracks.London has also been successful in attracting Islamic financial institutions to locate in the country. Successive UK governments have taken conscious policy decisions in the bid to attract more investment, which in turn has positioned London as Europe’s gateway to international Islamic finance.

Currently, the ambitious programmes adopted by the GCC states to diversify their economies offer some of the greatest opportunities in emerging markets for the UK investment banking industry. The high infrastructure spending elsewhere in the Arab region offers additional potential for banking and financial expertise.

The number and sophistication of Islamic products and services offered by the UK has grown in recent years and is increasingly competing with offerings of conventional financial institutions. This was underlined by the UK becoming the first country outside the Islamic world to issue a sovereign Sukuk in 2014.

This is a two-way relationship. The UK has been able to attract finance from both public sector and private sources in the Gulf into the British economy especially as investment in high end real estate. Gulf finance has played a significant role in infrastructure development across the UK and includes major flagship real estate projects such as The Shard, the regeneration of Battersea Power Station, London Gateway,

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Arab British European Banking & Finance Guide

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George Kanaan

Chief Executive Officer The Arab Bankers Association


rab banks survived unscathed the greatest financial crisis the world has seen in many generations, and they have been successfully navigating the worst political turbulence that the Middle East has witnessed for many decades, but Arab banks are now facing a new set of new challenges that will test the skills of its managers in the years to come. First, there are the negative consequences of the exceptional drop in the price of oil on the economies in which they operate. There will be challenges as to their liquidity. There will also be a heightened level of risk in their credit portfolios. However, this challenge also brings opportunities. Arab banks will have to meet the task of funding governments that have hitherto operated budget surpluses. This will create new business opportunities and will help to enhance professional skills, and drive indigenous financial markets to greater levels of sophistication. Second, there are dangerous complications arising from sanctions’ compliance. For Arab banks this issue is made all the more sensitive by the complex and highly charged political environment in which they operate. The dangers of even the slightest mishap is evident. Managers have to be exceptionally risk averse in this area and then cope with the difficulties that such an approach entails. Third, there are increasing and ever more complicated regulatory pressures. Arab banks are leaders when it comes to meeting, if not exceeding, regulatory requirements and combatting financial crime. However, regulation can be excessive. Witness for example the situation in the City of London where Arab banks have their biggest external presence, and where they have had, for the most part, an exemplary record. Here, Arab banks are simply looking for proportionality to be the regulators’ guiding principle. This is understandable given Arab banks’


size, the nature of the business they undertake, and the evident fact that they present no systemic risk. Fourth, de-risking presents a threat to many banks around the world, but it is particularly harmful to Arab banks. The origins of this threat are political, regulatory and economic in nature. Some Arab banks are responding effectively to this danger by employing a multidisciplinary approach. The response is a combined effort by Compliance and Risk Management, and the active and business-like management of correspondent banking relationships. This approach has proven to be successful. It is no wonder that with this unfavorable environment Arab banks have reverted to housekeeping as a strategic focus. They are now concentrating on building up the Risk Management and Compliance functions, in addition to skills in other areas. Expansion plans have generally been put ‘on hold’. Attention is being paid to the increasing costs that are arising from the issues mentioned above. At the Arab Bankers Association we believe strongly that Arab banks are well managed, their regulators are highly proficient, and their governments very supportive. We believe, therefore, that they will cope, and cope well, with the challenges being thrown at them. Many of them will remain the safest in the world. The Arab Bankers Association continues to do its best to support the Arab banking community. Our seminars and other events are dedicated principally to discussing the changing nature of the banking landscape and offering analysis and understanding of threatening trends. We also hope that, at least in some cases, they are providing answers.

Mr. George Kanaan Chief Executive Officer The Arab Bankers Association

Arab British European Banking & Finance Guide

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Arab British European Banking & Finance Guide



What Brexit Means for Britain’s Economic Relations with the Arab World The prospect of Britain leaving the European Union sometime within the next two years has been the subject of intense discussion following the outcome of the UK’s Referendum on 24th June 2016 which saw a convincing majority vote to take the country of the EU. “Brexit” (Britain’s exit) and its implications for the country’s commercial links with its main Arab partners featured as a major discussion topic at the Second GCC-British Economic Forum which took place on 21st July 2016, almost a month after the EU Referendum had taken place. The high-level Forum, organised by the Arab British Chamber of Commerce, held at Lancaster House, in London, attracted some 250 delegates from the Gulf countries, Britain and around the world. Widely hailed as a success by participants, the event provided a unique platform for British and Gulf decision makers to debate common challenges and exchange ideas on topical issues under an overarching theme, “Vision, Challenges and Ambitions: Integration Prospects for a Better Future”. Rt Hon Baroness Symons, Chairman, ABCC, stated that the new government headed by a new prime minister, had quickly shown its determination to develop the country’s global trading relations and was reflected in the creation of four ministers with responsibilities for trade. The Forum was privileged to host Rt Hon Dr Liam Fox MP, the newly appointed Secretary of State for International Trade. Baroness Symons expressed the view that the UK would have new opportunities to develop bilateral trade links with the GCC and individual countries once it had left the EU. Speakers at the Forum repeatedly emphasised that the UK’s cooperation with the Gulf countries was based on historic ties and future relations did not depend on Britain’s membership of the EU. H E Dr Abdullatif bin Rashid Al Zayani, Secretary General of the GCC, in a keynote address, praised the UK government for acting quickly to address the new issues facing the country following the Brexit vote. He stated that the GCC was committed to remaining firm friends with the UK irrespective of whether it was a member of the EU or not. In emphasising shared challenges and emerging opportunities, Dr Al Zayani pointed to a major PPP conference to be held in London in October. In his keynote, H E Dr Majid bin Abdullah Al Qasabi, Minister of Commerce and Investment, Kingdom of Saudi Arabia, looked forward to greater cooperation with the UK as the Kingdom took steps to implement its ambitious Vision 2030 strategy which embodied a vision of a


Arab British European Banking & Finance Guide


prosperous economy “beyond oil”. Rt Hon Dr Liam Fox MP, who represented the UK government, sought to reaffirm the UK’s strong commitment to its valued relations with the GCC and indicated that he would soon make an official visit to the region in his capacity as minister for international trade. Dr Fox pledged to turn the UK into the most open trading nation in the world through new initiatives such as digital trading. Trade was a vital aspect of UK-GCC relations and the UK had adopted a new Gulf fund to support practical work in areas such as cyber security, the minister said. Following the opening session the Forum continued with five sessions which addressed urgent topics such as economic reform, social and economic development, entrepreneurship, the role of public-private partnerships and the implications of “Brexit”. During a session titled, Economic Reform: The Driver in Building a Strong and Balanced Economy and Sustainable Growth, H E Dr Abdullah El-Kuwaiz, Chairman, Advisory Board, Acwa Power, had some observations on the possible impact of the Brexit vote on the economy and on UK-GCC relations. He speculated whether London would lose some of its status as a global financial centre and whether banks based in the city would see their activities reduced. Dr El-Kuwaiz expected the UK to be looking to its friends such as those in the GCC to build closer strategic relationships. There was now a possibility that the UK and the GCC could negotiate a Free Trade Agreement. In the same discussion, James Sproule, Chief Economist & Director of Policy, the Institute of Directors, welcomed the enormous opportunities that are available for British business in the Gulf. He recognised that the UK faced huge challenges following the Brexit vote, but believed that the UK government had demonstrated a clear sense of purpose that it intended to make a success of the new environment in which the country found itself following the referendum. He said that the markets had reacted to the referendum’s outcome but the worst fears had not materialised. The banking system was confronting common challenges worldwide and these were not a result of Brexit. The theme of Brexit was a strand running through the discussions across the course of the day-long Forum, but the final session was specifically devoted to addressing this topic. ‘Brexit: What it Means and How it Will Impact the GCC’, involved a panel of H E Ahmed bin Mohammed Al-Sayed, founder & CEO, Sharq Capital, Philip Wood CBE QC, Special Global Counsel and lawyer, Allen & Overy, H E Abdulrahman Rashed Al Rashed, Managing Partner, Rashed Abdul Rahman Al Rashed & Sons Group, and Professor Jan Toporowski, SOAS university.

Arab British European Banking & Finance Guide



The debate came exactly a month after the UK’s Referendum on membership of the EU which ended with the surprising and controversial result when the British public voted to leave the EU after over forty years. The Rt Hon the Lord West of Spithead, chairing a panel discussion, asked how businesses are responding to the prospects of Britain withdrawing from the EU. He also wondered what the impact on bilateral trade might be. Professor Jan Toporowski, from SOAS University, believed that Brexit would see a reduction in the number of overseas students coming to the UK. In addition, funding for research from EU sources would dry up and it would create obstacles for Europe-wide collaboration. On the issue of improving education links with the GCC, speakers at the Forum believed that UK universities could be motivated to strengthen their institutional cooperation with the Gulf while working to attract more students from the region to the UK. Philip Wood stated that throughout history there had been breakaways between countries which had been managed with varying degrees of success. The process of transitioning law had become a major legal project in the contemporary world. Speaking from his legal expertise, Mr Wood stated that a large body of law had been accumulated over the past 45 years would need to be unravelled and that this would have an impact on both the UK and the EU. English law was the basis of much international commercial law and would remain a major asset of the UK irrespective of Brexit. English law should be seen as one of the country’s great exports. He favoured achieving a deal with the EU as efficiently and quickly as possible in order to minimise any uncertainties. Representatives from the Gulf generally took the view that the relations that Britain had with the GCC would largely be unchanged since cooperation was longstanding, bilateral and founded on common interests that predated the UK’s membership of the EU. H E Ahmed bin Mohammed Al-Sayed expressed the opinion that UK-GCC relations would not be fundamentally effected because their relationship was based on these historic links. The GCC-UK trade and investment links were not dependent on the EU. He felt that the UK would want to strengthen its bilateral ties and will take more steps to reach deals as a means of replacing what it might lose from the EU. This would result in more opportunities for business. Meanwhile, H E Abdulrahman Rashed Al Rashed, stating that the UK and the Gulf should grasp Brexit as an opportunity, was encouraged that the UK government appeared to be aware of the importance of this matter and was intending to focus on developing UK-Gulf relations. It was commonly agreed that London’s status as a global financial centre would not be unaffected but fears that financial


Arab British European Banking & Finance Guide


services would all be transferred to mainland Europe had been much exaggerated. The UK financial sector had its own strengths such as the role of the Bank of England which had been seen as highly effective in intervening to help stabilise the markets. Investors would be hesitant at least until the new investment environment post-Brexit was settled once the outcome of formal UK-EU talks on withdrawal had been concluded. It was important not to exaggerate the importance of this one issue. Other factors have an impact on bilateral trade such as oil prices which were at least as important as Brexit. Reports had suggested that investment in the UK construction industry had been falling before Brexit, but the longer term impact of Brexit was not likely to emerge for about a year. It was felt that the UK would eventually be free to pursue a FTA with the GCC once it leaves the EU which would mark a positive step forward because the EU had so far been unable to reach agreement with the GCC on a FTA. The exchange of opinions offered by the Forum helped to address some of the concerns of both sides about the prospects for business in an uncertain climate provoked by the Brexit vote. Those who had been strongly in favour of Britain remaining within the EU felt that some of their fears had been allayed. Market uncertainties are likely to continue in the coming months during the process of negotiations between London and Brussels. It seems sure that the UK has the resources and the determination to successfully face the challenges ahead and reshape its future in cooperation with its friends around the world.

Arab British European Banking & Finance Guide



Cyber Security in the Banking Sector


he Middle East is one of the world’s fastest growing markets for cyber security solutions as countries in the region develop their economies and local populations increasingly make use of online payment methods. In the modern world computer technology is increasingly pervasive and enhancing nearly all aspects of personal life and business, creating many more opportunities for innovation in banking and all sectors, but this is also generating more and more threats to the integrity of information and the transactions that are carried out over the Internet. The value of stored and in-transit information is rising rapidly, fuelling new markets, creating a need for securely connecting devices, delivering trusted data to the cloud. But like anything of value, information also attracts the attention of criminal activities.

Both individuals and institutions are vulnerable to

disappear at the click of a mouse. Law enforcement

cyber threats in the Arab world just as they are

organisations will find it challenging to shut down an

anywhere else in the global economy. Areas such as

entire cloud service provider for the behaviour of its

confidential company data and individual bank account

criminal clients, so it will be necessary to go after other

details have become vulnerable to cyber attacks that

criminal resources, such as Bitcoin wallets, to put them

can be committed by anonymous criminals living

out of business.

anywhere in the world.


Personal data, its value, and privacy demands will

The growth in cloud computing in the private sector will

dramatically change security and cybercrime, from

create new vulnerabilities and threats. Experts warn

targets to attacks to defences. Within future years, the

that cyber criminals are increasingly targeting the cloud

volume and types of personal information gathered

to take advantage of ill-defined boundaries.

and stored will grow from a person’s name, address,

They are also targeting the public cloud because it

phone number, email address, and some purchasing

offers a chance that they can move laterally and breach

history to include frequently visited locations, “normal”

other virtual networks.

behaviour, what people eat, watch, and listen to, as well as personal details related to health.

Business-oriented cloud services have become ubiquitous as companies have embraced cloud-based

The growing monetary value of personal data found

collaboration for the convenience of conferencing, cost

online is creating new types of criminals, according to

effective data storage, and accessibility of connecting

experts like McAfee Labs. The new cyber criminals are

with clients, customers and colleagues. The adoption

looking for opportunities to make money from stolen in-

of cloud services and storage is pervasive in our

formation, reverse engineering personal identities and

increasingly connected global business environment,

selling stolen intelligence to the highest bidder.

but the trend poses new risks. Many businesses use low-cost or free cloud collaboration services, but the security of such solutions are often not shared; there is a persistent risk of hacking and data exposure. The level of confidential company data shared on these services and platforms is enormous: business strategy, company portfolio stance, next-generation innovation, financial data, acquisition and divesture postures, employee data, and much more. Cloud computing will also provide tremendous opportunities for criminals in the form of computing and storage capacity, plus the ability to appear and


PAYMENT SYSTEMS In the past the only payment system available was cash. In many communities this may still be the case, but more sophisticated consumers are increasingly making use of the new payment systems made available through the Internet. There is a proliferation of these new payment methods from Bitcoins, ApplePay, credit and debit cards to online payment services. On the positive side, these new services are highly convenient for the modern consumer but they also come with a downside because of the new risks to financial transactions that are presented. The more that these services expand, the more risks will emerge. According to Wikipedia, there

Arab British European Banking & Finance Guide

are now more than 740 of these ‘’cryptocurrencies’’ like Bitcoin in the market. As a result of these vast number of new payment methods, most of which still require usernames and passwords, personal data is a prime target for cyber criminals who prey directly on consumers because they view them as the weakest link in the payment process and the source of the essential data that is the key that opens up access to a consumer’s finance. Cyber security experts believe that payment system cybercriminals will increasingly focus their attacks on the theft and sale of credentials. They will increasingly leverage traditional, time-proven mechanisms such as phishing attacks and keystroke loggers, but will be able to use their ingenuity to develop new methods of attack.

FINANCIAL INTEGRITY According to cyber security specialists, McAfee Labs, attacks on the integrity of the financial sector could see millions of dollars being stolen by cyber thieves who have the skill to modify selected data in the transaction stream, resulting in a significant redirection of payments to fake accounts. The detection of such incidents would be very difficult. As McAfee explains, these integrity attacks can appear to be operational problems, accounting errors, audit issues, acts of a disgruntled employee, or simply careless mistakes. To compound matters, the tools, mechanisms, and processes currently available and in use are mostly blind to these types of attack. Attribution will be challenging. Retail billing and sales; government identity records such as birth/death, taxes, and national insurance IDs; and banking accounts and ATM transactions are also at risk. Other sectors such as healthcare records, billing and prescription management could follow.




The increased popularity of banking and shopping online across the GCC presents new risks to both customers and financial institutions from potential cyber attacks on financial transactions and bank accounts, experts warn. As cyber criminals become more aggressive and adept at finding new methods to gain access to personal data this puts people’s money at serious risk of theft.

Banks have a responsibility to look after the finances

The scale of the problem is potentially enormous and growing as consumer habits are transformed by new smart technology. Data has shown, for example, that more than half of residents in the UAE now regularly access the internet to make purchases, reported Gulf News. There are various potential risks to bank customers such as when they make use of online shopping portals and make payments with their credit and debit cards. “Organisations would be well-advised to think ahead and have a strong cyber defence infrastructure in place to combat a new wave of threats by a new generation of savvy attackers,” warned Mohammed Abukhater, of payment and cyber security intelligence company FireEye. “Online banking services and online shopping portals, as well as credit cards and debit cards, are potentially at risk,” he told Gulf News, 6 June 2016.

questions of their business processes in order to identify where major gaps exist, such as:

of their customers and there are various ways that they can employ to make financial transactions secure from

• What are the critical business processes?

cyber threats. Experts in the cyber security industry have different opinions on the best way that banks can respond to threats posed by cyber security. Banks have

• What are the high-value assets that support those business processes?

been advised that they should not consider cyber security strictly as a technological issue —security must be

• Who might want to target those assets?

embraced throughout the organisation, says an expert in cyber risk management with EY. “Cybersecurity is not possible without embedding it into the business

• What infrastructure, devices, servers, things like that, support those high-value assets?

process,” says Ertem Osmanoglu, EY cyber security and risk management executive, in an interview with Banking Exchange, 21 June 2016. Typical industry responses have traditionally focused on what this expert defines as the “reactive and detective” strategies, but this approach has not worked effectively to address the problem. There is now more of a focus on what Osmanoglu calls the preventive and predictive model, which he explains

• How do your cybersecurity capabilities protect those assets? “The best way to expand involvement is by bringing cyber-resiliency and cyber-agility into the business process,” concludes Osmanoglu. “If you treat it as an IT problem, that doesn’t go anywhere. A lot of failed programmes have treated this topic as an IT issue. It’s everybody’s problem in an organisation, from the board of directors to the employees.”

as “looking at the lateral movement of data across the enterprise”. He continues, “It means being able to determine the behaviour of any entity, which could be a human

With regards to the vulnerability of financial institutions in the Gulf, no major security breaches have been reported publicly so far. “This doesn’t mean that there haven’t been financially damaging attacks in the GCC,” Abukhater pointed out. Such attacks can occur anywhere. “Around the world, bank breaches often go unreported to regulators and the wider public because the losses are not deemed material. That doesn’t mean they’re not a significant problem.”

being, a server, a business function, an application —

There is certainly no room for complacency.

The EY expert suggests that banks should ask

imagine all these different types of components that exist in the digital world. You can determine the normal behaviour of each entity.” The aim is to identify any anomalies in behaviour which

Modern banks in the Gulf are increasingly recognising the need for adopting the best cutting-edge technology to satisfy their customers and to compete more effectively in the global financial marketplace. Arab banks are making commitments to the future with digital innovations. The focus on technology innovation and digital-only products are creating a new paradigm in the way people bank in the region. Fortification of cyber security and strengthening anti-fraud capabilities are key priorities for leading Arab banks today.


represent points of vulnerability in an organisation where there is most potential risk of attack.

Arab British European Banking & Finance Guide





n 2015, the number of detected cyber-

are the denial-of-service attacks launched

or more sophisticated methods on

security incidents worldwide soared to almost

against several UAE banks in July 2015,

payment systems, often blending denial-

43 million, a 48% increase on 2013.

the USD45 million theft of credit card data

of-service attacks to distract IT security

from the National Bank of Ras

while infiltrating the system using other

al-Khaimah and Bank Muscat and the


Invariably, as the number of incidents has

very recent alleged data theft from Qatar


increased, so has the reported cost – the total

National Bank, in which the names and


financial losses attributable to cyber-security

passwords of thousands of, potentially very


compromises rose by a third from 2013 to

prominent, customers were stolen.

According to recent surveys, 39% of

2014. The total cost to the annual global economy has been estimated at a staggering USD 440 billion. The financial services industry will always be the principal target for cyber-criminals and, for a number of reasons, the Middle East suffers disproportionately from cyber-attacks. Accordingly, and in light of increasing volume of digital crimes, it is urgent that financial institutions in the Middle East shore up their defences.

In this interview, Stuart Paterson, partner in the Dubai office of international law firm Herbert Smith Freehills, gives his views on cyber-security and the threat posed to

financial sector respondents said they had However, such susceptibility is not limited

been victims of cyber-crime, compared

to headline-making attacks against

with only 17% in other industries. This is

international organisations. In 2015, one

because of a combination of things: the

third of businesses in the UAE had their systems hacked. This reflects a worrying recent trend for cyber-criminals to look past the more obvious multi-national targets and focus instead on smaller institutions, typically operating with smaller compliance budgets and untested or even non-existent cybersecurity. The term ‘cyber’ only describes the medium through which an array of crimes is perpetrated.

financial services institutions in the Middle

immense quantity of data stored, the perceived potential for financial gain and the general economic reliance on such organisations. Even satellite sectors are vulnerable – as illustrated by the very recent ‘Panama papers’ story, in which 11.5 million files were stolen and leaked from the offshore law firm, Mossack Fonseca. Incidents like this can cause incalculable reputational damage to the organisation and to clients (and potential liability for failing to protect confidential information). WHY IS THE MIDDLE EAST

In the Middle Eastern region particularly,


the threats range from those without

Despite the existence of a cyber-crimes


apparent interest in financial reward, for

law in the UAE, Saudi Arabia and Oman, as


example, hacktivism, corporate cyber-

well as draft laws on the stocks in Bahrain


espionage and state-funded cyber-

and Qatar, the Middle East is a hub for the


terrorism on infrastructure/national

flow of money between Europe, Asia and

The Middle East’s vulnerability to a range

security, to those seeking to defraud or

Africa, and therefore presents an attractive

of cyber-attacks is evidenced by several

extort for monetary gain, through phishing,

market to cyber-criminals. In addition,

high profile incidents. Particularly notable

compromising individual bank accounts

despite this legislation,



Arab British European Banking & Finance Guide

Advertorial many Middle Eastern do not yet provide

Middle East businesses should therefore

team responsible for the oversight of

sufficient guidance on cyber-security

be concerned. On the whole, they are not

cyber-security. Whilst implementing

measures. Other contributing factors

adequately prepared to face the threat of

procedures requires significant cost and

making the Middle East a ‘soft target’

cyber-attacks, and the cyber-criminals are

management time expenditure, the cost

for cyber-criminals include regional

acutely aware of this. Surveys consistently

of non-compliance is often far greater.

geo-political instability, the difficulties

show that cyber-crime in the region is

identified above in profiling the source and

increasing in variety, intensity and scale.

motivation of the cyber-threat, the advent

New technologies emerge daily and the

and adoption of new technologies such as

threat continues to evolve. Even amid

social networking and cloud computing in

greater investment by data security,

countries with very large youth populations

any advantage gained is soon eroded

and, finally, a transient workforce, which

by corresponding advancements by

makes the enfranchising of employees

cyber-criminals. As awareness increases,

of reputational damage means that these

with the requisite culture of compliance

businesses may be better able to protect

should include procedures for interacting

inherently difficult.

against the known risks, i.e. an imminent

with the media, customers and regulatory

cyber-attack of the type previously

or enforcement authorities. Affected

But what exacerbates these technical/

seen. However, the nature of the threat

parties should consider retaining

social/geographical factors, and what

is that new malicious software, and new

third-party forensic firms and external

creates heightened opportunity for

combinations of existing attacks, are

counsel to assist with any investigations

cyber-attacks in the Middle East, is,

constantly being developed such that

that may result from a breach. Given that

perhaps, a failure of approach amongst

the nature of the threat may not even

a cyber-attack often requires a response

financial institutions, in three key respects.

be contemplated by those tasked with

First, management assume their IT systems

guarding against it. In other words, even

are sufficiently robust to offer protection

if prepared for all known threats, there

from attacks. Secondly, they consider a

remain unknown risks– threats of an

robust IT system is all that is required, and

unknown nature arising from an unknown

therefore do not have sufficient procedures

source. Examples may include internal

in place. Thirdly, there is often no clear

personnel leaking data, as in the case

delineation of responsibilities at the

of the banking data leaks in Switzerland

expected by, for example, the UK’s

corporate governance level. Each member

in February 2015. The current state of

Financial Conduct Authority. Appointing a

of the board, including the Chief Executive,

preparedness falls far short of what is

senior manager with overall responsibility

Chief Legal Officer / General Counsel or


for data security and carrying out a risk

It is vital that clear reporting lines, as well as response measures, should be established. Similarly, organisations should also develop practice guidance for educating and training employees on cyber-security risks and consequences. All measures and response strategies should also be rigorously implemented. The risk

in multiple jurisdictions, it is important to choose counsel with an international capability. These measures should aim to meet the highest international standards and take account of the best available guidance. It may be best to look at the standards

assessment/cyber-security audit of data

Chief Information Security Officer, has a distinct role in dealing with cyber-issues,

As I say above, the key issue appears to be

security policies and procedures, using

but those roles are typically ignored or

that cyber-crime is still seen as a problem

external counsel if necessary, is a good


only for the IT department, requiring little


management input. Cyber-crime can WHAT ARE COMPANIES IN THE REGION

no longer solely be the responsibility of


an organisation’s IT department. It is a


board-level, end-to-end business issue.


Although the frontline of defence will

The short answer is not enough. Whilst

involve technology, combatting the risk

some larger organisations, often as a

of digital security breaches requires the

result of being attacked, have invested

implementation and policing of a coherent

heavily in asset and data security, it

and coordinated strategy set by senior

is reported that only around half of


businesses in the UAE have any cyberattack contingency arrangements in place.


Perhaps surprisingly, IT decision-makers


within these business are aware of this,


with 80% of respondents in a recent survey

A sensible starting point would be

ranking their own organisation as ‘very’

for management to develop internal

or ‘extremely’ vulnerable to cyber-crime.

policies and establish a cross-discipline

Above all, a cohesive strategy is crucial. Responsibility for combatting the threat should not be delegated to one department alone. Implementing a suitably coordinated strategy and response is difficult unless compliance is integrated at the highest level, and this therefore requires management understanding and commitment. ¡


Arab British European Banking & Finance Guide



How ICT is Transforming Banking Services


he ICT sector is growing worldwide with computer penetration, Internet penetration, web presence, and enhanced use of e-services and e-commerce all on the increase across markets. With over 3.2 billion Internet users worldwide, the Internet has totally transformed the way that information is found, stored and distributed. The business opportunities emerging from this trend are now essential to a company’s achievement of success in a highly competitive market place.

By working in closer partnership with “fintech”

Growth in the use of e-banking services is part of the

Nearly 40 percent of the ICT enterprises also reported

companies, banks can considerably enhance the

broader increase in the use of the Internet for business

that government initiatives, the FIFA World Cup, and the

services to their customers by adopting innovative

purposes. Internet penetration has increased from 59

Qatar National Vision 2030 also play a critical role in

solutions, especially in relation to service delivery

percent in 2010 to 70 percent in 2015 among business

driving the ICT market.

times. This would improve customer satisfaction and

establishments. Across sectors of the Qatar economy, Internet

dispel lingering dissatisfaction with the banking sector. The percentage of employees routinely using the

penetration is highest among banking and financial

Technology can help speed up procedures to the

Internet for business purposes reached 30 percent in

services (100%), construction (100%), education

improvement of service to meet the demands of the

2015. Although flat since 2012, web presence nearly

(99%), and transportation and storage (99%).

customer. In terms of consumer lending, many banks

doubled from 20 percent in 2010 to 39 percent in 2015.

still take far too long to underwrite a customer.

Growth can also be observed in terms of increased

Internet use is expected to help business

online activities, including use of online marketing

establishments reach new markets in a cost-effective

Across all sectors of the economy, Internet penetration

and customer support, e-banking, social media, and

manner. In addition, the use of ICT devices and the

e-government services.

Internet among the general mainstream customers of

is the highest among banking and financial service where it is one hundred percent. The proportion of employees routinely using the Internet for work purposes varies significantly among different industries. In Qatar, according to a new report, the rate in banking and financial services is the highest of all at 71 percent. According to the report, Qatar’s ICT Landscape 2016: Business, published by the Qatar Ministry of Transport and Communications, the country has been making steady progress in the ICT sector and this is seen as increasingly critical to the growth and diversification of the economy. When the situation in Qatar is compared with other Arab economies, Internet usage by business

these sectors is expected to increase in Qatar in In particular, the Internet activities that have shown

the future.

a great deal of growth at business establishments include marketing products and services online,

The proportion of employees routinely using the

increasing from 27 percent in 2012 to 42 percent in

Internet for work varies significantly among industries.

2015; and providing online customer service, with an

The banking and financial services rate is the highest

increase from 15 percent to 36 percent during the

at 71 percent, followed by the information and

same period.

communications sector at 56 percent and health at 52 percent. Construction at 20 percent has the lowest

The awareness of cloud services increased from 14

employee use of the Internet.

percent in 2012 to 76 percent in 2015, however, usage remains minimal at 3 percent overall.

Overall, 93 percent of all the business establishments with access to the Internet are connected to fixed

The same is true regarding the use of mobile

broadband and 10 percent are connected to mobile

applications, the report finds, with only 3 percent of

broadband at the time of the survey.

the business establishments surveyed currently having a mobile application. Mobile application presence

As fiber network coverage in Qatar expands and DSL

is lowest among the SMES establishments with 1–9

connections are being migrated, a majority of the

employees (2%) and highest among those with 250+

business establishments connected to the Internet in

is higher than that in any other GCC country apart

employees (13%). However, 9 percent of businesses

2015 (60%) are using fiber-to-the-business

from the UAE.

without a mobile app stated their plan to launch one in

connections, 24 percent are using copper based (DSL),

the next 12 months, with a higher proportion (12%) of

2 percent are using high-speed leased lines, and 1

establishments with 1–9 employees intending to do so.

percent are using integrated services digital

establishments in the country (70% overall and 88% of business establishments with 10 or more employees)

An estimated 35,500 ICT professionals are currently working in Qatar, which represents 3 percent of the

network (ISDN).

total number of people employed in business

Among the ICT enterprises interviewed, the economic

establishments. The number of ICT professionals

growth of Qatar (27%) and the increasing use of IT

Qatar’s initiative to expand its fiber network across the

has grown at a CAGR of 10 percent since the 26,900

solutions in all industries (25%) were cited as the top

country has transformed how business establishments

estimated in 2012.

two drivers of growth of the ICT industry in Qatar.

are connected to the Internet. Some 53 percent of


Arab British European Banking & Finance Guide

Editorial businesses subscribe to fixed broadband with speeds of 10 Mbps or more. Internet connection speed increases with the size of the business and varies significantly by industry. A higher proportion of banking and financial services and information and communications sector firms are using 10 Mbps or higher, since the nature of work in these sectors requires high-speed Internet. In contrast, significantly fewer human health and social activities, manufacturing, and wholesale and retail trade establishments are using high-speed Internet.

MOBILE APPLICATIONS Following the global introduction of smart mobile devices, a significant number of businesses worldwide launched mobile applications in addition to their web presence. The aim was to improve services to consumers by helping them to find product information (including price), place orders, make payments, provide product and general feedback/ writing reviews, find billing information, and track product delivery. In 2015, 97.9 percent of the individuals living in households in Qatar were reported to be using smartphones. As a majority of smartphone users are expected to use mobile applications for getting information on products/services or placing orders, having a mobile application can help businesses reach potential markets effciently. However, overall in 2015, only 3 percent of the Qatar business establishments surveyed reported having a mobile application.

CLOUD COMPUTING Cloud computing offers a great number of advantages, including reduced spending on technology infrastructure, improved accessibility, closer collaboration within the organisation, improved data security, disaster recovery, and automatic updates from software providers. Cloud services allow businesses to maintain easy access to information with minimal upfront spending and 24/7 access. Though about 76 percent of the businesses are aware of cloud computing (up from 14% in 2012), use of the technology is very low, with only 3 percent of the business establishments in Qatar currently using this technology. The larger the business the higher the use of cloud computing.

E-COMMERCE MARKET The global e-commerce market is booming. The move from traditional brick-and-mortar stores to electronic commerce or e-commerce opens up new markets and new opportunities for businesses and offers their customers access to new products across geographical boundaries.

Arab British European Banking & Finance Guide


Editorial According to Qatar’s ICT Landscape 2014: Households and Individuals, one in five reported purchasing or placing orders for goods and services online. This, together with the high ICT penetration rates among the population of Qatar, shows a potential for growth of the

According to a November 2015 Gartner report, “Payments have become strategic and, when simplified, can increase sellers’ conversion rates and revenue; IT leaders should recognize this and help simplify payment processes for their organizations.”

e-commerce market in Qatar.

TRENDS IN UK BANKING To compare Qatar with other countries who are advanced in ICT supply and usage, Singapore, the UK, Ireland, Germany, and the EU are way ahead of Qatar in placing orders over the Internet. In terms of receiving orders online, Qatar businesses with 10 or more employees are relatively on a par with the UK, Germany, UAE, and the EU. The e-commerce market size in Qatar is estimated to be QAR 8.44 billion in 2014, with the B2C market contributing 44 percent and the B2B market contributing 56 percent (QAR 4.73 billion). Worldwide, the B2B market segment makes up 82 percent of the e-commerce. Considering this global average and the small e-commerce market size in

British banks are been closing their in-house data centres which are not seen as the core business of banks. The industry cannot avoid the trend towards cloud computing which sees IT moving over to off-site locations. As Rob Garbutt, CEO at data centre provider LDeX Group, told Computer Business Review, June 24 2016: “UK banks seem to be disposing of their selfowned and operated data centre estates in favour for co-locating in a third-party data centre.” The benefits of renting from third-party data centres are manifold including the ability to increase and decrease storage space, power and cooling requirements without the need for large volumes of capital. There is no longer a need to manage a large property portfolio and cover the associated overheads or be concerned about infrastructure maintenance.

Qatar, the B2B market in Qatar is still in the nascent

that affect the adoption of e-commerce in Qatar.

Steve Beber, CEO of Asset management company Trackit Solutions, commented: “Banks are not getting rid of their data centres; they are going through an evolution - virtualisation, private cloud, etc. The issue is not about getting rid of their data centres, but more about reducing the capital cost of running inefficient data centres.”

A representative of a leading bank in Qatar commented,


stage of development. Lack of knowledge about offers among customers, trust and security concerns, lack of technical resources, and issues with payment methods and gateways are a few of the key factors reported by businesses in the survey

“Security concerns are one of the key reasons preventing the adoption of online payment and e-commerce business among many users.” A factor for the growth of e-commerce is the penetration of credit and debit cards. When it comes to online purchases, globally, payment through such cards is one of the most preferred payment modes along with cash on delivery and bank-to-bank transfer. According to Payfort’s The State of Payments in the Arab World 2014, among relevant peers, Kuwait has the highest penetration of bank cards per capita in the Arab world at 97 percent, followed by UAE with 89 percent and Saudi Arabia with 46 percent. Qatar’s rate stands at 45 percent. At the same time, credit cards were used for just 6 percent of total consumption (consumer spending) in Qatar for the period 2008–2012, whereas credit cards contributed 31 percent in UAE, 25 percent in Kuwait, and 23 percent in Saudi Arabia. The expected increased use of credit cards will drive the e-commerce market in the future.


Arab British European Banking & Finance Guide

A growing number of alternative finance solutions are becoming accessible for the smaller businesses in the UK. Challenger banks, which are relatively new to the UK market, are known for their innovative services and innovative use of technology to deliver the best possible service to their customers. Many of these new challenger banks focus their services on niche markets. One such example is the British Business Bank, UK government owned, but independently managed, which provides finance and expertise for the smaller business finance market. Another new challenger bank, Charter Savings Bank, launched in 2015, is aimed at the consumer market. Hampden and Co is a new private bank, formerly known as Scoban, which opened for business in mid-2015 – and said to be the first private bank to launch in the UK in the last 30 years. The new Lintel bank is targeting migrant workers and students in the UK. Meanwhile, Mondo has positioned itself as a “mobile first” bank and offers a current account with a contactless debit card and mobile banking app.


Advertorial EIGER TRADING ADVISORS LTD W: E: info@ T: +44 203 216 2500 F: +44 137 236 5864


through a 24/7 automated interface. This

London-based company, which has initially

Eiger Trading?

enables us to provide real-time 24/7 trading

targeted the GCC, but we genuinely believe

in any number of commodity types and

there is huge potential demand for our

Eiger Trading is an FCA-authorized UK

locations, in order to support Murabaha and

platform the world over – from the 7 million

financial firm providing commodity trade

Salam-based consumer products, such as Term

Muslims living and working in Germany, for

facilitation and execution services to the

Deposits, Current Accounts, Personal Loans,

example, to the 200m + Indonesians, to

Islamic financial marketplace. Using the

and Credit Cards.

whom we hope to bring the very best in

latest technologies, Eiger supplies global

Our platforms exist where the real-world

Islamic banking technology to cater for all

and regional commodities through bespoke

economy meets the financial world, providing

their financing needs.

electronic platforms that provide real-time

Islamic market participants with access to

commodity trading to support Islamic

diverse inventories of physical commodity

In every jurisdiction offering Islamic banking

wholesale and retail banking products

assets, from LME metals in Malaysia, to

services, we aim to assist in the growth of

refined sugar in Bahrain.

more sophisticated Shariah-compliant and ethical financial products. This goes for both

Established in 2008, and members of the LME, London Platinum and Palladium Market,

The entire Eiger journey has been a case

well-established markets within Europe and

as well as the British Coffee Association, Eiger

of using sophisticated and ground-breaking

the GCC, as well as at a micro-finance level

acts as a key market intermediary for over 70

technology to bridge the two worlds of

in developing nations across Africa and South


industry and finance – the very essence and

East Asia, where there are many millions

clients globally.

spirit of an Islamic banking system.

of people in need of the kinds of financial

All in all it has taken over five years to reach

solutions we can offer. In each instance

We are a self-funded start-up of like-minded

our goal, with many bumps and rough patches

connecting the ‘real world’ economy, to the

partners including two sets of siblings.

on the way, not least over the thousands of

commodity-backed banking structures used

Although from diverse backgrounds, and no

miles travelled to engage with our customer

by the population at large.

less than seven nationalities, the goal of our

and supplier base! We are confident that in the next few years

team was always to deliver technology-driven solutions to the Islamic finance industry, using

It has been a hugely rewarding journey,

our platform will be supporting the Islamic

expertise from banking, web-development

however, and we feel we are only at the end

finance needs of consumers in these and

and physical

of the beginning, as we continue to launch our

many more geographies. Eiger hopes to

commodity trading.

technology in new markets and territories the

continue to position itself as the leader in the

world over.

provision of technology-driven solutions as

2. How has Eiger pioneered the use of information technology for Islamic Finance?

the sector evolves and expands. Eiger’s main 3. What are the objectives Eiger are aiming

objectives for the future centre on improving

to reach in the future?

the quality and reach of its products and services for individual customers, in

Technological innovation has always been

partnership with its clients, the world over.

at the forefront of what we do, and in 2014

I would say Eiger’s main objectives for the

we launched the world’s first Commodity

future are to continue to enhance our trading

Murabaha Trading Platform designed

technology, and to keep expanding our

The principles of Islamic Finance involve

exclusively for Islamic Retail Banking. It is a

customer base, both geographically and in

sharing and improving the wealth and

fully web-based system that integrates directly

terms of product diversity.

financial security for all, and that is at the very

with our bank clients’ core banking systems

In regards to geographic reach, we are a

core of Eiger’s mission. ¡

Arab British European Banking & Finance Guide



Supply Chain Finance, a promising future for expanding MENA markets


¡ Haitham Al Refaie, Tawreeq Holdings

n an ever challenging and dynamic

trade flows by the finance provider(s) is a

a more inclusive funding approach and broader

environment with economic headwinds,

necessary component of such financing

support for real growth.

and lower era of commodity prices, the

arrangements which can be enabled by a

Middle East and North Africa (MENA) region

technology platform.”

has been capturing much of the headlines,

The credit gap widens as the banking sector fails to meet the requirements of businesses,

especially the Gulf Cooperation Council

The need to improve access to finance for


especially with stringent regulations and

SMEs has fueled the development of the SCF

lengthy time process.

industry globally. While there are many hurdles The rapid change in the global economic

to its growth across MENA, and particularly

picture has highly impacted the MENA

the GCC, the sector has seen positive gains in

region, influencing the change in business

recent years.

requirements and transactions. The confluence of slow global economic growth, foreign

Working capital solutions and access to finance

exchange volatility, and low commodity prices

offered through different SCF products will

weigh heavily on fiscal spending, particularly

have its direct impact to the heart of the

on government investments in new projects.

economy. SCF offers a tangible solution,

Sharia-Compliant Supply Chain Finance offers a more innovative solution, and a new insight into SCF, meeting both ends of the spectrum. It provides much needed liqu––idity solutions for businesses while connecting investors and the banking sector to an alternative investment asset class.

promising growth prospects in the MENA The dire need for economic diversification


alternative finance solutions that bridge

and support for the private sector collides with the fact that the majority of the business

Tawreeq Holdings is focused on developing

¡ The MENA region - UAE in particular - is

the gap between the banking sector and

community are classified as Small and Medium

rapidly evolving into a global trading hub,

businesses, providing direct economic benefit

Sized Enterprises (SMEs), and the fact that the

connecting East and West, and a gateway

to all stakeholders.

banking sector is further restricting access to

into Africa.


In developing the world’s first sharia-compliant ¡ Open account trade is now the evolving

comprehensive Supply Chain Finance (SCF)

It is important to highlight the niche market

norm in business practices, away from high

solutions, Tawreeq has developed an innovative

and develop solutions in the region rather

transaction costs.

approach to SCF. Tawreeq delivers tailored

than discuss the evident challenges. Supply Chain Finance “SCF” has become an industry

working capital solutions and access to finance ¡ The banking sector continues to tighten

buzzword, a recognized market in America and

liquidity and lending under current market

Europe, and is rapidly growing in Asia; however,

conditions and changes under Basel III.

SCF is still at its infancy in MENA. Financial systems seeking to contribute to the The Global Supply Chain Finance Forum’s

evolving economic ecosystem must focus on

published “Standard Definitions for Techniques

building infrastructure, facilitating trade, and

of Supply Chain Finance” has provided a

financial inclusion.

positive step forward in giving light to the

to SME’s and corporates across the MENA region, and connects investors to alternative investment asset class. The focus is on easing the burden on companies’ working capital and help match payment terms and liquidity needs that directly tackles their illiquidity risks. Liquidity and capital management are critical problems for SMEs and established

first industry unified definition to SCF. “Supply

Another key element, a niche aspect to

Chain Finance is defined as the use of financing

consider, is the sizable demand and rapid

corporates alike, and extensive knowledge

and risk mitigation practices and techniques

growth in Islamic Finance – which is gaining

of SCF is required to support the expansion

to optimise the management of the working

global traction. There is a dearth of Sharia-

of the industry. The MENA region offers very

capital and liquidity invested in supply chain

compliant financial products and services

promising market for the growth of Supply

processes and transactions. SCF is typically

that serve the liquidity and financial needs

Chain Finance by promoting macroeconomic

applied to open account trade
and is triggered

of businesses, limiting their capacity to grow.

growth and financial stability through

by supply chain events. Visibility of underlying

Islamic finance needs to re-orient itself through

structured financial solutions. ¡


Arab British European Banking & Finance Guide

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Arab British European Banking & Finance Guide



INTERVIEW: Professor Mohammed Abdel-Haq, Director of

The Centre for Islamic Finance, University of Bolton

What inspired you to create the Centre for Islamic Finance at the University of Bolton?

You have a guest lecture series of speakers could you tell us a bit more about them.

My belief in dialogue, building bridges between civilizations and faiths is a guiding principle of the Centre for Islamic Finance. This is not only my belief this is the belief of all people who are involved with the Centre including our Patron The Earl of St Andrews (George Philip Nicholas Windsor) who is very keen on dialogue between civilisations. Also The Chairman of the Centre, Baroness Morris of Bolton who is also the Prime Minister’s Trade Envoy for The Hashemite Kingdom of Jordan, State of Kuwait and the Palestinian Territories echo’s this ethos.

As I mentioned earlier the Centre is an open platform which is not only interested in Islamic Finance. The Centre has welcomed numerous industry leaders to speak at the University this year, including: -

Could you tell us why the University of Bolton decided to establish Islamic Finance Studies?


The University of Bolton is fortunate to have a visionary ViceChancellor Professor George Holmes who provides leadership and has an exceptional understanding of identifying global academic initiatives. Bolton is a famously friendly town situated close to the cities of Manchester and Liverpool. The University embraces diversity and values difference. It prides itself in staying abreast of social, cultural and economic change and reflects this in its courses and work with partners. This combination of leadership, innovation and inclusivity makes The University of Bolton the ideal home for the Centre for Islamic Finance.


Arab British European Banking & Finance Guide


The Emeritus President of the Islamic Development Bank Dr Ahmed Mohammed Ali. Senator Dato Dr Asyraf Wajdi Bin Dato Dusuki, Deputy Minister in the Malaysian Prime Minister’s Department; The Chief Execuive of High Speed Two (HS2) Simon Kirby; Former Chancellor of the Exchequer and CIF Board Member, Lord Lamont of Lerwick. The leading authority on the Magna Carta, Professor Nicholas Vincent; Chief Executive Officer of the International Integrated Reporting Council (IIRC) Paul Druckman; One of the world’s leading security, cybercrime and fraud experts Mr Don Randall MBE; Pope Francis’s diplomatic representative in Britain, His Excellency Archbishop Antonio Mennini; And Global Business Development Director of the Chartered Institute for Securities & Investment (CISI) Mr Kevin Moore.


Can you tell us what degrees the Centre for Islamic Finance has established so far? The PhD programme at the Centre for Islamic Finance is intended for graduates and researchers seeking to develop their academic research in the field of study of Islamic Finance. It is also for those who are seeking the knowledge that will allow them to respond operationally and strategically to the demands of, and function effectively within, a wide range of business and academic environments, and have a desire to make a significant contribution to knowledge and their own career development. The MBA in Islamic Finance is a full-time programme for business professionals interested in advancing their careers. This programme focuses on the development of knowledge and understanding of strategic management issues in order to reflect on and improve business and management practice in the field of Islamic finance. The Executive MBA in Islamic Finance is a part-time programme for business professionals interested in advancing their careers. This executive programme focuses on the development of knowledge and understanding of strategic management issues in order to reflect on and improve business and management practice in the field of Islamic finance. The programme is designed to dovetail with the demands of a full-time job, aligning theory and practice.

The School of Economics and Business Sarajevo, University of Sarajevo (SEBS) has a long and revered academic background, with much experience in international cooperation with other accredited international academic programmes from the European Accreditation Agency EFMD.

Could you tell us more about your International Advisory Board? We are fortunate to established an International Advisory Board in order to seek the support of respected people in business communities and Islamic Finance throughout the world. Amongst the highly acclaimed members of the Board are Sheikh Nizam Muhammad Yaquby, Professor Muhammad Anas Zarka, Mr Paul Druckman, Mr Amer Bukvic, Mr Mohammad Tariq, Dr Bayan Abdulhaq, Dr Han’a Mohammed Hilal Hunaiti, Ambassador Nawaf Tell, Professor Dr Normah Hj Omar and Mr Bruce Mumford. The Centre will draw on the wide practical experience of its advisors in Islamic Finance, Accounting, Law, Education and Quality Assurance as it continues to expand. I am honoured that people of such high calibre share our vision for the Centre and we look forward to working with them as we build on our excellent start.

The University of Bolton also awards a dual Masters of Management - Islamic Banking with the University of Sarajevo, Bosnia and Herzegovina.

Arab British European Banking & Finance Guide


Algeria Country Profile

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Country Name: People’s Democratic Republic of Algeria Capital: Algiers Land area: 2,381,741 sq km Population: 39,542,166 (July 2015 est) Currency: Algerian Dinar (DZD) GDP Real Growth: 3% (2015 est) GDP – Per Capita Income: $14,400 (2015 est) Dialling Code: +213 (00 213 from UK) Main Industries: Petroleum, natural gas, light industries, mining, electrical, petrochemicals and food processing Export Partners: US, Italy, Spain, France, Canada, the Netherlands, Turkey Exports: Dominated by petroleum, natural gas and petroleum product Import Partners: France, China, Italy, Spain, Germany and Turkey Imports: Capital goods, food stuffs and consumer goods


lgeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. It ranks 16th in oil reserves. Algeria’s economy remains dominated by the state. Hydrocarbon exports have enabled Algeria to maintain macroeconomic stability and amass large foreign currency reserves and a large budget stabilization fund available for tapping. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria’s external debt is extremely low at about 2%

On 30 November 2015 the Algerian parliament approved

of GDP, which is recorded at $570.6 billion in 2015, and

a finance bill for 2016 which sought to address falls in

GDP – per capita income at $14,400 in 2015. However,

the price of both oil and natural gas, which together

Algeria has struggled to develop non-hydrocarbon

account for almost 98% of exports. Fiscal overhaul is

industries because of heavy regulation and an

essential, but there are question marks over its design

emphasis on state-driven growth.

insofar as it prioritises cuts to investment rather than the bulk of spending, such as subsidies.

Since late 2014, declining oil prices forced the government to spend down its reserves at a high rate

Algeria’s banking sector is characterised by low

in order to sustain social spending on salaries and

intermediation and penetration rates, although both

subsidies, particularly since the government has been

have increased dramatically in recent years thanks

unable to boost exports of hydrocarbons or significantly

primarily to ample liquidity stemming from abundant

grow its nonoil sector. In 2015, the Algerian Government

hydrocarbons revenues. In light of the rapid decline

imposed further restrictions on imports in an effort to

in hydrocarbons receipts in late 2014, the authorities

reduce withdrawals from its foreign exchange reserves.

have accelerated implementation of planned reforms

The Government also increased the value-added tax on

and announced new measures to empower the sector to

electricity and fuel, but said it would address subsidies

finance broad-based economic development.

at a later date. In 2015 important steps were taken to integrate the Algeria has for the last few years announced long-term

very large informal economy into the formal financial

economic challenges include diversifying the economy

system. Today Algeria’s banks are seeking new revenue

away from its reliance on hydrocarbon exports,

streams as they adapt to the demands of an evolving

bolstering the private sector, attracting foreign

macroeconomic climate.

investment, and providing adequate jobs for younger


Algerians. Algeria’s main challenge remains to ensure

The sector is dominated by state-owned institutions:

sustainable, diversified and private investment needed

Banque Extérieure d’Algérie (BEA), Banque Nationale

to stimulate growth, to create more job opportunities,

d’Algérie, Banque de l’Agriculture et du Développement

especially for the youth, and to continue to make

Rural and Banque de Développement Local. These

improvements in the standard of living. It is expected

large state-owned institutions control over 85% of

that the economy will grow by 3.4% in 2014-18 as

the banking sector’s total assets; the BEA controls

the government maintains infrastructure and social

approximately 50% of the sector’s total assets. Public

spending and additional oil and gas production comes

banks are known for adopting a highly cautious stance

on line.

towards lending and as a result levels of lending to

Arab British European Banking & Finance Guide

Algeria Country Profile the private sector have remained low. As a result, the banking system retains a large quantity of liquidity that could be driving growth in the private sector, where capital is much in need. Public banks have not been privatised, and a welldefined yield-curve based on an interest rate-centred monetary policy is still lacking. Closer coordination is needed to enable better liquidity management. Foreign banks including France’s Société Générale, BNP Paribas, Natixis, and Crédit Agricole (through Calyon Algérie) as well as the UK banking group, HSBC, are active in the market. A number of Middle Eastern banking groups have built majority-shareholdings in some of the country’s banks including Bahrain’s Albaraka Banking Group (main shareholder of Banque Al-Baraka), Kuwait’s Burgan

of the private segment. Algeria’s second Islamic bank,

in other markets in the region, could be an ideal

Bank (via Gulf Bank) and Lebanon’s Fransabank

Al Salam Bank, launched in 2008 with Emirati and other

mechanism for draining funds from the informal sector.

(via Fransabank El Djazaïr).

outside financing, has six locations and offers a range

However, the absence of a legal framework for Islamic

of sharia-compliant saving, lending, investment and

banking currently hinders its implementation in the

leasing products.


Particular mention can be made of the law reforms of

Conventional banks, including Gulf Bank Algeria


1990 that opened up banking to national and foreign

and Trust Bank, have also launched Islamic finance

The Algerian stock exchange or Bourse d’Alger located

private capital. In addition to the introduction of

windows in recent years; 22% of Gulf Bank’s loans

in Algiers is probably one of the newest stock

universal banks, the law introduced other financial

issued in 2013 were reportedly sharia compliant, and

exchanges in the world. It was opened in July 1999. In

institutions such as investment banks and leasing

the sector continues to show potential for growth.

October of the same year a fourth company – a


Abderrezak Trabelsi, delegate general of the

national oil company – joined the ranks of those

Association of Banks and Financial Institutions

already registered. Algeria’s capital markets offer con-

The changes that have been made to banking

(Association des Banques et Établissements

siderable potential in light of the size of the country’s

supervisory and regulatory frameworks are mainly

Financières, ABEF) told Oxford Business Group (OBG),

economy, but have historically been fairly shallow.

concerning the capital requirements and financial

“We are about to see a great expansion of the Islamic

The stock exchange has certainly served to boost the

intermediation instruments. The introduction of a

finance sector. By mid-2016 more than half of Algerian

economy with the currency and demand deposits for

new ratings system for banks is expected to boost

banks are expected to be offering Islamic finance

2001 reaching an equivalent of $16.0 billion.

confidence in the sector.

products, and all of them will be doing so by the end

Algeria’s more stable macro-economic framework and financial balances have helped to implement reforms.

The corporate bond market has expanded in recent

of the year.” The tax regime is gradually being reformed in a bid to

years with the government issuing debt instruments

increase flexibility and transparency and to simplify the

While a dearth of market studies makes demand

with varying maturities of up to fifteen years and

system. Foreign investors benefit from tax incentives,

difficult to quantify, some industry analysts estimate

private companies issuing corporate bonds.

including five-year tax relief for companies investing

that roughly one third of Algerians could be considered

in new projects, but since the beginning of 2009 have

strong potential clients for Islamic retail banking. But

Algeria is seeking to implement reforms to incorporate

had to reinvest these benefits and pay a 15% tax on

Al Baraka deputy director general Badreddine Benflici

small and medium-sized enterprises. Foreign investors

repatriated profits.

told OBG that the appeal is wider: “Yes, our services

seeking to set up in the country can take part in the

are sharia-compliant. In addition to this fundamental

financial markets, leaving at least 51% of capital share

principle, most of our clients also look at the quality of

in the hands of national shareholders.

ISLAMIC FINANCIAL PRODUCTS As Algeria looks to empower an underdeveloped

the services we offer. For example, maybe another bank

banking sector to drive broader economic growth,

makes them wait six months to have their loan

The money market, for its part, is predominantly

Islamic banking is an area that appears poised for

application processed, while we handle it in a few

focused on the treasury bills market, with average

expansion. Islamic finance is currently dominated


interbank rates and deposit facility interest rates

almost entirely by Algeria’s oldest private bank, Al

serving as benchmark rates. While all investors,

Baraka Bank, a subsidiary of Bahraini Al Baraka

In September 2015, Finance Minister Abderrahmane

including foreign investors, have equal access to

Banking Group, with Algeria’s state-owned Banque

Benkhelfa announced that a range of new Islamic

primary and secondary markets and can engage in

de l’Agriculture et du Dé veloppement Rural holding a

finance products would soon be approved in order to

market transactions through any of the authorised

minority stake.

widen the options available to citizens considering

primary dealers, foreign participation remains small

participation in the new voluntary fiscal conformity

and commercial banks, mutual funds and insurance

Since its establishment in 1991, Al Baraka has grown to

programme. The sector is in good health due to prudent

companies represent the main investors in the market.

encompass a network of 30 agencies, and today claims

lending practices, and analysts have suggested that

The secondary market is rather liquid but transaction

2% of Algeria’s overall banking market and nearly 15%

sukuk (Islamic bonds), which have seen strong growth

volumes remain limited. The Algerian derivatives

Arab British European Banking & Finance Guide


Algeria Country Profile

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BRITISH EMBASSY ALGIERS 3 Chemin Capitaine Hocine Slimane Algiers Tel: +213 (0)770 085 000 Fax: +213 (0)770 085 099 Email: EMBASSY OF ALGERIA 54 Holland Park London W11 3RS Tel: +44 (0) 20 7589 6885 Fax: +44 (0) 20 7221 0448

market currently features some offshore nondeliverable forwards, but offers no interest rate or cross currency swaps. The advanced drying up of financial public and banking resources, because of sustained downturn of the world oil market, has now compelled the government to reactivate the Algiers capital market. The Algiers capital market provides an advantageous alternative for the financing of the national economy, especially in view of the decline in bank liquidities. In this context, on March 2016 the CEO of the Management Stock Exchange Company (SGBV) Mr Yazid Benmouhoub spoke about the involvement of SGBV in the preparation for the national bond that the state plans to launch in April 2016. As announced recently by Prime Minister Abdelmalek Sellal, the national mandatory bond that is planned to be launched by the state, indeed offers an interest rate of 5%, which should make it an attractive savings product, with a remuneration which will largely exceed that of conventional assorted bank deposits, with their interest rates not exceeding 2%. Anyway, as the government intends to use the bond market to raise the funds necessary to finance the various investment projects, this reflects both the severity of the crisis that weighs on public finances, but also requires the commitment to harnessing other resources channels circulating outside conventional banking networks. In addition to this national borrowing operation, Mr Yazid Benmouhoub also confirmed that the state is now keen to foster the opening of the capital of certain public companies through the capital market.


INSURANCE SECTOR Oxford Business Group (OBG) in its 2015 Report on Algeria pointed out that the insurance sector had grown more than five-fold since the 1990s, but also confirmed that the market still remains small relative to the size of the economy. The market is characterised by low penetration and density of coverage, and is dominated by non-life coverage, representing some 93% of premiums, with automotive lines alone accounting for half the sector’s revenues. Better efforts to raise public awareness, coupled with expanding networks of sales channels, can help the industry navigate the expected risks and challenges precipitated by the drop in oil prices and state spending. BMI Research Report 2015 mentioned that Algeria’s Insurance is a rapidly growing industry, as the market is expected to record solid premium growth through to 2020. Growth will be driven by improvements in the wider domestic economy, as unemployment rates fall and household incomes rise, leading to increased disposable income available for spending on a range of insurance products. Developments in terms of the availability and affordability of insurance products will also support growth, as insurers expand bancassurance distribution channels and develop more product lines, including takaful and microinsurance products.

Arab British European Banking & Finance Guide

BOURSE D’ALGER (STOCK EXCHANGE) 27, Boulevard Colonel Amirouche Alger 16000 Algeria Tel: +213 21 63 47 99 / +213 21 63 48 45 Fax: +213 21 63 88 16 Email: BANQUE D’ALGERIE (CENTRAL BANK) Immeuble Joly 38 Avenue Franklin Roosevelt Algiers Tel: +213 21 23 00 23 Fax: +213 21 23 03 71 Email: ba@bank-of-algeria UK ALGERIA BUSINESS COUNCIL (UKABC) Email:

Bahrain Country Profile

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Country Name: Kingdom of Bahrain Capital: Manama Land area: 765.3 sq km Population: 1 432 195 (March 2016 est) Currency: Bahraini dinar GDP Growth: 3.4% (2015 est.) GDP – per Capita Income: $51,200 (2015 est.) Dialling Code: +973 (00 973 from UK) Main Industries: Petroleum, natural gas, financial services and banking, petrochemicals and aluminium Export Partners: Saudi Arabia, Qatar, China, India, USA, UK Exports: Dominated by petroleum, natural gas and petroleum product, aluminium Import Partners: Saudi Arabia, China, UAE, USA, Brazil, Japan and UK Imports: Capital goods, food stuffs and consumer goods


n recent decades Bahrain has made efforts to diversify its economy and to build communication and transport facilities for multinational firms doing business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Major economic activities are production of aluminium which is Bahrain’s second biggest export after oil, finance and construction.

Bahrain’s economy is expected to grow at a moderate

advanced and internationally well regarded, and a

pace in 2016. Support will come from the non-oil sector

physical connection to Saudi Arabia – the largest

and improvements in financial services Low oil prices

economy in the Gulf – combine to make Bahrain an

depress both public and private investment. Growth is

attractive destination for the global banking market.

expected to rise gently in the future, with annual rates

Bahrain banks’ assets as stated by Bahrain Central

reaching 3.4% (2016 est), and 3.3% by the end of the

Banks stood at $189.1 billion in June 2015.

decade. The GDP per capita income is $51,200 in 2015. The modest performance reflects continued weak

Bahrain’s remarkable presence is portrayed by the

investment sentiment and limited growth in

local, regional and major global financial institutions,

the oil sector.

all of which have taken advantage of the opportunities for banking that the Kingdom provides. The country

As regards Bahrain banking sector, the development

hosts over 400 financial institutions undertaking

of Bahrain’s modern banking sector began nearly 100

various banking activities and represents a unique

years ago, when the UK-based Standard Chartered

blend of local, regional and international names, as

became the first bank to open for business in the

well as offering a diversity of financial services and

kingdom. The move heralded a new era of financial


sector expansion. Various international banks have since chosen Bahrain for their regional operations.

Today, Bahrain’s diverse banking industry is divided by the licensing regime into both conventional and

By the late 1950s, local institutions were beginning to

Islamic retail and wholesale operations, with numerous

make their presence felt, starting with the

institutions holding multiple licence types. As of July

establishment of the National Bank of Bahrain (NBB)

31, 2015, the Central Bank of Bahrain (CBB) register

in 1957. These domestic lenders combined with foreign

held 22 conventional retail banks, seven of which were

institutions to establish Bahrain as a banking centre in

locally incorporated and 15 of which were headquar-

the region – a process that was greatly accelerated in

tered abroad. The local retail banking segment is

the mid-1970s, when the Lebanese civil war resulted in

dominated by three players that run branch networks

many banks and financial institutions relocating from

considerably larger than those of their colleagues: Na-

Beirut to Manama, bringing with them a community of

tional Bank of Bahrain, with 25 branches; Ahli United

banking professionals and their collective expertise.

Bank (AUB), with 20 branches; and Bank of Bahrain

More recently, the emergence of other commercial

and Kuwait (BBK), with 16 branches. Other retail banks

centres in the Gulf has brought a heightened level of

operating in the kingdom, such as BNP Paribas, HSBC

competition, but Bahrain retains a number of

and Citibank, maintain networks of between two and

advantages. A large, highly skilled pool of financial

six branches, or in some cases conduct their business

professionals, a regulatory structure that is both

from a single head office.

Arab British European Banking & Finance Guide


Bahrain Country Profile Bahrain has also emerged as the world’s premier Islamic financial centre, with 26 Islamic banks and nine Islamic insurance (Takaful) companies operating from the Kingdom. It is worth noting that Bahrain had issued the first international sovereign sukuk in 2001, which drove the GCC Islamic capital market. It also hosts the largest concentration of Islamic finance institutions in the Gulf, making it a preeminent Islamic finance centre in the region. The Central Bank has played a leading role in the introduction of these innovative products. Much of Bahrain’s reputation rests on the activities of its wholesale banks, known as offshore banks until a reorganisation of the sector in 2006. These institutions often play a significant role in the region, as well as compete for business within Bahrain. As of July 2015 some 57 conventional wholesale banks were licensed to operate in the country, including locally incorporated players such as Bank ABC, Gulf International Bank

One of the legacies of Bahrain’s history as a financial

(GIB) and Investcorp; regional banks such as Jordan’s

Some 25 locally incorporated insurers operate in

Arab Bank and Saudi Arabia’s Arab Investment

centre is an insurance industry which contains local,

Bahrain, with a further 22 locally incorporated firms

Company; and regional banks with a presence in

regional and international insurers competing for

restricted to pursuing business outside Bahrain.

Bahrain focused on corporate clients, such as

However, a penetration rate of around 2.1% in the

Pakistan’s Allied Bank, India’s Bank of Baroda, the

local market, compared to rates of around 8% in more

Philippines’ Allied Banking Corporation, Credit

developed European markets, suggests that there is

Libanais of Lebanon, and Finansbank, Denizbank and

still room for further domestic growth. Meanwhile, the

Turk Ekonomi Bankasi (all from Turkey).

number of reinsurance firms licensed to operate from

sharia-compliant lines, and one of which is a captive

business within Bahrain and beyond its borders. As of July 2015, some 25 locally incorporated insurers were licensed by the Central Bank of Bahrain (CBB) to operate in the country, seven of which are run along

Bahrain has been increasing steadily since 2006, with

insurer for its parent company, Masheed. A second

As impact of low oil prices, Moody’s Investors Service

five conventional players currently established. The

category of 22 locally incorporated firms are restricted

considers that Bahrain’s banks’ strong liquidity and

segment has also begun to tap into the demand for

capital buffers will continue to provide financial

to pursuing business outside Bahrain, four of which are

sharia-compliant cover.

sharia-compliant, and all of which entered the market

flexibility to adapt to changing conditions. A BMI 2016 report pointed out that despite headwinds Financial assistance from other Gulf countries and

from general economic weakness triggered by low oil

fairly resilient growth is expected in 2016 for Bahrain’s

prices, Bahrain’s resilient insurance sector will

relatively diversified non-oil economy which will help

continue to grow at 6-7% in both the life and the

soften the impact of lower oil prices and moderate

non-life sector. Well-developed by regional

in the 1980s and 1990s. A further 10 overseas firms are licensed to operate in Bahrain’s domestic market, and include operators from the US, Germany, Switzerland, the UK, Iran, Lebanon and India.

the risk of any severe deterioration in the banks’

standards, the insurance market remains small by

Bahrain’s insurance sector is one of the most well


global standards. Health insurance is likely to be

developed in the region, with a history which extends

the key outperformer, with growth of 9-10% for the

back to the 1950s. During that decade, the Bahraini

In this context, Moody’s forecasts a modest increase in

foreseeable future driven by key regulatory changes

the formation of new non-performing loans, although

insurance industry became increasingly sophisticated,

mandating health cover for expatriates as

reported NPL ratios should remain broadly stable as

well as Bahrainis.

attracting the first foreign players to the market. In 1961

a result of the banks’ ongoing initiatives to recover

the newly arrived American Life and Insurance Company began to roll out its savings and personal

and write-off legacy problem loans. The rating agency

For decades, Bahrain has been a regional centre for

also notes that Bahrain’s banks will maintain strong

insurance, with domestic and international firms taking

liquidity and capital buffers, which will provide them

advantage of the country’s robust yet accommodating

Bahrain, and the first licence to offer life assurance was

with financial flexibility to adapt to the impact of lower

regulatory structure to pursue business both locally

granted. Another significant industry first came in 1969,

oil prices, says Moody’s.

and in rapidly emerging regional markets. The nation’s

when the Bahrain Insurance Company was established

accident schemes for individuals and corporations in

insurance industry faces increased competition on


as the first public shareholding company to be

two fronts: at home, a crowded market makes for one

incorporated in the country. A wave of similarly

For decades Bahrain has been home to one of the GCC’s

of the most competitive insurance arenas in the GCC,

most developed insurance sectors, with domestic and

while on a regional level the development of regulatory

formulated institutions followed, such as Al-Ahlia

international firms taking advantage of the country’s

frameworks around the Gulf has led to the narrowing of

robust yet accommodating regulatory structure to

Bahrain’s competitive advantage as a focal point for the

pursue business both locally and in rapidly emerging

industry. Nevertheless, continued regulatory

regional markets. The total number of authorised

development, the prospect of more mandatory

insurance companies & organisations in Bahrain is

insurance lines and Bahrain’s reputation as a financial

The 1980s saw the birth of one of the most dynamic

152, by February 2015, and the domestic market gross

hub underpins hopes for further expansion.

segments in today’s sector – takaful, or sharia-

premium is $685mn, by December 2013.


Arab British European Banking & Finance Guide

Insurance Company, established in 1976, and the Bahrain Kuwait Insurance Company, which opened for business the same year.

compliant insurance. Bahrain Islamic Insurance

Bahrain Country Profile

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UKTI BAHRAIN British Embassy 21 Govt Avenue Manama Email: Tel: +973 17 574 100 BRITISH EMBASSY 21 Government Avenue Manama 306 P O Box 114 Tel: +973 17574100; +973 17574167 (Travel); Visa International Enquiry Service Consular enquires EMBASSY OF THE KINGDOM OF BAHRAIN 30 Belgrave Square London SW1X 8QB Tel: 020 7201 9170 Email:

Company was incorporated in 1989, offering takaful products to Bahrainis for the first time. The cumulative effect of this steady development has been to make Bahrain a focal point for insurance activity in the region, a status that is perhaps best symbolised by the presence of Arig House in Manama’s Diplomatic Area. Established in 1980 by the governments of Kuwait, Libya and the UAE, ARIG (Arab Insurance Group) is the largest Arab-owned reinsurer in the world and is run by Bahraini national Yassir Albaharna. Leveraging on Bahrain’s financially literate workforce and favourable business environment, many of these companies also use Bahrain as a base to extend their operations into regional markets. The domestic market also contains a number of reinsurance companies which, like some of the locally based standard insurance companies, have established themselves in Bahrain thanks to its utility as regional centre. Finally, the industry is supported by a number of ancillary service providers, including the 31 brokers through which much of the sector’s premiums are channelled, four brokers restricted to seeking business outside of Bahrain, 27 registered actuaries, and the numerous loss-adjusters, insurance consultants and managers that combine to bring depth to the local sector. With a population of just over 1.3m people as of 2015, the domestic insurance market is small in size,

The presence of larger multinationals in the market has done much to raise the profile of insurance in the country, but their extensive balance sheets and the amount of business they are thereby able to retain has further heightened the level of competition faced by the locally incorporated insurers. There have been some modest moves towards sectoral consolidation – such as the 2011 announcement of a partnership which saw Allianz Takaful transfer 75% of its takaful business to Med-gulf Bahrain – but the market remains fragmented and the CBB has not moved to induce amalgamation by increasing capital requirements or through other means. The issue of consolidation returned briefly to the spotlight in April 2015 when the Bahrain Kuwait Insurance Company announced it had raised its stake in its rival, Takaful International, to 40.9%, though whether the move heralds a period of wider sector consolidation remains to be seen.

BAHRAIN ECONOMIC DEVELOPMENT BOARD Seef Tower PO Box 11299 Manama Tel: +973 17 58 99 99 Email: Central Bank of Bahrain PO Box 27 Manama Tel: +973 1754 7777 BAHRAIN BOURSE Bahrain Financial Harbour Harbour Mall PO Box 3203, Manama Tel: +973 17261260 Email: BAHRAIN ASSOCIATION OF BANKS PO Box 1034 Manama Tel: +973 1782 3000 Email: MINISTRY OF FINANCE

and therefore competition for business is strong.

Arab British European Banking & Finance Guide


Comoros Country Profile

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Name: Union of the Comoros Capital: Moroni Population: 780,971 (July 2015 est) Languages: Comoran, Arabic and French Currency: Comoran Franc (CFA) GDP Growth: 1% (2015 est) GDP – Per Capita Income (PPP): $1,600 (2015 est) Dialling Code: +269 (00 269 from UK) Agriculture Products: Vanilla, cloves, ylang-ylang, perfume essences, copra, coconuts, bananas, cassava (tapioca) Key Industries: Fishing, tourism, perfume distillation Main Export Partners: France, Turkey, India, Greece, Brazil, Algeria, Singapore, Saudi Arabia Main Import Partners: Brazil, France, China, UAE, India, Italy, Pakistan, Singapore, Kenya


omoros has a relatively small and underdeveloped financial sector. Financial intermediation and credit to the private sector, while still low, have been expanding in recent years following the entry of two foreign commercial banks. However, the further development of credit markets remains constrained by poorly defined land ownership rights and weak enforcement of collateral guarantees. At present, the country’s financial system comprises

workforce, and provides most of the exports. Export

four commercial banks, financing around 60% of the

income is heavily reliant on the three main crops of

economy, a development bank which also engages

vanilla, cloves, and ylang-ylang; and export earnings

in commercial banking activities, a National Savings

are easily disrupted by hazards such as forest fires

Fund, a postal savings bank, and two networks of

and extreme weather conditions. Despite agriculture’s

microfinance institutions (MFIs). The small banking

importance to the economy, the country imports roughly

system is overseen by the Central Bank of Comoros

70% of its food needs and rice, the main staple,

and the sector comprises six banking institutions: the

accounts for the bulk of imports.

Central Bank; the Banque pour l’Industrie et pour le Commerce-Comores (BIC-C), the Banque de

Despite an average annual growth of around 3% since

Développement des Comores (BDC), the Banque

2011, the economy has still to achieve structural

Fédérale de Commerce (BFC), the Exim Bank Comores

transformation. This is seen as vital to improving

Ltd and the Société Nationale des Postes et des

prosperity and dealing with unemployment among

Services Financiers (SNPSF). In addition, there are two

the young, particularly graduates, which was more

mutual savings banks (SANDUK and MECK).

than 50% in 2014. The composition by sector of gross national product (GNP) in 2014 was dominated by the

Under current regulatory frameworks, financial

farming, forestry and fisheries sector (34.5%) followed

institutions can independently set their own credit

by the trade sector, including hotels and restaurants

and lending policies, though commercial bank interest

(28.9%), and the public sector (13.1%). The production

rates and loans to consumers and businesses are partly

sector (water, electricity, building and manufacturing)

regulated, with upper and lower bounds set at 14% and

accounted for only 11.0% of GDP. The main engines

7% respectively.

of growth were the agricultural (4.2%), construction (5.2%), trade and hotels (4.9%), public administration

A small archipelago, the Union of the Comoros, as the

(8.2%) sectors and other services (8.3%).

country is officially named, has been emerging from a


long period of political instability. Comoros consists of

A more stable political environment, combined with

three major islands and numerous smaller islands that

growth in tourism, fishing, agriculture and construction

are loosely connected by rudimentary transportation

has contributed to a boost in economic performance in

links. The country has a young and rapidly increasing

2014 and 2015, as compared to the GDP growth

population and limited natural resources. Comoros

registered at 2.1% and 2.2% in 2010 and 2011 with

is heavily dependent on foreign aid and technical

growth rates of 2.5% and 3.5% in 2014 and 2015



Agriculture, including fishing, hunting, and forestry,

The relative stability and the resumption of major

accounts for 50% of GDP, employs 80% of the

external funding have favoured growth. Even so, in

Arab British European Banking & Finance Guide

Comoros Country Profile 2014 the country saw arrears accumulate: both internal

Useful Contacts

(salaries, payments to suppliers etc.) and external, resulting in the deterioration of the main budgetary


balances. The overall cash basis current account surplus accordingly fell from 18.2% in 2013 to -0.6%

It is worth noting that UKTI does not have any presence in Comoros and is unable to undertake any bespoke research into the market on behalf of UK companies. Also there is no British Embassy or Honorary Consul in Comoros. Any UK company with a market access issue in Comoros is advised to contact the British Embassy in Mauritius.

in 2014. The trend should be reversed with a positive balance of 1.5% in 2015. Structural reforms are slow, especially in the key energy and telecommunications sectors, in spite of the commitment of the authorities, mainly because of the country’s weak institutional capacities. The country is therefore struggling to lay the foundations for

BRITISH HIGH COMMISSION PORT LOUIS 7th floor, Cascades Building Edith Cavell Street PO Box 1063 Port Louis Mauritius Email Tel: +230 2029400

sustainable economic growth that will create jobs. The energy crisis that began in 2010 continues, seriously hindering economic activity. It particularly affects the trade in imported food products, which provides the greater part of tax income. The resulting state cash-flow crisis has led the government to make significant cuts in subsidies to the public electricity and water utility which is no longer in a position to guarantee the means of production and the purchase

UNION DES COMORES Official government website (in French)

of fuel. As a result the supply of electricity has been reduced to a few hours a day in the capital and much less in the other regions of the Comoros. All economic activity is affected, especially the sectors in which vulnerable people, particularly women are concentrated: processing of agricultural products, processing of and trade in marine products, arts and crafts. Growth has remained at 3.5% thanks to an internal demand sustained by external resources. Foreign aid pays for investment, and remittances from emigrants fund household consumption. Internal production that creates jobs makes only a slight contribution to growth. The unemployment rate, put at 14% in 2003, keeps rising. It reached 24% in 2012 particularly affecting the 15-24 age group (52%). Confronted with this disturbing state of affairs the government has reacted by implementing the Strategy for Accelerated Growth and Sustainable Development (Stratégie de croissance accélérée et de développement durable [SCA2D]) 2015-19, designed to promote growth and create jobs. Its aims, however, can only be realised if a sustainable solution to the energy crisis can be found in the very short term. The soundness of the banking system appears to be

Such efforts include the facilitation of entry for foreign banks, reforms to the investment code in 2007 and the establishment of a National Agency for Investment Promotion. The country’s authorities have recently concluded agreements with the Central Bank of Tanzania, the Central African Banking Commission (COBAC) and the French Prudential supervisory authority to strengthen regulatory and supervisory frameworks, expand the scope of prudential regulations, and increase the effectiveness of control procedures.

CENTRAL BANK OF COMOROS (Banque Centrale de Comores) BP 405, Moroni, Comoros Tel: +269 73 0243, 72 1002 Fax: +269 73 0349 Email:

Financial inclusion remains an issue with very low penetration rates. Compared to the regional average even mobile phone subscription is extremely low, at 14%. There is currently no stock market present in the country, nor are there primary or secondary fixed income markets for government or commercial debt. Government financing is mostly undertaken in the form of direct credit from domestic commercial banks, and liquidity levels are controlled through the modification of reserve requirements only. As of March 2015, Comoros received no sovereign rating from any of the three major credit rating agencies.

progressively improving. Profitability and quality of risk have increased in the latest years, while the ratio of non-performing loans to total outstanding loans decreased from 15.7% to 12% in 2012. Bank lending

Remittances, which represented an estimated equivalent of 20.7% of GDP in 2015, constitute an important source of inflows for the Comorian economy.

activities tend to be concentrated in short-term loans, mostly directed towards financing trade activities. In recent years authorities have undertaken measures to enhance financial intermediation and strengthen the country’s banking and financial sectors.

The rise in the wages and salary bill and the funding of the legislative, municipal and council elections exacerbated budgetary tensions but the external position remains comfortable with more than 5.6 months’ cover of imports thanks to remittances.

Arab British European Banking & Finance Guide


Djibouti Country Profile

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Country Name: Republic of Djibouti Capital: Djibouti City Land area: 23,200 sq km Population: 828,324 (July 2015 est) Language: French (official), Arabic (official), Somali, Afar Currency: Djibouti franc GDP Growth: 6.5% (2015 est) GDP – Per Capita Income (PPP): $3,300 (2015 est) Dialling Code: +253 (00 253 from UK) Main Export Partners: Ethiopia, the European Union, Somalia, Brazil and Qatar Main import Partners: European Union, United Arab Emirates, Saudi Arabia, Japan and Ethiopia


jibouti is a small but important country, benefiting from a highly strategic location with access to the Gulf of Aden and the Indian Ocean beyond, making it a significant gateway to the Horn of Africa, the Middle East and Asia.

Djibouti is reliant on the competitive advantage offered

Djibouti has successfully introduced regulatory changes

by this strategic geographical location and port

to make banking institutions increase their minimal

activities, logistics and associated services remain

capital. Credit allocated to the private sector grew

dominant economic activities. The country has limited

from 20% of the GDP in 2005 to 29.5% of GDP in

natural resources, industry or agricultural potential.

2015, according to figures by the Central Bank (BCD).

Nonetheless, it continues to post impressive results.

According to the BCD, lending in Djibouti rose from

In 2014, the economy achieved a growth rate of nearly

DJF38bn ($212.8m) in 2006 to DJF116bn ($649.6m) in

6%, according to estimates from African Development

2014. Total banking deposits have also seen a rise, up

Bank. While unemployment remains a challenge,

from DJF90bn ($504m) in 2005 to DJF254bn ($1.4bn)

this growth figure, coupled with a young and growing

in October 2015. The DCB has also reported that the

population, points to the strong potential of the country.

money supply rose by 6.5% during 2014.

Three-fourths of Djibouti’s inhabitants live in the capital city.

Despite the considerable number of banking institutions operating in the market, actual penetration

On the back of the rise in both capital investment and

remains low. There are currently around 100,000 banks

transport activity, Djibouti’s banking sector has seen

in the country. But the bankable population in Djibouti

considerable expansion in recent years. There is an

is much larger than that, according to DCB. According

increasingly robust regulatory role that is being adopted

to East Africa Bank estimates, as of December 2015 the

by the Central Bank of Djibouti (Banque Centrale de

ATM network was made up of 25 machines across the

Djibouti, BCD) has led to the promulgation of various

whole of Djibouti, and only around 5% of the

new rules – ranging from risk assessment framework

population had a bank card.

and sharia compliance to regulations for new payment systems – which should help pave the ways for

A major reason for the limited penetration is the

increased retail and corporate activity.

challenge presented by the country’s high poverty rate. Lending tools for the lower-income households,

The country’s banking sector overall is in comparatively

as is the case in many emerging and frontier markets,

healthy shape and should benefit from the

have remained limited, although the recent increase in

government’s efforts to increase foreign direct

microfinance and Islamic lenders may help increase

investment and promote diversification.

overall inclusion.

The Djibouti banking system has benefited from the

Today, Djibouti has 10 banks, four of which are Islamic

country’s broader macroeconomic stability and relative

institutions. Of these, however, two were in process of

openness with a fully convertible currency, a fixed

liquidation as of December 2015, due to lack of

exchange regime and free movement of capital.

compliance with banking regulations. The sector also features 17 money transfer companies, three


Financial services account for 13% of the GDP. Banking

microfinance companies, two insurance providers and

accounts for the vast majority of the country’s financial

the four for Economic Development of Djibouti.

services industry, with an estimated 97% of the assets.

There is considerable foreign presence in Djibouti’s

Arab British European Banking & Finance Guide

Djibouti Country Profile

banking sector, although this has largely come about

international laws regarding money laundering and

of a National Sharia Council to help the central bank

only over the past decade. Changes in banking

financing of terrorism.

oversee Islamic banking, to ensure that shariacompliant financing meets appropriate religious

regulation in the early 2000s – including the 2005 elimination of a requirement for banks entering the

In 2009, the government passed a circular ordering

guidelines, and to ensure boarder cohesion customer

market to be at least 30% owned by internationally

that workers earning more than DJF40,000 ($224)

base still largely underdeveloped, growing product

renowned banks – led to the arrival of several new

every month be paid into bank accounts. The measure

offers by Islamic banking institutions might help attract


had an important impact on the growth in the banking

Djiboutians into the system. This is something that

sector, given Djibouti’s traditional cash culture. The

the government has sought to encourage. In November

Yemeni – owned Saba Islamic Bank entered the

number of bank accounts rose considerably, as did the

2015, for example, the BCD organised the fourth African

Djibouti market in June 2006, followed by Interna-

penetration of banking services across the population.

Conference of Islamic Finance, in a bid to further raise

tional Commercial Bank of Djibouti, a subsidiary of

In 2011, a new change in the laws implemented, with

the country’s profile in the industry.

Malaysia’s International Commercial Bank Group, in

the minimum capital for banks being raised from $1.5m

September 2006.

to $5.6m. This was seen as a means of solidifying

The outlook of Djibouti’s banking sector and services in

the system, and meant that all banks had three years,

general face a number of constraints including limited

Two other banks started to operate in the country

from 2011 to 2014, to raise their capital to the new

capitalisation, small market size, high fragmentation

in 2008: Swiss-owned Banque de Dépôt et de Crédit


outside of the two major banks. Expanding the number

Djibouti and Djibouti- based Salaam Africa Bank.

New regulatory measures that had been under

of people who have access to banking services and

Another Yemeni bank, the Cooperative Agricultural

preparation in 2015 are expected to be rolled out over

establishing an adequate growth strategy for the

and Credit International Bank, entered in 2009, and

the first semester of 2016. One is the establishment of

sector will be essential for domestic and retail lending.

by the end of 2009 Djibouti got its third Islamic bank

a more adequate risk assessment mechanism, which

However, efforts to improve cross-border appeal for

with arrival of Dahabshiil Bank International, now East

banking authorities hope both reduce the danger of

institutions looking at neighbouring Ethiopia or

Africa Bank, part of Dahabshiil, a Dubai-based money

non-performing loans and increase credit allocation

Somalia will also be crucial for the sector’s profile.

transfer firm focused on Africa. An additional bank

by allowing banks to collect sufficient information to

entered the market in 2010, Tanzania’s Exim Bank. May

support credit decisions.

Amid the steady recent expansion of Djibouti’s financial sector, Islamic finance has been taking an increasingly

2015 saw the official start of operations of Commercial Bank of Djibouti (CBD), which announced its intention

The second measure is the modernisation of Djibouti’s

prominent role. Of the 10 existing banks in late 2015,

of focusing on investment banking, specifically the

payment system, to better support operations,

four were Islamic, and the segment currently accounts

country’s retail-oriented banking sector.

especially those conducted through new payment

for between 15% and 20% of the overall market.

methods, such as mobile banking, and through the use One of the key attractions of Djibouti market has been

Islamic finance is set to become increasingly integrated

of prepaid bank cards.

with the country’s financial sector over the coming

the country’s stable regulatory framework and what, for the region, has proved to be a relatively open and

In 2011 the central bank also opened the door for

years, and its impact on the competitive landscape

prudential approach to oversight.

commercial banks to establish their own Islamic banks

is already being felt in some ways. A law regulating

windows. These have to be separate subsidiaries,

Islamic insurance was published in 2014, for example.

The BCD has sole responsibility for regulating and

with their own specific capital. The minimum capital

allocating licences not only to banks, but to all financial

requirement for an Islamic branch is DJF300m ($1.7m).

institutions operating within the national territory.

INSURANCE While bank accounts for 97% of assets, the insurance

Key reforms of banking legislation took place in 2000,

In terms of assets, Islamic banks now account for

sector accounts for an additional 2.5% of assets, while

2005 and 2011, allowing Djibouti’s banks to slowly

around 25% of the market, according to BCD. They also

microfinance is responsible for the remaining 0.5%.

adapt to higher requirements in terms of prudential

account for 14% of deposits. The weight of Islamic

rations and governance. The government has also taken

finance is set to grow further over the coming years.

Total premiums in Djibouti’s insurance market reached

steps to ensure that banks comply with key

The government is also working on the establishment

DJF3.2bn ($17.9m) in 2014, up 5.6% on 2013, according

Arab British European Banking & Finance Guide


Djibouti Country Profile

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UKTI There is no official services provided by UKTI in the country UKTI Ethiopia Dessalegn Yigzaw Trade Development Manager British Embassy Addis Ababa Ethiopia Email: Tel: +251 11 661 23 54

to the Ministry of Economy and Finance. The sector’s performance has generally followed an upward trend, with total premiums expanding from DJF2.2bn ($12.3m) in 2008. The combined market’s net results in 2014 rose to DJF504.4m ($2.8m), up from DJF368.1m ($2.1m) in 2013, and commercial margins expanded from 11.9% in 2013 to 15.4% in 2014. Of total premiums, some 5.6% (DJF1.8bn, $10.1m) was accounted for by automotive insurance, which (bar mandatory insurance for imported cargo) is the only compulsory cover in the Djiboutian market. The other segments are relatively small. Other risks and direct damages accounted for DJF649.2m ($1.7m), or 9.1% of the market, followed by general civil responsibility at 8%, life at 4%, transport insurance at 2%, and bodily injuries, accidents and health insurance at 1%, according to the Ministry of Economy and Finance. The insurance sector remains largely underdeveloped. As is commonly the case throughout the developing world, life insurance remains a product with minimal intake, accounting for just DJF120.8m ($676.000) in 2004, life insurance in the country is primarily driven by the banking sector, which generally requires it for loan applicants.


Arab British European Banking & Finance Guide

BRITISH EMBASSY Addis Ababa Comoros Street Addis Ababa 858 Ethiopia Email:; (Consular email) Tel: +251 11 661 2354 BRITISH HONORARY CONSUL PO Box 169 Rue de Djibouti Djibouti Tel: (00253) (3) 85007 Fax: (00253) (3) 52543 Email: For travel advice see FCO THE FRENCH CONSULATE GENERAL The representative of Djibouti in the UK Consulate of France 21 Cromwell Road London SW7 2 EN Tel: +44-207-073-1200 CENTRAL BANK OF DJIBOUTI (Banque Centrale de Djibouti)

Egypt Country Profile

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Country Name: Arab Republic of Egypt Capital: Cairo Population: 88,487,396 (July 2015 est) Land Area: 1,001,450 km2 Currency: Egyptian Pound GDP Growth: 4.2% (2015 est) GDP – per Capita Income: $11,500 (2015 est) Dialling Code: +20 (00 20 from UK) Main Industries: Textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals and light manufactured goods Exports: Crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food Export Partners: US, Italy, Spain, India, Saudi Arabia, Syria, France, South Korea Imports: Machinery and equipment, foodstuffs, chemicals, wood products, fuels Import Partners: US, China, Germany, Italy


ocated at a crossroads between Africa, Asia and Europe, Egypt remains one of the world’s most strategically important countries. Egypt has the third-largest GDP in the Arab world, after Saudi Arabia and the UAE. It is considerably more diversified than many economies in the region, with manufacturing and agriculture key contributors, making up 14.5% and 15.7% of GDP, respectively, according to the Central Bank of Egypt, as well as oil and gas extraction. Egypt’s economy was highly centralised during the rule

with a capital of £1 million. Throughout its long history,

of former President Gamal Abdel Nasser but opened

NBE’s functions and roles have continually developed

up considerably under his successors. Cairo from

in line with the different economic phases in Egypt.

2004 to 2008 pursued business climate reforms to attract foreign investment and facilitate growth. Poor

By mid-2015, Egypt’s banking sector outlook has been

living conditions and limited job opportunities for the

gaining strength from an improving macro-economic

average Egyptian contribute to public discontent, a

environment and operating conditions, according

major factor leading to the January 2011 revolution that

to banking sector analysts. Recognising the visible

ousted Mubarak. Uncertainties since 2011 have caused

improvements, Moody’s Investors Service in July 2015

economic growth to slow significantly, weakening

revised the outlook for the country’s banking system

tourism, manufacturing, and other sectors and pushing

to stable from negative, reflecting its expectation that

up unemployment.

banks’ funding and liquidity positions were expected to remain strong amid improving operating conditions

Weak growth and limited foreign exchange earnings

over the next 12-18 months.

have made public finances unsustainable, leaving authorities dependent on expensive borrowing for

“The change reflects improvement in the operating

deficit finance and on Gulf allies to help cover the

environment for banks in Egypt, driven mainly by the

import bill. In 2015, higher levels of foreign investment

country’s improving macroeconomic performance and

contributed to a slight rebound in GDP growth after a

the new government’s ongoing commitment to fiscal

particularly depressed post-revolution period.

and economic reform. “We expect real GDP growth

The 2015 estimates for GDP Real Growth were 4.2%

to accelerate over our outlook horizon, which will not

and the GDP per capita income was $11,500.

only create business opportunities for the banks but also support improvements in their loan quality while

The banking industry is among the oldest and largest

allowing them to maintain strong funding and liquidity

in the MENA region. It comprises 57 commercial banks

positions,” said Melina Skouridou, Moody’s lead

which includes 28 commercial banks, four of which are

analyst for Egyptian banks.

state-owned, 26 investment banks (11 joint venture banks and 15 branches of foreign banks), and three

Meanwhile, high exposure to government securities,

specialised banks. Private and joint venture banks

accounting for 43% of assets and nearly seven times

are increasingly growing, but many remain relatively

their equity, continues to link the credit profile of

small with few branch networks. Monetary, credit and

lenders to the government’s credit quality. Moody’s

banking policies are regulated by the Central Bank of

forecasts that a pick-up in Egypt’s GDP growth — to

Egypt. The National Bank of Egypt (NBE) is the oldest

5% for the 2016 fiscal year ending in June, from 4.5%

commercial bank in the country established in 1898

in fiscal 2015 and 2.2% in fiscal 2014 — will mainly be

Arab British European Banking & Finance Guide


Egypt Country Profile driven by large, government-led infrastructure projects, increased foreign investment and a rise in tourism. The second quarter of 2015 saw further signs of stabilisation in the Egyptian economy, albeit at a low base, according to Emirates NBD’s quarterly MENA Economic Review. The June Purchasing Managers’ Index (PMI) rose to its highest reading all year at 50.2, and above the series average of 48.7. Some signs of recovery have also been evident in the tourism sector, with average hotel occupancy rates hitting 54% in the first five months of 2015 — the highest recorded since 2010 — and well above the average rate of 46% recorded in the same period in 2014. Private sector credit growth also hit a multi-year high of 16.9% in April 2015, highlighting stronger confidence in the medium-term outlook.

of Commercial International Bank, told OBG, “Given

about 90% of the [parallel] market. But some small

that 70% of Egypt’s trade with non-US partners is

traders are suffering, particularly those dependent on

With steady improvement in GDP growth, rising

conducted using dollars, the currency’s recent

importing raw material,” Mohammed Abdel Kader,

consumer confidence and growing business investment

appreciation has had its impact on the competitiveness

director of fixed income, currencies and commodities at

will lift annual loan growth rates to around 20% from

of Egyptian exports.”

Citibank Egypt, told OBG.

domestic political stability and security remain

At the end of 2013, as demand for dollars began to


elevated, the ratings agency said its expectations for

outstrip supply, the CBE introduced a new auction sys-

Egypt’s insurance industry, the oldest in the region,

the country’s performance are in sharp contrast to

tem to sell dollars from its foreign reserves to lenders.

started in the second half of the 19th century through

the economic conditions over a year ago, when Egypt

Although this move helped the government conserve

acting as agents for British and French companies. In

was troubled by considerable economic and political

its dwindling foreign reserves, it resulted in backlogs

1900, the National Insurance Company was established


in foreign currency requests from bank customers.

as the first Egyptian company. In 1933, “Al-Sharq

The CBE worked to resolve this issue, and was granted

Company” was formed and in 1934 “Misr for General

Recent foreign investments and aid pledges, especially

some assistance in this through large capital injections

Insurance” was established.

the $6.5 billion (Dh23.87bn) in GCC aid has

from regional allies. However, many of Egypt’s

strengthened the external position of the Egyptian

businesses had to resort to the parallel market to

Today, Egypt’s insurance sector constitutes a higher

economy. According to the International Monetary

access dollars, which they deposited in local banks,

number of private insurance companies and private

Fund’s latest World Economic Outlook report, Egypt’s

where they could be used for essential processes such

insurance funds, but the market share of public sector

macroeconomic stabilisation plans and wide-ranging

as opening letters of credit for imports.

companies and government insurance funds is more

14% in 2014. Although downside risks relating to

structural reforms are expected to raise confidence levels.

than the market share of private companies and In 2015 the CBE took steps to curb the unregulated

insurance funds. The insurance industry plays a vital

parallel exchange system, placing strict limits on the

role in supporting the economy and growing national

The Institute of International Finance (IIF) believes that

amount of dollars that could be deposited in cash at

investments. It provides financial protection for

improved economic environment in Egypt will

banks, with a ceiling of $10,000 per day to a maximum

individuals and projects against different risks.

strengthen its banking and financial services sector.

of $50,000 per month. The CBE also allowed a rare

Furthermore, it is a main channel for collecting and

“Market sentiment in Egypt has improved markedly

devaluation of the Egyptian pound, which it had held

using national savings to finance national investments

following greater political stability and the recent

steady at LE7.14:$1 from May 2014 to January 2015.

and development plans, making available new job

implementation of several reforms, including steps to

The strategy seemed clear: with a lowered official

opportunities and alleviating the impact of inflation.

reduce subsidies, tax reform measures, approval of the

rate, black market dealers would be able to sell their

The Egyptian insurance market is subject to

new investment law, and other structural reforms to

dollars to banks without suffering major losses, thus

supervision and regulation per Law No. 10 of 1981 and

improve the business environment,” said Garbis Iradi-

increasing the supply of hard currency in the banking

its amendments, the last of which was Law No. 118 of

an, chief economist for the Middle East and

system, and enabling it to service those customers who


Africa at IIF.

had hitherto been forced to use the black market. Based on media reports, the plan met with early

Insurance companies operating in the Egyptian market


success. The spread between the official and unofficial

include: 1) Insurance and Reinsurance Companies

The Central Bank of Egypt (CBE) has battled to rein

markets sank to virtually nothing from a high of around

(direct insurance companies and reinsurance

in an emerging parallel market in currency exchange

10% two years before, and demand for dollars from

companies). 2) Cooperative Insurance Associations

since 2011, when political turbulence saw the Egyptian

local currency exchanges dropped dramatically.

3) Private Insurance Funds 4) Government Insurance

pound lose 13.4% of its value against the US dollar, an

However, concerns remain that businesses are finding

Funds 5) and Insurance Pools.

occurrence which had an impact on the wider economy.

it hard to access dollars for letters of credit, a problem

Hisham Ezz Al Arab, chairman and managing director


which, if sustained, will present a major challenge to

The Central Bank is planning a new policy to revive the

economic development. “The deposit limits removed

country’s insurance sector which is expected to

Arab British European Banking & Finance Guide

Egypt Country Profile

Useful Contacts ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||

UK TRADE & INVESTMENT CAIRO British Embassy 7 Ahmed Rageb Street Garden City Egypt Email: Tel: +2 02 2791 6000 UK TRADE & INVESTMENT ALEXANDRIA British Consulate General 3 Mina Street Kafr Abdou 21529 Roushdy Tel: +2 03 5467001/2 EGYPTIAN CONSULATE GENERAL 2 Lowndes St London SW1X 9ET Tel: +44 (0)20 7235 9777 Fax: +44 (0)20 7235 5684

have a large positive effect on the industry within the

health insurance, remains high and we are seeing a

coming months. Such a policy will stimulate insurance

broadening in the range of products available in the

companies to make new tools and products available to

market. Key to growth will be the expansion of takaful

their domestic clients. It is expected that the insurance

and microinsurance products which will enable insurers

industry, and its various sub-sectors, will achieve

to access to the large first time user market.

50% growth over the next 5 years, in addition to yearly growth figures which have already begun to rise.

Takaful insurance is growing rapidly in Egypt. The Secretary-General of Insurance Federation of Egypt,

For the financial year ended 30 June 2015, the insur-

Abdel-Raouf Kotb, recently reported that takaful

ance industry in Egypt reported an increase of 27.3%

insurance now accounts for 11% of the country’s

in net profits to EGP2.1 billion ($268mn) compared to

insurance market.

CENTRAL BANK OF EGYPT 54 El-Gomhoreya Street 11511, Cairo Email: THE EGYPTIAN EXCHANGE (EGX) 4A, El Sherifien St Postal Code 11513 PO Box 358 Mohamed Farid, Downtown, Cairo Tel: (202) 23928698 / 23921402 / 23921447

EGP1.6 billion for the previous fiscal year, according to Mr Sherif Samy, Chairman of Egyptian Financial

Work continues on drafts of a new health insurance bill

Supervisory Authority.

which is expected to be presented to parliament. The new health insurance law will include the

The net assets of insurance companies in the country

introduction of health insurance payments and will

grew by 8.6% to EGP 59.8bn at 30 June 2015, compared

expand coverage, though it has come under significant

to EGP55.1bn at the end of June 2014. The total

criticism from medical practitioners in the country.

shareholders’ equity of the companies stood at

Demand for property and motor insurance will be some

EGP10.4bn at end-June 2015, marginally lower by 0.7%

of the key drivers of growth in the Egyptian non-life

from the previous fiscal year-end. Mr Samy added that

sector where we expect premiums to grow by an annual

net investments of insurance companies amounted

average of 11.2% (in local currency terms) between

to EGP52.5bn at the end of June 2015 compared to

2016 and 2020.

EGP48.6bn at the end of June 2014, an increase of 8%. BMI Report 2016 point out that Egypt’s insurance

Substantial growth is also expected in the slightly

market offers significant growth potential. Average

smaller life insurance segment, where we expect

household income rates are improving which will

premiums to grow by an annual average of just under

increase the affordability of a range of life and non-life

13.0% over the forecast period, increasing from

products. Demand for key lines, such as motor and

EGP8.2bn in 2016 to EGP13.0bn in 2020.

Arab British European Banking & Finance Guide


Iraq Country Profile

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Name: Republic of Iraq Capital: Baghdad Land Area: 438,317 km2 Population: 37,056,169 (July 2015 est) Currency: Iraqi Dinar (ID) GDP Growth: 4.2% (2013 est) GDP – Per Capita Income (PPP): $15,500 (2015 est) Dialling Code: +964 (00 964 from UK) Main Industries: Oil, chemicals, textiles, leather, construction materials, food Processing, fertilisers, metal fabrication/processing Exports: Crude oil, crude materials excluding fuels, food and live animals Export Partners: US, India, Italy, South Korea, Taiwan, China, Netherlands, Japan Imports: Food, medicine, manufactures Import Partners: Turkey, Syria, US, China, Jordan, Italy, Germany


raq was the first country in the region to establish banks when its first bank was formed in 1890/91. Between the years 1922-1964, Iraq established a series of privately and publicly owned banks. In 1941, Rafidain Bank was created. In 1964, the country carried out the nationalisation of its banking system. In 1992, Iraq re-established and approved private sector banks. In 1992-2003, private sector banks were restricted from international transactions. Since 2003, private banks have been allowed to process international transactions, cross-border payments and letters of credit.

During 2015, security and financial stability decreased the prospects for improving the country’s economic environment and securing much-needed foreign investment. Long-term fiscal health, a strengthened investment climate, and sustained improvements in the overall standard of living still depend on a rebound in global oil prices, the adoption of major policy reforms, and bringing conflict to an end. The economy remains dominated by the oil sector, which provides more than 90% of government revenue and 80% of foreign exchange earnings. Oil exports in 2015 averaged 3.0 million barrels per day, up from 2014. Falling global oil prices resulted in declining export revenues. Iraq’s contracts with major oil companies have the potential to further expand oil exports and revenues, but there needs to be significant upgrades to oil processing, pipeline, and export infrastructure to enable these deals to reach their economic potential. The government of Iraq is eager to attract additional foreign direct investment, but it faces a number of obstacles. Inflation has remained under control since 2006. However, Iraqi leaders remain hard pressed to translate macroeconomic gains into an improved standard of living for the Iraqi populace. Encouraging private enterprise through deregulation would make it easier for Iraqi citizens and foreign investors to start new businesses. The Central Bank of Iraq, founded in 1947, was the


Arab British European Banking & Finance Guide

National Bank of Iraq until 1956. The Central Bank is responsible for implementation of monetary policy, management of foreign reserves, currency management and regulation of the banking sector to promote a competitive financial system. A number of foreign banks opened branches in Iraq in 1956, while a number of Iraqi private banks opened with a little money relative to government banks, especially after the United States intervention in Iraq in 2003. The Central Bank intends to create some of the institutions that guarantee deposits of citizens with private banks in order to encourage people on deposit in banks, and the introduction of modern technologies through complete electronic payment project. As part of efforts to liberalise the economy, in the first three months of 2014, the Central Bank granted approval to 15 Arab and international banks to open branches in Baghdad, with additional branches expected to follow. However, Iraq is still one of the most under-banked countries in the MENA region and it is estimated that 80% of the population do not have a bank account. On March 2015, the governor of the Central Bank, announced that the size of the assets (deposits) of Iraqi banks was 225 trillion Iraqi dinars ($192.9bn), of which 204 trillion ($174.9bn) was in government banks and the rest in private banks.

Iraq Country Profile developing an effective and transparent financial

in the Iraqi market as it undergoes modernisation of

system, in addition to other issues concerning the

both physical and financial infrastructure. Though they

restructuring of government-owned banks and the

already make up half the total foreign banks in Iraq,

potential for Islamic banking.

excluding representative offices, Lebanese banks’ investment remains “light” compared to their capital


base, according to Sader, and their activities are still

The Central Bank announced on 15 February 2016


the launch of a Strategic Plan of the Bank for the

CHALLENGES OF 2016 2016 is a pivotal moment for Iraq’s strategic efforts to sustain economic progress and develop new financing opportunities. The country is facing up to the long awaited structural and administrative reforms which, when implemented, will reveal the immense investment potential in an economy poised for expansion. The economy is proving to be remarkably resilient, demonstrated by the increased focus on providing security and promoting transparency. The market is opening up for privatisation offering new opportunities for foreign direct investment across major industries. In particular Iraq is seeking international partners to modernise its financial services infrastructure. In addition, as the country

years 2016-2020 and the bank’s governor Ali Allaq,

In addition to encouraging investments in

in a speech to mark the launch, said it was “the first

microeconomic projects and small businesses, Iraq

full strategy in form and substance” for the bank,

can facilitate and strengthen banking transactions to

explaining that “the bank’s tasks in this strategy are to

give citizens access to investment loans. World Bank

achieve financial stability and maintain a fixed financial

statistics for 2014 showed that only 11% of Iraqis had

stability and work on the amendment of sustainable

bank accounts and only 4% of Iraqis were provided


formal bank loans.

Allaq added that “the bank focused after 2003 to


stabilise prices and curb inflation, and achieved

The Iraq Stock Exchange (ISX), formally known as the

successes to curb inflation from 40-2%,”stressing that

Baghdad Stock Exchange, was incorporated and began

the bank has maintained the financial value, led the

operations in June 2004 under the oversight of the Iraq

fight against money laundering and remained

Securities Commission. It is a self-regulated

committed to regulation of the banking sector.

organisation similar to the New York Stock Exchange.

He pointed out that the central bank had helped the

Foreign investors are allowed to trade in shares and

government through financial crisis and achieved

securities listed on the ISX. The authorities confirm

stability which had facilitated the 2016 budget. The

that in practice there are no restrictions on current

Central Bank also stressed that the issuance of national

account or capital transactions involving currency

bonds had played a part in raising public expenditure.

exchange as long as the underlying transactions are supported by valid documentation.

RELATIONS WITH ARAB BANKS As part of an effort to liberalise the economy, in the

As part of an effort to liberalise the economy, there

first three months of 2014, the Iraqi Central Bank

is also a notable drive to grow and promote the stock

granted approval to 15 Arab and international banks to

market. ISX is currently in the process of upgrading

open branches in Baghdad, with additional branches

to the latest Nasdaq trading platform after signing an

expected to open in the near future.

agreement with Nasdaq OMX in June 2013. The new platform, currently used by more than 25 exchanges

becomes less dependent on oil revenues, it is seeking to establish new partnerships to fund infrastructure

The Central Bank and the Union of Arab Banks pledged

globally, is capable of supporting multiple asset

projects to boost oil and gas, electricity and

cooperation on long-term policy. Among key issues

classes, although the ISX concentrates mainly on cash

transportation projects.

addressed at their meeting in March 2016 was the


development of Arab banking relations and a strategic Recently there has been a huge expansion in Iraq’s

plan to intensify mutual activities in the Arab world,

With more than 100 listed companies, the ISX has a

financial industry and it is expected that 2016 will

especially in Iraq. They stressed the role of the UAB

market capitalisation of tens of billions of dollars.

see an increasing range of fresh opportunities emerge,

in promoting financial inclusion in Iraq and other Arab

The ISX is composed of nine sectors: telecoms,

stimulated by privatisation moves and the restructuring

countries in addition to the banking culture in general.

banking, industry, hotels & tourism, services, agriculture, insurance, investment and money transfer.

of state owned banks. Iraq has already witnessed the expansion of major players in the market including

Lebanese banks enjoy good relations with Iraq,

JP Morgan, Citibank, Standard Chartered and many

according Makram Sader, head of the Association of

The most significant portion of the market is the

others; there are still many investors on the brink of

Banks in Lebanon (ABL), who on June 2015 stated:

telecoms sector with 60.3% share in total ISX Mcap

joining the market.

“Now it is the banks that are taking their businesses

including two listed telecoms companies. The banking

to Iraq. But while the banks see a lot of promise in the

sector, including 23 banks, has a 31.5% share.

An Iraq Finance 2016 conference held in Beirut (3-8

Iraqi market, their small investment to date reflects the

March 2016) was Iraq’s third major finance conference,

major difficulties of operating a commercial bank in

The ISX is also assisting the Erbil Stock Exchange

following on from two similar events held in London

Iraq”. Despite setbacks, Sader said that the Iraqi

(ESX), the first exchange in Iraq’s Kurdistan region, in

and in Dubai since 2012. These were attended by

banking sector was working to modernise its

setting up its Nasdaq trading system. The ESX has $8

national and international banks, financial institutions

infrastructure and Lebanese banks were well equipped

million in initial capitalisation and 56 shareholders,

and investors as well as the Governor of CBI, Ministers

to assist.

primarily from the private sector.

With seven Lebanese banks operating 14 branches in


Iraq and giants such as BLOM Bank and Bank Audi set

One of the most important measures for Iraq’s

The 2016 conference provided international

to enter the market more than half of Lebanon’s top

economic recovery is to promote the insurance industry

perspectives on financial sustainability and

banks will be represented. These banks see potential

to support the small business sector. Although the

and top executives from government and private industry in Iraq.

Arab British European Banking & Finance Guide


Iraq Country Profile

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UKTI IRAQ British Embassy International Zone Baghdad Tel: +964 (0)7901 927 915 Email: EMBASSY OF THE REPUBLIC OF IRAQ 21 Queen’s Gate London SW7 5JE Tel: (+44) 02075907650 Fax: (+44) 02075907679 Email: CENTRAL BANK OF IRAQ Al-Rashid Street PO Box 64 Baghdad Tel: +964 1 816 5170/ +964 1 816 5171 Fax: +964 1 816 6802 Email:

origins of insurance can be traced to Iraq’s ancient codes, the Hammurabi Code being the most famous (circa 1760 BC), the modern insurance sector has faced innumerable challenges over the past two decades. Within the regional context, historically Iraq’s insurance market has been a pioneer. Though state-owned, it boasted first-class insurance and reinsurance professionals at management level with a growing number of mid-tier staff developed through regular training programmes that also benefited other Arab insurance markets.

developing competitiveness and supporting the growth of the economy.

The first privately owned insurance company in the country was founded in 1946 and this was followed in 1950 by the formation of the state owned National Insurance Company. Prior to this, the market comprised Arab and foreign insurance companies and agencies. In 1958, the second privately owned insurance company was established. By 1964, all insurance companies were nationalised and reconstituted into three specialist companies: life, general and reinsurance.

Today, the market is made up of the three public companies (including a specialist reinsurance company) and many smaller private operators. More companies are emerging in the market.

The operation of insurance is governed by the Insurance Business Regulation Act 2005. This act applies to all industry participants who wish to practice insurance in the country. The law broadened the scope of the insurance industry to help attract international insurance and reinsurance companies, which in turn is


The 2005 law establishes an insurance regulator called the Iraqi Insurance Diwan. The Diwan operates as an independent body to set policies and procedures for the regulation of the insurance industry and ensures transparency. The law adheres to international standards including the core principles advocated by the International Association of Insurance Supervisors (IAIS).

The latest report issued by the Iraqi Diwan Insurance describes an expanding insurance market, with thirty insurance companies now registered and licenced. The fact that there are a record number of companies registered with the Diwan is a vote of confidence in the future of the sector. It shows that the market continues to attract additional capital. Iraq remains a country that has yet to fulfil its true potential. However behind the scenes there are encouraging signs that progress is being made.

Arab British European Banking & Finance Guide

IRAQ STOCK EXCHANGE PO 3607 Al-Alwiya Tel: 07711211522/07270094594 Fax: 00964 1 7174461 Email:

Jordan Country Profile

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Official Name: Hashemite Kingdom of Jordan Capital: Amman Land Area: 92,300 km2 Population: 8,117,564 (July 2015 est) Currency: Jordanian Dinar (JD) GDP Growth: 2.9% (2015 est) Dialling Code: +962 (00 962 from UK)


ith credit facilities, assets, capital adequacy and liquidity all on the increase, the banking sector in Jordan plays a key part in economic development. Banking is a pillar of the economy and contributed over 18% to GDP in Q2 2015, according to the Central Bank of Jordan (CBJ). Banking together with insurance and real estate in fact contributed 18.82% of GDP at market prices in Q2 2015, the central bank stated in a report. The economic importance of the sector is not only illustrated by its contribution to GDP, it is also considered to be one of the biggest employers within the private sector as well as having the largest market capitalisation on Amman Stock Exchange (ASE), Awraq Investments observed, 28 December 2015.

The sector consists of 25 banks, 15 of which are listed

The Housing Bank for Trade and Finance (THBK) was

on the ASE. Out of the 15 listed Jordanian banks, eight

established in 1973 as a public shareholding limited

reported an increase in net income during the first nine

company with a capital amounting to half a million JD

months of 2015, of which five banks noticed growth of

growing to become the second largest bank in Jordan as

more than 10%. During the period, ARBK and THBK

well as the second largest company listed in the ASE in

continued to report the largest net income of JD325.43

terms of market capitalisation with a capital of JD252.0

million and JD93.08 million respectively. JCBK, JDIB

million. The bank currently owns 75% of the London

and INVB recorded the highest growth in net income of

based Jordan International Bank.

165%, 139.34% and 41.49% respectively during the first nine months of 2015.

Jordan Islamic Bank (JOIB) was established in 1978, as a public shareholding limited company to carry out all

Most of the banks posted growth in deposits during the Q32015. JCBK reported the highest growth in the nine months period of 22.55% YTD to amount to JD1,078.04 million including cash margins. However, ABCO saw the highest decline in between all listed banks, dropping 6.07% YTD.

kinds of banking, financing and investment business operations in compliance with Sharia and in accordance with the provisions of Jordan Islamic Bank’s Special Law. During November 2015, Standard and Poor’s rating agency maintained the rating of the bank at BB-/Stable/B.

Arab Bank is one of the largest financial institutions in the Middle East, founded in 1930 as the first private sector financial institution in the Arab world. Head-

Bank of Jordan (BOJX) was established in 1960 and currently has a wide distribution channels including branches and ATMs throughout Jordan and Palestine.

quartered in Amman, it serves clients in 30 countries

Today, the Bank of Jordan is among the top five local

on five continents. The bank is a major economic

banks with a capital of JD155.10 million.

engine in Jordan and throughout the MENA, providing modern banking services and capital, and facilitating

In 1976 a group of prominent Jordanian and Kuwaiti

development and trade throughout the region. The bank

investors came together to establish a joint investment

has the highest market capitalisation of all companies

project in Jordan under the name of Jordan Kuwait

listed and represents 23.1% of the ASE.

Bank, for the first 20 years the bank continued to be a

Arab British European Banking & Finance Guide


Jordan Country Profile medium-sized bank with moderate performance, the bank took a massive turn starting from year 1997 and is now currently the sixth bank in terms of market capitalisation. The Bank’s paid-up capital was gradually increased from JD 5 million at establishment to JD 100 million in 2015. Cairo Amman Bank (CABK) was established as a public company in 1960 with a current market cap of JD368.00 million, which is considered one of the top listed companies in the ASE. CABK currently has a wide number of branches throughout Jordan, in addition to its operations in Palestine. The bank has been targeting mainly retail customers where 52% of the current loan portfolio is granted to the retail segment. The Capital Bank of Jordan (EXFB) was first established as the Export and Finance Bank at an authorised capital of JD20 million, which has steadily increased over the years to reach JD175 million under the bank’s new identity as Capital Bank. The bank also offers unique services in the Iraqi market through the National Bank of Iraq, in which it owns a controlling stake. Bank al Etihad (UBSI), previously known as Union Bank, is a Jordan-based financial and banking services institution established in 1978 as a public shareholding company, operates a growing network throughout Jordan, with a paid up capital of JD125 million base in excess of JD272 million. The bank was originally known to be strong in corporate banking which has been the competitive edge of the bank. commercial bank. Together with the name change

six Islamic finance and investment companies and two

The Arab Jordan Investment Bank (AJIB) was founded

to Jordan Dubai Islamic Bank (JDIB), the charter

Islamic insurance companies. Islamic banks operating

in 1978, to become the first investment bank in Jordan,

documents have also been revised to reflect the bank’s

in Jordan had around 140 branches in 2015.

offering a wide variety of investment, commercial

identity as a Sharia compliant institution.

and private banking products and solutions. Earlier this year as part of its strategic efforts to expand its

Societe Generale De Banque – Jordanie (SGBJ)

operations, the bank has acquired HSBC Bank Middle

previously known as the Middle East Investment Bank

East banking business in Jordan. After the acquisition

was established in 1965 and continued to operate under

the bank has expanded its network to expand various

that name until in 2003 Societe Generale De Banque Au

branches, offices and ATMs in major population centres

Liban (SGBL) acquired part of the bank and changed

and commercial districts across Jordan, while currently

its name to SGBJ. The bank provides commercial

owning 25% of the London based Jordan International

banking and investment services.

In terms of financial figures, total deposits for Islamic banks are expected to be around 18% of total deposits, while total equities are expected to be around 11% of total equities for working banks in Jordan. Total assets were 14.9% in 2014 and expected to reach 15-17% of total assets of the banking system in 2015. In addition, total liabilities for Islamic banks were 21.8% in 2014 and expected to reach 22-25% of total liabilities of the

Bank (JIB). Investbank (INVB) started its activities in 1982 under

banking system in 2015.

Bank ABC in Jordan (Arab Banking Corporation) was

the name Jordan Investment and Finance Company

incorporated in 1990 as a Jordanian public

with an authorized capital of JD 6 million, the bank

In 2015, Islamic banks introduced a wide range of

shareholding company. It is a member of the Bank

transformed into an investment bank in year 1989 and

diversified products. For example, the retail sector

ABC Group, one of the largest Arab international banks

grew significantly from then, where it now has a paid up

introduced customer accounts such as current, savings,

with its head offices in Bahrain and with branches and

capital of JD100 million.

Wakalah, joint investment, portfolio of Sanadat

offices in five continents across the world. ABCO in

Muqarada and investment through certificates of

Jordan with a capital of JD 110 million performs all


banking operations at its head office in Amman and its

Jordan has a unique experience in Islamic banking and

branches and automatic teller machines (ATMs) in all

finance. The formative years saw the opening of Jordan

parts of the Kingdom.

Islamic Bank (JIB) as the first Islamic bank in 1978.

In 2007, Dubai Islamic Bank along with its partner

The Islamic International Arab Bank followed after two

The retail sector presented other products such as

Jordan Dubai Capital started discussions with the

decades in 1997. In 2010 and 2011, the Jordan Dubai

Visa cards, transfers (inward and outward), foreign

shareholders of the Industrial Development Bank to

Islamic Bank and Al Rajhi Bank were established

exchange and safe boxes. For the corporate sector, a

convert and restructure it into a fully-fledged Islamic

respectively. Jordan has four operating Islamic banks,

wide range of financial services was introduced such


Arab British European Banking & Finance Guide

deposits. Retail facilities were also introduced through products structured with Qard Hasan, Murabahah, Musawwamah, Ijarah, Ju’alah and also products for the financing of benefits and car and housing financings.

Jordan Country Profile as different client accounts, trade finance services such

Useful Contacts

as letters of credit, letters of guarantee and bills of collection.


The success of the JIB has been closely in keeping with

BRITISH EMBASSY PO Box 87 Abdoun 11118 Amman Email: Tel: +962 (6) 590 9200

a threefold commitment to consolidate and deepen the values of Islamic sharia, to serve the interests of all stakeholders, and to apply the latest applicable products and services in banking and technology. However, what differentiates JIB from many others in the banking industry is its sustainable strategy, and

EMBASSY OF THE HASHEMITE KINGDOM OF JORDAN 6 Upper Phillimore Gardens London W8 7HA Tel: 0207 937 3685 Fax: 0207 937 8795 Email:

it is for this reason chiefly that JIB was awarded the World Finance Award for Best Banking Group and Best Islamic Bank in Jordan, 2015. JIB plans to continue to diversify its banking services, expanding financing and leasing, and issuing tradable Islamic bonds. The bank is looking to expand its network of branches to bring Islamic finance to a much wider section of the Jordanian population.

CENTRAL BANK OF JORDAN PO Box 37 Amman, 11118 Tel: +962 6 4630301/10 Fax: +962 6 4638889 Email:

ELECTRONIC BANKING As of December 2015, 13 Jordanian banks – 54% of the total number of retail banks in the market – provided customers with access to the Central Bank of Jordan electronic billing platform eFAWATEERcom via their online banking channels. Some 37% of retail banks in Jordan provide both online and mobile banking services. A report, “Electronic and Mobile Financial Services in Jordan” by the Arab Advisors Group in February, 2016, sheds light on the Jordanian banking sector landscape, the impact of online and mobile banking services and financial technology (fintech). It also looked at the future of electronic and mobile banking services.

SMES Central bank Governor, Ziad Fariz, has highlighted the role of SMEs in the achievement of sustainable growth which is a top priority. SMEs represent more than 95% of the corporate sector in the country and are vital in supporting economic growth. Job creation and prosperity rests on the SMEs, Fariz said. SMEs represent the majority of enterprises in the country and the main source of growth and new jobs. The SMEs sector provides 70% of job opportunities in the private sector and contributes around 40% of the GDP, the governor explained.

INSURANCE SECTOR The insurance industry is currently supervised by Ministry of Trade and Industry, which took over the function in 2014 when the Insurance Commission was scrapped. In February 2016, the Jordanian Cabinet approved a recommendation by a ministerial committee to task the CBJ with regulating the insurance sector in line with international regulatory practices. The decision stipulated the completion of the transfer of regulatory functions to the CBJ within a year, while the task of updating the regulatory framework for

insurance would be completed within two years, Jordan News Agency, Petra, reported. Updating regulations would involve improving the financial solvency of insurance companies, developing clear and transparent criteria for solvency and strengthening corporate governance requirements for insurance companies.

AMMAN STOCK EXCHANGE PO Box 212466 11121 Amman Tel: +962 6 5664109 Fax: +962 6 5664071 Email:

Regulations are also to be developed to ensure separation between the life insurance business and general insurance for companies that offer these types of insurance and to implement prudential requirements with respect to the investment policies of insurance companies.

JORDAN INSURANCE FEDERATION Jordan’s Association of Insurance Companies was established in 1956 to act as the first commission to regulate the insurance sector in the country. Several pioneering insurance professionals headed the Association over the years and members included some of the highly experienced Jordanian insurance experts. The Association remained active until 1989 when a Royal Decree was issued establishing the Jordan Insurance Federation (JIF) for the purpose of organising and managing the insurance sector in collaboration with the Insurance Commission, an independent supervisory body founded in 1999. In 2008, a new statute was issued restructuring the Federation’s Board and identifying its objectives. The market now includes 25 operating insurance companies providing a wide range of life and non-life products.

Arab British European Banking & Finance Guide


Kuwait Country Profile

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Country Name: State of Kuwait Capital: Kuwait City Land Area: 17,820km2 Population: 2,788,534 (July 2015 est) Currency: Kuwaiti Dinar (KD) GDP: 1.2% (2015 est) Language: Arabic; English is widely spoken Dialling Code: +965 (00 965 from UK)


uwait has one of the oldest banking industries in the Gulf. The sector is highly concentrated with the largest five banks holding over 80% of total assets. Since the downturn of 2008 bank profits have grown and improvements in the performance of the sector have been achieved under the influence of the Central Bank of Kuwait, which has made efforts to encourage banks to improve their corporate oversight, governance and transparency. Kuwait’s banking system improved markedly in the years since the global economic downturn: at the end of 2014, total customer and government deposits held by local banks stood at $129.6 billion, up from $125.5bn at the end of 2013. New rules put in place by the central bank and other regulatory bodies have steadied the sector and provided a stable framework for future expansion. As of September 2014 the capital adequacy ratio in Kuwait’s banking industry was 18.3%, up from 15.6% at the end of 2008 and well above the 12% minimum. Kuwait’s sovereign net foreign assets, meanwhile, were valued at 269% of GDP at the end of the 2014 – the highest of any rated sovereign, according to Fitch – and government debt was at just 5.3% of GDP, an

spending”. Rising profitability has also created considerable opportunities for expansion. In May 2016, ABK announced a $150m deal to acquire a 98.5% stake in Piraeus Bank Egypt (PBE) from Greece’s Piraeus Bank. After securing approval from the Central Bank of Egypt in July, ABK was awaiting final approval from the Egyptian Financial Supervisory Authority. The deal will enable the bank to expand in the fast-growing Egyptian market through PBE’s 39-branch network.

CENTRAL BANK The Central Bank of Kuwait (CBK) was established under the Law No 32 of 1968 concerning Currency, the

indication of Kuwait’s strong fiscal position.

Central Bank of Kuwait and the Organization of Bank-

The momentum was sustained in 2015. The National

Currency Board established by virtue of the Amiri De-

Bank of Kuwait, the oldest and largest bank in the country, saw profits in the first half of the year climb 12.8% y-o-y to KD163.4m ($541.6m) thanks to improvements in the operating environment and tenders for large infrastructure projects. The second largest player, Kuwait Finance House, reported a 14.1% rise in net profits to KD62.3m ($206.5m) during the same period. In July 2015, ratings agency Fitch stated that a significant increase in public infrastructure investment will help drive growth at the country’s eight listed banks. “The rated commercial banks ... are expanding lending under favourable operating conditions as the Kuwaiti government taps its exceptionally strong fiscal


and external position to maintain high levels of public

Arab British European Banking & Finance Guide

ing Business. The central bank replaced the Kuwaiti cree No 41 of 1960. The role of the Board was limited to the issuance of banknotes and coins, unlike central bank’s broad responsibilities ranging from setting and implementing monetary policies to the regulation and supervision of banking activities. The central bank was created in response to the need to keep pace with domestic and international developments, particularly in view of the increasingly important role of the monetary and financial policy contributing to the advancement of social and economic development in the country. The central bank commenced operation on the 1 April 1969, to carry out the following core objectives stated in Article 15 of its Law No 32 of 1968: • issue the national currency on behalf of the State; • maintain the relative stability of the Kuwaiti

Arab British European Banking & Finance Guide


Kuwait Country Profile • • • •

Dinar, and secure its free convertibility into foreign currencies; to direct the credit policy with the aim to contribute to the social and economic progress and enhance the national income; to supervise the State’s banking system; to serve as a banker to the government; and

development objectives, stated the Bank’s Office Di-

to serve as a financial adviser to the government.

financial levels, namely regarding privatisation,


rector in Kuwait, Dr Feras Raad, as reported by Asharq Al-Awsat, 14 March 2016. In an interview with KUNA, Raad said that the package of measures, declared by Finance Minister Anas Al-Saleh, aimed to accomplish short and medium-term reforms at the political and entrepreneurship, the labour market, the business and investment climate.

Kuwait operates a slightly more flexible exchange rate system than other GCC members. The Kuwaiti dinar is

Meanwhile, a customer survey found that mobile

pegged to a basket of currencies, rather than to the US

banking was still at a relatively low take up among

dollar. However, while no official basket composition is

Kuwaiti customers. A survey found that 27 percent of

published, it is likely to be dominated by the US dollar,

banking customers used mobile banking and 50 per

says Moody’s. During 2015, the Kuwaiti dinar depreci-

cent of those who used it were satisfied with their

ated by about 3.7% against the US dollar, but gained

experience of the mobile banking service. EY published

about 1.2% since beginning of 2016. As such, the

the findings in its report, World Islamic Banking Com-

impact from currency depreciation on the local currency

petitiveness Report 2016.

value of the government’s hydrocarbon revenues has been very limited. However, foreign exchange reserves

Elsewhere, in February 2016 the National Bank of

at the Central Bank of Kuwait fell back to $25.7bn in

Kuwait (NBK) was awarded the “Best Private Bank for

December 2015, from $29.3bn a year earlier.

2016” in Kuwait in Euromoney’s Annual Survey where it surpassed global banks in wealth management and

The banking sector is well-capitalised and in a good

private banking services.

position to benefit from a lending expansion. Banks moved to Basel III in January 2014 with relative ease


but faced meeting additional buffers as they were

Kuwait plans to create a new fund to manage domestic

phased in. Internal capital generation has continued

assets, signalling an advance in the country’s push to

to be modest. Measures to strengthen capital could

privatise some state-owned companies. The new fund

include issuing additional Basel III-compliant Tier 1

is expected to manage up to $100bn in local assets,

and Tier 2 subordinated debt securities, according to

which are set be sold to private investors over the next

Fitch Ratings.

five to seven years, according to media reports. A key aim is to encourage the private sector to play a greater

Banks are primarily funded by large volumes of

role in Kuwait’s long-term economic development,

short-term customer deposits. A key strength is

reported OBG, February 2016.

that the government places substantial low cost and behaviourally stable deposits with all banks. Therefore,


Kuwaiti banks have little reliance on market funding

Kuwait Investment Authority’s Wren House Infrastruc-

and contractual asset/liability maturity mismatches

ture Management is part of a consortium of investors

are not seen as a material risk.

which bought London City Airport for $2.8bn, according to a 28 February 2016 announcement. The Canary

Fitch reported that prospects were brighter for the

Wharf airport, a favourite among executives because

eight Kuwait commercial banks it rates on the back of

of its convenient location near London’s financial

continuing strong public spending. The commercial

districts, was put up for sale in summer 2015. The con-

banks rated by Fitch are National Bank of Kuwait

sortium also owns other European airports, including

(NBK), Kuwait Finance House (KFH), Gulf Bank (GB),

Belfast International, Birmingham, Bristol, Brussels

the Commercial Bank of Kuwait (CBK), Al Ahli Bank

and Copenhagen.

of Kuwait (ABK), Ahli United Bank (Kuwait) (AUBK), Kuwait International Bank (KIB) and Boubyan Bank


(Boubyan). In July 2015, Fitch stated that they were

Fitch Ratings has said that tougher operating conditions

all expanding lending under favourable operating

in Kuwait and the wider region are likely to translate

conditions as Kuwait taps its exceptionally strong fiscal

into slower growth for Islamic banks during the year,

and external position to maintain high levels of public

albeit in line with industry trends. The Islamic Banks

spending. The Fitch-rated banks have robust capital

Dashboard by the ratings agency published 22 February

buffers with Fitch Core Capital (FCC) ratios in excess of

2016 covers Kuwait’s large and long-standing Islamic

15% given high concentration risk in the sector.

banking sector which comprises five banks (out of 10 domestic banks) which hold a total market share of

The World Bank has been supporting Kuwait’s reforms

39% by assets. Several of the banks have significant

viewing them as significant for attaining the country’s

operations regionally and internationally, as their focus


Arab British European Banking & Finance Guide

Kuwait Country Profile shifts to high-growth markets for Islamic finance. Fitch believes that Islamic financing growth will moderate in 2016 due to the fall in oil prices and resulting impact on economic activities. The sector is expected to remain profitable despite weaker operating income and higher impairment charges and Fitch expects margins to remain healthy due to the low-cost funding structures of Islamic banks. Kuwait International Bank (KIB) is a key player in the Islamic banking sector which has been expanding throughout the country and beyond. With roots stretching back to 1973, KIB’s stature in the fast evolving Kuwaiti banking sector is growing by the day. It is seen as a source for sustainability. Starting out as a specialised bank in real estate under the name of Kuwait Real Estate Bank, KIB took part in the construction sector before it expanded to other areas of the economy. As one of the first banks in Kuwait to realise the importance and untapped potential of Islamic banking, KIB converted into a fully-fledged bank operating under Islamic sharia provisions in 2007 and changed its name.

INSURANCE SECTOR The insurance sector has posted solid expansion in recent years on the back of growth in some key areas, such as takaful and other non-life segments. The insurance industry has benefitted from a programme of capital investment made by the Kuwait authorities and the continuing expansion of infrastructure projects. Introduced in 1961, Kuwait’s Insurance Law No 24 was the first piece of formal insurance legislation in the GCC. The core law remains in place although it has passed through several amendments to update it. The insurance sector is overseen by the Insurance Department at the Ministry of Commerce and Industry which seeks to ensure the stability of the industry. The sector is heavily concentrated with a small number of key players.

Useful Contacts ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||

British Embassy PO Box 2 Safat 13001 Kuwait Tel: +965 2259 4320 Fax (trade & investment): +965 2259 4368 Email: Kuwait Embassy 2 Albert Gate London SW1X 7JU Tel: +44 (0)20 7590 3400; +44 (0) 20 7606 8080 (Investment Office) Fax: +44 (0) 207 823 1712 Central Bank of Kuwait Tel: + 965 1814 444 Fax: + 965 2244 3354 Email: Kuwait Stock Exchange PO Box 22235 Safat 13083 Tel: +965 2242 3130

Kuwait Qatar Insurance Company (KQIC), a leading insurer offering both conventional insurance and Takaful products, launched an online retail platform, WWW. KQIC-ONLINE.COM in December 2015. With the new platform, its customers can renew or purchase personal insurance (car, home and travel) from anywhere just with the click of a button.

Arab British European Banking & Finance Guide


Lebanon Country Profile

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Name: Republic of Lebanon Capital: Beirut Land Area: 10,452 km2 Coastal Length: 210km Population: 6,184,701 (July 2015 est) Currency: Lebanese Lira (LL) GDP Growth: 2% (2015 est) GDP - per capita: $18,600 (2015 est) Main Industries: Banking, tourism, food processing, wine, jewellery, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating Dialling Code: +961 (00 961 from UK)


espite regional uncertainties, confidence in Lebanon’s economy and in its banking sector remained strong in 2015. In its Economic Outlook Spring 2016 report, the World Bank expected Lebanon’s annual growth over the medium term to be 2.5%. Real GDP growth in 2015 was expected at 1.5 %. Overall, 2015 experienced a resurgent tourism sector and healthy private lending, as the central bank renewed its stimulus package in the amount of $1 billion. Solid profit growth for the country’s largest banks was expected to continue at the same pace, thanks to better than expected economic growth, bankers told The Daily Star, 2 February 2016.

A strong and consistent monetary policy and a stable

sector needs while maintaining a stable interest rate

and transparent financial sector have been the

structure. In terms of capitalisation, banks exceeded

backbone of the Lebanese economy. Banking has

the requirements of Basel III in 2015. Moreover, the

remained healthy and strong despite internal and

BDL issued circulars regarding consumer protection

external challenges: total banking activity grew by

and debt restructuring, with the aim of promoting

around 6%, with total assets of banks exceeding $185

financial stability and well-being.

billion in December 2015. Furthermore, the credibility and integrity of the The central bank, Banque du Liban (BDL), has

financial and banking sectors are regarded as essential

deployed all its efforts to ensure that the main

prerequisites for the wealth of the country which the

objectives of safeguarding monetary and economic

central bank has unremittingly sought to uphold to the

stability, while increasing national wealth, have been

highest levels. The banking sector fully complies with

met. The exchange rate and interest rates remained

international standards and practices. After years of

stable with BDL’s foreign assets exceeding $37bn and

perseverance from the BDL, the Parliament passed in

gold valued at around $10bn in January 2016. Open

end-2015 three important laws related on the regulation

market operations, through the central bank’s

of trans-border cash movements, cooperation to

participation in the bonds market to manage liquidity,

fight tax evasion and amendments to the anti-money

continued without disrupting market mechanisms.

laundering law.

Bank deposits increased by around 5% to reach a

Parliament also approved Lebanon’s adherence

new high of $159bn at the end of 2015, while lending

to the UN’s 1999 International Convention for the

activity registered 6.4% growth during the year, with

suppression of the financing of terrorism. In response,

total credit to the private sector exceeding $55bn in

the central bank established a new unit in early 2016,

December 2015. Lebanese consumers have remained

the Compliance Unit, aimed at ensuring the compliance

persistently confident in their national currency, with

of BDL’s departments as well as banks and regulated

deposit and loan dollarisation on a continued downward

institutions with applicable laws and regulations. This

trend, reaching 64% and 74% respectively at year end.

unit will also propose measures to prevent and manage the risks that could arise in case of non-compliance

The banking sector’s high levels of liquidity enabled commercial banks to finance government and private


Arab British European Banking & Finance Guide

with these laws and regulations.

Lebanon Country Profile

On a more macroeconomic outlook, inclusive growth

pound deposits and 3% on US dollar deposits. Last

banking sector in Lebanon exceeds $160bn while that

and job creation are at the heart of unlocking Lebanon’s

year, the inflows covered net government debt issuance

of Islamic banking does not exceed $1bn,” he said on

potential. They have been, as such, the drivers behind

two times, as a result banks’ external positions have

the sidelines of the Global Islamic Economy Summit

an unconventional monetary policy. On the one hand,


in Dubai.

package in 2013, the central bank renewed this


The bank official said that a lack of awareness of

stimulus for the third consecutive year, with an average

Lebanon was the second largest recipient of

Islamic banking options in Lebanon was another major

of more than $1bn per year. These credit incentives,

remittances among 16 Arab countries and the third

obstacle to its growth, adding that murabaha was the

provided through the banking sector, have played a key

largest among 49 upper middle-income countries in

most popular tool of Islamic finance among Lebanese

role in boosting and supporting the numerous segments

2015, Lebanon This Week reported, 18 April 2016.

customers. Al Baraka Bank Lebanon, a subsidiary of

of the Lebanese economy: fostering traditional sectors

“Globally, Lebanon received more remittances than

Al Baraka Banking Group, was founded in 1991 and

through productive loans; development of human

Russia ($7.1 bn), the United States ($7.09bn) and

operated under a commercial banking licence until

capital and entrepreneurship through education,

Sri Lanka ($7bn), and less than Indonesia ($9.63bn),

2004 when it obtained an Islamic banking licence.

research and development and knowledge and

Italy ($9.58bn) and Belgium ($8.84bn),” it said. “Also,

innovation loans; reinforcement of the middle class

remittance inflows to Lebanon were lower than inflows


through housing loans; and preservation of the

to Egypt ($19.71bn) among Arab countries,”

The insurance sector is a dynamic performer in the

environment through green incentives. The importance

the report added.

Lebanese economy and many elements contribute

and given the palpable results of the first stimulus

towards the sector’s success. First, the

of these catalysts lies in their sizable contribution to


bancassurance or bank insurance model is

Lebanon issued a law on the establishment of Islamic

widespread in the country, whereby commercial banks

Government debt servicing capacity depends on the

banks in 2004 which requires that half of any Islamic

are also owners of insurance companies.

domestic financial sector’s willingness and ability to

bank’s assets be invested in country and stipulates that

Bancassurance has enabled bank-owned insurance

add to its holdings of government debt, which in turn

deposits should have a minimum term of six months.

companies to generate premiums easier by counting on

relies on bank deposit inflows, according to rating

The central bank sets a minimum capital requirement

a large customer network, especially since bank

agency Standard & Poor’s, reported Gulf News 13

for Islamic banks of £100m, although this can be

products such as loans often require an insurance

March 2016. Lebanese domestic banks support the

reduced to $20m if the stipulated conditions are met.

coverage element, to leverage on the fact that customer

real GDP, and their momentum in job creation.

trust in the bank will be extended to the insurance arm.

debt market in two ways. First, they buy government debt directly. Banking system claims on the public

The market share of Islamic banking assets in the

sector account for about 20% of total banking system

overall banking industry in Lebanon is low. In order to

The insurance sector in Lebanon is one of the most

assets. This means bank creditors hold about one-half

address this, Islamic lenders have argued for regulatory

developed in the Arab region, BLOMINVEST BANK

of total government debt. Second, banks buy

amendments to support the growth of the industry

stated in a report on the insurance sector in 2015.

certificates of deposit issued by the central bank, which

in the country. Al Baraka Bank Lebanon, General

According to global reinsurance company, Swiss Re, in

in turn buys government debt. As of year-end 2015, the

Manager, Mutasim Mahmassani, told Zawya, 6 October

2014, Lebanon ranked third in the Arab world in terms

central bank held 37% of the government’s

2015, that Islamic banks found it difficult to compete

of insurance density or premiums per capita with a

outstanding treasury bills, which amounted to 23% of

in Lebanon’s banking sector and amendments to the

value of $308m, only surpassed by Qatar and the UAE.

total government debt.

regulatory framework could stimulate the growth of

More to the point, Lebanon ranked first in the Arab

Islamic banking.

world in terms of insurance penetration, as premiums represented 3.3% of GDP.

Money in the financial system is the key to meeting the country’s external financing requirements. Bank

He estimated that the market share of Islamic banking

deposit inflows are largely sourced by remittances from

assets in overall banking remained below 1%. “You

Despite a challenging economic environment, the

the Lebanese diaspora. The banks induce the inflows

cannot compare the competitiveness of Islamic banks

insurance sector managed to grow in the first three

by paying on average about 6 per cent on Lebanese

with that of conventional banks because the size of the

months of 2015. According to the Association des

Arab British European Banking & Finance Guide



The Art of Consolidation: Why, What, Who, When and How? THE WHY: When we say « Art », we say « Talent ». When we say “Talent”, we say “Skills”. The skills we are talking about are “Nature and Nurture”. The discipline can be learned. The “Sharpness” to determine “economic substance” over “legal form” is the core stone. Moving from “one entity statements” to “Group financial statements”, consolidation is more than a standard based process; it surpasses the boundaries of geographical locations by grouping legally separate entities into ONE economic entity.

effort in obtaining information required (cost over benefit)


3. •

Group Financial statements have a wide range of users. These stakeholders are grouped into three categories, as follows:


• •

Providers of capital and their advisers Employees and their representatives


• • • •

Lenders Suppliers and other trade creditors Correspondents Customers


• • • •

Governments Regulators Rating agencies Public

Group accounts provide a true and fair view to the owners of a parent of what their investment represents as the value of assets controlled differs from the cost of the investment. The substance of the relationship is reflected in the consolidated FS.

THE WHAT: To achieve the required “Truth and Fairness” a discipline is a must where the need for an International Standard: IFRS 10 – Consolidated Financial Statements.

THE WHO: 1. • • • • •


In some countries, individual subsidiaries are still excluded from consolidation for reasons, such as: Long-term restrictions over the parent’s rights to control a subsidiary; Subsidiary having sufficiently different activities from the parent; Temporary control of a subsidiary; Subsidiaries being immaterial (separately or in aggregate); Disproportionate expense or undue time and

Management might want to remove a loss-making subsidiary which reflects poorly on the economic performance and financial position of the Group. However, under IFRS 10, there are no exclusions from consolidation of individual subsidiaries meeting the control criteria. A parent is exempted from preparing consolidated FS if: It is a wholly-owned or partially-owned subsidiary (as long as the other shareholders have no objections to this) The parent’s debt or equity instruments are not traded on a public market The parent has not filed its FS with a recognized stock market The ultimate (or an intermediate) parent presents consolidated FS in accordance with IFRSs National rules specify the exemption. Under UK Companies Act 2006, a parent that is subject to the “small company’s regime” is not obliged to prepare group accounts.

THE WHEN: • • • • • • •

Inclusion of an entity’s accounts in the consolidated financial statements begins when the Group is able to exercise control over the entity and ceases when it is no longer able to do so. Power and Control: It is the substance of the ability to control which drives the definition rather than legal ownership of shares. (Substance over form rule). Usually power is obtained by holding > 50% of the voting rights. However, power can also arise through contractual arrangements / agreements, without holding a majority of voting rights. When assessing whether control exists, the existence and effect of currently exercisable potential ordinary shares (i.e., options or convertibles) should be considered. Control (or ability to control) derives from direct or indirect ownership of a majority of the voting rights over an investee. Power and returns: there should be a clear relationship between power and returns. To have control, the investor must have the ability to affect the returns from the investee. In some relationships, there is a need to determine whether the Investor is acting as a principal or an agent. A principal has control, an agent would need powers delegated to it by a controlling body.

THE HOW: Group accounts are prepared using the acquisition method – This method involves:

Identifying an acquirer;

Arab British European Banking & Finance Guide

Antoine Gholam: Chairperson and Partner


• • •

Determining the acquisition date (to determine the exchange rates in use at that date); Recognizing and measuring the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquire; and Recognizing and measuring goodwill or a gain from a “bargain purchase”.

Date of acquisition or disposal • The results of operations of a subsidiary are included in consolidated FS (SOCI) as from the date the parent gains control of the subsidiary and until the date on which the parent ceases to have control of the subsidiary • A company with a subsidiary on the last day of its reporting period: this parent must prepare consolidated FS in addition to its own individual accounts. • This date is not necessarily the legal date of acquisition or disposal. It’s the date of gaining or losing control. • Mid-year acquisitions: A Parent may not acquire a Subsidiary at the start or end of a year. In order to calculate the Subsidiary’s net assets at the date of acquisition, the Subsidiary’s profit after tax is assumed to accrue evenly over time unless indicated to the contrary. Co-Terminous Year ends • The financial statements of the parent and its subsidiaries used in the preparation of the consolidated financial statements are drawn up to the same date • If the FS of the parent and its subsidiaries are not prepared at the same date, the subsidiary must prepare special statements as the same date as the Group. If it is impracticable to do so, the FS of the subsidiary drawn up to a different end are used if:

• •

The difference is no greater than three months; and Adjustments are made for the effects of significant transactions or events that occur between those dates and the date of the parent’s FS.

Accounting Policies • Group FS must be prepared using uniform accounting policies for similar transactions and events. • ADJUSTMENTS on consolidation are needed for material differences in accounting policies used in the preparation of FS being consolidated. Therefore restate the accounts of the subsidiary to be in line with the Group policy. • If the subsidiary has not reflected fair values in its accounts, this must be done at consolidation level. Eliminations • Substance: Consolidation involves the replacement of cost of investment in the parent’s accounts by “what it actually represents” A two-stage method is used in consolidation: This two-stage method provides useful information to the users of FS about control and ownership

Any holding of less than 100% of Subsidiary’s net assets is reflected in the calculation of NCI → OWNERSHIP

The consolidated Statement Of Comprehensive Income (SOCI) shows income generated by the Group’s resources (i.e., net assets shown in the consolidated SOFP

• •

The parent’s separate Comprehensive Income shows dividend income from subsidiaries The Group Comprehensive Income shows income generated by group’s resources.

The consolidated SOCI is prepared on a basis consistent with that used in the preparation of the consolidated SOFP:

• • •

On consolidation, the subsidiary’s income and expenses (100%) will be summed, line-by-line, with the parent’s income and expenses (Control). Ownership is presented by allocating the profit for the period between the NCI and the owners of the parent. The NCI’s share of subsidiary’s profit after tax is shown, leaving Group profit as remaining (balancing figure) The effects of transactions between group members must be eliminated (single entity concept)

The Consolidated Statement of Changes in Equity • This statement will reconcile how the equity position has changed during the period • The consolidated statement will look at the movement from the point of the Group, but will include reconciliation (movement) of the NCI’s share of group equity.Consolidated financial statements bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions

CONCLUSION Individual companies accounts (separate FS) are based on “double entry accounting system” unlike Group accounts. When preparing Group accounts eliminating entries (Debit and Credit) relate to different companies books (legally separate but combined as a single one). The Purchase Price Allocation (PPA) of a business acquisition and Goodwill determination are another part of this Art and a process that never ends. The figures determined at the date of acquisition are re-assessed at each reporting date turning the consolidation from a basic task to a challenging one. A challenge of providing accurate and relevant information on a timely basis to increase efficiency to its users. Any task accomplished as an art is a way towards achievements. This how it shall begin and this is how it ends. However, writing about consolidation is a story that never ends.

The Consolidated Statement of Financial Position (SOFP): • Assets and liabilities of the Group are a line-by-line cross cast of those of Parent and Subsidiary (100% added-up → Since there is CONTROL)

Arab British European Banking & Finance Guide


Lebanon Country Profile

Useful Contacts ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||

BRITISH EMBASSY Embassies Complex Serail Hill Beirut Central District PO Box 11-471 Beirut Tel: + 961 (1) 960800 Fax: +961 (0)1 960855 Consular section: LEBANESE EMBASSY 15 Palace Garden Mews London W8 4RB Tel: +44 (0) 20 7229 7265 Fax: +44 (0) 20 7243 1699 Email:

Compagnies d’assurances au Liban (ACAL), the sector grew by 6% in the Q1 2015 period, the same growth rate registered in the same period of the previous year. The market’s growth was mainly due to the 7% progression in the non-life segment of the market and the 5% growth in the life segment. The life segment is still below potential in Lebanon and this is also shown through the fact that in 2014 the life insurance density was estimated at $88 while the non-life insurance density was high at $220. Due to deficiencies in the National Social Security system, medical insurance is a highly sought after safety net. The National Social Security Fund needs reforming and is suffering from a chronic deficit which accumulated to $542.98m at the end of 2011. In Q1 2015, medical premiums represented the largest share of 38.9% in total written premiums and accounted for a little over half of non-life premiums with a share of 51.4% in the total. Medical insurance premiums recorded the largest y-t-d growth of 14% and totalled $162.34m in Q1 2015. Expatriates’ medical insurance, designed to cover Lebanese living abroad, witnessed a notable growth in Q1 2015 with premiums rising by 4% y-t-d to $3.08m. Motor insurance is the second largest premium generator in the non-life segment with a share of 18.9% in the total. Motor insurance premiums registered a marginal y-t-d growth of 1% to $79.04m while total motor claims fell by 4% since year start to $45.22m. Since they represent the second biggest share of 25.2% in total claims, the lower motor insurance claims contributed to the overall decline in the claims paid by insurance companies to beneficiaries.


The marginal growth in motor insurance premiums and claims can be explained by the subdued growth in the car sector. The tough economic times have pushed consumers towards small cars with a low-price tag which has eaten away a chunk of the importers’ profits. Moreover, the Central Bank of Lebanon has recently introduced tighter restrictions on retail loans and imposed a 25% down payment on car loans in particular. Accordingly, figures from the Central Bank point to a 6.67% year to-date decline in cars loans to $1.4bn by July 2015. Although life insurance still does not occupy a large share in the sector, it benefits from the fact that it is a condition for receiving certain banking products. In Lebanon, housing loans, which represent 61% of total individual loans, can only be granted if the beneficiary obtains a life-insurance policy covering the outstanding loan amount. According to ACAL, the net income from the life related investments are mostly behind the overall upturn in the sector’s net investment income. In Q1 2015, total net investment income in the sector grew by 4% since year start with the net income from the life related investments rising by 9% y-t-d to $22.39m. Overall, the insurance sector is surviving the challenging operating environment thanks to the vast know-how in the sector and the bancassurance model. The released figures for 2015 also show how developed and demanded medical insurance is, which is why it remains the top premium generator for the insurance companies. However, the first months of 2015 also show that certain lines of business in the insurance sector can reflect general economic setbacks such as in the car sector which is suffering from the lower purchasing power of consumers.

Arab British European Banking & Finance Guide

BANQUE DU LIBAN – CENTRAL BANK OF LEBANON Masraf Lubnan St PO Box 11-5544 Beirut Lebanon Tel: + 961 1 750000 BEIRUT STOCK EXCHANGE Al Bachura, Azarieh St Azarieh Bldg. Block 01 - 4th floor PO Box 11-3552 Tel: + 961 1 993555 Fax: + 961 1 993444 Email:

Libya Country Profile

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Country Name: Libya Capital: Tripoli Land Area: 1.8 million km2 Population: 6,411,776 (July 2015 est) Currency: Libyan Dinar (LD) GDP Growth: -6.1% (2015 est) GDP: $41.14 billion (2014) Dialling Code: +218 (00 218 from UK) Main Industries: Oil, petrochemicals, aluminium, iron and steel, food processing, textiles, handicrafts, cement


he country’s financial services sector needs much new investment in its infrastructure to enable dramatic improvements to modernise it to the benefit of economic prosperity. At present Libya has one of the most underdeveloped banking sectors in North Africa and has long functioned as a largely cash economy.

Efforts have been made to encourage the entry of foreign banks, but around 90% of the country’s banking assets remain in the hands of a small number of state-owned entities. Outstanding challenges that urgently need to be addressed concern staff training and upgrading inadequate IT infrastructure which means inevitably there is a lack of the usual banking facilities available to the consumer such as ATMs. As a result, many consumers remain quite unfamiliar with modern banking services. Banking activities in Libya are governed by Banking Law No 1 of 2005, together with regulations and guidance issued by the central bank, which is responsible for granting approval of foreign participation in a Libyan financial institution. The level of foreign ownership has normally been restricted to 49% and all banks must be structured as joint stock companies.

• The development of financial procedures to speed up banking services in the country; • Continuation of the work of electronic payment systems and the follow up of updates; • Technical development of best practices in sorting, counting and destruction to ensure the quality of currency in circulation; • Create an appropriate environment for the work of the Libyan Stock Exchange (LSE) to improve ec nomic performance; and • To ensure that notes and coins meet the needs of the Libyan citizen and branches of commercial banks according to the geographical distribution of the state and work to modernise and develop security procedures. On 4 May 2016 the Central Bank of Libya reported that Saddek Elkaber, the Governor of the Central Bank, had hosted a meeting in Tripoli with general managers of the country’s commercial banks during which they

The liquidity crisis that Libya confronted in 2011 is considered to have been one of the most severe tests of the country’s banking system since the early 1960s. The central bank took measures that proved successful in helped avoid bank insolvency.

discussed banking issues related to facilitating the daily life of citizens, issues dealing with safety of banks, and reviewed efforts to provide immediate liquidity including the activation of electronic payment services. Meanwhile, a committee of the Central Bank with

The Central Bank of Libya based in Tripoli is

responsibilities for letters of credit, held a meeting

responsible for regulation of the banking sector.

on 28 April 2016 with general managers of commercial

The bank first started its operations on 1 April 1956

banks. Discussions focused on the need to accelerate

although it derives its present functions and powers

procedures for opening documentary letters credits by

from the country’s Bank Law No 1 of 2005.

commercial banks in accordance with the regulations in Circular No.2 of 2016. The banks also emphasised

The bank aims to modernise and develop the industry

the need to expedite the issuance of electronic cards

in accordance with international standards and its

and accelerate the opening of transfer services for the

stated priorities include:

public according to legislation.

Arab British European Banking & Finance Guide


Libya Country Profile SOVEREIGN WEALTH FUND Despite its recent problems, Libya remains a wealthy nation with a sovereign wealth fund, Libyan Investment Authority (LIA), which boasts assets of $67bn; the majority of its assets have been frozen by the UN since 2011 while a government of national unity is established. About 35% of the LIA ‘s assets are made up of cash deposits held at the central bank. Of the remaining assets, 25% are in foreign stocks and bonds frozen since 2011 while a further 40% are direct stakes in foreign companies and, as such, are not frozen. One proposal is for the LIA to establish an investment bank to support the emerging private sector which remains weak in part because it lacks a modern financial services sector to provide the necessary support. This LIA-backed investment bank could fund small-to medium-sized companies (SMEs), provide consultants to help them formulate business plans and create so-called business incubators to aid start-ups. Libya is defined by the World Bank as an “upper middle income” country. But as the World Bank observed, the country faces immediate challenges to manage fiscal spending pressures while restoring and improving its basic public services. A long term task is to develop the framework and institutions needed for a more diversified market-based economy by broadening the economic base beyond the oil and gas sector. Although the World Bank’s engagement was initially expected to accompany only Libya’s short term economic recovery efforts, the country’s transition programme laid the basis for longer term goals. These include creating a more vibrant and competitive economy with a level playing field for the private sector to create sustainable jobs and wealth. It also includes transforming the management of oil revenues to ensure they are used in the best interests of the country as a whole and to the benefit of all citizens, the Bank said, 31 March 2016. In April 2016, the UN Development Programme launched a new Stabilisation Facility for Libya to help to finance the rehabilitation of key public infrastructure.

ISLAMIC FINANCE Libyan officials have expressed the intention of transforming the country’s banking and economic system to comply fully with Islamic law, Reuters reported 6 January 2014. Libya is seeking to attract foreign investment and develop its non-oil sector but

banking and finance into the market for the first time. This introduction and development of an Islamic banking and finance market took a further step forward on 7 January 2013, when the General National Congress (GNC) promulgated Decree No 1 of 2013, which forbids the charging of interest on loans granted to individuals. It was further announced by the GNC that the same principles would start to apply to corporate loans, as from 1 January 2015. Additionally, under this law, a special fund was established under the supervision of the central bank to provide interest free loans.

STOCK EXCHANGE One of the Central Bank’s priorities as set out in its strategic plan is to create the appropriate environments for the work of the Libyan Stock Exchange (LSE) in order to improve economic performance. When the LSE reopened in March 2012 it had 10 companies listed on it and trade on its first day was worth $3bn, according to a spokesman. This can be compared with its counterparts in Cairo with its market value of $70bn and Casablanca with its $50bn. Banks and insurance firms constitute nearly all of Libya’s publicly listed companies. The country’s stock market was first established with decision No 134 of the former General People’s Committee in 2006 with premises located in both of Benghazi and Tripoli. Later, electronic trading was started in 2008.

INSURANCE SECTOR Like its banks, the nature of Libya’s insurance market has remained relatively underdeveloped, although there have been some signs of advances in the recent period. There are 13 insurance companies operating in the market, four non-life and nine providing life and non-life cover. Foreign insurance companies seeking a presence in Libya need to be aware that they are not permitted to own more than 49% of a local insurer. Life insurance is estimated to account for no more than 2% of gross premium income across the whole market. The various product segments can be broken down as follows: fire, energy and engineering – 33%; auto- 24%; medical – 16%; marine and aviation – 14%; liability – 8%; leaving miscellaneous accident on 5%. Now that companies are obliged to provide health cover for their employees a number of new insurance companies have been set up, of which three, Libya Insurance Company, United Insurance and Sahara Insurance are quoted on the Libyan Stock Exchange.

achieving stability remains an issue. Libya had decided to issue three Islamic banking licences and five applications from local investors were received, according to the central bank’s supervision department. In recent years several measures have been taken to move towards Islamic banking, in particular, the Central Bank of Libya received approval to promulgate Law No 46 of 2012, to formally introduce Islamic


Libya’s Insurance Supervision and Controlling Authority has been working with insurers to promote the importance of insurance through advertising campaigns and educational programmes among the public. Sahara Insurance Company reached an agreement with Bupa International to provide international private medical insurance plans for organisations based in Libya.

Arab British European Banking & Finance Guide

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The British Embassy in Tripoli temporarily suspended operations in August 2014 and had yet to reopen at the time of writing. Those with enquiries are advised to contact Tunis. BRITISH EMBASSY Rue du Lac Windermere Les Berges du Lac Tunis 1053 Tunisia Tel: +216 71 108 700 LIBYAN EMBASSY 15 Knightsbridge London SW1X 7LY Tel: +44 (0) 20 7201 8280 Fax: +44 (0) 20 7245 0588 CENTRAL BANK OF LIBYA (CBL) LIBYAN STOCK MARKET Hai Alandalus Road Tripoli Tel: +218 4782600 THE LIBYAN BRITISH BUSINESS COUNCIL (LBBC) 50 Broadway St James’s Park London SW1H 0RG Tel: +44 (0) 20 7152 4051 Fax: +44 (0) 1306 88 1046 Email:

Mauritania Country Profile

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Country name: Islamic Republic of Mauritania Land area: 1 million km2 Population: 3,596,702 (July 2015 est) GDP growth: 4.1% (2015 est) GDP - per capita: $4,500 (2015 est) Language: Arabic (official), French, others Currency: Mauritanian Ougiya (MRO) International dialling code: +222 Exports: iron ore, fish and fish products, gold, copper, petroleum Imports: machinery and equipment, petroleum products, capital goods, foodstuffs, consumer goods Dialling Code: +222 (00 222 from UK)


he Mauritanian national economy experienced sustained growth with GDP growth remaining stable at 6.4% in 2014 in comparison with a 5.7% a year earlier. This performance is the result of the remarkable performance of the fisheries sector (+ 62.5%), construction (+18.5%), iron ore (+ 14.4%) and the tertiary sector in general (+6, 7%). The agriculture and livestock have experienced moderate growth with + 0.9% and + 3.1% respectively. Oil production and manufacturing activities, for their part, experienced a contraction of -19.6% and -4.6% respectively.

With its prudent economic policies, Mauritania’s real

financing costs and improved access to financial

GDP growth is projected to recover to 4.2% in 2016

services for SMEs and individuals, increasing the

supported by a rebound in mining production. Economic activity in the non-extractive sector is

number of operating banks (from 10 in 2009 to 15 in

expected to remain subdued, with growth slowing

2014), resulting in a significant reduction in

marginally to 2.9% in 2016. Inflation is expected to rise

intermediation margins. The average rate of bank

to around 3.6%. The medium-term outlook remains

credit has thus moved from 15.1% in 2012 to 11.1%

dependent on iron and oil prices, the authorities’ policy response and the resilience of the financial sector.

in 2013 and 11.4% in 2014.

The economic slowdown has had an impact on

At the same time, modernisation of the payments

Mauritania’s financial sector leaving the banking sector

system continued as evidenced by the development of

vulnerable to shocks. While the banking system remains well-capitalised and liquid, liquidity is declining. Nevertheless, the IMF can speak of the “resilience of the financial sector”.

electronic banking with the widespread use of bank cards and ATMs, whose number increased by nearly 25% in 2014. In addition, most banks now issue international payment cards with overseas usage

Mauritania was declared to be among the “world’s top 10 improvers” of their business climate, by the World

limits among the highest in the region.

Bank in its Doing Business 2016 Report which was published on 27 October 2015. Along with other

Aware of the challenges to the sustained development

economies of Sub-Saharan Africa, Mauritania

of the banking system and the imperative of stability,

continued to implement reforms to improve the

the monetary authorities have continued to strengthen

business climate for domestic entrepreneurs, the report said. Members of the Organization for the

the supervision system with the adoption of new pro-

Harmonization of Business Law in Africa (OHADA) had

visions relating to the classification of bank loans and

been particularly active during the past year, according

corporate governance in credit institutions for better

to the World Bank Group’s annual ease of doing

risk control. Emphasis has been placed on human

business measurement.

resources such as recruitment and training of

The opening of the banking sector to competition has

executives dedicated to supervision.

created favourable conditions and led to reduction in

Arab British European Banking & Finance Guide


Mauritania Country Profile of a minimum $18 million. By the end of 2014, inflation stood at 3.5 % annually against 4.1% and 4.5 % in 2013. The implementation

A new bank, the Banque islamique de Mauritania

of a prudent monetary policy, pursuing programmes to

opened in November 2011, 60% owned by the Islamic

mitigate the rising prices of essential goods for the

Corporation for the Development of the Private Sector

vulnerable populations and declining import prices

(part of the Islamic Development Bank) and 40% by

have helped contain price increases at a

the Turkish bank Asya.

moderate level. Orabank Mauritania (formerly BACIM Bank) was set up

Mauritania received no sovereign rating from any of the three major credit rating agencies. Commercial banks, which represent the main intermediaries on the Mauritian debt market, also largely dominate the investor base. Foreign investors can access the primary market but their participation remains very limited. While a secondary market was officially established in 2007 it has yet to become active, and there is currently no derivatives market in the country.

The financial sector remains underdeveloped with

at the end of 2001 and forms part of the Orabank Group

88% of the sector’s assets held by commercial banks,

which has a presence in 12 countries in West and


according to the International Islamic Trade Finance

Central Africa. The bank was acquired by ECP and

Corporation, part of the Islamic Development Bank.

renamed ‘Orabank Mauritania’ on 30 September 2012.

One of the main issues leading to this

97% of the bank’s share capital is held by ECP and

underdevelopment is the monopolisation of commercial

Oragroup SA. It has branches in different locations

banks’ capital by a limited number of shareholders,

around the country including three branches in

where bank transactions mainly concern operators of

Nouakchott, one in Nouadhibou, the country’s economic

the import-export sector, and are essentially based on

capital, one in Kiffa and one in Néma in the east of the

short-term financing. There is also a lack of


The World Bank has funded an initiative to assess the enabling environment for PPPs in Mauritania, and to develop a pipeline of potential projects. The scope of a contract issued to consultants in March 2016 included advising the Ministry of Economy and Finance on the establishment of an institutional framework and a dedicated PPP unit, as well as helping the government to identify private partners, with a view to implementing PPP pilot projects. The idea is to make use of PPPs to raise finance needed to carry out improvements to the country’s piped water network.

diversification of the products and services offered in the market. Consequently, this impedes the

Banque pour le Commerce et de l’Industrie” (BCI)

development of a more competitive private sector.

opened in the capital in 1999 since when it has grown to be among the top banks in the country. Rigorous

The IMF has been advising Mauritania on the

management and strict adherence to its commitment

development of a broader tax base that promotes fair

has meant that the reputation of the BCI has become

taxation; restraint on current expenditures and

well-established in Mauritania and in other countries.

investment consistent with medium-term fiscal

The bank has also set out to develop a network of

sustainability. “Reforms to strengthen the fiscal

several dozen financial and banking correspondents in

framework, including through a new organic budget

most of the countries where its clients work, at the top

law, would support the process of fiscal consolidation,”

of the list being Natixis-Banques Populaires,

the IMF said.

correspondent and adviser right from the start, Citibank, the European Investment Bank (EIB) and also

“The Central Bank of Mauritania continues to strength-

the Islamic Development Bank (IDB) which opened up

en its regulatory framework and supervision capacity to

lines of credit to help overcome the market’s lack of

support the continued development and stability of the

financial resources.

financial system,” stated Mercedes Vera Martin, who led an IMF visit to the country. During that visit the IMF


met with Mauritania’s Prime Minister, H E Yahya Ould

The authorities, led by the Central Bank, are in the

Hademine, the Central Bank Governor, H E Abdel Aziz

process of an ongoing wide-ranging financial sector

Ould Dahi and the Minister of Economy and Finance,

reform process, including the introduction of a new

H E El Moctar Ould Djay, among others.

banking law. Some important amendments to the legal and regulatory framework of the financial and banking

The financial sector remains concentrated in urban

sectors were made in 2009, and registration and

areas with lending to the private sector and households

lending policies, minimum capital requirements and

low because of the limited access to credit. The high

risk division coefficients have been revised. Measures

costs of financing continue to restrain dynamic

have also been taken to enhance competition, notably

entrepreneurial activity.

by allowing the entry of two foreign banks, now fully operational, and granting a license to a third foreign

The Mauritanian banking sector consists of the Central


Bank of Mauritania (BCM), thirteen commercial

Further measures include aligning accounting

banks, one leasing institution (Bail Credit), one mutual

standards with the International Financial Reporting

agricultural credit and savings Bank, and a network of

Standards (IFRS), and enforcement of loan-loss

microcredits funds.

provisioning regulations more vigorously.

The banking sector serves only a minority of the

Based on information sourced from the IMF, World

population, despite the presence of foreign banks such

Bank and African Economic Outlook, it is possible

as Société générale, Qatar National Bank and

to observe that capital markets are in the very early

Morocco’s Attijari Bank. Overall the sector is

stages of development. The fixed income market is

adequately capitalised, many banks increased their

comprised uniquely of government securities, with no

capital to comply with the central bank requirement

corporate issuances in the market. As of March 2013,


Arab British European Banking & Finance Guide

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EMBASSY OF THE ISLAMIC REPUBLIC OF MAURITANIA Carlyle House 235-237 Vauxhall Bridge Road London SW1V 1EJ Tel: +44 (0) 20 7233 6158 Email: BRITISH EMBASSY IN MOROCCO Responsible for dealing with Mauritania British Embassy Rabat 28 avenue SAR Sidi Mohammed Souissi Rabat Tel: +212 37 63 33 33 Email: CENTRAL BANK OF MAURITANIA - BANQUE CENTRALE DE MAURITANIE (BCM) BP 623 Nouakchott Mauritania Tel: + 222 25 22 06/25 28 88 Email:

Morocco Country Profile

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Country Name: Kingdom of Morocco Capital: Rabat GDP Growth: 4.9% (2015 est) GDP - per capita: $8,300 (2015 est) Land Area: 446,550km2 Population: 33,322,699 (July 2015 est) Currency: Moroccan Dirham (MAD) Languages: Arabic, French and Berber Main Exports: Clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilisers (including phosphates), petroleum products, citrus fruits, vegetables and fish Main Imports: Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors and plastics Dialling Code: +212 (00 212 from UK)


orocco has one of the best developed banking sectors in Africa. Penetration is rising rapidly and recent improvements in macroeconomic fundamentals have helped resolve previous liquidity shortages. Morocco’s institutions include some of Africa’s largest banks, of which several have become major players on the continent and continue to expand their presence.

The sector’s product offering has also continued to

economic outlook. Banking liquidity has continued

evolve, most notably through the new banking law

to improve due to increased foreign reserves and the

that came into force in March 2015. The new law

reduced fiscal deficit (bank liquidity needs were

concerns a range of areas including the establishing of

estimated at 30.4 billion dirhams in August 2015,

Sharia-compliant banks. The legislation expanded the

against 69.2 billion dirhams at end 2013). While bank

powers of the System Risk Surveillance Committee,

lending grew at a modest rate of 1.1 percent in

which monitors the sector for signs of systemic

September 2015 (year-on-year), there is no evidence

instability; it empowers the central bank to take

that bank credit supply is a significant constraint to

emergency measures immediately to deal with any

credit growth, given the soundness of the banking

emerging systemic banking difficulties, instead of

system, continued slow non-agricultural growth,

first having to receive an opinion from the disciplinary

and lower imports. Lending rates declined but other

committee, as was previously the case; it obliged banks

lending conditions (including collateral requirements)

operating in the kingdom to appoint an independent

remained tight, especially for corporations, in view of

administrator to their boards; and allowed for the

increased credit risks.

creation of new payment institutions. Acknowledging that the current economic environment The soundness of the banking system is widely

could be particularly difficult for very small, small and

appreciated. As the IMF has said, the overall banking

medium enterprises, the central bank raised its credit

system is sound despite financial strains in parts of

support to them by increasing its range of eligible

the corporate sector. In recent years, Morocco’s banking

collaterals and through the VSME funding support

system has deepened, with total bank assets reaching


140% of GDP, and become more complex, including through a rapid expansion in Sub Saharan Africa.

The 2016 Budget Law confirmed Morocco’s

In aggregate, the regulatory capital adequacy ratio

determination to solidify the tax base, control

stood at 13.8% as of end-2014, well above Basel III

expenditure and implement a pension reform that

requirements, and bank profitability has been stable

would lengthen the system sustainability and reduce

despite slow lending activity.

liabilities. Along with the ongoing subsidy, fiscal and financial reforms, all these actions have contributed to

Credit remained subdued under stable policy rates and

consolidating the macroeconomic framework,

monetary conditions, the IMF said, February 2016.

improving the business environment, and enhancing

The central bank, Bank Al-Maghrib (BAM), has kept its

higher and inclusive growth potential, the World Bank

policy rate unchanged at 2.5% in recent months, taking

said. On average, real GDP grew by 3.8 % during

into consideration mixed economic developments,

2013-2015 underperforming its trend of 4.6 % per

a moderate increase in inflation, and an uncertain

annum during 2003-2012.

Arab British European Banking & Finance Guide


Morocco Country Profile

The largest bank in the kingdom is Attijarawafa Bank.

fund Caisse de Dépôt de Gestion (CDG) and which

Since CFC began in 2010, Morocco’s financial sector

Part of Attijarawafa finance group, it is the third-

registered assets of Dh43.1bn (4.69bn) in 2014.

has attracted around 100 leading multinational

largest bank in Africa and the second-largest company

Other onshore banks in the country include the postal

companies – including Ford cars, AIG, China’s Bank of

listed on the Casablanca Stock Exchange. Its major

bank Al Barid Bank, which was launched in 2010 and

China, French bank BNP Paribas and the Abraaj group –

shareholder, with a 47.9% stake, is Société National

has more than 1800 branches; the local unit of

to manage their African markets from Casablanca. Said

des Investissements (SNI).

US-based Citibank, which is focused primarily on

Ibrahimi, CEO of Casablanca Finance City, judged the

corporate business; the Moroccan subsidiary of

ranking to be clear evidence that Casablanca had won

The second-largest bank in the country is Groupe

Jordan-based Arab Bank; and several investment

the confidence of professionals in the industry.

Banque Populaire, with 2014 assets of Dh309.6bn

banks, including CDG Capital, which manages state

(33.7bn), up 6.7% for the year. The bank is made up of

pension funds, and the investment arms of the


10 regional cooperative banks, known as around 52%

country’s major commercial banks.

A new banking law came into force in February 2015


measures to develop the kingdom’s Islamic banking

in the institution that acts as their parent. The bank registered net income of Dh2.2bn (239.4m) in 2014, up 12.5% on the previous year; deposits stood at Dh205bn (22.3bn), up 9.5%. The third-largest bank operating in Morocco is BMCE Bank, with 2014 assets of Dh247.3bn (26.9bn), or around 22% of sector assets. Part of the FinanceCom group, which owns 6%, its largest shareholder is another group member, insurance firm RMA Watanya, with a stake of 30%, and its second-largest shareholder is French bank Banque Fédérative du Crédit Mutuel, with a stake of 26.2%. BMCE Bank recorded net income of Dh1.94bn (211m) in 2014, up 58% from Dh1.23bn (133.8m) the previous year (profits from its Moroccan operations, which accounted for half of the total, rose by 97%) and up from Dh850m (92.5m) in 2011. The bank’s loan book was worth Dh103.1bn (11.2bn) at the end of 2014, up 4.8%, while deposits

Casablanca Finance City (CFC) has been named as Africa’s top financial centre replacing Johannesburg to gain first place ranking in the March 2016 edition of the Global Financial Centres Index (GFCI), seen as a benchmark for the global financial industry. London-based think tank Long Finance uses two main measures to rate the 86 financial centres ranked in its index. To complete the first measure, the analysts took business data from the United Nations and the World Economic Forum in order to evaluate the centres on five broad spheres of competitiveness: business environment, financial sector development, infrastructure, human capital and reputational factors. Globally, Casablanca took 33rd position, having climbed 11 spots since the last GCFI evaluation.

designed to enhance sector stability. The law included industry. Since 2007, Moroccan banks and insurers had been allowed to offer three Islamic products: ijara (a form of lease contract), musharaka (a profitsharing partnership) and murabaha (a type of cost-plus financing). The 2015 law went further to permits the opening of fully sharia-compliant institutions. A royal decree was also issued establishing a sharia board of religious scholars to ensure that products issued by the Islamic finance sector comply with religious regulation. The board will be staffed by 10 scholars, appointed by the president of the High Islamic Scholars Council, as well as at least five finance specialists. With the 2015 law, interest in the segment has soared, with more than 15 institutions (local and foreign) expressing interest as of February 2015, according to Hiba Zahoui, deputy director of the banking supervision directorate at BAM. A Thomson

stood at Dh115.4bn (12.6bn), up 6%.

Casablanca was the only one of nine financial centres

Other major commercial banks operating in Morocco

and rating, the report said. The combined rankings put

Attijarawafa Bank’s CEO, Mohamed El Kettani, said this

are the local unit of France’s Société Génerale, whose

the Moroccan city at fourth place, leading Doha (35th),

could reach as high as 10% by 2025. This compares to

Moroccan subsidiary registered assets of Dh74.5bn

Johannesburg (51st), Bahrain (69th), Riyadh (70th) and

28%, 44.6% and 49% in Bahrain, Kuwait and Saudi

(8.11bn) in 2013; BMCI Banque, the chief

Mauritius (73rd).

Arabia – the key Gulf Islamic finance markets –

in the Middle East and Africa to increase both ranking

Reuters report estimated that the share of local banking assets that are Islamic could reach 3-5% by 2018.

according to EY’s “World Islamic Banking

shareholder in which is French bank BNP Paribas and which registered 2014 assets of Dh66.2bn (7.2bn);

The new 19th edition of the GFIC also named CFC as

Crédit du Maroc, which is part of the French Crédit

the third-most promising financial centre in the world

Agricole group and had assets of Dh49.1bn (5.34bn)

after Singapore and Shanghai. Internationally,

Some Moroccan banks are expected to partner with

in 2014 ; and Credit Immobilier et Hotelier (known as

Casablanca is also ahead of many historically

Sharia-compliant institutions from abroad to launch

CIH Bank), whose main shareholder is state investment

established centres like Istanbul, Brussels and Milan.

new Islamic subsidiaries. These include BMCE, which


Arab British European Banking & Finance Guide

Competitiveness Report 2014-15”.

Morocco Country Profile in October 2014 told Reuters it was preparing to launch an Islamic unit in partnership with a major Middle Eastern Islamic bank; meanwhile BCP has said it intends to open 60 large branches within four to five years, focusing initially on the retail market.

INSURANCE SECTOR Expansion of credit and growing awareness yielded robust growth across Morocco’s insurance market, with life and savings products in particular posting strong performances in the first half of 2015. While the domestic insurance market has continued to provide steady returns, Moroccan institutions are building up their networks in sub-Saharan Africa, where low penetration rates and rapid economic development signal formidable growth prospects. As a result of recent expansion efforts, Moroccan insurers have emerged as major players on the whole African continent and, according to recent rankings by Jeune Afrique magazine, they now account for five of the top-15 insurers on the continent by premiums written. Moroccan insurance premiums continued to grow in the first half of 2015, according to data released in September by industry representative body, the Moroccan Federation of Insurance and Reinsurance Companies (Federation Marocaine des Sociétés d’Assurances et de Réassurance, FMSAR). Turnover reached Dh16.78bn (1.6bn) over the period, marking a 6.3% year-on-year increase and up slightly over the 6% compound annual growth rate registered since 2008. The expansion was driven by notable growth in life and savings products, which saw premiums for the period rise by 13.9 percent y-o-y to Dh5.24bn (486.5m), according to FMSAR data. While the segment accounts for nearly one-third (31.2 percent) of industry turnover, the insurance market is widely seen as moving in this direction. ‘Strong life insurance growth is being driven in part by short-term economic factors, including growth in property lending and consumer credit – both of which help to boost sales in the segment,’ Ali Harraj, CEO of Morocco’s largest insurer by domestic premiums, Wafa Assurance, told Oxford Business Group. Long-term factors, including rising awareness about savings products like retirement plans and economic uncertainty in the wake of the global crisis,

the broader market, rising by 5.1% to reach Dh5.47bn (508.6m). Most other major non-life lines, however, registered a weaker performance over the period, including transport premiums, which contracted by 8.5% to Dh300m (27.9m). While the domestic insurance market in Morocco continues to offer room for growth, particularly when compared to more mature markets, the country already has one of the highest insurance penetration rates in the Arab world, behind only Lebanon with 3.2% penetration as a percentage of GDP, according to Swiss Re. As a result, many local insurance companies have been able to build up a large capital base, in turn providing the opportunity to expand to markets in sub-Saharan Africa. The benefits of this are sizeable, not only in terms of portfolio diversification, but also for group performance. On average, the African insurance market grew by some 10.2% in 2013, according to Swiss Re, compared to 2.5% average growth worldwide. In September 2015 Saham Finances, which controls Morocco’s fourth-largest insurer, Saham Assurances, announced that it had acquired a 53.6% stake in Nigeria’s Continental Reinsurance. The acquisition marks the company’s second investment in the country, after it acquired a 40% interest in Nigeria non-life firm Unitrust Insurance in 2014. Other major Moroccan insurance players are also actively expanding on the continent. Harraj said Wafa, which already has operations in Tunisia, Senegal and Cameroon, has targeted some of the largest markets in the 14 member Inter-African Conference of Insurance Markets for expansion, including Côte d’Ivoire, Gabon and the Congo. The firm plans to use the branch network of its sister company, Attijarawafa Bank – which is present in 23 markets – to sell its insurance products. Unlike other Moroccan insurers, which have largely relied on an acquisition-based approach, Wafa plans to develop its African network largely via greenfield investment.

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BRITISH EMBASSY 28 Avenue SAR Sidi Mohammed Souissi 10105 PO Box 45 Rabat Tel: +212 (0) 537 63 33 33 Fax: +212 (0) 537 75 87 09 Email:; Website: British Honorary Consulates can also be found in Agadir, Casablanca, Marrakech and Tangier EMBASSY OF THE KINGDOM OF MOROCCO 49, Queens Gate Gardens London SW7 5NE Tel: +44 (0) 207 581 5001-4 Fax: +44 (0) 207 225 3862 Email: Website: BRITISH CHAMBER OF COMMERCE FOR MOROCCO (BCCM) Tel: +212 (0) 522 44 88 60 Fax: +212 (0) 522 44 88 68 Email: CASABLANCA STOCK EXCHANGE Angle Avenue des Forces Armées Royales et Rue Arrachid Mohamed Casablanca Tel: + 212 (0) 522 45 26 26/27 Email: BANK AL-MAGHRIB PO Box 445 Rabat Tel: + (212) 0537 81 81 81 Fax: + 212 (0) 5 37 70 66 67 Email:

have also helped to develop the segment. Individual life insurance products, which already dominate the market, were the main drivers of the expansion, rising 19.7% y-o-y to Dh3bn (278m). Meanwhile, group life insurance sales contracted by 2% to Dh1.1bn (102.7m) after posting 13.2% growth in 2014. Savings product sales also saw a strong increase, up 18.9% at Dh906.1m (84.2m). In the non-life segment, motor insurance ranked as the largest line by premiums, accounting for 32.6% of total industry sales. The segment’s growth was slightly below that of

Arab British European Banking & Finance Guide


Oman Country Profile

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Country Name: Sultanate of Oman Capital: Muscat Land Area: 309,500km2 Population: 3,286,936 (July 2015 est) Currency: Omani Rial (OR) GDP: 4.4% (2015 est) GDP: $171.7 billion (2015 est) GDP per capita: $46,200 (2015 est) Main Industries: Crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, and optic fibre Dialling Code: +968 (00 968 from UK)


he Sultanate of Oman’s stable and closely regulated banking sector has continued to perform well in recent times. The expansion of the newly launched sharia-compliant segment, coupled with strong asset growth, has been central to the sector’s development. Commercial banks in Oman achieved a year-on-year growth of 8.8% in total credit at OMR18.44 billion by end of January 2016, over the same period last year. Incremental credit growth of all banks in absolute terms was OMR1,494.9 million, slightly lower than the growth figures last year, according to the Central Bank of Oman (CBO). Demand for credit from the corporate sector is used mostly for funding projects, which are either state-owned entities like Oman Oil Refineries and Petroleum Industries Company (Orpic) or semi-government firms. State firms also look to overseas markets for their

There are seven main conventional banks — Bank

long-term funding requirements. The pipeline of

Muscat, National Bank of Oman, BankDhofar, HSBC

credit remains strong, which will continue for another

Bank Oman, Bank Sohar, Oman Arab Bank and

two more quarters since local banks are also actively


participating in syndicated loan facilities for project funding.

The Banking Law of 2000 and the regulatory framework for Islamic banking issued in 2012, as well as the

Private deposits in commercial banks by the end of January 2016 increased by 5.6% to OMR11.95bn compared to OMR11.32bn in the corresponding period last year, according to the CBO. The gross value for deposits includes the time deposits that stood at OMR3,335.5mn, savings deposits of OMR4,367.6mn and demand deposits of OMR3,951.1mn, the CBO’s monthly bulletin added. It pointed out that the total value for deposits include OMR11,005.4mn and OMR949.5mn in foreign currencies, reported the Times of Oman, 2 April 2016.

supervision by the central bank, all aim to strengthen the banking industry at local, regional and global levels. The Omani banking sector is capable of dealing with the various economic changes and repercussions being witnessed in the international arena, according to the head of the CBO. Oman Arab Bank (OAB) posted a net profit of OMR29.01mn for 2015 compared to OMR28.40mn in 2014. The bank registered strong income and balance sheet growth in 2015 while strategic investments were made to upgrade its infrastructure and build sustainable business momentum, according to a bank release, 9 March 2016.

Oman’s banking sector has 16 commercial banks, of


which seven are local and nine are the branches of

OAB was established in 1984 and has since been an

foreign banks, alongside two government specialised

active contributor to the Sultanate’s ongoing growth

banks — the Oman Housing Bank and the Oman

and development by offering customers a

Development Bank, as well as two Islamic banks

comprehensive products and services in retail banking,

and six Islamic windows, affiliated with local

corporate and project finance, investment banking,

commercial banks.

trade finance and most recently, Islamic banking.

Arab British European Banking & Finance Guide

Oman Country Profile The bank provides financing for major projects in Oman


Oman is seeking to develop its sukuk market and

including power generation, water desalination,

As Oman steps up its investment in infrastructure

issued its maiden sovereign sukuk in 2015 to raise

aviation and infrastructure. Currently, the bank

projects, project finance is seen as one of the most

OMR250mn, which received an overwhelming response.

operates more than 65 branches and offices.

promising areas for lending growth. Boosting SME

Developing a vibrant sukuk market is seen as important

lending is also a priority for the economy, with the CBO

for Oman in order to raise money for funding

The Oman International Development and Investment

introduction of a requirement for all banks operating

infrastructure projects in a Sharia-compliant manner.

Company (Ominvest), together with its strategic

in the country to allocate 5% of their total loan books

More sovereign sukuk, including dollar-denominated

partners Oman Investment Fund (OIF) and Arab Bank

to SMEs.

issues, are being urged. “That will definitely increase

(Switzerland) (ABS), on 30 March 2016, joined with

liquidity in the country. We need to create a secondary

OAB, to acquire OAB’s Investment Banking Business

HSBC Bank Oman has decided to double the size of its

market for sukuk instrument,” stated Abdullah Salim


International Growth Fund, which is focused on SMEs

Al Salmi, executive president of the Capital Market

and was initially launched in 2014. The bank committed

Authority (CMA).

BankDhofar posted net profit growth of 15.62% in 2015

an additional OMR20mn to Oman’s international and

at OMR46.77mn as against OMR40.45mn in 2014.

internationally aspiring SMEs, bringing the total value

Oman’s capital market was expected to see more Sukuk

The full year net loans, advances and financing to

of the fund to OMR40mn.

issuances, particularly from the private sector, after the

customers reached OMR2.73bn, showing a

introduction of new Sukuk Regulation in April 2016 by

significant growth of 21.33% from OMR2.25bn at the

Oman’s first venture capital company is to invest in

the CMA. Under the revised regulation a company will

end of December 2014. Customer deposits mobilised

equity of high growth potential private sector start-ups

be able to determine the timing, amount and pricing of

by the bank achieved a prudent growth of 4.43% from

in the country. Oman Venture Capital Company

the Sukuk to be issued based on its own funding and

OMR2.48bn at the end of 2014 to reach OMR2.59bn at

(Ethmar) is seed funded by Al Raffd Fund which is also

operational needs, and will not be required to issue the

the end of 2015. BankDhofar was named ‘Best SME

lead sponsor. Ethmar has an initial target capital of

whole Sukuk amount all at once.

Bank in Oman’, January 2016, by London-based ‘Global

RO10mn and will be managed by a board of directors.

Business Outlook’ for its ongoing commitment to

Ethmar will cultivate a culture of innovation among

The new regulation, which took effect on 11 April 2016,

support small and medium enterprises (SME)

start-ups, promote new ideas, provide a platform to

was issued subsequent to the amendments made to the

customers across Oman.

expand regionally and ultimately stimulate job creation

Capital Market Law under Royal Decree No. 59/2014 on

in Oman. Ethmar will target opportunities in Oman’s

10 December 2014 and also complements the existing

Meanwhile, Bank Muscat, Oman’s leading bank,

SME sector with particular reference to information

bond regulatory framework which are currently in

achieved a 7.5% growth in net profit at OMR175.45mn

technology, oil and gas, agribusiness, tourism and

place in the Commercial Companies Law and Executive

for 2015, against OMR163.23mn posted for the


Regulation of the Capital Market Law.

banking and income from Islamic finance stood at


Sukuk forms an important element to further enhance

OMR260.51mn for 2015 compared to OMR243.64mn

Oman’s Islamic financial institutions have been

Oman’s Islamic financial market and to enable the

for the same period of 2014, an increase of 6.9%.

showing robust growth and as the country’s Islamic

capital market to play its vital role as a fundraising

Non-interest income at OMR147.23mn was higher by

banking sector grows so will the demand for more

platform for companies in the economic development

5.6% compared to OMR139.47mn for the year ended

trained Islamic banking professionals.

of Oman, while diversifying the financing base and risk

previous year. Net interest income from conventional

December, 2014.

away from the traditional banking sector. The value of the sector’s gross assets touched

Offering a distinct banking experience centred on the

OMR2.25bn by the end of 2015, which accounted for

Meanwhile, takaful institutions in Oman reported a

unique lifestyle of its elite customers, Bank Muscat Al

a 7.45% market share of the total banking industry,

market share of 8.7%, according to the CMA. The

Jawhar Privilege Banking has evoked a strong response

according to the CBO. Islamic banks and window

simultaneous development of the takaful business and

from customers. In keeping with the bank’s ‘Let’s

operations are expected to raise market share to 10

the issuing of sukuk in Oman are seen as positive

Do More’ vision, Al Jawhar has become the premiere

per cent of the entire banking industry by 2018. Two

signals for the all-round development of Sharia-

privilege banking service in Oman.

fully-fledged Islamic banks and six Islamic banking

compliant businesses in the country.

windows have been established, with a combined The Omani arm of global UK-based bank HSBC was

network of 60 branches across the country. “Eight


voted the Best Domestic Cash Management Bank in the

more are in the process of being established,” Hamoud

In 2004 the responsibilities of the insurance sector was

Sultanate for the fourth consecutive year in December

Sangour Al Zadjali, CBO executive president, told an

transferred from the Ministry of Commerce and

2015. HSBC Bank Oman was saluted for its exemplary

Islamic banking seminar in March 2016.

Industry to the Capital Market Authority (CMA) in order to develop, and restructure the legislative and

coordination of payments and cash management services by the Euromoney Cash Management Survey

The CBO takes guidance on standards from the Islamic

regulatory framework of the sector. The CMA issued


Financial Services Board (IFSB), an international

new regulations at the end of 2014 requiring Omani

standard-setting body of regulatory and supervisory

insurers to be listed on the Muscat Securities Market

The bank provides access to a wide range of business

agencies that promotes stability in the Islamic financial

and to maintain capital of at least OMR10mn ($26mn),

products and services for small and medium

services industry by setting global prudential standards

in a drive to strengthen the country’s insurance sector.

enterprises through to large corporates. Corporate

for Islamic banking, Islamic capital markets and takaful

financing solutions, including trade, treasury, global

(Islamic insurance). The CBO has been an observer

The CMA seeks to ensure the industry keeps up with

payments and cash management, corporate credit

member of IFSB since February 2012. Oman’s Islamic

legislation governing global insurance industry best

cards, custody, clearing, and time deposits are

Banking Regulatory Framework is guided by standards

practice while taking into account requirements of the

available to HSBC’s more than 10,000 corporate clients.

issued by the IFSB.

local market.

Arab British European Banking & Finance Guide


Oman Country Profile

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BRITISH EMBASSY PO Box 185 Mina Al Fahal 116 Tel: +968 2460 9000 Email: EMBASSY OF THE SULTANATE OF OMAN 167 Queen’s Gate, London SW7 5HE Tel: +44 (0) 20 7225 0001 Fax: +44 (0) 20 7589 2505 Email: CENTRAL BANK OF OMAN PO Box 1161 112 Ruwi Email: Tel: +968 24 777 777 Fax: +968 24 788 995 Website: The Oman Insurance Association (OIA) was established in December 2010 issued by the Ministry of Social Development. OIA is a trade body consisting of insurance firms, insurance brokers, loss adjusters and others licensed by CMA. The body seeks to promote ethical and professional standards within the nation’s insurance industry.

COOPERATION WITH THE UK As Oman’s economy diversifies, so its financial markets are expanding. The country is developing into a strong regional financial centre and on its way to becoming an international financial centre too. Oman’s expanding financial services offer opportunities for partnership with the City of London with its expertise across many areas of financial services, including a growing range of Sharia-compliant financial products. London is the European centre for Islamic finance with $19bn of reported assets. More than 20 banks operating in the UK now offer Islamic financial products, along with 25 law firms that supply legal services relating to Islamic finance for the global and domestic markets. “Greater cooperation between Omani and British firms can help us all engage with this expanding market and capitalise on the economic opportunities that financial innovations such as Sharia-compliant products can offer,” according to Jeffrey Mountevans, Lord Mayor of the City of London.


Arab British European Banking & Finance Guide

CAPITAL MARKET AUTHORITY PO Box 3359 112 Ruwi Tel: +968 2 482 3100 Fax: +968 2 481 6691 Email: Website:

Palestine Country Profile

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Official Name: State of Palestine (West Bank & Gaza) Administrative Capital: Ramallah East Jerusalem is the preferred capital of a future independent State of Palestine Largest City: Gaza Official language: Arabic Population: 2,785,366 (July 2015 est for West Bank); 1,869,055 (July 2015 est for Gaza) GDP growth: 5.3% (2014 est for West Bank) GDP: $21.22 billion (2014 est for West Bank) Agricultural Produce: Olives, fruit, vegetables, flowers; beef, dairy produce Main Industries: Textiles and food processing Imports: Food and consumer goods Dialling Code: +970 (00 970 from UK)


he Palestine banking system consists of 17 regulated banks which includes local commercial banks, namely the bank of Palestine plc, the Palestine Investment bank, the Palestine Commercial bank, Al Quds Bank and the National Bank. These are joined by local Islamic banks, the Arab Islamic Bank and the Palestine Islamic Bank. The market also sees the presence of foreign commercial banks, which are: the Cairo Amman Bank, the Arab Bank, Jordan Kuwait Bank, Jordan Ahli Bank, Bank of Jordan, HSBC Bank Middle East Ltd, Egyptian Arab Land Bank, Union Bank, the Housing Bank for Trade & Finance and the Jordan Commercial Bank.

The Bank of Palestine was established in 1960 to

9 as of end 2014; the total number of branches of such

promote financial services in Palestine, financing

institutions was 75 and the total number of licensed

projects and fulfilling the financial and banking needs

money changers was 256.

of the various economic and social segments of the local society. Bank of Palestine is one of the largest

The PMA is an independent public institution

national banks operating in Palestine with a broad

responsible for the formulation and implementation of

range of branches, offices and ATMs. The Bank has

monetary and banking policies, to safeguard the sector

more than 750,000 customers made up of

and ensure the growth of the national economy in a

individuals, firms and organisations. Through

balanced manner. PMA aims to maintain monetary and

utilization of the latest technology joined with the

financial stability and to promote sustainable economic

adoption of international best practices including

growth through effective and transparent regulation and

disclosure, good governance, transparency, the Bank

supervision of banks, lending institutions and money

of Palestine has been instrumental in contributing to

exchanges operating in Palestine. In addition, it

the development process allocating 6% of its annual

oversees the implementation and operation of a

profit to social programmes. The Bank’s trading shares

modern, efficient payment system, while developing

were listed on the Palestinian Exchange in 2005 making

monetary policy designed to achieve price stability.

it the second largest company listed by market value amounting to about 15% of the Exchange’s total market



The Palestine Capital Market Authority (PCMA) was established in 2004 and is a corporate body enjoying

In 2007, the Bank of Palestine founded Al-Wasta

financial and administrative autonomy as well as the

Securities Co to operate as its investment arm.

legal capacity to undertake all businesses and actions

In addition, Bank of Palestine inaugurated PalPay in

that ensure the fulfilment of its objectives, including

2011 in order to facilitate electronic payments through

the acquisition of movable and immovable property

a large network of 5,000 points of sale distributed in

necessary for the conduct of its work and the exercise

commercial supermarkets, hotels, restaurants and

and disposal of its activities in accordance with the

other public outlets.

provisions of the law.

According to the Palestine Monetary Authority (PMA)

Within just a few years, the PCMA has been able to

the total number of specialised lending institutions was

make concrete achievements in the sectors that it

Arab British European Banking & Finance Guide


Palestine Country Profile

oversees, supervising, monitoring and giving

Membership of the IOSCO serves as an international

promulgated by the International Association of

authorisation to all operations relating to the securities

endorsement that the PCMA regulates and monitors the

Insurance Supervisor (IAIS), and to develop an action

sector in Palestine, such as initial or secondary public

Palestinian securities market in accordance with IOSCO

plan to address key issues found by the assessment.

offering, insertion and capital increase. The authority

international standards and principles.

The initiative was funded by the World Bank in

has also achieved remarkable progress in the

cooperation with the Arab Forum of Insurance

management and reform of the insurance sector which


has suffered a lot during recent years. At present, the

The Palestinian National Authority is the

insurance directorate completed the self-assessment

PCMA is working on the completion of the legal and

authorized body and supervisor of the insurance sector

administrative environment that regulates mortgage,

in Palestine. It is able to grant licenses to insurers and

phase of its insurance regulatory and supervisory

financial leasing and non-banking financial

insurance agents and supervises their activities.

activity sectors. It has also taken remarkable efforts to

Regulatory Commissions (AFIRC). Moreover, the

framework against the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) and based on the results of the

communicate and coordinate its missions, programmes

The sector suffered for a long time from the absence

and future steps with all the concerned parties, both at

of a Palestinian Insurance law which ended with the

home and abroad, taking advantage of the experience

establishment of the PCMA as the authorised body that

of successful nations in these areas. Moreover, it

controls and organises all businesses related to the

closely cooperates with all related parties such as

insurance sector. Insurance law No 20 for the year 2005

the Palestine Securities Exchange, the Palestinian

sets the legislation for local and foreign insurance

Monetary Authority, the Companies` Controller and the

companies operating in Palestine. The working

Insurance Companies` Federation in a way that serves

insurance companies reached 10 in 2012 offering

its objectives.

various types of insurance products.

improving its supervisory role over insurance by

The PCMA became a member of The International

During 2013, PCMA continued its efforts directed at

reserves which increased stability in the sector.

Organization of Securities Commissions (IOSCO) in

improving its supervisory role over the insurance

February 2014. The PCMA became the 124th ordinary

sector. As a part of PCMA’s commitment to promoting

The insurance portfolio increased by around 7.75% in

member of the IOSCO. It is anticipated that this

its regulatory and supervisory frameworks over the

2014 compared to 2013, with a total value of

achievement will have positive consequences on the

insurance sector and aligning them with the best

approximately $171 million, while the number of

Palestinian securities sector as it increases investor

international practices, PCMA embarked on a project

insurance companies remained 10. Meanwhile, total

confidence especially foreign and institutional investors

in 2013 that aims to assess its supervisory framework

value of paid-up claims reached approximately $108

in securities listed on the Palestine Exchange (PEX).

against the global Insurance Core Principles (ICP)

million in 2014 compared to $89 million in 2013.


Arab British European Banking & Finance Guide

self-assessment, it prepared a strategic action plan that address the Palestinian insurance regulatory and supervisory framework in line with the best international practice while considering the Palestinian local context. During 2014, PCMA continued its efforts directed at obliging insurance companies to increase technical

Palestine Country Profile MORTGAGES The mortgage sector suffers from the lack of specialized mortgage financing companies where dealing in the primary market is limited to banks only. Some of these banks rely on their own resources to finance mortgage lending activities whereas others refinance their loans through the secondary mortgage financing market. Two companies operate in this market: “Palestine Mortgage and Housing Company” (PMHC), founded as a public company in 1999 with a capital of twenty million dollars and its subsidiary “Palestinian Finance Mortgage Company.” The secondary market funding resources are limited since refinancing companies do not proceed to issuing loan bonds or bonds consolidated by securities assets noting that these bonds require a specific law for their issuance. In 2014, the Affordable Mortgage and Loan Corporation, (AMAL), was registered by the PCMA as a new mortgage finance company to join the Palestinian mortgage finance market with the Palestine mortgage and Housing Corporation (PMHC). Meanwhile, the

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percentage of refinanced mortgage-backed loans by mortgage finance companies represented 9.3% of the total mortgage-backed loans portfolio offered by all banks, estimated $334.9 million according to the numbers released by Palestine Monetary Authority.

PALESTINE EXCHANGE The Palestine Exchange (PEX) was established in 1995 to promote investment in Palestine as a private

BRITISH CONSUL GENERAL JERUSALEM 19 Nashashibi Street Sheikh Jarrah Quarter PO Box 19690 East Jerusalem 97200 Tel: +972 (02) 541 4100 Email:

shareholding company but was transformed into a public shareholding company in February 2010. It is responsive to the principles of transparency and good governance. The PEX was fully automated upon establishment making it the first fully-automated stock exchange in the Arab world and the only Arab exchange to be publicly traded and fully owned by the private sector. The PEX operates under the supervision of the Palestinian Capital Market Authority. The PEX strives to provide an enabling environment for trading that is characterized by equity, transparency and competence, serving and maintaining the interests of investors. The PEX is attractive in terms of market capitalisation, it is financially sound, and well capitalised enabling it to maintain a steady business in a volatile world, as it experienced a minimum level of impact during the global financial crisis as compared to other MENA exchanges. There are 49 listed companies on PEX as of 31 March 2016 with a market capitalisation of about $3,213 billion across five main economic sectors: banking and financial services, insurance, investments, industry and services. Most of the listed companies are zprofitable and trade in Jordanian Dinars, while others trade in US Dollars.

BRITISH INFORMATION & SERVICES OFFICE 1st Floor, Al-Riyad Tower Jerusalem Street Al-Rimal South Gaza The Occupied Palestinian Territories Email: Tel: +972 (8) 2641456 PALESTINE MISSION TO THE UK (EMBASSY OF THE STATE OF PALESTINE) 5 Galena Road Hammersmith London W6 0LT Tel: +44 (0) 20 8563 0008 Fax: +44 (0) 20 8563 0058 Email: PALESTINE MONETARY AUTHORITY Nablus Street Al-Bireh, Ramallah PO Box 452 Palestine Tel: +970 2 241 5251 Website:

PALESTINE TRADE CENTRE (PALTRADE) PO Box 883 Ramallah Tel: +970 2 240 8383 Email: Website: PALESTINE EXCHANGE (PEX) PO Box 128 Nablus Tel: +970 9 239 0999 Email: Website: PALESTINE CAPITAL MARKET AUTHORITY Palestine – el-Bireh PO Box 4041 Tel: +970 2 2973334 Fax: +972 2 2973563 Email: Website: PALESTINE MONETARY AUTHORITY (PMA) Nablus Street Al-Bireh, Ramallah 452 Palestine Email: Tel: +970 2 241 5251 Website:

Arab British European Banking & Finance Guide


Qatar Country Profile

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Official Name: State of Qatar Capital: Doha Land Area: 11,586 km2 GDP Growth: 4.7% (2015 est) GDP: $324.2 billion (2015 est) GDP per capita: $145,000 (2015 est) Currency: Qatari Riyal (QAR) Language: Arabic with English widely used as a second language Population: 2,194,817 (July 2015 est) Main Industries: liquefied natural gas (LNG), crude oil, ammonia, fertilisers, petrochemicals, steel reinforced bars, cement and commercial ship repair, agriculture Dialling Code: + 974 (00 974 from the UK)


he State of Qatar has a mature banking and financial system. There are three categories of banks operating in the country: national and foreign commercial banks, Islamic banks and specialised banks such as the Qatar Development Bank. The development of Qatar’s banks from the 1950s reflects the growth of its wider economy. The increased wealth of the country and a growing awareness of the need to develop an integrated economy with solid infrastructure led to the creation of a domestic banking sector.

The need for banking first arose with the exploration

Banks will continue to play a critical role in Qatar’s

and export of oil in 1949. At first this need was serviced

economic diversification by supporting public spending

by a mixture of foreign and Arab banks. Indeed, until

plans. Qatar’s banks recorded healthy growth in 2015

1954, the Eastern Bank - now Standard Chartered

with their assets jumping to QR 1.11 trillion spurred

Bank- was the only bank to operate in Qatar. With clear

by non-oil sector gains, according to the QCB Governor

demand for more banks, the British Bank of the Middle

Sheikh Abdullah bin Saud Al Thani. Assets jumped

East (acquired by HSBC), the Othman Bank, (formerly

to QR1.11 trillion from QR 910 million in 2013 and QR

Grindlays Bank, acquired by Standard Chartered),

1.004 trillion in 2014. Credit facilities and investment

and the Arab Bank began operations in the country

in government securities rose to QR 748.7 million, a

throughout the 1950s, followed in 1960 by the Lebanese

growth of 14.1%.

Bank, (now Al-Mashrek Bank). In an interview with Lusail newspaper, 7 March 2016, These foreign banks originally servicing government

the Governor expressed the view that banks would

policy and the oil and gas sector during a period of

maintain their growth in 2016 as their high capital

economic expanded. However, during the 1960s the

adequacy ratios and low level of non-performing loans

government started to encourage the establishment of

buffered them against market swings. The capital

domestic banks to strengthen the nation’s economic

adequacy ratio registered around 15.6%, and the level

assets. In this respect, the first locally-owned bank

of non-performing loans was no more than 1.5%,

was the National Bank of Qatar (QNB) set up in 1965,

which is a low level and below the level of such loans

replacing the Eastern Bank as the principal banker to

compared to the previous year, the Governor said.

the government. The Commercial Bank began its operations in 1975. The number of banks in the

Fitch has reaffirmed Qatar’s ‘AA’ and stable outlook on

country has grown substantially from the 1970s

31 March 2016. The ‘AA’ ratings reflect Qatar’s large

onwards. At present a total of 18 banks are licensed

sovereign assets, fiscal adjustment efforts, a large

by the Qatar Central Bank (QCB) making the country’s

hydrocarbon endowment and one of the world’s highest

banking sector one of the most competitive in the

GDP per capita. The banking system’s loan-deposit

region. The QCB is the regulator of the country’s

ratio rose to 120% in December 2015, from 105% in

banking sector and was established in 1993 to take over

December 2014, and interbank rates rose sharply in

the responsibility formerly held by the Qatar Monetary

4Q15, Fitch said. However, banks have been able to find

Agency (QMA).

funding abroad, and the agency believes that the QCB has at its disposal the tools to support liquidity, with


Arab British European Banking & Finance Guide

Arab British European Banking & Finance Guide


Qatar Country Profile the QCB’s repo rate and required reserve ratio both

real estate and financial services across the Middle

This implies that there is room for significant further

above 4%. Concentration of bank exposures to large

East and Africa, QFB is also launching a private

uplift within the Qatari insurance market, Moody’s

business groups is a risk factor, as is exposure to the

banking service.

concluded, 14 March 2016.

real estate sector. Qatar Islamic Bank (QIB), the country’s leading

Moody’s expects the strong competition to ease

Qatar’s long experience of linking the riyal to the US

Islamic bank, has received awards in recognition of

off somewhat over the next few years thanks to the

dollar had shown that it was the best solution for its

its excellence in retail banking. The bank offers a

opportunities for growth in the market driven by the

currency. The link to the US dollar helped Qatar to

multitude of account types, including current, savings,

infrastructure projects catering to the 2022 FIFA World

avoid many risks associated with global exchange rates

and term deposit accounts, as well as facilities for

Cup. In addition the motor and medical lines growth

fluctuations, and contributed to a large reduction of

personal, auto, and real estate financing. QIB offers

will cushion the effects that depressed oil price may

imported inflation ratio, which in turn led to a decline

the most comprehensive suite of Takaful products like

have on some energy projects. “We estimate that the

in domestic inflation, he said.

travel, auto, family and children educational plan, as

insurance market grew at 25% in 2015, with the top

The QCB has taken a number of measures to develop

well as numerous investment products that enable

six insurers achieving growth of 28% … In addition

the capital market such as regulatory norms,

customers to earn positive returns on their

to local market growth, large Qatari insurers, such as

supervision, boosting the risk management of financial


QIC, are looking to expand and have expanded outside

institutions and protection of investors. The new issues

Qatar either via external acquisitions or by growing

of bonds, sukuk and debt instruments with a record on

Barclays Bank is a leading player in Mergers and

organically by setting up operations abroad”, the

Qatar Stock Exchange were introduced as part of the

Acquisitions, Equity Capital Markets and Debt Capital

ratings agency said.

new measures.

Markets in Qatar. The bank leads on a wide range of complex advisory and capital market transactions

Non-life products dominate the market with life

The QCB Governor stated that Qatar had adopted a

for sovereign, corporate and financial institutions.

products accounting for only approximately 3% of

comprehensive approach to supervise Islamic financial

In March 2016, Barclays won an award as the ‘Best

premiums in 2014, as a result of the rapid growth

institutions. A unified control authority had been

Foreign Investment Bank’ in Qatar by EMEA Finance at

driven by engineering and energy which entail high risk

formed in co-ordination with the four Islamic banks

the Middle East Banking Awards, which celebrate the

particularly in terms of loss severity. However the low

licensed by the QCB to help achieve standard

achievements of retail and investment banks, asset

retention rates on these lines has meant that the top

guidelines on procedure for Islamic finance.

managers, and brokerage houses in the Middle East.

six national insurers have been able to manage stable

This includes legitimate and legal controls for

claims ratios. The remaining insurers compete more


actively within the next largest product line, motor, with

The country’s top six insurers enjoy significant market

third-party motor being a compulsory line of business


position, collectively accounting for close to 45% of the

in Qatar, as in much of the GCC. Health insurance is

Innovation is a feature of the country’s banking sector.

total insurance market. The insurance industry, which

expected to grow significantly as a result of the tiered

Commercial Bank on 20 March 2016 announced

witnessed $2bn in premiums in 2015, is poised for

implementation of compulsory medical cover for

its industry-first innovation allowing small and

continued growth as market potential remains

nationals, expatriates and visitors, which is scheduled

medium-sized enterprise (SME) customers to manage

“untapped”, according to a top official. “Most of the

for completion in 2016.

their most frequent banking transactions, through the

market potential remains untapped. Insurance

Enterprise Mobile Banking App, the first of its kind in

premium (in Qatar) accounts for just 1% of Qatar’s

On the asset risk of insurance companies, the ratings

the region to offer SMEs a Mobile Banking App that is

gross domestic product (GDP). The global average is

agency noted that the market has relatively lower

specifically designed for business customers.

6%,” stated Yousef Mohamed Al Jaida, CEO, Qatar

investment in real estate compared to other countries

Financial Centre Authority (QFCA). The sector is

in the GCC, at approximately 8% of total investments

Doha Bank, in its pursuit of ongoing digital

expected to remain resilient in coming years despite

as at year-end 2013, which is favourable. However the

transformation, announced an innovation to enhance

economic headwinds and offers huge potential for

sector has a very sizeable exposure to equity - both

customers’ experience with a digitised account opening

insurance firms.

domestic and international equities – at over 33% of

financing, disputes and other banking services, he said.

solution, described as a first for Qatar. The new service

total investments as at 2013, with equities being the

introduced in March 2015 enables customers to open

Moody’s noted that Qatar was the third-largest, and

second largest single asset class for Qatari insurers

an account and receive a debit card instantly at a Doha

one of the fastest growing, insurance markets in the

after deposits.

Bank branch. Doha Bank also became the first bank

GCC, expanding at a compound annual growth rate of

in Qatar to introduce Apple iWatch banking solution in

21% over the past ten years. The ratings agency further

On March 30 2016, QCB Governor H E Sheikh Abdullah

December 2015. The innovative product offers multiple

noted that growth factors include Qatar’s substantial

bin Saud Al Thani issued operating instructions and

electronic banking services to customers covering

focus on infrastructure development, including projects

governance principals for insurers operating in the

account balances, account transactions, utility bills

related to the 2022 FIFA World Cup, and the rapid

country related to licensing, regulations and controls,

payment and currency exchange. Doha Bank is proud of

population growth which has more than doubled since

risk management, accounting and actuaries reports.

its reputation as a prime mover of banking technology

2006. Finally, the making of third party motor insurance

The instructions include prudential requirements and

and strives to offer innovative products for its

and health insurance compulsory has spurred

took effect the following month.

customers. Doha Bank is also the first Qatari lender

market expansion.

to have full-scale banking operations in India.

Moody’s described the instructions as ‘’credit positive’’ Despite this rapid pace of growth, Qatar has one of

stating that they will strengthen credit characteristics

Qatar First Bank (QFB) plans to list its shares on the

the lowest insurance penetration rates in the region at

such as capital, asset quality and reserve adequacy.

Qatar exchange as early as the first quarter of 2016.

1% of GDP, which is significantly below those of most

“The QCB’s instructions aim to ensure the stability and

Traditionally focused on wealth and asset management

advanced economies, and an insurance density (which

sustainability of the insurance industry by improving

and private equity, targeting investments in energy,

implies the per capita $ spend on insurance) of $979.

the solvency of the 31 insurance companies operating


Arab British European Banking & Finance Guide

Arab British European Banking & Finance Guide


Arab British European Banking & Finance Guide


Qatar Country Profile

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BRITISH EMBASSY PO Box 3 Doha Tel: +974 4496 2000 Fax: +974 4493 3091 Email: QATAR BRITISH BUSINESS FORUM Tel: +974 4496 2080 Email: Website: EMBASSY OF THE STATE OF QATAR 1 South Audley Street London W1K 1NB Tel: +44 (0) 20 7493 2200 Fax: +44 (0) 20 7493 2819 Email:

in Qatar (17 of which operate in the offshore-domiciled Qatar Financial Centre),” said Moody’s in a note. Insurers will benefit from the new law including the largest Qatari insurance groups, which are Damaan Islamic Insurance Company, Qatar Insurance Company, Qatar General Insurance & Reinsurance Company, Doha Insurance Company, Al Khaleej Takaful Group and Qatar Islamic Insurance Company. The new law stipulated that listed insurance companies must have capital greater than QR100m or their risk-based capital (RBC) requirement, while unlisted insurance companies must have capital higher than the figure set by the QCB or their RBC requirement. The RBC is the company-specific minimum capital and solvency capital requirement that incorporates an economic view of the risks borne by insurers, including underwriting, market, liquidity, credit and operational risk. The instructions also set out specific requirements on investments, changes that are expected to improve insurers’ asset quality, observed Moody’s. Changes included new limits on risky asset classes and concentration risk. The instructions are the first to regulate the insurance industry in the state comprehensively, QCB stated, adding that the instructions have been issued in accordance with the basic principles of insurance issued by the International Association of Insurance Supervisors, and the leading regional and global players. All insurance, reinsurance, Takaful and reTakaful companies as well as branches of foreign companies in the country are required to adjust their positions according to the decision, reported CPI Financial, 30 March 2016.


Arab British European Banking & Finance Guide

QATAR EXCHANGE Al Dana Tower West Bay Doha PO Box 22114 Tel: +974 44333666 Fax: +974 44319233 Email: Website: QATAR FINANCIAL CENTRE AUTHORITY (QFC) Qatar Financial Centre Tower 1 PO Box 23245 Doha Tel: +974 4496 7777 Fax: +974 4496 7676 Email: QATAR INVESTMENT AUTHORITY (QIA) PO Box 23224 Doha Tel: +974 44995900/+974 44995859 Fax: +974 4995991 Email: QATAR CENTRAL BANK PO Box 1234 Doha Tel: + 974 4445 6456 Email:

Saudi Arabia Country Profile

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Country Name: Kingdom of Saudi Arabia Capital: Riyadh Population: 27,752,316 (July 2015 est) Language: Arabic Land Area: 2,149,690 sq km Currency: Riyal GDP Growth: 3.3% (2015 est) GDP: $1.679 trillion (2015 est) GDP - per capita: $55,400 (2015 est) Main Exports: Petroleum and petroleum products Main Imports: Machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles Dialling Code: +966 (00 966 from UK)


he Kingdom of Saudi Arabia has a modern banking industry with commercial banks providing retail and corporate banking, investment services, brokerage facilities, and derivative transactions in addition to credit cards, ATMs and point-of-sale transactions.Saudi Arabia also has a thriving stock market where the total value of shares traded annually reaches some SR 60 billion ($16bn). The Tadawul All-Share Index (TASI) of the Saudi stock market is one of the most highly capitalised stock exchanges in the Arab world. TASI was also one of the first exchanges globally to set up a fully electronic clearing and settlement system with immediate transfer of ownership.

The banking and finance sector is overseen by several

international banks to the market which demonstrates

government agencies, such as the Saudi Arabian

the global view that the Saudi market is one with

Monetary Agency (SAMA) which manages fiscal policy,

excellent long term potential.”

issues the country’s currency, the Saudi Riyal, and oversees the nation’s commercial banks.

KING ABDULLAH FINANCIAL DISTRICT The Kingdom is seeking to strengthen Riyadh’s position


as a global financial centre through the construction of

Banks in the Kingdom on the whole remained resilient

a $10bn financial hub in the King Abdullah Finan-

in 2016 and the long-term outlook has stayed very

cial District (KAFD) which will boast cutting-edge

positive, according to KPMG, Saudi Gazette, 27 April

technology, tall towers and accessible by monorail. The

2016. Releasing a report, “GCC Listed Bank Results:

financial district, 70% of which was completed as of

A New Paradigm”, KPMG observed that on the whole,

April 2016, could be designated a free zone similar to

Gulf banks fared well during 2015 and “the outlook for

the Dubai International Financial Centre, meaning it

the coming years remains relatively positive given the

would be given an independent regulatory framework,

expectation of continued government support for the

it is reported. The modern financial hub is envisaged

sector and committed infrastructure investment”.

to attract banks, financial services firms, auditors and corporate lawyers into one location. Incentives will be

Adrian Quinton, Head of Financial Services at KPMG

offered to companies setting up there. As described

in Saudi Arabia, stated, “Saudi Arabia has maintained

by Bloomberg, “Five buildings at the district’s core,

its position as the largest banking market in the GCC,

including the district’s tallest at 76 floors, will be

and whilst it still shows growth, solid capital ratios and

surrounded by dozens of offices, apartments, hotels,

stable impairment, there are pressures on liquidity,

conference centres and entertainment venues. On the

margins and impairment as the market heads in 2016

ground, walkways below street level branch out to

in common with the region as a whole. A combination

connect buildings and provide space that’s 8 degrees

of a small number of banks, a very strong regulator

Celsius cooler than street level.”

and increasing senior management focus on more sophisticated underwriting, capital modeling and


provisioning should help the Saudi banks navigate the

The Saudi Arabian Monetary Agency operates as

current turbulent period and come out stronger. Another

the Kingdom’s central bank by issuing the national

positive note is the approved entry of two large

currency, acting as a banker to the government,

Arab British European Banking & Finance Guide


Saudi Arabia Country Profile

Arabia has also been appointed to advise on the partial privatisation of Saudi Arabia’s Grain Silos and Flour Mills Organization.

managing the foreign exchange reserves and

month, said Jadwa Investment in its report.

conducting monetary policy for promoting prices and

According to ABI Research, two million contactless

exchange rate stability. SAMA’s charter also authorises

cards will be deployed in Saudi Arabia by the end of

it to supervise and encourage the development of the

2016, with annual growth of 25% through to 2019.

Kingdom’s banking system in both the public and the

The number of contactless POS terminals is predicted


commercial sectors. Located in Riyadh, SAMA was

to grow at 57% per annum over the same period. The

founded in 1952.

introduction of contactless cards supports the efforts

The long-standing currency peg of the riyal to the US dollar helps to anchor the population’s inflation expectations, but binds monetary policy to that of the US Federal Reserve, Standard & Poor’s Ratings Services observed 10 April 2016. “We expect that the peg will be maintained. We estimate reserve coverage (including government external liquid assets) at 117% of the monetary base and 22 months of current account payments in 2019,” S&P added. In May 2016, the IMF observed that “the exchange rate peg to the US dollar continues to serve Saudi Arabia well given the structure of the economy”.

of the SAMA to encourage the move to a cashless


society. New regulations are also fuelling the trend to

In April 2016, the Kingdom announced its Vision 2030

e-commerce and m-commerce across the Kingdom.

plan, which sets out a bold and far-reaching transformation of the economy to diversify growth,

The National Commercial Bank (NCB), one of Saudi

reduce dependence on oil and increase the role of the

Arabia’s largest banks with more than four million

private sector. As Saudi Arabia’s Minister of Finance

customers, is at the forefront of the country’s

H E Ibrahim Al-Assaf has stated the Kingdom’s Vision

fast-developing contactless payment market. In April

2030 will be instrumental in further consolidating

2016, the NCB signed a new contract with Gemalto,

the country’s financial stability and sustainability by

a digital security specialist, to migrate its entire

strengthening the participation of the private sector.

portfolio of credit cards to fast, convenient and secure

Inaugurating the 11th Euromoney Saudi Arabia

contactless “EMV” payment cards. “Gemalto is fully

Conference in Riyadh, the Minister stressed that the

supporting NCB’s commitment to introducing the latest

Vision 2030 would focus on spending efficiency,

solutions that meet the demands of our customers for

financial balance, diversification of revenues, and

a more seamless shopping experience,” stated Wael

reform of the subsidy system, according to Saudi

Abdulmoty Mohammed Hussain, Head of Credit Cards

Press Agency reported in Saudi Gazette 4 May 2016.

Consumer Finance Division Retail Banking Group for NCB.

BANK CREDIT RESILIENCE Bank credit to the Saudi Arabian private sector

HSBC is one of the most active international

remained resilient in March 2016, according to a new

investment banks in Saudi Arabia. In May 2016, the

report from Jadwa Investment. In the month, banks

Kingdom named HSBC Holdings PLC Middle East

rapidly increased their claims on the public sector, as

and North Africa Chief Executive Officer Mohammad

their holdings of government bonds rose. It appears

al-Tuwaijri Deputy Economy and Planning Minister, the

that banks freed up liquidity by not increasing their

highest-profile banker hired to the government.

holdings of SAMA bills to join the sovereign bond

The bank has been the top adviser for IPOs in the

issuance, said the report.

Kingdom for five years, according to data compiled by Bloomberg, and was the sole international adviser on

Economic data for March showed an increase in activity.

the $6bn IPO of National Commercial Bank in 2014,

Point of sales transactions and ATM withdrawals

the Middle East’s largest ever listing. HSBC holds a

showed a healthy rise over the previous month.

40% stake in Saudi British Bank, known as SABB,

The non-oil PMI also rose for the second consecutive

and a 49% share in HSBC Saudi Arabia. HSBC Saudi


Arab British European Banking & Finance Guide

BOURSE FOR SMES Saudi Arabia is reported to be working on rules for a new stock market dedicated to small and medium-sized businesses (SMEs) for an expected launch date in early 2017, the chief executive of Tadawul, the kingdom’s stock exchange, has stated. This followed Tadawul’s announcement in April 2016 that it was planning to open the new exchange in an effort to improve access to capital and better corporate governance. Chairman of the Capital Market Authority, Mohammed al-Jadaan stated that the new SME exchange would likely have a lower minimum capital requirement for companies than Tadawul, adding it could be in “single digits” as opposed to Tadawul’s 100 million riyals ($27 million) baseline, Reuters 4 May 2016. CPI Financial wrote that the move was designed to enable SMEs to be more competitive in the market place and enable them to achieve significant growth. “According to Tadawul, being listed in the market will provide SMEs with access to capital as well as national visibility.

Saudi Arabia Country Profile Tadawul hopes that by encouraging SMEs to improve corporate governance and disclosure by listing on the market will enable further development and growth” CPI Financial said, 20 April 2016. Tadawul said in December 2015 that it was planning

is intended to reduce dependence on oil revenues. The opening of the Saudi stock exchange, the region’s largest, to QFIs in June 2015 was seen as a milestone but has still to attract large-scale foreign investment into Saudi equities.

to list its shares in 2018. Reuters reported on 18 April


2016 that the stock exchange was in the process of

The country’s insurance sector is set to maintain a strong yearly growth of 14-17% during the next five years fuelled mainly by the enforcement of regulations, according to industry experts.

hiring an investment bank to advise on its flotation. Sources told Reuters that it had invited investment banks in early March to submit bids to advise on its planned initial public offering. Tadawul later selected HSBC Saudi Arabia to advise on its planned flotation scheduled for 2018. “The appointment of a financial adviser is an important milestone in the beginning of the IPO (initial public offering) journey which is planned to take place by 2018 after obtaining the necessary approvals,” the short statement said. Tadawul is the largest exchange in the Middle East with a total market capitalisation of SR1.48 trillion ($394.6bn), according to Thomson Reuters data. On 15 June 2015 new regulations came into effect permitting approved foreign banks, brokerage houses, fund managers and insurance companies based outside the GCC to directly invest in the Saudi stock exchange. Previously, only GCC investors had been able to trade directly on the Tadawul, with others obliged to do so indirectly through swaps or exchange-traded funds, OBG reported.

CAPITAL MARKET AUTHORITY The Kingdom has overhauled its foreign ownership and investment regulations for listed companies, in a bid to encourage participation by international institutional investors. The CMA widened the definition of Qualified Foreign Investors (QFI) to include financial institutions such as sovereign wealth funds and university endowments as well as banks, reported The National, 4 May 2016. Under the new rules, which will come into effect by the end of June 2017, QFIs will be able to own up to 49% of a company’s capital, unless a company’s bylaws or any other regulations require a lower foreign ownership limit. Individual QFIs will be able to own up to 10% of a company’s share capital, compared with the current level of 5%. “The CMA aims for these measures to provide greater stability to the overall capital market environment, through applying international best practices, incentivising investors in an environment that supports the national economy,” the regulator said in its statement.

“We expect the Saudi insurance sector to be the least affected by weaker oil prices, budget cuts and the tightening liquidity as the enforcement of existing regulations will propel motor and medical premiums growth at a rate of 15-25% and 14-16% respectively,” explained Jaap Meijer, managing director and head of Equity Research at Arqaam Capital, a specialist emerging markets investment bank, The National, 6 January 2016. “We estimate that SAMA’s enforcement of mandatory medical and Third-party Liability (TPL) insurance would account for half of the growth during the next five years, adding 3.5 million medical policyholders and 3 million insured vehicles,” he added. “Motor holds the most growth potential as it lags considerably behind medical in enforcement, pricing and penetration,” Meijer continued. “There is a potential for the number of motor policyholders to double in size but at a lower average of SR1,200 per policy instead of the current sector average of SR1,750. We see the segment doubling premiums by 2018 on re-pricing, cost of inflation and additional two million insured vehicles. “The fragmentation of the sector and the depletion of capital are two other major challenges with many small insurers falling short of securing the necessary scale to generate sufficient profits and to maintain top-line growth in line with the market, ceding market share to insurers with more robust solvency and better economies of scale. In our view, consolidation in the sector could be a viable option in the future,” concluded Meijer.

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BRITISH EMBASSY PO Box 94351 Riyadh 11693 Email: Tel: +966 (0) 11 4819 100 ROYAL EMBASSY OF SAUDI ARABIA 30 Charles Street, W1J 5DZ Tel: +44 (0)20 7917 3000 Email: SAUDI ARABIAN MONETARY AGENCY (SAMA) PO Box 2992 Riyadh 11169 Email: Tel: +966 1 463 3000 SAUDI STOCK EXCHANGE (TADAWUL) 6897 King Fahd Rd Riyadh 12211-3388 Tel: +966 (0)11 218 9999 Email: SAUDI ARABIA GENERAL INVESTMENT AUTHORITY (SAGIA) Headquarters PO Box 5927 Riyadh 11432 Tel:+966 1 1203 5777 Fax: +966 1 263 2894 Email:

In May 2016, the IMF described the Kingdom’s banking sector as “strong and well-positioned to weather a slowing in the pace of growth”. It welcomed the fact that SAMA continued to strengthen its regulation and supervision and noted that a deposit insurance scheme had also been introduced. The IMF also welcomed the planned introduction of a value-added tax in 2018 and other tax measures.

The easing of ownership restrictions was welcomed by asset managers as a greater incentive for foreign investors. The participation of foreign institutional investors in Saudi privatisations is a key element of the Kingdom’s ambitious economic reform plan that

Arab British European Banking & Finance Guide


Somalia Country Profile

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Official Name: Federal Republic of Somalia Capital City: Mogadishu Population: 10,616,380 (April 2016) Land Area: 637,657 sq km Languages: Somali and Arabic; Italian and English are common foreign languages in use Currency: Somali Shilling Main activities: Agriculture, light industries, including sugar refining, textiles and wireless communication Dialling Code: +252 (00 252 from UK)


omalia’s economy has shown remarkable resilience despite over 24 years of weak central government; mainly driven by the private sector, the World Bank remarked, 9 April 2016. Economic growth in 2015 was estimated at 3.7% and inflation at 1%, the IMF reported. Somalia is seeking to rebuild its financial sector in partnership with the IMF and plans a comprehensive reform of its currency. As part of the same initiative it is in the process of adopting measures to strengthen the licensing, supervision and regulation of commercial banks and money transfer businesses operating in the country. Rebuilding the financial system is one of the country’s

services. The dearth of statistics about the country

key challenges addressed by the Federal Government

continues to make it difficult to establish a precise

of Somalia with a series of reforms that is been

estimate of the size of the economy.

embarking on since 2012. These reforms are beginning to bear fruit, the IMF observed, 6 April 2016.

Most Somali citizens currently use mobile money systems to carry out their daily business transactions

The IMF reached a ‘’milestone’’ agreement with

in US dollars. As a result, the introduction of a new

Somalia starting in May 2016 marking a move towards

currency for the country has been mooted.

the normalizing of the country’s relations with

According to Reuters, 5 February 2016, the governor

international financial institutions.

of the central bank was seeking to create and circulate a new currency to replace the old Somali Shilling

The scope of the programme will “focus on policies to

which has become less used. The shilling notes still

improve governance and fiscal management, strengthen

in circulation are worth about 4 US Dollar cents.

institutions, foster financial sector development, and fill considerable data gaps,” the IMF stated. “In

The World Bank and IMF estimate Somalia’s GDP

particular, the programme envisages reforms to raise

at about $6 billion in 2015 which is six times higher

domestic revenue and improve budget preparation

than the pre-war period (1985-1990) average of $1bn.

and execution. It emphasises the implementation of a

Consumption remains the key driver of GDP with gross

recently-adopted arrears management strategy, and the

fixed capital formation accounting for only 8% of GDP

continuation of public financial management reforms

in 2015.

to enhance the transparency of, and accountability for, government operations.

The economy is highly dependent on imports with the share of exports to GDP being only 14%. Imports

“To support financial sector development, the

account for more than two thirds of GDP, creating a

programme will initiate a comprehensive currency

large trade deficit, mainly financed by remittances and

reform, and strengthen licensing, supervision and

international aid.

regulation of commercial banks and money transfer businesses.”

Remittances not only provide a buffer to the Somali economy but also are a lifeline to large segments of


Somalia has a vibrant private sector which has helped

the population cushioning household economies and

to maintain economic activity through provision of

creating a buffer against shocks such as drought, trade

money transfer, transport, and telecommunications

bans and conflict, the World Bank observed.

Arab British European Banking & Finance Guide

Somalia Country Profile

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Somalia has no official Embassy in the UK at present

Income per capita in Somalia is estimated at $435, making it the fifth poorest country in the world. Although Somalia had no effective central monetary authority for many years, due to the uncertain situation

programme earlier in the year, according to IBS Chief Executive Officer Hassan Ahmed Yusuf, Bloomberg reported 18 May 2016. The bank’s loans range in value from $100 to $1,000 and are given interest-free, with women representing 89% of recipients, Yusuf said.

that prevailed, the country’s payment system is actually fairly advanced due primarily to the widespread existence of private money transfer operators that have functioned as an informal banking network for the population. The Central Bank of Somalia is mandated with powers to oversee domestic financial institutions. Its supervisory role extends to commercial banks,

“Our purpose is to provide small loans to very poor people for self-employment projects that generate income, allowing them to take care of themselves and their families,” Yusuf said. “We do not want any profit in return for the loans; this is an initiative we began to encourage small-scale businesses and to reduce the alarming amount of unemployment in the country.”

credit institutions, forex bureaus and money transfer


operators. The central bank adopted a regulation on

Remittances have long played an important role in Somalia, supporting people’s livelihoods and sustaining economic development. It is estimated that a minimum of $1.3bn is remitted annually by Somali communities living overseas mainly through money service businesses. Remittances that flow into the economy account for around 50% of Somalia’s GNI and 80% of the investment in the country. According to the World Bank, 40% of Somalis - some 3.4 million people - are reliant on remittances to meet their basic needs. UK money service businesses have so far managed to find mechanisms to continue to operate and money continues to flow between the UK and Somalia.

bank licensing in 2014 which ‘’applies to all persons intending to engage in banking business in Somalia’’. The work of the central bank covers developing regulations, guidelines and standardising reporting; implementing core banking and payment and settlement systems; undertaking institutional reform including human resources; strengthening the supervision department with the support of the country’s international partners; and adopting international standards and best practices for the country’s banking sector.

MICROFINANCE Meanwhile, the International Bank of Somalia (IBS) has introduced a microfinance initiative whereby it lends Somali citizens up to $1,000 in order to start small businesses such as grocery stalls. IBS began operations in October 2014 and became the first lender in Somalia to handle foreign transactions. The bank provides retail, private, corporate and investment banking services.

Uncertainties in recent years have led to some changes to the nature of UK-to-Somalia remittance services. The UK Government seeks to ensure that remittances continue to flow through secure, accessible channels. The UK continues to monitor developments in the UK-Somalia remittance market. Her Majesty’s Revenue and Custom (HMRC) produced new compliance guidance for remittance companies and for banks that provide services to remittance companies.

Based in the capital, Mogadishu, the bank had distributed about $600,000 in cash to some 700 recipients as of May 2016 since it began the

Arab British European Banking & Finance Guide


Sudan Country Profile

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Country Name: Republic of Sudan Capital: Khartoum Currency: Sudanese Pound (SDG) Population: 36,108,853 (July 2015 est) GDP: 3.5% (2015 est) GDP: $167.4 billion (2015 est) GD per capita: $4,500 (2015 est) Language: Arabic is the official language but English is widely used in business Dialling Code: +249 (00 249 from UK)


ith a fully Shariah-compliant banking and financial system, Sudan remains one of the most resource-rich countries in Africa. The economy is expected to gradually moderate in 2016 and 2017, after experiencing an economic downturn in 2014-2015, caused by the drop in the financial services sector. Sudan is an emerging market with a stable and flourishing economic outlook, especially in terms of the gradual lifting of sanctions, which can lead to an inflow of foreign investment.

The country’s banking and finance system has been

has been fully Shariah compliant since 2011.

marked by several historic landmarks. The 1990s saw

As of June 2015, the country’s financial system

Sudan undertake the successful conversion of its entire

constituted of 37 banks, 36 non-banking financial

financial system into an Islamic one. The first Islamic

institutions, and more than 30 microfinance

bank in the market was the Faisal Islamic Bank

institutions. Banking institutions are segregated into

established in 1977 and was followed by five more

26 joint venture banks, seven foreign banks and four

Islamic banks between the years 1980 and 1983.

government development banks.

A High Shariah Supervisory Board was established in 1992 to provide effective supervision and control of

The banking sector is expected to continue to play

insurance providers operating in the country. The Board

an important role as the financial intermediary and

ensures the full compliance of financial transactions

primary source of financing for the domestic market.

with Shariah principles by working in close

Hence, there has been a need to assess the sector’s

collaboration with the central bank. A special Sukuk

regulatory framework.

committee was set up in 2003. The total assets of operating banks in the country With regards to the insurance sector, in 1979 the

increased by 19% from 2013 to 2014 but the country

Islamic Insurance Company established in Sudan as by

still remains “under-banked” with financial institutions

the Faisal Islamic Bank as the first-ever firm to offer

concentrated predominantly in and around the capital

Shariah-compliant insurance products. By 1985 there

Khartoum. The government supports microfinance

were three more takaful companies operating in Sudan.

as a means to increase access to finance for the under-banked. In fact, it was in the year 2007 that an

In 1994, the Khartoum Stock Exchange was set up.

Islamic microfinance committee was established and a microfinance fund was launched. The central bank has

The Bank of Sudan was established in 1959, its role

also directed all Sudanese banks to allocate a 12% of

developing gradually to strengthen the performance of

their finance portfolios to micro and small finance.

banks, maintaining confidence in the system, maintaining the stability of the sector and reinforcing

All banks have been required to consider the

the role of the banking sector in achieving economic

implementation of modern technology as part of a


policy to widen access to banking services. An Electronic Banking Services Company (EBS) was


The Sudanese financial system is largely dominated by

created as the technical arm of the central bank in the

the banking sector which constitutes more than 90% of

implementation and operation of banking technology

the assets of the entire financial system. The system


Arab British European Banking & Finance Guide

Sudan Country Profile After laying the basis, banks are now able to take further steps and continuously look for new products and services to automate and adapt processes which customers can easily access online. The migration of customers to online banking is a process that can be achieved through different

confront challenges of liquidity requirements and capital adequacy. One of the requirements of Basel III is that all Islamic banks must boost their capital position by placing higher quality capital, which would allow the Islamic financial institutions to more easily absorb financial shocks.

incentives and education. The central bank phased out its main liquidity tool used by domestic lenders to an external fund, in a move it hoped could serve as a model for other countries aiming to tackle a scarcity of sharia-compliant money market instruments, Reuters reported 4 December 2015. Islamic banks have grown faster than conventional ones across the region, but they largely lack liquidity management tools which the industry views as essential for its long-term health and viability. Demand for such tools is great in markets like Sudan, which in 1983 became the first country to require its entire banking system to comply with Islamic principles. As of December 2015, Sudan had 28 Islamic banks holding an estimated $10.7 billion in assets, according to Thomson Reuters data. The central bank has issued Islamic certificates to address banks’ liquidity needs, with the ministry of finance issuing Islamic bonds of its own. In 2011, however, the introduction of a real-time settlement system led Sudanese banks to accumulate large amounts of central bank certificates, said Mohamed Ismat Yahya, deputy manager of banking operations. “There has been a staggering stockpile of these certificates,” Yahya said. “It was important for us to find other solutions to help banks manage their liquidity management away from the central bank.” To address this, a liquidity management fund was launched in September2014, a special purpose vehicle jointly owned by Sudanese lenders and managed by the Financial Investment Bank.

CAPITAL MARKET Sudan has a relatively active domestic Sukuk market. Since 1999, the central bank through the Sudan Financial Services Company -which was established by the central bank with the Ministry of Finance and National Economy in 1998 - has been mandated to trade and market all government securities. It has been regularly issuing quarterly short-term Sukuk, known

Within the domestic market, Sukuk are traded on the Khartoum Stock Exchange, which is overseen by its own Shariah Board. Given that the KSE requires full information disclosure and the products are approved in a conservative manner by the Shariah Board, there is no speculation on the market.

INSURANCE SECTOR Takaful or Islamic insurance has a long established history in Sudan yet still continues to offer significant areas of opportunity and growth. Between 2012 and 2013, total contributions of Takaful grew by 30.2% and gross surpluses expanded by an impressive 61%. Companies in the Takaful sector have been addressing the needs of customers with products such as crop insurance and protection against conflict risks. Microtakaful is another area with great potential. Changes in regulations coupled with relatively low insurance penetration, especially among lower income households, highlight the strong potential in this segment going forward.

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EMBASSY OF THE REPUBLIC OF THE SUDAN 3 Cleveland Row St. James’s London SW1A 1DD PO Box No 801 Tel: +249 (0)156 775500 Fax: +249 (0)156 775501 Email: Email: British Embassy off Sharia Al Baladia Khartoum East Central Bank of Sudan Gamhoria Street Almogran PO Box 313 Khartoum Tel: + (249) 83 782246

Insurance in Sudan is still a relatively small sector with limited market penetration. This means that it can offer plenty of growth opportunities. The growth in infrastructure development requires substantial funding beyond what the government is able to finance. As a result, the private sector is playing a larger role in infrastructure funding and risk protection. Currently, the state is heavily involved in the insurance sector. However, the rapid expansion of higher risk infrastructure projects is expected to drive increased demand for more attractive protection plans than what is currently on offer.

KHARTOUM STOCK EXCHANGE The KSE was set up in 1994 after the Transitional National Assembly passed the Khartoum Stock Exchange Act which allowed it to acquire independent legal status. Since that time, it has made progress in terms of governance and market engagement. By 1997, there had been a sizable increase in the market value of listed companies. The Financial Investment Bank (FIB) was established to assist the KSE. In 2014, the KSE was accepted as a full member of the association of Africa & Middle East depositories (AMEDA).

as Government Musharakah Certificates, for managing macro-economic and banking liquidity as a form of Shariah-compliant monetary policy. As a result, Sudan was the second largest sovereign short-term sukuk issuer after Malaysia as of July 2014. Sudanese banks can benefit from Sukuk as they

Arab British European Banking & Finance Guide


Syria Country Profile

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Country Name: Syrian Arab Republic Capital: Damascus Languages: Arabic, with English widely spoken Currency: Syrian Pound (SYP) Population: 17,064,854 (July 2014 est) Main industries: Petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing and car assembly Main agricultural products: Wheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry and milk


he very promising opening up and gradual expansion of banking and financial services in Syria which occurred over a decade ago has been severely curtailed by the crisis that has been enveloping the country in recent years with little sign of abating at the time of writing. On the whole, however, Syrian banks had been able to weather the storm over a very difficult period. Nevertheless, despite a lack of public and private investments, none of the country’s six state-owned banks have been obliged to suspend their operations, reported the Washington Post, 3 August 2015.

Furthermore, the 14 private banks — which are

of 45USD/SYP— was almost equal to the combined

primarily subsidiaries of regional Arab banks with head

capital of the 14 private banks.

offices in Lebanon, Jordan, Qatar, Saudi Arabia, Kuwait and Bahrain — decided to remain in the market until

The Commercial Bank’s commanding position has been

the resolution of the conflict and seem prepared to stay

largely due to the centralisation of government financial

the course in the country for the long term.

transactions and deposits in the bank, which provided CBS with an effective monopoly over the budget and

The government in Damascus took its important decision to liberalise the country’s banking sector in 2003 and by so doing it signalled an end to the public monopoly over the nation’s financial system. This was a symbolic initiative and became the centrepiece of the decisive shift towards a social market economy through a process of liberalisation that culminated with the establishment of the Damascus Securities Exchange (DSE) in 2009. The number of firms listed on the DSE has steadily grown, even after 2011, and at present it comprises 23 companies from sectors such as transport, media, industry, agriculture, banking and insurance. Publicly listed private banks operating in the country have so far

revenue of the country’s largest employer and investor, the Washington Post said. On 31 May 2005, Syria approved the license application of Bank Audi and its partners to launch Bank Audi Syria sa. The bank began operations in September 2005 with capital of $50 million, which was one of the largest start-up capitals ever recorded in the country’s banking sector, opening one branch and a head office in Damascus. Bank Audi Syria sa built a solid network of 22 branches spread across all governorates to offer a diversified portfolio of commercial and retail products. More branches had been planned for the future. The bank’s competitive advantages have included its

dominated the exchange’s value and trading activities.

international network with offices in Lebanon, Jordan,

The banking reforms envisaged a combination of public

Switzerland, Gibraltar and Monaco, as well as its

and private banks operating in the market under the

advanced technology and innovative management.

Egypt, Saudi Arabia, Sudan, Qatar, the UAE, France,

regulation of the central bank. The six state-owned


banks have continued to dominate the market with the

Meanwhile, Byblos Bank Syria SA, founded in 2005,

Commercial Bank of Syria retaining its status as the

was the sixth private bank to set up operations in Syria

largest in terms of its assets, operations and services.

following legislation to modernise the banking sector.

The bank’s capital of 7 billion Syrian pounds (SYP)

Byblos Bank Syria SA is 59.87% owned by Byblos Bank

— approximately $1.55 billion in pre-conflict value


Arab British European Banking & Finance Guide

Syria Country Profile

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Diplomatic relations between the UK and Syria are currently suspended.



The public and private banks have worked to develop new products despite the current crisis as they have continued to fund imports and the economic activities to meet the needs of the national economy. Some 20 banks are currently operating in Syria, six of which are private and 14 are public, while three banks are Islamic. In contrast to most economic sectors in Syria, the profits of the private banks have witnessed a significant development reaching SYP 45 billion by the end of the first half of 2015 with an increase of 80.3% in comparison with 2014 while between the years 2013 and 2014 they increased by 65.5%. Indicators of the

Committee’ and the CBS.” Dweik stressed that private banks are still “providing relatively good funding processes compared to the current circumstances,” as the investment portfolio of Syria International Islamic Bank exceeded SYP50bn. He indicated that the market share of the three Islamic banks which are operating in the country had also witnessed significant development. The Industrial Bank works to support the development plans and provides all the banking processes related to the industrial sector with the aim of growing the industrial sector in Syria through developing banking processes, and credit facilitations, particularly for investment projects.

Altjreda al Maghrebeh Square PO Box 2254 Damascus Tel: +963 11 2216802 Fax: +963 11 2220550 Email:

DAMASCUS SECURITIES EXCHANGE (DSE) PO Box 6564 Damascus Tel: +963 11 519 0000 Fax: +963 11 519 0099 Email:

Central Bank of Syria (CBS), the financial markets and Damascus Securities Exchange show that the assets of private banks in Syria increased by 15% over the last six months in comparison with the last year and they show that deposits have hit SYP531bn with an increase of 22.5% in comparison with the last year, SANA News reported, 9 September 2015.

The Savings Bank, a public bank in Syria, continues to provide loans for low-income people as the number of those loans in the first half of 2015 reached 35.9 thousand, in addition to loans to public institutions that support the production process. The number of new accounts with the Savings Bank in the first half of 2015 reached 22,713.

The Director General of the Commercial Bank of Syria, Firas Salman, told SANA that deposits at the bank increased by SYP125bn since the beginning of the current year till the end of July 2014 in comparison with the same period of the last year as the deposits reached SYP547.3bn in comparison with SYP422.9bn in 2014, referring to the notable increase in direct credit. The Commercial Bank of Syria provides many services for the widest segment of society and it keeps up with the modern technologies as it uses modern software systems that are adopted by a large number of the international banks. Meanwhile, Executive Director of Syria International Islamic Bank, Abdel Qader Dweik, said that the private banking sector in the country had been able to adapt with all the huge pressures put on it due to the current crisis, stating, “banks still have a suitable liquidity that

The People’s Credit Bank has enjoyed liquidity that exceeded the liquidity requirements set by the Monetary and Credit Council (MCC) with an increase of 33%, and the increase was being invested in providing loans for the low-income people. The Agricultural Cooperative Bank has continued to fund the needs of agricultural production and of buying the crops from farmers, in addition to providing loans to them. The Real Estate Bank has played a significant role in the domain of executing development programmes in the country. The number of the shareholders of private banks in Syria reached 34,621; 29 companies own about 57.7% of the banks while thousands of investors own the remaining 42.3%.

is bigger than the minimum requirements set by ‘Basel

Arab British European Banking & Finance Guide


Tunisia Country Profile

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Country Name: Tunisian Republic Capital: Tunis Land Area: 155,360km2 Currency: Tunisian Dinar (TND) Population: 11,037,225 (July 2015 est) GDP Growth: 1% (2015 est) GDP (purchasing power parity): $127.2 billion (2015 est) GDP per capita: $11,600 (2015 est) Languages: Arabic and French for business; English is widely spoken Dialling Code: +216 (00 216 from UK)


unisia is hoping to achieve growth of around 3.5% by 2017. It has adopted a five-year plan for economic recovery that covers the period 2016-2020. As H E Yassine Brahim, Minister of Development, Investment and International Cooperation, told African Manager, March 2016, ”We are already beginning to move to stages that start to revive us and the five-year average would be about 4%. If we can achieve this average in 2016-2020 while it was around 1% in 2011, we are in the economic recovery. This five-year plan will be that of economic recovery and we hope that the next plan will be one of acceleration.”

With regards to boosting investment, the Minister

government on how to handle the impact of global

stated, “We have set as target for 2016 the revival of

economic issues.

investment, especially as the flow has dropped significantly in the tourism and services sector. We will

In March 2016, Moody’s Investors Service affirmed

target a growth of around 7% in terms of investment.

Tunisia’s government issuer rating at Ba3, and

If we achieve investment in 2016, the next two years

maintained the stable outlook. Moody’s also affirmed

will be positive. In this context, we will try to set an

the debt rating of the central bank at Ba3 and

example by pushing public investment. Once public

maintained the stable outlook.

investment restarts, private investment will certainly follow suit.”

Reform of the banking system is seen as an essential part of an improved business environment that will


encourage a more dynamic private sector needed for

Tunisia is in the process of creating a modern central

economic growth and employment generation. “Tunisia

bank able to exercise its powers free from government

is widely recognised around the world as a beacon of

interference, it is reported. According to draft

hope,” World Bank Group President Jim Yong Kim said

legislation seen by Reuters, 14 March 2016, it is

in a statement on his visit to Tunis, 28 March 2016.

proposed that the central bank will be granted

Commenting that Tunisia was at a “crossroads”, he

autonomy from the government allowing it to exercise

reaffirmed the bank’s strong support for the country’s

control over the country’s monetary policy, currency

transition process and its efforts to tackle economic

reserves and gold reserves. As it stands there is no law

challenges. Economic growth was “held back by

in Tunisia prohibiting the government from seeking to

investors’ wait-and-see attitude”, an IMF spokesman

intervene in central bank policy or in making demands

said following an official mission in early March 2016

on the bank’s reserves.

when discussions took place with senior government and central bank officials. Promoting private-sector

“The goal is to establish a modern central bank and

development and modernising the public sector were

good monetary governance and avoid any possible

important tasks, the IMF said.

political bickering or demands to impose certain


monetary policies regardless of the economic trend


for the next government,” said a central bank official

The Ministry of Finance has been preparing a financial

familiar with the bill. The legislation, prepared with

sector modernisation plan for 2015–2020 that outlines

the cooperation of the IMF, includes a new central bank

more than 20 areas ripe for policy reform, including

committee which could issue recommendations to the

financial inclusion—defined as the access and use

Arab British European Banking & Finance Guide

Tunisia Country Profile

of financial services such as credit, savings, payment

the dollar, euro, yen and pounds sterling- serving as a

The postal savings account network is almost as

services and insurance by households and businesses.

monetary instrument of the IMF.

extensive as that of the entire banking sector and far

According to the World Bank financial inclusion in

Meanwhile, Hungarian public Eximbank announced that

network had 1,051 branches. It is thus a key player

Tunisia remains limited in 2016. In 2011 a national

it is to open a branch in Tunisia in the summer of 2016,

when it comes to financial inclusion. But it has only

microfinance strategy estimated that around 30%

Hungarian Minister of State for Economic Diplomacy

less than 200 ATMs, and a quarter of its branches are

to 40% of the adult population (or 2.5 to 3.5 million

Levente Magyar, stated after the signing of cooperation

not connected to a central server. The branches also

individuals), and more than half the enterprises in

agreements between the two countries, TAP reported,

have relatively limited opening hours and strict

the country (some 245,000 to 425,000 registered

11 March 2016.

minimum payments, making the network difficult to use

more evenly spread across the country; in 2014, the

businesses) remained unserved or underserved by the mainstream financial sector. Market studies have corroborated the figures and suggest that little has changed over the past five years. A 2015 study by the World Bank and the Center of Arab Woman for Training and Research (CAWTAR), found that two-thirds of Tunisian adults are excluded from or underserved by the formal financial sector. Meanwhile, a 2014 Findex study found that only 27% of adults reported holding an account with a formal financial institution. In addition, extensive qualitative research has shown that Tunisian citizens on low incomes and who lead economically active lives are obliged to resort to the informal financial services sector that may be both risky and costly.

COOPERATION Tunisian and Chinese experts in finance, economics

for micro-savings requiring regular withdrawals and

UNION OF ARAB MAGHREB BANK A Maghrebi Bank of investment and international trade (BMICE) was established in Tunis in December 2015. It supports the efforts of the Union of Arab Maghreb (UMA) which brings together Algeria, Morocco, Tunisia, Libya and Mauritania. The fundamental mission of the bank will be to finance joint infrastructure projects between the five UMA member countries and the development of intra-Maghrebi commercial exchange, in terms of the wide possibilities offered by a market of over 90 million consumers. The new bank had initial capital of $150 million. It was agreed that the bank will have an Algerian president and a Tunisian director general. The bank is to help foster the harmonisation of commercial exchanges between the European Union and the Maghreb region.

very small deposits. Over 50% of the 5.5 million postal accounts are anyway inactive, with no transactions having been made for the past two years or longer. In 2011, legal reform laid the foundation for the development of the microfinance sector, authorising new actors as associations and limited liability companies, and creating a modern regulatory agency (the microfinance supervisory authority). In 2015, authorisation had been granted to four newly-created companies (Taysir, Microcred Tunisia, Advans Tunisia, and the Entrepreneurship Financial Centre). Given this sectoral expansion, micro-finance institutions seem set to play an important role in financial inclusion in Tunisia. Other financial service providers, including leasing companies and insurance providers, comprise only a

have been discussing greater cooperation in the fields


of finance and technology. Discussions took place

Most financial institutions consider the very small,

company premiums represent less than 2% of the

in Tunis in 29 March 2016, when experts from both

small, and medium enterprise segment of micro-

country’s GDP. Digital finance, the provision of financial

countries were joined by politicians and business

financing, risky and opaque. A 2014 IFC survey found

services through electronic means, has seen some

leaders to attend a meeting on the initiative of the

that people working in 29% of the smaller firms had

progress in recent years, with four services on the

China-Tunisia Co-operation Council. One item on the

never attempted to open a bank account; 37% reported

market. These products, however, offer limited

agenda, according to a TAP report, was the prospect

needing financing but had never contacted a financial

services, lack inter-operability, and so far have seen

of yuan-dinar parity. As of October 2016, the Chinese

institution; 78% used cash to pay their suppliers, and

limited uptake. Remarkably, less than 4% of Tunisians

currency will join the currency basket - made up of

91% used cash to pay their employees.

use mobile financial services.

negligible part of Tunisia’s financial sector. Insurance

Arab British European Banking & Finance Guide


Tunisia Country Profile Given the limited uptake to date, the opportunities for enhancing financial inclusion in Tunisia are significant once structural and short-term challenges are overcome, the World Bank says. Financial inclusion can be an important mechanism to promote economic growth and provide a better future for low-income Tunisians. Progress will require joint action from public and private sectors. Increasing the insurance sector’s competitiveness is among the main goals of the recent economic reforms in Tunisia, with the government confident that the sector possesses the necessary capacity to export its services to other parts of Africa, according to Tunisian Finance Minister Slim Chaker at the opening of the 42nd African Insurance Organisation (AIO) Conference in Tunis.

INSURANCE SECTOR The Tunisian insurance industry has a promising future despite facing some difficulties in the motor business, said the Minister as he urged insurers to tap into other segments such as life and pensions. Particularly with state pension programmes facing greater challenges, there are opportunities for insurers to assume a greater role in this area in the future. He said that insurers should go beyond the traditional insurance lines of business in order for the sector to grow and increase its contribution to the national economy. He also said that there is a long way ahead for insurers as the local penetration rate stands modestly at 1.9%, compared to the global average of 7%. As reported by Asia Insurance Review, 26 May 2015, Mr Chaker said that the government aims to encourage investments and increase cooperation with the private sector. This was demonstrated in reforms which included the issuance of the Public Private Partnership Law which will assist the insurance sector to improve growth rates, he said. Moreover, amending the investment laws to show more openness towards international markets is another step towards this goal. Mr Chaker said that his Ministry had already started working with the World Bank to evaluate the performance of the financial sector, including insurance, through a comprehensive study. However, the insurance sector continues to suffer from a communication problem as there is weak understanding of it among the Tunisian public. He said the sector needed to work on public awareness in order also to attract young people to join the industry. The Tunisian insurance market grew by over than 8% in 2014 reaching TND1.53 billion ($780 million) compared to TND1.4 billion in 2013. The market includes 22 insurance and reinsurance companies.


Arab British European Banking & Finance Guide

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BRITISH EMBASSY Rue du Lac Windermere Les Berges du Lac Tunis 1053 Tel: +216 71 108 700 Fax (Commercial): +216 71 108 749 Email: EMBASSY OF TUNISIA 29 Prince’s Gate London SW7 1QG Tel: + 44 (0) 207 584 8117 Fax: +44 (0) 207 584 3205 Email: CENTRAL BANK OF TUNISIA (BANQUE CENTRALE DE TUNISIE) Tel: +216 71 122 000 Email: TUNISIAN STOCK EXCHANGE (BOURSE DE TUNIS) 34 Avenue de la Bourse 1053, les Berges du Lac II Tunis Tel: +216 71 197 910 Fax: +216 71 197 903 Email: ASSOCIATION PROFESSIONNELLE TUNISIENNE DES BANQUES ET DES ETABLISSEMENTS FINANCIERS (APTBEF) 13, Rue Omar Ibn Kaddeh Montplaisir, 1073 Tunis BP 45 Tunis – Belvédère Tel: +216 70 147 320 Fax: +216 71 903 846 Email:

UAE Country Profile

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Country Name: United Arab Emirates A federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Quwain, Ras al-Khaimah and Fujairah Capital: Abu Dhabi GDP Growth: 3% (2015) GDP (purchasing power parity): $641.9 billion (2015 est) GDP per capita: $67,000 (2015 est) Currency: Dirham (AED) Languages: Arabic (official), English (business) Area: 83,600 sq km Population: 5,779,760 (July 2015 est) Key Industries: Petroleum and petrochemicals; fishing, aluminium, cement, fertilisers, commercial ship repair, construction materials, boat building, handicrafts and textiles Main Exports: Crude oil 45%, natural gas, re-exports, dried fish and dates Main Imports: Machinery and transport equipment, chemicals and food Dialling Code: +971 (00 971 from UK)


anking and financial services are one of the leading cutting edge sectors within the dynamic economy of the United Arab Emirates. Banks contribute significantly towards economic prosperity and the enhancement of continued development prospects. The banking sector consists of some 23 local and 26 foreign banks, with nearly 1,000 branches between them. As a sector it has for quite some time benefitted from being in sound and robust shape. With a supportive regulator, the UAE Central Bank, and a government and public sector that have been in a position of financial strength due largely to oil revenues and a generally prudent policies and strategy, the sector is one that investors, market participants, and analysts have generally been very comfortable with.

The sector is well capitalised by the standards of global

platform, Democrance, a mobile micro-insurance

banking. Indeed all major UAE banks maintain

company and Pi Slice, a micro-financing business, have

comfortable capital adequacy ratios are well placed

emerged offering services that meet the demands that

when compared to their European or US counterparts.

were not serviced by banks.

Banks play a dynamic role in the UAE’s economic development through the mobilisation of financial


resources and providing the required financing for

The Central Bank of the UAE is entrusted with the task

the support of the national economy and creating the

of organising banks in upgrading their management

investments needed for that purpose.

and to ensure financial soundness. Banks in the UAE are divided into two major categories:

The financial services industry is currently going through a rapid transformation as a result of advances

• Locally Incorporated Banks which are public shareholding companies licensed in accordance witH

in technology. With the arrival of new communications

provisions of Union Law No. (10) of 1980, and

technologies such as smartphones in the mass market,

• Branches of Foreign Banks which have obtained

customers are now demanding more from their banks

Central Bank licenses to operate in the country as per

and increasingly want to access services around the

provisions of the law.

clock. New players are entering the market in a bid to permit customers to carry out banking transactions on

Abu Dhabi is on track to become a regional hub for

their phones rather than paying a visit to their bank.

financial technology (FinTech), with authorities in the

In the UAE, a range of start-up companies have sprung

emirate planning to work on a framework to govern the

up over recent years to offer innovative alternative

sector, according to Ahmad Al Sayegh, chairman of

services to complement those available from traditional

Abu Dhabi Global Market (ADGM), a financial centre for

banks and established banks themselves are also

local, regional and international institutions. He stated

offering more innovative services in response to

that global investments in the sector had quadrupled to

customer demand.

$12 billion (Dh44 billion) in 2014, with the figure likely to multiply in years to come. ADGM is Abu Dhabi’s

Such companies as PayFort, an online payment

financial free-zone and acts as a catalyst to attract

provider, Bridg Payment Solutions, a payment

more companies in the field of financial technology to

transaction facilitator, Beehive, a peer-to-peer lending

the emirate.

Arab British European Banking & Finance Guide


UAE Country Profile


more sophisticated financing requirements. Banks

Dubai Financial Market (DFM) officially launched a

located in the DIFC offer the full range of financial

Islamic banks have managed to reduce exposure to the

new website on 15 November 2015 to provide access

services such as commercial and investment banking,

real estate sector, which was historically higher than

to better market information to investment. The DFM

trade and export finance, project and infrastructure

for conventional banks, the ratings agency said. UAE

website is the main source of information for users

funding, treasury services and correspondent banking.

Islamic banks will benefit from the central bank’s 2015

seeking to obtain necessary information for investment

decision to include Sharia-compliant securities in the

purposes, as it encompasses important information


about listed companies, such as financial statements

The DFSA is the independent regulator of financial

accessing liquidity. Islamic banks often hold these

and the formation of the boards of directors. The

services conducted in or operating from the DIFC. It has

securities but in the past have had to hold liquidity

investor can also access a live market data feed by

a regulatory mandate that includes asset management,

either in cash or monthly offerings of central bank

registering on the website, which also provides access

banking and credit services, securities, collective

Sukuk, with maturities of three to six months.

to electronic statements showing the balance of

investment funds, custody and trust services,

This puts them at a disadvantage to conventional

portfolios and other services Emirates News Agency

commodities futures trading, Islamic finance,

banks, which have a wide range of interest-earning

reported, 16 November 2015.

insurance, an international equities exchange, and an

liquidity management options, Fitch added.

range of instruments it accepts as collateral for

international commodities derivatives exchange.




The UAE remains pre-eminent in the Gulf insurance

Since its opening in 2004, the Dubai International

Established in 1982, the UAE Banks Federation is a

market, which is growing despite slower-than-expected

Financial Centre (DIFC) has acted as a platform for

professional representative body of 49 member banks

oil prices, according to Moody’s Investors Service. The

business and financial institutions by offering a legal

operating in the UAE.

GCC remained the fastest growing insurance region in 2015 outpacing all other markets. The ratings agency

system mostly consistent with English Common Law. Banks registered in the DIFC, which is the UAE’s first


expected that the Gulf’s high economic and fiscal

financial free zone, can be 100% foreign owned. The

The Islamic finance sector has continued to outpace

strength as well as increased insurance penetration

DIFC is one of the Gulf’s leading financial centres and

the conventional banking sector’s growth in 2015,

would help secure equally strong growth rates through

home to the regional headquarters for many of the

Fitch Ratings said 24 November 2015. The six largest

to 2018.

world’s top banks and financial institutions. The DIFC

Fitch-rated Islamic banks’ share of total bank gross

is regulated by the DFSA and boasts its own court.

loans was around 21%, up 3% in 1H15, and they had

The UAE insurance sector as of end 2015 includes

around 20% of total assets at end-1H15. “We expect

some 60 insurance companies of which 34 are national

Banks and financial services firms are attracted to

demand for UAE Islamic banks’ lending to continue to

insurance companies and 26 branches of foreign

the UAE by the growing wealth, the cross-border trade

grow, supported by wider acceptance and an expanding

insurance firms. In addition, there are 164 insurance

and investment potential, M&A activity and ongoing

customer base,” Fitch said in its ‘UAE Islamic Banks

brokers of which 159 are locally incorporated and 5

restructuring by state owned enterprises, corporations

Monitor 2015 – 2016 Outlook’.

branches of foreign brokers. 13 insurers continue to operate on a composite basis while 10 insurers

and private entities. As a result, a large number of firms have established a presence in the DIFC.

Asset quality of Islamic banks remains weaker than

are licensed only to conduct life insurance and fund

Investment banks are able to service the region’s

the conventional banks’ average of 4%-6%. This

accumulation business. There are 11 insurers operating

growing financing needs and support growing

is partly due to the larger proportion of retail loans

in the Takaful sector. The insurance sector is more than

sophistication of businesses operating in and

at the Islamic banks (including personal residential

equipped to reap the benefits of the market’s potential

around the region. Recent years have seen great

mortgages), which made up more than 40% of their loans at end-2014.


expansion of the UAE’s corporate sector demanding


Arab British European Banking & Finance Guide

UAE Country Profile Large local firms such as Abu Dhabi National Insurance Company, Orient Insurance, Emirates Insurance Company and Al-Ain Ahlia Insurance Company, hold strong market positions as a result of government-based business placement and local consumer preferences. Foreign insurers such as RSA, AXA, Zurich, and AIG also have a market presence, often using their globally developed expertise in commercial and industrial insurance to target local

Abu Dhabi Securities Exchange (ADX) Established in 2000, ADX is a focal point for UAE-listed companies, investment funds and debt instruments, providing investors with an opportunity to invest capital for the benefit of the national economy. ADX has impressive new offices in Sowwah Square on Al Maryah Island, Abu Dhabi and also has branches in Fujairah, Ra’s al-Khaimah, Sharjah and Zayed City.

risks, according to Moody’s.


Non-life insurance forms the majority of business at

Created in 2007, Borse Dubai is the holding company for DFM and NASDAQ Dubai. Borse Dubai consolidates Dubai’s two stock exchanges as well as current investments in other exchanges.

around 75% of total premiums, with a focus on motor, marine, engineering, liability and health. It also noted that low risk lines of home and life insurance have grown strongly, with the life segment recording a CAGR of 23% during 2006-14. The UAE insurance industry has remained the largest in the region and produced over $9.1 billion of insurance revenues in 2014, equating to approximately 41% of the premiums written in the GCC, Moody’s said, Khaleej Times 25 October 2015. The sector is organised by the Federal Law No. (6) of 2007 on Establishment of the Insurance Authority and Organisation of the Insurance Operations which came into effect on 28 August 2007. The law entrusted the UAE Insurance Authority with the enforcement of the provisions therein and to undertake its role in supervision and control of insurance companies and other insurance related professions so as to provide a suitable environment for the development of the insurance sector, and to enhance its role in the security of individuals, properties and liabilities against risks, and to protect the national economy, build up, develop and invest in the national savings to support the economic development of the state and to provide better services in suitable prices and cover in a competitive environment, and to “emirtise” jobs in the sector. The UAE Insurance Authority has not directly sought to discourage the local industry’s reliance on reinsurance. Instead it has introduced measures to strengthen the industry, primarily through the enactment of the Financial Regulations in 2014 which for the first time introduced risk-based capital requirement for insurers. Meanwhile, in the insurance broking sector increased capital standards introduced at the end of 2013 led to the exit of many smaller brokers with the overall number of brokers decreasing from in excess of 200 to 164. Overall, the insurance market in the UAE looks set to continue its solid growth with local participants continuing to be heavily reliant on the international market, law firm Clyde & Co observed.

DUBAI FINANCIAL MARKET Established in 2000, DFM operates as a secondary market for trading of securities issued by public joint-stock companies, bonds issued by the Federal Government or any of the Local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign.

DUBAI MERCANTILE EXCHANGE The DME was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to the region. The DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group

FTSE NASDAQ DUBAI The FTSE NASDAQ Dubai UAE 20 index comprises 20 stocks admitted to trading on NASDAQ Dubai, the DFM and the ADX. Futures based on the index are admitted for trading on NASDAQ Dubai and are designed to provide a hedging and investment mechanism for GCC and international investors.

NASDAQ DUBAI Opened in 2005, Nasdaq Dubai is an international stock exchange operating between Western Europe and East Asia offering trading in equities, derivatives, Dubai gold securities, Islamic securities, debt, funds, REITs, ETFs and structured products.

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EMBASSY OF THE UAE 30 Princes Gate London SW7 1PT Tel: +44 (0)2075811281 Fax: +44 (0)2075819616 Twitter: @UAEEmbasssyUK Commercial & Economic Department BRITISH EMBASSY ABU DHABI Khalid bin Al Waleed St PO Box 248 Abu Dhabi UAE Email: Tel: +971 2 610 1100 Fax commercial: +971 2 610 1585 Fax consular: +971 2 610 1609 UK TRADE & INVESTMENT DUBAI British Embassy PO Box 65 Email: Tel: +971 (4) 309 4404 UK Trade & Investment Abu Dhabi British Embassy PO Box 248 Abu Dhabi Tel: +971 (2) 610 1111 CENTRAL BANK OF THE UAE UAE Banks Federation ABU DHABI SECURITIES EXCHANGE (ADX) BORSE DUBAI DUBAI GOLD AND COMMODITIES EXCHANGE DUBAI MERCANTILE EXCHANGE DUBAI FINANCIAL MARKET FEDERAL E-GOVERNMENT ABU DHABI INVESTMENT AUTHORITY (ADIA)

Arab British European Banking & Finance Guide


Yemen Country Profile

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Official Name: Republic of Yemen Capital City: Sana’a Population: 26,737,317 (July 2015 est) Area: 527,968 km2 Major Languages: Arabic Currency: Rial GDP (purchasing power parity): $75.52 billion (2015 est) GDP per capita: $2,800 (2015 est) Visa Requirements: Required Internet Domain: .ye Dialling Code: +967 (00 967 from UK)


he country’s banking sector is regulated by the Central Bank of Yemen which in its present form was founded in 1990 following the formal unification of the country. The central bank is an independent body created by law with a remit to carry out all the functions of a normal central bank with the main objective of conducting monetary policy, keep inflation under control, stabilise the exchange rate of the national currency, promote investment and economic growth.

Commercial banks have traditionally been owned and

More than 70% of Yemen’s citizens live in the rural

operated by the country’s large trading families, and

areas and as a result they have little engagement with

most of their lending activities served associated

banks or familiarity with their services. Yemeni banks

businesses or well-known partners. Banks are reluctant

hold only 66% of the money supply but a large part of

to issue credit, largely because interest payments are

the economy still operates with cash transactions.

regarded as non-compliant with Sharia law. As the IMF noted, 7 April 2016, the overarching Lack of stability in recent months has put exceptional

economic challenge for the country is to achieve

pressures on the central bank’s foreign reserves,

high and inclusive growth and create adequate job

limiting capacity to finance imports while maintaining a stable exchange rate, the World Bank said in a spring 2016 report on the country’s economic outlook. The banking sector in Yemen has been relatively stable. The sector consists of 12 commercial banks, namely, four private domestic banks, five private foreign banks, and three state banks, four Islamic banks, one specialised state-owned development bank and two microfinance banks. The sector is minimally involved in the business activity of the economy. Banks essentially hold government treasury bills in the order of up to 70% in certain banks, extend short term lending to a limited number of clients in the order of 29%, and hold

opportunities in a stable economic environment. The IMF said that to achieve this demands sustained efforts to overcome policy and structural impediments to realise the full potential of the economy. In particular, it is essential to tackle the weak structure of public finances, avoid a return to pervasive fuel subsidies, address corruption, improve public service delivery and efficiency, enhance the business environment, promote human capital and facilitate access to finance. The IMF urged fiscal reforms targeted at achieving an increase in tax revenues by fighting tax evasion and increasing the compliance of large tax payers. It also stressed the importance of reforms to enhance governance and strengthen financial sector stability and resilience, and promote financial intermediation.

balances with correspondent banks abroad.

In April 2014, Yemen’s Parliament agreed to join the

Accordingly, financial services do not play the full role

World Trade Organisation (WTO), with the hope that

they potentially could be able to play as important

Yemen’s eventual accession will lead to a freer and

drivers of growth and poverty reduction. The presence

more open market for international and domestic

of Islamic financial institutions has grown significantly


over recent years and the sector would be holding


half of the total banking sector’s assets, but it has the

Yemen remains eager to attract foreign direct

potential for expansion further.

investment needed to develop the economy.

Arab British European Banking & Finance Guide

Yemen Country Profile

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BRITISH EMBASSY 938 Thahr Himyar Street PO Box 1287 East Ring Road, near Mövenpick Hotel Sana’a Email: Fax +967 1 302454 Tel: +967 1 302 480/1/2/3/4/5 EMBASSY OF THE REPUBLIC OF YEMEN 57 Cromwell Rd London SW7 2ED Tel: +44 (0)20 7584 6607 Fax: +44 (0)20 7589 3350 Email:

In this regard, it is worth noting that the country’s Investment Law does not distinguish between domestic

insufficient number of active Yemeni investors to sustain a vibrant stock market.

and foreign investors, and there is no requirement for foreign investors to partner with local companies. A


General Investment Authority (GIA) is active in seeking

The size of Yemen’s insurance industry is relatively small compared to that of its neighbours. Most of the country’s inhabitants do not possess any kind of insurance, despite the presence of insurance services in the market for several decades. The main reasons for the low penetration are a low level of awareness of insurance products and the prevailing economic conditions in the country, Research and Markets said in a July 2013 report. The insurance industry registered positive growth at a compound annual growth rate CAGR of 6.2% during the period 2008 to 2012, despite economic uncertainties. The personal accident and health segment registered the highest CAGR of 14.9%, while the life and non-life insurance segments recorded respective CAGRs of 6.1% and 3.8%.

to assist investors in the market. The Central Bank has taken measures to increase monitoring of the banking sector and as a consequence the country has sought to improve accounting procedures and loan recovery rates over the last decade. Most commercial banks maintain the required eight percent capital adequacy ratio and classification standards for loan portfolios. As of January 2014, the consolidated balance sheet of commercial and Islamic banks amounted to YR2759.1bn ($12.8bn), a YR427.7bn ($2.0bn) increase over the previous 12 months. The country is generally underbanked with only four percent of Yemeni citizens holding bank accounts. In a largely cash economy, most financial transactions occur outside the commercial banking system. Credit card use remains rare, but ATMs are located in the

YEMEN GENERAL INVESTMENT AUTHORITY (GIA) PO Box 19022 Hadda Street Opposite Al-Rahman Mosque Beside Shammr Tourist & Trading Sanaa Tel: (+967) 1 434-312/13 Fax: (+967) 1 434-314 Email: CENTRAL BANK OF YEMEN

Large infrastructure projects and more favourable measures for economic development are expected to drive growth in the industry. Demands for conventional insurance policies are expected to be driven by the low insurance penetration level and initiatives to encourage overseas investors by opening up the economy.

urban areas. Inter-bank activities are limited and there are no equity or bond markets. Yemen has plans to establish a stock market to promote a private sector-led growth strategy. Most domestic and international observers believe that the country lacks the expertise to establish a stock market, at least at the present, and there are an

Arab British European Banking & Finance Guide


UK Country Profile

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Country Name: United Kingdom of Great Britain and Northern Ireland Capital: London Land Area: 243,610 km2 Population: 65,110,000 (2015, ONS) Official languages: English Currency: Pound Sterling (GBP) GDP: 0.4% (Q1 2016) Key Exports: Reactors, boilers, machinery and mechanical appliances; mineral fuels, mineral oils and products of distillation; vehicles and components; manufactured goods; food products; clothing; industrial supplies; and pharmaceuticals. Export Countries: US, Germany, France, Netherlands and Irish Republic Key Imports: Manufactured goods, machinery, fuels and foodstuffs Import Countries: Germany, US, China, Netherlands and Norway (HMRC)


ondon has been the financial hub of the United Kingdom and a major trade and business centre since medieval times. Today the city competes with the likes of New York for the status of the world’s major financial centre. The banking and financial services industry is one of the strongest parts of the UK economy. It is a market that is characterised by innovation. The big traditional banks and smaller finance companies compete for market share through innovative products and services. Islamic banking services enjoy a significant presence in the wider industry. The Big Five retail banks in the country are Barclays,

The industry entered a period of some uncertainty

HSBC, Lloyds Banking Group, Royal Bank of Scotland

following the UK’s vote to leave the European Union

and Santander. The traditional high street banks have

when the surprise result of the referendum was

faced competition from new entrants into the market.

announced on 24 June 2016. The UK’s banking and

What are known as “challenger banks” have been

financial services industry remains one of the country’s

outperforming the Big Five on growth, cost-to-income

major employers. In total there are 2,058,500 employed

and return on equity, according to research from KPMG.

nationally in “financial and professional services”,

The “fintech revolution” has opened up the market for banking services to institutions other than banks to provide banking services. The regulatory system permits companies to provide a full suite of financial services to customers through a digital platform – without the need for a full banking licence. The approval of a full consumer credit licence enables challenger finance companies to provide credit lending services to a customer base of micro companies, sole traders and consumers. The capabilities that a “challenger” can offer range from traditional credit cards, account overdrafts and loans, to innovative credit products, beyond what a traditional bank would be able to provide. Many of the new financial institutions that came to be

according to The CityUK; with 675,600 based in London. This compares with Scotland which has 177,000 jobs in the sector; the North West which has 212,100; the South West with 146,600; East of England with 144,600; the West Midlands with 135,800; and Yorkshire and the Humber with 128,600. In Wales the number is 51,900 while Northern Ireland it is 31,500. Fears have since been expressed that up to 100,000 financial sector jobs could eventually be lost to European competitors such as Paris and Frankfurt once the UK has completed its withdrawal from the EU. The process of “disengagement” from the EU could be protracted and may take at least two years, possibly more. It depends when the formal trigger to leave is embarked upon by the UK government. For the time being, banks will be compelled to operate within a context of uncertainty.

called challenger banks were established in response to perceived deficiencies in the traditional banking sector;

Many of the world’s emerging financial centres regard

especially, the inability of the big banks to enable

the success of London as a model. The number of

customers to transact with them in innovative ways

financial centres seeking international business has

and the general non-customer-centric approach.

continued to grow with Asian centres such as Singapore

Challengers believe that they are better placed for

and Hong Kong benefiting from shifting global trade

providing good and fast customer services.

patterns. In addition to the well-developed regional hubs, smaller centres such as Tokyo, Toronto, Moscow,


Arab British European Banking & Finance Guide

UK Country Profile Istanbul and Dubai are also developing alongside niche

supermarket Tesco. M&S Bank is owned by Marks and

and regulatory framework designed to encourage the

local centres such as Zurich, Sao Paulo,

Spencer and is operated through HSBC.

growth of Islamic finance. Britain’s Islamic finance

Johannesburg and Mumbai. Many of these financial

ambitions have been driven by the development of a

centres have looked to London and based their systems

While basic financial services are relatively timeless,

strong legislative framework that allows for Islamic

and processes on how it is organised in the UK,

the adoption of new technologies continues to

finance to operate on a level playing field. This policy

according to TheCityUK.

transform the economics of banking and the services

has achieved a fair degree of success in attracting

that it provides to customers. In terms of the UK’s

new Islamic financial institutions that provide Shariah

Today more than 300 banks and building societies are

banking sector, the deregulation of the 1980s and 1990s

compliant products for the domestic market and foreign

licensed to accept deposits in the UK. However, the

marked a major turning point by freeing banks to take

investors alike. In 2014, the UK government issued a

provision of retail banking services is highly

advantage of new opportunities thrown up by

£200 million (Dh955m) sukuk, the first such sovereign

concentrated. Of the 16 clearing banks present in 1960,

globalisation and financial innovation.

bond issued by a country outside the Islamic world.

namely RBS, Barclays, HBSC and Lloyds. These banks,

The banking and financial sector provides a range of

The responses of UK based Islamic financial

along with Santander and Nationwide, account for

functions that support the real economy. Three main

companies to the prospect of a “Brexit” from the EU

around 80% of the stock of UK customer

types of financial services are commonly identified as:

have been measured. The threat posed to

lending and deposits.

payment, settlement and transaction services;

“passporting” into the European single market is not

intermediation; and risk transfer and insurance.

seen as a major issue by some institutions like

15 are now owned by the big four UK banking groups,

Meanwhile, the UK building society sector, which had

UK-listed asset manager Rasmala. “European

seen continued expansion throughout the ‘80s and early

The major factors in the development of the modern

passporting has not been of significant importance to

‘90s, underwent a sharp contraction in the latter half

banking sector can be defined as technological

domestic Islamic banks in Europe since their

of the ‘90s when many building societies were allowed

advances, financial innovation and the globalisation

operations are typically confined to the home market

to demutualise and become banks. The number of

of markets. Until the era of deregulation, institutional

and are not typically pan-European,” said Mr Zak

building societies has declined from over 700 in 1960 to

and regulatory constraints had prevented banks from

Hydari chief executive of Rasmala. “As a result,

under 50 today. As the clearing banks have grown and

responding to economic changes. At the same time,

deposit taking should not necessarily be affected by

consolidated, they have also taken on a broader range

deregulation also introduced stronger competitive

Brexit.” Rasmala indicated that Gulf-based investors

of functions. The largest banks have become universal

forces into the sector, encouraging banks to expand into

had not immediately expressed significant concerns

banks with activities that encompass securities

new markets offering higher margins.

because the UK market is seen to be fundamentally

underwriting and trading, fund management, derivatives trading and general insurance.

robust and transparent and therefore remains attractive Over time technological advances have clearly

in the long-term.

transformed the economics of banking in substantial Apart from traditional banking activities and insurance,

ways. Automaton in retail banking and innovation

London thrives as a centre for foreign exchange and

in both risk management practices and the design


bond trading. The “Square Mile” is home to numerous

of financial products have all triggered changes in

The Bank of England, the country’s central bank, was

trading facilities and trading hubs in foreign exchange,

the provision of core financial services. Advances in

founded in 1694 and nationalised in 1946. The Bank

futures, global insurance and bonds. The foreign

information technology and telecommunications in

was given operational independence to set monetary

exchange market has a daily global turnover of around

particular accelerated the globalisation of finance.

policy in 1997. The bank sets monetary policy, issues bank notes in England and Wales and regulates the

£2.5 trillion. The Bank for International Settlements has estimated that London generates £0.88 trillion

The expansion of banking has given rise to banks

issue of bank notes by commercial banks in Scotland

or 46% of daily global revenue in the interest-rate

with large balance sheets, significant functional and

and Northern Ireland.

derivative market.

geographical diversity and complexity, a high level of leverage and extensive network interconnectivity. This

The financial crisis of 2008 demonstrated the need for

UK banks remain well established players in the global

led to the emergence of large institutions that were

a new approach to financial regulation and inspired

markets for securities, foreign exchange and

deemed to be ‘too important to fail’. Before the global

major changes to the bank’s activities. Governor, Mark

derivatives. Collectively, the balance sheets of UK

financial crisis of 2008, structural changes had led

Carney, took up his post in July 2013.

banks reached more than 500% of annual UK GDP

to efficiency gains in the availability of credit to both

in recent years. Three of the four largest banks had

individual customers and businesses as well as a broad

The Financial Services Act 2012 established an

assets in excess of annual UK GDP. Relative to the size

range of risk insurance services. Following the crisis,

independent Financial Policy Committee (FPC), a new

of the national economy, the UK banking system is the

the UK established an Independent Commission on

prudential regulator as a subsidiary of the Bank of

second only to Switzerland among the G20 economies

Banking in order to consider the case for structural

England, and created new responsibilities for the

and the expansion of UK banking since the late 1990s

reform of the banking sector. It was felt by policy

supervision of financial market infrastructure

far exceeded that of any other national financial sector.

makers at the Treasury that the structure of the UK

providers. The FPC is charged with taking action to

banking sector needed fundamental change to make

remove or reduce systemic risks with a view to

In addition to the large banking groups and

banks more resilient to shocks and easier to fix when

protecting and enhancing the resilience of the country’s

challengers, a number of banking businesses are

they encounter difficulties, and also to reduce the

financial system. The FPC has a secondary objective to

owned by retail groups, such as the Co-operative Bank

severity of future financial crises.

support the economic policy of the UK Government.

Bank is owned by Harrods and operates from the


One other agency worth mentioning with regards to

Knightsbridge department store. Sainsbury’s Bank is

The UK has been providing Islamic financial services

public finances is the UK Debt Management Office

50% owned by the supermarket of the same name and

for more than 30 years but the policy of successive

(DMO) which is the executive agency responsible for

50% owned by Lloyds. Tesco Bank is owned by the

governments over the last decade created a fiscal

carrying out the UK Government’s debt management.

which is owned by the Co-operative Group. Harrods

Arab British European Banking & Finance Guide


UK Country Profile leading index provider, FTSE.

The DMO is a part of HM Treasury and was established in April 1998. Before the DMO was created the management of government debt was undertaken by the Bank of England. On 1 April 2013 the Prudential Regulation Authority (PRA) was made responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. In total the PRA regulates around 1,700 financial firms. The PRA’s role is defined in terms of two statutory objectives to promote the safety and soundness of these firms and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders.

The PRA was created by the Financial Services Act and is also part of the Bank of England. It enjoys close working relations with other parts of the Bank, including the FPC and the Special Resolution Unit. The PRA) which forms part of the new regulatory structure of the UK also works alongside the Financial Conduct Authority.

ROYAL MINT The Royal Mint is responsible for making and distributing all UK coinage as well as supplying official medals. The company is the world’s leading export mint, making coins and medals for an average of 60 countries every year. The Royal Mint is a government owned company and functions as a non-ministerial department of HM Treasury.

On 4 July 2016, the LSE announced that its shareholders had overwhelmingly voted in favour of a planned $27 billion merger with German counterpart, Deutsche Boerse, a decision that was to be overshadowed by the outcome of the UK Referendum to leave the EU. The two institutions entered into discussions to assess the preferred headquarters for the new merged institution, which is expected to become a European exchange giant. Despite the referendum, Britain would remain in the EU for at least another two years, giving ample time to work out the “optimal structure” for the merger deal, LSE Group chairman, Donald Brydon stated.

LONDON BULLION MARKET The London bullion market run by the London Bullion Market Association (LBMA) under the overview of the Bank of England is the world’s largest market for the wholesale trading in gold and silver. It is used by nearly all the major international banks, bullion dealers and refiners throughout the world.

LLOYD’S OF LONDON Lloyd’s of London is the world’s specialist insurance and reinsurance market. While traditionally known for its insurance services it also offers retail banking, pensions, insurances and other private services. More than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local cover holders operate in and bring business to the Lloyd’s market.

LONDON STOCK EXCHANGE The London Stock Exchange, located in the City of London near to St Paul’s Cathedral, is part of the London Stock Exchange Group. The LSE Group has international exchange operations and sits at the heart of the world’s financial community. The LSE traces its history back to 1801. The Group operates a broad range

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H M TREASURY 1 Horse Guards Road Whitehall London SW1A 2HQ Tel: 020 7270 5000 hm-treasury BANK OF ENGLAND Threadneedle St London, EC2R 8AH Email: Tel: +44 (0)20 7601 4878 THE ROYAL MINT PO Box 500 Llantrisant Pontyclun CF72 8YT Tel: +44 (0)1443 222111 FINANCIAL CONDUCT AUTHORITY (FCA) 25 The North Colonnade Canary Wharf London E14 5HS Tel (UK): 020 7066 1000; Abroad: +44 20 7066 1000 LONDON STOCK EXCHANGE 10 Paternoster Square London EC4M 7LS Tel: +44 (0) 20 7797 1000 LONDON STOCK EXCHANGE GROUP Head Office 10 Paternoster Square London EC4M 7LS Tel: +44 (0) 20 7797 1000/3322 Email:

of international equity, bond and derivatives markets, including the London Stock Exchange; Borsa Italiana; MTS, Europe’s leading fixed income market; and the pan-European equities platform, Turquoise. Post trade and risk management services are a significant part of the LSE’s business operations. Customers can access an extensive range of real-time and reference data products, including Sedol, Unavista, Proquote and RNS, as well as access to over 200,000 international equity, bond and alternative asset class indices, through the


Arab British European Banking & Finance Guide

THE BUILDING SOCIETIES ASSOCIATION 6th Floor, York House 23 Kingsway London WC2B 6UJ Tel: +44 (0) 20 7520 5900


INTRODUCING FWU GROUP AN INTERVIEW WITH MR SOHAIL JAFFER FWU AG Boschetsrieder Straße 67 D-81379 München ✆ Tel: +49 89 748588-0 2 Fax: +49 89 748588-81 * Email: 1. Please tell us a bit about the

Considering the similarities between Socially

FWU Group?

Responsible Investing (SRI) principles

The FWU Group is an international financial

and those of Islamic finance; with careful

services group focusing on innovative and

positioning, Islamic finance could gain many

customised product design in the field of

of Europe’s estimated 450 million customers

Investment-Linked Plans (ILPs) in the European

who subscribe to SRI principles – providing

market and life Takaful ILPs in the growth

a significant catalyst for Islamic finance in



FWU owns two life insurance companies in

3. Is Islamic finance targeted exclusively to

Europe, with assets under management of

the Muslim population?

€2.2-billion. From a regional office in Dubai,

No, Islamic finance is not only targeted

UAE, FWU manages its growth market

exclusively to the Muslim population. Many

business; and has taken a strategic equity

consumers/investors are attracted to the unique

stake in two life Takaful companies in Saudi Arabia and Pakistan. In Europe, FWU has considerable experience of distributing life insurance with Independent Financial Advisors (IFAs) and brokers, while FWU is also recognised for its expertise in distributing life Takaful ILPs through a network of over 25 bank distribution partners across several growth markets. 2. Islamic finance is growing across Europe, but still not established in all countries. Which factors do you see contributing to future growth? While still in its infancy, particularly within Europe, Islamic finance has grown rapidly on a global scale. Within Europe, Islamic finance has gained traction within France, Germany and the UK – all countries with fairly

value proposition of Islamic finance. Within capital markets, most major investment banks (that happen to be conventional) are active in both issuance and trading of Sukuk. For example, during September-2014, Goldman Sachs raised US$500-million (order book of around US$1.5-billion) through a Sukuk issuance, that was listed on the Luxembourg Stock Exchange.

¡ Mr. Sohail Jaffer

FWU specialises in working with its licensed life Takaful partners in each market, to jointly design white label life Takaful ILPs with customised innovative customer solutions, combining life protection and savings for important life events, such as marriage, education and retirement.

After-sales service Understanding the needs and expectations

4. Islamic finance offers an alternative to

of customers is key to unlocking distribution potential. Consequently, FWU places great

conventional finance. What are the key

importance on high service standards and

differentiating features?

customer care. High quality after-sales service

Islamic finance is built upon many principles

is also an integral part of

that are attractive to all consumers, regardless

this strategy.

of religion. Positioning these principles in the right way, could lead to an increased appetite

Digital Application & Tablet Solutions

for Islamic finance among consumers (both

To provide a seamless solution, and to

retail and institutional).

facilitate the customer sales process &

The main value propositions differentiating

policy administration, FWU has created a

finance is largely demand driven. As a result,

Islamic and conventional finance:

proprietary web-based digital application that

Islamic finance initially gained traction in

• Transparency / Full Disclosure of terms

provides its bank distribution partners with

large Muslim populations (Muslim population by country , France: 4.7million, Germany: 4.1million and UK: 2.9million). As with most financial services, Islamic

European countries where a natural catalyst

and conditions

automated underwriting capability. FWU’s

exists – sizeable

• Ethical investments

digital application provides bank distribution

Muslim populations.

• Mutuality / Risk sharing

partners with an internet-based point-of-

• Linkage to the real economy

sale and administration system designed to enhance product management, sales fulfilment

Several European countries have taken steps to promote Islamic finance’s growth within

5. What makes FWU’s product management

and management. As a further enhancement,

Europe. For example, during 2014, both the

so unique?

FWU now offer the digital application as a

UK and Luxembourg governments issued

FWU is a leading service provider in the

tablet solution. It also levels the playing field

Sukuk. Additionally, Dublin and Luxembourg

life Takaful market with an established

for consumer investment products by making

have emerged as leading European domiciles

track record, speed of deal execution and

the sale of a life Takaful ILPs as convenient

for Shariah-compliant investment funds and

a significant depth of experience within its

as the sale of an Islamic mutual fund or an


executive management team.

Islamic credit card. ¡

Arab British European Banking & Finance Guide


Europe Profile

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Common Currency for some member countries: Euro European Continent Surface Area: 10,180,000 Km2 European Union Members (28): Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK (status pending implementation of the UK Referendum of 23 June 2016). Eurozone Members: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Leading European Financial Centres: London, Zurich, Geneva, Frankfurt, Luxembourg, Vienna, Munich, Oslo, Paris, Jersey, Guernsey, Milan, Rome, Brussels, Warsaw, Edinburgh, Dublin, Madrid, Helsinki, Moscow, Glasgow, Prague, Budapest, St Petersburg, Lisbon, Tallinn, Reykjavik and Athens.


n terms of geographical area, Europe is a continent of over 50 countries the largest of which is Russia; but as an economic, banking and financial zone, the European Union, currently numbering some 28 member states, is the largest common market. Operating in parallel with the EU is a smaller European Free Trade Association (EFTA) whose member states are Iceland, Liechtenstein, Norway and Switzerland.

The EU, headquartered in Brussels, has established the

negotiated opt outs. In addition, there are some

Eurozone with a common currency, the Euro. At present

countries that have adopted the euro currency who are

18 member states have adopted the euro: Austria,

not yet accepted as officially part of the Eurozone, such

Belgium, Cyprus, Estonia, Finland, France, Germany,

as Montenegro, which is a candidate member of the EU.

Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the

Monetary policy within the Eurozone is the

Netherlands, Portugal, Slovakia, Slovenia, and Spain.

responsibility of the European Central Bank (ECB)

The latest country to adopt the euro currency was

which is governed by a board made up of the heads of

Latvia on 1 January 2014. In addition, Andorra, Kosovo,

the European national central banks.

Montenegro, Monaco, San Marino, and the Vatican City, although not EU members, do officially use the euro as


their currencies.

A reform of European bank rules was approved by the EU in an attempt to prevent crises such as those which

Other EU states are expected to adopt the currency

hit Greece, Ireland and Cyprus during the 2012 Euro-

when they meet the relevant criteria; Lithuania is

zone crisis and which led to some banks being bailed

expected to be next.

out at huge cost to public finances. A new authority will have the power to close or restructure failing banks

The EU member countries not presently using the euro

known as the Single Resolution Mechanism (SRM)

are Bulgaria, Croatia, the Czech Republic, Denmark,

and in future creditors and shareholders will be first to

Hungary, Lithuania, Poland, Romania and Sweden;

finance any bank failures. All countries of the Eurozone

while the UK is unlikely ever to adopt it given its

will participate in the SRM.

intention of going it alone outside the EU following the Referendum of 23 June which saw the British public


voting to leave the EU altogether by a majority of 52%

Banking union is envisaged a completing the process of

to 48%. The UK became a fully-fledged member of the

economic and monetary union. In June 2012, European

EU’s predecessor, the European Economic Community,

governments agreed to create a banking union which

in 1973 so the process of withdrawing from the EU’s

would allow for the centralised application of EU-wide

institutions and its intricate legal system after a period

rules for banks in the Eurozone along with any non-euro

of more than four decades of membership is likely to

member states that choose to join.

be a protracted one. To ensure that exporters obtain the necessary finance


The remaining EU countries are all obliged under their

to compete on international export markets, European

treaty obligations to join the euro at some stage in the

governments generally provide guarantees and

future, although there is some debate about whether

insurance to cover the risks faced by financial

adoption of the euro is voluntary; the UK and Denmark

intermediaries. Such services are channelled through

Arab British European Banking & Finance Guide

Europe Profile France has one of the strongest banking industries in Europe. Progress on European banking union has been offering hope to the French banking sector. French banking law dates back to January 1984, further supplemented by the 1996 Law on the Modernisation of Financial Activities. The legislation is based on the principles of a single legal framework for all banking activities and the common profession of credit establishments. Banking activities are controlled by the Committee for Banking and Financial Control and the Committee for Credit Establishments and Investment Firms, under the country’s Ministry of the Economy and Finances and the Banque de France, the central bank. The control of bank solvency is under the authority of the Banking Commission while the central bank is “Lender of Last Resort.” The main features of the French banking industry are diversification of the system, along with a significant the Export Credit Agencies (ECAs), which play a vital

as the only expansionary policy in the euro area.

concentration, due to a decrease in the number of

role in supporting exporters.

“Putting together all its policy effects, it has

establishments. The principal banks hold most of

undoubtedly helped banks, as the improvement in

the market share while banking institutions boast

The banking industry in each of the EU member states

profitability since 2013 illustrates. We trust that we will

competitiveness and openness to foreign investments

varies considerably. Banks in a number of countries

achieve normalisation of inflation levels in the next

and customers.

have been struggling with a negative return on equity.

few years, which will change the macroeconomic

This has been the case with Cyprus, Greece, Spain,

environment for the better, thereby supporting the

The banking system revolves around three major

Slovakia, Ireland, Romania, Hungary and Portugal.

banking sector. At the same time, we are well aware

networks: the French Banking Association (AFB),

Difficulties are related to such aspects as sector

of collateral effects of our policy on the economy and

the mutual and cooperative banks, and the Treasury,

restructuring and cost efficiency, as well as a lack of

know the limits of certain policy instruments”.

including the French Postal Services and the Caisse des Dépôts et Consignations (the State bank manages

growth in the real sector. On the other hand, double digit returns on equity were registered in Estonia,

Addressing the challenges to Europe’s banks from the

Poland and the Czech Republic.

new fintech sector, the ECB official concluded that,

national savings and local community funds).

“banks are not going to disappear any time soon under

The main banking groups are: Société Générale, Crédit

The banking sector across the Eurozone remains

a wave of Fintech start-ups. However, in the present

Agricole, Natixis, BNP Paribas, and Crédit Mutuel. BNP

extremely diverse reflecting the different levels of

situation we must count on the ingenuity, effort and

Paribas and Crédit Agricole rank among the top ten on

development of the various national economies in the

competence of the banks to change into more efficient

a global scale in view of total assets, Société Générale

vast region that encompasses the highly developed

institutions with lower cost/income ratios and with the

is the 3rd largest corporate and investment bank at the

economies of Western Europe and Scandinavia to the

capacity to face fierce competition in a world of

Eurozone while the Natixis group provides financial

emerging market economies of central and Eastern

changing technology. Only a robust and profitable

data to the news channel Euronews. Crédit Lyonnais,

Europe and the Mediterranean.

banking sector can serve the economy and finance

Société Généraleare, BNB Paribas are the “three old”

the economic growth that we need.”

banks of France. Since January 2006, in addition to


carrying the mail service of France, La Poste offers

Vítor Constâncio, Vice-President of the European


banking services through its Bank Postale and 17,000

Central Bank (ECB), addressed the “Challenges for

The ECB unveiled on 5 July 2016 a new €50 banknote,

post offices nationwide.

the European banking industry” in a lecture delivered

which is to come into circulation on 4 April 2017 and is

in Madrid on 7 July 2016, during which he stated that

part of a policy of making euro banknotes more secure.

Crédit Agricole is the leading French bank by the size

European regulators had embarked on an ambitious

After the €5, €10 and €20, the €50 is the fourth

of assets and is a semi-cooperative bank.

international regulatory reform programme after the

denomination in the second series of euro banknotes,

global financial crisis of 2007-2008, which mostly

known as the Europa series. The €50 is the most

Natixis was created in November 2006 through the

concentrated on making the banking system safer and

widely used euro banknote, accounting for 45% of all

merger of a group of cooperative banks, Banque

more resilient. “In this respect, significant progress

banknotes in circulation. The number of €50 banknotes

Populaire and IXIS - Caisse d’Epargne group. The

has been made: in the euro area, banks have materially

in circulation is nearly the same as the total number

company deals with corporate and investment banking,

bolstered their capital positions, with the average

of all denominations in circulation at the end of 2002,

asset management, private equity and private banking.

common equity Tier 1 ratio of significant institutions

the year when euro banknotes and coins started to

rising to 13% by end-2015 from around 9% in 2012 and


BNP Paribas, whose roots date to 1869, is the largest

7% in 2008,” he said. The ECB Vice-President described EU monetary policy

commercial bank in the country with a nationwide retail


network. Crédit Mutuel is a mutual credit bank and the

With more than 26,000 permanent bank branches,

fourth largest banking institution in the country.

Arab British European Banking & Finance Guide




THE IDEAL GATEWAY TO EUROPE ! As capital of Belgium, Brussels boasts numerous advantages. In its capacity as a public service, Brussels Invest & Export welcomes foreign investors and helps them to drive their exports across the European continent.

A decision-making and business centre Home to the majority of the European Institutions, Brussels is the epicentre of political and economic decision-making. It also hosts more than 1,500 international organisations including NATO and around 1,300 foreign companies, including Arab businesses such as Byblos Bank Europe and Attijariwafa Bank. Within this business-friendly environment, countless journalists, diplomats, lobbyists and conference speakers rub shoulders. French and Dutch are the two official languages of Brussels, but English is also widely spoken. Cosmopolitan and multilingual, 30% of the population of the Belgian capital are foreign nationals, mainly from Europe but also from Africa and Turkey. Nonetheless, the cost of living has remained affordable in Brussels, with an excellent quality of life.

A flourishing economy and effective infrastructure As a federated entity within Belgium, the Brussels-Capital Region enjoys considerable economic independence. Its economy, served by a qualified labour force, generates 19% of GDP. The service sector represents 90% of employment and 90% of added value. It attracts more than a fifth of all investment realised in Belgium. As a breeding ground for SMEs, key sectors include ICT and particularly niche products destined for the banking sector, health, construction, the automotive sector, lobbying and the financial sector. Finally, Brussels benefits from excellent infrastructure (motorway crossroads, high-speed trains, a port and an airport), providing a gateway to European markets and beyond.

An international and diversified financial sector Belgium is home to around 100 banks, of which almost 85% have their decision-making centre abroad. It has a very diverse financial ecosystem: banks, credit institutions, wealth and fund managers, stockbrokers, leasing companies, financial infrastructure institutions and the FinTech community. Belgium has 86 FinTechs, of whom 42 are based in Brussels! Some of the leading Belgian names whose activities are essential for the financial system and the international economy: EURONEXT (leading pan-European market for trading shares and derivatives, on


Arab British European Banking & Finance Guide

which all types of products are traded daily), the Bank of New York Mellon (investment company), Euroclear (post-trade service provider), and SWIFT (international payment operations). In recent years, Belgium has been the global leader in developing and implementing financial and payment technologies (Mister Cash, Proton, Vasco, Isabel..).

A unique force: Brussels Invest & Export Brussels Invest & Export launches Brussels-based businesses in global markets and helps foreign investors establish themselves in Brussels, by providing a springboard to the rest of Europe. A three-month “Welcome Package” enables candidate investors to evaluate the potential of setting up in Brussels: an equipped office space, personal guidance and follow-up after establishment are all offered for free! In order to identify specific opportunities, Brussels Invest & Export has a network of 94 economic and commercial attachés around the world. They provide orientation for companies on the ground, target potential prospects or local partners and facilitate access to the local authorities. The Middle East and North Africa alone have around 20 attachés ( Brussels Invest & Export undertakes around 100 commercial initiatives annually: missions, collective stands at international trade fairs, invitations for buyers to come to Brussels, seminars, etc. Consult to find out about the current initiatives in the Middle East and North Africa!


Here’s why Brussels is the place to be:

1 2

Global Gateway to Key Markets


A Mirror-Image of Europe


Competitive Real Estate


Talent Pool

You’re only a stone’s throw from 70% of Europe’s purchasing power.

Decision-Making Heart of Europe Brussels-based institutions provide the infrastructure for much of corporate and everyday life. You will be at the regulatory heart of Europe, where key decisions are made.

Lying at the frontier of three dominant cultures – Anglo-Saxon, Latin and Germanic – Brussels is the most representative and manageable of all European test markets.

Commercial and residential property availability and rates make Brussels a prime location for international businesses and employees.

Design : ACG Bruxelles

Brussels boasts a highly skilled and multilingual workforce. The ‘Financial Times’ places two of Brussels’ business schools in the top 20 of Masters in Management. In addition, the Region is home to no less than 11 research hospitals and international medical research institutes.

Arab British European Banking & Finance Guide


Europe Profile Société Générale, founded in 1864, offers mutual funds, investment funds, company savings plans, asset management, private banking, both locally and internationally.

GERMANY Germany’s banking system comprises three pillars— private commercial banks, public sector banks, and cooperative banks—which are distinguished by their legal form and ownership structure. The privately owned commercial banks represent the largest segment by assets, accounting for 39% of total assets in the banking system. They include both big and small banks, banks operating worldwide and banks with a regional focus, universal banks and banks specialising in specific services. An important feature of the private banks is that they compete keenly not only with banks in other sectors of the industry, but also among themselves. Private banks play a key role for German export economy and are involved in 80% of the country’s exports. The private banks maintain almost three quarters of the German banking industry’s foreign network. The public banking sector comprises savings banks, Landesbanken and the DekaBank, which acts as the central asset manager of the Savings Banks Finance Group and represents 28% of total banks’ assets. Germany has hundreds of savings banks which are normally organised as public law corporations with local governments as their guarantors and owners. Their activities are set out in the savings bank acts and savings bank regulations of the country’s federal states. Business is limited to the area controlled by local government. Other than a regional focus, their business does not differ in any way from that of the private commercial banks. As a result of Germany’s regional structure, savings banks do not compete with one another. Landesbanken were originally designed to act as central banks for the savings banks. In recent years, they have been increasingly involved in wholesale funding, investment banking, and international business activities, thus directly competing with commercial banks. Landesbanken are owned by the federal states and the regional associations of the savings banks. During the financial crisis, several Landesbanken required state support.

Poland’s banks have a reputation for innovative services and the country is the European leader in contactless payments. Alior, a new bank and one of the few without a majority foreign partner, has targeted customers in rural areas in a country where some 30% of the population still do not have bank accounts.

EUROPEAN CENTRAL BANK The ECB is the supervisor of all 6,000 banks operating in the Eurozone within the framework of the Single Supervisory Mechanism. An important result of banking union was the introduction of health checks and stress tests on bank balance sheets.

EUROPEAN BANKING INDUSTRY COMMITTEE The European Banking Industry Committee (EBIC) aims to allow the representatives of the European banking industry to exchange views and information on matters of common interest; ensure a representative and coordinated industry view on issues of common interest throughout the process of drafting, adopting, implementing and enforcing EU-financial legislation; and provides advice to European institutions on legislation and its implementation.

EUROPEAN BANKING AUTHORITY The European Banking Authority (EBA) is an independent EU authority established in January 2011 and based in the city of London. It forms part of the European system of financial supervision. The EBA works to ensure effective and consistent prudential regulation and supervision across the whole European banking sector. It seeks to maintain financial stability and safeguard the integrity, efficiency and orderly functioning of the region’s banking sector. The main task of the EBA is to contribute to the creation of the European Single Rulebook in banking whose objective is to provide a single set of harmonised prudential rules for financial institutions throughout the EU.

EUROPEAN BANKING FEDERATION Established in 1960, the European Banking Federation represents the voice of the European banking sector in the countries of the EU along with those of the European Free Trade Association. The EBF seeks to articulate the interests of around 4,500 banks, large and small, wholesale and retail, local and cross-border financial institutions.

POLAND Poland’s “banking system has become one of Europe’s little-known star performers”, according to the Economist, August 2014. PKO BP is the country’s biggest bank and is partly state owned. But most of Poland’s banks are owned by foreign parents: for example, Bank Pekao is majority-owned by Italy’s UniCredit, while the third-biggest, Bank Zachodni WBK, is owned by Santander. Foreign ownership proved useful during the financial crisis when banks provided liquidity to their Polish subsidiaries.


Arab British European Banking & Finance Guide

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EUROPEAN CENTRAL BANK Eurotower Kaiserstrasse 29 60311 Frankfurt am Main Germany Tel: +49 69 13 44 0 Website:

EUROPEAN BANKING FEDERATION 56 avenue des Arts, B-1000 Brussels Tel: +32(0)2 508 37 11 Fax: +32(0)2 511 23 28 Email: Website: European Banking Industry Committee (EBIC) c/o European Banking Federation Avenue des Arts, 56 B-1000 Brussels Tel: +32 (0) 2 508 37 28 Fax: +32 (0) 2 511 23 28 Email: Website: EUROPEAN BANKING AUTHORITY Tower 42 (level 18) 25 Old Broad Street London EC2N 1HQ Tel: +44 (0)207 382 1776 Fax: +44 (0)207 382 1771 Email: Website:

Luxembourg Country Profile

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Official Name: The Grand Duchy of Luxembourg Capital: Luxembourg City Land area: 2,586 km2 Population: 563,000 (31 December 2014) Currency: Euro Dialling code from the UK: +352 Main industries: Financial services and banking, steel, aerospace technology, media, automotive industry, glass, tyres, chemical industries, logistics. Principal export partners: Europe (especially Germany, France, Belgium), USA, China Key exports: Financial services, steel, aerospace technology, media, automotive industry, glass, tyres Principal import partners: Germany, Belgium, France, USA, Japan, China, other Europe Key imports: Food, mineral fuels, machinery & equipment, transport


n a decade characterised by rapid change in the banking sector, the Luxembourg financial centre has demonstrated its capacity to adapt and thrive. It is a skill that the country has honed over many decades, faced with a small domestic market and the need to compete beyond its borders.

A forward-looking industry and successive governments’ commitment to develop the financial centre have enabled Luxembourg to adopt legislation and implement regulation at high speed, gaining first mover advantage. The importance of this can be seen in the retail investment fund market, where Luxembourg UCITS (EU passported retail funds) are accepted for distribution in 70 jurisdictions worldwide. The cluster of cross-border expertise that has developed around this sector is such that Luxembourg retains a 70% market share of crossborder distribution agreements 25 years after the introduction of enabling legislation. Year by year the incremental effect of private sector innovation, supported by a sophisticated regulatory authority, has enabled Luxembourg to adopt a pioneering role without compromising investor protection. This achievement has been recognised by Global Financial Centres Index, which ranks Luxembourg as the leading international financial centre in the Eurozone. No period has called for more agility than the last five years, which saw the redesign of European banking supervision, the introduction of OECD Common Reporting Standards and a post-crisis wave of EU financial sector regulation. Luxembourg’s banks were prepared for the global trend towards tax transparency with the adoption of the Automatic Exchange of Information. This has been accompanied by a noticeable shift towards high-end wealth management clients, who now account for 62% of total assets in Luxembourg’s private banking. Luxembourg’s banks performed particularly well in the ECB comprehensive assessment and stress test exercise, helping to confirm the Grand Duchy in its valuable AAA grade rating and the robustness of its banking sector. The average solvency ratio of Luxembourg banks is 19.7%, more than double the EU

minimum requirement. Between 2013 and 2014 nine new banks, in particular from outside the European Union, were established. Luxembourg is today home to 143 banks from 27 different countries. The total balance sheet of the sector continued to expand and revenues rose by more than 5.5%. The ability to evolve rapidly whilst not losing focus on established business can be seen in the continued success of Luxembourg’s long-standing mutual fund business. Assets under management in mutual funds passed the €3,000bn mark in 2014, attracting more than 42% of the net sales of European regulated funds that year. Likewise, the Luxembourg Stock Exchange worked to defend its title as the largest international bond-listing centre in the world, establishing a 99% success rate for turning around securities listings in less than two days.

INNOVATION Luxembourg is at the forefront of the development of e-commerce and mobile payment systems in Europe. Existing e-commerce and e-payment companies that have their European headquarters in Luxembourg include Amazon, PayPal and Rakuten. Meanwhile, Fintech firms and entrepreneurs have been drawn to the Grand Duchy, keen to take advantage of one of the most advanced ICT infrastructures in the world, and benefitting from the proximity to a leading international financial centre as well as a financial sector regulator that is open to innovation. This environment, in turn, is attracting specialist lawyers, financiers and ICT service providers, creating a hub of expertise in the rapidly evolving world of digital financial services.

THE MIDDLE EAST AND ISLAMIC FINANCE Luxembourg has built strong ties with the Gulf Cooperation Council countries, both as a commercial

Arab British European Banking & Finance Guide


Luxembourg Country Profile partner and in financial services. This relationship is maintained by regular bilateral visits at ministerial level and by long-standing personal relationships between the Grand Ducal family and ruling families of the Middle East.

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The political continuity and economic stability of Luxembourg have attracted Gulf institutional investors, a number of whom have established companies in the financial centre in order to manage internationally invested real estate portfolios. Two major Luxembourg banks focused on cross-border business now belong to a Qatari institutional investor. Other direct investment projects include several prestigious real estate developments in Luxembourg city.


Diversification into Islamic finance was a natural development from this relationship. Leveraging expertise gained in the traditional markets, Luxembourg has played a pioneering role across the Islamic finance spectrum and worked hard to create a level playing field for Muslim investors. Luxembourg “firsts” include the authorisation of an Islamic finance institution in 1978, the first Islamic insurance company in 1983, the first European listing of a sukuk in 2002, the first central bank to join the IFSB in 2010 and the first sovereign sukuk to be denominated in Euros, in 2014.


The existing legal framework in Luxembourg offers the benefit of equity or debt related Islamic finance structures, such as Mudaraba, Murabaha and the issue of Sukuk. Luxembourg has attracted a number of projects over the last decade, including a large number of Islamic Real Estate Funds and other alternative investment strategies. Thomson Reuters identifies Luxembourg as the third largest Islamic fund domicile in the world. It is also a popular listing centre for sovereign and corporate sukuk, with recent high profile issuers including South Africa, Pakistan and Goldman Sachs.

THE FUTURE The takaful market is another area where the Islamic finance market has the potential to take advantage of existing distribution expertise. Luxembourg practitioners expect to see continued expansion in the cross-border sale of takaful insurance products, both as a wealth management tool and as an envelope for family savings plans. The Luxembourg financial centre is proud of its position as the 3rd largest Islamic investment fund domicile and understands the responsibility that this brings in terms of product innovation and client protection. The global market for Islamic investment funds has enormous growth potential. European financial centres like Luxembourg can play a role in the future development of this market, notably by facilitating cross-selling to the non-Muslim responsible investing community. Following a year in which government ministers worked hard at deepening bilateral relations with GCC financial centres, the Luxembourg Islamic finance community is primed for further action.



27 Wilton Crescent London SW1X 8SD Tel: (+44-20) 7235 6961 Fax: (+44-20) 7235 9734 Email:

LUXEMBOURG TRADE AND INVESTMENT OFFICE (LTIO) Luxembourg Embassy Silver Wave Tower, office 1001 Meena Road PO Box 44909 Abu Dhabi – United Arab Emirates Tel: (+971) 24912 446 Email:

CENTRAL BANK OF LUXEMBOURG (BCL) 2, boulevard Royal L-2983 Luxembourg Tel: (+352) 4774-1

MINISTRY OF FINANCE 3, rue de la Congrégation L-1352 Luxembourg Tel: (+352) 247-82600 Email:

FINANCIAL SECTOR SUPERVISORY COMMISSION (CSSF) 110, route d’Arlon L-1150 Luxembourg PO Box / L-2991, Luxembourg Tel: (+352) 26 25 1 - 1 Email:

INSURANCE COMMISSION (CAA) 7, boulevard Joseph II, L - 1840 Luxembourg Tel: (+352) 22 69 11 – 1 Email:

LUXEMBOURG FOR FINANCE (LFF) 12, rue Erasme L-1468 Luxembourg-Kirchberg PO Box 904 / L-2019 Luxembourg Tel: (+352) 27 20 21-1 Email:

Arab British European Banking & Finance Guide

LUXEMBOURG BANKERS’ ASSOCIATION (ABBL) 12, rue Erasme L-1468 Luxembourg-Kirchberg PO Box 13 / L-2010 Luxembourg Tel: (+352) 46 36 60-1 Email:

ASSOCIATION OF THE LUXEMBOURG FUND INDUSTRY (ALFI) 12, rue Erasme L-1468 Luxembourg-Kirchberg PO Box 206 / L-2012 Luxembourg Tel: (+352) 22 30 26-1 Email:

CHAMBER OF COMMERCE 7, rue Alcide de Gasperi Luxembourg-Kirchberg PO Box L-2981 Luxembourg Tel: (+352) 42 39 39 - 1 Email:

LUXEMBOURG STOCK EXCHANGE Bourse de Luxembourg 35A Boulevard Joseph ll L-1840 Luxembourg PO Box 165, L-2011 Luxembourg Tel : +(352) 47 79 36 – 1

LUXFLAG A.S.B.L. 12, rue Erasme L-1468 Luxembourg-Kirchberg PO Box 206 L-2012 Tel: (+352) 22 30 26-1 Email:

A premier wealth management centre for international clients in the Eurozone

The premier centre for cross-border distribution of life assurance in the EU

One of Europe’s leading datacentre marketplace

he number 1 financial T centre in the Eurozone (GFCI – March 2015)

he largest investment T fund centre in Europe and the second largest worldwide The number 9th most innovative country worldwide (Global Innovation Index 2014)

Europe’s leading centre for international bond listings

Join us on

Arab British European Banking & Finance Guide


Algeria Listings Arab Leasing Corporation


3, Rue Ahmed Ouaked Dely Ibrahim, Algiers Tel: (+213) (0)21 336 393 / 336 469 Fax: (+213) (0)21 336 390 Email: Website: Funding for construction, freight, medical and transport

(Banque de Developpement Local) 5, Rue Gaci Amar Staoueli Algiers Tel: (+213) (0)21 641 616 Fax: (+213) (0)21 393 757 Email: Website: Mortgages and other services

Banco Sabadell Lotissement Piette 1 Rue No 10 Le Paradou – Hydra Algiers Tel: (+213) 21 60 01 16 Website: Banking services for entrepreneurs, SMEs and large corporates; managing investment funds

Al Salama Bank Algeria 233, Rue Ahmed Ouaked Dely Ibrahim, Algiers16320 Tel: (+213) (0)21 372 717 Fax: (+213) (0)21 910 425 Email: Website: Financial services and investment

Bank ABC in Algeria PO Box 367 38 Avenue des Trois Freres Bouaddou Bir Mourad Rais Algiers Tel: (+213) (0) 23 56 95 23 Fax: (+213) (0) 23 56 92 08 Email: Website: Commercial, Islamic and corporate banking services; Bank ABC (Arab Banking Corporation) has its head office in Bahrain

BEA (Banque Exterieure d’Algerie) 11 Boulevard Colonel Amirouche BP 323 Algiers Tel: (+213) (0)21 715353 Email: Website: Project finance



8, Rue de Cirta Hydra, Algiers 16035 Tel: (+213) (0)21 480 440 Fax: (+213) (0)21 603 929 Website: Corporate, institutional and individual banking services, wealth management and insurance

(Compagnie Algerienne d’Assurance et de Garantie des Exportations) 10, Route Nationale n°36 Dely Ibrahim Algiers BP 116 Tel: (+213) (0)21 910 050 Fax: (+213) (0)21 910 045 Email: Website: Insurance services and products

Overseas Representative Office 25, Rue des Pins Hydra, Algiers Tel: (+213) (0)21 691 961 Fax: (+213) (0)21 692 007 Email: Website: Trade finance, lending, treasury and banking services

17 Bd Colonel Amirouche BP 484 Algiers Tel: (+213) (0)21 634 922 Fax: (+213) (0)21 642 670 Email: Website: Development banking


COSOB (Commission d’Organisation et de Surveillance des Operations de Bourse)

BNP Paribas El Djazair

British Arab Commercial Bank (BACB)

BADR (Banque de l’Agriculture et du Developpment Rural)

27, rue des frères belhafidh La Paradou Hydra Algiers Tel: (+213) (0) 21 69 1597 / 2527 / 2275 Fax: (+213) (0) 21 69 25 27 Email: Website: Insurance and reinsurance products

17, Campagne Chkiken 16043 – Val d’Hydra Ben Aknoun Algiers Tel: (+213) (0)21 591 021 Fax: (+213) (0)21 692 341 / 591013 Email: Website: Regulation of securities market

1, Villa Rocade Sud Hai Bouteldja Houidef Ben Aknoun Algiers Tel: (+213) 233 81273/85/ 12 68 Fax: (+213) 233 81277 Email: Website: Islamic banking products

38, Avenue Franklin Roosevelt Algiers 16000 Tel: (+213) (0)21 230 023 Fax: (+213) (0)21 230 371 Email: Website: Central Bank of Algeria

Compagnie Internationale d’Assurance et de Reassurance (CIAR)

(Banque Nationale d’Algerie) 8, Boulevard Ernesto Che Guevara Algiers Tel: (+213) (0)21 43 99 98 / 43 96 15 Fax: (+213) (0)21 439 494 Email: Website: Banking services for companies and individuals

Banque Al Baraka d’Algerie

Banque d’Algerie

Tel: +213 21 98 19 00 Fax: +213 21 98 24 38 E-mail: Website: Banking and general financial services

CNEP Bank (Caisse Nationale d’Épargne et de Prévoyance) 42, Rue Khalifa Boukhalifa DZ Algiers 16000 Tel: (+213) (0)21 284 738 Fax: (+213) (0)21 284 735 Website: E-banking, savings, housing loans, services for corporates and individuals

Caisse Nationale de Mutualité Agricole 24, Boulevard Victor Hugo Algiers 16100 Tel: (+213) (0)21 743 328 Fax: (+213) (0)21 745 021/ 734 631 Website: Risk insurance for agricultural sector

Citibank – Algeria Immeuble Le Ksar 34/35 Quartier d’affaires Bab Ezzouar 16311 Algiers

Arab British European Banking & Finance Guide

Credit Agricole CIB Algeria Algiers Business Centre – Les Pins Maritimes El-Mohammedia, Algiers 16000 Tel: (+213) (0)21 891 300 Fax: (+213) (0)21 891 199 Email: Website: Corporate and investment banking arm of Credit Agricole group serving customers notably in energy, transport, agri-food, telecommunications, pharmaceuticals and manufactured goods markets

El Djazair Istithmar 45, Avenue des frères ABDESSLAMI Kouba Algiers Tel: (+213) (0)21 28 79 79 Fax: (+213) (0)21 28 79 79 Email: Website: Private equity fund

Fransabank El Djazair 45B, Lot Petite Provence Boulevard Ben Youssef Ben Khedda Sidi Yehya, Hydra Algiers

Algeria Listings Tel: (+213) (0)21 481 296 / 482 748 Fax: (+213) (0)21 606 606 / 481 243 Email: Website: SME services, corporate, investment and private banking

Gulf Bank Algeria (AGB) Villa 17, Rue Cheraga Dely Ibrahim, Algiers Tel: (+213) (0)21 91 0031 / 6890 / 0308 Fax: (+213) (0)21 91 0237 / 0264 Email: Website: Investment and banking services

Housing Bank for Trade and Finance 16, Rue Ahmed Ouked Dely Ibrahim, Algiers Tel: (+213) (0)21 918 888 Fax: (+213) (0)21 918 881 Website: Retail, commercial, investment and corporate banking services

HSBC Algeria Algeria Business Centre Les Pins Maritimes Mohammadia Algiers 16212 Tel: (+213) (0)21 894 000 Fax: (+213) (0)21 894 004 Email: Website: Banking and financial services

2a - L’Algerienne des Assurances 1, Rue Tripoli Hussein-dey Algiers Tel: (+213) (0)2147 6872 Fax: (+213) (0)21 476 573 Email: Website: Insurance and reinsurance services

MLA Leasing (Maghreb Leasing Algerie) 31, Avenue Mohamed Belkacemi (ex Ravin de la Femme Sauvage) El Madania 16 075 Algiers Tel : (+213) 21 77 12 12 Fax: (+213) 21 77 60 25 Email : Website: Leasing, consumer credit market, investment loan

NATIXIS ALGÉRIE Immeuble El Ksar Zone d’affaire Mercure Lot 34/35 Bab Ezzouar 16311 Algiers Tel: +213 23 92 43 43 Fax: +213 23 92 41 40 Email: Website: Investment banking and asset management

Salama Assurances Algerie 9, Rue des Jardins Hydra, Alger 16000 Tel: (+213) (0)21 480 310 / 032 / 033 Fax: (+213) (0)21 601 517 / 1518 Email:

Website: Insurance services

SGCI (Société de Garantie du Crédit Immobilier) Cite 250 Logements Garidi I 16208 Kouba Algiers Tel: (+213) (0)21 68 83 84 Fax: (+213) (0)21 68 82 69 Email: Website: Real estate credit

Tel: (+213) (0)21 694 121/22 Fax: (+213) (0)21 692 383 Email: Website: Trade finance, Islamic banking, compliance and structured finance

Titanium Capital PTE LTD

SRH (Societe de Refinancement Hypothecaire) N°3, Centre des Affaires – Said Hamdine Bir Mourad Rais Algiers Tel: (+213) (0)21 564 799 Fax: (+213) (0)21 564 436 Email: Website: Refinancing mortgages

Societe Generale Algerie Residence El-Kerma 16 105, Gue de Constantine BP 55 Birkhadem Tel: (+213) (0) 21 451 155 Fax: (+213) (0) 21 451 412 Website: Retail banking, specialised financial services, corporate and investment banking and global investment management and services

Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Societe Nationale de Leasing (SNL) Avenue du 1er Novembre Zeralda Algiers Tel: (+213) (0) 23 32 52 17 Fax: (+213) (0) 23 32 52 18 Email: Website: Leasing, asset management, SME services

Sofinance Avenue Mohamed Belkacemi Les Annassers Algiers Tel: (+213) (0)21 476 600 Fax: (+213) (0)21 476 630 Email: Website: Investment banking and asset management

Trust Bank Algeria 70, Chemin Larbi Allik Hydra Algiers 16030 Tel: (+213) (0)21 549 755/59 Fax: (+213) (0)21 549 750 Email: Website: Conventional banking services and products for private and commercial

UBAF Algiers Union de Banques Arabes et Francaises 4 bis, Rue du Hoggar Hydra Algiers 16035

Arab British European Banking & Finance Guide


Bahrain Listings Bank ABC Islamic Arab Banking Corporation Tower Diplomatic Area PO Box 2808 Manama Tel: +973 17 543342 Fax: +973 17 53 6379 Email: Website: Wholesale Islamic banking including corporate, financial institutions and individual services; ABC Islamic Bank is supported by the ABC Group’s extensive global network, which includes ABC IB Islamic Financial Services in London.

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Block 304 Yateem Centre 71 Muthana Road Bab Al Bahrain Area PO Box 1176 Manama Tel/Fax: +973 17 244 496 Email: Website: Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’a standards for Islamic financial institutions

Addax Bank 1st Floor Buliding 1006 Road 2813 Block 428 PO Box 11159 Manama Tel: +973 17 56 0444 Fax: +973 17 56 0445 Email: Website: Investment banking, private equity, real estate, corporate advisory and private placement

Ahli United Bank BSC Building 2495 Road 2832 Al Seef District 428 PO Box 2424 Manama Tel: +973 17 58 5858 Fax: +973 17 58 0569 Email: Website: Retail banking, corporate and treasury, private banking and wealth management

Al Ahlia Bahrain BSC PO Box 10106 Al Zamel Towers B2 3rd Floor Manama Tel: + 973 17 207070 Fax: +973 17 250800 Email: Website: Brokerage trading facilities and related services in regional and international markets

Al Ahlia Insurance Company Bab Al Bahrain Area PO Box 5282


Manama Tel: +973 17 22 5860 Fax: +973 17 22 4870 Email: Website: Provider of all classes of insurance

Al Ashrafiyah Investment

Tel: +973 17 530 510 Fax: +973 17 530 520 Website: Asset management; research-driven investment firm with global clients

Alpine Wealth Management

Road 2831 PO Box 5520 Manama Tel: +973 17 210004 Fax: +973 17 210030 Email: Website: Specialist in high value investments in hospitality, finance and real estate

Al Moayyed Tower, 25th Floor Suite 2503 Seef District PO Box 18266 Manama Tel: +973 17 563 333 Fax: +973 17 585 300 Email: Website: Asset management and investment portfolios

Al Baraka Islamic Bank

Alubaf Arab International Bank

Al Baraka Tower PO Box 1882 Manama Tel: +973 17 535 300 Fax: +973 17 533 993 Email: Website: Investment and commercial banking in conformity with Sharia principles; part of Al Baraka Banking Group

Alubaf Tower‎ Building 854 Road 3618 Al Seef District PO Box 11529 Manama Tel: +973 17 517 722 Fax: +973 17 517 721 Email: Website: Treasury products, loan facilities and trade finance

Acr Retakaful MEA (ACR) Gajria Tower 8th floor Seef District PO Box 1591 Manama Tel: +973 17 38 8350 Fax: +973 17 38 8351 Email: Website: Shariah-compliant reinsurance; innovative retakaful and risk management solutions

Al Salam Bank - Bahrain Building 22 Avenue 58 Seef District 436 PO Box 18282 Manama Tel: +973 17 005 500 Fax: +973 17 560 003 Email: Website: Banking, investment banking, asset management and treasury

Al-Khabeer International Company Mandarine Business Centre, 5th Floor Seef District Area PO Box 5879 Manama Tel: +973 17 561376 Fax: +973 17 564657 Email: Website: Investment banking, asset management, real estate, private equity and market insights

AllianceBernstein Limited (AB) Suite 173 Kanoo Tower Building 155 Road 1703 Diplomatic Area Block 317 Manama

Arab British European Banking & Finance Guide

Amex (Middle East) Al Moayyed Tower, 13th- 17th Floor Gate 2504, Road 2832 Al Seef District 428 PO Box 5990 Manama Tel: +973 17 557777 / 557755 Fax: +973 17 557855 / 557977 Email: Website: American Express card services

Arab Banking Corporation ABC Tower Diplomatic Area PO Box 5698 Manama Tel: +973 17 543 000 Fax: +973 17 533 163 Website: Commercial banking services, treasury products, investment banking, securities trading, underwriting and placement, protofolio management, advisory services, mergers and acquisitions and Islamic banking

Arab Financial Services Company (AFS) Tarfa Bin Al Abed Street Al Hourah PO Box 2152 Manama Tel: +973 17 290 333 Fax: +973 17 291 323 Email: Website: Consumer finance services, card processing and project management

Arab Insurance Group (ARIG) Arig House Building 131

Bahrain Listings Road 1702 Diplomatic Area 317 PO Box 26992 Manama Tel: +973 17 544 444 Fax: +973 17 531 155 Email: Website: Insurance products and services; risk management, life and medical

Bahrain Bourse

Armour Insurance Services WLL

Bahrain Credit

Falcon Tower 708 Diplomatic Area PO Box 10757 Manama Tel: +973 17 533 229 Fax: +973 17 533 329 Email: Website: Insurance and reinsurance brokers; home, health, property, motor, and project insurance services

Bahrain Commercial Facilities Company BDFC Building Number 264 Road Number 111 Tubli 701 PO Box 1175 Isa Town Central Tel: +973 17 786 000 / 311 311 / 466 666 Fax: +973 17 786 010 / 311 344 / 467 010 Email: Website: Car, life and travel insurance services

The Arab Investment Company - Bahrain TAIC Building King Mohammad IV Avenue Al Seef District 428 PO Box 5559 Manama Tel: +973 17 588 888 Fax: +973 17 588 885 Email: Website: Loan and credit facilities; treasury and securities investment and Islamic banking services

ARCAPITA Bank Arcapita Building Bahrain Bay Area PO Box 1357 Manama Tel: +973 17 218 333 Fax: +973 17 217 555 Website: Global Shari’ah-compliant alternative investments firm: Private equity, real estate, infrastructure and venture capital

Awal Bank Entrance 3, Level 1 The Manama Centre Government Avenue Manama PO Box 1735 Manama Tel: +973 17 203 333 Fax: +973 17 203 355 Email: Website: Equity, corporate banking and treasury

AXA Insurance (Gulf) 2nd Floor Kanoo Building Abu Obeidah Avenue PO Box 45 Manama Tel: +973 17 210 778 Fax: +973 17 223 857 Email: Website: Business and individual insurance services

Website: Sharia’a compliant financial solutions, corporate and retail

Bahrain Financial Harbour Harbour Mall (4th Floor) PO Box 3203 Manama Tel: +973 17261260 Fax: +973 17256362 Email: Website: Securities markets

Bahrain Kuwait Insurance Company

Bahrain Development Bank (BDB) Diplomatic Area Opposite Commercial Registration Office PO Box 20501 Manama Tel: +973 17 511 111 Fax: +973 17 530 116 Email: Website: Loans for projects finance, capital and equipment to developing industries, Islamic products, business advisory, training programmes, business valuation

Bahrain Financial Exchange West Tower King Faisal Highway Bahrain Financial Harbour PO Box 1936 Manama Tel: +973 16 511 511 Fax: +973 16 511 599 Email: Website: International financial exchange accessible to trade cash, derivatives, structured products and Shariah-compliant financial instruments

Bahrain Financing Company Building 150 Road 1507 8-12 Bab Al Bahrain Area PO Box 243 Manama Tel: +973 17 228 888 Fax: +973 17 223 495 Email: Website: Wholesale banknote traders, smart money and foreign currency

Bahrain Islamic Bank (BisB) Building 722 Road 1708 Block 37 Diplomatic Area PO Box 5240 Manama Tel: +973 17 515 151 Fax: +973 17 535 808 Email:

BKIC House Building 168 Street 1703 Diplomatic Area 317 PO Box 10166 Tel: +973 17 542 222 / 531 555 / 875 000 Fax: +973 17 530 799 Email: Website: Insurance

Bahrain Middle East Bank (BMB Investment) BMB Centre Building 135 Road 1702 Block 317 Diplomatic Area PO Box 797 Manama Tel: +973 17 532345 Fax: +973 17 530987 Email: Website: Investment banking, asset management and funds distribution as well as proprietary trading and investment

Bahrain National Holding Company (BNH) PO Box 843 BNH Tower Seef Business District Tel: +973 17 587 300 Fax: +973 17 583 099 Email: Website: Insurance and risk management solutions

Bahrain National Insurance Company (BNI) BNH Building Road 2832 Al Seef District Area PO Box 843 Manama 428 Tel: +973 17 587 300 / 7400 Fax: +973 17 583 099 / 3299 Email:; Website: Insurance and financial services

Bahrain Mumtalakat Holding Company Arcapita Building 4th Floor Building No. 551 Road 4612 Sea Front 346 Bahrain Bay PO Box 820 Manama Tel: +973 17 561 111 Fax: +973 17 561 109 Email: Website: Maximising the potential of existing portfolio and developing new investment initiatives

Bahrain National Holding Co (BNH) BNH Tower Road 2832 Seef Business District PO Box 843

Arab British European Banking & Finance Guide


Bahrain Listings Manama 428 Tel: +973 17 587 300 Fax: +973 17 583 099 Email: Website: Insurance for medium to large industrial and commercial clients

Bank Alkhair Building 2304, Block 0428, 4th, 6th and 7th Floor Road 2830 Al Seef District PO Box 31700 Manama Tel: +973 17 566 000 Fax: +973 17 566 001 Email: Website: Asset management, corporate finance, capital markets and private equity

Bank of Bahrain and Kuwait (BBK) 43 Government Avenue PO Box 597 Manama Tel: +973 17 207 772 Fax: +973 17 229822 Email: Website: Commercial banking services including retail, corporate, treasury, e-banking, investment services and mutual funds

BankMuscat International (BMI Bank) Bahrain World Trade Center PO Box 350 Manama Tel: +973 17 508 080 Fax: +973 17 226 641 Email: Website: Retail banking, corporate banking, global trade services, Islamic financial services, private banking treasury, financial institutions group and structures finance, international operations, conventional and Islamic commercial banking services

Banque Internationale a Luxembourg (BIL) Financial Harbour West Tower, 23rd Floor PO Box 20712 Manama Tel: +973 17 504 450 Fax: +973 17 504 451 Website: Private banking

Baytik Industrial Investments Baytik Industrial Investment Company Building Salman Industrial City PO Box 5323 Manama Tel: +973 17 003 000 Fax: +973 17 003 707 Email: Website: Acquisitions, startup projects and investing in strategic stakes in public and private companies within the MENA region

BDO Bahrain GBCORP Tower Bahrain Financial Harbour Street PO Box 787 Manama Tel: +973 17 530 077


Fax: + 973 17 530 088 Email: Website: Accounting and advisory services

The Benefit Company NBB Tower, 16th Floor Government Road PO Box 2546 Manama Tel: +973 17 500 400 Fax: +973 17 500 401 Email: Website: Electronic network for financial transactions

BNP Paribas Bahrain West Tower King Faisal Highway Bahrain Financial Harbour Area PO Box 5253 Manama Tel: +973 1786 6607 Fax: +973 1786 6601 Email: Website: Private banking, asset management and investment banking

BSI Bahrain - Branch Bahrain Financial Harbour West Tower, 14th Floor PO Box 11321 Manama Tel: +973 17 155 155 Fax: +973 17 107 777 Email: Website: Asset management and investment banking; local branch of Swiss bank

Business Development Asia (HK) Limited (BDA) PO Box 30295 Manama Tel +973 17 581 336 Fax:+973 17 581 483 Website: Advice on acquisitions, divestments, JVs and other forms of strategic alliances; corporate financial services

Capinnova Investment Bank West Tower 38th Floor Bahrain Financial Harbour PO Box 5507 Manama Tel: +973 17 101 010 Fax: +973 17 100 131 / 100 141 Email: Website: Shari’a compliant investment products; asset management, capital markets, corporate finance and private equity

Capivest Investment Bank Al Zamil Tower 6th Floor Al Khalifa Avenue Bab Al Bahrain Area PO Box 5571 Manama

Arab British European Banking & Finance Guide

Tel: +973 17 502 222 Fax: +973 17 502 211 Email: Website: Islamic investment banking activities including asset and wealth management, corporate finance, investment, private equity placement and real estate investments in compliance with Islamic law

Central Bank of Bahrain Building 96, Block 317 King Faisal Highway, Road 1702 Diplomatic Area King Faisal Highway PO Box 27 Manama Tel: +973 17 547 777 Fax: +973 17 530 399 Email: Website: Regulator of Bahrain’s financial sector, covering the full range of banking, insurance, investment business and capital markets

CIMB Middle East BSC (C) Almoayyed Tower Suite 304 Road 283 Al Seef 428 Manama Tel: +973 17 567111 Fax: +973 17 583180 Website: Conventional and Islamic financial advisory services

Citibank – Bahrain Citibank House Building 1133 Road 2819 Area 428 Al Seef District Manama Tel: +973 17 588 588 Fax: +973 17 214 448 Website: Consumer banking, personal accounts, investment and insurance

Cohere Business Services Seef Tel: +973 17 582295 Email: Website: Appointed representative of Tazur Insurance Company and Zurich International approved by Central Bank of Bahrain for general insurance

CrediMax Building 858 Road 3618 Block 436 Seef District PO Box 5350 Manama Tel: +973 17 117 117 Fax: +973 17 214 193 Email: Website: Credit card services

Crescent Global Insurance Services WLL Crescent Global House 373 Block 336 Road 3610, Adliya

Bahrain Listings PO Box 1719 Manama Tel: +973 17 713 838 Fax: +973 17 717 166 Email: Website: General insurance, reinsurance and risk consulting services

Daiwa Capital Markets Europe Limited Bahrain Branch 31st Floor East Tower Bahrain World Trade Center Seikh Isa Al-Kabir Avenue PO Box 30069 Manama Tel: +973 17 534 452 Fax: +973 17 535 113 Email: Website: Equity, capital markets, mergers and acquisitions

Denizbank Al Jasrah Tower 1702 Street Office 62 and 63 6th Floor Diplomatic Area PO Box 10357 Manama Tel: +973 17 541 137 / 1138 Fax: +973 17 541 139 Website: Banking for retail customers, SMEs, exporters, public and project finance; commercial and corporate clients

Deutsche Bank Bahrain 22/F Almoayyed Tower Building 2504 Road 2832 Blk 428 Al Seef District PB Box 20619 Manama Tel: +973 17 203 777 Fax: +973 17 203 780 Email: Website: Investment banking and asset management; Islamic finance

DevCorp International Manama Centre 2nd Entrance, 3rd Floor Diplomatic Area PO Box 10236 Manama Tel: +973 17 228 801 Fax: +973 17 228 805 Email: Website: Venture development including project identification, funding, and implementation in the Gulf region

Ensurion WLL

First Energy Bank

Block 316 The National Bank of Bahrain Tower 383 Road Bab Al Bahrain Area PO Box 3013 Manama Tel: +973 17 221 515 Fax: +973 17 224 166 Email: Website: Insurance and reinsurance

West Tower, 20th floor Bahrain Financial Harbour PO Box 209 Manama Tel: +973 17 170 000 Fax: +973 17 170 170 Email: Website: Private equity, Islamic financial investment, capital markets and treasury


Ernst and Young Bahrain 14th Floor Bahrain Commercial Complex PO Box 140 Manama Tel: +973 17 535 455 Fax: +973 17 535 405 Email: Website: Tax, auditing, advisory, managing capital and transactions

Building 2577 Road 2833 Block Al Seef, 428 PO Box 785 Tel: +973 17 505 000 Fax: +973 17 224 402 Email: Website: Corporate, retail banking and treasury services

Global Banking Corporation

Eskan Bank Al Moayyed Tower, 1st Floor Al Seef District PO Box 5370 Manama Tel: +973 17 567 777 / 567 890 Fax: +973 17 541 781 / 567 785 Email: Website: Banking, asset management, investment firms and funds landlords and developers, real estate management

Fakhro Insurance Services Abdulla Yousif Fakhro Group Building 277 Government Avenue Naim Area PO Box 39 Manama 303 Tel: + 973 17 240 600 Fax: + 973 17 275 679 Email: Website: Health, life, property, marine, personal, travel and accident insurance

GBCORP Tower, 21st Floor Building 1411 Road 4626 Block Manama/Sea Front 346 Bahrain Financial Harbour District PO Box 1486 Manama Tel: +973 17 200 200 Fax: +973 17 200 300 Email: Website: Private equity, real estate & infrastructure, energy advisory services, asset and wealth management, corporate finance

Gulf Finance House East Tower, 29th floor Bahrain Financial Harbour PO Box 10006 Manama Tel: +973 17 53 8538 Fax: +973 17 54 0006 Email: Website: Islamic investment bank

The Family Office Co BSC(c)

Gulf International Bank

Al Zamil Tower, 9th floor Government Avenue PO Box 18024 Manama Tel: +973 17 221 177 Fax: +973 17 221 178 Email: Website: Global investments

Al Dowali Building 3 Place Avenue Diplomatic Area PO Box 1017 Manama Tel: +973 17 534 000 Fax: +973 17 522 633 Website: Investment banking including financial advisory, asset management, equity placement, and asset trading, credit facilities including wholesale commercial financing and project finance, and Islamic banking

Elaf Bank BSC Bahrain

FAJR Investment Advisory

6th Floor Zamil Tower Al Khalifa Avenue PO Box 11939 Manama Tel: +973 17 510 000 Fax: +973 17 510 051 Email: Website: Financing and advisory transactions

Al Rossais Tower Diplomatic Area PO Box 10797 Manama Tel: +973 17 517 000 Fax: +973 17 540 600 Email: Website: Sharia’a compliant investment and treasury (commodity) brokerage services

Gulf One Investment Bank West Tower, 15th Floor Block 346 Bahrain Financial Harbour PO Box 11172 Manama Tel: +973 17 102 555 Fax: +973 17 100 063

Arab British European Banking & Finance Guide


Bahrain Listings Email: Website: Private equity investment services

Gulf Union Insurance and Reinsurance Co

Email: Website: Banking, asset management and investment banking; subsidiary of India’s largest private sector bank

Gulf Union Insurance Building Building 331, Road 5616 Shaikh Salman Highway Manama 356 PO Box 10949 Tel: +973 17 255 292 Fax: +973 17 255 090 Email: Website: Non-life insurance services and reinsurance services

International Investment Bank (IIB)

Hannover ReTakaful BSC

Investcorp Bank

Al Zamil Tower, 17th Floor Government Avenue Manama Centre 305 PO Box 21345 Manama Tel: +973 17 214 766 Fax: +973 17 214 667 Email: Website: Life, health and property insurance services

Investcorp House 499 Street Number 1706 Diplomatic Area 317 PO Box 5340 Manama Tel: +973 17 532 000 Fax: +973 17 530 816 Email: Website: Corporate investment, technology investment, real estate investment, asset management, investment placement and corporate support

Hardy Arig Insurance Management Arig House Diplomatic Area PO Box 26992 Manama Tel: +973 17 544 222 Fax: +973 17 531 155 Email: Website: Insurance with a focus on construction, property and onshore energy

HSBC Bank Middle East Bahrain Building 2505 Road 2832 Seef Area PO Box 57 Manama 428 Tel: +973 17 569 999 Fax: +973 17 569 429 Website: Personal and business banking, asset management and investment

ICAP (Middle East) WLL 43rd Floor, West Tower Bahrain Financial Harbour PO Box 5488 Manama Tel: +973 17 152 650 Fax: +973 17 131 404 Email: Website: Wide range of broking and execution services for trading in commodities

ICICI Bank Ltd Manama Centre Government Avenue Bab Al Bahrain Area PO Box 1494 Manama Tel: +973 17 576161 Fax: +973 17 221200 / 221210


Al Moayyed Tower, 37th Floor Al Seef District PO Box 11616 Manama Tel: +973 17 565 000 Fax: +973 17 565 050 Email: Website: Investment banking and asset management

Investors Bank Investors Bank BSC (C) Seef Star Building - 3rd Floor Seef District PO Box 11818 Tel: +973 17 565 777 Fax: + 973 17 583 755 Email: Website: Islamic investment banking, including direct and strategic investment, mergers and acquisitions, advisory services, syndications, funds and portfolio management

Manama PO Box 20582 Tel: +973 17 211 606 Fax: +973 17 211 605 Email: Website: Ratings agency for Islamic capital markets

Ithmaar Bank Ground Floor, Seef Tower PO Box 2820 Manama Tel: +973 17585000 Fax: +973 17585151 Email: Website: Private, retail and investment banking

Khaleeji Commercial Bank (KHCB) 2014 Building, 1435 Road 4626 Block 346 Bahrain Financial Harbour PO Box 60002 Manama Tel: +973 17 505 701 Fax: +973 17 104 779 Email: Website: Real estate commercial bank, project financing, direct investment, asset management, property management and advisory services according to the Islamic law and Shariah principles

KPMG Fakhro 12th Floor, Fakhro Tower PO Box 710 Manama Tel: +973 17 224 807 Fax: +973 17 227 443 Email: Website: General financial services, audit, tax, and advisory services

The Islamic Bank of Asia Ltd

KFH Bahrain Islamic Banking

12th Floor, West Tower Bahrain Financial Harbour Suite No 1202 PO Box 1317 Manama Tel: +973 17 102 050 Fax: +973 17 104 990 Email: Website: Direct investment, advisory and capital market services, treasury and wealth management

Bahrain World Trade Centre West Tower PO Box 2066 Manama Tel: +973 17 777 777 Fax: +973 17 000 600 Email: Website: Islamic commercial and investment banking services

Islamic Finance Consultants Almoayyed Tower Floor 24, Suite 2403 Al Seef District PO Box 21258 Manama Tel: +973 17 587 175 Fax: +973 17 587 176 Email: Website: Project finance, sukuk, liquidity management, real estate, capital markets, private equity and venture capital

Islamic International Rating Agency AFS Tower, 2nd Floor Hoora 320

Arab British European Banking & Finance Guide

Legal and General Gulf Takaful BSC 5th Floor, Office 52 Building 680, Road 2811 Seef District 428 PO Box 5832 Manama Tel: +973 17 589 800 Email: Website: Life assurance, pensions, investments and general insurance plans

LIC (International) BSC(C) Ali Al Wazzan Building Al Khalifa Avenue PO Box 584 Manama Tel: +973 17 727 662 / 210 610

Bahrain Listings Fax: +973 17 211 577 Email: Website: Insurance

Liquidity Management Centre (LMC) 9th Floor, LMC Building Building 852 Road 3618 Seef District 436 PO Box 11567 Manama Tel: +973 17 568 568 Fax: +973 17 568 569 Email: Website: Investment banking services

Maalem Holding Company Bahrain World Trade Center West Tower King Faisal Highway Bahrain Financial Harbour Area PO Box 427 Manama Tel: +973 17 107000 Fax: +973 17 107107 Email: Website: Investment firms and funds

Medgulf Allianz Takaful BSC Al Raya Building 1025 Road 3621 Seef District 436 PO Box 31397 Manama Tel: +973 17 568 222 Fax: +973 17 582 114 Email: Website: Insurance, reinsurance and risk management

Mediterranean and Gulf Insurance and Reinsurance – Bahrain Chamber of Commerce Building Sanabis Area Manama Tel: +973 17 218 881 Fax: +973 17 215 444 Email: Website: Insurance, reinsurance and risk management

Website: Commercial and retail banking, capital markets, treasury and investment services

Email: Website: Investment services and advisory

Nomura Investment Banking (Middle East) BSC

Oryx Insurance Services WLL

BMB Centre Diplomatic Area PO Box 26893 Manama Tel: +973 17 530 531 Fax: +973 17 530 365 Website: Investment banking, retail, wholesale, asset management and global research

Gulf Union Insurance Building, 2nd floor Adliya Area PO Box 54531 Manama Tel: +973 17 232 632 Fax: +973 17 232 532 Email: Website: Insurance services including fire, accident, medical, life and travel

Nonoo Exchange Company

PricewaterhouseCoopers ME Limited

Building 226 Sheikh Isa Avenue Road 330 Gudaibiya Area PO Box 11970 Manama Tel: +973 17 230 767 / 230 901 Fax: +973 17 230 929 Email: Website: General financial services, foreign exchange and remittances

13th Floor, Jeera I Tower Building no 683, Road no 2811 Block no: 428, Seef District PO Box 21144 Seef District Tel: +973 17 118 800 Fax: +973 17 540 556 Email: Website: Assurance, audit, consultancy services and corporate finance services

Ohad Trust

Protection Insurance Services WLL

Manama Centre Office 604 6th Floor, Entrance 4 Government Avenue PO Box 18206 Manama Tel: +973 17 213 199 Fax: +973 17 213 198 Email: Website: Asset management and investment funds

Insurance & Re-Insurance Brokers Suite 206, Car Park Building 128 Government Avenue Manama 316 PO Box 33133 Tel: +973 17 211 700 Fax: +973 17 215 309 Email: Website: Insurance and reinsurance

Real Estate Finance Company (Reef)

Oasis Capital Bank

Building 483 Road 1010 Block 410 PO Box 18599 Manama Tel: +973 17 558 080 Fax: +973 17 556 333 Email: Website: Real estate finance solutions, mortgages

West Tower, 20th Floor Street 4626 Bahrain Financial Harbour Area PO Box 991 Manama Tel: +973 17 506 666 Fax: +973 17 506 799 Email:

Oasis Capital BSC (c)

Flat 181, Platinum Tower Building 190, Road 2803, Block 0428 Al Seef District PO Box 75782 Tel: +973 17 556 139 / 554 986 Fax: +973 17 556 124 Email: Website: Securities brokers and traders

Office 303, Level 3, GBCorp Tower Bahrain Financial Harbour PO Box 991 Manama Tel: +973 1750 6666 Fax: +973 1750 6799 Email: Website: Investment banking, asset management, private banking, property and infrastructure investment, private equity and treasury

National Bank of Bahrain (NBB)

Orient Middle East (OME)

120 Government Road PO Box 106 Manama Tel: +973 17 228 800 Fax: +973 17 228 998 / 211 307

14th Floor, Kanoo Tower Diplomatic Area, Manama PO Box 75857 Manama Tel: +973 17 151 000 Fax: +973 17 152 000

Mubasher Financial Services BSC (c)

Remza Investment Co WLL Remza Investment Company Building Abdulrahman Jassim Kanoo Avenue PO Box 684 Manama Tel: +973 17 822 122 Fax: +973 17 822 133 Email: Website: Investment services

Riyada Consulting Al Zamil Tower 7th Floor, Office.No.71 PO Box 10627 Manama Tel: +973 17 531 534 Fax: +973 17 531 535 Email:

Arab British European Banking & Finance Guide


Bahrain Listings Website: Corporate finance and business advisory services

Sakana Holistic Housing Solutions Manama Service Centre Ground Floor, 128, Bahrain Car Park Company Building 383 Manama Tel: +973 17 201 919 Fax: +973 17 214 664 Email: Islamic mortgages

Saudi Arabian Insurance Company BSC (c) 71, LMC Building 852 Road 3618, Block 436 Al Seef District PO Box 60139 Manama Tel: +973 17 562 500 Fax: +973 17 582 802 Email: Website: Insurance and reinsurance services

Saudi National Insurance Company (SNIC) Flat 3204, Floor 32 Building 2504 Road 2832, Block 428 PO Box 31516 Manama Tel: +973 17 563 377 Fax: +973 17 564 243 Email: Website: Insurance products for corporates and individuals

Seera Investment Bank Building 2431 Road 2831 Seef District 428 PO Box 18373 Manama Tel: +973 17 566 533 Fax: +973 17 566 544 Email: Website: Equity investment, asset management, selective investment, seeking opportunities for direct investment in stable, asset-rich industries

SICO Investment Bank BMB Building Diplomatic Area PO Box 1331 Manama Tel: +973 17 515 000 Fax: +973 17 514 000 Email: Website: Securities and investment banking, asset management, brokers and traders

Sinnad NBB Tower 6th Floor Office 61 PO Box 21534 Manama Tel: +973 17 508 888 Fax: +973 17 214 070


Email: Website: Outsourcing, processing, ATM and card schemes, project management

Solidarity General Takaful BSC (C) Seef Tower Seef District Area PO Box 18668 Manama Tel: +973 17 585 222 Fax: +973 17 585 200 Email: Website: Personal and corporate insurance

Sumitomo Mitsui Banking Corporation (SMBC) No. 406 & 407 (Entrance 3, 4th Floor) Manama Centre Government Road Manama Tel: +973 17 223 211 Website: Corporate banking, trade finance, treasury and deposits

Standard Chartered Bank Bahrain Building 180 383 Government Avenue Manama Tel: +973 1753 1532 Email: Website: SME, corporate and Islamic banking

Tadhamon Capital BSC GBCORP Tower Bahrain Financial Harbour PO Box 75511 Manama Tel: +973 17 103 444 Fax: +973 17 104 840 Email: Website: Real estate, alternative investments, treasury and capital markets

TAIB Bank TAIB Tower Building Rd 1702 Diplomatic Area PO Box 20485 Manama Tel: +973 17 549 378 / 549 494 Fax: +973 17 533 174 Email: Website: Private banking, asset management, private equity, real estate, financial and securities advisory and brokerage services

Takaful International Building 680 Road 2811 Seef District 428 PO Box 3230 Manama Tel: +973 17 565 656 Fax: +973 17 582 688 Email: Website: Personal and corporate insurance

Arab British European Banking & Finance Guide

Tazur Company Block 428 Le President Tower Building 2347 Road 2830 Al Seef District PO Box 31600 Manama Tel: +973 17 561 661 Fax: +973 17 561 669 Email: Website: Islamic insurance (takaful) for individuals and businesses

Tharawat Investment House Bahrain World Trade Centre East Tower Seef District PO Box 75780 Manama Tel: +973 17 560 777 Fax: +973 17 560 778 Email: Website: Private equity, venture capital, asset management and investment banking

Trust International Insurance & Reinsurance Co (Trust Re) Trust Tower Building 125 Road 1702 Diplomatic Area 317 Manama Tel: +973 17 517 171 Fax: +973 17 531 586 Email: Website: Reinsurance protection for non-life insurance

UBS Bahrain Bahrain World Trade Centre West Tower 1B 28th Floor PO Box 5560 Manama Tel: +973 17 517 777 Fax: +973 17 535 032 Website: Financial services to private, corporate and institutional clients; local branch of Swiss firm

United Gulf Bank (UGB) United Gulf Bank Tower Government Avenue Diplomatic Area PO Box 5964 Manama Tel: +973 17 533 233 Fax: +973 17 533 137 Email: Website: Asset and fund management, investment banking, private equity and corporate finance

United Gulf Investment Corporation BSC 32nd Floor, Al Moayyed Tower Seef District PO Box 10177 Manama Tel: +973 17 581 654

Bahrain Listings Fax: +973 17 581 644 Email: Website: Equity investment

The United Insurance Company (Bahrain) Building 1392 Road 436 Salmabad 704 PO Box 3113 Manama Tel: +973 17 788 788 Fax: +973 17 785 488 Email: Website: Comprehensive insurance policies

Venture Capital Bank (VC Bank) Road 1704

Block 317 Building 247, Diplomatic Area PO Box 11755 Manama Tel: +973 17 518 874 Fax: +973 17 518 880 Email:; Website: Investment banking, wealth management, dedicated Islamic venture capital bank

Zenj Exchange Co WLL PO Box 236 Manama Tel: +973 17 224 352 Fax: +973 17 214 405 Email: Website: General financial and remittance services

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Comoros Listings Banque Centrale des Comores (BCC)


Moroni Comoros BP 405 Tel: +269 773 08 18 Fax: +269 773 03 49 Website: Central bank

Government investment agency

Banque de Développement des Comores (BDC) Place de France Moroni Tel: +269 7730414

Banque Fédérale de Commerce (BFC) Place de France Moroni Tel: +269 7738880/ 7738882 Website: Trade finance products for corporate customers: Letter of credit, bank guarantees, payment facilities, short and medium-term credit

Exim Bank Comores Ltd Place de France Moroni BP 8298 Tel: +269 7739402/7739401/3380475 Email: Website: Personal and business banking; branch of Tanzania bank

MECK (Mutuelle d’Epargne et de Crédit ya Komor) BP 1234 Volovolo Moroni Moroni, Comores Tel:+269 773 27 28 Fax: +269 773 36 40 Email: Website:

Banque pour l’Industrie et pour le Commerce-Comores (BIC)

Mutual savings bank

Place de France Moroni Tel: +269 773 02 43 Fax: +269 773 12 29 Email: / Banking services for industry and trade

Société Nationale des Postes et des

Comoros National Investment Promotion Agency (ANPI) Tel: +269 773 85 69 Fax: +269 773 84 91 Email:

Titanium Capital PTE LTD Services Financiers (SNPSF) Moroni Port BP 5000 Moroni Tel: +269 773 43 43 Email: Website: Corporate financial services, bank cards and money transfers

Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Arab British European Banking & Finance Guide


Djibouti Listings Bank of Africa (BOA) 10 Place Lagarde BP 88 Tel: + 253 21 353016 Fax: + 253 21 351638 Email: Website: A part of Groupe BMCE Bank

Banque Centrale de Djibouti (BCD) Tel: +253 21 35 27 51 Email: Website: Central bank

Tel: + 253 21 35 35 34 Fax: + 253 21 35 08 80 Email: Website: Deposits and credit facilities

Tel: + 253 355 006 Fax: + 253 355 003 Email: Website:

Dahabshil Bank International (DBI)

Place du 27 juin (Immeuble Yassin Yabeh) BP 1972 Djibouti Tel: + 253 35 57 77 Fax: + 253 35 77 70 Email: Website:

Place du 27 Juin BP 2022 Djibouti Tel: +253 21 31 19 19 Fax: +253 21 35 53 22 Email: Website: Business, international, personal and private banking

Banque Pour le Commerce et l’Industrie Mer Rouge (BCIMR)

Exim Bank SA

Place Lagarde BP 2122 Djibouti Tel: + 253 21 35 08 57 Fax: + 253 21 35 42 60 Email: Website: Banking services for trade and industry

PO Box 4455 Batimont Ougoul Ave Clemenceau Djibouti Tel: +253 21 35 26 02 Fax: +253 21 35 26 01 Email: Website:

Banque de Dépôt et Crédit de Djibouti

International Commercial Bank

Place Lagarde BP 1929 Djibouti

Immeuble No 15 Place Du 27 Juin Rue D’Ethiopie

Saba Islamic Bank (SIB)

Salaam African Bank Avenue Pierre Pascal PO Box 2550 Djibouti Tel: +253 21351544 Fax: +253 21351534 Email: Website:

Shoura Bank Djibouti Marseille Street Transmaritime Building Djibouti Tel/Fax: + 253 355407 Mobile: + 253 649538 Website:

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:


Arab British European Banking & Finance Guide

Egypt Listings Abu Dhabi Islamic Bank (ADIB)

National Development Bank Building Al Borsa Al Gedida Street Tel: +20 2 2393 6039 Fax: +20 2 2390 5681 Email: Website: Banking, asset management, investment banking and investment firms and funds

African Export-Import Bank

African Export-Import Bank Building 72 (B) El Maahad El Eshteraky St Heliopolis Area PO Box 613 Cairo 11757 Tel: +20 2 2456 4100 / 4101 / 4102 Fax: +20 2 2456 4110 / 2451 5008 Website: General financial services, investment services

Ahli United Bank Egypt

81 El Tesseen Street Sector A, 5th Settlement PO Box 413 Cairo 1191 Tel: +20 2 2614 9600 / 9700 Fax: +20 2 2613 5129 / 5160 Email: Website: Corporate banking and asset management

Allianz Egypt

Saridar Building 92 Tahrir Street Dokki Area Cairo Tel: +20 2 3760 5445 3332 7310 Fax: +20 2 3760 5446 Email: Website: Car, life and health insurance; comprises “Allianz Life Assurance Company – Egypt” and “Allianz Insurance Company – Egypt”

ADI - Al Ahly for Development and Investment

Maadi Area Villa 7, Entrance 2 El Nahda Street, Maadi Cairo Tel: +20 2 2578 0791/ 0792 Fax: +20 2 2578 0793 Website: Asset management, corporate finance and investment banking

Al Baraka Bank Egypt

60 Mohieddine Abu Al Ezz St Dokki Area PO Box 455 Cairo 12311 Tel: +20 2 3748 1777 / 1222 Fax: +20 2 3761 1437 / 1436 / 1453 Email: Website: Trade finance and asset management


Bank of Al Alexandria Building 49 Kasr Al Nil Street Down Town Area Cairo 11511 Tel: 00 20 2 2399 2000 Fax: 00 20 2 2390 7793 Email: Website: Services for corporate, SME and retail customers

AAIB (Arab African International Bank) 5 Midan El Saray El Koubra

Garden City PO Box 60 Cairo 11516 Tel: +20 2 24886679 Fax: +20 2 795 8493 Email: Website: Corporate, retail and investment banking

Arab Banking Corporation Egypt Al Saleh Ayoub St Zamalek Area PO Box 64 Cairo Tel: +20 2 736 2684 / 4254 Fax: +20 2 736 3643 / 3614 Email: Website: Investment, merchant and retail banking

Arab International Bank (AIB)

PO Box 1563 Cairo 11511 Tel: +20 2 2391 8794 / 6391 / 6492 Fax: +20 2 2391 6233 / 2319 Email: Website: Capital markets, asset management and investment banking

Arab Investment Bank (AIBK)

PO Box 826 Cairo Tel: +20 2 576 0031 / 577 0376 / 575 0421 Fax: +20 2 577 0329 / 575 2761 Email: Website: Commercial and investment banking services

Bank Audi Egypt

Website: General financial services, tax consultancy and auditing

Beltone Financial

Nile City Towers, South Tour 7th Floor Corniche El-Nil Cairo 11221 Tel: +20 2 3308 1900 Fax: +20 2 2461 9850 Email: Website: Asset management, brokerage, private equity, investment banking and research

BLOM Bank Egypt

61 BLOM Bank Building 5th Compound, Ninety St New Cairo PO Box 410 Cairo Tel: +20 2 3332 2770 / 2701 Fax: +20 2 3749 4508 / 4168 Email: Website: Consumer and corporate banking

BNP Paribas Le Caire

Plot 85 - Block G Building 90th Street, Fifth Settlement Road City Centre Sector A Area Cairo Tel: +20 2 2794 8324 / 8325 Fax: +20 2 2795 2906 Email: Website: Banking, asset management and investment banking

Cairo Financial Holding (CFH)

Cairo Alex Desert Road, KM 22 PO Box 757 Cairo Tel: +20 2 3534 3300 Fax: +20 2 3536 2120 Email: Retail, Islamic, asset management and investment banking

7 Lazoghli St Garden City Cairo Tel: +20 2 2792 4281 Fax: +20 2 2792 4284 Email: Website: Asset management, private equity and brokerage

Banque du Caire

Central Bank of Egypt

Banque Misr

AIG Egypt Insurance Company

6 Dr Mustafa Bou Zahra St Nasr City Cairo Tel: +20 2 2264 7997 / 8401 Fax: +20 2 2403 7288 Email: Website: Retail, corporate and investment banking

151 Mohammed Farid St Down Town Cairo Tel: +20 23912172 Fax: + 20 23908464 Email: Website: Equity, capital markets and micro-finance services

Barclays Bank Egypt

52 Ahmed Fakhry Street Cairo Tel: +20 2 2529 1300 Fax: +20 2 2366 2615 Website: Consumer and commercial banking services

BDO Khaled and Co 1 Wadi Al Nile St Mohandiseen PO Box 110 Cairo 12655 Tel: +20 2 3303 0701 Fax: +20 2 3303 2228 Email:

54 El Gomhoreya Street Downtown Area Cairo 11511 Tel: +20 2 2770 2770 Fax: +20 2 25976081 Email: Website: Central bank

44 Abdel Moniem Riad Street 1st Floor, Mohandessin Cairo Tel: +20 2 3308 2000 Fax: +20 2 3308 2010 Email: Website: Consumer and business insurance services

Commercial International Bank (CIB)

Nile Tower Building 21-23 Charles de Gaulle Street Giza Area PO Box 2430 Cairo Tel: +20 2 3747 2000 Fax: +20 2 3570 3172 Website: Integrated corporate, institutional, and retail banking services

Corplease Egypt

CORPLEASE Building B2112 Smart Village Km 28 Cairo - Alex Desert Road

Arab British European Banking & Finance Guide


Egypt Listings Cairo Giza 12577 Tel: +20 2 3531 1000 Fax: +20 2 3537 0692 Email: Website: Corporate finance and leasing

CrĂŠdit Agricole Egypt 90th St 1st right Choueifat Area 5th settlement Cairo PO Box 364 Tel: +20 2 2728-1800 Fax: +20 2 2738-0450 Website: Private and corporate banking

Delta Insurance Company 14 Hassan Mohamed Al Razzaz St Agouza Tel: +202 3335 2045 Fax: +202 3335 8990 Email: Website: Insurance services

Deutsche Bank Egypt

Deutsche Bank AG Representative Office 90 Street North 5th Settlement New Cairo PO Box 2306 Tel: +20 2 33336340 Fax: +20 2 33336343 Website: Investment banking and asset management

EFG-Hermes Holding

Building B129 Phase 3, Smart Village Km 28 Cairo Alexandria Desert Road 6th October 12577 Tel: +20 2 3535 7200 Fax: +20 2 3535 7111 Website: Investment banking, asset management, private equity and securities brokers


Building A3-B82 Smart Village KM 28 Alex Desert Road Cairo 12577 Tel: +20 2 3827 1400 Fax: +20 2 3827 1499 Website: Operation outsourcing services using latest technologies

Egypt Factors

Block H/11 Public Free Zone Nasr City Tel: +20 2 2671 9358 Fax: +20 2 2672 0986 Email: Website: Financial solutions for corporates and SMEs to cover immediate cash needs, credit management and working capital

Email: Website: Real estate investment and trade finance

Email: Website: General financial services

Egyptian Banks Company (EBC)

Export Development Bank of Egypt (EBE)

No 223, Off 90 St Fifth Settlement, New Cairo Cairo 11835 Tel: +20 2 2614 9502 Fax: +20 2 2614 9600 Website: Shared payment systems

Egyptian Financial Supervisory Authority 5th Floor 5A - 84 B Alex Desert Road Km 28 Alex Road Smart Village PO Box 12577 Cairo Tel: 00 20 2 3537 0040 Fax: 00 20 2 3537 0041 / 3534 5544 Email: Website: Regulatory and administrative bodies

Egyptian Gulf Bank

Ahmad Nasim St Al Orman PO Box 56 Cairo Tel: +20 2 3336 8357 Fax: +20 2 3349 0002 Email: Website: Banking, asset management, investment banking and investment firms and funds

Egyptian Housing Finance Company CrĂŠdit Agricole Egypt building 90th Street New Cairo Tel: + 20 2 2605 0692 Fax: + 20 2 3748 8907 Email: Website: Housing finance services

El Rashad Asset Management Giza El Fotouh Tower, 8th Floor 56 Gammat El Dewal El Arabia Street Mohandessin Area Cairo Tel: + 20 2 3336 0275 Fax: + 20 2 3337 7742 Website: Asset management

Enmaa Financial Services Building Number 190, 7th Floor Nile Street Agouza Area Giza Tel: + 20 2 3347 1222 / 3344 8620 Fax: + 20 2 3664 2405 Website: Investment banking

Ernst and Young Egypt

Delta Insurance Tower 14 Hassan Mohammed Al Razzaz St Agouza Area Tel: +20 2 3336 3300 Fax: +20 2 3335 8989 Email: Website: Targeted investments

Rama Tower Ring Road, Zone 10A PO Box 20 Cairo Tel: + 20 2 2726 0260 Fax: + 20 2 2726 0100 Email: Website: Assurance, risk services, business tax advisory and transaction support

Egyptian Arab Land Bank (EALB)

Export Credit Guarantee Company of Egypt

Egypt Kuwait Holding Co (EKH)

Gameat El Dowal El Arabeya Street 78 Mohandessin Area Cairo Tel: + 20 2 3338 3691/ 3579 / 9214 Fax: + 20 2 3338 3569


5 El Nasr Road Nasr City PO Box 11371 Tel: + 20 2 2263 6740 / 6745 / 6762 Fax: + 20 2 2263 6825

Arab British European Banking & Finance Guide

108 Mohieddine Abu Al Ezz Street Dokki PO Box 38 El Agouza Cairo 12311 Tel: 00 20 2 3761 9006 Fax: 0020 2 3338 5938 Website: SME banking, asset management, investment and treasury

FACT Financial Advice Corporate Transactions 52 Gameat El Dowal El Arabia Street Mohandessin 12311 Tel: + 20 2 3761 5185 Fax: + 20 2 3761 5186 Email: Website: Investment banking, equity and corporate finance

Fincorp Investment Holding 71 Musadak Street Dokki Giza Tel: + 20 2 3749 5757 Fax: + 20 2 3335 8978 Website: Investment banking

Grand Capital for Financial Investments (GCFI) 58 Gzeret Elarab Street Mohandeseen Cairo Tel: + 20 2 3305 4742 Fax: + 20 2 3305 4749 Website: Securities brokers and leasing

HC Securities and Investment

Building B224-F15 Cairo Alexandria Desert Road Smart Village Area 12 PO Box 12 Tel: + 20 2 3535 5999 Fax: + 20 2 3535 5998 Website: Investment banking, asset management and securities brokerage

Housing & Development Bank

12 Syria Street Al Mohandessin Giza Tel: + 20 2 3749 2014 / 2015 Fax: + 20 2 3839 5292 Website: Housing and financial services, corporate and personal banking

HSBC Bank Egypt

Building 306 Corniche Al Nil Street Maadi Area PO Box 124 Cairo Tel: + 20 2 2529 8751 Fax: + 20 2 2529 8080 Email: Website: Banking, asset management, investment banking

Industrial Development & Workers Bank of Egypt 110 Al Galaa Street Cairo 11511 PO Box 81 Tel: + 20 2 577 2468 / 1509 Fax: + 20 2 575 1227 / 2578 Email:

Egypt Listings Website: Short, medium and long term loans for industrial activities

International Company for Leasing Building 9 Abdulmoniem Riad Street Al Mohandeseen Area Tel: + 20 2 3336 6808 Fax: + 20 2 3336 6801 Email: Website: General financial services

Khodeir Consulting

Khodeir Consulting Building, 4th Floor Abdulaziz Street 16 Downtown Area PO Box 1155 Cairo Tel: + 20 2 2393 7112 Fax: + 20 2 2391 6235 Email: Website: General financial services and investment banking

Marsh (Middle East) Limited Nile City North Tower, Level 17 2005C Corniche El Nile Cairo Tel: +20 2 2461 9914 Website: Insurance broking and risk management

Mazars Mostafa Shawki and Company 153 Mohammed Farid Street Banque Misr Tower Cairo 11511 Tel: + 20 2 2391 7299 Fax: + 20 2 3393 9430 Email: Website: Audit and assurance, tax and accounting services

Misr Financial Investments Company

Mohandisin Tower, 21st Floor 56 Gameat Al Dowal Al Arabia Street Mohandessin PO Box 259 Cairo 12311 Tel: + 20 2 3335 4692 Fax: + 20 2 3749 3374 Email: Website: Investment banking, asset management, securities brokers and traders

Misr Iran Development Bank

Nile Tower Charles De Gaulle Avenue PO Box 219 Tel: + 20 2 3572 7311 Fax: +20 2 3570 1185 Email: Website: Internet banking, foreign exchange and account services

NAEEM Holding

Km 28 Cairo Alex Road Bldg B16 Smart Village, Giza Tel: +2 02 3531 6100 Fax: +2 02 3531 6101 Email: Website: Investment banking, asset management and securities brokerage

National Bank of Egypt

NBE Tower 1187 Corniche El Nil St Boulak Cairo Tel: + 20 2 2594 5000 Fax: + 20 2 2594 5137 Email: Website: Retail and corporate banking services

National Bank of Greece (NBG) 32, Haroun St Mesaha Sq Dokki, Giza Tel: + 20 2 33312400 Fax: + 20 2 33370579 Website: Retail and corporate banking

SAIB BANK (Societe Arabe International de Banque) 56 Gamet El Dowal El Arabia Street Mohandessin PO Box 124 56 Cairo Tel: +20 2 3332 5000

ORIX Leasing Egypt

Fax: +20 2 3336 3244

Cairo Centre Building 2 Abdul Kader Hamza Street Garden City Cairo 11461 Tel: + 20 2 2792 2757 Fax: + 20 2 2792 2760 Email: Website: Leasing services for industry

Email: Website: Conventional and Islamic banking services

Suez Canal Bank Banks Area No 55

Pharos Holding for Financial Investments

6th of October City

7 Abu El Feda St Zamalek Cairo 11211 Tel: +20 2 2739 3670 Fax: +20 2 2735 0661 Email: Website: Investment banking, asset management and securities brokerage

Cairo 12568

Piraeus Bank Egypt


Smart Village Building B227 and B228 Cairo Alexandria Desert Road 6th of October City 12577 Tel: +20 2 3535 4000 Fax: +20 2 3535 4235 Website: Wealth management, SMEs and corporate financial services

Tel: +202 383 45 913 Fax: +202 383 45 912 Email: Website: Commercial, personal and Islamic financial services

15G, Taha Hussein St Zamalek Cairo 11211 Tel: +20 2 2735 6306 Fax: +20 2 2736 6061 Email: Website:

Prime Holding

Liberty Tower 2 Wadi El Nil St Mohandessin Tel: +20 2 3300 5770 Fax: +20 2 3305 4611 Email: Website: Investment banking, private equity and asset management

Investment in real estate

QNB Alahli Egypt

Fax: + 20 2 2579 8515

5 Dar Champollion Street Down Town PO Box 2664 Cairo 11111 Tel: +20 2 2770 7000 Fax: +20 2 2770 7099 Website: Retail, corporate and investment banking services

Union National Bank – Egypt (UNB-E) Ever Green Building 10 Talaat Harb St Down Town Cairo Tel: + 20 2 2578 0702 Email: Website: Retail, corporate banking, treasury and services for SMEs

The United Bank 1 Ahmed Fouad St Heliopolis

Scotiabank Egypt

3 Ahmed St Cairo 11511 PO Box 656 Tel: +20 2 336 5731 Fax: +20 2 336 5730 Website: Trade finance, corporate and treasury services

Cairo Tel: + 202 33326010 Fax: +202 27920153 Website:

SIGMA Capital

37 Gameat El Dowal El Arabeya St Mohandessin Cairo 12411 Tel: +20 2 3335 5353 Fax: +20 2 3335 0066 Website: Investment banking, asset management and securities brokerage

Silk Invest

8 Abu Bakr El Seddik Heliopolis Tel: +20 2 2417 6826 Website: Asset management and investment opportunities in the MENA countries

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Arab British European Banking & Finance Guide


Iraq Listings Abu Dhabi Islamic Bank (ADIB) (Baghdad Branch) Al Karada Area Quarter 909, Street 18 PO Box 3237 Al-Alweyah Post Office Baghdad Tel: +64 7704446001/2/3/4 Email: Website: Personal, business and wholesale banking

Agricultural Cooperation Bank Al Rasheed, Al Senak Street Baghdad Tel: +964 1 8189081 Mobile: +964 07903593290 Website: Personal and commercial accounts; cash deposits from institutions, companies and individuals; on-order deposits; financing commercial activities

Ahlia Insurance Company Al Jadiriya Area, 34 Street Building 26 Baghdad Tel: +964 7705855715 Email: Website: Insurance services

Albilad Islamic Bank Al Karada Al Sharqiya Jadiriyah Area Al Houriya Square Baghdad Tel: +964 7600022901 Fax: +964 1 7783456 Email: Website: Islamic banking and investment services

Ashur International Bank for Investment Al Tufaha Furniture Building Oqba Bin Nafeh Square Qhusum Area Baghdad Tel: +964 1 7187492 Fax: +964 1 7193479 Email: Website: Retail, private, business, corporate, investment banking and real estate finance

Babylon Bank Al Saadoun Street 91 Building 22 Mahla 101, Alley-91 Baghdad Tel: +964 1 717 3686 Fax: +964 1 7191014 Email: Website: Commercial projects, trade finance and personal banking

Bain Alnahrain Investment Company Arasat Al Hindiya Area Street 30, Building 132 Baghdad Tel: +964 1-778-4592 Email: Website:


Asset management, corporate recapitalisation, mergers and acquisitions, corporate finance, IPOs and bond offerings

Bank of Baghdad Alwiya Area Al Karada outside Street Tel: +964 1 717 5007 Fax: +964 1 717 5006 Email: Website: Personal and commercial accounts; cash deposits from institutions, companies, bureaus and individuals; on-order deposits; financing commercial activities; Bank intermediation in selling and purchasing client checks

Beirut Bank and Arabic Center (BBAC) Karadah outside Main Street /Near Gallery General Automotive Company Alexandria - Baghdad Email: Website: Personal and business banking

Bank of Huda Al-Karada Neighbourhood Alouhda Replaced-902/ Alley-12 Building-14 Baghdad Tel: +964 7711704092 Email: Website: Personal and commercial banking, current accounts and savings, letters of credit, credit facilities for foreign export, and money transfers

Banque Libano Francaise AL Karada outside 905/Alley 18 Building 89 Baghdad Email: info Website: Retail, SME, corporate and private banking, treasury and capital markets, investment

Bank Med Al Karrada East Sabeh Kousour Street Bankmed Building Baghdad Tel: +964 770 4849773-4 Fax: +964 782 1001402 Email: Website: Personal and business banking services; corporate, institutional and trade finance

Bank Melli Iran Arsat Area Replaced-929/ Alley-27 House 111 Baghdad Tel: +964 1 7171722-3 / 17170996 Fax: +964 1 7170996 Email: Website: Money transfers, import and export services, foreign exchange facilities

Byblos Bank Al Karrada, Salman Faeq Street

Arab British European Banking & Finance Guide

Al Wahda District 904/14 PO Box 3085 Badalat Al Alwiya Baghdad Tel: +964 780 9133031/2 Fax: +964 782 7835508/9 Email: Website: Commercial and consumer banking, capital markets

Central Bank of Iraq Central Bank of Iraq Building Al Rashid Street PO Box 64 Baghdad Tel: +964 1 816 5170 –to- 5175 Fax: +964 1 816 6802 Email: Website: Managing currency, ensuring financial stability, issuing licenses, regulating and supervising the country’s banking sector

Cihan Bank for Islamic Investment & Finance Near to Wathiq Square Baghdad Tel: +964 770 464 05 20 Email: Website: Retail and corporate banking, current and savings accounts, letters of credit, letters of guarantee, foreign exchange

Commercial Bank of Iraq PSC Al-Sadoun Street Baghdad Tel: +964 1 7405583 Fax: +964 1 7184312 Email: Website: Retail, corporate and private banking, wealth management and treasury

Credit Bank of Iraq Al- Sadoun Street 9 Al- Alawiya, Building 187 Baghdad Tel: +964 1 718 2198 Fax: +964 1 717 0156 Email: Website: Personal current and deposit accounts, foreign exchange, stock exchange, loans, financing projects, money transfers and credit

Credit Libanais Wathiq Square Salman Faaiq Street Baghdad Email: Website: Investment bank

Dar Es Salaam Investment Bank Al Sadoun Area 103 Al Nidhal Street, Building 3 PO Box 3067 Baghdad Tel: +964 1 717 7703 Email: Website: Personal and corporate banking, account services, local and international payment services, trade services to support importers, financing business, share dealing services on the

Iraq Listings Dijlah and Furat Bank Development & Investment Al Wahda Area Salman Faiq Street, Locality 904 Building 3 Baghdad Tel: +964 7809283701 Email: / Website: Corporate banking, trade finance, mortgages, current accounts, project finance, SMEs services and business finance

Economy Bank for Investment & Finance 14 Ramadan Hay Al-Andalus Area Street 17, House-180 Baghdad Tel: +964 1 543 9937 Fax: +964 1 543 9939 Email: Website: Personal and corporate banking, foreign exchange, letters of credit

Personal and commercial banking, current and savings accounts, letters of credit, Shariah compliant loans and finance for business, management of investment projects

Iraqi Middle East Investment Bank

Al Fateh Square Al Al-Alwiya Area 904 Building 11 PO Box 3377 Al Karada Baghdad Tel: +964 1 717 8425 Fax: +964 1 717 8424 Email: Website: Personal & commercial banking, opening accounts and saving in Iraqi & foreign currencies, issuing letter of credit and guarantee letters, foreign remittance, buying and selling foreign currency.

District -929- Street 25, Building 14 Baghdad Tel: +964 7704891014 / 07707877038 Email: Website: Credit facilities, short, medium and long term loans, credit loans for implementing projects and contracts, domestic and international bank guarantees

Iraq Stock Exchange Al-Karada Al-Sharqia Al-Alwiya Area

Northern Gulf for Investment

PO Box 3607 Al-Alwiya

Al Ameerat Street Mansour Area Baghdad Email: Website: Investment firms and funds and investment banking

Baghdad Tel: +964 1 7174484 / 7175022 Email: /

Al Karada, Arasat Ave Baghdad Tel: +964 7823783303 / +964 7805660867 Fax: +964 1 7789645 Email: Website: Personal and commercial banking, current and savings accounts, letters of credit, Shariah compliant loans and finance for business, management of investment projects

Iraqi Company for Bank Guarantees Baghdad Tel: +964 7902 304007 Email: Provide access to credit ‎to small and medium enterprises in all the provinces of Iraq.

Iraqi Islamic Bank for Investment & Development 14 Ramadan Street Al Mansour District Baghdad Tel: +964 1 5429008 / 5427670 / 5426337 Fax: +964 1 5424042 Email: Website:

finance, credit facilities, transfers, investment banking

North Bank for Finance & Investment

Fax: +964 1 7174461

International Development Bank for Investment & Islamic Finance

Personal current and savings accounts, business accounts, trade

Arassat Al-Hindiya

Khanaqa Street Opposite to Ministry of Municipality Erbil Tel: +964 66 223 5489 / 90 Email: Website: Personal and commercial banking, current and savings accounts, issuing letters of credit, credit for foreign export, money transfers, bills of exchange, selling and buying foreign currencies, investments

Al-Sadoun Street Baghdad Tel: +964 1 7198534 - 7186447 Email: Website: Commercial banking services


Babylon Quarter

Erbil Bank for Investment & Finance

Gulf Commercial Bank


Website: Securities markets

Parsian Bank

Kurdistan International Bank for Investment & Development Gulan Street, KIB Building Building 66 PO Box 50 (0970) Erbil Tel: +964 66 211 2000/1-2-3-4 Email: /

Babylon Area Indian Street Arsat Replaced-929 /Street-30 Building 69 Baghdad Tel: +964 7722878965 / 7722810770 Email: parsian4001@parsian - Website: Islamic banking, deposits and foreign currency services

Website: Personal, commercial and corporate banking, current and

Rafidain Bank

savings accounts, joint or private investment deposits and letters

Al Rasheed Street / Banks Street Tel: +964 1 885 7183 Fax: +964 1 816 5035 Email: Website: Commercial banking services, consumer and government lending, trade and project finance

of credit

Mansour Investment Bank AL Wihda Quarter Street 14, Building 51 Baghdad Tel: +964 17175568 / 7175518 Fax: +964 1-717-5514

Rasheed Bank

Email: Website: Private and business banking, securities brokers and traders

Mosul Bank for Development & Investment Left Coast Centre Road Mosul PO Box 1299 Tel: +964 6081 3090 Fax: +964 6081 5411

Real Estate Bank

Email: Website: Current accounts and savings, deposits, credit and foreign remittances, letters of guarantee, management services, stocks and bonds and investment portfolios

National Bank of Iraq Al Sadoun Street Near Al- Ferdous Square Building 66 Baghdad Tel: +964 7807777444

Al-Rasheed Quarter Area no. 110, Street 25 PO Box 53926 - Bab Al-Mua’dham post office Baghdad Tel: +964 1 8188921 / 8177976 Email: Website: Personal and commercial accounts; cash deposits from institutions, companies, bureaus and individuals; financing commercial activities; bank intermediation

Al Karada outside Replaced-905 /Alley-5, Building 1 Baghdad Email: Website: Real estate loans, commercial banking and guarantee

Sumer Commercial Bank Hay Al-Riad Section 908 Street 16, Building 13 PO Box 3876 Al-Alwiya Baghdad

Arab British European Banking & Finance Guide


Iraq Listings Tel: +964 1 719 6472 / Mobile: +964 7805 886 316 Email: Website: Personal and corporate banking, letters of guarantees, issuing bills of exchange and money transfers

TANA Outsourcing Qazi Mohamad Street Villa 25 B Italian City Erbil Tel: +964 78 0733 1162 Email: Website: General financial services

T.Cziraat Bank Asi AS Waziriya Area Replaced-301/ Alley-5, House-19 Baghdad Tel: +964 79 04181390 Email: Website: Retail, SME and commercial banking services

Trade Bank of Iraq Al Harthiya Area Al Kindi Street, Area 211 Street 13, Building 4 Baghdad Tel: +964 1 543 3562 Fax: +964 1 543 3560 Email: / Website: Commercial projects and trade finance; personal banking

Union Bank of Iraq (formerly Union Bank of Industrial Investment) Al-Karada Area Near Kandeil Hotel – 903 Street 77, Building 11 Baghdad Tel: + 964 1 717 8572/3/4 Email: Website: Personal current and savings accounts, fixed deposits in Iraqi and foreign currencies, receiving and issuing foreign remittances

United Bank for Investment Al-Wathiq Square Al Wehda Street 14, Building 69 Baghdad Tel: +964 1 717 3090 / 4047 / 4093 Fax: +964 1 717 2919 Email: Website: Personal & corporate banking, account services, local and international payment services, trade services, financial services for business, share dealing services on the Iraqi stock exchange

Vakif Bank Gulan Street Star Tower Erbil Tel: + 964 66 224 6237 Email: Website: Corporate, commercial and small-scale enterprise banking, also retail and private banking services

Warka Investment Bank for Investment and Finance 10th Floor, Khalani Square Baghdad Tel: +964 1 717 8444 / 2828 Email: / info@warkinvestmentbank. com Website: Personal current and savings accounts, commercial banking and investment


Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Jordan Listings Al Alami Group (Holding)

Salman Al Quda Street Sweifiyeh Area Amman PO Box 296 Amman 11118 Tel: +962 7799 9797 Fax: +962 6582 8792 Email: Website: Financial services, brokerage, currency exchange and global money transfers

Al Bilad Securities and Investment Co Al Rawshidi Centre Arrar Street Wadi Saqra Area Amman 11181 Tel: +962 6553 1900 Fax: +962 6551 8100 Email: Website: Securities brokers and online traders

Al-Hekma Financial Services PO Box 930110 Amman 11193 Tel: +962 6565 4046 Fax: +962 6565 4049 Email: Website: Brokerage and trading accounts

Al-Nadwa Financial Services and Investment PO Box 930340 Amman 11193 Tel: +962 6510 5213 Fax: +962 6510 5217 Email: Website: Financial broking services

Al Sanabel International Holding PO Box 1223 Amman 11821 Tel: +962 6 581 9495 Fax: +962 6 582 1489 Email: Website: Shraiah compliant financial services

Awraq Investments

Um Uthainah-Royal Business Centre PO Box 925102 Amman 11110 Tel: +962 6 550 3800 Fax: +962 6 550 3802 Email: Website: Corporate finance, asset management and investment banking; part of Cairo Amman Bank

AB INVEST (Al Arabi Investment Group Co)

Al Rabieh Area Al-Rabieh Abdullah Bin Rawaha St PO Box 143156 Amman 11814 Tel: +962 6 552 2239 Fax: +962 6 551 9064 Email: Website: Investment banking, asset management and brokerage

Alami Jordan Exchange Company 201 Khaled Ibn Alwaleed St Jabal Al Hussain PO Box 921078 Amman 11192 Tel: +962 6 566 1148 Fax: +962 6 567 8402 Email:

Website: Worldwide money transfers

Amwal Invest

Jordan Kuwait Bank Building, 14th Floor Al Sherif Nasser Ben Jamil St Wadi Sakr PO Box 940988 Amman 11194 Tel: +962 6 500 0360 Fax: +962 6 500 0364 Email: Website: Investment banking, asset management, corporate finance and brokerage

Arab Bank

Shaker Bin Zeid St Shmeisani Area PO Box 950545 Amman 11195 Tel: +962 6 562 1980 / 560 7115 / 560 7231 Fax: +962 6 567 0564 Email: Website: Corporate and personal banking services

Arab Financial Investment Company

Amwal Invest Building Queen Noor Street Shmeisani Area Amman 11192 Tel: + 962 6 500 2000 Fax: + 962 6 569 2423 Email: Website: Securities brokers, asset management and investment banking

Arab Jordanian Insurance Group

Wadi Saqra Street Al Rabieh Area Amman 11184 Tel: + 962 6 566 6219 Fax: + 962 6 566 9664 Email: Website: Insurance services, life, non-life, retail and wholesale

Arab Jordan Investment Bank

Thaqafah Street Shmeisani Commercial Area PO Box 8797 Amman 11121 Tel: + 962 6560 7126 Fax: + 962 6568 1482 Email: Website: Commercial, investment banking, retail and corporate finance services

Arab Orient Insurance Company Abdul Meniem Reyad Street Jabal Amman Tel: + 962 6 565 4550 Fax: + 962 6 565 4551 Email: Website: Insurance services, wholesale and reinsurance

Al Watanieh for Financial Services (also known as AWRAQ Investments)

Royal Business Centre Said Bin Abi Waqath Street Um Uthainah Area Tel: + 962 6 550 3800 Fax: + 962 6 550 3802 Email: Website: Investment arm of Cairo Amman Bank; activities include investment banking, asset management, equity, fund management, advisory service, securities brokers and traders

Bank ABC (Arab Banking Corporation)

Queen Noor St Shmeisani PO Box 926691 Amman 11190 Tel: + 962 6563 3500 Fax: + 962 6568 6291 Email: Website: Commercial, corporate and Islamic banking, retail, and treasury services

Bank al Etihad

Union Bank Building Abd Al Raheem Al-Wakid St Shemeisani PO Box 35104 Amman 11180 Tel: +962 6 560 7011 Fax: +962 6 566 6149 Email: Website: Personal loans, accounts, corporate banking and trade finance

Bank of Jordan

Al-Shmeisani-Abdul Hameed Sharaf St PO Box 2140 Amman 11181 Tel: +962 6 569 6277 Fax: +962 6 569 6291 Email: Website: Retail, corporate services, SMEs, leasing and investment services

Bindar Trading and Investment Co Saad Compound Building Madenah Monaoura Street Amman Tel: +962 6 551 8916 Fax: +962 6 551 8917 Email: Website: General financial services

Cairo Amman Bank

Arar St, Wadi Saqra St PO Box 950661 Amman 11195 Tel: +962 6 500 6000 Fax: +962 6 500 7100 Email: Website: Commercial banking, loans, investment, online trading and money transfer

Capital Bank of Jordan

Issam Ajlouni Street Shmeisani Area PO Box 941283 Amman Shmeisani 11194 Tel: + 962 6 510 0200 Fax: + 962 6 569 2062 Email: Website: Commercial and investment banking services, fund management, personal banking service

Capital Investments

Building 45 Issam Ajluni Street Shmesani Area PO Box 941983 Amman 11194 Tel: + 962 6 5100200 Fax: + 962 6 569 2062 Email: Website: Investment banking, asset management, securities brokerage and corporate financial services

Central Bank of Jordan (CBJ) King Hussein Street PO Box 37

Arab British European Banking & Finance Guide


Jordan Listings Amman 11118 Tel: + 962 6 463 0301/ 0302 / 0303 Fax: + 962 6 463 8889 / 9730 Email: Website: Central bank and supervisory authority

Citibank - Jordan

Citigroup Building 29 Prince Shaker Bin Zeid Street Shmeisani Area PO Box 5055 Amman 11183 Tel: + 962 6 567 5100 Fax: + 962 6 567 4888 Website: Banking and investment banking

Cities and Villages Development Bank (CVDB)

Prince Zeid Bin Shaker Street Shmeisani Area PO Box 1572 Amman 11118 Tel: + 962 6 567 5100 Fax: + 962 6 567 4888 Email: Website: Credit institution specialised in the development of cities and villages, studying projects and defining priorities

Delta Insurance Company Al Sharif Hussain Bin Ali Street Amman Tel: + 962 6 463 7092 Fax: + 962 6 465 4631 Email: Website: Insurance services

Dimensions Investments

Abu Al Dahab Building Mecca Street Jabal Al Husein Area Amman Tel: + 962 6 581 0196 Fax: + 962 6 581 2936 Email: Website: Investment in property and real estate

EFG-Hermes Jordan

Building 85 Al Sharif Nasser Bin Jameel Street Shmeisani Area Amman 11193 Tel: + 962 6 554 3200 Fax: + 962 6 554 3206 Email: Website: Securities brokers, private equity and investment banking

Egyptian Arab Land Bank (Aqari Bank)

Building 100 94 Queen Noor Street Shmeisani Area PO Box 6729 Amman 11118 Tel: + 962 6 569 1985 Fax: + 962 6 569 1354 Email: Website: Commercial and personal banking activities and insurance products

Ejada for Financial Investments (FIFCO) Darkom Investments Company Building, 4th Floor 59 Abdulrahim Al Waked Street Shmeisani Area PO Box 962365 Amman 11196 Tel: + 962 6 562 3116 Fax: + 962 6 562 3118


Email: Investment banking

Ernst and Young Jordan

Ernst & Young Jordan Building 300 King Abdulla Street Jabal Amman 8th Circle Area Amman 11118 Tel: + 962 6 580 0777 Fax: + 962 6 553 8300 Email: Website: Assurance, tax, advisory and transaction advisory services

Etar Consulting (Member of Integra International) 258 Al Madinah Al Monawarah St Suite 407 Amman Tel: + 962 7 772 26649 Fax: + 962 6 573 6990 Email: Website: General financial services

Excel for Financial Investment Company Building 95 Abdulhamid Sharaf Street Shmeisani Area Amman 11194 Tel: + 962 6 565 4990 Fax: + 962 6 567 5951 Email: Website: Securities brokers and traders and asset management

The Financial Investment Company for Shares and Bonds

Housing Bank Complex Queen Noor Street Shmeisani Area Amman 11194 PO Box 940678 Tel: + 962 6 567 1569 Fax: + 962 6 569 9626 Email: Website: Securities brokers and services for traders in stocks and bonds

First Jordan Investment Company

Al Husseini Complex 141 Mecca Street Mecca Area Amman Tel: + 962 6 556 2130 Fax: + 962 6 556 2129 Email: Website: Investments in Jordan, Palestine, Kuwait and the UK

Global Investment House - Jordan

Al Sharif Abdulhamid Sharaf Street Al Shmeisani Area PO Box 3268 Amman 11180 Tel: + 962 6 500 5060 Fax: + 962 6 500 5055 Email: Investment banking, asset management, wealth management and brokerage services

Integrated Leadership Group

31 Queen Rania Street Amman Tel: +962 79 770 80 80 Fax: + 962 6 516 9057 Email: Website: Management, financial, accounting, auditing, feasibility studies, marketing, educational and human resources development services for individuals, sectors and NGOs

Arab British European Banking & Finance Guide

International Brokerage and Financial Markets Salman Al Qudah Street Safiya Area PO Box 850757 Amman 11185 Tel: + 962 6 550 3300 Fax: + 962 6 585 5362 Email: Website: Investment banking, asset management and securities

International Financial Advisors - Jordan

Housing Bank Complex, 4th Floor Shmesani PO Box 930352 Amman 11193 Tel: + 962 6 569 0977 / 0922 / 0933 Fax: + 962 6 562 6665 Email: Website: Financial intermediation services in the Amman Stock Exchange

Invest Bank

Building 43 Abdulhamid Sharaf St Shmesani Area PO Box 950601 Amman 11195 Tel: + 962 6 500 1500 Fax: + 962 6 568 1410 Email: Website: Boutique banking services for corporates, SMEs and individuals

Islamic International Arab Bank

Wasfi Al Tall St PO Box 925802 Amman 11190 Tel: + 962 6 569 4623 Fax: + 962 6 567 5802 Email: Website: Shariah compliant commercial and retail banking

Istithmar Financial Services Tantash Building Eliah Abu Madie Street Alshmisani PO Box 940985 Amman 11194 Tel: + 962 6 500 7000 Fax: + 962 6 561 0555 Email: Website: Brokerage services

Ithmar Invest

Square Anshassi Building 28 State Al Hussari St Shmeisani Area PO Box 17417 Amman 11195 Tel: + 962 6 500 1144 Fax: + 962 6 500 1133 Email: Website: Investment banking advisory services

Jordan Ahli Bank

Queen Noor Street Shmeisani Area PO Box 3103 Amman 11181 Tel: + 962 6 563 8800 Fax: + 962 6 569 9867 Email: Website: Money transfer services, housing loans, asset management and investment banking

Jordan Listings Jordan Commercial Bank Building 384 8th Circle King Abdullah II Street Al-Rawnaq District PO Box 9989 Amman 11191 Tel: +962 6 520 3000 Fax: +962 6 566 4110 Email: Website: Commercial banking activities

Jordan Dubai Islamic Bank

Abdali Project Suleiman Al Nabulsi Street PO Box 1982 Amman 11118 Tel: + 962 6 460 2110 Fax: + 962 6 464 7821 Email: Website: Islamic commercial bank offering personal, corporate, treasury, investment services

Jordan Emirates Insurance Company Sheikh Abdulhamid Sharaf Street Shemesani Amman Tel: + 962 6 568 1444 Fax: + 962 6 568 0599 Email: Website: Insurance services

Jordan French Insurance Co PLC (JOFICO) Sherif Abdulhamid Sharaf Street Shemesani Area Amman Tel: + 962 6 560 0200 Fax: + 962 6 560 0210 Email: Website: Car, life, education insurance services

Jordan Insurance Company Jabal Amman 3rd Circle Amman Tel: + 962 6 463 4161 Fax: + 962 6 463 7905 Email: Website: Insurance services

Jordan Investment & Finance Bank

Al Istithmari Building Issam Ajiouni Street PO Box 950601 Amman 11195 Tel: + 962 6 500 1500 Fax: + 962 6 568 1410 Email: Website: Commercial, corporate and retail banking, brokerage services, credit and finance services

Jordan Investment Trust

Abdulmoneim Riyad Street Jabal Amman Area, 3rd Circle PO Box 911447 Amman 11191 Tel: + 962 6 550 8888 Fax: + 962 6 550 8899 Email: Website: Investment banking and asset management

Jordan Islamic Bank (JIB) Shmeisani Area PO Box 925997 Amman 11190 Tel: + 962 6 567 7107 Fax: + 962 6 569 1700

Email: Website: Islamic finance and investment service

Jordan Kuwait Bank

Building 62 Umayya Bin Abdulshams St Abdali Area PO Box 9776 Amman 11191 Tel: + 962 6 565 3491 Fax: + 962 6 566 2374 Email: Website: Bank assurance, individual, corporate and private banking and treasury

Jordan Loan Guarantee Corporation

Prince Shaker Bin Zaid Street Al Shmeisani Amman 11183 PO Box 830703 Tel: + 962 6 562 5400 Fax: + 962 6 562 5408 Email: Website: Loan guarantees, industrial finance and export credit services

Jordan Mortgage Refinance Company Ltd (JMRC) 15 Al Mahdi Bin Baraka Street Al Shmeisani Amman PO Box 940743 Tel: + 962 6 560 1417 Fax: + 962 6 560 1542 Email: Website: Mortgage financial services

National Bank of Kuwait

Abdul Rahim Al Hajj Mohd St Hijazi Plaza, Building 70 PO Box 941297 Amman 11194 Tel: + 962 6 580 04 00 Fax: + 962 6 580 04 41 Website: Commercial and investment banking activities

PricewaterhouseCoopers (Jordan) 14 Hazza Al Majali Street 3rd Circle Jabal Amman PO Box 5175 Amman 11183 Tel: + 962 6 500 1300 Fax: + 962 6 461 0880 Email: Website: Tax, legal, assurance and audit services

Shuaa for Securities Trading and Investment Housing Bank Complex Queen Noor Street Shmeisani Area Amman 11190 Tel: + 962 6 586 8730 Fax: + 962 6 586 8734 Email: Website: Securities brokers

Société Générale de Banque Jordanie (SGBJ)

Jordan Trade Facilities Company Plc Al Haddad Building Abdullah Bin Masoud Street Al Shmeisani Amman Tel: + 962 6 567 1720 Fax: + 962 6 567 2255 Email: Website: General financial services for home and cars

Kuwait and Middle East Financial Investment Company Al Rabia Tower Abdullah Bin Rawaha Street Al Rabia Area Tel: + 962 6 550 2929 Fax: + 962 6 553 1642 Email: Website: Asset management and investment banking

Mubadala Financial Investment Emaar Towers C Building Zahran Street Amman Tel: + 962 6 592 5252 Fax: + 962 6 592 7146 Email: Website: Global public and private securities services

National Microfinance Bank

Blom Bank Building Jubaiha Street Al Jubaha Area Amman Tel: + 962 6 535 8008 Fax: + 962 6 535 8118 Email: Website: Loans for education, health, home improvement and support for SMEs

Building 30 30 Prince Shaker Bin Zeid Street Shmaisani Area PO Box 560 Amman 11118 Tel: + 962 6 560 0300 Fax: + 962 6 569 3410 Email: Website: Individual, corporate and private banking services

Standard Chartered Bank Jordan

Al-Thaqafa Street Building 2 PO Box 926190 Amman 11110 Tel: + 962 6 5607201 Fax: + 962 6 5654239 Website: Individual, corporate and private banking services

The Arab Assurers (ARAS)

Building 32 Queen Rania Al Abdullah Street Al Shmeisani Area PO Box 926269 Amman 11110 Tel: + 962 6 510 0081 Fax: + 962 6 510 0082 Email: Website: Insurance services for marine, accident, medical, travel, motor and credit

The Housing Bank for Trade and Finance Parliament Street Abdali Area PO Box 7693 Amman 11118 Tel: + 962 6 500 5555 Fax: + 962 6 569 1675 Email: Website: Commercial, corporate and retail banking services, credit operations, treasury, investment and mortgage loans

Arab British European Banking & Finance Guide


Jordan Listings Umniah for Financial Investments Housing Bank Complex Queen Noor Street Shmeisani Area Amman Tel: + 962 6 569 9925 Fax: + 962 6 569 9924 Email: Website: Shariah compliant securities brokers

United Financial Investments Company Abdulaziz Al Saalibi Street Shmeisani Area Amman Tel: + 962 6 510 5111 Fax: + 962 6 569 4026 Email: Website: Securities brokers, asset management, financial services and investment banking

Union Investment Corporation Nebal Building Al Sakafi Street Shemesani PO Box 144064 Amman 11814 Tel: + 962 6 585 8444 Fax: + 962 6 582 8040 Email: Website: Investments in projects and securities

United Insurance Limited 188 Zahran St Amman PO Box 7521 Amman 11118 Tel: + 962 6 200 3333 Fax: + 962 6 200 3334 Email: Website: Marine, fire and medical insurance services


Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Kuwait Listings Al Ahli Bank of Kuwait (ABK)

Ahmed Al Jaber Street Safat Square Area PO Box 1387 Safat 13014 Tel: +965 241 1100 / 240 0900 Fax: +965 242 4557 / 2241 7284 Email: Website: Loans, letters of credits and guarantees, and payment services, with particular emphasis on financing construction, real estate and trade

Al Aman Investment Company

Al Dhow Tower, 13th Floor Khaled Bin Waleed Street Sharq Area Behbehani Roundabout, behind Arraya Centre PO Box 12466 Shamiya 71655 Tel: +965 1 822626 Fax: +965 2 2497962 Email: Website: Investment advisory services and asset management

Al Dar Asset Management Company (Adam Trust)

Arraya Centre, 30th Floor Sharq Area PO Box 27965 Safat 13140 Tel: +965 188 8866 Fax: +965 2 2324321 Email: Website: Investment banking, asset management, global investment services

Al-Tijaria Commercial Real Estate Company Al-Sharq Jaber Al Mubarak St. CRC Building Tel : +965 2290 2900965/1805252 Fax : +965 22426848 Email: Website: Commerical property investment

Ajal Finance and Investment Company (AF&IC) Racan Towers Al Murqab Area Safat 13160 Tel: +965 1 822228 Fax: +965 2 2320400 Email: Website: General financial and investment

Arab Investment Company

Bahrain Exchange Company (BEC) WLL Awqaf and Islamic Affairs Building Al Hilal Street Murgab Tel: +965 1824000 Fax: +965 22401859 Email: Website: Retail, international payments and foreign currency

Baker Tilly Kuwait

Kuwait City Sharq area Khalid Ibn Al Waleed 25 February Tower Floor 19 PO Box 1486 Safat 13015 Tel: +965 1 88 77 99 Fax: +965 2294 2651 Email: Website: General financial services, audit, tax and consulting


Al Safat Centre Al Shuhada Street PO Box 866 Souk Dakhili 15259 Tel: +965 2 2921133 Fax: +965 2 2921112 Website: Offers a comprehensive range of corporate banking, trade and treasury services

BNP Paribas Kuwait

Dar Al Awadi Complex, 24th floor Ahmed Al Jaber Street, Sharq PO Box 21188 Safat 13072 Tel: +965 2298 7600; 2298 7611 Fax: +965 2298 7644; 2298 7646 Email: Website: Credit, funding, cash management and services for professionals and enterprises

Boubyan Bank

Al Hamad Towers Building 3 Abu Bakr Al Siddiq Street Al Qibla Area PO Box 25507 Kuwait Safat 13116 Tel: +965 22 282000 Fax: +965 2 245 4263 Email: Website: Islamic banking; asset management, investment banking, personal and corporate banking services and e-banking

CapCorp Investment Company Al Raya Tower 2 Abdulaziz Hamad Al Sager Street 26th and 27th Floor Al Sharq Area PO Box 994 Safat 13010 Tel: +965 2292 5300 Fax: +965 2292 5301 Email: Website: Asset management and investment banking

Central Bank of Kuwait (CBK)

Central Bank of Kuwait Building Al Khaleej Al Arabi Street Sharq Area PO Box 526 Safat 13006 Tel: +965 2 181 4444 Fax: +965 2 244 3354 Email: Website: Central bank and monetary authority; control of the banking system

Citibank – Kuwait

Ahmed Tower Building 1 Arabian Gulf Street Sharq PO Box 26027 Safat 13121 Tel: 00 965 2 259 4093 Fax: 00 965 2 259 4004 Website: Investment banking and asset management

Commercial Bank of Kuwait

Mubarak Al Kabeer Street Souk Area PO Box 2861 Kuwait Safat 13029 Tel: 00 965 2 299 0000 / 188 8225 Fax: 00 965 2 246 4870 / 2245 0150 / 2244 2934 Email: Website: Retail and corporate banking services

Commercial Facilities Company Commercial Facilities Building Abdullah Al Ahmad Street Al Sharq Area Safat 13103 Tel: +965 1 833232 Fax: +965 2 245527 Email: Website: General financial services and loans

Credit Information Network Company (CINET)

Emad Commercial Centre, 4th Floor Ahmad Al Jaber Street Sharq Area PO Box 26630 Safat 13127 Tel: +965 2 2249999 Fax: +965 2 2246887 Email: Website: Corporate finance and wealth management

Boubyan Takaful Insurance Company PO Box 29052 Safat 13151 Al-Qibla Area 1, Panasonic Tower 10th, 11th & 18th Floor Tel: +965 182 55 82 Fax: +965 22 41 59 45 Email: Website: General, medical and motor insurance

Qibla Ali Salem Street Block: 11- Plot: 5 c- BLDG.1 – 5th Floor PO Box 20134 Safat 13062 Tel: +965 2 2431540 Fax: +965 22430381 Email: Website: Consumer credit ratings and data collection

Asiya Investments Group (KCIC)

Burgan Bank

Credit Rating and Collection Company (CRC)

31st Floor, Kipco Tower Khalid Bin Waleed Street Sharq Safat 13122 Tel: +965 2 2971300 Fax: +965 2 2971310 Email: Website: Investment firms and funds and investment banking

Burgan Tower, 32nd Floor Abdullah Al Hamad Street Sharq Area PO Box 5389 Kuwait Safat 12170 Tel: +965 2298 8000 / 180 4080 Fax: +965 2298 8463 / 8093 / 8091 Email: Website: Private and business banking; investment funds

Al Awadi Tower 3 Ahmad Al Jaber Street Safat 13015 Tel: +965 2 2421255 Fax: +965 2 2452590 Email: Website: Managing credit risk

Arab British European Banking & Finance Guide


Kuwait Listings Deloitte Consulting Company Dar Al-Awadi Complex Ahmed Al-Jaber Street Sharq Area PO Box 20174 Safat 13062 Tel: +965 2 2408844 Fax: +965 2 2408855 Email: Website: Audit, consulting and financial advice

Easy Credit

Part of Alghanim Industries PO Box 223 Safat, 13003 Tel: +965 186 6669 Email: Website: Financial services

Enaya Insurance Corporate Office Part of Alghanim Industries 15th floor, Al Arabiya Tower Ahmed Al-Jaber Street Sharq PO Box 5859 Safat 13059 Tel: +965 1822 200 Extn: 6002 Fax: +965 2226 7471;+965 2226 7473 Email:; Insurance solutions for corporates and individuals

Global Consultants Financial and Management Advisory and Training Services

Block 5 Shawfat Building Omar Bin Khattab Street Sharq Area PO Box 29798 Safat 13158 Tel: +965 2 1828283 Fax: +965 2 2426532 Email: Website: Consulting company specialised in business advisory and training

Global Investment House

Global Tower Shuhada Street Sharq PO Box 28807 Kuwait Safat 13149 Tel: +965 2295 1000 Fax: +965 2295 1005 Email: Website: Investment banking, asset management and securities brokers

Gulf Bank

Mubarak Al Kabir Street PO Box 3200 Safat 13032 Tel: +965 2244 9501 Fax: +965 2244 7672 Email: Website: Retail, corporate banking, credit facilities, treasury and investment management services

Gulf Custody Company

Zaid Al-Kazemi Buildings, 5th & 6th floor Sharq - Mubarak Al-Kabeer Street PO Box 21109 Tel: +965 2 2250600 Fax: +965 2 2416289 Email: Website: Fund custodian, settlement services and share registrar


Gulf Insurance & Reinsurance

Gulf Insurance Group (GIG) Ahmed Al Jaber Street Al Sharq PO Box 1040 Safat 13011 Tel: +965 180 2080 Fax: +965 2296 1998 Email: Website: Health and life insurance, property, motor, marine and aviation and Takaful insurance

Gulf Investment Corporation (GIC)

Jaber Al-Mubarak Street Sharq PO Box 3402 Safat 13035 Tel: +965 2 222 5000 / 2243 1911 Fax: +965 2 222 5010 / 2244 8894 / 2240 8006 Email: Website: Asset management; diversified investment portfolio and treasury services; corporate finance and advisory services

Gulf Investment House (GIH)

Dar Al Awadi Complex, 29th and 30th Floor Ahmad Al Jaber Street Sharq PO Box 28808 Safat 13149 Tel: +965 1 844488 Fax: +965 2 2406906 / 2245 3715 Email: Website: Leading financial services company; Islamic finance and leasing solutions for all types of real estate activities

Housing Finance Company (ISKAN)

Khalid Bin Al Waleed Street KIPCO Tower, Floor 44 Sharq, Kuwait City PO Box 2290 Safat 13021 Tel: +965 2 226 1444 Fax: +965 2 226 1330 / 1460 / 1414 Email: Website: Innovative investment solutions in real estate and finance

HSBC Bank Middle East Limited

Al Kharafi Tower, Ground - 2nd Floor Hamad Al Saqr Street Qibla Area PO Box 1683 Safat 13017 Tel: +965 2 223 0722 Fax: +965 2 223 0733 Email: Website: Global commercial banking, asset management and investment

Ijara House Holding Company

Kuwait Chamber of Commerce and Industry Building 1st Floor Shuhadaa Street Kuwait City PO Box 24538 Safat 13106 Tel: +965 2 2479900 Fax: +965 2 2407500 Email: Website: Islamic financial services, automotive leasing and auctions

Industrial Bank of Kuwait (IBK) Joint Banking Complex Darwaza Abdul-Razak Roundabout Ahmad Al Jaber Street Sharq PO Box 3146 Safat 13032 Tel: +965 2 184 4446/ 233 7000 Fax: +965 2 246 2057 /240 6592 Email:

Arab British European Banking & Finance Guide

Website: Specialist bank supporting industry in Kuwait; commercial, Islamic and agriculture finance and industrial loans

International Financial Advisors Salhiya Commercial Complex Gate 1 Building 5th Floor PO Box 4694 Kuwait Safat 13047 Tel: +965 2 245 5363 /5636 Fax: +965 2 240 4964 /245 9631 Email: Website: Asset, fund and wealth management

International Investment Group (IIG)

Stock Exchange Building, East Entrance, 5th Floor Kuwait City PO Box 29448 Safat 13155 Tel: +965 2 242 9010 Fax: +965 2 242 9020 Email: Website: Investment banking, asset management, innovative Islamic Sharia’a compliant investment

International Leasing and Investment Company

Al-Nassar Tower 20th-25th Floor Fahad Al Salem Street PO Box 3716 Safat 13038 Tel: +965 2 2245800 Fax: +965 2 2245799 / 5811 Email: Website: Leasing services, structured finance and project finance

KGL Investment Company

Mubarak Al Kabir Tower, 10th Floor Mubarak Al Kabir St Sharq PO Box 24565 Safat 13106 Tel: +965 2 2246444 Fax: +965 2 2246424 Email: Website: Investment banking services for fast growing asset based companies; corporate partnerships and industry consolidations; turnaround opportunities and investments; minority investments

KPMG Safi Al-Mutawa & Partners Al Hamra Tower, 25th Floor Abdulaziz Al Saqr Street P0 Box 24 Safat 13001 Tel: +965 2 228 7000 Fax: +965 2 228 7444 Email: Website: Audit, tax and advisory

Kuwait and Middle East Financial Investment Company (KMEFIC)

Floors: 10, 12, 14 & 15 Jassem Tower Block 1 Al Mirqab Al Soor Street PO Box 819 Safat 13009 Tel: +965 2 225 5000 / 5555 Fax: +965 2 225 2564 Email: Website: Portfolio management & advisory services, investment funds, brokerage, corporate finance and research; wealth management, private and institutional clients

Kuwait Listings Kuwait Bahrain International Exchange Company Issa Abdullah Al Othman Building Al Shuhada Street Al Mirqab PO Box 26926 Safat 13130 Tel: +965 2 2421971 / 1973 Fax: +965 2 2431000 / 2242 1852 Email: Website: Money exchange and transfer, draft insurance services

Kuwait International Bank

Joint Banking Centre, West Tower Al Abdulrazzak Square PO Box 22822 Safat 13089 Tel: +965 2 2458177 Fax: +965 2 2456638 Email: Website: Real estate management, personal and commercial banking, Islamic finance, investments

Kuwait Clearing Company (KCC)

Kuwait International Investment Company (KIIC)

Stock Exchange Building, 6th Floor Ahmad Al Jaber Street PO Box 22077 Safat 13081 Tel: +965 1 841111 / 00 965 2246 5696 Fax: +965 2 2469457 Email: Website: Investment banking, general financial services

Ahmed El Jaber Street Sharq PO Box 22792 Safat 13088 Tel: +965 2 2438273 / 8274 Fax: +965 2 2454931 Email: Website: Financial and investment banking services

Kuwait Finance and Investment Company

Kuwait Investment Authority (KIA)

Al Arabia Tower Building 21 Ahmad Al Jaber Street Block 5 Sharq PO Box 21521 Safat 13037 Tel: +965 1 88 9000 Fax: +965 2 242 0174 Email: Website: Islamic banking services, including retail banking, consumer financing, leasing and mortgages, project finance, and corporate finance, real estate, contracting and trading services

Kuwait Finance House

Abdullah Al Mabarak Street Murqab Area PO Box 24989 Safat 13110 Tel: +965 2 445050 Fax: +965 2 2469756 / 245 5135 / 2409414 Email: Website: Banking, asset management, investment firms and funds

Kuwait Finance House Investment Co KSCC

Level 23, Baitak Tower, Safat Square Ahmed Al Jaber Street, Kuwait City PO Box 2650 Mishref, 40177 Tel: +965 2 225 7600 Fax: +965 2 225 7618/9 Previously known as Liquidity Management House for Investment Co; player in the international Sukuk market

Kuwait Financial Centre

Duaij Building Mubarak Al-Kabeer St Al Qiblah PO Box 23444 Safat 13095 Tel: +965 2 224 8000 /241 2131 Fax: +965 2 242 5828 Email: Website: Investment banking, asset management, private equity, treasury services

Kuwait Insurance Company

Abdullah Al Salem Street Safat Area 13008 PO Box 769 Safat, 13008 Tel: +965 2 2420135 / 0021 Fax: +965 2 2428530 Email: Website: Composite life and general insurer, ranking as the largest insurer in the Kuwait market in non-life business

Ministries Complex Al Murqab PO Box 64 Safat 13001 Tel: +965 2 2485600 Fax: +965 2 2454059 Email: Website: Sovereign wealth fund

Kuwait Stock Exchange Mubarak Al Kabir Street PO Box 22235 Safat 13083 Tel: +965 2 2423130 / 3139 Fax: +965 2 2413538 Email: Website: Securities market

Kuwait Syrian Holding Company Rakan Tower, 16th Floor Fahed Al Salem Street Salhiyya PO Box 29836 Safat 13159 Tel: +965 2 2901541 Fax: +965 2 2901540 Email: Website: Investment in projects

National Bank of Kuwait (NBK)

Abdullah Al Ahmadi Street PO Box 95 Safat 13001 Tel: +965 2 242 2011 Fax: +965 2 246 2469 Email: Website: Commercial and investment banking activities

National Investment Company

Kuwait Investment Company KIC)

Al Manakh Building, 5th Floor Mubarak Al Kabeer Street Sharq PO Box 1005 Safat 13011 Tel: +965 2 188 8852 Fax: +965 2 244 4896 Email: Website: Asset management, treasury and corporate finance

Kuwait Projects Company Holding (KIPCO) KIPCO Tower Khaled Bin Al Walid Street Sharq Safat 13100 Tel: +965 1 805885 Fax: +965 2 243 5790 Email: Website: Financial services

Kuwait Real Estate Holding Company (Al-Aqaria)

Al Khourafi Tower Al Qabla Oussama Bin Al Monkiz Street PO Box 26371 Safat 13124 Tel: +965 2 232 3232 Fax: +965 2 232 3233 Email: Website: Real estate development, asset, project and property management, real estate investment, property maintenance, cleaning and security

Kuwait Reinsurance Company

KRE Tower Al Shuhada Street Al Sharq Area PO Box 21929 Kuwait Safat 13080 Tel: +965 2 243 2011 Fax: +965 2 242 7823 Email: Website: Tailored risk solutions and Insurance services for property, accident, life and marine

Al Khaleejia Building, 20th Floor Al Mutanabi Street Sharq PO Box 25667 Safat 13117 Tel: +965 2 226 6688 /242 6666 /226 6666 Fax: +965 2 242 6163 Email: Website: Asset management, investment banking, securities, brokers and traders services

Nazar and Partners Muthana Complex Fahed Al Salem Street PO Box 274642 Safat 13137 Tel: +965 2 2424661 Fax: +965 2 2402690 Email: Website: Auditors and consultants

Neshami Kuwait for General Trading and Contracting Souk Al Dawliya Building Al Salhiya PO Box 1433 Safat 13014 Tel: +965 2 2490880 Fax: +965 2 2478626 Email: Website: Insurance, risk evaluation and asset valuation

Noor Capital Markets

Dar al Awadi, 27th Floor Ahmad al Jaber St Sharq PO Box 26489 Safat 13125 Tel: +965 2 2253888 Fax: +965 2 226 6901/09 Website: General financial services, securities brokers and traders and securities markets

Noor Financial Investment Company Noor Building Intersection of Jahra Street and Airport Road

Arab British European Banking & Finance Guide


Kuwait Listings Shuwaikh PO Box 3311 Safat 13034 Tel: +965 1 81 8080 / 2 464 5666 Fax: +965 2 492 9561 Email: Website: Investment banking, asset management and alternative investment

Murghab PO Box 26155 Safat 13122 Tel: +965 2 245 9417/2 245 9418 Fax: 00 965 2 2459419 Email: Website: General financial services, exchange and travellers cheques

Rasameel Structured Finance Company

Warba Bank

Ahmad Tower, 13th Floor Gulf Road Dasma Sharq Area PO Box 4915 Safat 13050 Tel: +965 2 247 8800 Fax: +965 2 247 6600 Email: Website: Structured finance and investment banking

RSM Albazie and Company

Arraya Tower, Floors 41 & 42 Abdulaziz Hamad Alsaqar Street Sharq PO Box 2115 Safat 13022 Tel: +965 2 296 1000 Fax: +965 2 241 2761 Email: Website: General financial services, audit, risk consulting, asset management and investment banking

Sanabil Tower, 26th Floor Abdullah Al Ahmad Street Sharq PO Box 1220 Safat 13013 Tel: +965 2 228 8800 Fax: +965 2 228 8701 Email: Website: Islamic banking products

Wared Lease & Finance Company Sharq Ahmed Al Jaber Street Al Awadhi Towers Tower 3 Mizzanin Floor Tel: +965 1 807888 Fax: +965 2 232 4547 Email: Website: Innovative Islamic Sharia based financial and lease solutions

The Arab Investment and Export Credit Guarantee Corporation ‘’ DHAMAN’’ Arab Organizations Building Airport road, AL Shuwaikh, Kuwait Contact Person: Mohamed F. Chatti. Position: Head Business development. Telephone +965 24959555 Fax + 965 24959596 Email Website: Rated AA Stable by S&P, Dhaman is a multilateral financial institution providing since 1974 export and domestic credit insurance, political risk insurance, investment insurance, reinsurance to facilitate trade and direct investments in its 21 member Arab countries.cover the whole field of human endeavour.

Savings and Credit Bank

Al Shuhada Street Al Salhiya Area PO Box 1454 Safat 13015 Tel: +965 2 241 1301 / 1302 Fax: +965 2 242 5516 Website: General financial services, loans, real estate loans

Securities Group Company

Securities Group Building, 5th, 6th and 7th Floors Ahmed Al Jaber Street Sharq PO Box 26953 Safat 13130 Tel: +965 ‫‏‬2 246 1200/4 Fax: +965 2 245 7296 Email: Website: Asset management and investment banking services

Strategia Investment Co

Al Nassar Tower, 17th Floor Fahd Al Salam Street Qibla Area PO Box 1346 Dasman 15464 Tel: +965 2 225 1200 Fax: +965 2 225 1204 Email: Website: Investment banking, asset management, diversified international and local investment funds, international and local managed portfolios

The International Investor (TII) Wafra Real Estate Building Ahmad Al Jaber Street Al Sharq Area Safat 13153 Tel: +965 2 2437070 Fax: +965 2 2428080 Email: Website: Investment bank

UAE Exchange Centre Space Tower Building Abdul Aziz Al Saqer Street


Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Lebanon Listings Adonis Insurance & Reinsurance Co SAL (ADIR)

Arab Finance House SAL

Aya Commercial Centre 1st and 2nd Floor Dora Beirut Tel: +961 1 256 290 / 291 / 292 Fax: +961 1 256 293 Email: Website: General insurance services

Arab Finance House Tower Saeb Salam Boulevard Corniche El Mazraa PO Box 11/273, Riad El Solh Beirut 1107-2020 Tel: +961 1 309 777 Fax: +961 1 706 684 Email: Website: Banking, asset management, retail and investment banking

Al Aman Takaful Insurance SAL

Arab Lebanese Insurance Group (ALIG)

Verdun - Rachid Karame St Facing Cinema Concord - Saab Bldg, 3rd Floor PO Box 5010-114 Beirut Tel: +961 1 749 444 Email: Website: Islamic life and non-life insurance

Hazmieh Area PO Box 11-1555 Beirut Tel: + 961 5 451777 Email: Website: Non-life and life insurance services

Al Baraka Bank Lebanon

Sanayeh Justinian Street BAC Centre, 12th floor Tel: +961 1 748061/2/3/4/5 Fax: +961 1 806 499 Email: Website: Commercial banking in accordance with Islamic principles

Maarad Street Beirut Central District PO Box 9060 Beirut Tel: +961 1 989 500/ 983 931 / 983 932 Fax: +961 1 985 154 / 985 155 Email: Website: General reinsurance services, technical assistance to the regional insurance industry, including supervisory authorities

Al Mashrek Insurance and Reinsurance SAL

Arope Insurance

Arab Reinsurance Company (Arab RE)

Zalka, Michel Murr St AROPE Bldg PO Box 113 5686 Beirut Tel: +961 1 759 999 Fax: +961 1 344 012 Email: Website: Life and non-life insurance services for individuals and corporates

Al Mawarid Bank

AXA Middle East

Amana Capital

2nd Floor, Stratum Building Omar Daouk Street Minet El Hosn Beirut Tel: +961 1 360 930 Fax: +961 1 370 930 Email: Website: Provider of brokerage services in international financial markets namely currencies, commodities, and stock indices. The group has branches in London and Cyprus as well as Beirut.

Arab Bank - Lebanon

Commercial Buildings Company Building, Ground - 6th Floor Massaref Street Riad Al Solh Area PO Box 11-1015 Beirut Tel: +961 1 981 155 / 980 246 Fax: +961 1 980 803 / 980 299 Email: Website: Corporate and personal banking services

Jal El Dib Highway AXA Middle East Bldg PO Box 11-550 Beirut Tel: +961 4 716 555 Fax: +961 4 716 563 Email: Website: Life and non-life insurance services for individuals and corporates

Bank Audi

Bank Audi Plaza Bab Idriss PO Box 11-2560 Beirut Tel: +961 1 994 4000 Fax: +961 1 990 555 Email: Website: Retail, corporate and commercial banking services

Bank Audi Private Bank

Bank Audi Plaza, Bloc D PO Box 11-1121 Beirut Tel: +961 1 954 800/954 900 Fax: +961 1 954 854/954 880 Website: Private banking, discretionary portfolio management, investment advisory, foreign exchange and precious metals, spot, forward and swap operations

Bank of Beirut

Bank of Beirut Building Foch Street Beirut Central District PO Box 11-7354

Bank of Beirut Invest

Riyad El Solh Street Bank of Beirut Bldg PO Box 11-5522 Beirut Tel: +961 1 980 222/333 Website: Investment arm of the Bank of Beirut


Rabieh Main Street Antelias Area PO Box 166154 Beirut Tel: +961 4 408666 Fax: +961 4 417688 Email: Website: Insurance services

Yared Building Abdulaziz Street Hamra PO Box 113-6260 Beirut 1103-2110 Tel: +961 1 734 040 Fax: +961 1 734 041 Email: Website: Commercial banking, risk management, loans, private banking and corporate finance

Beirut Tel: +961 5 955 262 Fax: +961 5 955 262 Email: Website: Commercial banking, investment, retail, private and corporate banking, mortgage, Islamic and Sharia principles banking, asset management, capital markets and corporate finance

Bankmed Centre 482, Clemenceau Street PO Box 11-0348 Riad El Solh Beirut 1107 2030 Tel: +961 1 373 937 Fax: +961 1 362 706 Email: Website: Asset management, personal and business banking; one of the top banks in Lebanon

Bankers Assurance

Asseily Bldg. 4th floor Emir Bachir Street Riad El Solh Square PO Box 11-4293 Beirut Tel: +961 1 962 700 Fax: +961 1 984 004 Email: Website: Health, house and travel insurance and reinsurance

BBAC (Bank of Beirut and Arab Countries) 250 Clemenceau St Riad El Solh PO Box 11-1536 Beirut 1107 2080 Tel: +961 1 366 630 / 360 460 Fax: +961 1 365 200 Email: Website: Personal and investment banking


BankMed Centre 482 Clememceau Street PO Box 11-0348 Riad El Solh Beirut Tel: +961 1 373 937 Fax: +961 1 362 806 Website: Commercial banking, risk management, private banking, corporate finance, international banking along with economic research activities

Banque Bemo SAL

Pasteur Building Pasteur Street Medawar area Beirut Tel: +961 1 568 250/1/2/3/4 Fax: +961 1 568 266 Email: Website: Corporate and private banking services

Banque de L’Industrie et du Travail (BIT Bank) 89 Riad El Solh Street BIT Bank Building Beirut, Lebanon PO Box 11-3948 Beirut 1107-2150

Arab British European Banking & Finance Guide


Lebanon Listings Tel: +961 1 985 680 Fax: +961 1 985 681 Email: Website: Commercial and retail banking

BSL (Banque de Syrie et du Liban)

Société Nouvelle de la Banque de Syrie et du Liban Building Bank’s Street Riad Solh Area PO Box 11-957 Beirut Tel: +961 1 980 080 Fax: +961 1 980 991 Email: Website: Commercial banking services, deposits and loans

Banque du Liban (BDL) BDL Building Masref Lubnan Street Hamra Area PO Box 11-5544 Beirut Tel: +961 1 750 031/750 000 Fax: +961 1 747 600 Email: Website:

Banque Libano-Francaise

Accaoui Street Dr Saliby Building Tel: + 961 1 791 332 Fax: + 961 1 440 102 Email: Website: Commercial, retail, investment and private banking services

Banque Misr Liban (BML)

Riad El Solh BML Bldg Down Town Beirut PO Box 11-7 Beirut 1107-2010 Tel: +961 1 987 777 / 986 666 Fax: +961 1 980 604 / 964 296 Email: Website: Retail, corporate and private banking, asset management

Beirut Brokerage Corporation (BB Corp) Diamond Building 8th Floor Verdun Street Unesco Area PO Box 14/5771 Beirut Tel: +961 789105/789 102 / 789 103 Fax: +961 1 789 105 Email: Website: Brokerage services

Beirut Life SAL

Le Boulevard bldg, 9th & 10th floor Nahr el Mot Highway Jdeideh Tel: +961 1 900 403/503/406/506 Website: Bank of Beirut’s life insurance company

BEMO Securitisation SAL (BSEC)

3rd Floor, Two Park Avenue Building Park Avenue Beirut Central District Minet El Hosn Beirut Tel: +961 1 997 998 Fax: +961 1 994 801 Email: Website: Investment banking services for middle market players

BLC Bank

BLC Bank Building Adlieh Square PO Box 2064-5809 Beirut 11-1126 Tel: +961 1 387 000 Fax: +961 1 616 984 Email: Website: Commercial corporate, private banking services and real estate services


BLOM Bank Building Rachid Karami Street Verdun PO Box 11-1912 Beirut 1107 2807 Tel: +961 1 743 300/1 738 938 Fax: +961 1 738 946 Email: Website: Commercial and corporate banking, retail, Islamic, private and investment banking

BLOM Development Bank

Daher Building, 7th Floor Hamra Street PO Box 11-1912 Beirut Tel: +961 1 751 092 / 751 092 Fax: +961 1 751 094 Email: Website: Islamic finance, retail, corporate and bank assurance

BoB Finance sal

Bauchrieh Electricité du Liban St PO Box 11-7354 Tel: +961 1 879360/1/2 Website: Lending, brokerage, portfolio and asset management

Byblos Bank

Byblos Bank Tower Elias Sarkis Avenue Achrafieh PO Box 11-5605 Beirut 1107-2811 Tel: +961 1 335 200 / 339 436 Fax: +961 1 334 554 Email: Website: Commercial banking including retail, corporate, treasury and investment services

Burgan Insurance Co SAL BAC Centre, 11th Floor Justinien Street Riad Al Soleh Sanayeh Area Beirut PO Box 11-7338, Riad Al-Solh Tel: +961 1 751 851 Fax: +961 1 742 569 Email: Website: Insurance products

Byblos Insurance Company Charles Malek Avenue Achrafieh, Beirut PO Box 16-6720 Beirut Tel: +961 1 204 270 Fax: +961 1 204 270 Email: Website: General insurance services

Capital Finance Company (CFC) Weavers Centre, 16th Floor Clememceau Street


Arab British European Banking & Finance Guide

PO Box 113-6536 Beirut Tel: +961 1 371 102 Fax: +961 1 371 109 Email: Website: Consumer finance services, management, know-how and technologies

Cedrus Invest Bank SAL

Sofil Centre, 7th Floor Charles Malek Avenue Ashrafieh Beirut Tel: +961 1 333 887 Fax: +961 1 217 515 Email: Website: Wealth management, capital markets and brokerage services

Citibank – Lebanon

Berytus Parks Building Park Avenue Block A, 3rd Floor Beirut Central District PO Box 11-1535 Beirut Tel: +961 1 962 464 Fax: +961 1 962 444 Website: Banking and investment banking

LIA Insurance (Compagnie d’Assurance et de Reassurance du Liban et du Monde Arabe) Cite Dora 1 Dora Highway Riad El Solh Area PO Box 11-1439 Beirut 11072080 Tel: +961 1 255 640 / 1 255 650 Fax: +961 1 255 659 Email: Website: Insurance and reinsurance services

Corporate Finance House (CFH) Gefinor Centre Block B, 9th Floor Clemenceau Street PO Box 113-7008 Beirut Tel: +961 1 747 606 Fax: +961 1 747 247 Email: Website: Investment banking

Credit Libanais

Credit Libanais Tower Corniche El Nahr Adlieh Roundabout PO Box 16-6729 Ashrafieh 1100 2811 Beirut Tel: +961 1 608 000 Fax: +961 1 608 126 Email: Website: Cards and loans

Credit Suisse (Lebanon) Finance SAL

Park Avenue Beirut Central District PO Box 11-966 / 1107 2060 Beirut Tel: + 961 1 956 600 Email: Website: Investment banking, private banking and asset management

CreditBank SAL

Freeway Centre Sin El Fil Boulevard Dekwaneh - 13th, 15th to 19th Floor PO Box 16-5795

Lebanon Listings Beirut 1100-2802 Tel: +961 1 501 600 / 501 700 Fax: +961 1 485 245 Email: Website: Commercial, corporate banking, insurance products and investment banking services

CSC Bank

CSC Bank Building 133, 150 Commodore St Hamra PO Box 113-6406 Beirut 1103 2120 Tel: +961 1 742 555 Fax: +961 1 352 281 Email: Website: General financial services

CTSA Holdings Limited

Starco Centre Block C, 8th Floor PO Box 11-439 Beirut Tel: +961 1 368 968 Fax: +961 1 368 324 Email: Website: Private equity and corporate finance

Email: Website: Banking services, loans, accounts and cards

FFA Private Bank

One FFA Gate - Marfaa 128 Building Foch Street Beirut Central District PO Box 90-1283 Beirut Tel: +961 1 985 195 Fax: +961 1 985 193 Email: Website: Investment banking and asset management

First National Bank (FNB)

First National Bank Building Marfaa 147 Beirut Central District PO Box 11-435 Beirut Tel: +961 1 963 000 / 977 040 Fax: +961 1 973 090 Email: Website: Banking, asset management, investment banking, securities brokers and traders


Cumberland Building Dbayeh Highway Tel:+961 4 403 888 Fax:+961 4 403 666 Email: Website: Insurance and reinsurance services

Fransabank Headquarters Hamra St Riad El Solh Beirut 1107 2803 PO Box 11-0393 Tel: +961 1 734 000 Fax: +961 1 734 251 Email: Website: Investment banking, asset management and securities brokers

Emirates Lebanon Bank

Habib Bank Limited

Cumberland Insurance and Reinsurance Co SAL

Burj Al Ghazal Building, 3rd Floor Fouad Chehab Avenue Tabaris PO Box 11-1608 Beirut Tel: +961 1 216 140 Fax: +961 1 200 603 Email: Website: Private banking and asset management

EY Lebanon

Commerce & Finance Bldg, 1st Floor PO Box 11-1639 Riad Solh Army Street Kantari 11072-090 Beirut Tel: +961 1 760 800 Fax: +96 1 1760 822/3 Email: Website: General financial services, assurance, tax and advisory

Federal Bank of Lebanon

Renno Building, 1st Floor Charles Malek Avenue Achrafieh PO Box 111-2209 Beirut Tel: +961 1 212 300/6 Fax: +961 1 215 847 Email: Website: Commercial, consumer and private banking activities

Fenicia Bank

Central District, Foch Street Fenicia Bank Bldg Down Town Area PO Box 113-6248 Beirut Tel: +961 1 957 857

Fleifel Building, Barbir-Museum Highway Facing French Ambassador Residence Beirut Tel: +961 1 669 200/3 Fax: +961 1 669 204 Email: Website: Commercial and Islamic banking

HSBC Bank Middle East Lebanon

St Georges Branch St Georges Bay Mina Al Hosn PO Box 11-1380 Beirut Tel: +961 1 760 000 Fax: +961 1 361 505 Email: Website: Banking, asset management, investment, loans and mortgages

IBL Bank

Al Ittihadiah Building Charles Malek Avenue PO Box 11-5292 Beirut Tel: +961 1 200 350/334 102 Fax: +961 1 204 524 Email: Website: Investment banking

Inco Capital

Jammal Trust Bank

Jammal Trust Bank SAL Building Verdun St PO Box 11-5640 Beirut Tel: +961 1 781 999 Fax: +961 1 800 361/864 170 Email: Website: Commercial banking activities


Piccadilly Centre 5th Floor Hamra Street PO Box 11-641 Beirut Tel: +961 1 341 300/1/2 Fax: +961 1 350 111 Email: Website: Guarantees for loans to SMEs

KPMG Lebanon

Block 01, 6th Floor Lazarieh Building Down Town Beirut Central District Area PO Box 11-8270 Beirut Tel: +961 1 985 501 / 985 502 Fax: +961 1 985 503 Email: Website: Audit, tax and advisory services

Lebanese Islamic Bank SAL (LIB) Liberty Tower, 9th Floor Roma Street Hamra Area PO Box 113-5357 Hamra, Beirut Tel: +961 1 755 310/1/2/3 Fax: +961 1 755 316 Email: Website: Islamic retail, corporate and investment banking

Lebanese Swiss Bank (LSB) Hoss Building, 3rd - 6th Floor Emile Edde St Hamra Area PO Box 11-9552 Beirut Tel: +961 1 346 265 / 240 741 Fax: +961 1 240 736 Email: Website: International commercial, corporate, private and personal banking service Lebanon and Gulf Bank (LGB Bank) Lebanon and Gulf Building Allenby Street Beirut Central District PO Box 11 3600 Riad El Soloh Beirut Tel: +961 1 745500 / 745506 Fax: +961 1 965 199 Email: Website: Personal and business banking

LIA Insurance

Corm Building and Gardens, 2nd Floor Habib Bacha Saad St PO Box 11-221 Beirut Tel: +961 1 614 863 Fax: +961 1 614 749 Email: Website: General financial services and investment advisory

Dora Highway CitĂŠ Dora 1 PO Box 11-1439 Beirut Tel: +961 1 255 640 Fax: +961 1 255 659 Email: Website: Diversified insurance products and services

Arab British European Banking & Finance Guide


Lebanon Listings Libano Suisse

Commerce and Finance Building 2nd Floor Al Kantari Street Serail PO Box 11-3821 Beirut 1107-2150 Tel: +961 1 374 900 Fax: +961 1 368 724 Email: Website: Life, health, property, car and travel insurance

Mediterranean and Gulf Insurance and Reinsurance (MEDGULF) Medgulf Building Patriarch Howayek Street Beirut Central District Tel: +961 1 985 000 Fax: +961 1 985 005 Email: Website: General, health and personal insurance

MENA Capital

STARCO Centre Block C - 10th Floor Omar Al Daouk St Beirut Central District PO Box 11-8678 Beirut Tel: +961 1 370 222 Fax: +961 1 370 225 Email: Website: Real estate development, private equity and merchant banking

MetLife Alico

JM Plaza Building Concord Square Verdun Beirut Tel: +961 1 352 752 Fax: +961 1 756 300 Email: Website: Life, accident and retirement insurance packages

National Bank of Kuwait Lebanon SAL (NBK)

BAC Building, 1st-3rd Floor Justinien Street PO Box 11-5727 Riad El-Solh 1107 2200 Beirut Tel: +961 1 759 700 Fax: +961 1 747 866 Email: Website: Joint Lebanese-Kuwait bank for personal, corporate and private banking

Near East Commercial Bank (NECB) Saradar Building Charles Malek Avenue Ashrafieh, Beirut Po Box 16-5766 Ashrafieh Beirut 1100 2070 Tel: +961 1 339 000 Fax: +961 1 200 770 Email: Website: Private, personal and business banking

North Africa Commercial Bank (NACB)

Aresco Centre Building Justinian Street PO Box 11-9575 Beirut Tel: +961 1 759 000 Fax: +961 1 346 322 Email: Website: Money transfer services, trade finance and foreign exchange


Online Money Transfer (OMT) OMT Bldg, 5th Floor 266-Sami Solh Avenue, Museum Beirut 116-2409 Tel: +961 1 391 000 Fax: +961 1 391 491 Email: Website: Money transfers and payment services

SOGECAP LIBAN Sehnaoui Building PO Box 55056 Beirut Tel: +961 1 511 583 Fax: +961 1 511 695 Website: Life insurance products


Syrian Lebanese Commercial Bank (SLCB)

Saba House Building, Block B & C, Said Freiha Street Hazmieh PO Box 11 3155 Beirut Tel: +961 5 428 600 Fax: +961 5 951 979 Email: Website: Assurance and audit, business advisory and tax services

SLCB Building, 6th Floor Makdessi St Hamra PO Box 113-5127 Beirut 11-8701 Tel: +961 1 741 666 Fax: +961 1 738 214 Email: Website: Commercial and retail banking

Sécurité Assurance

The Lebanese Credit Insurer (Lci)

Gedco 3 Centre, Block AB Fouad Chehab Ave Dekwaneh PO Box 16 6499 Beirut Tel: + 961 1 517 000 Fax: + 961 1 485 319 Email: Website: Medical, life, accident, travel and other insurance cover

Block B Sodeco Square Building Bloc B, 15th Floor Damascus Road Tel: +961 1 615 616 Fax: +961 1 611 044 Email: Website: Credit insurance

Serhal Nassar & Co (AGN International) St Nicholas Tower, 1st Floor Sursock Square PO Box 166671 Achrafieh Beirut Tel: +961 1 203 260/203 421/338 448 Fax: +961 1 201 690 Email: Website: International audit services

Société Générale de Banque au Liban (SGBL) Sin EL Fil Saloumeh Roundabout SGBL Building PO Box 11-2955 Beirut Tel: +961 1 483 001 Fax: +961 1 502 820 Email: Website: Retail, corporate, private and investment banking

Société Nationale d’Assurances-Liban (Allianz SNA)

Allianz SNA Building Jisr Al Basha St Hazmieh PO Box 16-6528 Beirut Tel: +961 5 956 600 Fax: +961 5 956 624 Email: Website: Life, health, property and accident Insurance and reinsurance services

Société Nouvelle de la Banque de Syrie et du Liban (BSL) Riad Solh Beirut BSL Bldg Bank’s street PO Box 11-957 Tel: +961 1 980 080 Fax: +961 1 980 991 Email: Website: Banking, housing and education loans

Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Libya Listings Almontaser Chartered Public Accountants

Jumhouria Bank

Abulqasm Alshabi Street Ben Ashour Area PO Box 8535 Tel: +218 91 322 2685 (UK): +44 7731 541 279 Email: Website: General financial services, accountants and tax advisors

Omar Al-Mukhtar Boulevard

Al-Wafa Bank PO Box 84212 Tel: + 218 21 4815123 Fax: + 218 21 4801247 Email: Website: Banking for individuals and companies

Tripoli PO Box 3224-685 Tel: +218 21 444 2541/45 Fax: +218 21 444 2476

National Commercial Bank


Al Ourouba Street PO Box 543 Al Bayda Tel: + 218 21 361 7977/2429 Fax: + 218 21 361 0306 Email: Website: Current accounts, deposit accounts and letters of credit

Website: Current accounts, credit and business banking services

Libya Africa Investment Portfolio The LAP Building 17th Feb Street PO Box 91330 Tripoli Fax: + 218 21 333 7352

Bank of Commerce and Development Al Naser Street – Bumishmasha Tripoli – Libya Tel: + 218 21 444 7414 Fax: + 218 21 444 2459

Website: Investment firms and specialist funds for tourism, industry, agriculture, oil & gas, IT and mining sectors

Libya Insurance Company Sanaa Street

Benghazi Office Abdulnaser Street El Berka Area PO Box 9045 Benghazi Al Jadida Tel: +218 619080230/+218 612229630/+218 612232638 Fax: +218 619097115/+218 612237020 Email: Website: Commercial banking services including current and saving accounts, personal loans, credit cards, children saving accounts, mobile, online, telephone and drive-in banking services.

Amaan Building

Bader Al-Hasse & Co

PO Box 4538

201 Al-Madina Tower Kalifa Al-Zaidee Street PO Box 270 Tel: +218 21 444 5318/+218 84632922 Fax: +218 444 5319/+ 218 846 34239 Email: Website: General financial services

Central Bank of Libya Al Jalaa Street PO Box 1103 Tripoli Tel: + 218 21 333 3591/333 3592/444 1481 Fax: + 218 21 444 1488/490 2148 Email: Website: Central bank, supervisory authority regulating various financial institutions and the money markets

Ibrahim Al Baruni and Company

Sahara Insurance Company

Tel: + 218 21 333 7352 / 3086 Email:

Bank of Commerce and Development

Fax: +218 478 2603 Email: Website: Securities market

Ahmad Al Suwaihli Street Abu Melyana Area PO Box: 2422 Tel: +218 21 713 1119 /1115/ 1117 Fax: +218 21 444 4160 Email: Website: Insurance services

Saving and Real Estate Investment Bank

PO Box 2438 Tripoli Tel: 21821444153+/+218 21 4444 150 Fax: 218214444178+/ +218 21 4444 176 Email: Website: Insurance services

Libyan Foreign Investment Company Al Thawra Street

Khalifa Alzaidi St Tripoli Tel: + 218 21 444 9306/9308/9310 Fax: +218 21 444 9309 Email: Website: Credit and finance facilities for residential and commercial real estate

Wahda Bank

Gharyan Area Tripoli Tel: +218 21 3614881 Fax: +218 21 361 4883 Email: Website: Investment services

Libyan Foreign Bank (LFB) Dat El Imad Administrative Complex

Jamal Abdulnasser St Al Berka PO Box 452 Benghazi Al Jadida Tel: +218 21 334 1752 / +218 21 3330503 / 218 21 3330699 Fax: +218 21 444 2471 Email: Website: Commercial banking,current and saving accounts, loans and credit and consultation services

PO Box 2542 Tripoli Tel: +218 21 335 0086 Fax: +218 21 361 3134 Website: Provider of a wide range of financial products & services to corporate clients, commercial local banks and international

Titanium Capital PTE LTD


Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Libyan Investment Authority Tripoli Tower

Public Accountants & Consultants Tax Advisors Omar Bin Abdulaziz Street PO Box 1054 Tripoli Tel: + 218 21 333 2225/+ 218 21 444 7346

Borgaiba Street

Fax: + 218 21 333 2225



Sovereign wealth fund

Tripoli Tel: +218 21 336 20 80 / 2085 Fax: 00 218 21 336 2084 Email:

Website: General financial and business services

Libyan Stock Market Al Andalus Square Tripoli Tel: +218 21 478 2600

Arab British European Banking & Finance Guide


Mauritania Listings Central Bank of Mauritania Avenue de l’indépendance BP 623 Nouakchott Tel: + 222 252888/252206 Fax: +222 525 2759 Email:

Bank for Islamic Fianance (Banque des Financements Islamiques) (BFI) BP 3475 Nouakchott Tel: +222 45 25 09 01

Qatar National Bank Mauritania (QNBM) BP 2045 Nouakchott Tel: +222 42 24 96 55 Fax: +222 45 24 96 55

Islamic Bank of Mauritania (Banque Islamique de Mauritanie) (BIM) BP 5056 Nouakchott Tel: +222 45 25 25 07 Fax: +222 45 25 16 95

New Bank of Mauritania (Nouvelle Banque de Mauritanie) (NBM) ZRA NKTT-MAURITANIE Tel: + 222 45251679-45 25 16 79 Email:

Al Wava Mauritania Islamic Bank (Banque Al Wava Mauritanienne Islamique) (BAMIS) 758, rue 22-018, Avenue du Roi Fayçal BP 650, 4944 NKTT Tel: +222 45 25 14 24 / 45 25 22 66 Fax: +222 45 25 16 21

Générale de Banque de Mauritanie (GBM) Av. l’independence BP 5558 Nouakchott Tel: +222 525 36 36 Fax: +222 525 46 47 Email:

Banque pour le Commerce et l’Industrie (BCI) 57, Avenue Gamal Abdel Nasser BP 5050 Nouakchott Tel: + 222 45 29 28 76 Fax: + 222 45 29 28 77

Mauritanian Bank for International Commerce (Banque Mauritanienne pour le Commerce International) (BMCI) Ave Gamal Abdel Nasser Nouakchott Tel: +222 45 25 28 26 Fax: +222 45 25 20 45

Banque Populaire de Mauritanie (BPM)

Banque Muamelat As Sahiha (BMS)

BP 3842 Avenue Charles De Gaulle, Tevragh Zeina Lot n°100 Tel: + 222 45 29 05 69 Fax: + 222 45 29 05 71

BP 5243 Rue Mamadou Konaté Tel: +222 45296215 Fax: +222 45296217 Email:

Attijari Bank Mauritania (ABM) 91-92 Rue Mamadou Konaté Bp:415 Tevragh zeina, Nouakchott Tel: +222 45 26 63 74 Fax: +222 45 29 64 40 Email:

Société Générale Mauritanie (SGM) Société Générale Mauritanie Avenue Charles De Gaulle, Nouakchott BP 5085 Tel: +222 45 29 70 00 Fax: +222 45 24 53 00

Professional Association for Mauritanian Banks (Association professionnelle des banques de Mauritanie) Immeuble BMCI 2° Etage N° 204 BP 749 Nouakchott Tel: +222 45 25 24 18 Fax: +222 45 29 32 62

Chinguitty Bank (CHINGUITTY Bank) 57, Avenue Gamal A.NASSER BP: 626 Nouakchott Tel: +222 4525 2173 / 4525 2142 Fax: +222 4525 3382 / 4525 3387

Ora Bank Mauritania 54, avenue du Général Charles De Gaulle Rue 42-060 Tevragh Zeïna RC 1673 Tel: +222 45 29 19 00 Fax: +222 45 24 49 37

Bank El Amana (BEA) BP 5559, Rue Mamadou Konate, Nouakchott Tel: +222 4 525 59 53 Fax: +222 4 525 34 95


Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Morocco Listings Al-Amana Microfinance 40, Avenue Al-Fadilah CYM Rabat 10130 Tel: (+212) (0)5 37 28 95 00 Fax: (+212) (0)5 37 28 94 11 to 13 Email: Website: Credit for microfinance

Al-Barid Bank

Angle, Boulevard Ghandi et Boulevard Brahim Roudani 798, Boulevard Ghandi Casablanca 20000 Tel: (+212) (0)80 200 60 60 Fax: (+212) (0)5 22 43 83 67 Email: Website: Financial services

Agma Lahlou-Tazi

1, City Park Centre Rue Abderrahmane Sahraoui Casablanca 20070 Tel: (+212) (0)5 22 48 80 50 Fax: (+212) (0)5 22 48 80 99 Email: Website: Insurance services

Alma Finance Group

4, Lot La Colline Casablanca 20190 Tel: (+212) (0)5 22 58 12 02 Fax: (+212) (0)5 22 58 11 74 Email: Website: Investment banking, securities brokers and private banking

Arab Bank Maroc

Atlas Capital

88, Rue El-Marrakchi Quartier Hippodrome Casablanca 20100 Tel: (+212) (0)5 22 23 76 02 / 05 Fax: (+212) (0)5 22 36 87 84 Email: Website: Investment banking, corporate finance, asset management and brokerage

Attijariwafa Bank

2, Boulevard Moulay Youssef Casablanca 20000 Tel: (+212) (0)5 22 29 88 88 Fax: (+212) (0)5 22 29 41 25 Email: Website: Commercial and investment banking and asset management

AXA Assurance – Maroc

120-122, Avenue Hassan II Casablanca 20000 Tel: (+212) (0)5 22 88 92 92 Fax: (+212) (0)5 22 88 91 89 Email: Website: General insurance and re-insurance services: home, car and life insurance

Banque Africaine du Developpement (AfDB) Batiment B7, Parc Technopolis Sala Al-Jadida, Rabat 10000 Tel: (+212) (0)5 30 17 73 00 Fax: (+212) (0)5 38 01 44 02 Email: Website: Development bank

174, Boulevard Mohammed V Casablanca 13810 Tel: (+212) (0)5 22 22 31 52 Fax: (+212) (0)5 22 27 58 23 Email: Website: Commercial, personal and private banking services

Bank Al-Amal

ARENOR Assurance

277, Avenue Mohammed V BP 445 Rabat 10000 Tel: (+212) (0)5 37 81 81 81 Fax: (+212) (0)5 37 56 78 24 Email: Website: Central bank of Morocco

Residence Pasadena Route de Tetouan Tanger 90000 Tel: (+212) (0)5 39 36 02 59 Fax: (+212) (0)5 39 36 02 66 Email: Website: Car, housing, travel and life insurance

Art Bourse

7, Boulevard Abdelkrim Al-Khattabi Casablanca 20200 Tel: (+212) (0)5 29 00 12 12 Fax: (+212) (0)5 29 00 12 03 Email: Website: Securities brokers and traders

Atlamed Corporate Investment 17, Rue Saria Ibnou Zounaim Quartier Palmier Casablanca 20100 Tel: (+212) (0)5 22 23 44 53 / 56 / 57 Fax: (+212) (0)5 22 23 44 62 Email: Website: Asset management and corporate investment


181, Boulevard d’Anfa Casablanca 20001 Tel: (+212) (0)5 22 95 76 76 Fax: (+212) (0)5 22 36 98 12 / 14 / 16 Email: Website: Motor, health and property insurance services

Angle, Avenue des Forces Armees Royales et rue Arrachid Mohamed Casablanca 20000 Tel: (+212) (0)5 22 45 26 26 / 27 Fax: (+212) (0)5 22 45 26 25 Email: Website: Casablanca’s stock exchange; investor trading services


206, Boulevard Mohammed Zerktouni Casablanca 20000 Tel: (+212) (0)5 22 48 66 45 Fax: (+212) (0)5 22 48 70 58 Email: Website: Lending, SME services and mortgages

Caisse Marocaine des Marchés SA 52 bd Abdelmoumen Casablanca 20100 Tel: +212 522 25 91 18 Fax: +212 22 25 23 16 Email:

Capital Trust

50, Boulevard Rachidi Casablanca 20000 Tel: (+212) (0)5 22 46 63 50 Fax: (+212) (0)5 22 49 13 07 Email: Website: Business and investment banking services

CDG Capital

Tour Mamounia Place Moulay Hassan Rabat 10000 Tel: (+212) (0)5 37 66 52 52 Fax: (+212) (0)5 37 66 52 80 Email: Website: Business and investment banking services

288, Bd Mohamed Zerktouni Casablanca Tel: +212 522 226 926 Website: Loans and microfinance

CIH Bank

Bank Al-Maghrib

Building 159 187 Hassan II Street Casablanca 20000 Tel: +212 522 479000/479111 Fax: +212 522 479946 Website: Investment and retail banking

CITIBANK – Morocco

Banque Populaire du Maroc 3, Rue du Docteur Veyre Casablanca 20100 Tel: (+212) (0)22 26 90 11 / 15 Fax: (+212) (0)22 29 73 49 / 26 90 18 Email: Website: Commercial banking services

Zenith Millennium, Lotissement Attaoufik Immeuble 1 Sidi Maarouf Casablanca 20190 Tel: (+212) (0)5 22 48 96 00 Fax: (+212) (0)5 22 97 41 97 Website: Consumer, corporate, investment banking and insurance

Coface Services Maghreb


140, Avenue Hassan II Casablanca 20001 Tel: (+212) (0)5 22 20 03 25 Fax: (+212) (0)5 22 26 46 55 Email: Website: Corporate and investment banking services: treasury, asset management, brokerage and advisory

BMCI – BNP Paribas

Bourse de Casablanca

26, Place des Nations Unies Casablanca 20000 Tel: (+212) (0)5 22 46 10 00 Fax: (+212) (0)5 22 26 57 29 Website: Full commercial, investment, asset management and brokerage services

13, Rue Ibnou Toufail Quartier Palmier Casablanca 20340 Tel: (+212) (0)5 22 98 98 93 Fax: (+212) (0)5 22 99 06 40 Email: Website: Credit insurance

Crédit Agricole du Maroc

Place des Alaouites BP 49 Rabat 10000 Tel: (+212) (0)5 37 20 82 19 to 26 Fax: (+212) (0)5 37 20 82 18 Email: Website: Agricultural investment fund and financing services

Arab British European Banking & Finance Guide


Morocco Listings Crédit du Maroc

48-58, Boulevard Mohammed V Casablanca 20000 Tel: (+212) (0)5 22 47 75 28 Fax: (+212) (0)5 22 42 23 63 Email: Website: Credit banking services

Crédit Immobilier et Hôtelier – CIH

187, Avenue Hassan II Casablanca 20000 Tel: (+212) (0)5 28 38 90 20 / 28 Fax: (+212) (0)5 28 38 90 20 / 29 Email: Website: Commercial banking, financial services in real estate and hotels

Dar Tawfir

101, Boulevard Al-Massira Al-Khadra Casablanca 20000 Tel: (+212) (0)5 22 25 22 25 Fax: (+212) (0)5 22 25 22 04 Email: Website: Investment funds, asset management and financial consulting

Dina Assurances

6, Rue de Fes Tanger 90000 Tel: (+212) (0)5 39 93 48 34 Fax: (+212) (0)5 39 93 54 89 Email: Website: Insurance services

Angle, Avenue Annakhil et Avenue Ben Barka B.P. 2175 Hay Ryad, Rabat 10100 Tel: (+212) (0)5 37 56 60 90 to 93 Fax: (+212) (0)5 37 56 60 94 Email: Website: Project funding for engineering and development projects

Global Exchange Maroc

31, Lotissement de La Colline Sidi Maarouf, Casablanca 20190 Tel: (+212) (0)5 22 78 64 44 Fax: (+212) (0)5 22 78 69 52 Email: Website: General financial services

Gras Savoye Maroc

40, Boulevard Moulay Youssef Casablanca 20000 Tel: (+212) (0)5 22 88 95 70 Fax: (+212) (0)5 22 20 36 05 Email: Website: Insurance brokerage and consultancy

Holmarcom 20, Rue Mustapha El-Maani Casablanca 20000 Tel: (+212) (0)5 22 31 07 01 Fax: (+212) (0)5 22 31 37 44 Website: Insurance services

Kapital Transak

Emerging Capital Partners – ECP 416, Rue Mustapha El-Maani Casablanca 20100 Tel: (+212) (0)5 22 46 99 11 Fax: (+212) (0)5 22 20 94 89 Email: Website: Private equity and investment

Villa 31, Rue Mohamed Bahi Quartier Palmier Casablanca 20000 Tel: (+212) (0)5 22 25 36 67 Fax: (+212) (0)5 22 98 20 32 Email: Website: Corporate finance and advisory services


La Caixa Bank

28, Avenue de l’Armée Royale Casablanca 20000 Tel: (+212) (0)5 22 27 90 75 Fax: (+212) (0)5 22 22 15 98 Email: Website: Insurance and general financial services

179, Boulevard d’Anfa Casablanca 20100 Tel: (+212) (0)5 22 97 93 40 Fax: (+212) (0)5 22 94 98 27 Website: Savings bank

Casablanca 20100 Tel: (+212) (0)5 22 42 95 95 Fax: (+212) (0)5 22 42 95 00 Website: Financial services and facilities

Maroc Services Intermédiation (MSIN) Immeuble Zenith Lot Taoufiq, Sidi Maarouf Casablanca 20000 Tel: (+212) (0)5 22 97 49 61 to 65 Fax: (+212) (0)5 22 97 49 73 / 74 Email: Website: Brokerage services


Immeuble Zenith Lot Taoufiq, Sidi Maarouf Casablanca 20000 Tel: (+212) (0)5 22 97 49 61 to 65 Fax: (+212) (0)5 22 97 49 73 / 74 Email: Website: Asset management

MEA Finance Services 27, Residence Hadi A Rue Salim Cherkaoui Casablanca 20100 Tel: (+212) (0)5 22 42 90 50 Fax: (+212) (0)5 22 20 10 27 Email: Website: General financial services

Mena Capital Partners (MCP)

23, Rue Ibnou Hilal Quartier Racine Casablanca 20000 Tel: (+212) (0)5 22 39 50 00 Fax: (+212) (0)5 22 36 86 00 Email: Website: Securities brokers and traders and asset management

PwC Morocco

35, Rue Aziz Bellal Maarif, Casablanca 20330 Tel: (+212) (0)5 22 99 98 00 Fax: (+212) (0)5 22 23 88 70 Website: General financial services

La Marocaine Vie

RMA Watanya

37, Boulevard Abdellatif Ben Kaddour Casablanca 20050 Tel: (+212) (0)5 22 95 79 00 Fax: (+212) (0)5 22 39 02 26 Email: Website: General financial services

37, Boulevard Moulay Youssef Casablanca 20070 Tel: (+212) (0)5 22 43 11 00 Fax: (+212) (0)5 22 29 73 07 Email: Website: Housing, accident and health insurance

83, Avenue de l’Armee Royale Casablanca 20000 Tel: (+212) (0)80 100 83 83 Website: Insurance services: car, housing, life



Ernst&Young – Morocco

Avenue des FAR Tour Habous, 5ème étage Casablanca 20000 Tel: (+212) (0)5 22 54 15 54 Fax: (+212) (0)5 22 54 14 46 Website: Asset management and financial consulting

Fidaroc Grant Thornton

Centre Allal Ben Abdellah 47, Rue Allal Ben Abdellah, 5eme etage Casablanca 20000 Tel: (+212) (0)5 22 54 48 00 Fax: (+212) (0)5 22 29 66 70 Email: Website: Audit, consulting and general financial services

Fonds d’Equipement Communal (FEC) Espace Oudayas


45, Boulevard Moulay Youssef Casablanca 20000 Tel: (+212) (0)5 22 20 33 04 / 48 65 00 Fax: (+212) (0)5 22 27 44 18 Email: Website: Financing services

Maroc Assistance Internationale 25 Boulevard Rachidi Casablanca 20070 Tel: (+212) (0)5 22 54 30 30 Fax: (+212) (0)5 22 47 10 61 Email: Website: Insurance and re-insurance products

Maroc Leasing 57 Angle Rue Pinel et Boulevard Abdel Moumen

Arab British European Banking & Finance Guide

Sadas Assurances 4, Rue Blida Casablanca 20000 Tel: (+212) (0)5 22 48 33 70 to 75 Fax: (+212) (0)5 22 22 74 56 Email: Website: Insurance services, consulting, risk management

SAHAM Assurance 216, Boulevard Zerktouni Casablanca 20000 Tel: (+212) (0)5 22 47 40 40 Fax: (+212) (0)5 22 20 60 81 Website: Insurance and re-insurance services

Salafin Zenith Millenium Immeuble 8 Sidi Maarouf, Casablanca 20190 Tel: (+212) (0)5 22 78 67 78

Morocco Listings Fax: (+212) (0)5 22 97 56 16 / 17 Email: Website: Consumer finance company


181, Boulevard d’Anfa Casablanca 20000 Tel: (+212) (0)5 22 95 78 78 Fax: (+212) (0)5 22 36 04 36 Email: Website: Insurance services

Société Centrale de Réassurance (SCR) Tour ATLAS Place Zellaqa Casablanca 20000 Tel: (+212) (0)5 22 46 04 00 Fax: (+212) (0)5 22 46 04 60 Email: Website: Insurance services

Email: Website: Insurance and reinsurance services

Titanium Capital PTE LTD Wafa Bourse 416, Rue Mustapha El-Maani Casablanca 20000 Tel: (+212) (0)5 22 49 59 69 Fax: (+212) (0)5 22 47 46 91 Email: Website: Securities brokers and traders

Zurich Assurances Maroc 166, Boulevard Mohamed Zerktouni Casablanca 20000 Tel: (+212) (0)5 22 27 90 15 / 49 9700 Fax: (+212) (0)5 22 27 67 18 / 49 17 33 Website: Insurance services

Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Societe Generale Maroc

55 Bd Abdelmoumen Casablanca 20 100 Tel: + 33 1 42 14 20 00 Website: Subsidiary of the Société Générale Group, one of the largest banking groups in the Eurozone, Société Générale has been active in Morocco for 100 years


55, Boulevard Abdelmoumen Casablanca 20000 Tel: (+212) (0)5 22 43 98 40 Fax: (+212) (0)5 22 26 80 18 Email: Website: Brokerage and financial consulting

STAR Assurance

28, Avenue Allal Ben Abdellah, 1er étage, Apt n°3 Tanger 90000 Tel: (+212) (0)5 39 94 26 42 Fax: (+212) (0)5 39 94 35 30 Email: Website: Insurance services


29, Boulevard Moulay Youssef Casablanca 20000 Tel: (+212) (0)5 22 20 03 20 Fax: (+212) (0)5 22 26 77 26 Email: Website: Consumer credit, investment credit

Upline Group

37, Boulevard Abdellatif Ben Kaddour Casablanca 20000 Tel: (+212) (0)5 22 99 71 71 Fax: (+212) (0)5 22 95 49 62 Email: Website: Investment banking and corporate finance

Vivallis Angle, Boulevard Zerktouni, Boulevard Bourgogne et Rue de Dijon Casablanca 20100 Tel: (+212) (0)5 22 39 39 00 Fax: (+212) (0)5 22 39 11 55 Email: Website: General financial services

Wafa Assurance 1, Boulevard Abdelmoumen Casablanca 20100 Tel: (+212) (0)5 22 54 55 55 Fax: (+212) (0)5 22 29 94 35

Arab British European Banking & Finance Guide


Oman Listings Ahli Bank-Oman

Al Aasfoor Building Al Rumailah Street Mina Al Fahal PO Box 545 Muscat PC 116 Tel: +968 24 577000 Fax: +968 24 568003 Email: Website: Retail and commercial banking, trade finance, premium and asset management

Ajit Khimji Group

Ajit Khimji Group Building Church Road Ruwi PC 112 Tel: +968 24 785569 Fax: +968 24 785568 Email: Website: Insurance

Al Ahlia

Salem Building MBD Street Ruwi 112 Muscat Tel: +968 24 766800 Fax: +968 24 786269 Email: Website: Personal and corporate insurance; part of the RSA Group

Al Anwar Holdings

Villa 897 Shatti Al Qurum Street 3013 PO Box 468 Al Hamriya PC 131 Tel: +968 24 692503 Fax: +968 24 692507 Email: Website: Investment holding company

Al Batinah Development and Investment Holding Company SAOG Al Sahli Building Al Wadi Al Kabir PO Box 68 Muscat 117 Tel: +968 24 614450 Fax: +968 24 614488 Email: Website: Investments in multiple sectors

Al-Hosn Investment Company (HIC) SAOC Al-Khuwair PO Box 750 Azaiba PC 130 Muscat Tel: +968 24 397200 Fax: +968 24 397201 Email: Website: Investment partnerships and consultancy

Al Jazeira Services Co SAOG

408, 4th Floor, International Medical Centre Near Al Hamriya Roundabout PO Box 2865 Ruwi PC 112 Tel: +968 24 706499 Fax: +968 24 703653 Email: Website: A diversified portfolio of stocks in banking, services, and industrial sectors in the local securities market as well as in the overseas stock market

Al Madina Investment Co (SAOG) Tilal Offices, Block 6 , 4th floor Muscat Grand Mall PO Box 171


Ruwi PC 112 Tel: +968 22 044000 Fax: +968 24 396125 Fax: 00 968 22 035499 Email: Website: Investment banking, asset management, corporate finance advisory services, private placement and stock brokerage

Al Omaniya Financial Services SAOG PO Box 1087 Jibroo PC 114 Tel: +968 24 811164 Fax: +968 24 813258 Email: Website: Loans and fixed deposits

Al Yousef Group LLC

18th Nov Street PO Box 200 Muscat PC 100 Tel: +968 24 614499 Fax: +968 24 614144 Email: Website: Private equity investments

Aon Majan LLC

1st Floor, Suite 3 Shatti Al Qurm Complex Shatti Al Qurm PO Box 2567 Salalah PC 211 Tel: +968 24 697451 Fax: +968 24 697487 Email: Website: Provider of risk management services, insurance and reinsurance brokerage

A’Sharqiya Investment Holding Company (SAOG)

PO Box 47 PC 118 Al Harthy Complex Tel: +968 24 566160 Fax: +968 24 566162 Email: Website: Direct investments, corporate governance and active portfolio management

Bank Dhofar SAOG

PO Box 1507 Muscat Ruwi 112 Tel: +968 24 790466 Fax: +968 24 797246 Email: Website: Personal, wholesale and corporate banking; Islamic banking; investment advisory services, brokerage and asset management; project finance and trade services

Bank Muscat SAOG

Building 120/4 Block 311 Street 62 Airport Heights Seeb PO Box 134 Ruwi PC 112 Tel: +968 24 795555 Fax: +968 24 703018 Email: Website: Retail, personal, SME and corporate banking, investment and asset management, treasury and project finance

Bank Nizwa Building 37 Block 226 Street 2601 Ruwi PO Box 2316

Arab British European Banking & Finance Guide

Ruwi PC 112 Tel: +968 24 655555 Fax: +968 24 649029 Website: Portfolio of Islamic banking services

Capital Market Authority-Oman (CMA)

PO Box 3359 Ruwi PC 112 Tel: +968 24 823100 Fax: +968 24 817471 Email: Website: Regulation and ensuring transparency of Oman’s capital and insurance markets

Central Bank of Oman

Commercial Business District (CBD) PO Box 1161 Ruwi PC 112 Tel: +968 24 777 777 Fax: +968 24 777 723 Email: Website: Banking laws and sector regulator

CE Health and Partners

Near Hotel Alfalaj Way 2105 Bait Al Falaj Road Ruwi PO Box 3424 Ruwi PC 112 Tel: +968 24 701699/701996 Fax: +968 24 702081 Email: Website: Insurance, risk, underwriting and reinsurance brokers

Dhofar Insurance Company SAOG PO Box 1002 Ruwi PC 112 Tel: +968 24 705 305 Fax: +968 24 782 801 Email: Website: Whole range of insurance products

DOT Insurance Consultants Suite No712, 7th Floor Oman Commercial Centre PO Box 2164 Ruwi PC 112 Tel: +968 24 702545 Fax: +968 24 702237 Email: Website: General insurance services

EFG Hermes Oman

Hormuz Building 3rd Floor PO Box 1857 Ruwi PC 114 Tel: +968 24 760076 Fax: +968 24 797471 Website: A branch of the Egyptian bank; services include securities brokerage, investment banking, asset management, private equity and research

EY Oman

3rd & 4th Floor, Ernst & Young Building Al Qurum, Opposite CCC PO Box 1750 Ruwi PC 112 Tel: +968 24 559559 Fax: +968 24 566043 Email: Website: General financial, tax, transactions and advisory services

Export Credit Guarantee Agency (ECGA) PO Box 2031 Muscat PC 111 Tel: +968 24 346666

Oman Listings Fax: +968 24 346699 Email: Website: Credit insurance to exporters

Falcon Insurance Company SAOC 2nd Floor Sultan Centre Qurum PO Box 2279 Ruwi PC 112 Tel: +968 24 660900 Fax: +968 24 566476 Email: Website: Various insurance products

Global Financial Investments Holding

Global Financial Investments Holding Building, 2nd Floor Ruwi MBD Area PO Box 978 Muscat PC 100 Tel: +968 24 822706 Fax: +968 24 822710 Email: Website: Investment advisory and asset management

Global Money Exchange Company

Al Hamriya PO Box 726 Ruwi PC 131 Tel: +968 24 703566 Fax: +968 24 703565 Email: Website: General financial services, bank remittances and foreign exchange

Gulf Baader Capital Markets SAOC

Head Office Muscat PO Box 974 Ruwi PC 112 Tel: +968 2479 0614 Fax: +968 2479 0612 Email: Website: Investment banking, asset management, corporate finance, equity, brokerage and equity research; subsidiary of Gulf Investment Services Holding Company

Gulf Investment Services Holding Company SAOG (GIS) PO Box 974 Muscat Ruwi PC 112 Tel: +968 2479 0614 Fax: +968 2479 0612 Email: Website: Comprehensive range of investment services

Horwath Mak Ghazali

Trade Centre Al Hamriya Street Mutrah Business East District Ruwi PC 131 Tel: +968 24 813989 Fax: +968 24 813915 Email: Website: General financial services, tax, risk and audit; branch of Crowe Horwath International


Bait Al Falaj Main Office PO Box 240 Ruwi Post Code 112 Tel: +968 24 698086 Fax: +968 24 704241 Email: Website: Corporate financing solutions, trade, treasury, global payments and cash management, corporate credit cards, custody, clearing and time deposits

Ibn Hyan DFK Chartered Accountants

PO Box 502 Ruwi PC 112 Tel: +968 24 562886 Fax: +968 24 563558 Email: Website: Chartered accountants, business and management consultancy

Kitara Capital

Halcyon Capital Holding Co SAOC PO Box 1273 Muscat PC 114 Tel: +968 2200 4500 Fax: +968 2200 4546 Website: Fund and wealth management services


PO Box 641 Ruwi PC 112 Tel: +968 24 70 9181 Fax: +968 24 70 0839 Email: Website: Audit, tax and advisory services

National Life & General Insurance Company PO Box 798 Wadi Kabir PC 117 Tel: +968 24 730939 Fax: +968 24 795222 Email: Website: Corporate and general insurance

Oman Arab Bank

PO Box 2010 Ruwi PC 112 Tel: +968 24 754218 Fax: +968 24 797736 Email: Website: Commercial and investment banking; retail, corporate, trade finance and treasury services

Oman Development Bank SAOC

Central Bank District PO Box 3077 Ruwi PC 112 Tel: +968 24 726 813 Fax: +968 24 726 814 Email: Website: Promotes economic and social development in the country through financing of projects in vital economic sectors

Marsh Oman

220, 2nd Floor Hatat House Mina Al Fahal PO Box 197 Muscat PC 116 Tel: +968 24 564271 Fax: +968 24 564272 Website: Insurance, risk and credit services

Oman Housing Bank SAOC PO Box 2555 Ruwi PC 112 Tel: +968 24 775 800 Fax: +968 24 704 071 Email: Website: Housing finance

Morison Muscat

PO Box 2123 Ruwi PC 112 Tel: +968 22 060040 Fax: +968 22 060043 Email: Website: Audit, tax, consulting and accounting

Oman International Development and Investment Company (OMINVEST)

Muscat Finance SOAG (MFC)

PO Box 108 Ruwi PC 112 Tel: +968 24 625300 Fax: +968 24 625310 Email: Website: Auto finance, corporate leasing and capital finance

Muscat National Holding Company SAOG PO Box 72 Ruwi PC 112 Tel: +968 24 489061 Fax: +968 24 481847 Email: Website: Portfolio of securities investment and insurance products

National Bank of Oman (NBO) Commercial District Area PO Box 751 Ruwi PC 112 Tel: +968 24 778061 Fax: +968 24 778048 Email: Website: Retail, SME and business banking services

National Finance Company SAOG Block 3094 Street 4149 Al Khuwair Area PO Box 1706 Ruwi PC 112 Tel: +968 24 47 0000 Fax: +968 24 48 4495 Email:

Website: General financial services for individuals, SMEs and corporates

4th Floor Bank Al Markazi Street Muttrah Business District PO Box 3886 Ruwi PC 112 Tel: +968 24 769 500 Fax: +968 24951620 Email: Website: Private equity, corporate finance, industrial sector investments, real estate and capital markets

Oman Investment and Finance Company (OIFC)

Ruwi PC 112 Tel: +968 24 817888 Fax: +968 24 815595 Email: Website: Investment and services, billing, collection & debt factoring for electricity, water and telecoms

Oman Investment Corporation Al Thabat Building Airport Street Al Khuwair Area PO Box 299 Jawharat Al Shatti PC 134 Tel: +968 24 115200 Fax: +968 24 511484 Email: Website: Private equity investment

Oman Investment Fund (OIF) PO Box 329 Muscat PC 115 Tel: +968 24 643033 Fax: +968 24 691344

Arab British European Banking & Finance Guide


Oman Listings Email: Website: Sovereign wealth fund

Oman ORIX Leasing Company SAOG 2nd & 3rd Floor, Rumaila 106 Watayah PO Box 106 Muscat PC 118 Tel: +968 24 661900 Fax: +968 24 565610 Email: Website: Provision of medium term asset financing services

Oman UAE Exchange

OC Centre, 1st Floor Al Hamriyah PO Box 1116 Ruwi PC 131 Tel: +968 24 796533 Fax: +968 24 750908 Email: Website: Foreign currency and money transfers

Oman United Insurance Co SAOG PO Box 1522 Ruwi PC 112 Tel: +968 24 477300 Fax: +968 24 477334 Email: Website: Personal, small business and corporate insurance

Pak Oman Investment Company Limited

State General Reserve Fund (SGRF) PO Box 188 Muscat PC 100 Tel: +968 24 745100 Fax: +968 24 740922 Email: Website: Sovereign wealth fund

Kurum House CBD South Street Ruwi PC 112 Muscat Tel: +968 24 839800 Fax: +968 24 488641 Email: Website: Corporate Islamic finance; big ticket leasing facilities for small, medium and large companies

Takamul Investment Company

DHL Building Airport High Athaiba PO Box 1951 Muscat PC 130 Tel: +968 22 004333 Fax: +968 22 004300 Email: Website: Promotion of joint ventures between local and foreign investors

The Financial Corporation Co SOAG (FINCORP)

Royal Tower, 6th Floor CBD Area PO Box 782 Ruwi PC 131 Tel : +968 24 822300 Fax: +968 24 822390 Email: Website: Investment banking, asset management, securities brokers, private equity, corporate finance and advisory

PWC Oman

Zubair Financial Services

Rasmala Investments Oman LLC

Al Ghubrah Area PO Box 3233 Ruwi PC 112 Tel: +968 24 115555 Fax: +968 24 613444 Email: Website: Investment banking, securities brokers and traders

Risk Management Services (RMS)

PO Box 1734 Ruwi PC 112 Tel: +968 24 704004 Fax: +968 24 798423 Email: Website: Insurance for property, marine, construction, oil & gas

Sami Abdul Aziz Jaffer

PO Box 210 Muscat PC 100 Tel: +968 24 783387 Fax: +968 24 708671 Email: Website: General, life, health insurance and brokerage


PO Box 712 Ruwi PC 131 Tel: +968 24 72 6000 Fax: +968 24 72 6010 Email: Website: Investment banking, asset management, global equities

Taageer Finance Company SAOG

Fahd Plaza Building PO Box 2218 Muscat PC 112 Tel: +968 24 818523 Fax: +968 24 812565 Email: Website: Treasury, capital markets, investment in government securities and corporate banking

PO Box 3075 Ruwi PC 112 Tel: +968 24 559110 Fax: +968 24 564408 Email: Website: Audit, tax and advisory services and also professional training through the PwC Academy

Vision Investment Services Co (SOAC)

PO Box 1127 Ruwi PC 112 Tel: +968 24 527777 Fax: +968 24 527788 Email: Website: Diversified asset management company part of the Zubair Corporation

United Finance Company SOAG

PO Box 3652 Ruwi PC 112 Tel: +968 24 577300 Fax: +968 24 561841 Email: Website: General financial products, corporate deposits and Banc assurance

United Securities LLC

PO Box 2566 Ruwi PC 112 Tel: +968 24 76 3300 Fax: +968 24 78 8671 Email: Website: Investment banking, fund management, corporate finance, and investment research services

Vision Insurance

PO Box 1882 PC 114, Jibroo Tel: +968 24 853900 Fax: +968 24 853999 Email: Website: Corporate and personal insurance

Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Palestine Listings Ahlia Insurance

Ahlia Insurance Group Tower Al Masyoun Ramallah PO Box 1933 Tel: +970 2 298 6634 Fax: +970 2 298 6636 Email: Website: Motor, property insurance, engineering insurance, liability, medical, personal accident, marine cargo, credit and mortgage, life and household insurance

Al-Takaful Insurance Company Abraj House, 2nd floor Ein Munjed Ramallah Palestine PO Box 1444 Tel: +970 2 294 7070 Fax: +970 2 297 7060 Email: Website: Medical, motor, family and general insurance

Al Wasata Securities Company Bank of Palestine Building Omar Al Mokhtar Street Al Rimal Gaza Tel: +970 8 288 6050 Fax: +970 8 288 6055 Email: Website: Securities brokerage and trading services

Website: Accounts, loans, investment services and money transfer

Commercial Bank of Jordan

Al Manana Ramallah PO Box 1181 Tel: +970 2 2989231 Fax: +970 2 2963724 Email: Website: Corporate, treasury and investment services

Egypt Arab Land Bank

Global United Insurance Company Saraya Building Ground Floor Faysal Street Nablus PO Box 1001 Tel: +970 9 239 0919 Fax: +970 9 239 0920 Email: Website: Insurance services

Jordan Kuwait Bank

Lotus Financial Investment Company

145 Building Mecca Street Ramallah PO Box 941489 Tel: +962 6 6556 2910 Fax: +962 6 6556 2915 Email: Website: Investment facilities

Bank of Palestine

Oma El Mukhtar Street City Centre Gaza PO Box 50 Tel: +970 8 282 3272 Fax: +970 8 286 5667 Email: Website: Commercial banking services

Cairo Amman Bank Al Mahd St Al Masyoun Ramallah PO Box 1870 Tel: +970 2 297 7230 Fax: +970 2 297 9748

Al-Bireh Asharafeh Jerusalem Road Ramallah PO Box 79 Tel: +970 2 297 1729 Fax: +970 2 297 1727 Email: Website: Securities brokerage services

Palestine Investment and Development Company

PO Box 1708 Ramallah Palestinian Territories Tel: + 970 2 294 8222 Fax: + 970 2 294 8223 Email: Website: Direct investment in various sectors with focus on real estate investment

Palestine Investment Bank Company

Massar International

Al Kawthar Street Al Bireh PO Box 1218 Ramallah Tel: + 970 2 240 9595 Fax: + 970 2 240 9110 Email: Website: Core business activities are real estate development, financial and investment services, and corporate business development

National Insurance Company Al Wataniah Towers 34 Al Bireh Municipality Street PO Box 1819 Ramallah Tel: + 970 2 298 3800 Fax: + 970 2 240 7460 Email: Website: Insurance services

Dirar Al Tawil Building Al Nahda Street Al Bireh Area PO Box 3675 Ramallah Tel: + 970 2 240 7880 Fax: + 970 2 240 7887 Email: Website: Provision of all banking services

Palestine Investment Fund

Villa Silvana Al Masoun Street Ramallah Tel: + 970 2 297 4973 / 4972 / 4971 Fax: + 970 2 297 4976 Email: Website: Investment in economic growth and infrastructure development projects

Palestine Islamic Bank

Palestine Commercial Bank New Tannous Brothers Building Al Awda Street PO Box 1799 Ramallah

Abu Raad Building Al Najah National University Street PO Box 1769 Nablus Tel: + 970 9 238 6181 Fax: + 970 9 238 4354 Email: Website: Direct investment in various sectors with focus on real estate investment

Fouad Meshaal Building Al Masyoun Area Ramallah Tel: + 970 2 298 7603 / 7604 Fax: + 970 2 298 5894 Email: Website: Insurance

Arab Islamic Bank

Arab Palestinian Investment Company

Al Irsal St Ramallah Website: Deposits insurance scheme for all commercial and Islamic banks working in the Palestinian territories

Palestine Insurance Company

Al Masyoun Ramallah PO Box 1476 Tel: +970 2 297 8100 Fax: +970 2 298 2444 Website: Corporate and personal banking services

Nablus Street Al Bireh PO Box 2172 Tel: +970 2 240 5935 Email: Website: Islamic commercial banking activities, projects and business financing, consumer financing, investment in projects and companies

Palestine Deposit Insurance Corporation (PDIC)

Palestine Industrial Investment Company

Main St Bethlehem Hebron Tel: +970 2 274 0862 Fax: +970 2 274 0861 Email: Website: Bank account and loan services

Burj Al-Beera Building Al-Ma’aref Street Ramallah PO Box 740 Tel: +970 2 240 6447 Fax: +970 2 240 6443 Email: Website: Corporate finance, retail and private banking

Arab Bank

Tel: + 970 2 295 4144 Fax: + 970 297 295 3888 Email: Website: Personal, corporate and electronic banking

Al Quds St PO Box 2106 Ramallah Tel: +970 2 240 7154 Fax: +970 2 298 0558 Email: Website: Provision of banking services

Palestine Monetary Authority Nablus Street Al Bireh Ramallah

Arab British European Banking & Finance Guide


Palestine Listings PO Box 452 Tel: + 970 2 241 5251 Fax: +970 2 240 9922 Email: Website: Central bank providing transparent regulation and supervision of banks operating in Palestinian Territory

Palestine Mortgage and Housing Corporation PADICO House Building Nizar Kabbani Street Al Masyoun Ramallah Tel: + 970 2 297 9191 Fax: + 970 2 297 9192 Email: Website: General financial services

Palestine Securities Exchange Trust Building 3rd Floor Amman Street Nablus PO Box 128 Tel: + 970 9 239 0999 Fax: + 970 9 239 0998 Email: Website: Securities market

Quds Bank

Al Quds Street Al Masyoun Ramallah PO Box 2471 Tel: + 970 2 2979555 Fax: +970 2 2979955 Email: Website: General retail and corporate banking solutions

Sahem Trading and Investment Company 8 Khachaturian Street Al Masyoun Ramallah PO Box 2187 Tel: + 970 2 296 5710 Fax: + 970 2 296 5713 Email: Website: Securities brokerage services

Siraj Fund Management Company Al Kawthar Street Al Bireh PO Box 1218 Tel: + 970 2 240 9108 / 9595 Fax: + 972 2 240 9110 Email: Website: Management of investment funds

Target Jordan Palestine Securities Al Farah Building Rukab Square Ramallah Tel: + 970 2 298 7778 Fax: + 970 2 298 7779 Email: Website: Securities brokerage

The National Bank (TNB)

Al-Masyoun Ramallah PO Box 700 Tel: + 970 2 294 6090 Fax: + 970 2 294 6114 Email: Website: Corporate and retail banking, E-banking, loans, accounts and treasury services


Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Qatar Listings Ahli Bank

Suhaim Bin Hamad Street Al Sadd Area PO Box 2309 Doha Tel: + 974 4423 2556 Fax: + 974 4413 09922 Email: Website: Commercial banking and brokerage, treasury, services and retail banking services, corporate banking, credit cards and projects finance

Al Jazeera Finance

Qatar First Investment Bank Building, Ground Floor Suhaim Bin Hamad Street Al Saad Area PO Box 22310 Doha Tel: + 974 4405 0444 Fax: + 974 4405 0489 Email: Website: Investment banking, general financial services

Alijarah Holding

Alijarah Holding Building D Ring Road Al Hilal Area Doha Tel: + 974 4410 0400 Fax: + 974 4432 2243 Email: Website: General financial services

Al Khalij Commercial Bank

Al Jazi Towers Asia Street 60 West Bay Area PO Box 28000 Doha Tel: + 974 4494 0000 Fax: + 974 4494 0808 Email: Website: Commercial banking activities, investment banking; Islamic banking activities

MedGulf Takaful

Suite 503, Level 5 QFC Tower-2 West Bay Doha PO Box 31316 Tel: + 974 4403 9777 Fax: + 974 4403 9799 Email: Website: Personal and commercial insurance services; branch of Bahrain firm

Al Rayan Investment LLC

Masraf Al Rayan Building Grand Hamad Street PO Box 28888 Doha Tel: + 974 4423 5920 Fax: + 974 4425 5929 Email: Website: Investment banking, asset management, investment firms and funds

Alfardan Exchange and Finance Company Al Fardan Centre PO Box 9948339 Doha Tel: + 974 4440 8408 Fax: + 974 4420 8840 Email: Website: Money transfer facilities and exchange services

Al-Saad Exchange

Tel: + 974 4496 7365 Fax: + 974 4496 7373 Email: Website: Commercial, corporate, retail and private banking services

Al Sadd Street Doha Tel: + 974 4432 3334 Fax: + 974 4432 7774 Email: Website: General financial services

Barwa Bank

Barwa Bank Building Grand Hamad Street PO Box 27778 Doha Tel: + 974 4410 0888 Fax: + 974 4448 8889 Email: Website: Assets management and investment banking services

Al-Zaman Exchange

Souq Najada Building Souq Najada Area P O Box 23497 Doha Tel: + 974 4444 1448 Fax: + 974 4432 5110 Email: Website: General financial services

Beltone Financial Qatar


Amwal Tower Al Wahda Street West Bay Area PO Box 494 Doha Tel: + 974 4452 7777 Fax: + 974 4411 7426 Email: Website: Investment banking, asset management, investment firms and funds

Aon Qatar

Aon Qatar LLC 2nd Floor Al Jaidah Square 63 Airport Road PO Box 16456 Doha Tel: +974 44-083444 Fax: +974 44-213111 Email: Website: Insurance broker, wholesale and retail services

Arab Jordan Investment Bank Qatar Qatar Financial Tower Al Wehda Street West Bay Area PO Box 37563 Doha Tel: + 974 4496 7338 Fax: + 974 4496 7348 Email: Website: Banking, asset management and investment banking

Arabian Exchange Company Mercure Grand Hotel Complex Mushaireb Street Doha Tel: + 974 4443 8300 Fax: + 974 4441 9910 Email: Website: General financial services

Bank Audi - Qatar

QFC Tower, 18th Floor, Officer 1801 Diplomatic Area West Bay PO Box 23370 Doha

BLOM Bank Qatar LLC

West Bay Area Al Qassar Region 61, Al Wahda St NBK (Amwal) Tower Doha PO Box 27700 Tel: + 974 4499 2999 Fax: + 974 4499 2990 Email: Website: Corporate and private banking services

BMI Bank - Qatar

Al Wakra Tower, 1st Floor, Office 014 Old Salata Area PO Box 19828 Doha Tel: + 974 4407 4800 / 4888 Fax: + 974 4407 4848 Website: Corporate, wholesale and E-banking

Citibank – Qatar

Qatar Financial Center Tower 1 West Bay Area Doha Tel: +974 4412 8736 Fax: +974 4412 8736 Website: Investment banking and asset management

City Exchange Company

AXA Investment Managers Qatar Financial Centre Tower West Bay Diplomatic Area PO Box 22415 Doha Tel: +974 4496 7200 Fax: +974 4496 7205 Email: Website: Asset management

Regus Business Centre Al Fardan Tower, 8th Floor, Office 845 Al Funduq Street 61 PO Box 23959 Doha Tel: + 974 4410 1566 Fax: + 974 4410 1500 Email: Website: Investment banking

Ali Mali Financial Square Building C Ring Road Al Mumtaza Area Doha Tel: + 974 4476 9777 Fax: + 974 4437 7404 Email: Website: General financial services

Commercial Bank of Qatar

Commercial bank Plaza Al Markhiya Street 380 60 Al Dafna PO Box 3232 Doha Tel: + 974 4449 0000 Fax: + 974 4449 0070 Email: Website: Personal, business, government and international investment services

Arab British European Banking & Finance Guide


Qatar Listings Credit Suisse (Qatar)

Tornado Tower Building West Bay Area PO Box 24759 Doha Tel: + 974 4497 4000 Fax: + 974 4497 4001 Email: Website: Investment banking and asset management

Daman Health Insurance Qatar Palm Tower B West Bay Area Doha Tel: +974 4016 0333 Fax: +974 4016 0339 Email: Website: Health insurance packages

Deutsche Bank AG Doha

First Finance Company C Ring Road Al Salata Al Jadeeda PO Box 7258 Doha Tel: + 974 4455 9999 Fax: + 974 4455 9955 Email: Website: General financial services

First Leasing Company

Barwa Bank Building M Level, Grand Hamad Street PO Box: 55661 Doha Tel: + 974 4499 6222 Fax: + 974 4499 6228 Email: Website: General financial services and investment firms and funds

Qatar Financial Centre Tower 5th Floor West Bay Area PO Box 14928 Doha Tel: + 974 4496 7400 Fax: + 974 4496 7402 Website: Investment banking, asset manegement

Gulf Exchange Company

Dlala Brokerage and Investment Holding

Gulf Investment Group

Dlala Building Salwa Street Al Azizia Area PO Box 24571 Doha Tel: + 974 4444 0900 Fax: + 974 4444 0700 Email: Website: Investment and brokerage services

Doha Bank

Corniche Street West Bay PO Box 3818 Doha Tel: + 974 4441 6631 Email: Website: Commercial and private banking products and services

Doha Insurance Company

207 C Ring Street PO Box 7171 Doha Tel: + 974 4429 2777 Fax: + 974 4465 7777 Email: Website: Conventional and Islamic non-life insurance services

Eastern Exchange Establishment

Ali Bin Abdullah Street Grand Hamad Avenue PO Box 4847 Doha Tel: + 974 4438 3222 Fax: + 974 4438 3258 Email: Foreign exchange services

2nd Floor C Ring Rd Nuaija Area PO Box 4470 Doha Tel: + 974 4441 2500 Fax: + 974 4435 5972 Email: Website: Financial brokerage services

HSBC Bank Middle East Qatar City Centre PO Box 3842 Doha Tel: + 974 4442 2885 Fax: + 974 4483 2885 Website: Banking and asset management

Ibrahim Abbasi and Co. Al Kuwari Building Al Sadd Street Doha Tel: + 974 4436 2962 Fax: + 974 4436 2961 Email: Website: General financial services

Industrial and Commercial Bank of China

Zayeda Tower PO Box 454 Tel: + 974 4432 3354 Fax: + 974 4443 1314 Email: Website: General financial services

QFC Tower 1 West Bay Area Doha Tel: +974 4496 8076 Fax: +974 4496 8080 Email: Website: Banking and investment banking

Ernst and Young – Qatar

International Bank of Qatar

Al Gassar Tower Majlis Al Taawon Street West Bay Area Doha Tel: + 974 4457 4111 Fax: + 974 4441 4649 Email: Website: General financial services


IBQ Building Suhaim Bin Hamad Street Al Sadd Area PO Box 2001 Doha Tel: + 974 4447 8000 Fax: + 974 4413 1993 Email: Website: International banking services offering a full range of corporate and retail commercial banking services

Arab British European Banking & Finance Guide

Investment House

Tornado Tower, 35th Floor Corniche Street, Al Dafna Area West Bay PO Box 22633 Doha Tel: + 974 4420 0300 Fax: + 974 4483 4449 Email: Website: Investment banking, asset management, private equity and structured finance

Islamic Holding Group QSC

Mackeen Holding, 4th floor Grand Hamad Street PO Box 12402 Doha Tel: + 974 4449 8878 Fax: +974 4449 8854 Email: Website: Securities brokers and asset management

KPMG Qatar

Arab Bank Building 25 C Ring Road PO Box: 4473 Doha Tel: + 974 4457 6444 Fax: + 974 4436 7411 Email: Website: General financial services

Marsh Qatar LLC

The Gate Tower 2 West Bay Doha Tel: + 974 4407 7300 Fax: + 974 4407 7332 Email: Website: Insurance broker and risk management

Masraf Al Rayan

Grand Hamad Street PO Box 28888 Doha Tel: + 974 4425 3333 Fax: + 974 4425 3312 Email: Website: Banking services, asset management, investment banking, investment firms and funds, securities brokers and traders


Tatweer Tower West Bay PO Box 22761 Doha Tel: + 974 4491 4254 Fax: + 974 4491 4259 Email: Website: General life and non-life insurances

Qatar Central Bank

Abdullah Bin Jassim Street Al Corniche Area PO Box 1234 Doha Tel: + 974 4445 6456 Fax: + 974 4443 0490 Email: Website: Monetary indirect control and supervision of banking sector

Qatar Development Bank Qatar Development Bank Building Grand Hamad Street PO Box 22789 Doha Tel: + 974 4430 0000

Qatar Listings Fax: + 974 4431 6613 Email: Website: Lending and consulting for the industrial, agriculture, health, education, tourism, animal resources, and fishery sectors

Qatar Exchange

Al Dana Tower Hamad Grand Street PO Box 22114 Doha Tel: + 974 4433 3666 Fax: + 974 4431 9233 Email: Website: Investor trading services

Qatar Finance House Qatar Finance House Building C-Ring Road Nuaija Area PO Box 19376 Doha Tel: + 974 4499 6555 Fax: + 974 4499 6563 Email: Website: General financial services

Qatar Financial Centre

Qatar Financial Centre Tower, 20th Floor Al Corniche Area PO Box 23245 Doha Tel: + 974 4496 7777 Fax: + 974 4496 7676 Email: Website: Asset management, reinsurance and captive insurance

Qatar First Investment Bank Suhaim Bin Hamd Street Al Sad Area PO Box 28028 Doha Tel: + 974 4448 3333 Fax: + 974 4448 3560 Email: Website: Private equity investment

Qatar Foundation

Qatar Foundation Building Al Wajba Area PO Box 5825 Doha Tel: + 974 4454 0000 Fax: + 974 4454 1047 Email: Website: Investment firms and funds

Qatar General Insurance and Reinsurance (QGI) World Trade Centre Building, 2nd Floor Al Asmakh Street C Ring Road PO Box 4500 Doha Tel: + 974 4428 2222 Fax: + 974 4443 7302 Email: Website: Non-life insurance and insurance services

Qatar Holding

Qtel Tower, 8th Floor Corniche Street West Bay PO Box 23224 Doha Tel: + 974 4499 5900 Fax: + 974 4499 5938 Email: Website: Investment firm

Qatar Industrial Manufacturing Company Corniche Street Al Dhafra Area PO Box 16875 Doha Tel: + 974 4483 1199 Fax: + 974 4483 7878 Email: Website: Investment firms and funds services


Qatar Insurance Company

Qatar Insurance Building Al Taameen Street 60 West Bay Area Doha Tel: + 974 4496 2222 Fax: + 974 4483 1569 Email: Website: Insurance services, domestic, international, life, non-life, marine, aviation, motor, property

Qatar International Islamic Bank

Grand Hamad Street PO Box 664 Doha Tel: + 974 4484 0001 Fax: + 974 4444 4101 Email: Website: Islamic commercial banking activities, real estate and equity investment, Islamic credit and financing, Islamic insurance services

Qatar Investment Authority (QIA)

Ooredoo Tower Corniche Street PO Box 23224 Doha Tel: +974 4499 5919 Email: Website: Investment in in real estate, private equity and investment funds

Qatar Islamic Bank

Grand Hamad Avenue Corniche Street PO Box 559 Doha Tel: + 974 4440 9409 Fax: + 974 4441 2700 Email: Website: Commercial banking activities; Islamic banking; technical and engineering advisory and real estate management services

Qatar Islamic Insurance Company

C Ring Road Doha PO Box 22676 Tel: + 974 4465 8888 Fax: + 974 4455 0111 Email: Website: Takaful life, medical, fire, general, motor, personal accident insurance

Qatar National Bank

Al Corniche Street PO Box 100 Doha Tel: + 974 4440 7407 Fax: + 974 4441 3753 Email: Website: Commercial banking

Tornado Tower, 39th Floor West Bay Area PO Box 26222 Doha Tel: + 974 4405 6666 Fax: + 974 4444 8446 Email: Website: Private equity banking investments in oil and gas, power and technology, infrastructure, telecommunication and transport facilities

QNB Al Islami

Qatar National Bank Building C-ring Road PO Box 1000 Doha Tel: + 974 4440 7788 Fax: + 974 4440 7789 Direct investment in financial services sector facilities

QNB Capital

Qatar Financial Centre Tower, 10th floor, Office 1001 Diplomatic Area West Bay PO Box 1000 Doha Tel: + 974 4497 5111 Fax: + 974 4497 5101 Email: Website: Investment banking

Samba Financial Group - Qatar

Tornado Tower, 25th Floor Al Funduq Street West Bay Area PO Box 24094 Doha Tel: + 974 4483 7172 Fax: + 974 4483 7176 Email: Investment banking, asset management, banking

SEIB Insurance and Reinsurance Company Jabor Bin YousefBin Jassem Al Thani Building Airport Road Doha PO Box 10973 Tel: + 974 4402 6888 Fax: + 974 4408 6800 Email: Website: Corporate, marine, energy, engineering insurance services

SKCA Morison Chartered Accountants Al Emadi Business Centre C Ring Road Al Hilal West Area PO Box 32312 Doha Tel: +974 4467 0299 Fax: +974 4467 3630 Email: Website: General financial services

State Bank of India

Qatar Oman Investment Company Building 1 C Ring Road Al Emadi Financial Square Area PO Box 37048 Doha Tel: + 974 4491 4889

Fax: + 974 4491 4887 Email: Website: Joint Qatar-Oman investment firm

Al Fardan Towers West Bay Area Tel: +974 4491 7929 Fax: +974 4491 7936 Website: Banking and financial services

Tatweer Infrastructure Company Al Reem Tower West Bay Area PO Box 23684

Arab British European Banking & Finance Guide


Qatar Listings Doha Tel: + 974 4410 9999 Fax: + 974 4410 9998 Email: General financial services, investment firms and funds

The First Investor

Barwa Bank Building, 5th Floor Grand Hamad Street Al Muntazah Area PO Box 16034 Doha Tel: + 974 4459 6111 Fax: + 974 4459 6110 Email: Website: Investment banking and asset management


Commercial Bank Plaza West Bay Doha Tel: +974 4452 8362 Fax: +974 4452 8364 Website: Financial services to private, corporate and institutional clients

United Bank Limited – Qatar (UBL) Sheikh Jassim Bin Jaber Al Thani Building Abdullah Bin Jassim Street PO Box 242 Doha Tel: +974 4425 4444 Email: Website: Corporate, SME and general financial services


Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Saudi Arabia Listings ABANA Entreprises Group Company

Makkah Road cor Al-Rida’a Street Um’al Amam District Riyadh 11481 Tel: +966 92 000 6360 Fax: +966 92 000 6460 Website: Distribution of banking automation equipment including automated tellers

ACE Arabia Cooperative Insurance Southern Tower, 8th Floor King Faisal Bin Abdulaziz Street Khobar Business Gate Al-Khobar 31952 Tel: +966 3 849 3633 Fax: +966 3 849 3660 Email: Website: Cooperative general insurance services

AJIL Financial Services Company 10th Floor, Jeddah 101 Building Sari Street Al Khalidya Jeddah 21414 Tel: +966 12 275 8996 Fax: +966 12 691 2923 Email: Website: General financial services

Al-Awwal Financial Services Bin Homran Centre, 2nd Floor Al-Tahlia Street Jeddah 21443 Tel: +966 2 284 2150 Fax: +966 2 284 0335 Email: Website: Financial services

Al-Bilad Capital

King Fahad Road PO Box 140 Riyadh 11411 Tel: +966 1 203 9888 Fax: +966 1 203 9899 Email: Website: Investment banking, asset management and securities brokers

Aldukheil Financial Group, JSC PO Box 2462 Riyadh 11451 Tel: +966 1 292 7788 Fax: +966 1 478 7569 Email: Website: Investment banking services

Alinma Bank

Al-Anoud Tower King Fahad Road Riyadh 11586 Tel: +966 1 218 5555 Fax: +966 1 218 5000 Email: Website: Retail and corporate banking services

Aljazira Capital

King Fahad Road PO Box 20438 Riyadh 11455 Tel: +966 11 225 6000 Fax: +966 2 669 7761 Email: Website: Investment banking, asset management and securities brokers

Al-Khabeer Capital PO Box 128289 Jeddah 21362 Tel: +966 12 658 8888

Fax: +966 12 658 6663 Email: Website: Investment banking, asset management

Alkhair Capital Saudi Arabia

Sky Towers North Tower King Fahad Road Olaya Area Riyadh 11547 Tel: +966 1 215 5678 Fax: + 966 1 219 1270 Email: Website: Investment banking, asset management and securities brokers

Allianz Saudi Fransi

PO Box 3540, Riyadh 11481 Tel: +966 1 874 9700 Fax: +966 1 874 799 Website: Insurance services and products to corporate and individual customers

Al-Rajhi Bank

Aakaria 3 Building, 7th Floor Olaya Street Riyadh 11411 Tel: +966 1 460 3333/3344 Fax: +966 1 460 3351 Email: Website: Sharia compliant banking solutions, current and saving accounts, credit cards and financing, investment services and products, asset management, investment banking

Al-Rajhi Capital

King Fahad Road Olaya Riyadh 11432 Tel: +966 1 460 0423 Fax: +966 1 460 0625 Email: Website: Investment banking, asset management, securities brokers and traders

Al Sagr Cooperative Insurance Company King Khaled Street, ATCO Building 1st Floor PO Box 3501 Al Khobar 31952 Tel: +966 3 830 2294 Fax: +966 3 830 2296 Email: Website: Cooperative insurance

American Express - Saudi Arabia

PO Box 6624 Riyadh 11452 Tel: +966 11 1292 6600 Fax: +966 11 474 9008 Email: Website: Operation of the American Express card and merchant business in Saudi Arabia

Amwal AlKhaleej

Arcade Centre King Fahad Road PO Box 59115 Riyadh 11525 Tel: +966 12 16 4666 Fax: +966 12 16 4777 Email: Website: Commercial investment and private equity

Amwal Financial Consultants Office 408 Alumam Building Salah Al-Deen Street PO Box 27026 Riyadh 11417

Tel: +966 1 291 1000 Fax: +966 1 292 1110 Email: Website: Investment banking


Dammam Coastal Road Al Rakkah PO Box 9599 Dammam 31423 Tel: +966 138 47 0444 Fax: +966 13 847 0011 / 0022 Email: Website: Strategic equity investments, project loans, trade finance, advisory and research

Arabia Insurance Cooperative Company (AICC) PO Box 286555 Riyadh 11323 Tel: +966 11 215 3360 Fax: +966 11 215 3197 Email: Website: Insurance products

Arabian Shield

No.15 Cercon Building, 3rd Floor Olaya Main Road PO Box 61352 Riyadh 11565 Tel: +966 1 250 5400 Fax: +966 1 463 1294 Email: Website: Insurance products and services: property, motor, marine, engineering, liability and accident

Arab National Bank

King Faysal Street Al Mouraba Area PO Box 56921 Riyadh 11564 Tel: +966 11 402 9000 Fax: +966 11 402 7747 Email: Website: Commercial and Islamic products and services, consultancy and investment

Arab National Investment Company

Bayt 7 Building, 7th floor, King Faisal Street Murabbaa Area, PO Box 220009 Riyadh 11311 Tel: +966 11 4062500 Fax: +966 11 4062548 Email: Website: Investment banking, asset management, securities brokers and traders

Audi Capital

Centria Building, 3rd Floor Olaya Road PO Box 250744 Riyadh 11391 Tel: +966 12 19 9300 Fax: +966 14 62 7942 Email: Website: Investment banking, asset management, securities brokers and traders

Bank Al Bilad

Steen Street Al Malaz Riyadh 11411 Tel: +966 11 291 8884 Fax: +966 11 79 8909 Website: Consumer, corporate and investment banking

Arab British European Banking & Finance Guide


Saudi Arabia Listings Bank AlJazira

King Abdulaziz Road PO Box 6277 Jeddah 21442 Tel: +966 12 609 8888 Fax: +966 12 609 8881 Email: Website: Corporate, personal, investment, private banking and treasury services

Banque Saudi Fransi

Darfin Capital

Kingdom Tower, 25th Floor King Fahd Road PO Box 56973 Riyadh 11564 Tel: +966 1 211 0777 Fax: +966 1 211 0888 Email: Website: Mergers & acquisitions, project finance, fund raising, privatisation; transaction support services

Maather Street PO Box 56006 Riyadh 11554 Tel: +966 11 289 9999 Fax: +966 11 505 2311 Email: Website: Commercial banking services including corporate, retail, private banking and investment services including investment in funds, Islamic banking, financial brokerage services

Derayah Financial

Barclays Saudi Arabia

Deutsche Bank – Riyadh

Al-Faisaliah Tower Level 18 Riyadh 11311 Tel: +966 11 880 6500 Fax: +966 11 880 6501 Website: Investment banking, asset management and securities brokers and traders


Olayah Centre, 2nd Floor Olayah Street PO Box 286546 Riyadh 11323 Tel: +966 9 2002 4433 Fax: +966 1 299 8071 Email: Website: Investment banking, asset management and securities brokers

Faisaliah Tower, 17th Floor King Fahad Road Al Olaya District Riyadh 11372 Tel: +966 11 273 9700 Fax: +966 11 273 9711 Email: Website: Investment banking, asset management and securities brokers

Al Oula Building, 3rd Floor King Fahd Road Riyadh 11482 Tel: +966 11 494 9555 Fax: +966 11 494 9551 Email: Website: Investment banking, asset management and securities brokers

Ebanah Financial Company

BMG Financial Group

Emirates NBD

PO Box 105557 Riyadh 11656 Tel: +966 1 275 6422 Fax: +966 1 275 8361 Email: Website: Investment banking and financial services

Al Mukmal Plaza Building, 5th Floor Palestine Street Al-Hamra, Jeddah 21573 Tel: +966 2 668 1777 Fax: +966 2 668 1888 Email: Website: Investment banking, asset management

King Fahad Road PO Box 8166 Riyadh 11482 Telephone: +966 11 282 5555 Fax: +966 11 201 2921 Email: Website: Personal and wholesale banking, treasury

BNP Paribas – Saudi Arabia

FALCOM Financial Services

King Fahd Road – Faisaliah Tower PO Box 56300 Riyadh 11554 Tel: +966 11 273 9116 Fax: +966 11 273 9193 Email: Website: Commercial banking, financial and corporate finance advisory and custody

Olaya Street PO Box 884 Riyadh 11421 Tel: +966 11 211 4727 Fax: +966 11 461 5216 Email: Website: Investment banking, asset management and securities

BNP Paribas Investment Company KSA

Al-Surooh Business Centre, 1st Floor Hail Street Jeddah 21446 Tel: +966 2 657 3030 Fax: +966 2 657 3366 Email: Website: Brokerage services

King Fahd Road – Kingdom Tower, PO Box 18771 Riyadh 11425 Tel: +966 11 273 9134 Fax: +966 11 273 9191 Email: Website: Investment banking; financing, advisory and capital markets services

Credit Suisse

King Fahad Road Hay El-Muhamadiah PO Box 5000 Riyadh 12361 Tel: +966 14 362 0000 Fax: +966 14 362 0001 Website: Investment banking, asset management and securities brokers

Financial Transaction House

Gulf Advisors Financial Consulting Company

PO Box 15082 Jeddah 21444 Tel: +966 12 699 6611 / 694 5307 Fax: +966 12 694 6563 Email: Website: Investment banking; private equity, financial, advisory and investment services

Gulf International Bank Capital

Abraj Atta’awuneya King Fahad Road, PO Box 89589 Riyadh 11673 Tel: +966 11 218 0888 Website: Corporate advisory, asset management, structured and project finance and GCC capital markets activities

Gulf Union Cooperative Insurance Co PO Box 5719 Dammam 31432 Tel: +966 3 833 3544 Fax: +966 3 833 4556 Email: Website: Commercial and individual insurance products

Halal Investments

PO Box 234 Riyadh 11383 Tel: +966 5 0749 0590 Email: Website: Investment products, wealth management, retail banking, Takaful insurance products and Islamic finance courses

Haykalah Financial Advisors

Beautat Business Park Office No.6, PO Box 122169 Al Hamra District, Jeddah 21332 Tel: +966 2 692 8910 Fax: +966 2 692 9434 Email: Website: Investment banking including corporate finance and advisory and private equity


3rd floor, Hoshan Complex Al-Ahsa Street, PO Box 385 Al Rabwa, Riyadh Tel: +966 1 476 6800 Fax: +966 1 477 5977 Email: Website: Financial services, real estate investment

House of National Consulting Company Al-Nimir Centre, Western Tower 5th Floor, Office 511 PO Box 63311 Olaya, Riyadh 11516 Tel: +966 1 463 1481 Fax: +966 1 462 3293 Email: Website: Investment banking

HSBC Saudi Arabia Limited

Olaya Road Al-Murooj Area PO Box 9084 Riyadh 11413 Tel: +966 11 299 2313/2314 Fax: +966 11 299 2385 Email: Website: Asset management and investment banking

Islamic Corporation for the Insurance of Investment and Export Credit

ICIEC Building 3 King Khaled Street, PO Box 15722 Jeddah 21454 Tel: +966 2 644 5666 Fax: +966 2 637 9504 Email: Website: Shariah compatible credit and county risk insurance and reinsurance instruments, investment insurance and export credit

Islamic Corporation for the Development and Private Sector (ICD) Islamic Development Bank Complex King Khaled Street


Arab British European Banking & Finance Guide

Saudi Arabia Listings PO Box 54069 Jeddah 21514 Tel: +966 12 644 1644 Fax: +966 12 644 4427 Email: Website: Direct investment, advisory and asset management services; member of Islamic Development Bank Group

Islamic Development Bank IDB Building Qasr Khuzam Street PO Box 5925 Jeddah 21432 Tel: +966 2 636 1400 Fax: +966 2 636 6871 Email: Website: Equity capital, project and enterprise lending, financial assistance for economic and social development, foreign trade development and technical assistance to member countries

Ithraa Capital Tatweer Building 1 King Fahad Street Mohamadiya Area PO Box 64230 Riyadh 11536 Tel: +966 1 419 6207 Fax: +966 1 419 6208 Email: Website: Islamic investment banking

Itqan Capital Al Shatie Centre Al Malik Road Jeddah 21482 Tel: +966 12 234 7000 Ext 203 Fax: +966 12 234 7222 Email: Website: Asset management and investment banking

Jadwa Investment PO Box 60677 Riyadh 11555 Tel: +966 11 279 1111 Fax: +966 11 279 1571 Email: Website: Investment banking, asset management and securities brokers

JPMorgan – Saudi Arabia Al Faisaliah Tower King Fahad Road Riyadh 11553 Tel: +966 11 299 3800 Fax: +966 11 299 3830 Website: Investment banking and general financial services

KPMG Al-Fozan and Al-Sadhan

Maceen Capital Olaya Road PO Box 250040 Riyadh 11391 Tel: +966 11 465 4565 Fax: +966 11 465 1599 Email: Website: Investment banking and asset management

Malath Instalments PO Box 62061, Riyadh 11585 Mobile: +44 7508208506 Email: Website: Mr Mazen Al-Zamel Partner & Board Member Small loans for business projects

Bahrain Tower King Fahad Highway PO Box 65543 Olaya, Riyadh 11566 Tel: +966 1 299 8800 Fax: +966 1 299 8899 Email: Website: Retail and commercial banking services

National Bank of Kuwait – Saudi Arabia (NBK)

Malath Insurance Prince Mohammed bin Abdulaziz Road Riyadh Tel: +966 1 416 4545 Email: Website: Insurance and reinsurance products

MedGulf King Abd al-Aziz Street Haneen Centre, 5th floor Tel: +966 3 889 4220 Fax: +966 3 889 4211 Email: Website: Insurance and reinsurance products

Al Khalidiah District - Al Mukmal Tower PO Box 15385 Jeddah 21444 Tel: +966 2 603 6300 Fax: +966 2 603 6318 Website: Commercial banking services: trade, contractor, corporate, retail and treasury

National Bank of Pakistan – Saudi Arabia Al-Guthmi Building No 857 PO Box 63020 Riyadh 11516 Tel: +966 1 462 0750 Fax: +966 1 217 8869 Email: Website: Debt equity market, corporate investment banking, retail and consumer banking, agricultural financing, treasury services

NCB Capital

Merrill Lynch – Saudi Arabia Kingdom Tower 20th Floor Olaya Street Riyadh Tel: +966 1 299 3750 Fax: +966 1 211 3237 Email: Website: Investment, asset management and other financial and risk management

Middle East Financial Investment Company (MEFIC Capital) Al-Mada Building, 1st Floor King Fahad Road PO Box 7758 Riyadh 12333 Tel: +966 11 218 6666 Fax: +966 11 218 6668 Email: Website: Investment banking, asset management and securities brokers

Mohammed Alsubeaei & Sons Investment Company

KPMG Tower Building Salaheddine Al-Ayoubi Street Al-Malaz, Riyadh 11663 Tel: +966 11 874 8500 Fax: +966 11 874 8600 Email: Website: General financial services

Alsubeaei Building, Makkah Road, PO Box 301 166 Riyadh 11372 Tel: +966 1 488 3388 Fax: +966 1 488 6262 Email: Website: Islamic private equity investment

KSB Capital Group

King Fahad Street Riyadh 11546 Tel: +966 11 279 9525 Fax: +966 11 279 9515 Email: Website: Investment banking, asset management and securities brokers

Olaya Street, PO Box 395737 Al Morouj, Riyadh 11375 Tel: +966 11 207 9979 Fax: +966 11 207 9963 Email: Website: Investment banking and asset management

National Bank of Bahrain – Saudi Arabia (NBB)

Muscat Capital LLC

Tower B Al Mather Street PO Box 22216 Riyadh 11495 Tel: +966 11 210 2122 Fax: +966 11 406 0049 Email: Website: Islamic and conventional services

Nomura – Saudi Arabia

7th Floor, North Tower King Faisal Foundation Building PO Box 301060 Tel: +966 12 271 3300 Fax: +966 12 271 3383 Website: Brokerage, banking and other financial services, subsidiaries; financing and related services

Olayan Financing Company Al Ahssa Street PO Box 8772 Riyadh 11492 Tel: +966 1 474 9000 Fax: +966 1 474 9108 Website: Investment banking

PWC – Saudi Arabia

King Faisal Foundation Building 10th Floor - North Tower King Fahad Road, Olaya Riyadh 11482 Tel: +966 11 465 4240 Fax: +966 11 465 1663 Email: Website: General financial services

Qinvest Saudi Arabia

Kingdom Tower King Fahd Road Olaya, Riyadh 11391 Tel: +966 11 486 8401 Fax: +966 11 486 8550 Email: Website: Investment banking and asset management

Arab British European Banking & Finance Guide


Saudi Arabia Listings Rana Investment Company 1st and 2nd Floor Al Hamad Building Olaya Street PO Box 60148 Riyadh 11545 Tel: +966 1 263 0080 Fax: +966 1 263 0902 Email: Website: Investment banking services

Riyad Bank

Samba Capital

Kingdom Centre Building, 16th Floor Orouba Street PO Box 220007 Olaya, Riyadh 113111 Tel: +966 1 4797 479 Fax: +966 1 211 7438 Email: Website: Asset management, brokerage, corporate finance and investment services

Samba Financial Group

King Abdulaziz Street, PO Box 22622 Al Murabaa, Riyadh 11416 Tel: +966 1 401 3030 Fax: +966 1 404 2707 Email: Website: Full commercial, corporate and Islamic banking products and services, private banking and mutual funds

PO Box 25895 Riyadh 11476 Tel: +966 1 479 7499 Fax: +966 1 217 7979 Email: Website: Conventional and Islamic commercial banking services

Riyad Capital

3rd floor, Dareen Center Ehssa Street, PO Box 27477 Riyadh 11417 Tel: +966 1 292 7111 Fax: +966 1 292 7888 Website: Corporate and individual products

PO Box 21116 Riyadh 11475 Tel: +966 92 0012 2299 Fax: +966 1 404 2707 Email: Website: Investment banking, asset management and securities brokers

Saad Group

Salahuddine Al-Ayyoubi Street Golden Belt Area PO Box 3250 Al Khobar 31952 Tel: +966 13 882 2220 Fax: +966 13 882 7989 Email: Website: Investment banking, vocational trade education, basic materials and industrial products


Prince Abdulaziz Bin Mosaad Bin Jalawi Street PO Box 9084 Al Murrabaa, Riyadh 11413 Tel: +966 1 405 0677 Fax: +966 1 405 0660 Email: Website: Commercial, corporate, private, Islamic banking services, treasury brokerage services and asset management

SABB Takaful

Prince Abdulaziz Bin Musaed Street PO Box 9086 Riyadh 11413 Tel: +966 1 276 4662 Fax: +966 1 276 4463 Email: Website: Comprehensive range of Shariah compliant services for personal and corporate clients


Platinum Center, Salahuddin Street, PO Box - 58073 Riyadh 11594 Tel: +966 11 874 9666 Fax: +966 11 475 1197 Email: Website: Insurance for vehicles, medical, sea shipment, fire, engineering, aviation, power, group life insurance and accidents

Salama Cooperative Insurance Company Bin Homran Center Prince Mohamad Bin Abdul Aziz Street Office 210 Tel: +966 2 664 7877 Fax: +966 2 664 7387 Email: Website: Compliant insurance solutions (Takaful)



Saudi Agricultural Bank

Al Mather Street Al Olaya Riyadh 11126 Tel: +966 11 211 8888 Fax: +966 11 219 5555 Email: Website: Banking services for agricultural sector

Al Maather Street, PO Box 3533 Riyadh 11481 Tel: +966 11 478 6000 Fax: +966 11 477 6781 Email: Website: Commercial, personal and corporate banking services, treasury, investment and Islamic banking

Saudi Kuwaiti Finance House

Bahrain Tower, 3rd Floor, King Fahad Road Riyadh 11523 Tel: +966 92 000 9019 Fax: +966 11 201 9819 Email: Website: Investment banking and asset management

SaudiMed Investment Company

Futuro Tower, Suite 1104 Al-Ma’ather Road PO Box 63851 Riyadh 11526 Tel: +966 92 000 0371 Fax: +966 92 000 0372 Email: Website: Asset management, corporate and structured finance

Saudi ORIX Leasing Company 343, Al-Maather Street Riyadh 11416 PO Box 22890 Tel: +966 1 299 7777 Email: Website: General financial services

SEDCO Capital

Al-Maather Street PO Box 2992 Al-Maather, Riyadh 11169 Tel: +966 1 463 3000 Fax: +966 1 466 2966 / 2936 Email: Website: Central Bank and stock exchange supervisory institution

Red Sea Mall, South Tower 2nd floor King Abdulaziz Road Al-Morjan District PO Box 4384 Jeddah 21491 Tel: +966 12 215 1500 Fax: +966 12 215 1500 Email: Website: Investment banking and asset management

Saudi Hollandi Bank

Sidra Capital

Saudi Arabian Monetary Agency (SAMA)

Al Dhabab Street PO Box 1467 Riyadh 11431 Tel: +966 1 401 0288 Fax: +966 1 403 1104 Email: Website: Commercial banking, products and services including deposits, loans, bonds and credit cards

Saudi Home Loans (SHL)

Al Akil Building King Abdulaziz Street Al-Malaz, Riyadh 11417 Tel: +966 1 874 7900 Fax: +966 1 206 4730 Email: Website: General financial services

Saudi Indian Company for Cooperative Insurance (WAFA)

Northern Ring Highway Masyaf Area Riyadh 11333 Tel: +966 11 216 3400 Fax: +966 11 216 3411 Email: Website: General insurance, health insurance and protection & savings products

Saudi Investment Bank

Arab British European Banking & Finance Guide

Le Chateau Building, 2nd floor Tahlia Street PO Box 118528 Jeddah 21312 Tel: +966 2 261 1101 Fax: +966 2 261 1102 Email: Website: Investment banking and asset management

Standard Chartered - Saudi Arabia

7th Floor, Al Faisaliah Tower King Fahad Highway Riyadh Tel: +966 1 288 8540 Fax: +966 1 273 9022 Website: Personal, business, private, Islamic and online banking

State Bank India

Barkat Ali Al-Andalus Plaza Sitteen Street PO Box 55707 Jeddah 21544 Tel: +966 12 671 7462 Fax: +966 12 617 5307 Email: Website: Personal and corporate banking

Societe Generale Saudi Arabia Abraj Atta’awuneya North Tower, 8th Floor

Saudi Arabia Listings PO Box 53828 Riyadh 11593 Tel: +966 1 218 0222 Fax: +966 1 218 0223 Website: Investment banking and securities brokers


Kingdom Tower, 49th Floor King Fahad Road PO Box 2076 Riyadh 11451 Tel: +966 11 211 0737 Fax: +966 11 211 0733 Email: Website: Investment banking and asset management


Fax: +966 1 494 4205 Website: Investment banking and asset management

Zahran Holding Al Ourouba Street PO Box 7653 Riyadh 11472 Tel: +966 11 460 6444 Fax: +966 11 460 7871 Email: Website: Holding company with investment arm

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Abraj Atta’wuneya 700 King Fahad Road PO Box 86959 Olaya, Riyadh 11632 Tel: +966 1 218 0100 Fax: +966 1 218 0100 Email: Website: Individual and corporate insurance products

TC Ziraat Bankasi

1, Al Rawdah Street Al-Rawdah, Jeddah 21524 Tel: +966 2 665 5433 Fax: +966 2 664 3516 Email: Website: Retail and commercial banking

The Investor for Securities Company

Al-Jumaiah Towers, 2nd Floor King Fahad Road PO Box 67838 Riyadh 11517 Tel: +966 11 210 2249 Fax: +966 11 210 2254 Email: Website: Investment banking, asset management and securities brokers

Trade Union Cooperative Insurance & Reinsurance Company Al-Bawani Building Sitteen Street/Jarir Street PO Box 25975 Al-Malaz 31925 Tel: +966 92 000 6262 Email: Website: Insurance and reinsurance products

UBS Saudi Arabia

King Fahad Road 9th Floor, Tower 4 Tatweer Towers Al Muhamadiyah 11588 Tel: +966 11 203 8050 Website: Investment banking and asset management

Vision Capital Group

Al Amer Mohammed Bin Abdulaziz Street PO Box 118366 Al-Tahlia Jeddah 21312 Tel: +966 2 263 1881 Fax: +966 2 263 1880 Email: Website: Investment banking

Wasatah Capital Olaya Main Street PO Box 50315 Riyadh 11523 Tel: +966 1 494 4067

Arab British European Banking & Finance Guide


Somalia Listings Amal Bank

Premier Bank

Garowe Puntland State of Somalia Tel: +252907790431 Email:

KM4 Hodan Mogadishu Tel: +252615994664 Email: Website:

Amal Money Transfer

Salaam Somali Bank

Bakara Market Mogadishu Tel: +25290843100 Email: Website:

Amana Online Money Transfer Bakara Market Mogadishu Tel: 25261114440 Email: Website:

Central Bank of Somalia (CBS) PO Box 11 55 Corso Mogadishu Tel: +2521866131/ 2521866151 Fax: +2521241152 Email: Website:

Dahabshiil Bank International KM4. Hodan Mogadishu Tel: +252615666676 Email: Website:

Sakhawadin Road Mogadishu Tel: +2521 654345 Fax: +2521 653085 Email: Website:

Taaj Money Transfer Hamar Jadid Mogadishu Tel: +2521818888 Email: Website:

Tawakal Money Transfer Bakara Market Mogadishu Tel: +252615546198 Email: Website:

Trust African Bank (TAB) KM4. Hodan Mogadishu Tel: +252616799331 Email: Website:

Hodan Global Money Transfer Hamarjadid Mogadishu Tel: +2521652272 Email: Website:

International Bank of Somalia Hamarweyne Mogadishu PO Box 777 Tel: +2521865999 Fax: +2525922111 Email: Website:

Jubba Money Transfer Bakara Market Mogadishu Tel: +2521657540 Email: Website:

Kaah Express Money Transfer Bakara Market Mogadishu Tel: +252615277450 Email: Website:

Mustaqbal Money Transfer Bakara Market Mogadishu Tel: +2521652334 Email:


Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Sudan Listings Agricultural Bank of Sudan

Bank of Khartoum

Farmers Commercial Bank

Al-Joumhouriah Rd Khartoum Area PO Box 1263 Khartoum 11111 Tel: +249 183 777432 Fax: +249 183 778296 Promotion and development of agricultural projects

Bank of Khartoum Building Al Gamhouria Avenue PO Box 1008 Khartoum Tel: +249 156 660000 Fax: +249 156 798382 Email: Website: Corporate and retail banking, asset management, treasury and investment

Al Qasr Street PO Box 11984 Khartoum Tel: + 249 183 771468 / 774960 / 774194 Fax: + 249 183 779907 Info: Website: Full commercial banking services with special focus on agricultural sector

Al Baraka Bank Sudan Al Baraka Tower Qasr Avenue PO Box 3583 Khartoum Tel: +249 183 784229 Fax: +249 183 778948 Email: Website: Commercial banking and investment in accordance with Islamic principles

Financial Investment Bank

Blue Nile Mashreg Bank

Al Manar Tower Al Sayed Abdulrahman Street PO Box 12046 Khartoum Tel: + 249 183 730300 Fax: + 249 183 778161 / 730304 Email: Website: Banking, asset management, investment banking and securities brokers

Al Nagoumi Street PO Box 984 Khartoum Tel: +249 183 774221 Fax: +249 183 782562 Website: Commercial banking

Al Salam Bank Sudan

Byblos Bank Africa

Al Jumhouria Street PO Box 139 Khartoum Tel: +249 183 747000 Fax: +249 183 747007 / 747006 / 747008 Website: Sharia compliant commercial and private banking services

Byblos Tower Intersection of Mec Nimir and Baladiyya Streetsa PO Box 8121 Khartoum Tel: +249 156 552222 Fax: +249 156 552220 Commercial banking, private banking and correspondent banking activities

Al Shamal Islamic Bank Al Sayed Abdel Rahman Street PO Box 10036 Khartoum 11111 Tel: +249 183 779078 / 782925 / 779474 Fax: +249 183 772661 / 782586 / 773585 Website: Sharia compliant commercial banking and trade finance

Animal Resources Bank PO Box 1499 Khartoum Tel: +249 183 472024 / 471532 / 472025 Fax: 00 249 183 471537 / 471533 / 472513 Commercial banking activities

Arab Authority for Agricultural Investment and Development AAAID Building Othman Digna Street Khartoum Tel: +249 183 780777 Fax: +249 183 772600 Email: Website: Investment services for agriculture sector

Arab Bank for Economic Development in Africa Badea Building Saed Abdurrahman Street PO Box 2640 Khartoum 11111 Tel: +249 183 773646 / 773709 Fax: +249 183 770498/ 770600 Website: Finance for development projects

Central Bank of Sudan Al Baladiyya Street Al Moghren Area PO Box 313 Khartoum Tel: +249 183 774419 / 778064 / 783425 Fax: +249 183 780273 / 778547 Email: Website: Central banks and monetary authorities

El Gharb Islamic Bank PO Box 3575 Khartoum Tel: + 249 183 7771830 / 779583 Fax: + 249 183 773031 Sharia compliant banking services

PO Box 550 Khartoum Tel: + 249 183 441836 / 43596 Fax: + 249 183 44923 Investment banking services

Global Investment House El Safwa Tower Amarad Street 29 Khartoum Tel: + 249 1 5577 0570 / 0572 Fax: + 249 1 8374 7260 Email: Investment banking, asset management and securities brokers

Islamic Development Company Ltd PO Box 2718 Khartoum Tel: + 249 183 774232 Fax: + 249 183 772924 Email: Website: Investment in various sectors

Islamic Insurance Company Limited

Export Development Bank - Sudan Saleh El Obeid Building, 7th floor Gamhouria Street PO Box 3575 Khartoum 11111 Tel: + 249 183 782817 / 777110 Fax: + 249 183 773952 / 764312 Email: Website: Real estate finance, microfinance and car finance

Faisal Islamic Bank of Sudan Al Faihaa Commercial Centre, 7th Floor Ali Abdullatif Street PO Box 10143 Khartoum Tel: + 249 183 741326 / 775087 Fax: + 249 183 780193 / 771714 / 781848 Website: Islamic banking services

Gadarif Investment Bank

Ali Abdel Latif Street West Khartoum Tel: + 249 183 771751 Fax: + 249 183 778959 Email: Website: Insurance services

Ivory Bank PO Box 11149 Khartoum Tel: + 249 183 784517 Fax: + 249 183 782630 Full commercial banking

Khartoum Stock Exchange Al Baraka Building Zabeer Basha Street Khartoum Tel: + 249 183 782450 Fax: + 249 183 782225 Email: Website: Securities market

Arab British European Banking & Finance Guide


Sudan Listings National Bank of Sudan Kasr Avenue Khartoum Tel: + 249 183 778153 Fax: + 249 183 779497 Email: Website: Islamic bank of Audi Saradar Group

Omdurman National Bank Al Qasr Street PO Box 11522 Khartoum Tel: + 249 183 770400 / 777158 Fax: + 249 183 778263 / 777158 / 770392 Website: Electronic, corporate and retail banking

Saudi Sudanese Bank Al Baladia Street PO Box 1773 Khartoum Tel: + 249 183 776700/770302 Fax: + 249 183 781836 Web: Full commercial banking activities

Savanna Insurance Company Limited Street 25 Al Amarat Area Khartoum Tel: + 249 183 471259 Fax: + 249 183 471192 Email: Website: Insurance services

Shiekan Insurance and Reinsurance Company Limited Elgame Elkaber Street El Souk El Arabi Area Khartoum Tel: + 249 183 784469 Fax: + 249 183 777276 Email: Website: Insurance services

Fax: + 249 183 771740 Web: Commercial, investment, retail and merchant banking

Tadamon Islamic Bank of Sudan Baladia Avenue PO Box 3154 Khartoum Tel: + 249 183 771505 / 407 / 845 Fax: + 249 183 785834 Email: Islamic commercial banking services

The Middle East Insurance Company (Sudan) First Tower Nile Street Kuwait Sudanese Centre Khartoum Tel: + 249 183 779544 Fax: + 249 183 779266 Email: Website: Insurance services

United Capital Bank Building Number 411 Maamoun Beheiry Street PO Box 8210 Khartoum 11111 Tel: + 249 183 247700 Fax: + 249 183 235000 Website: Banking, asset management and investment banking

Workers National Bank PO Box 2589 Khartoum Tel: + 249 183 783215 Fax: + 249 183 776347 Banking services for agricultural sector

Sudanese Egyptian Bank Al Salam Rotana Hotel Building, 1st Floor Africa Street PO Box 154 Khartoum Tel: + 249 183 250000 Fax: + 249 183 529952 Email: Investment banking

Sudan Financial Services Company Khartoum Tel: + 249 183 747132 Fax: + 249 183 784937 Email: Website: Investment banking

Sudanese French Bank Al Qasr Street PO Box 2775 Khartoum Tel: + 249 183 771730


Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Syria Listings Al-Aqeelah Takaful Insurance Company

Bank Al-Sharq SAS

Byblos Bank Syria

Sabbah Building Rushdi Al Shamaa Street Nejmeh Square Area PO Box 6345 Tel: +963 11 332 8544 Fax: +963 11 332 8546 Email: Website: Islamic insurance

Hafez Ibrahim Street

Al Chaalan Amine Lutfi Hafez Street PO Box 5424 Damascus Tel: +963 11 334 8244 Fax: +963 11 334 8205 Email: Website:

Albaraka Bank Syria

Bank Audi Syria

Albaraka Banking Group Al Shahbandar Street PO Box 100 Damascus Tel: +963 11 332 1980 / 443 7821 Fax: +963 11 332 1981 Email: Website: Commercial banking services and products

Cham City Centre

Al-Shufi Investment Company Farouk Ouna Building 2nd Floor Hananou Street PO Box 3048 Latakia Tel: +963 41 330044 Email: Website: Investment and funds management

Arab Bank-Syria

Shaalan PO Box 7732 Damascus Tel: +963 11 6680 3000 Fax: +963 11 6680 3300 Email: Website: Commercial, retail and treasury services


7 Bahrat Street 29 Ayar Square PO Box 2254 Damascus Tel: +963 11 245 5376 Fax: +963 11 2220329 Email: Website:


Central bank

Plaza Building 86 Kafarsouseh PO Box 6228 Damascus Tel: +963 11 23 888 000 Fax: +963 11 224 8510

Accounts, loans, bancassurance and investment products

Cham Islamic Bank

Bank of Jordan - Syria

Al Nejmah Square PO Box 33979 Damascus Tel: +963 11 33919 Fax: +963 11 334 8731 Email: Website:

Baghdad Street Saba Bahrat Square PO Box 8058 Damascus Tel: +963 11 229 0000 Fax: +963 11 231 7267

Islamic banking, corporate finance and electronic services

Email: Website: Banking for retail, corporates and SMEs

Bank of Syria and Overseas

Arab Union Reinsurance Company

Private banking including loans to SMEs, trade finance and

Lawyers’ Syndicate Building Bab Barid Street Harika PO Box 3103 Damascus

Malki Building 18 Zuhair Bin Abi Salma Street Al Rawda Area PO Box 33015 Damascus Tel: +963 11 334 9279 Fax: +963 11 334 8144 Email: Website: Medical, life, motor, property, travel, liabilities & general accident insurance

Commercial Bank of Syria Youssef Azmeh Square PO Box 933 Damascus Tel: +963 11 224 8666 Fax: +963 11 225 3334 Email: Website: Commercial banking, risk management, private banking,

Tel: +963 11 226 0560

corporate finance, international banking and economic research

Fax: +963 11 226 0555 Email:

Damascus Securities Exchange (DSE)


PO Box 31117

Barzeh Musbakat Al Saneh Area PO Box 6564 Damascus Tel: +963 11 519 0000 Fax: +963 11 519 0099 Email: Website:


Public securities market

electronic banking

Banque Bemo Saudi Fransi Salhiya - Cham Palace

Tel: +963 11 231 3020

Fransabank Syria

Fax: +963 11 231 9499 Email: Website: Commercial banking activities including deposits, loans, credit

Arope Syria - Syrian International Insurance

and treasury

Central Bank of Syria

Abu Rabani Building Mahdi Bin Barakah Street Abu Remanah Area PO Box 38 Damascus Tel: +963 11 334 8124 / 8125 Fax: +963 11 334 9844 Email: Website: Provision of full commercial banking

Shahid Fayez Al Mansour Street Al Mazzeh Area Qurtaja Avenue PO Box 5178 Damascus Tel: +963 11 613 2592 / 2593 Fax: +963 11 611 3400 Email: Website: Insurance and reinsurance, marine and life

Commercial banking services including retail, corporate banking

cards and trade finance

Bemo Saudi Fransi Finance Al Khalidi Building Amine Lutfi Al Hafez Street Rawda Area

Al Otaki Building Al Mahdi Bin Baraka Street Abu Remmanah Area PO Box 30747 Damascus Tel: +963 11 232 1008 / 335 3030 Fax: +963 11 235 3037 Email: Website: Consumer banking, corporate, SMEs, investment and private

PO Box 33357


Damascus Tel: +963 11 335 4111

International Bank for Trade and Finance (IBTF)

Fax: +963 11 335 4112 Email: Website: Asset management, investment banking and securities brokerage

Pakistan Street PO Box 11058 Damascus

Arab British European Banking & Finance Guide


Syria Listings Tel: +963 11 238 8000 Fax: +963 11 232 5788 Email: Website: Retail, corporate and electronic banking services

J A Anhoury for Insurance Jallad Building Darwichie Street Al Hareeqa Area PO Box 1248 Damascus Tel: +963 11 221 9714 Fax: +963 11 224 6509 Email: Website: Insurance for the engineering and energy sectors

Pioneers Syria Abou Shamat Building Mazzeh Highway Street Damascus Tel: +963 11 613 1888 Fax: +963 11 613 1886 Email: Website: Brokerage, asset management, underwriting and investment banking services

Syria Gulf Bank 29 Ayyar Street PO Box 373 Damascus Tel: +963 11 232 9721 Fax: +963 11 232 6112 Email: Website: Retail and corporate banking products and services

Syrian Arab Republic Insurance Supervisory Commission (SISC) 29 May Street, 5th Floor Insurance building Damascus PO Box 5648 Tel: +963 11 2319977 Fax: +963 11 2226224 Email: Website: Regulatory body for the national insurance market

Syrian International Islamic Bank (SIIB) Main Highway Road Al Mazzeh Area PO Box 35494 Damascus Tel: +963 11 611 4690 Fax: +963 11 611 1245 Email: Website: Investment banking

Syrian Iranian Commercial Bank Commercial Bank of Syria Youssef Azmeh Square Damascus PO Box 933 Tel: +963 11 2349 8116 Fax: +963 11 2349 8167 Email: Website: Commercial banking


Solidarity Alliance Insurance Bozom Avenue Maliki Area Damascus PO Box 33965 Tel: +963 11 374 2414 Fax: +963 11 374 2415 Email: Website: Personal and business insurance

Syrian Kuwaiti Insurance Company Building 4, Ground Floor King Abdulaziz Al Saud Street Abu Rummaneh Area Damascus PO Box 5778 Tel: +963 11 332 8060 Fax: +963 11 332 8062 Email: Website: Retail insurance, accident and health

Syrian National Insurance Company (NIC) Al Naher Street Rawda Area Damascus PO Box 33142 Tel: +963 11 9248 / 3348670 Fax: +963 11 334 8690 Email: Website: Property insurance, general accidents, engineering, marine, health, life, motor and travel insurance services

Syrian Islamic Insurance Company (SIIC) United Fly Building Al Jalaa Street Abu Runmaneh Area PO Box 12773 Tel: +963 11 335 3350 / 3351 Fax: +963 11 335 3487 Email: Website: Islamic insurance for fire, theft, accident, motoring, travel, health and life

Syrian Trust Insurance Company Trust Building Mershed Khater Street PO Box 30578 Tel: +963 11 447 2650 / 2651 Fax: +963 11 447 2652 Email: Website: Motor insurance, fire and general accident, marine cargo, life insurance, health, travel, third party liability

United Insurance Company- Syria (UIC) Abdulaziz Al Soud Street East Abu Rumani Area PO Box 4419 Tel: +963 11 334 1933 / 333 0241 Fax: +963 11 334 1934 Email: Website: Medical, life, motor, property, travel, liabilities & general accident, marine/cargo insurance

Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Tunisia Listings Al Baraka Bank Tunisia 88, Avenue Hedi Chaker Belvedere, Tunis 1002 Tel: +216 (0)71 790 000 Fax: +216 (0)71 780 235 / 786 371 Email: Website:

Tel: +216 71 351 155 Fax: +216 71 342 852 Email: Website: Commercial banking; accounts, consumer credit, online banking, portfolio management services

BP 777 Tunis 1080 Tel: +216 71 122 000 Fax: +216 71 340 615 Email: Website: Central bank, regulator and monetary authority

Offshore and local retail activities in accordance to Sharia

ATL Leasing

principle; it forms part of Bahrain’s Al Baraka Banking Group

Ennour Building Centre Urbain Nord Mahrjene, Tunis 1082 Tel: +216 70 135 000 Fax: +216 71 767 300 Email: Website:

Banque d’Affaires de Tunisie (BAT)

Asset leasing services for homes, cars and medical services

Mergers & acquisitions, corporate finance and private equity

Assurances Maghrebia

Banque de Financement des Petites et Moyennes Entreprises (BFPME)

AfricInvest – Tunisia Immeuble Integra Centre Urbain Nord Tunis 1082 Tel: +216 71 189 800 Fax: +216 71 189 850 Email: Website: Services for investors in projects in Africa

Alubaf International Rue 8007 Montplaisir, Tunis 1002 Tel: (+216) (0)71 783 500 / 780 035 Fax: (+216) (0)71 793 905 / 793 916 Email: Website: Offshore banking unit; loan services, trade finance and Islamic banking

Amen Bank Avenue Mohamed V Tunis 1002 Tel: +216 71 148 000 Fax: +216 71 833 517 Email: Website: Banking services for commercial, industrial and real estate sectors

Arab Financial Consultants (AFC) Carre de l’Or Les Jardins du Lac 2 1053 Les Berges du Lac Tel: +216 70 020 260 Fax: +216 70 020 299 Email: Website:

10 Bis, Rue Mahmoud El Matri Mutuelleville, Tunis 1002 Tel: +216 71 143 800 / 801 Fax: +216 71 891 678 Email: Website:

64, Rue de Palestine Tunis 1002 Tel: +216 71 788 800 / 847 653 / 849 218 Fax: +216 71 788 334 Email: Website: Insurance and financial insurance for home, family and business

Assurances Salim

Investment in industry, agriculture, tourism and crafts

Immeuble Assurances SALIM Lotissement AFH - BC5 Centre Urbain Nord Tunis 1003 Tel: +216 71 184 200 Fax: +216 71 184 299 Email: Website:

Banque de l’Habitat (BH) 18, Avenue Mohamed V Tunis 1080 Tel: +216 71 126 000 Fax: +216 71 337 957 Email: Website:

Life Insurance, Retirement Savings and Investments, Comprehensive Home Insurance

2, Rue de Turquie Tunis 1001 Tel: +216 70 025 050 Fax: +216 70 025 450 Email: Website:

Astree Assurances 45, Avenue Khereddine Pacha Tunis 1002 Tel: +216 71 904 211 Fax: +216 71 902 723 Email: Website:

Commercial and investment banking

Insurance cover for individuals, property and business

Attijari Bank


Immeuble 24 Centre Urbain Nord Tunis 1002 Tel: +216 71 141 400 Fax: +216 71 790 945 Email: Website:

Immeuble Yosr, Apts 9 & 10 Rue du Lac Victoria Les Berges Du Lac, Tunis 1053 Tel: +216 71 965 770 Fax: +216 71 962 638 Email: Website: Capital investment services

Ami Assurances Rue de Mauritanie Belvedere, Tunis 1002 Tel: +216 70 026 033 Email:; Website:

Housing deposit bank

Banque de Tunisie

Fire Insurance

Securities brokers and traders, asset management and financial

Alternative Capital Partners

34, Rue Hedi Karray Centre Urbain Nord El Menzah, Tunis 1004 Tel: 216 70 102 200 Fax: 216 70 102 202 Email: Website:

Commercial banking, investment banking and credit facilities

Banque de Tunisie et des Emirats (BTE) 5bis, Rue Mohamed Badra Tunis 1002 Tel: +216 71 112 000 Fax: +216 71 287 409 Email: Website: Commercial and investment banking services

Banque Internationale Arabe de Tunisie (BIAT) 70-72, Avenue Habib Bourguiba BP 520 Tunis 1080 Tel: +216 71 131 000 Fax: +216 71 342 820 Email: Website:

Bank ABC Tunisia ABC Building Rue du Lac d'Annecy Les Berges du Lac, Tunis 1053 Tel: +216 71 861 861 / 960 427 Fax: +216 71 860 921/ 960 406 Email: Website:

Banking, asset management, investment banking, investment firms and funds

Corporate, retail, Islamic banking and asset management

All-risk company insurance


Banque Nationale Agricole (BNA)

Arab Tunisian Bank (ATB)

Banque Centrale de Tunisie (Central Bank of Tunisia)

Rue Hedi Nouira Tunis 1001 Tel: +216 71 831 000 Fax: +216 71 831 200

9, Rue Hedi Nouira Tunis 1001

25, Rue Hedi Nouira

Arab British European Banking & Finance Guide


Tunisia Listings Email: Website:

Website: Securities markets, services for investors and savers

Commercial and agricultural banking facilities

Banque Tunisienne de Solidarite (BTS – Tunisian Solidarity Bank) 56, Avenue Mohamed V Tunis 1002 Tel: +216 71 844 040 Fax: +216 71 845 537 Email: Website: Funding for SMEs, refinancing and micro-credit facilities

Banque Tuniso-Koweïtienne (BTK) Groupe BPCE 10bis, Avenue Mohammed V Tunis 1001 Tel: +216 71 204 000 Fax: +216 71 253 182 Website: Investment accounts, certificates of deposit, mortgages, credit facilities and loans

Banque Zitouna 2, Boulevard Qualité de la Vie Le Kram, Tunis 2015 Tel: +216 81 105 555 Email: Website: Financing investment, Ijara financing, international operations, securities and investments

BEST Invest Intermédiaire en Bourse 45 avenue du japon Imm. "MILLENIUM" bloc A 2éme étage 1073 Montplaisir Tel: +216 71 905 831 / 951 726 Fax: +216 71 903 513 Email: Website: Direct market access, rapid execution of orders on the stock

Citibank – Tunisia 55, Rue Jugurtha Belvedere, Tunis 1002 Tel: +216 71 113 300 Fax: +216 71 785 556 Email: Website: Full range of financial products and services on a global distribution platform

CARTE (Compagnie d'Assurances et de Réassurances Tuniso-Européenne) Lot BC4 Centre Urbain Nord Tunis, 1082 Tel: +216 71 184 000 Fax: +216 71 184 184 Email: Website: Insurance, asset management, general financial services and investment banking

COFIB Capital Finances 25, Rue Docteur Calmette Mahrajene, Tunis, 1082 Tel: +216 71 144 500 Fax: +216 71 843 778 Email: Website: Asset management and investment banking

Compagnie Méditerranéenne d’Assurances et de Réassurances (COMAR) Avenue Habib Bourguiba Tunis 1001 Tel: +216 71 340 899 Fax: +216 71 344 778 Email: Website: Home, car and other insurance services

exchange and surveys of investment

BIAT Capital Risque Boulevard Principal Angle Rue Turkana et Rue Malawi Les Berges du Lac, Tunis 1053 Tel: +216 71 138 531 / 32 / 33 / 34 Fax: +216 71 960 511 Website: Capital investments and financial support for projects

BNA Capitaux Complexe Le Banquier Avenue Tahar Haddad Les Berges Du Lac, Tunis 1053 Tel: +216 71 139 500 Fax: +216 71 656 299 Email: Website: Securities brokers and traders, asset management and investment banking

Bourse Des Valeurs Mobilieres de Tunis 34, Avenue de la Bourse Les Bergers du Lac 2, Tunis 1053 Tel: +216 71 197 910 Fax: +216 71 197 903 Email:


Compagnie Générale d'Investissement 16, Avenue Jean Jaurès Tunis 1001 Tel: +216 71 252 044 Fax: +216 71 252 024 Email: Website: Investment banking and asset management

Compagnie Gestion et Finance (CGF) 6, Rue Jamaleddine El-Afghani Tunis 1002 Tel: +216 71 788 870 Fax: +216 71 798 314 Email: Website: Investment banking, corporate finance and asset management

El Wifack Leasing Avenue Habib Bourguiba Medenine 4100 Tel: +216 75 643 000 Fax: +216 75 649 988 Email: Website: Home, health, car and travel insurance

Arab British European Banking & Finance Guide

Fidelium Finance (FF) Centre Urbain Du Nord Immeuble Nour City Bloc B, 1er etage B-1-1 Tunis 1083 Tel: +216 71 948 135 Fax: +216 71 948 168 Email: Website: Private equity

FINA Corp (Finance & Investment in North Africa) Rue du Lac Loch Ness 1053 Les Berges du Lac, Tunis Tel: +216 71 656 122 Fax: +216 71 656 269 Email: Website: Investment banking and asset management

GAT Assurances 92, Avenue Hedi Chaker Tunis 1002 Tel: +216 71 843 900 Fax: +216 71 783 607 Email: Website: Life and non-life insurance and re-insurance

Hannibal Lease Immeuble Triki Rue du Lac Malaren Les Berges du Lac Tunis 1053 Tel: +216 71 139 400 Fax: +216 71 139 460 Email: Website: Funding solutions for cars, commercial vehicles, construction machinery and equipment

IMBank (International Maghreb Merchant Bank) 87, Avenue Jugurtha Mutuelleville, Tunis 1082 Tel: +216 71 800 266 Fax: +216 71 800 410 Email: Website: Private equity and capital investment

KPMG Tunisia Les Jardins du Lac Rue Lac Echkel BP 317 Tunis 1053 Tel: +216 71 194 344 Fax: +216 71 194 320 Email: Website: Financial services, compliance, audits and advisory

LLOYD Assurances AveTaher Haddad Les Berges du Lac 1053 Tunis Tel: +216 71 96 27 77 Fax: +216 71 96 24 40 Email: Website: Insurance products for savings, retirement, damages, liability, health and pensions

Tunisia Listings MAC SA


Union Internationale de Banques (UIB)

Green Centre Bloc C Rue du Lac Constance Les Berges du Lac, Tunis 1002 Tel: +216 71 964 102 Fax: +216 71 960 903 Email: Website:

Risk insurance and re-insurance

Rue du Lac Turkana Les Berges du Lac Tunis 1053 Tel: +216 81 102 525 / 71 850 248 Email: Website: Full range of financial products, treasury management and solutions

Securities brokers, asset management, corporate finance and investment research

MARE (Mediterraneenne d’Assurance et de Reassurance) Zone Portuaire de Radès Ben Arous, Radès 2040 Tel: +216 71 469 437 Fax: +216 71 469 600 Email: Website: Insurance and re-insurance services

Stusid Bank (Société Tuniso-Saoudienne d'Investissement et de Développement) 32, Rue Hedi Karray Tunis 1082 Tel: +216 71 232 133 Fax: +216 71 753 233 Email: Website: Saudi-Tunisian partnership providing general finance services for housing, agricultural, industrial and commercial sectors

Tunis International Bank (TIB) 18, Avenue des Etats-Unis d’Amerique Belvedere, Tunis 1002 Tel: +216 71 782 411 Fax: +216 71 782 479 Email: Website:

Zitouna Takaful Avenue de la Bourse Les Jardins du Lac Tunis 1053 Tel: +216 71 198 080 Fax: +216 71 198 053 Email: Website: Islamic insurance and re-insurance services

Corporate banking; trade finance, letters of credit, international

Maxula Bourse Rue du Lac Leman Centre Nawrez 1053 Les Berges du Lac Tel: +216 71 960 530 / 71 960292 Fax: +216 71 960 565 Email: Website:

bonds, private banking, and portfolio investment management

Tunisie Leasing (TLG) Avenue Hedi Karray Mahajene, Tunis 1082 Tel: +216 70 132 000 Fax: +216 71 232 020 Email: Website:

Investment and asset management

Leasing, consumer credit and investment loan

NAIB Bank (North African International Bank)

Tunis Re

Avenue Kheireddine Pacha Cite Ennasim Montplaisir Tunis 1002 PO Box 485 1080 Tunis Cedex Tel: +216 71 950 800 Fax: +216 71 950 840 Email: Website: Personal and corporate banking

Société Tunisienne de Banque (STB Bank) Rue Hedi Nouira Tunis 1001 Tel: +216 71 340 477 Fax: +216 71 143 333 Email: Website: Commercial, investment and development bank

Sorenco 5, Rue Touraine Belvedere, Tunis 1002 Tel: +216 71 287 944 Fax: +216 71 287 301 Email: Website: Commercial debt collection, international recovery and credit information

STAR Assurances Square Avenue de Paris Tunis 1000 Tel: +216 71 340 866 Fax: +216 71 340 835

12 Avenue du Japon Montplaisir Tunis 1073 Tel: +216 71 904 911 Email: Website:

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Insurance, reinsurance and asset management

Tunisie Valeurs Immeuble Integra Centre Urbain Nord Tunis 1082 Tel: +216 71 189 600 / 630 Fax: +216 71 949 325 Email: Website: Investment banking and asset management

Tuniso-Saoudienne d’Intermediation (TSI) Boulevard de la Terre Centre Urbain Nord Tunis 1080 Tel: +216 71 822 588 / 822 417 Fax: +216 71 822 190 Email: Website: Asset management, registration and consultancy

Union Bancaire Pour le Commerce et l’Industrie (UBCI) 139, Avenue de la Liberté Tunis 1002 Tel: +216 70 000 050 Fax: +216 71 849 312 Email: Website: Commercial banking services, asset management, investment banking

Arab British European Banking & Finance Guide


UAE Listings 3i Capital Group

PO Box 5210

AFIA Insurance Brokerage Services

12th Floor Indigo Icon Tower PO Box 309062 Jumeriah Lakes Towers Dubai Tel: +971 4 3654951/+971 4 3697305 Email: Website:

Abu Dhabi

Investment and holding firm offering innovative financial

Sheikh Khalifa Bin Zayed Street Dubai Tel: +971 4 337 9987 Fax: +971 4 337 0184 Email: Website:

instruments, private equity funds, real estate funds and leasing

Personal and commercial insurance

Tel: +971 2626 7000 Fax: +971 2627 7755 Email: Website:

to Islamic financing, brokerage and asset management

Asset management and alternative investments

Aabar Investments IPIC Square, 22nd & 23rd Floors Muroor (4th) Road PO Box 7528 Abu Dhabi Tel: +971 2 633 6555 Fax: +971 2 6330111 Website: Diversified investment company owned by IPIC with activities in industries including infrastructure, aviation, real estate, automotive, commodities, energy and financial services

ABN AMRO Bank NV Currency House, Level 6, 601 Dubai International Financial Centre PO Box 506507 Dubai Tel: +971 4440 9400 Fax: +971 4440 9581 Website: Retail, private and commercial banking

Abu Dhabi Islamic Bank (ADIB) Al Bateen Building Bainuna Street Al Bateen Area PO Box 313 Abu Dhabi Tel: +971 2 657 8777 Fax: +971 2665 6028 Email: Website: Personal, business and private banking services based on

Ajman Bank A&F Towers Khalifa Street PO Box 7770 Ajman Tel: +971 6 701 8656 Fax: +971 6 746 0065 Email: Website: Retail and wholesale banking services

Akbank (Dubai) Ltd

Tel: +971 2 611 2000

Dubai International Financial Centre Gate Village 10, Level 5 Office 506-510 PO Box 506828 Dubai Tel: +971 4 448 6466 Fax: +971 4 448 6465 Email: Website:

Fax: +971 2 626 9111

Investment banking

Islamic principles

Abu Dhabi National Leasing (ADNL) One NBAD Tower, 17th Floor Sheikh Khalifa Street Abu Dhabi PO Box 4

Email: Website:

Abraaj Capital

Alfardan Financial Services LLC

Wholly-owned asset-based finance arm of National Bank of Abu

Gate Village 8, 3rd Floor Dubai International Financial Centre PO Box 504905 Dubai Tel: +971 4 506 4400 Fax: +971 4 506 4600 Email: Website:

Dhabi (NBAD), providing all types of lease and lease finance

Tamouh Tower, 25th Floor

Al Zahra Techno Centre PO Box 125976 Dubai Tel: +971 4386 5720 Fax: +971 4386 5878 Email: Website:

Marina Square, Al Reem Island

Instant electronic exchange, financial broker on Dubai and Abu

PO Box 35335

Dhabi Stock Markets

Investing in the growing Middle East, North Africa and South

Abu Dhabi

Asia region

Tel: +971 2410 7700

Al Khazna Insurance Company PSC

Fax: +971 2410 7800

Villa No 86 East of Al Nahyan camp Al R’Doum Street PO Box 73343 Abu Dhabi Tel: +971 2 696 9700 Fax: +971 2 641 7998 Email: Website: Property, fire and home insurance

Abu Dhabi Commercial Bank (ADCB) Shk Zayed St PO Box 939 Abu Dhabi Tel: +971 2 6962222 Fax: +971 2 6109704 Email: Website: Commercial banking services including retail banking as well as corporate private banking, wealth, treasury and funding

Abu Dhabi Finance (ADF) 7th Floor Aldar Headquarters Behind Al Raha Mall Abu Dhabi Tel: +971 2401 8555 Fax: +971 2678 5510 Email: Website: Leading provider of mortgages in Abu Dhabi and the wider UAE

facilities to large UAE, GCC and international corporate entities operating in the UAE

Abu Dhabi National Takaful Company

Website: Non-life Islamic insurance services

ADCB Macquarie Corporate Finance 8th Floor Abu Dhabi Global Market Square Al Maryah Island Abu Dhabi PO Box 939 Abu Dhabi Tel: + 971 251 07867

Al Masah Capital Management Limited

Corniche Road

Level 9, Suite 906 & 907 ETA Star - Liberty House Dubai International Financial Centre PO Box 506838 Dubai Tel: +971 4 4531500 Fax: +971 4 4534145 Website:

PO Box 93894

Private equity, asset management and real estate investment

Fax: +971 2676 1433 Website: Investment banking services

ADS Securities LLC 8th floor, CI Tower

Abu Dhabi Tel: +971 2657 2300

Abu Dhabi Holding (ADH)

AL-PER Solutions Limited

Fax: +971 2657 2323

Al Ghaith Tower Level 11 Hamdan Street


Currency House Building, DIFC Mezzanine Floor, Unit M03 PO Box 506651 Dubai


Website: General financial services and securities markets

Arab British European Banking & Finance Guide

UAE Listings Tel: +971 4325 9958 Fax: +971 4325 9959 Email: Website:

Website: Corporate finance, equity and asset management

Asset and fund management

Sheikha Fatma Complex 2 Al Bateen Street Al Bateen Area PO Box 94669 Abu Dhabi Tel: +971 2 635 4667 Fax: +971 2 635 4711 Email: Website: Islamic finance and investments

Alcazar Capital Limited North Tower, 2202-2204 Emirates Financial Towers, DIFC PO BOX 506672 Dubai Tel: +971 4 70 60 300 Fax: +971 4 38 68 777 Email: Website: Private equity and advisory services

Al Wifaq Finance Company LLC Al Odaid Offices Tower Airport Road PO Box 40448 Abu Dhabi Tel: +971 2 616 0620 Fax: +971 2 443 6046 Email: Website: Innovative Islamic financial products and services for retail and business

Alpen Capital (ME) Limited Level 4, Gate Precinct Building 5, Dubai International Financial Centre PO Box 121806 Dubai Tel: +971 4 363 4300 Fax: +971 4 362 0565 Email: Financial advisory services to institutional and corporate clients

Apex Fund Services (Abu Dhabi) Ltd Office 704 Salam HQ, Salam Street PO Box 27925 Abu Dhabi Tel: +971 2 672 6327 Fax: +971 2 672 6328 Email: Website: Investor accounting and asset management

Arab Bank for Investment and Foreign Trade Al Masraf Tower Hamdan Street PO Box 2484 Abu Dhabi Tel: +971 2 5889300 Fax: +971 2 6783767 Email: Website: Personal, corporate and investment banking

Arqaam Capital Limited Level 27, Index Tower Dubai International Financial Centre PO Box 506687 Dubai Tel: +971 4 507 1700 Fax: +971 4 507 1701 Email:

Aseel Finance

Beaufort Associates Office 212, Building 1 Dubai Internet City PO Box 500329 Dubai Tel: +971 4 391 0320 Fax: +971 4 391 0329 Email: Website: Business assistance, financial restructuring, transaction advisory, management support and executive search

BNP Paribas Abu Dhabi

Baker Tilly UAE Suite 1801-10, Cluster X Jumeirah Bay Tower X2 JLT Community PO Box 124600 Dubai Tel: +971 4 369 7248 Fax: +971 4 369 7193 Email: Website: Audit & assurance, compliance audit & procedures, accounting solutions & services, company set up services, IT

Bank Muscat – UAE Dubai Representative Office PO Box 29969 Dubai Tel: +971 4222 2267 Fax: +971 4221 0115 Email: Website: Retail, corporate and wholesale banking services; branch of Oman bank

BNY Mellon Abu Dhabi Representative Office Suite 402, 4th Floor The Blue Tower Khalifa Street Tel: +971 2 626 3008 Website: Investment banking and asset management; branch of New York based bank

BNY Mellon Dubai Branch Dubai International Financial Centre The Exchange Building 5 North, Level 6, Room 601 PO Box 506723 Dubai Tel: +971 4 425 2500 Fax: +971 4 425 5684 Website: Investment banking and asset management; branch of New York based bank

Bank of Sharjah Al Khan St PO Box 1394 Abu Dhabi Tel: +971 6 569 4411 Fax: +971 6 569 4422 Email: Website: Commercial, retail, private banking and wealth management

Al Bateen Area, Street 32 PO Box 2742 Abu Dhabi Tel: +971 2 693 8888 Fax: +971 2 693 8849 Email: Website: Private and corporate banking services

BNP Paribas Dubai Building 1 Emaar Square PO Box 7233 Dubai Tel: +971 4 424 8302 Fax: +971 4 425 7814 Email: Website: Private and corporate banking services

Borse Dubai Limited The Gate District Precinct Building 5, Level 7 Dubai International Financial Centre PO Box 506690 Dubai Tel: +971 4 305 5000 Fax: +971 4 331 4924 Email: Website: Holding company for Dubai Financial Market and NASDAQ Dubai

CBD Financial Services Commercial Bank of Dubai Port Saeed, Deira PO Box 2668 Dubai Tel: +971 4212 1010 Fax: +971 4 212 1076 Email: Website: Retail and commercial banking products and services

Central Bank of the UAE Bainunah Street Al Bateen Area PO Box 854 Abu Dhabi Tel: +971 2 665 2220 Fax: +971 2 665 2504 Email: Website: Focuses on the formulation and implementation of banking, credit and monetary policies

Chescor Capital FZ LLC Suite 319, Building No 2 Dubai Media City

Arab British European Banking & Finance Guide


UAE Listings PO Box 500610 Dubai Tel: +971 4 391 0941 Fax: +971 4 391 0943 Email: Website:

Dubai Tel: +971 4 211 2888 Fax: +971 4 212 1012 Email: Website:

Investment banking, fund management and general financial


Loans, insuranceinvestment services, current and savings


Chescor Capital PO Box 47406 Sultan International Villa Al Khaleej Al Arabi Street Between 13th and 15th Intersection Abu Dhabi Tel: +971 2 639 0273 Email: Website: Investment banking, fund management and general financial services

Commerzbank AG Dubai Branch Suite 11-15, Building GV 05 4th Floor Gate Village Dubai International Financial Centre PO Box 506596 Dubai Tel: +971 4 428 4920 Fax: +971 4 428 4922 Email: Website: Commercial and investment banking services

Citibank Dubai International Financial Centre Building 2, Floor 3 PO Box 506560 Dubai Tel: +971 4 3114 4000 Fax: + 971 4 509 9790 Email: Website:

Credit Agricole CIB

Citi Middle East division, investment banking and equity

Banking and investment banking

The Maze Tower - Level 14 Sheikh Zayed Road PO Box 9256 Dubai Tel: +971 4417 5000 Fax: +971 4331 3201

businesses in the MENA and Islamic banking

Credit Europe Bank (Dubai) City Exchange LLC Bur Dubai Branch Near Astoria Hotel PO Box 29395 Bur Dubai, Dubai Tel: +971 4 393 3874 Fax: +971 4393 9137 Email:

Al Fattan Currency House Building 1 Dubai International Financial Centre Area Dubai Tel: +971 4 438 7101 Fax: +971 4 438 7175 Email: Website: Trade and corporate banking

Website: General financial services, money exchange and remittances

Clarksons Platou Office 2604 Reef Tower Jumeirah Lakes Towers Sheikh Zayed Road PO Box 102929 Dubai Tel: +971 4 450 9400 Fax: +971 4 450 9460 Email: Website: Investment banking and brokering

Commercial Bank International (CBI) Al Riqqa Street Deira PO Box 4449 Dubai Tel: +971 4 503 9000 Fax: +971 4 227 9038 Email: Website:

Dar Al Takaful Dubai 8th Floor O-14 Tower Al Abraj St Business Bay PO Box 235353 Tel: +971 4 304 1605 Fax: +971 4 422 6090 Email: Website: Islamic non-life insurance services

Deutsche Bank AG Dubai (DIFC) Branch Gate Village, Building 5, Level 6 Dubai International Financial Centre PO Box 504902 Dubai Tel: +971 4 361 1700 Fax: +971 4 428 3998 Email: Website: Investment banking and asset management

Retail, business and wholesale banking

Commercial Bank of Dubai (CBD) Al Ittihad Street Port Saeed PO Box 2668


Deutsche Securities and Services MazeTower, 4th Floor, Office 401 Sheikh Zayed Road PO Box 125126 Dubai

Arab British European Banking & Finance Guide

Tel: +971 4 319 9523 Fax: +971 4 319 9515 Email: Website: Investment banking and asset management

Dubai Investments PJSC PO Box 28171 Dubai Tel: +971 4 812 2400 Fax: +971 4 812 2344 Email: Website: Investment opportunities in the UAE and the Gulf

Dubai Islamic Bank (DIB) Al Maktoum Road Port Saeed Area PO Box 1080 Dubai Tel: +971 4 609 2222 Fax: +971 4 295 4111 Email: Website: Islamic banking, investment banking, credit and finance

Dubai Islamic Financial Services (DIFS) Sharaf Building Khaled Bin Al Waleed St Bur Dubai Tel: +971 4 321 7000 Fax: +971 4 397 5691 Email: Website: Provider of secure trading by applying Sharia principles to brokerage services

Duet Asset Management Limited Office 10, Level 4 Al Fattan Currency House DIFC, Dubai Tel: +971 4 237 9200 Fax: +971 4 237 9300 Email: Website: Asset management, private equity, real estate and investment banking; HQ is in London

EFG-Hermes UAE Limited Level 6, The Gate West Wing Dubai International Financial Centre Sheikh Zayed Road PO Box 30727 Dubai Tel: +971 4 363 4000 Fax: +971 4 362 1170 Website: Investment banking, asset management, leasing, securities brokerage and private equity

Emirates Capital 504, Liberty House Dubai International Financial Centre PO Box 506597 Dubai Tel: +971 4 447 7672 Fax: +971 4 447 7671 Email: Website: Mergers & acquisitions, private equity advisory, public offerings and investment management

UAE Listings Emirates Development Bank Defence Street Abu Dhabi PO Box 51515 Tel: +971 2 699 0999 Fax: +971 2 699 0998 Email: Website: Loans for homes and small businesses

Emirates Insurance Company AL ZAHIYA Tourist Club Area Abu Dhabi PO Box 3856 Tel: +971 2 644 0400 Fax: +971 2 644 5227 Email: Website: Business, corporate and personal insurance products

Emirates Investment Bank Level 15, Festival Tower Dubai Festival City PO Box 5503 Abu Dhabi Tel: +971 4 231 7777 Fax: +971 4 221 7788 Email: Website: Private client services and investment banking

Emirates Islamic Bank Building 16 Executive Building Dubai Health Care City PO Box 6564 Dubai Tel: +971 4 316 0101 Fax: +971 4 222 7321 Email: Website: Shariah compliant commercial banking, project and trade finance

Emirates Money Consumer Finance LLC

Tel: +971 2 627 7522 Fax: +971 2 627 3383 Email: Website:


Wealth and asset management, insurance, banking and capital

Office 1101, 11th Floor


Al Kamala Tower

Website: Audit assurance and advisory services

Grant Thornton Abu Dhabi

Zayed the 1st Street

Finance House


Orjowan Tower Building Zayed 1st Street, Khalidiya Area PO Box 7878 Abu Dhabi Tel: +971 2 619 4000 Fax: +971 2 619 4099 Email: Website:

Abu Dhabi Tel: +971 2 666 9750 Fax: +971 2 666 9816 Email: Website: Audit assurance and advisory services

Commercial & corporate finance, treasury and investments and personal finance

Sheikh Zayed Road

First Gulf Bank (FGB)

PO Box 9686

First Gulf Bank Building Zayed First Street Al Khalidia Area PO Box 6316 Abu Dhabi Tel: +971 2 681 2161 Email: Website:

Dubai Tel: +971 4 361 2238 Fax: +971 4 361 2239 Website: Investment banking services, corporate finance and private equity

Commercial, corporate and retail banking, treasury and investment, brokerage, portfolio management, private banking,

GulfCap Group Fujairah

real estate services and Islamic banking

Fujairah Tower PO Box 4422

Fius Capital Ltd


106 Liberty House Dubai International Financial Centre PO Box 333607 Dubai Tel: +971 4 447 4170 Email: Website:


Financing and capital markets advisory

Jumeirah Lakes Towers

Website: Investment banking services, corporate finance and private equity

Gulf Finance Corporation Tiffany Tower, Level 29

Franklin Templeton Investments (ME) Limited The Gate, East Wing, Level 2 Dubai International Financial Centre PO Box 506613 Tel: +971 4 428 4100 Fax: +971 4 428 4140 Website:

General financial services, including business loans

Goldman Sachs International

Gate Village 4 Level 5 Dubai International Financial Centre PO Box 482015 Dubai Tel: +971 4 405 7348 Email: Website: Real estate investment

Ernst and Young Middle East Nation Tower 2 Corniche Abu Dhabi 136

Office 2104, Clover Bay Tower Business Bay

Floor, Emirates NBD Building Baniyas Road Opp Sabkha Abra Station Dubai Tel: +971 4316 0366 Fax: +971 4232 9042 Email: Website:

Emirates REIT Management (Private) Limited

GulfCap Group

Asset management and investment banking

Level 7, Gate Precinct Building Dubai International Financial Centre Dubai PO Box 506588 Tel: +971 4 376 3444 Fax: +971 4 428 2437 Website:

PO Box 35356 Dubai Tel: +971 4 501 0100 Fax: +971 4 395 1086 Email: Website: SME finance, business deposits and consumer financial services

Habib Bank AG Zurich Khalid Bin Walid Road PO Box 3306 Dubai Tel: +971 4 408 7222 Fax: 00 971 4228 4211 Email: Website: Banking and asset management

Asset management, mergers & acquisitions and investment

ICM Capital Ltd


Suite 2604 and 2605

Grant Thornton Dubai

Cluster T

Rolex Tower 23rd Floor Sheikh Zayed Road Dubai Tel: +971 4 388 9925 Fax: +971 4 388 9915

Fortune Executive Towers Jumeirah Lake Towers Dubai PO Box 113058 Tel: +971 4 429 4500 Fax: +971 4 457 9207 Email:

Arab British European Banking & Finance Guide


UAE Listings Website:


International online Forex and CFD trading firm offering 24 hour

Dubai International Financial Centre

Omar Bin Al Khattab Street Deira PO Box 1250 Dubai Tel: 00 971 4222 3333 Fax: +971 4222 8830 Website:

PO Box 482051

Commercial banking, personal, asset management and securities

access to a diverse range of trading products including foreign exchange, commodities, futures and indices

InvestBridge Capital Limited Gate Village 6, Level 5

Dubai Tel.: +971 4 424 9555 Fax: +971 4 424 9500 Email: Corporate advisory and asset management solutions

Investment Corporation of Dubai (ICD) Gate Village 7 Dubai International Financial Centre Dubai PO Box 333888 Tel: +971 4 707 1333 Fax: +971 4 707 1444 Email: Website: Principal investment arm of the Government of Dubai, established in 2006 with a mandate to consolidate and manage Dubai’s portfolio of commercial companies and investments

KCP Capital Business Bay

National Bank of Fujairah (NBF) Hammad Bin Abdullah Street PO Box 887 Fujairah Tel: +971 9 222 4513 Fax: +971 9 222 9470 Email: Website: Islamic, personal and business banking services

National Bank of Ras Al Khaimah Emirates Road PO Box 5300 Ras Al Khaimah Tel: +971 7 206 2222 Fax: +971 7 243 5454 Email: Website: Commercial banking and insurance services

National Bank of Umm Al Qaiwain (NBQ)


Etihad Road PO Box 800 Umm Al Qaiwain Fax: +971 6 764 6841 Email: Website:

Tel: +971 4 422 7201

Conventional and Islamic commercial banking services

Vision Tower Office 1201-1202 12th Floor PO Box 212468

Email: Website: Payment technologies and services

Nomura International Dubai Branch The Gate District, Level 6 Dubai International Financial Centre PO Box 506535 Dubai Tel: +971 4 428 4500 Fax: +971 4 428 4505 Email: Website: Financial products, investment advice, asset management, wholesale and global research

Noor Islamic Bank Building 1, Level 8 Emaar Square Downtown Dubai PO Box 8822 Dubai Tel: +971 4 427 4343 Fax: +971 4 329 7036 Email: Website: Islamic banking services, personal finance and mutual funds

Persia International Bank Plc Dubai Branch No 1802, North Tower Emirates Financial Tower Dubai International Financial Centre Sheikh Zayed Road Dubai Tel: +971 4 362 0811 Fax: +971 4 362 0812 Website: Letters of credit, trade finance and foreign currency facilities

Fax: +971 4 422 7367 Email:

Nasco Karaoglan Dubai


Ali Saeed Albawardi Building Khaled Bin Walid Street Al Mankhool Area PO Box 7108 Dubai Tel: +971 4 352 3133 Fax: +971 4 352 0544 Email: Website:

Qatar Insurance Company (QIC Dubai)

Life insurance, general insurance and reinsurance services

Car, home, travel and corporate insurance

National Bank of Abu Dhabi (NBAD)

Reem Investment

HH Sheikh Sultan Building Corniche Street PO Box 28400 Abu Dhabi Tel: (private banking) +971 2 691 9821; (helpline) +971 2 635 8001 Fax: +971 2627 3285 Email: Website:

Nahyan, Building Number 32, Al Ramlah Street Muroor Road PO Box 112907 Abu Dhabi Tel: +971 2 443 8900 Fax: +971 2 443 8125 Email: Website:

Advising and investing in assets in high-growth industries and emerging markets

Malakut Insurance Brokers DMCC Office 2602 Indigo Icon Tower Jumeirah Lakes Towers PO Box 450644 Dubai Tel: +971 4 395 8812 Fax: +971 4 395 8813 Email: Website: Corporate insurance and reinsurance brokers

Malakut Insurance Brokers LLC Office 709 Concord Tower Media City PO Box 487242 Dubai Tel: +971 4 331 3494 Fax: +971 4 331 3491 Email: Website: Insurance and risk-management services to companies in aviation, space, oil and gas, power, maritime, infrastructure development, mining, agriculture, railway and road transport, finance, trade industries


Office 210, Al Dana Centre Al Maktoum Road Deira Dubai Tel: +971 4 222 4045 Fax: +971 4 223 8974 Email: Website:

Private equity investment opportunities in emerging markets

Private, business and personal banking

Network International LLC Corporate Office Burjuman Business Tower Sheikh Khalifa Bin Zayed Street PO Box 4487 Dubai Tel: +971 4 303 2431 Fax: +971 4 303 2480

Arab British European Banking & Finance Guide

Richcomm Global Services DMCC 3-K, Silver AG Towers Jumeirah Lakes Towers Sheikh Zayed Road PO Box 31303 Dubai Tel: +971 4 432 7820 Fax: +971 4 432 7819 Email:

UAE Listings Website: Commodities Centre (DMCC), broker regulated by Emirates

Email:; hq@ Website:

Securities and Commodities Authority and clearing member of

Global remittances, foreign exchange and payment solutions

Commodity services firm registered with the Dubai Multi

the Dubai Gold and Commodity Exchange (DGCX)

Royal Group Al Matar PO Box 5151 Abu Dhabi Tel: +971 2 811 1111 Fax: +971 2 811 1112 Email: Website: Asset and fund management, property investment

Sharjah Islamic Bank (SIB) Sharjah Islamic Bank Tower Al Khan Corniche Street Al Mamzar Area PO Box 4 Sharjah Tel: +971 6 599 8514 Fax: +971 6 530 9998 Email: Website: Shariah compliant retail, corporate and investment services

Sharjah Islamic Financial Services LLC Al Ghanim Business Centre Sharjah Islamic Bank PO Box 66060 Sharjah Tel: +971 6 599 2555 Fax: +971 6 552 5112 Email: Website:

UBS AG Etihad Towers Corniche Road 3744 Abu Dhabi PO Box 3744 Tel: +971 2 406 9200 Website: Financial services to private, corporate and institutional clients

UHY Saxena Chartered Accountants 16th Floor, BB2 Tower, Mazaya Business Avenue, Jumeirah Lakes Towers PO Box 23271 Dubai Tel: +971 4 425 6616 Fax: +971 4 425 6610 Email: Website:

Head Office UNB Building Salam Street PO Box 3865 Abu Dhabi Tel: +971 2 693 0120 Fax: 00 971 2678 6080 Email: Website:

Al Qassimiya Street PO Box 25022 Sharjah Tel: +971 6 507 5222 Fax: +971 6 573 3906 Email: Website:

1004 Single Business Tower Business Bay Sheikh Zayed Road PO Box 12850 Dubai Tel: +971 4 380 7171 Fax: +971 4 380 7111 Email: Website: Trading and facility management services

UAE Exchange Centre Next to Liwa Centre Near to Bank of Baroda Shaikh Hamdan Street Tel: +971 2 632 2166 Fax: +971 2 631 2030

Level 06, East Wing The Gate Dubai International Financial Centre PO Box 50389 Dubai Tel: +971 4 364 7325 Fax: +971 4 364 7301 Website: Global corporate services

Titanium Capital PTE LTD

Banking services for HNWIs, corporates and self-employed

United Arab Bank

Sugandh Group

Zurich Insurance Company Ltd

Union National Bank (UNB)

Sharjah Islamic Bank

709-710, Level 7 Gate Precinct Building 3 Dubai International Financial Centre PO Box 482033 Dubai Tel: +971 4 326 6675 Fax: +971 4 354 4429 Email: Website: Deposits, loans and investments

Level 3, Building 7 Dubai Village Gate DIFC PO Box 50389 Dubai Tel: +971 4 363 4567 Email: Website: Business insurance services

Audit and accounting, consultancy and corporate services

Islamic online trading and financial brokerage; subsidiary of

State Bank of India

Zurich International Life Limited

Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Tailor-made financial services in both corporate and retail banking

Waha Capital Etihad Towers Tower 3, 42nd-43rd Floors Ras Al Akdar Abu Dhabi Tel: + 971 2 667 7343 Fax: + 971 2 667 7383 Email: Website: Investment company offering shareholders and third-party investors exposure to high-potential opportunities in diversified asset classes

Wehbe Insurance Services 5th Floor, Oud Metha Offices Sheikh Rashid Road Dubai Tel: +971 4 704 8600 Fax: +971 4 324 4010 Email: Website: Corporate and personal insurance products

Arab British European Banking & Finance Guide


Yemen Listings Al-Amal Microfinance Bank

National Bank of Yemen

Yemen General Insurance Company

Al-Kuraimi Islamic Microfinance Bank

Qatar National Bank (QNB)

Yemen Gulf Bank

Baghdad Street Sana’a Tel: (+967) (1)449731 Fax: (+967) (1)449721 Email: Website: Investment banking

Haddah Building Alkuraimi Sana’a Tel: (+967) (1)269399 Website: Currency exchange, savings and micro-finance services

Aman Insurance Company

Zubairy Street PO Box 21120 Sana’a Tel: (+967) (1)202105 / 214104 / 214093 Fax: (+967) (1)209452 Email: Website: Motor and property insurance and reinsurance

Arab Bank Yemen

PO Box 475 Zubairi Sana’a Tel: (+967) (1)276585/93 Fax: (+967) (1)276583 Email: Website: Consumer, corporate and institutional banking

CAC Bank

Sheba Roundabout Sana’a Tel: (+967) (1)250009 Fax: (+967) (1)538819 Email: Website: Corporate financial services for agriculture sector

Central Bank of Yemen Ali Abdul Mughini Street PO Box 59 Sana’a Tel: (+967) (1)274318 / 314 Email: Website: Central bank

International Bank of Yemen 4444 Zubairy Street Sana’a Tel: (+967) (1)407000 Fax: (+967) (1)407020 Email: Website: Commercial banking activities

KPMG Yemen

Marib Insurance Building 150 Zubairy Street PO Box 3501 Sana’a Tel: (+967) (1)401667 Fax: (+967) (1)206130 Email: Website: General financial services

Mareb Yemen Insurance Company Al Zuberi Street PO Box 2284 Sana’a Tel: (+967) (1)206126 Fax: (+967) (1)206118 Email: Website: Insurance services


PO Box 5 Aden Tel: (+967) (2)253753 Fax: (+967) (2)252325 Email: Website: Commercial banking, asset management and risk insurance

Al Zuberi Street PO Box 4310 Sana’a Tel: (+967) (1)517517 Fax: (+967) (1)517617 Email: Website: Personal banking and asset management

Saba Islamic Bank

Saif Bin Thi-Yazen Street Tahrir District PO Box 11054 Sana’a Tel: (+967) (1)286506 Fax: (+967) (1)286505 Email: Website: Shariah compliant commercial banking

Shamil Bank of Yemen and Bahrain Sitteen Street Round Aser Area PO Box 19382 Sana’a Tel: (+967) (1)538383 Fax: (+967) (1)538364 Email: Website: Shariah compliant commercial banking

Tadhamon International Islamic Bank Al Saeed Commercial Centre Building Al Zubairy Street PO Box 2411 Sana’a Tel: (+967) (1)203270 Fax: (+967) (1)203271 Email: Website: Shariah compliant banking solutions

United Insurance Company-Yemen Al-Saeed Commercial Building - 2nd Floor, Zubeiry PO Box 1883 Sana’a Tel: (+967) (1)555555 Fax: (+967) (1)214012 Email: Website: Insurance and reinsurance products

Yemen Bank for Reconstruction and Development PO Box 541 Sana’a Tel: (+967) (1)14/295915 Fax: (+967) (1)271630 Email: Website: Commercial banking and investment in industrial and development projects

Yemen Commercial Bank

Al Rowaishan Building Al Zubairy Street PO Box 19845 Sana’a Tel: (+967) (1)218591 Fax: (+967) (1)277289 Email: Website: Commercial banking, trade finance and investment

Arab British European Banking & Finance Guide

25 Algiers Street Sana’a Tel: (+967) (1)442074 Fax: (+967) (1)446394 Email: Website: Insurance products

Shawkani Street Safiya Area PO Box 100 Sana’a Tel: (+967) (1)260823 Fax: (+967) (1)260824 Email: Website: Commercial banking services

Yemen Kuwait Bank for Trade and Investment Al Zubairy Street PO Box 987 Sana’a Tel: (+967) (1)209451 / 202190 / 202191 Fax: (+967) (1)535369 Email: Website: Personal and corporate banking services

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

UK Listings ABN AMRO Bank N V

UK Branch 5 Aldermanbury Square London EC2V 7HR Tel: +44 20 3192 9000 Website: Branch of Dutch state-owned bank providing global banking services for corporates

ABN AMRO Commercial Finance Plc Sheencroft House 10-12 Church Road Haywards Heath West Sussex RH16 3SN Tel: +44 (0)808 163 3601 Website: Head Office of ABN AMRO Commercial Finance

The Access Bank UK Limited 4 Royal Court Gadbrook Way Gadbrook Park Northwich Cheshire CW9 7UT Tel: 0333 222 4516 Email: Website: Personal, business and private banking

Adam & Company Plc

Head Office 25 St Andrew Square Edinburgh EH2 1AF Tel: 0131 225 8484 Email: Website: Private banking and wealth management services

Airdrie Savings Bank (ASB) Head office 56 Stirling Street Airdrie Scotland ML6 0AW Tel: 01236 766 851 Email: Independent savings bank

Aldermore Bank Plc

Aldermore 1st floor Block B Western House Lynch Wood Peterborough PE2 6FZ Tel: 0845 604 2678 Email: Website: Personal and business banking

Allfunds Bank SA

London Branch 40 New Bond Street London W1S 2RX Tel: +44 (0) 20 77585000 Fax: +44 (0) 20 74097741 Website: Intermediation of investment funds

Alliance Trust Savings Ltd (ATS) PO Box 164 8 West Marketgait Dundee DD1 9YP Tel: 01382 573737 Email: Various account types and investment options

Allied Irish Bank (GB) St Helen’s 1 Undershaft London EC3A 8AB

Tel: 020 7647 3300 Email: Website: Corporate banking and business current accounts

Alpha Bank London

66 Cannon Street London EC4N 6EP Tel: +44 (0) 2073326767 Website: Banking and investment products; UK branch of Greek bank

Al Rayan Bank PLC

PO Box 12461 Birmingham B16 6AQ Tel: 0808 278 8404 Savings, current accounts, home finance, money transfers

ANZ Bank (Europe) Ltd

(Australia & New Zealand Banking Group Ltd) London Office 40 Bank Street Canary Wharf London E14 5EJ Tel: +44 (0) 203 229 2121 Website: Corporate and personal banking, ANZ began in London in 1835 as the Bank of Australasia

Arbuthnot Latham & Co

Arbuthnot House 7 Wilson Street London EC2M 2SN Tel: +44 (0) 20 7012 2500 Email: Website: Private banking, wealth planning and investment management services

Association of Foreign Banks (AFB)

65-66 Queen Street London EC4R 1EB Tel: +44 (0) 20 7283 8300 Fax: +44 (0) 20 7283 8302 Email: Website: Industry membership association for foreign banks located in the UK

Atom Bank

Northumbria House Aykley Heads Durham DH1 5TS An app based privately owned bank with no branches

Axis Bank UK Ltd

4th Floor Kings House 36-37 King Street London EC2V 8BB Tel: +44 (0) 20 73972520 Email: Website: Retail and corporate banking

Banca IMI SpA

90 Queen Street London EC4N 1SA Tel: +44 (0) 20 78942600 Email: Website: Equity, credit solutions, foreign exchange and structured finance

Banca March SA

30 Eastcheap London EC3M 1HD Tel: +44 (0) 20 7220 7488 Fax: +44 (0) 20 7929 2446 Website: Private banking

Banca Monte Dei Paschi Di Siena SpA London Branch 6th floor, Capital House 85 King William Street London EC4N 7BL Tel: +44 (0) 2076233847 Fax: 44 1716219407 Website: Subsidiary of Banca Monte dei Paschi di Siena SpA

Banco de Sabadell

Sabadell House 120 Pall Mall London Website: Corporate and personal banking

Bangkok Bank

London Branch Exchequer Court 33 St Mary Axe London EC3A 8BY Tel: +44 (0) 20 7929 4422 Fax: +44 (0) 20 7283 3988 Email: Website: Trade finance, corporate lending, remittance, foreign exchange services and deposit accounts

Banks and Clients

30 King Street London EC2V 8EH Tel: +44 (0) 20 7042 9700 Email: Private and merchant banking

Bank of America Merrill Lynch

2 King Edward Street London EC1A 1HQ Tel: +44 (0) 20 7628 1000 Website: Wealth management, investment and personal banking

Bank of Baroda

32 City Road London EC1Y 2BD Tel: +44 (0) 20 7457 1515 Fax: +44 (0) 20 7457 1505 Website: Corporate and retail banking

Bank of East Asia (BEA UK)

Main Office 130 Jermyn Street London SW1Y 4UR Tel: +44 (0)20 7734 3434 Fax: +44 (0)20 7734 0523 Email: Website: Personal, corporate banking and trade finance

Bank of Ceylon (UK) Ltd

1 Devonshire Square London EC2M 4WD Tel: +44 (0)20 7377 1888 Fax: +44 (0)20 7377 5430 Website: Mortgages, loans and savings accounts

Bank of China (UK) Ltd

1 Lothbury London EC2R 7DB Website: Personal and corporate banking

Bank of Communications (UK) Limited (BoCom Ltd) 4th Floor 1 Bartholomew Lane London EC2N 2AX Tel: +44 (0) 20 76147600 Fax: +44 (0) 20 76147602

Arab British European Banking & Finance Guide


UK Listings Email: Website: Corporate banking

Bank of Cyprus UK Ltd 27-31 Charlotte Street London W1T 1RP Tel: +44 (0) 20 3375 6422 Website: Business and personal banking

Bank of East Asia Ltd

75 Shaftesbury Ave London W1D 5BB Tel: +44 (0) 20 7734 3434 Website: Personal and corporate banking, wealth management and investments

Bank of England

Threadneedle Street London EC2R 8AH Tel: +44 (0) 20 7601 4444 Fax: +44 (0) 20 7601 4771 Email: Website: Central bank of the UK promoting and maintaining monetary and financial stability

Banque Havilland SA

UK Branch 5 Savile Row London W1S 3PB Tel: +44 (0) 20 7087 7999 Fax: +44 (0) 20 7087 7995 Email: Website: Asset management, wealth structuring and corporate banking

Banque Transatlantique

Finsbury Circus House 15 Finsbury Circus London EC2M 7EB Website: Private wealth management and banking services for French nationals in the UK

Bank of India

London Representative Office 2 Royal Exchange London EC3V 3DG Tel: +44 (0) 207 6064201/2/3 Email: Website: London Representative Office of the Bank of Italy (Banca d’Italia) covers UK and Ireland

Bank of Montreal

95 Queen Victoria Street London EC4V 4HG Tel: +44 (0) 7236 1010 Website: Mortgages, loans and investment

The Bank of Nova Scotia

(Scotiabank Europe plc) 201 Bishopsgate, 6th Floor London, EC2M 3NS Tel: +44 (0) 207 638 5644 Fax: +44 (0) 207 638 8488 Website: Personal banking, wealth management and insurance

Bank of Scotland Plc

PO Box 23581 Edinburgh EH1 1WH Tel: 0800 072 8668 Private banking and business banking

Bank of Taiwan Ltd

40 Basinghall St London EC2V 5DE Tel: +44 (0) 20 7382 4530 Website: Loans, foreign exchange and trusts

Bath Building Society

Head Office 15 Queen Square Bath BA1 2HN Tel: 01225 423271 Fax: 01225 446914 Email: Mortgages, savings and investments and financial advice

4th floor 63 Queen Victoria Street London EC4N 4UA Fax: +44 (0) 20 7965 2557 Email: Remittances, current accounts and trade services

Bayerische Landesbank

Bank of Ireland (UK) Plc

Beverley Building Society

PO Box 27 One Temple Quay Bristol BS99 7AX Tel: + 44 11 7909 0900 Fax: + 44 11 7929 3787 Website: Business banking and financial services

Bank J Safra Sarasin (Gibraltar) Ltd London Branch 47 Berkeley Square London W1J 5AU Tel: +44 (0) 20 7514 1000 Fax: +44 (0) 20 7514 1001 Website: Private banking

Bank Leumi (UK) plc

20 Stratford Place London W1C 1BG Tel: +44 (0) 203 772 1500 Fax: +44 (0) 203 772 1501 Email: Website: Corporate finance, private banking, treasury and global markets

Bank of Italy


Bavaria House 13-14 Appold St London EC2A 2NB Tel: +44 (0) 20 7247 0056 Website: Financing and risk management

3-5 Saturday Market Beverley HU17 8BB Tel: 01482 881510 Email: Independent mutual building society

BIRA Bank Limited

Wholesale Sharia compliant bank; asset management, corporate banking, treasury services and premier deposit accounts

Bank of Scotland plc

PO Box 23581 Edinburgh EH1 1WH Tel: 0345 721 3141 Email: Website: Commercial and clearing bank

Bank of Cyprus UK Ltd

27-31 Charlotte Street London W1T 1RP Tel: +44 (0)20 3375 6422 Email: Website: Banking services for small businesses, insurance and savings accounts

Barclays Bank plc

1 Churchill Place London E14 5HP Website: Global banking and financial services

Blom Bank France

193-195 Brompton Rd London SW3 1LZ Tel: +44 20 7590 7777 Fax: +44 20 7823 7356 Email: Website: Corporate, retail and private banking

BMO Financial Group

Exchange House Primrose Street London EC2A 2NY Tel: +44 (0) 207 011 5225 Email: Website: Canadian financial services provider, equity, debt underwriting, corporate lending and project financing, merger and acquisitions advisory services, securitization, treasury management and market risk management

BNP Paribas UK

3 Harewood Avenue London NW1 6JL Tel: +44 (0) 20 7595 2000 Website: Corporate, wealth management and investment banking

BNY Mellon Investment Management EMEA Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA Tel: +44 (0) 20 7163 4300 Website: Asset servicing, private equity, hedge funds, broker-dealer services, depositary receipts, corporate trust and treasury services

225 Bristol Road Edgbaston Birmingham B5 7UB Tel: 0121 446 6688 Fax: 0121 446 5215 Email: Website: Trade association bank, foreign exchange, loans and mortgages

BNY Mellon Wealth Management

BLME (Bank of London and the Middle East)

Bremer Landesbank Capital Markets Plc

Head Office Sherborne House 119 Cannon St London EC4N 5AT Tel: + 44 (0) 20 7618 0000 Fax: +44 (0) 20 7618 0001 Email: Website:

Arab British European Banking & Finance Guide

Family Office Services BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA Tel: +44 (0) 20 7163-5872 Website: Wealth management services

71 Queen Victoria Street London EC4V 4AY Tel: +44 (0) 20 7972 5450 Fax: +44 (0) 20 7972 5453 Email: Website: Private banking, corporate, savings, investment and capital markets

UK Listings Britannia

Britannia House Leek Staffordshire Moorlands ST13 5RG Tel: 08000 288 288 Website: Mortgages, savings, investment and insurance; part of the Co-operative Bank

British Bankers Association (BBA) Pinners Hall 105-108 Old Broad Street London EC2N 1EX Tel: +44 (0) 20 7216 8800 Fax: +44 (0) 20 7216 8811 Website: Trade association of UK banks

Brown Shipley London Founders Court Lothbury London EC2R 7HE Tel: +44 (0) 20 7606 9833 Fax: +44 (0) 20 7282 1545 Website: Private banking services

Buckinghamshire Building Society High Street Chalfont St Giles Bucks HP8 4QB Tel: 01494 879500 Fax: 01494 876256 Email: Mortgages and savings

Butterfield Bank (UK) Ltd

99 Gresham Street London EC2V 7NG Tel: +44 (0) 20 776 6880 Email: Private banking

Byblos Bank Europe SA

Berkeley Square House Berkeley Square London W1J 6BS Tel: +44 (0) 20 7518 8100 Fax: +44 (0) 20 7518 8129 Email: Website: Commercial and consumer banking

CACEIS Bank Luxembourg

London Branch Broadwalk House 5, Appold Street London EC2A 2DA Tel: +44 (0) 207 858 08 63 Email: Website: Asset servicing provider for institutional and corporate clients

CAF Bank

Head Office CAF (Charities Aid Foundation) 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Tel: 03000 123 000 Fax: 03000 123 001 Website: Banking for charities and not-for-profit organisations

C Hoare & Co

37 Fleet Street London EC4P 4DQ Tel: +44 (0)20 7353 4522 Fax: + 44 (0)20 7353 4521

Email: Website: Private banking and wealth management services

The Cambridge Building Society

PO Box 232 51 Newmarket Road Cambridge CB5 8FF Tel: 0345 601 3344 Savings, mortgages and insurance for the Cambridge area

Cambridge & Counties Bank

Charnwood Court New Walk Leicester LE1 6TE Tel: 0844 225 3939/40 Fax: 0116 254 4637 Email: Website: Banking specialists for small to medium enterprises

Titanium Capital Insurance Email: TITANIUM CAPITAL INSURANCE motivation is the management of risk. Employing modern alternative risk transfer techniques and traditional insurance, we have the solution to all insurance problems. At TITANIUM CAPITAL INSURANCE, we recognise that in the modern world of globalization, Insurance solutions become ever more complex. Local, regional, international laws and regulations increasingly affect the way commerce is transacted. TITANIUM CAPITAL INSURANCE provides solutions from the simplest to the most complex exposures and tailors bespoke Insurance policies. From multi-national corporations to SMEs (Small to medium size enterprises) the need for professional insurance advice is paramount. TITANIUM CAPITAL INSURANCE is a successful and recognized company within the insurance sector that has consolidated its position within the global market, particularly in regions where the insurance risk is high and the territory is in a state of economic development.

Canadian Imperial Bank of Commerce (CIBC) Cottons Centre Cottons Lane London SE1 2QL Tel: +44 (0) 2072346000 Fax: +44 (0) 2072346000 Website: Personal, commercial and corporate banking

Canara Bank 10 Chiswell Street London EC1Y 4UQ Tel: +44 (0) 20 7628 2187 Website: Personal and corporate banking

Cecabank SA

16 Waterloo Place London SW1Y 4AR Tel: +44 (0) 2079252560 Website: Securities services, treasury management, banking services

The Charity Bank

Fosse House 182 High Street Tonbridge Kent TN9 1BE Tel: +44 (0)1732 441900 Email: An ethical bank for savers and borrowers

Charter Court Financial Services

1 Charter Court Broadlands Wolverhampton WV10 6TD Tel: 01902 625929 Email: Specialist mortgages and bridging loans, mortgage servicing, administration and credit consultancy and savings products

Charterhouse Capital Partners LLP 7th Floor, Warwick Court Paternoster Square London EC4M 7DX Tel: +44 (0) 20 7334 5300 Fax: + 44 (0) 20 7334 5344 Website: Private equity fund management

The Chiba Bank Ltd

Atlas House 1 King Street London EC2V 8AU Tel: +44 (0) 2073153111 Fax: +44 (0) 2072362205 Website: Branch of Japanese retail banking group

Chorley Building Society Key House Foxhole Road Chorley PR7 1NZ Tel: 01257 235000 Fax: 01257 241371 Email: Savings and mortgages

CIMB Bank Berhad

27 Knightsbridge London SW1X 7YB Tel: +44 (0) 20 7201 3150 Fax: +44 (0) 20 7201 3151 Website: Support for Asian companies expanding their businesses in Europe, Middle East and Africa

CIMB Securities (UK) Ltd

Canccord Genuity Ltd 41 Lothbury London EC2R 7AE Tel: +44 (0) 20 7665 4500 Email: Website: Global wealth management and capital markets

Cater Allen Ltd 2 Triton Square Regent’s Place London NW1 3AN Tel: +44 (0) 114 228 2400 Website: Personal and business banking services

27 Knightsbridge London SW1X 7YB Tel: +44 (0) 20 7201 2199 Fax: +44 (0) 20 7201 2191 Website: Assistance to Asia-based corporates on investment opportunities in the UK and Europe

Citibank International Plc

Citigroup Centre 25 Canada Square Canary Wharf London E14 5LB Website: International banking, wealth management

Close Brothers Group Plc 10 Crown Place London

Arab British European Banking & Finance Guide


UK Listings EC2A 4FT Tel: +44 (0) 20 7655 3100 Email: Merchant banking group providing lending, deposit taking, wealth management services and securities trading

Clydesdale Bank Plc

30 St Vincent Place Glasgow G1 2HL Tel: +44 141 951 7320 Website: Private, business and personal banking; internet banking, current accounts, loans, mortages and insurance

Commerzbank AG

London Branch 30 Gresham Street London EC2V 7PG Tel: + 44 (0) 20 7623 8000 Email: Website: Corporate and investment banking, equities credit products, commodities, foreign exchange

Consolidated Credits Bank Ltd Chelsea House West Gate London W5 1DR Tel: +44 (0) 20 8998 8822 Credit services

The Co-operative Bank Plc

PO Box 101 1 Balloon Street Manchester M60 4EP Tel: +44(0)3457 212 212 Website: Commercial, business and personal banking

Coutts & Co

440 Strand London WC2R 0QS Tel: +44 (0) 20 7753 1000 Website: Private banking, wealth management, investments and commercial banking

The Coventry Building Society

St Nicholas House St Nicholas Rd Sutton SM1 1EL Tel: +44 (0) 20 8643 3311 Fax: +44 (0) 20 8643 8232 Email: Website: Wholesale bank providing transactional services to emerging markets

Dudley Building Society

Cumberland Building Society

Duncan Lawrie Ltd

Cumberland House Cooper Way Parkhouse Carlisle Cumbria CA3 0JF Tel: 01228 403 141 Email: Mortgages, current accounts, savings and insurance

Danske Bank

Earl Shilton Building Society

75 King William Street London EC4N 7DT Tel: +44 (0) 20 7410 8050 Website: Private, business and personal banking

Darlington Building Society

Sentinel House Morton Road Darlington County Durham DL1 4PT Tel: 01325 366366 Fax: 01325 741000 Email: Mortgages, savings, insurance and financial advice

Crédit Agricole Group

Deutsche Bank AG

Veritas House 125 Finsbury Pavement London EC2A 1NQ Tel: +44 (0) 20 36189600 Fax: +44 (0) 20 36189699 Website: Retail and corporate banking, insurance, factoring, real estate management, investment funds and consulting

Credit Suisse UK Ltd

45 Pall Mall London SW1Y 5JG Tel: +44 (0) 20 7888 1000 Fax: +44 (0) 20 7888 8641 Website: International private and investment banking services

Crown Agents Bank Ltd


EFG Private Bank Ltd

23 Great Winchester St London EC2P 2AX Tel: +44 (0) 20 7545 8000 Website: Part of the Deutsche Bank AG Group

DB UK Bank Ltd

DBS Bank

Crédit Industriel et Commercial

1 Hobart Place London SW1W 0HU Tel: +44 (0) 20 7245 1234 Fax: +44 (0) 20 7245 6276 Website: Private banking services

Leconfield House Curzon Street London W1J 5JB Tel: +44 (0) 20 7491 9111 Fax: +44 (0) 20 7872 3706 Email: Website: International private banking and wealth management; a part of Zurich’s EFG International

Oakfield House & Godiva House Binley Business Park Harry Weston Road Coventry CV3 2TQ Tel: +44 24 7655 5255 Savings, mortgages and insurance

Broadwalk House 5 Appold Street London EC2A 2DA Email: Website: Fully integrated range of financing and traditional banking services

7 Harbour Buildings The Waterfront Brierley Hill DY5 1LN Tel: 01384 231 414 Fax: 01384 233 250 Email: Mortgages, savings and financial services

4th Floor Paternoster House St Paul’s Churchyard London EC4M 8AB Tel: +44 (0) 20 7489 6550 International banking and financial services

Head Office UK 1 Great Winchester Street London EC2N 2DB Tel: +44 (0) 207 54 58000 Fax: +44 (0) 207 54 56155 Website: Asset and wealth management; corporate banking

Diamond Bank (UK) Plc

36-38 Leadenhall Street London EC3A 1AT Tel: +44 (0) 20 7184 4100 Fax: +44 (0) 20 7184 4199 Website: Trade services, corporate banking and treasury


London Branch 8th Floor The Walbrook Building 25 Walbrook London EC4N 8AF Tel: +44 (0) 20 7621 1111 Email: Website: Business, personal and investment banking

Arab British European Banking & Finance Guide

22 The Hollow Earl Shilton Leicester LE9 7NB Tel: +44(0) 1455 844422 Fax: +44(0) 1455 845857 Email: Savings, mortgages and insurance

Ecology Building Society 7 Belton Road Silsden Keighley West Yorkshire BD20 0EE Tel: 01535 650 770 Fax: 01535 650 780 Email: Savings and mortgages

Elavon UK

Elavon Financial Services Meridien House 69-71 Clarendon Rd Watford Hertfordshire WD17 1DS Tel: 0345 850 0195 Email: Website: Merchant services

Eurobank Private Bank Luxembourg SA London Branch 1st Floor 25 Berkeley Square London W1J 6HN Tel: +44 (0) 20 7973 8630 Email:

FBN Bank (UK) Ltd

28 Finsbury Circus London EC2M 7DT Tel: +44 (0) 20 920 4920 Website: Personal, corporate services and internet banking; subsidiary of First Bank of Nigeria

FCE Bank plc

Customer Service Centre St Albans AL1 2RW Retail, leasing and wholesale automotive financial products and

UK Listings services to Ford dealers and customers

Financial Conduct Authority (FCA)

25 The North Colonnade Canary Wharf London E14 5HS Tel: +44 (0)20 066 1000 Email:; Website: Regulator of the UK financial services industry

FCMB Bank (UK) Limited

81 Gracechurch Street London EC3V 0AU Tel: +44 (0) 20 7220 1000 Fax: +44 (0) 20 7220 1099 Email: Website: Treasury, trade services and corporate banking

First Commercial Bank Limited UK 29 Wilson St London EC2M 2SJ Tel: +44 (0) 79 3743 2267 Fax: +44 (0) 87 2331 6200 Personal and business banking services

First Direct

40 Wakefield Road Leeds LS98 1FD Tel: +44 113 2345678 Email: Website: Internet online banking for loans, mortgages and savings

FirstRand Bank Ltd

2 - 6 Austin Friars London EC2N 2HD Tel: +44 (0) 20 7939 1700 Website: Banking, insurance and investment products and services to retail, commercial, corporate and public sector

Furness Building Society

51-55 Duke Street Barrow-in-Furness Cumbria LA14 1RT Tel: 01229 824560 Fax: 01229 837043 Email: Savings, mortgages and insurance

Gatehouse Bank plc

Floor 24 125 Old Broad Street London EC2N 1AR Tel: +44 (0) 20 7070 6000 Fax: +44 (0) 20 7070 6099 Email : Website: Investment banking and Shariah-compliant finance

Ghana International Bank plc (GHIB) 67 Cheapside 1st Floor City of London EC2V 6AZ Tel: 0845 605 6004 Fax: 020 7248 2929 Email: Personal and business banking

GE Capital UK

The Ark 201 Talgarth Rd London W6 8BJ Tel: +44 (0) 207 302 6300 Website: Commercial financing and asset-based lending

GE Money Home Lending

Building 4 Hatters Lane Croxley Green Business Park Watford WD18 8YF Tel: +44 1923 426 426 Website: Home lending; first-time buyer, self-employed, purchase and remortgage products

Glamis Ltd

54 Templar Road Yate Bristol BS37 5TG Tel: 0145 432 2011 Fax: 0145 488 1161 Website: Investment and portfolio management

Global Reach Partners

4 Coleman Street London EC2R 5AR Tel: +44 (0) 20 3465 8200 Fax: + 44 (0) 20 3465 8201 Email: Website: Experts in FX, providing clients with access to global currencies and international payment services

Goldman Sachs International River Court 120 Fleet Street London EC4A 2BE Tel: +44 (0) 207 774 1000 Website: Investment banking and securities

Guaranty Trust Bank (UK) Ltd

62 Margaret Street London W1W 8TF Tel: +44 (0) 207 947 9701 Website: Retail and wholesale banking products and services for private, corporate and institutional clients

Gulf International Bank (GIB) (UK) Ltd

One Knightsbridge London SW1X 7XS Tel: +44 (0) 20 7393 0410 Fax: +44 (0) 20 7393 0458 Website: Wholesale banking, investments, Islamic banking and structured finance; subsidiary of Bahrain’s Gulf International Bank

Habib Bank AG Zurich

Habib House 42 Moorgate London EC2R 6JJ Tel: +44 (0) 20 7452 0200 Fax: +44 (0) 207 628 8583 Email: Website: Personal, business and institutional banking services

The Hampden Group

Hampden House Great Hampden Great Missenden Buckinghamshire HP16 9RD Tel: +44 (0) 1494 488 888 Email: Management and support services to the insurance industry

Hampden Capital Plc

40 Gracechurch Street London EC3V 0BT Tel: +44 (0) 207 863 6500 Email: Lloyd’s members’ agency providing advice to private and corporate capital

Hampshire Trust Bank

131 Finsbury Pavement London EC2A 1NT Tel: +44 (0) 20 7862 6200 Email: Website: Asset finance, personal savings and business banking services


4 Moorgate London EC2R 6DA Tel: +44 (0) 20 7578 8000 Website: Individual and corporate banking services

Hanley Economic Building Society

Granville House Forge Lane Festival Park Stoke-on-Trent ST1 5TB Tel: 01782 255000 Email: Mortgages, savings, insurance and financial planning

Harpenden Building Society

Mardall House ]9-11 Vaughan Road Harpenden Hertfordshire AL5 4HU Tel: 01582 765411 Fax: 01582 462673 Email: Mortgages and savings

Harrods Bank Ltd

87-135 Brompton Road Knightsbridge London SW1X 7XL Tel: +44 (0) 20 225 6789 Fax: +44 (0) 20 225 3712 Email: Website: Personal financial services, bullion service and high value accounts

Havin Bank Ltd

5th Floor 30 Marsh Wall London E14 9TP Tel: +44 (0) 20 536 7050 Fax: +44 (0) 20 093 3252 Email: Website: Formerly Havana International Bank Ltd (HIB)

HBL (Habib Bank) UK

9 Portman Street London W1H 6DZ Tel: +44 (0) 20 7780 1000 Fax: +44 (0) 20 7702 2779 Email: Website: Private banking and trade services

Helaba London

3rd Floor 95 Queen Victoria Street London EC4V 4HN Tel: +44 20/73 34 4500 Website: Project finance, real estate finance and corporate banking


Henderson Global Investors Limited 201 Bishopsgate London EC2M 3AE Tel: +44 (0) 20 818 1818 Fax: +44 (0) 20 818 1819 Email: Website:

Arab British European Banking & Finance Guide


UK Listings Asset classes for institutional, retail and high net-worth clients including equities, fixed income, property and private equity

Hinckley & Rugby Building Society Upper Bond Street Hinckley Leicestershire LE10 1DG Tel: 0800 434 6343 Email: Website: Mortgages and savings

Holmesdale Building Society 43 Church Street Reigate Surrey RH2 0AE Tel: 01737 245716 Fax: 01737 246962 Website: Mortgages and savings

HSBC Bank plc

8 Canada Square London E14 5HQ Tel: +44 (0) 207 991 8888 Website: International banking

Hua Nan Commercial Bank Ltd 6th floor 140 Fenchurch Street London EC3M 6BL Tel: +44 (0) 207 2207979 Fax: +44 (0) 207 6261515 Website: Commercial banking


PO Box 68921 21 Knightsbridge Near Hyde Park London SW1X 7LY Tel: +44 203 478 5319 Website: Personal, business, corporate and investment banking services

ING Commercial Banking

60 London Wall London EC2M 5TQ Tel: +44 20 7767 1105 Website: Banking services for large corporations, multinationals and financial institutions worldwide

Investec UK

2 Gresham Street London EC2V 2QP Tel: +44 (0)20 7597 4000 Fax: +44 (0)20 7597 4070 Website: Personal and investment banking services

Ipswich Building Society Freehold House 6-8 The Havens Ransomes Europark Ipswich IP3 9SJ Tel: 0330 123 0723 Email: Website: Mortgages and savings

Itau BBA International Plc The Broadgate Tower 20th floor 20 Primrose Street London EC2A 2EW Tel: +44 (0) 20 7070 4312 Website: Wholesale and investment banking


Jefferies International Limited

Vintners Place 68 Upper Thames Street London EC4V 3BJ Tel: +44 (0) 20 7029 8000 Website: Investment banking, broking, asset management and equities

JP Morgan Limited

25 Bank Street Canary Wharf London E14 5JP Tel: +1 212 270 6000 Website: Investment banking

Julian Hodge Bank Limited

29 Windsor Place Cardiff CF10 3BZ Tel: 029 2022 0800 Fax: 0845 371 3901 Email: Website: Commercial lending and deposit accounts

JP Morgan Asset Management 60 Victoria Embankment London EC4Y 0JP Tel: 0800 727 770 Website: Investment services


UK Branch Westferry House 11 Westferry Circus London E14 4HD Tel: +44 (0)20 7153 3600 Website: Specialist services for pension funds and financial institutions

Katten Muchin Rosenman UK LLP

125 Old Broad Street London EC2N 1AR Tel: +44 (0) 20 776 7620 Fax: +44 (0) 20 776 7621 Website: Specialist in financial services, including investment funds, regulatory and related corporate work, general banking and real estate

KBC Investments Limited

111 Old Broad Street London EC2N 1FP Tel: +44 (0) 20 7614 6000 Fax: +44 (0) 20 7614 6100 Email: Website: Structured credit products; wholly owned subsidiary of KBC Bank NV

Kingdom Bank Ltd

Ruddington Fields Business Park Mere Way Ruddington Nottingham NG11 6JS Tel: 0115 921 7250 Fax: 0115 921 7251 Email: Website: Ethical bank for savings, mortgages and insurance

Kleinwort Benson Bank Ltd

14 St George Street London W1S 1FE Tel: +44 (0) 20 3207 7000 Website: Private banking and wealth management services

Lazard Capital Markets Eleven Ironmonger Lane London EC2V 8EY Tel: +44 (0) 20 7448 2802 Website:

Arab British European Banking & Finance Guide

Research, sales and trading, underwriting in the areas of equity, fixed income and convertible securities

LBBW London Branch

7th Floor 201 Bishopsgate London EC2M 3UN Tel: +44 (0) 20 7826-8000 Fax: +44 (0) 207 826-8190 Email: Website: London branch of Landesbank Baden-WĂźrttemburg

Landesbank Berlin Girozentrale No 1 Crown Court London EC2V 6LR Tel: +44 (0) 2075726200 Fax: 44 (0) 2075729299 Website: Treasury services

Leeds Building Society

105 Albion Street Leeds LS1 5AS Tel: 03450 50 50 75 Fax: 0191 262 6026 Website: Mortgages and savings

Leek United Building Society 50 St Edward Street Leek Staffordshire ST13 5DL Tel: 01538 384151 Fax: 01538 399179 Website: Mortgage, savings and insurance

Lloyds Banking Group Plc

25 Gresham Street London EC2V 7HN Tel: +44 (0) 20 7626 1500 Website: International retail banking group

Lloyds Bank Private Banking Ltd 4th Floor 33 Old Broad Street London EC2N 1HZ Tel: 0345 300 2750 Fax: 0207 2566243 Website: Private banking and advice managers

London Metal Exchange Limited

56 Leadenhall Street London EC3A 2DX Tel: +44 (0)20 7264 5555 Website: World centre for industrial metals trading and price-risk management

London Stock Exchange

10 Paternoster Square London EC4M 7LS Tel: +44 (0) 20 7797 1000 Website: Stock exchange, market news and finance

Lombard Odier (Europe) SA UK Queensberry House 3 Old Burlington Street London W1S 3AB Tel: +44 (0) 20 3206 6000 Fax: +44 (0) 20 3206 6250 Website: Asset management and private banking

The Loughborough Building Society 6 High Street Loughborough Leicestershire LE11 2QB

UK Listings Tel: 01509 610 707 Email: Website: Mortgage and savings

Trade finance services

The Melton Building Society

Ropemaker Place 28 Ropemaker Street London EC2Y 9HD Tel: +44 (0) 20 3037 2000 Website: Provider of banking, financial, advisory, investment and funds management services

Mutual House Leicester Road Melton Mowbray Leicestershire LE13 0DB Tel: 01664 414141 Fax: 01664 414040 Email: Website: Mortgages, savings and insurance

Manchester Building Society

Mirabaud Asset Management Limited

Macquarie Bank International Ltd

125 Portland Street Manchester M1 4QD Tel: 0161 923 8000 Fax: 0161 923 8950 Email: Website: Mortgages and savings

The Mansfield Building Society Regent House Regent Street Mansfield Nottinghamshire NG18 1SS Tel: 01623 676300 Fax: 01623 676356 Email: Website: Mortgage, savings and insurance

Market Harborough Building Society Welland House The Square Market Harborough Leicestershire LE16 7PD Tel: 01858 412250 Fax: 01858 412254 Email: Website: Mortgage, savings and insurance

Marks & Spencer Financial Services Plc Customer Services Department Kings Meadow Chester CH99 9FB Tel: 0845 900 0900 Website: Current accounts, personal loans and internet banking

Marsden Building Society

6-20 Russell Street Nelson Lancashire BB9 7NJ Tel: 01282 440 500 Email: Website: Mortgages, savings and home insurance

Mega International Commercial Bank Co Ltd 4th Floor Michael House 35 Chiswell Street London EC1Y 4SE Tel: +44 (0) 20 75627350 Fax: +44 (0) 20 75627369 Website: Commercial banking

Melli Bank PLC

98a Kensington High Street London W8 4SG Tel: +44 (0) 20 7600 3636 Fax: +44 (0) 20 7361 0740 Email: Website:

London WC1B 5HA Tel: 0345 080 8500 Website: Personal and commercial banking

MFL Mutual Finance

7 Old Park Lane London W1K 1QR Tel: +44 (0)20 7491 9076 Fax: +44 (0)20 7499 3519 Email: Website: Property finance, fund management

33 Grosvenor Place London SW1X 7HY Tel: +44 (0) 20 7321 2506 Fax: +44 (0) 20 7930 4064 Website: Asset management and fund management

Mirabaud Securities LPP

33 Grosvenor Place London SW1X 7HY Tel: +44 (0) 20 7321 2506 Fax: +44 (0) 20 7930 4064 Website: Brokerage and corporate finance

Monmouthshire Building Society Monmouthshire House John Frost Square Newport South Wales NP20 1PX Tel: 01633 844 340 Website: Savings, mortgages and insurance

Mizuho International Plc

Bracken House One Friday Street London EC4M 9JA Tel: +44 (0) 20 7236 1090 Email: Website: Corporate and investment banking


Commercial Foreign Exchange Head Office UK 2 Sloane Square Knightsbridge London SW1X 9LA Tel: +44 (0) 207 589 3000 Email: Website: Retail and private banking services


Morgan Stanley & Co International plc 25 Cabot Square Canary Wharf London E14 4QA Tel: +44 (0) 20 7425 8000 Fax: +44 (0) 20 7425 8990 Website: Wealth management and investment banking

Private Equity Advisers Ltd Connaught House 1-3 Mount Street London W1K 3NB Tel: +44 (0) 20 7491 8500 Fax: +44 (0) 20 7491 8700 Website: Independent international advisory firm focusing on raising capital for private equity, real estate, real assets, credit and direct transactions


88 Wood St London EC2V 7QQ Tel: +44 (0) 20 7710 2100 Website: Personal and business banking

Cannonbridge House 25 Dowgate Hill London EC4R 2YA Email: Website: Financing solutions, access to capital markets and transactional banking services

National Bank of Canada

National Bank of Greece SA

71 Fenchurch Street London EC3M 5 Tel: +44 (0) 20 7265 6500 Website: Personal and business banking

75 King William St London EC4N 7BE Tel: +44 (0) 20 7015 0600 Retail, business and corporate banking

National Counties Building Society

National Westminster Bank Plc

National Australia Bank Ltd

Ebbisham House 30 Church Street Epsom Surrey KT17 4NL Tel: 01372 744155 Fax: 01372 745607 Email: Website: Mortgages, insurance and savings accounts

Nedbank Ltd

Old Mutual Place 2 Lambeth Hill London EC4V 4GG Tel: +44 (0) 20 7002 3400 Website: Treasury, global markets and niche investment banking products

Metro Bank

One Southampton Row

135 Bishopsgate London EC2M 3UR Tel: +44 121 695 9238 Website: Retail and commercial bank

Nedbank Private Wealth Limited Old Mutual Place 2 Lambeth Hill London EC4V 4GG Tel: +44 (0) 1624 645111 Fax: +44 (0) 1624 627218 Email: Website: Corporate banking and fiduciary

Newbury Building Society 17 Bartholomew Street Newbury

Arab British European Banking & Finance Guide


UK Listings Berkshire RG14 5LY Tel: 01635 555777 Website: Mortgages and savings

Nomura Asset Management UK Limited One Angel Lane London EC4R 3AB Tel: +44 (0) 20 7521 2000 Email: Website: Retail, asset management, wholesale and global research


1 Wood Street London EC2V 7WT Tel: +44 (0) 20 7 972 5400 General banking services

The Norinchukin Bank

4th Floor 155 Bishopsgate London EC2M 3YX Tel: +44 (0) 20 7588 6589 Fax: +44 (0) 20 7588 6585 Website: Lending and investment activities

Northern Bank Ltd

75 King William Street London EC4N 7DT Tel: +44 (0) 20 7410 8050 Website: Mortgages, savings, loans and wealth planning

Northern Trust

50 Bank Street Canary Wharf London E14 5NT Tel: +44 (0) 20 7982 2000 Fax: +44 (0) 20 7982 2002 Website: Wealth and asset management

N M Rothschild & Sons Ltd New Court St Swithins Lane London EC4N 8AL Tel: +44 (0) 20 7280 5000 Fax: +44 (0) 20 7929 1643 Website: Merchant banking

Nottingham Building Society Nottingham House 3 Fulforth Street Nottingham NG1 3DL Tel: 0344 481 4444 Website: Mortgages, savings and insurance

Novo Banco

London Branch 10 Paternoster Square London EC4M 7A L Tel: +44 (0) 207 332 43 49 Fax: +44 (0) 207 332 43 40 Retail and investment banking, insurance, asset management and venture capital

OakNorth Bank Limited

1st Floor Alexandra Buildings 28 Queen Street Manchester M2 5HX Tel: 0161 713 4071 Website:


Business lending solutions and property finance

OneSavings Bank Plc

Reliance House Sun Pier Chatham ME4 4ET Tel: 01634 838973 Email: Website: Residential, buy-to-let, commercial mortgages and secured loans

Paragon Bank PLC

PO Box 850 Wallsend NE28 5BJ Tel: 0800 052 2222 Email: Website: Savings accounts

Penrith Building Society

7 King Street Penrith Cumbria CA11 7AR Tel: 01768 863675 Email: Website: Mortgages and savings

Persia International Bank plc

6 Lothbury London EC2R 7HH Tel: +44 (0) 20 7606 8521 Fax: +44(0) 20 7606 2020 Email: Website: Current, deposit and savings accounts, money transfer, foreign exchange and trade finance

Piraeus Bank SA

London Branch 8th Floor Tower 42 25 Old Broad Street London EC2N 1PB Tel: +44 (0) 20 7920 6000 Fax: +44 (0) 20 7256 9391 Email: Website: Retail banking, the financing of SMEs, capital markets, investment banking, leasing, real estate and financing of the shipping sector

PNB (Europe) PLC

238 Vauxhall Bridge Road London SW1V 1AU Tel: +44 (0) 20 7313 2300 Fax: +44 (0) 20 7727 9447 Email: Website: Remittance and loans

Portigon Financial Services GmbH Woolgate Exchange 25 Basinghall Street London EC2V 5HA Tel: +44 (0) 20 7020 2000 Fax: +44 (0) 20 7020 2002 Website: Credit services

Principality Building Society PO Box 89 Principality Building Queen Street Cardiff CF10 1UA Tel: 0330 333 4000 Website: Savings, mortgages and insurance

Progressive Building Society Progressive House

Arab British European Banking & Finance Guide

33-37 Wellington Place Belfast BT1 6HH Tel: 02890 244926 Fax: 02890 330431 Mortgages, savings and insurance

Punjab National Bank (International) Ltd 1 Moorgate London EC2R 6JH Tel: +44 (0) 20 7796 9600 Fax: +44 (0) 20 7796 1015 Email: Website: Current accounts, loans and money transfer servcies

QIB (UK) plc

4th Floor Berkeley Square House Berkeley Square London W1J 6BX Tel: +44 (0) 20 7268 7200 Email: Web: Shari’a compliant financing and investment products for both Islamic and non-Islamic clients

Rathbone Investment Management

1 Curzon Street London W1J 5FB Tel: +44 (0) 20 7399 0000 Email: Investment management, financial planning, tax and trusts, offshore investment management

RBC Investor Services Trust

Riverbank House 2 Swan Lane London EC4R 3AF Tel: +44 (0) 20 7653 4000 Website: Asset management, insurance and treasury services

RCI Financial Services Ltd (RCIFS)

Egale House 78 St Albans Road Watford, WD17 1AF Tel: +44333 2000 002 Website: Financial services for UK customers of Renault, Nissan, Infiniti and Dacia

Reliance Bank

Faith House 23-24 Lovat Lane London EC3R 8EB Website: Loans, mortgages, personal and business banking

R Raphael & Sons plc (Raphaels Bank) 19-21 Shaftesbury Avenue London W1D 7ED Tel: +44 (0) 20 3751 1600 Fax: +44 (0) 20 7292 5472 Email: Personal savings, multi-currency ATMs, consumer credit, prepaid cards and credit cards

Royal Bank of Canada (RBC)

71 Queen Victoria Street London EC4V 4DE Tel: +44 (0) 20 7489 1188 Website: Accounts, mortgages, loans and investment

Raphaels Bank

19-21 Shaftesbury Avenue London W1D 7ED Tel: +44 (0) 20 7292 5400 Fax: +44 (0) 20 7292 5472 Email:

UK Listings Website: Personal customer savings products and credit brokerage facilities

The Royal Bank of Scotland Group Plc

Group Secretariat Business House G Gogarburn Edinburgh EH12 1HQ Tel: +44 131 626 0000 Website: Banking and insurance holding company with a wide variety of banking brands

Saffron House

1A Market Street Saffron Walden Essex CB10 1HX Tel: 0800 072 1100 or 01799 522211 Email: Website: Savings, mortgages and financial advice

Tel: +44 (0) 207 2464000 Email: Website: Banking services for small and medium-sized companies

Secure Trust Bank

One Arleston Way Shirley Solihull West Midlands B90 4LH Tel: 03451 117 092 / 0121 683 6451 Website: Savings, pensions and loans products for private individuals and commercial clients

SG Hambros Bank Ltd

St James’s Square London SW1Y 4JU Tel: +44 (0) 207 597 3000 Website: Private banking

Sainsbury’s Bank Plc

Shanghai Commercial Bank Ltd

Samba Financial Group

Shawbrook Bank Limited

33 Holborn London EC1N 2HT Tel: +44131 549 8040 Website: Loans, credit cards, savings and insurance

65 Curzon St London W1J 8PE Tel: +44 (0) 20 7659 8200 Website: Personal finance, home finance and Islamic products

Santander UK Plc

2 Triton Square Regent’s Place London NW1 3AN Website: Personal, business, corporate and commercial banking

Sarasin Investment Management

100 St Paul’s Churchyard London EC4M 8BU Tel: +44 (0) 20 7038 7000 Fax: +44 (0) 20 7038 6850 Email: Website: Management of global investment portfolios, financial services for charities, pension funds and insurance companies

Scottish Building Society

SBS House 193 Dalry Road Edinburgh EH11 2EF Tel: 0131 313 7700 Fax: 0131 313 7711 Website: Mortgages, savings and financial planning

Scottish Widows Bank

PO Box 12757 67 Morrison Street Edinburgh EH3 8YJ Tel: 0845 845 0829 Fax: 0845 846 0829 Website: Life assurance, pensions, investments and savings

Schroder & Co Ltd

31 Gresham Street London EC2V 7QA Tel: +44 (0) 207 658 2329 Email: Website: Global asset management

SEB (Skandinaviska Enskilda Banken AB) One Carter Lane London EC4V 5AN

65 Cornhill London EC3V 3NB Email: website: Trade finance and commercial lending services

Lutea House The Drive Warley Hill Business Park Great Warley Brentwood Essex CM13 3BE Tel: 0845 266 6611 Website: Savings and lending bank

Standard Chartered Bank

1 Basinghall Ave London EC2V 5DD Tel: +44 (0) 20 7885 8888 Fax: +44 (0) 20 7885 9999 Website: Transaction banking, financial markets, corporate finance, advisory, project & export finance and structured trade finance

State Bank of India (SBI)

State Bank House 15 King Street London EC2V 8EA Tel: +44 (0) 20 7454 4324 Fax: +44 (0) 20 74544423 Email: Website: Personal and corporate banking services

Sterling Currency Exchange

Tweedale Street Rochdale Lancs OL11 1HH Tel: + 44 (0) 1706 718888 Fax: + 44 (0) 1706 662342 Email: Website: Currency transfer services

Sumitomo Mitsui Banking Corporation (SMBC)

Silicon Valley Bank UK

41 Lothbury London EC2R 7HF Tel: +44 (0) 207 367 7800 Fax: +44 (0) 207 600 9556 Email: Website: Trade finance and commercial banking

Skipton Building Society Principal Office The Bailey Skipton North Yorkshire BD23 1DN Tel: +44 (0) 175 670 5030 Fax: + 44 (0) 1756 705 700 Website: Savings, mortgages and investment

99 QueenVictoria Street London EC4V 4EH Tel: +44 (0) 20 7786 1000 Fax: +44 (0) 20 7236 0049 Website: Corporate banking

Swansea Building Society 11 & 12 Cradock Street Swansea SA1 3EW Tel: 01792 739100 Email: Website: Mortgage, savings and home insurance

Syndicate Bank

Smith & Williamson Investment Services Ltd 25 Moorgate London EC2R 6AY Tel: +44 (0) 20 7131 4000 Fax: +44 (0) 20 7131 4001 Website: Investment management, audit, assurance and business services, private banking

Sonali Bank (UK) Ltd

29-33 Osborn Street London E1 6TD Tel: +44 (0) 20 7877 8200 Fax: +44 (0) 20 7375 2161 Website: UK based Bangladeshi bank offering trade finance and bureau de change services

The Stafford Railway Building Society 4 Market Square Stafford ST16 2JH Tel: 01785 223212 Email:

Website: Mortgages and savings

King William House 2A Eastcheap London EC3M 1LH Tel: +44 (0) 20 76269681 Fax: +44 (0) 20 72833830 Email: Website: Current accounts, loans and project finance

Tandem Bank 16 Upper Woburn Place London WC1H 0BS Email: Website: Investment and independent financial advice

TD Bank Europe Ltd 60 Threadneedle Street London EC2R 8AP Tel: +44 (0) 20 7920 0272 Website: Investment banking

Teachers’ Building Society Allenview House Hanham Road

Arab British European Banking & Finance Guide


UK Listings Wimborne Dorset BH21 1AG Tel: 0800 378 669 Fax: 01202 841694 Website: First-time buyers, remortgaging and savings

Tesco Bank Interpoint Building 22 Haymarket Yards Edinburgh EH12 5BH Tel: +44 (0) 131 479 1000 Email: Website: Trading name of Tesco Personal Finance plc, the bank offers current accounts, credit cards and insurance

Tipton and Coseley Building Society 70 Owen Street Tipton West Midlands DY4 8HG Tel: 0121 557 2551 Website: Mortgages, savings and insurance

Triodos Bank NV

Deanery Road Bristol BS1 5AS Tel: 0800 328 2181 Website: Savings and investments

Unicredit SpA

Moor House 120 London Wall London EC2Y 5ET Tel: +44 (0) 207 826 1000 Fax: +44 (0) 207 826 1210 Website: Investment and online banking

Union Bank UK Plc

14-18 Copthall Ave London EC2R 7BN Tel: +44 (0) 20 7920 6100 Website: Wholly owned subsidiary of the Union Bank of Nigeria

United Bank UK (UBL)

2 Brook St London W1S 1BQ Tel: +44 (0) 20 7290 8000 Website: Business banking services, retail banking products, wholesale banking, treasury and money transmission services

Union Bank of India (UK) Limited

Senator House 85 Queen Victoria Street London EC4V 4AB Tel: +44 (0) 20 7332 4250 Email: Website: Banking for individual, corporate and business customers

United Overseas Bank


Henry Duncan House 120 George Street Edinburgh EH2 4LH Tel: +44 (0) 2032 841 575 Website: Personal and business banking

Tungsten Bank plc

6 Pountney Hill House Laurence Pountney Hill London EC4R 0BL Tel: +44 (0) 20 7280 7700 Email: Website: Wholly owned subsidiary of Tungsten Corporation plc, a company listed on the Alternative Investment Market in the UK

TĂźrkiye Is Bankasi A S London Branch 8 Princes Street London EC2R 8HL Tel: +44 (0) 207 397 1400 Fax: +44 (0) 207 726 2566 Email: Website: Personal and corporate banking

Turkish Bank (UK) Ltd

84-86 Borough High Street London SE1 1LN Tel: +44 (0) 20 74035656 Fax: +44 (0) 20 74077406 Email: Website: Personal and business banking services

UBS Global Asset Management (UK) Ltd 21 Lombard Street London EC3V 9AH Tel: +44 (0) 20 7901 5000 Website: Asset management services

Ulster Bank Ltd

Ulster Bank Group Centre Georges Quay Dublin 2


Ireland Website: Mortgages, loans and insurance

19 Great Winchester Street London EC2N 2BH Tel: +44 (0) 20 7628 3504 Website: Personal financial services, private, commercial, corporate, investment banking, corporate finance, capital market activities, treasury services, asset management, venture capital management, insurance and stockbroking services

United Trust Bank

One Ropemaker Street London EC2Y 9AW Tel: +44 (0) 20 7190 5555 Fax: +44 (0) 20 7190 5550 Email: Website: Secured funding facilities and deposit accounts for individuals, businesses and charities

Unity Trust Bank plc

Nine Brindleyplace Birmingham B1 2HB Tel: 0345 1401000 Fax: 0345 1130003 Email: Website: Current accounts, loans and insurance; specialist bank for civil society and social enterprise

uSwitch Limited

Notcutt House 36 Southwark Bridge Road London SE1 9EU Tel: 0333 321 6808 Fax: 020 3214 8417 Email: Website: Price comparance services on gas & electricity, heating cover, home phone, communications, insurance and personal finance products

Vanquis Bank Ltd Customer Services PO Box 399 Chatham

Arab British European Banking & Finance Guide

ME4 4WQ Tel: 0330 099 3000 Website: Credit card service

Vernon Building Society 19 St Petersgate Stockport SK1 1HF Tel: 0161 429 6262 Fax: 0161 477 3303 Email: Website: Savings, mortgages and insurance

Virgin Money

Head Office Jubilee House Gosforth Newcastle upon Tyne NE3 4PL Tel: 01603 215950 Website: Financial products, credit cards, mortgages, investments and current accounts; part of the Virgin Group

VTB Capital Plc

14 Cornhill London EC3V 3ND Tel: +44 (0) 20 3334 8000 Fax: +44 (0) 20 3334 8900 Website: Complete range of financial services including retail, corporate and investment banking; broking and other stock market services

Weatherbys Bank Limited

Sanders Road Wellingborough Northants NN8 4BX Tel: +44 1933 304777 Fax: + 44 1933 304888 Email: Website: Family owned private bank; banking and accounting services for the horseracing and bloodstock industries

Wells Fargo Bank

London Branch One Plantation Place 30 Fenchurch Street London EC3M 3BD Tel: +44 (0) 20 7149 8100 Fax: +44 (0) 20 7149 8393 Website: Asset management, insurance and commercial financing

West Bromwich Building Society

374 High Street West Bromwich Midlands B70 8LR Tel: 0845 330 0611 Fax: 0121 500 5961 Email: Website: Retail banking, savings, mortgages, investments

Westpac Europe Ltd

63 St Mary Axe London EC3A 8LE Tel: +44 (0) 2076217000 Fax: +44 (0) 2076217105 Website: Business, personal and corporate banking

Winterflood Securities Ltd

The Atrium Building Cannon Bridge House 25 Dowgate Hill London EC4R 2GA Tel: +44 (0) 20 3100 0000 Fax: +44 (0) 20 7623 9482 Email: Execution services to retail brokers and institutional clients

UK Listings Yorkshire Bank PLC 35 Regent St London SW1Y 4ND Tel: 0844 736 8368 Website: Private and business banking, internet banking, current accounts, credit cards mortgages, financial planning and travel insurance

Yorkshire Building Society Yorkshire House Yorkshire Drive Bradford West Yorkshire BD5 8LJ Tel: 0345 1200 805 Website: Savings, insurance, mortgages and investment

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Zenith Bank (UK) Ltd 39 Cornhill London EC3V 3ND Tel: +44 (0) 20 7105 3950 Fax: +44 (0) 20 7105 3999 Email: Website: Trade services, wealth management, corporate and treasury

Arab British European Banking & Finance Guide


Arab & Islamic Banks in the UK ABC International Bank Plc

London Branch Arab Banking Corporate House 1-5 Moorgate London EC2R 6AB Tel: +44 (0) 20 7776 4000 Fax: +44 (0) 20 7606 9987 Website: Correspondent banking, private banking, treasury services, trade and commodity finance, corporate finance, project and specialised finance, syndications, Islamic asset Management

ABC (IT) Services Ltd

Arab Banking Corporation House 1-5 Moorgate London EC2R 6AB Tel: +44 (0) 20 7776 4050 Fax: +44 (0) 20 7606 2708 Website:

Abu Dhabi Islamic Bank (ADIB) One Hyde Park Knightsbridge London SW1X 7LJ Tel: +44 (0) 20 7590 2200 Website: Personal, business and private banking

Ahli United Bank (UK) Plc

35 Portman Square London W1H 6LR Tel: +44 (0) 20 7487 6500 Fax: +44 (0) 20 7487 6808 Email: Website: Private banking & wealth management, asset management and personal banking services

Al Rayan Bank PLC

PO Box 12461 Birmingham B16 6AQ Tel: 0808 252 0438 Website: Islamic finance services

Arab Bankers’ Association

43 Upper Grosvenor Street London W1K 2NJ Tel: +44 (0) 20 7659 4889 Fax: +44 (0) 20 7659 4868 Website: Professional body whose members work in banking and the financial services sector in the Arab world and in the UK

Arab Investments Ltd

11 Berkeley Street 2nd Floor London W1J 8DS Tel: +44 (0) 207 408 0808 Fax: +44 (0) 207 408 0909 Email: Website: Investment in property and real estate; tailored asset/fund management service

Arab National Bank (ANB)

London Branch PO Box 2LB 35 Curzon Street London W1J 7TT Tel: +44 (0) 207 297 4610/4607 Fax: +44 (0) 207 297 4900 Email: Website: Personal banking, trade finance and corporate banking services; branch of Saudi Arabian bank

Attijariwafa Bank 95 Praed St


London W2 1NT Tel: +44 (0) 207 706 8323 Website: London branch of Moroccan bank and listed on Casablanca Stock Exchange

Bank ABC

Arab Banking Corporation House 1-5 Moorgate London EC2R 6AB Tel: +44 (0) 20 7776 4000 (General); +44 (0) 20 7726 4091 (Dealing Room) Fax: +44 (0) 20 7606 9987 Website: Bank ABC in the UK offers trade and commodity finance, project, export and structured finance, treasury services and Islamic financial services

Bank of Beirut (UK) Ltd

17a Curzon Street London W1J 5HS Tel: + 44 (0) 207 493 8342 Fax: + 44 (0) 207 408 0053 Email: (trade services); jkanzaria@ (banking services) Website: Retail, commercial and deposit taking services and facilitating finance for import and export to corporates, businesses and Correspondent Banks operating between UK and continental Europe, Africa and the Middle East

Bank of London and the Middle East (BLME) plc

Head Office Cannon Place 78 Cannon Street London EC4N 6HL Tel: +44 (0) 20 7618 0000 Fax: +44 (0) 20 7618 0001 Email: Website: Wealth management, corporate banking and Islamic capital markets



British Arab Commercial Bank (BACB)

8-10 Mansion House Place London EC4N 8BJ Tel: +44 (0) 20 7648 7777 Fax: +44 (0) 20 7600 3318 Email: Website: Wholesale bank and provider of trade finance and treasury services to Africa and the Middle East

Byblos Bank Europe SA

Berkeley Square House Berkeley Square London W1J 6BS Tel: +44 (0) 20 7518 8100 Fax: +44 (0) 20 7518 8129 Email: Website: Branch of Lebanese bank focused on domestic and overseas markets

Capital Trust Ltd

49 Mount Street London W1K 2SD Tel: +44 (0) 207 491 4230 Fax: +44 (0) 207 499 0524 Email: Website: Advisory and investment banking services for investments in the US, Europe, the Middle East and North Africa

Dubai International Financial Centre Authority (DIFC)

Representative Office for Europe and North America 60 Lombard Street London EC3V 9EA Tel: +44 (0) 207 868 2811 Mob: +44 (0) 7787 654590 Email: Website: Representative office for Dubai’s onshore finance and business hub

Asset Management Office 12 Manchester Square London W1U 3PP Tel: + 44 (0) 20 7487 7200 Fax: +44 (0) 20 7487 7201 Email: Website: Asset management branch of BLME

Emirates NBD


Europe Arab Bank Plc (EAB)

193-195 Brompton Road London SW3 1LZ Tel: +44 (0) 20 7590 7777 Fax: +44 (0) 20 7823 7356 Email: Website: Serves a niche client base predominantly from the Levant and the Gulf: credit cards, foreign exchange dealing, letters of credit and real estate finance

BMB Investment Bank 40 Queen St London EC4R 1DD Tel:+44 (0) 20 7236 0413 Website: Boutique investment bank

BMCE Bank International Plc

26 Upper Brook Street Mayfair London W1K 7QE Tel: +44 (0) 207 429 5500 Fax: +44 (0) 207 248 8595 Email: Website: Subsidiary of Banque Marocainede Commerce Exterieure (BMCE) offering treasury, capital markets and corporate banking

Arab British European Banking & Finance Guide

3rd Floor, 2 Basil Street Knightsbridge London SW3 1AA Tel: +44 (0) 20 7838 2222 Fax: +44 (0) 20 7581 0575 Website: Private, corporate banking and treasury services

Head Office 13-15 Moorgate London EC2R 6AD Tel: +44 (0) 20 7315 8500 Fax: +44 (0) 20 7600 7620 Website: Personal and private banking, investment management, corporate services for commerce and trade, investment banking and asset management; part of the Arab Bank Group

Europe Arab Bank Plc

Private Banking Branch 35 Park Lane Mayfair London W1K 1RB Tel: +44 (0) 20 7355 8230 Fax: +44 (0) 20 7499 4193 Email: Website: Private banking branch of Europe Arab Bank plc

Gulf International Bank (UK) Ltd (GIB) 1 Knightsbridge London SW1X 7XS Tel: + 44 (0) 207 259 3456 Fax: + 44 (0) 207 259 6060

Arab & Islamic Banks in the UK Website: Corporate advisory, asset management, project finance and GCC capital markets

Institute of Islamic Banking and Insurance (IIBI) 7 Hampstead Gate 1A Frognal London NW3 6AL Tel: + 44 (0) 20 7433 0840 Fax: + 44 (0) 20 7433 0849 Email: Website: Education and research into Islamic finance

Investcorp International Ltd

Investcorp House 48 Grosvenor Street London W1K 3HW Tel: +44 (0) 20 7629 6600 Fax: +44 (0) 20 7499 0371 Website: Alternative investment products for high-net-worth private and institutional clients; listed on the Bahrain Bourse

125 Strand London WC2R 0AP Tel: +44 (0) 20 7420 4128 Fax: +44 (0) 20 7420 4115 Website: Personal, investment, business and internet banking

QIB (UK) Plc 43 Grosvenor Street London W1K 3HL Tel: +44 (0) 20 7268 7200 Email: Website: Offer a range of Shari'a compliant investment products and services

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Jordan International Bank Plc (JIB)

Moreau House 112-120 Brompton Road Knightsbridge London SW3 1JJ Tel: +44 (0) 20 3144 0200 Fax: +44 (0) 20 3144 0259 Email: Website: Private banking, structured property finance, trade finance and treasury services

Mashreqbank Psc

London Branch 1st Floor 2 London Wall Buildings London EC2M 5PP Tel: +44 (0) 207 3824000 Fax: +44 (0) 207 2569717 Email: Website: Personal, corporate and business banking

National Bank of Abu Dhabi (NBAD)

1 Knightsbridge London SW1X 7LX Tel: +44 (0) 20 7393 3600 Email: Website: Private banking, trade finance, corporate banking and treasury

National Bank of Egypt (UK) Ltd

11 Waterloo Place London SW1Y 4AU Tel: +44 (0) 20 7389 1200 Fax: +44 (0) 20 7930 8882 Email: Website: Trade finance; bank has close connections to the Egyptian market

National Bank of Kuwait (International) Plc Head Office 13 George Street London W1U 3QJ Tel: +44 (0) 20 7224 2277 Fax: +44 (0) 20 7224 2101 Email: Website: Counter services, private banking, wholesale banking activities for exporters and contracting companies in Kuwait and the Middle East

National Commercial Bank of Saudi Arabia (NCB) (Representative Office) 4th Floor,Wellington House

Arab British European Banking & Finance Guide


European Banks Listings AUSTRIA Bank Austria

Schottengasse 6-8 A-1010 Vienna Tel: (+43) (0)50505-26500 Fax: (+43) (0)50505-56155 Email: Website: Commercial, investment, private banking, asset management

Erste Group

Graben 21 A-1010 Vienna Tel: (+43) (0)50100- 20111 Fax: (+43) (0)501009-10100 Website: Retail and commercial banking, investment and private banking, asset management

Raiffeisenlandesbank Oberosterreich Aktiengesellschaft Europaplatz 1a A-4020 Linz Tel: (+43) (0)732 6596 - 23151 Fax: (+43) (0)732 6596–23155 Email: Website: Private and corporate banking

Raiffeisenlandesbank Niederosterreich-Wien AG Friedrich Wilhelm Raiffeisen Platz 1 1020 Vienna Tel: (+43) (0)5170060100 Fax: (+43) (0)5170060135 Email: Website: Private banking


Am Stadtpark 9 1030 Vienna Tel: (+43) (0)171707-0 Fax: (+43) (0)171707-1715 Email: Website: Investment banking, private and corporate banking


Website: Retail, corporate banking, insurance and re-insurance products


Avenue Marnix 24 B-1000 Brussels Tel: (+32) (0)2 464 60 04 Fax: (+32) (0)2 547 38 44 Email: Website: Retail, lending, savings, investments, insurance


19, Moskovska Str./5, G. Benkovski Str 1036 Sofia Tel: (+359) (0)700 10 375 Fax: (+359) (0)2980 64 77 Email: Website: Retail, private and corporate banking


260 Okolovrasten pat st 1766 Sofia Tel: (+359) (0)28166 000 Fax: (+359) (0)988 81 12 Website: Retail, corporate banking, investment banking, asset management, loans

Raiffeisenbank Bulgaria

18–20 Gogol Str 1504 Sofia Tel: (+359) (0)291 985 101 Fax: (+359) (0)2943 45 28 Email: Website: Retail, SME services, corporate banking

UniCredit Bullbank

7 Sveta Nedelya Square 1000 Sofia Tel: (+359) (0)7001 84 84 Fax: (+359) (0)2988 4636 Email: Website: Retail, private banking, corporate banking

United Bulgarian Bank

Belgielei 49-53 2018 Antwerp Tel: (+32) (0)3 285 51 11 Fax: (+32) (0) 3 285 51 18 Email: Website: Retail, investment banking, insurance products

5 Sveta Sofia St 1040 Sofia Tel: (+359) 2 700 117 17 Fax: (+359) (0)29880822 Email: Website: Personal banking, business banking, investment banking

Belfius Bank and Insurance

CROATIA Croatian National Bank

Boulevard Pacheco 44 1000 Brussels Tel: (+32) (0)2 222 11 11 Email: Website: Retail, private, business and corporate banking; insurance

BNP Paribas Fortis

Montagne du Parc 3 1000 Brussels Tel: (+32) (0)2 565 11 11 Fax: (+32) (0)2 565 42 22 Website: Retail and private banking

KBC Bank

Avenue du Port 2 B-1080 Brussels Tel: (+32) (0)1 643 25 07 Fax: (+32) (0)3 283 39 50 Email:


Trg Hrvatskih Velikana 3 10002 Zagreb Tel: (+385) (0)1 45 64 555 Fax: (+385) (0)1 45 50 726 Email: Website: The country’s central bank

Croatian Postal Bank (HPB) Hrvatska Postanska Banka d.d. Jurisiceva 4 HR-10000 Zagreb Tel: (+385) (0)1 4890 365 Email: Website: Retail and corporate banking

Primoska Banka Ilica 15/I 10000 Zagreb

Arab British European Banking & Finance Guide

Tel: (+385) (0)1 555 6981 Fax: (+385) (0)1 638 2624 Website: Retail, private banking, corporate banking

Societe Generale – Splitska Banka Rudera Boskovica 16 21000 Split Tel: (+385) (0)21 559 110 Fax: (+385) (0)21 304 034 Email: Website: Commercial banking

Zagrebacka Banka

Trg bana Josipa Jelacica 10 10000 Zagreb Tel: (+385) (0)1 3773 333 Fax: (+385) (0)1 3789 764 Email: Website: Investment banking, corporate banking, asset management

CYPRUS Bank of Cyprus

PO Box 21472 1599 Nicosia Tel: (+357) (2) 212 8000 Email: Website: Retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, insurance

Central Bank of Cyprus

80 Kennedy Avenue 1076 Nicosia PO Box 25529 1395 Nicosia Tel: (+357) (0)22 71 41 00 Fax: (+357) (0)22 7149 59 Website: Central bank

Cyprus Development Bank

PO Box 21415, 1508 Nicosia Tel: (+357) (0)22 846500 Fax: (+357) (0)22 846600 Website: Consumer, corporate, investment banking, mortgage loans, private banking, wealth management

Eurobank Cyprus

41 Arch Makarios Avenue 1065 Nicosia Tel: (+357) (0)22 208000 Fax: (+357) (0)22 875456 Email: Website: Retail, private and corporate banking

Hellenic Bank

PO Box 24747 1394 Nicosia Tel: (+357) (0)22 500500 Fax: (+357) (0)22 500050 Email: Website: Consumer banking, corporate banking, investment banking


Ceskoslovenska Obchodni Banka Radlicka 333/150 150 57 Prague Tel: (+420) (0)495 800 111 Email: Website: Banking, insurance, asset management, pension funds, leasing and factoring

European Banks Listings Czech National Bank Na Prikope 28 115 03 Prague 1 Tel: (+420) (0)224 411 111 Fax: (+420) (0)224 412 404 Website: The country’s central bank

GE Money Bank (Moneta)

BB Centrum Vyskocilova 1422/1a 140 28 Prague 4 – Michle Tel: (+420) (0)224 444 666 Fax: (+420) (0)224 448 199 Website: Retail, business banking, SME services

Komerční Banka

Na Príkope 33 114 07 Prague 1 Tel: (+420) (0)955 559 550 Email: Website: Retail, credit, mortgage, financing, insurance


Zeletavska 1525/1 140 92 Prague 4 Tel: (+420) (0)955 911 111 Email: Website: Corporate, retail and private banking, asset management, securities trading

DENMARK Danske Bank

Holmens Kanal 2-12 1092 Copenhagen K. Tlf Tel: (+45) (0)70 123 456 Fax: (+45) (0)70 121 080 Email: Website: Banking, insurance, investment management

Jyske Bank

Vestergade 8-16 8600 Silkeborg Tel: (+45) (0)89 89 89 89 Fax: (+45) (0)89 89 19 89 Email: Website: Retail, private and business banking, factoring


Kalvebod Brygge 1-3 1780 Copenhagen V‎ Tel: (+45) (0)44 55 10 00 Website: Banking, mortgages, pensions

Nordea Bank Denmark

Christiansbro, Strandgade 3 PO Box 850 0900 Copenhagen C Tel: (+45) (0)33 33 33 33 Fax: (+45) (0)33 33 63 63 Website: Corporate and retail banking, asset management


PO Box 1038 Peberlyk 4 6200 Aabenraa Tel: (+45) (0)74 37 37 37 Fax: (+45) (0)74 37 35 49 Email: Website: Retail, commercial and private banking

ESTONIA BIGBANK Ruutli 23 51006 Tartu

Tel: (+372) (0)731 1333 Email: Website: Term deposits and consumer loans

Mannerheimintie 14 00100 Helsinki Tel: (+358) (0)10 247 5000 Fax: (+358) (0)10 247 6356 Email: Website: Private banking, deposit banking

Eesti Krediidipank

4 Narva Road 15014 Tallinn Tel: (+372) (0)669 0900 Fax: (+372) (0)661 6037 Email: Website: Private and business banking

Danske Bank

Hiililaiturinkuja 2 00075 Helsinki Tel: (+358) (0)10 546 0000 Fax: (+358) (0)10 546 2454 Website: Banking, insurance, investment management


Liivalaia 8 15040 Tallinn Tel: (+372) (0)631 0310 Fax: (+372) (0)631 0410 Email: Website: Private and business banking

Helsinki OP Bank

PO Box 308 00101 Helsinki Tel: (+358) (0)10 252 011 Website: Corporate and retail banking, asset management

SEB Pank

Kaupthing Bank

Tornimae 2 15010 Tallinn Tel: (+372) (0)665 5100 Fax: (+372) (0)665 5103 Email: Website: Retail banking, merchant banking, wealth management, life insurance, pensions

Pohjoisesplanadi 37A 00100 Helsinki Tel: (+358) (0)9 4784 000 Fax: (+358) (0)9 474 0111 Email: Website: Corporate and retail banking, investment banking, capital markets services, treasury services, asset management

Tallinna Aripank

Nordea Bank Finland

Vana-Viru 7 15097 Tallinn Tel: (+372) (0)668 8000 Fax: (+372) (0)668 8001 Email: Website: Commercial banking, private and business banking

Aleksanterinkatu 36 B Helsinki 00020 Nordea Tel: (+358) (0)9 1651 Fax: (+358) (0)9 165 54500 Website: Corporate and retail banking, asset management

FRANCE Banque de France

GERMANY Deutsche Bank

BNP Paribas

Commerzbank AG

1, Rue de la Vrilliere 75001, Paris Tel: (+33) (0)1 42 92 42 92 Fax: (+33) (0)1 42 92 49 31 Email: Website: Central bank

16, Boulevard des Italiens 75009, Paris Tel: (+33) (0)1 42 98 12 34 Website: Consumer and corporate banking; asset management, investment banking

Credit Agricole SA

12, Place des Etats-Unis 92545, Montrouge Tel: (+33) (0)1 43 23 52 02 Website: Banking, asset management

La Banque Postale

115, Rue de Sevres 75275, Paris Tel: (+33) (0)1 45 45 36 39 Website: Banking, asset management, insurance services

Societe Generale

29, Boulevard Haussmann 75009, Paris Tel: (+33) (0)1 76 77 39 33 Website: Retail, private, investment and corporate banking; insurance; investment management

FINLAND Aktia Bank

Deutsche Bank AG Taunusanlage 12 60325 Frankfurt am Main Tel: (+49) (0)69 910 00 Fax: (+49) (0)69 910 34225 Website: Consumer, corporate banking, insurance and investment banking

60261 Frankfurt am Main Tel: (+49) (0)69 136 20 Fax: (+49) (0)69 285 389 Website: Retail, commercial and commercial real estate banking


PalmengartenstraBe 5-9 60325 Frankfurt am Main Tel: (+49) (0)69 743 10 Fax: (+49) (0)69 743 12944 Email: Website: Housing finance, SME finance, export and import finance, foreign investment finance

DZ Bank AG

Deutsche Zentral-Genossenschaftsbank Platz der Republik 60265 Frankfurt am Main Tel: (+49) (0)69 7447 01 Fax: (+49) (0)69 7447 1685 Email: Website: Transportation finance, commercial real estate finance, consumer finance, asset management

Landesbank Baden-Wurtte Postfach 10 60 49 D-70049 Stuttgart Am Hauptbahnhof 2 D-70173 Stuttgart

Arab British European Banking & Finance Guide


European Banks Listings Tel: (+49) (0)71 112 70 Fax: (+49) (0)71 112 743544 Email: Website: Investment banking, commercial banking, retail banking, private banking, asset management

OTP Bank

Riga, LV-1010 Tel: (+371) (0)6777 5555 Fax: (+371) (0)6777 5200 Email: Website: Private, investment banking, advisory services

GREECE Alpha Bank

IRELAND Allied Irish Banks (AIB)

Baltic International Bank

Bank of Ireland

Norvik Banka

40 Stadiou Street 102 52 Athens Tel: (+30) (0)210 3260 000 Fax: (+30) (0)210 3265 438 Website: Retail, investment and corporate banking, asset management

Attica Bank

23 Omirou Street 106 72 Athens Tel: (+30) (0)210 3669 040 Fax: (+30) (0)210 3669 418 Email: Website: Consumer banking, insurance products, business banking

Eurobank Ergasias

20 Amalias Avenue 10557 Athens Tel: (+30) (0)210 9555 000 Email: Website: Retail, private and corporate banking

National Bank of Greece (NBG)

Eolou 86 10232 Athens Tel: (+30) (0)210 4848 484 Email: Website: Consumer, investment, private banking, asset management

Piraeus Bank

1051 Budapest Nador utca 16 Tel: (+36) (0)1 473 5000 Website: Corporate banking, private banking

AIB Group Headquarters Bankcentre, Ballsbridge Dublin 4 Tel: (+353) (0)1660 0311 Website: Personal and corporate banking services, insurance products

40 Mespil Rd Dublin 4 Tel: (+353) (0)1661 5933 Fax: (+353) (0)1661 5671 Website: Personal, premier, business and corporate banking

KBC Bank Ireland

Sandwith Street Dublin 2 Tel: (+353) (0)1664 6000 Fax: (+353) (0)1664 6099 Website: Personal and corporate banking

Ulster Bank

George Quay Dublin 2 Tel: (+353) (0)1608 4000 Website: Personal banking, business banking

ITALY Banco Popolare

4 Amerikis Street 10 564 Athens Tel: (+30) (0)210 3335 000 Fax: (+30) (0)210 3335 080 Website: Retail, private, investment and commercial banking, asset management

Piazza Nogara, 2 37121 Verona Tel: (+39) (0)45 867 5111 Email: Website: Retail, investment and private banking

HUNGARY Budapest Bank

Piazza San Carlo, 156 10121 Torino Tel: (+39) (0)11 555 1 Email: Website: Retail, investment and private banking, investment management, public finance

1138 Budapest Vaci ut 188 Tel: (+36) (0)1 450 6000 Fax: (+36) (0)1 450 6001 Email: Website: Retail, SME services, private banking

Erste Bank

1138 Budapest Nepfurdo u. 24-26 Tel: (+36) (0)1 298 0221 Website: Retail banking, investment and private banking, asset management

K&H Bank

1051 Budapest Vigadó tér 1 Tel: (+36) (0)6 1468 7731 Email: Website: Retail and corporate banking

MKB Bank

1056 Budapest Vaci u.38 Tel: (+36) (0)1 298 0222 Fax: (+36) (0)1 327 8700 Email: Website: Commercial banking, SME services, corporate banking

Intesa Sanpaolo


Piazzetta E. Cuccia 1 20121 Milano Tel: (+39) (0)288 291 Fax: (+39) (0)2 8829 267 Email: Website: Investment, retail and private banking, investment management

UBI Banca

Piazza Vittorio Veneto 8 24122 Bergamo Tel: (+39) (0)35 392 111 Website: Retail banking, insurance, asset management


Piazza Gae Aulenti 3 – Tower A 20154 Milano Tel: (+39) (0)288 621 Website: Corporate, retail and private banking, asset management, securities trading


23 Elizabetes Street


Arab British European Banking & Finance Guide

Grecinieku iela 6 Riga, LV-1050 Tel: (+371) (0)6700 0444 Fax: (+371) (0)6700 0555 Email: Website: Retail, deposits, investment banking, wealth management

E. Birznieka-Upisha Street 21 Riga Tel: (+371) (0)6704 1100 Fax: (+371) (0)6704 1111 Email: Website: Retail and corporate banking

SEB Bank

SEB Finansu Centrs, Vadlauci Meistaru iela 1, Kekava civil parish Kekavas District, LV-1076 Tel: (+371) (0)6721 8777 Fax: (+371) (0)6721 5335 Email: Website: Retail banking, merchant banking, wealth management, life insurance, pensions


Balasta dambis 1a Riga, LV-1048 Tel: (+371) (0)67 444 444 Email: Website: Retail banking, mortgage loans, corporate banking


Gedimino Ave 12 01103 Vilnius Tel: (+370) (0)5 268 2800 Fax: (+370) (0)5 268 2333 Email: Website: Commercial banking, leasing, investment management


Maironio Str 11 01124 Vilnius Tel: (+370) (0)5 203 2233 Fax: (+370) (0)5 203 2244 Email: Website: Private and business banking

AB DNB Bankas

J.Basanaviciaus Str 26 03601 Vilnius Tel: (+370) (0)5 239 3444 Fax: (+370) (0)5 213 9056 Email: Website: Private and corporate banking

AB Citadele Bank

K. Kalinausko Str 13 03107 Vilnius Tel: (+370) (0)5 266 4600 Fax: (+370) (0)5 266 4601 Email: Website: Private and corporate banking, financial and private capital management services

Siaulių bankas Tilzes Str 149 76348 Siauliai

European Banks Listings Tel: +370 41 595 607 Fax: +370 41 430 774 Email Website: SME services, private and corporate banking


1-2, Place de Metz 1930 Luxembourg Tel: (+352) (0)4015-1 Fax: (+352) (0)4015-2099 Email: Website: Retail, loans and corporate banking

BGL BNP Paribas

50, Avenue JF Kennedy 2951 Luxembourg Tel: (+352) (0)42 42 1 Fax: (+352) (0)42 42 25 79 Website: Consumer and corporate banking, mortgage loans

Deutsche Bank Luxembourg

2, Boulevard Konrad Adenauer 1115 Luxembourg Tel: (+352) (0)42 21 22 1 Fax: (+352) (0)42 12 24 49 Website: Wealth management, international loans, treasury, corporate services

Intesa Sanpaolo Bank

19-21, Boulevard Prince Henri 1724 Luxembourg Tel: (+352) (0)46 14 11 1 Fax: (+352) (0)22 37 55 Email: Website: Corporate banking and wealth management

Unicredit Bank Luxembourg 10, Rue Jean Monnet 2180 Luxembourg Tel: (+352) (0)4272 1 Website: Private banking, corporate services


APS Center Tower Street Birkirkara, BRK 4012 Tel: (+356) (0)2122 6644 Email: Website: Commercial banking, investment banking, private banking, asset management

Bank of Valletta

BOV Centre Cannon Road Santa Venera, SVR 9030 Tel: (+356) (0)2131 2020 Fax: (+356) (0)2275 3730 Website: Retail banking, commercial banking

Central Bank of Malta

Mediterranean Bank

10 Street Barbara Bastion Valletta, VLT 1961 Tel: (+356) (0)2557 4400 Website: Wealth management, personal and business banking

POLAND Bank Pekao

ul. Grzybowska 53/57 Skrytka Pocztowa 1008 00-950 Warsaw Tel: (+48) (0)22 656 0000 Fax: (+48) (0)22 656 00 04/5 Website: Retail, private and corporate banking; SME services

Bank Zachodni WBK

Pl. Andersa 5, IX p 61-894 Poznan Tel: (+48) (0)61 811 9999 Email: Website: Corporate, personal and private banking

ING Bank Slaski

ul. Sokolska 34 40-086 Katowice Tel: (+48) (0)32 357 7000 Website: Corporate, personal and private banking


Bankowosc Detaliczna Skrytka Pocztowa 2108 90-959 Lodz 2 Tel: (+48) (0)426 300 800 Email: Website: Personal, premium, private and business banking; SME and corporate services

PKO Bank Polski

ul. Puławska 15 02-515 Warsaw Tel: (+48) (0)81 535 6565 Website: Retail, commercial and private banking


Rua Tenente Valadim, 284 4100-476, Porto Tel: (+351) (0)21 724 17 00 Email: Website: Retail and investment banking, insurance, asset management, private equity

Banco de Portugal

Praca D. Joao I, 28 4000-295, Porto Tel: (+351) (0)222 072 450 Fax: (+351) (0)220 023 687 Website: Retail, business and investment banking, insurance, fund management


Bd. Regina Elisabeta Nr 5 Sector 3 Bucharest 030016 Tel: (+40) (0)21 407 42 00 Email: Website: Commercial banking, investment banking, private banking


BRD Tower - 1-7 Ion MIhalache blvd Sector 1 Bucharest 011171 Tel: (+40) (0)21 302 6161 Email: Website: Commercial banking, investment banking, private banking, asset management

Banca Transilvania

Cluj-Napoca, Cluj, str G Baritiu nr 8 Cluj 400027 Tel: (+40) (0)26 430 8028 Email: Website: Commercial, investment, private banking, asset management

CEC Bank

Calea Victoriei nr 11-13 Sector 3 Bucuresti 030022 Tel: (+40) (0)21-311 11 19 Fax: (+40) (0)21-312 54 25 E-mail: Website: Commercial, investment, private banking, asset management


Sky Tower Building 246C Calea Floreasca Sector 1 Bucharest 014476 Tel: (+40) (0)21 306 3002 Fax: (+40) (0)21 230 0700 E-mail: Website: Retail, SME services, treasury, investment banking

SLOVAKIA National Bank of Slovakia

R. do Comercio, 148 1100-150, Lisbon Email: Website: The central bank

Banco Espirito Santo

Pjazza Kastilja Valletta, VLT 1060 Tel: (+356) (0)2550 0000 Fax: (+356) (0)2550 2500 Email: Website: Malta’s central bank

Avenida da Liberdade, 195 1250-142 Lisboa Tel: (+351) (0)21 350 1000 Fax: (+351) (0)21 855 7491 Website: Retail and investment banking, insurance, asset management, venture capital

HSBC Bank Malta

Caixa Geral de Depositos

HSBC Banking Centre 80 Mill Street QRM3101 Qormi Tel: (+356) (0)2380 8000 Email: Website: Consumer banking

Millenium BCP

Av. Joao XXI, 63 1000-300 Lisbon Tel: (+351) (0)21 795 30 00 Fax: (+351) (0)21 790 50 50 Email: Website: Commercial banking, investment banking, private banking

Imricha Karvasa 1 813 25 Bratislava Tel: (+421) (0)2 5787 1111 Fax: (+421) (0)2 5787 1100 Email: Website: Central bank

Postova banka

Dvorakovo nabrezie 4 811 02 Bratislava Tel: (+421) (0)850 111 666 Email: Website: Banking, asset management, factoring, leasing

Raiffeisen Zentralbank

Hodzovo namestie 3 PO Box 4 850 05 Bratislava 55 Tel: (+421) (0)2 5050 5555 Email: Website:

Arab British European Banking & Finance Guide


European Banks Listings Commercial, investment, private banking, asset management

Sberbank of Russia

Vysoka 9 PO BOX 81 810 00 Bratislava Tel: (+421) (0)2 5965 1111 Fax: (+421) (0)2 5965 1112 Email: Website: Consumer, corporate banking, finance and insurance, investment banking

Slovenska sporitelna

Tomasikova 48 832 37 Bratislava Tel: (+421) (0)2 5826 81 11 Email: Website: Banking, insurance, asset management, leasing and factoring

SLOVENIA Banka Celje

Vodnikova 2 3000 Celje Tel: (+386) (0)3 422 10 00 Fax: (+386) (0)3 422 11 00 Email: Website: Retail banking, merchant banking, card services, wealth management

Bank of Slovenia

Slovenska 35 1505 Ljubljana Tel: (+386) (0)1 471 90 00 Fax: (+386) (0)1 251 55 16 Website: The central bank

Hypo Alpe-Adria-Bank

Dunajska cesta 117 1000 Ljubljana Tel: (+386) (0)1 580 470 00 Email: Website: Commercial, investment banking, leasing, asset management

Nova ljubljanska banka

Trg republike 2 1520 Ljubljana Tel: (+386) (0)1 476 39 00 Fax: (+386) (0)1 252 25 00 Email: Website: Retail, merchant banking, card services, wealth management, life insurance, investment banking


Dunajska cesta 128a 1000 Ljubljana Tel: (+386) (0)80 2265 Email: Website: Consumer, corporate banking, finance and insurance, investment banking

SPAIN Banco Bilbao Vizcaya Argentaria (BBVA) Plaza San Nicolas, 4 48005 Bilbao Tel: (+34) (0)902 22 44 66 Website: Banking, insurance, asset management

Banco Popular Espanol

C/Velazquez 34 esq Goya 35 28001 Madrid Tel: (+34) (0)915 207 265 Fax: (+34) (0)915 779 209 Email: Website: Retail banking

Banco Sabadell

Centro Banco Sabadell Poligono Can Sant Joan Sena, 12 08174 Sant Cugat del Valles Tel: (+34) (0)902 343 999 Website: Banking, insurance, asset management

Banco Santander

Avda de Cantabria s/n 28660 Boadilla del Monte Madrid Tel: (+34) (0)912 890 000 Website: Retail, corporate, investment and private banking

Swedbank Landsvägen 40 172 63 Sundbyberg Stockholm 105 34 Tel: (+46) (0)8 585 90000 Fax: (+46) (0)8 796 8092 Website: Retail banking, asset management

Bank of Spain


C/ Alcala, 48 28014 Madrid Tel: (+34) (0)91 338 5000 Website: Central bank

Gustav Mahlerlaan 10 1082 PP Amsterdam Tel: (+31) (0)10 241 1720 Website: Asset management, commercial banking, investment banking, private banking, retail banking

SWITZERLAND Banque Cantonale Vaudoise

De Nederlandsche Bank

Place St-François 14 Lausanne 1003 Tel: (+41) (0)21 212 10 00 Fax: (+41) (0)21 212 1222 Website: Retail, private, and corporate banking services

Credit Suisse

Paradeplatz 8 Zurich 8070 Tel: (+41) (0)44 333 1111 Fax: (+41) (0)44 332 5555 Website: Investment, private banking, and asset management


Bahnhofstrasse 45 PO Box Zurich 8098 Tel: (+41) (0)44 234 11 11 Website: Investment, wealth management, private, consumer and corporate banking, private equity, insurance, mortgages

Zurich Cantonal Bank

Mythenquai 24 PO Box 8010 Zurich Website: Retail, commercial and investment banking

SWEDEN Lansforsakringar Bank

Tegeluddsvagen 21 Stockholm 115 97 Tel: (+46) (0)8 58 84 00 00 Email: Website: Retail banking

Postbus 98 1000 AB Amsterdam Westeinde 1 1017 ZN Tel: (+31) (0)20 524 91 11 Fax: (+31) (0)20 524 25 00 Email: Website: Central bank

ING Group Amsterdamse Poort Bijlmerplein 888 1102 MG Amsterdam Tel: (+31) (0)20 5639111 Website: Retail, commercial banking, insurance, asset management

Rabobank Group Croeselaan 18 Utrecht Tel: (+31) (0)30 216 0000 Email: Website: Personal banking, business banking

SRH NV Statutair gevestigd te Utrecht KvK 16062627 PO Box 8444 Tel: (+31) (0)30 291 52 00 Email: Website: Savings and investments, mortgages and property finance, insurance and pensions

Nordea Bank

Smalandsgatan 17 Stockholm 105 71 Tel: (+46) (0)8 614 7800 Fax: (+46) (0)8 105 069 Website: Deposits and offers credit, investment banking, securities trading, and insurance

Skandinaviska Enskilda Banken Kungstradgardsgatan 8 Stockholm 106 40 Tel: (+46) (0)771 62 10 00 Website: Corporate, institutional and private banking

Svenska Handelsbanken Kungstradgardsgatan 2


Stockholm 106 70 Tel: (+46) (0)8 701 10 00 Fax: (+46) (0)8 611 50 71 Website: Commercial banking services

Arab British European Banking & Finance Guide

Titanium Capital PTE LTD Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

ABCC Members in Banking & Financial Services Abu Dhabi Commercial Bank (UK) Level 28 30 St Mary Axe LONDON EC3A 8EP Tel: +44(0)207 469 4057 Email:

Arab Bankers Association

43 Upper Grosvenor Street LONDON W1K 2NJ Tel: +44(0)207 659 4889 Fax: +44(0)207 659 4868 Email:

Arab National Bank

PO Box 2LB 35 Curzon Street LONDON W1J 7TT Tel: +44(0)207 297 4600 Fax+44(0)207 297 4900 Email:

Bank ABC

Arab Banking Corporation House 1-5 Moorgate LONDON EC2R 6AB Tel: +44(0)207 776 4000 Fax: +44(0)207 606 9980 Email:

Bank of Beirut (UK) Ltd

17A Curzon Street LONDON W1J 5HS Tel: +44(0)207 493 8342 Fax: +44(0)207 408 0053 Email:

Beta Securities SA

29 Alexandras Ave GR Athens 114 73 Athens Tel: +30 210 64 78 900 Fax: +30 210 64 10 139

Blom Bank

195 Brompton Road Unknown LONDON SW3 1LZ Tel: +44(0)207 590 7777 Fax: +44(0)207 823 7356 Email:

Butterfield Trust (Guernsey) Limited

PO Box 25 Regency Court Glategny, Esplanade St Peter Port GY1 3AP Tel: +44(0)148 171 1521 Fax: +44(0)148 172 8665 Email:

Compagnie d’Assurances et de Immeuble CARTE

Lot BC4 Centre Urbain Nord 1082 Tunis Tel: +216 71 184 032 Fax: +216 71 947 482 Email:;

Capital Trust Limited 49 Mount Street LONDON W1K 2SD Tel: +44(0)207 491 4230

Fax: +44(0)207 499 0524 Email:;

Eiger Trading Advisors Limited Riverbridge House Guildford Road LEATHERHEAD KT22 9AD Tel: 020 32162500 Fax: 01372365864 Email:

Emirates NBD

3rd Floor 2 Basil Street Knightsbridge LONDON SW3 1AA Tel: +44(0)207 838 2222 Fax: +44(0)207 581 0575 Email:

13 George Street LONDON W1U 3QJ Tel: +44(0)207 224 2277 Fax: +44(0)207 224 2101 Email:

Neuberger Berman Europe Limited 4th Floor Lansdowne House 57 Berkeley Square LONDON W1J 6ER Tel: +44(0)20 3214 9000 Email:

Qatar Islamic Bank UK plc

Europe Arab Bank plc

PO Box 138 13-15 Moorgate LONDON EC2R 6AD Tel: +44(0)207 315 8500 Fax: +44(0)207 600 7620 Email:

HSBC Bank plc

Level 22 8 Canada Square LONDON E14 5HQ Tel: +44(0)845 5854556 Fax: +44(0)845 5879225 Email:

Jersey Finance Limited

4th Floor Sir Walter Raleigh House 48-50 Esplanade ST HELIER JE2 3QB Tel: +44(0)1534 836 000 Fax: +44(0)1534 836 001 Email:

43 Grosvenor Street LONDON W1K 3HL Tel: +44 (0)207 268 7240 Fax: +44 (0)207 268 7201 Email:

RFIB Group Limited 20 Gracechurch Street LONDON EC3V 0AF Tel: +44(0)207 621 1263 Fax: +44(0)207 623 6175 Email: Santander Bank Santander House 100 Ludgate Hill LONDON EC4M 7RE Tel: +44(0)207 029 4400 Email:

Totus Capital

Jordan International Bank Plc

Moreau House 116 Old Brompton Road Knightsbridge LONDON SW3 1JJ Tel: +44(0)20 3144 0200 Fax: +44(0)20 3144 0259 Email:

50 Farringdon Road LONDON EC1M 3HE Tel: +44(0)800 542 6789 Fax: +44(0)870 746 2020 Email:

Volaw Group Holdings Limited

Long Rock Capital Limited 1 Cornhill LONDON EC3V 3ND Tel:+44(0)3713 1297 Email: MENA Capital LLP 2nd Floor 25 Ives Street LONDON SW3 2ND Tel:+44(0)207 594 0160 Fax: +44(0)207 594 0169 Email:

Fifth Floor, 37 Esplanade JERSEY JE1 2TR Tel: +44(0)1534 500400 Fax: +44(0)1534 500450 Email:

Titanium Capital PTE LTD

National Bank of Abu Dhabi 1 Knightsbridge LONDON SW1X 7LY Tel: +44(0)207 393 3600 Fax: +44(0)207 393 3636 Email:

National Bank of Kuwait (International) plc

Gallery 4, Lloyds Building 14 Leadenhall St. London EC3 Phone :+44.(0)2.037.583.301 Mobile :+44.(0)7.936.936.777 For more than a decade Titanium Capital has stood head and shoulders above the competition in both attitude and expertise in the funding market. With its unique joint venture system there is literally nothing that the company does not have the financial strength or knowledge to successfully undertake. Our specialists cover the whole field of human endeavour. For more details, please contact:

Arab British European Banking & Finance Guide


The Arab-British Chamber of Commerce offers a wide range of services for companies to help them do business. The services range from documentation for exporters to ease their access to markets, customised research, business briefings, networking opportunities to translation and visa services. Discount rates are available for members of the Chamber.

The Chamber’s unique Export Documentation service is an important asset to Arab-British trade. With our extensive experience, we are ideally positioned to assist exporters entering the substantial and sophisticated Arab market, encompassing all your certification and legalisation needs. It is essential when exporting to present the correct documentation as errors can be very expensive, leading to costly delays in payment and in clearing the goods, and even to non-payment. The documentation service includes: • • • • • • • •

Export Documentation Service Direct Member Documentation EUR1 (members) FCO Service Notary Service A-Cert Electronic Documentation Process Visa Service (A-BCC members’ only) Express Service for Emergency Documentation.

• A daily courier service to other destinations, Turkey, Egypt, Iran and Argentina. • Market Entry Report / Research

The Chamber also provides various training courses to assist companies with their business. These include cultural awareness, language courses and courses relating to export procedures. • International trade training programmes • Business training programmes • Arabic language training at various levels

The Chamber’s fully equipped venue options are customised to meet all requirements for your AGMs, Board Meetings, Conferences, Presentations, Trade Shows, Exhibitions, Workshops, Lectures, Product Launches and Professional Development Seminars.For venue hire enquiries please contact Mr Alaa Eldakhakhny tel: +44 (0)20 7659 4899

The Titanium Studios Team have been operating a world class special effects and CGI studio for the last 15 years including work with Sony Pictures, Paramount Pictures, Dreamworks, VTR PLC and Molinare. We offer a complete service to the media industry from inception to global distribution with services including: n

70% film financing solution


IP Creation and Commercialisation


Full Animated Feature Production Facility


Visual Effects & CGI production


Augmented Reality and Virtual Reality


Global Distribution Network



From cutting edge corporate communications to global feature film production and distribution  Titanium Studios can help. For Further Information please call: +44 7545 566777

reinnovating banking and finance ¡ Aggregate

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WE TURN YOUR GREAT IDEAS INTO REALITY WITH UP TO 80% FUNDING Albania | Algeria | Angola | Antigua | Argentina | Armenia | Australia | Austria | Azerbaijan | Bahamas | Bahrain | Bangladesh Barbados | Belarus | Belgium | Benin | Bolivia | Bosnia & Herzegovina | Brazil | Brunei | Bulgaria | Burkina Faso | Cabo Verde Cameroon | Canada | Central African Republic | Chad | Chile | China | Colombia | Comoros | Congo | Costa Rica Cote d'Ivoire | Croatia | Cuba | Cyprus | Czech Republic | Denmark | Djibouti | Dominica | Dominican Republic | Ecuador | Egypt El Salvador | Equatorial Guinea | Estonia | Ethiopia | Fiji | Finland | France | Gabon | Gambia | Georgia | Germany | Ghana Greece | Grenada | Guatemala | Guinea | Guinea-Bissau | Guyana | Haiti | Honduras | Hungary | Iceland | India | Indonesia Iran | Iraq | Ireland | Italy | JamaicA | Jordan | Kazakhstan | Kenya | Kosovo | Kuwait | Kyrgyzstan | Laos | Latvia | Lebanon Liberia | Libya | Liechtenstein | Lithuania | Luxembourg | Macedonia | Madagascar | Malaysia | Maldives | Mali | Malta Marshall Islands | Mauritania | Mauritius | Mexico | Moldova | Monaco | Montenegro | Morocco | Mozambique | Myanmar Namibia | Nepal | Netherlands | Netherland Antilles | New Zealand | Nicaragua | Niger | Nigeria | Norway | Oman | Pakistan Palestine | Panama | Paraguay | Peru | Philippines | Poland | Portugal | Qatar | Romania | Russia | St. Kitts and Nevis | St. Lucia St. Vincent & The Grenadines | Samoa | San Marino | Sao Tome & Principe | Saudi Arabia | Senegal | Serbia | Seychelles Sierra Leone | Singapore | Slovakia | Slovenia | Somalia | South Africa | South Sudan | Spain | Sri Lanka | Sudan | Sweden Switzerland | Syria | Tajikistan | Tanzania | Thailand | Trinidad & Tobago | Tunisia | Turkey | Uganda | Ukraine United Arab Emirates | UK | USA | Uruguay | Uzbekistan | Venezuela | Vietnam | Yemen | Zambia | Zimbabwe

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A sister company of THE SPECIALISTS - HENRY ABDO & CO

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