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Arab British Banking & Finance Directory 2013/14

www.abcc.org.uk


Contents FOREWORDS Alderman Roger Gifford,

Lord Mayor of the City of London

4

Rt Hon Baroness Symons,

Chairman, Arab British Chamber of Commerce

6

Dr Afnan Al-Shuaiby,

Secretary General & Chief Executive Officer,

Arab British Chamber of Commerce

10

Mr George Kanaan,

Chief Executive Officer, The Arab Bankers’ Association

12

EDITORIAL Alternative Dispute Resolution

13

New Technologies and Arab Banking

17

COUNTRY PROFILES

Arab-British Chamber of Commerce 43 Upper Grosvenor Street London W1K 2NJ Tel: +44 (0) 20 7235 4363 Fax: +44 (0) 20 7245 6688 Email: directory@abcc.org.uk Website: www.abcc.org.uk 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.

Algeria

20

Bahrain

23

Comoros

26

Djibouti

29

Egypt

32

Iraq

35

Jordan

38

Kuwait

42

Lebanon

48

Libya

52

Mauritania

58

Morocco

62

Oman

65

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Palestine

69

Email: info@blsmedia.co.uk Website: www.blsmedia.co.uk

Qatar

72

Saudi Arabia

75

Somalia

82

Sudan

85

Syria

88

Tunisia

91

United Arab Emirates

96

Yemen

103

United Kingdom

106

BANKING LISTINGS Arab Banks Listed by Country

112

UK Banks

178

Arab & Islamic Banks in the UK

183

A-BCC Members in Banking and Finance

185

BLS Media and the ABCC 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: David Morgan, Dr Yasmin Husein, Abdeslam El-Idrissi and Cliff Lawrence.

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Foreword Alderman Roger Gifford

At a time of significant change in the structures of the global economy and in world trade, of political developments in the Arab world and of new perspectives on the flows of intellectual and financial capital, it is reassuring to remember certainties. One of them is the strong and enduring Arab banking presence in London – a presence which complements the web of social,

importance of Middle Eastern trade and finance in the evolving

professional and cultural links developed over decades.

world economy.

It is not, however, an unchanging relationship. It has evolved

The Arab British Chamber of Commerce continues to perform

to reflect economic realities. The flow of capital is no longer one

an essential role in furthering these bilateral and other links. I am

way – mainly Arab funds seeking security in a stable environment.

delighted to contribute to this Directory and to send my best

Instead, it has become a complex network of currents and counter-

wishes to the Chamber and its members.

currents, taking in Arab investment in British real estate quoted equities and bonds, but also in new businesses, in private equity

Alderman Roger Gifford

and venture capital, and in opportunities in the other markets

The Right Honourable the Lord Mayor of the City of London

London serves – including the European Union and “emerging” Europe and the old and new Commonwealth.

As well as the traditional offer of retail and private banking,

an Arab institution here may well provide property management services, trade finance, corporate advice and services to family offices. Increasingly, some of these services will be on a Shariahcompliant basis, reflecting London’s position as the leading centre for Islamic finance outside the Islamic world.

The institutional relationships are complemented by personal

ones. A feature here is the community of talented younger people from the Arab world, working for Middle Eastern financial institutions but also for American, German, French and Japanese banks, for law and accountancy firms, for hedge funds and specialist wealth managers, bringing their professional, cultural and linguistic skills to bear on business challenges.

Like my recent predecessors, and no doubt my successors,

visits to the Gulf, hosting distinguished visitors here (including HH The Amir of Kuwait) and promoting the mutual trade and investment relationship, have been important parts of my year of office. As an international banker myself, I am confident in asserting that the community of talented Arab bankers here is an essential part of London’s connectivity, and it reinforces the

4

Arab British Banking & Finance Directory 2013/14


Foreword Rt Hon Baroness Symons

As the Chairman of the Arab-British Chamber of Commerce, I am very pleased to welcome this new edition of the Arab British Banking & Finance Directory.

The Directory provides its readers with some clear and much needed guidance on developments within the banking and financial services industry around the Arab World. It recognises the increasingly close relations enjoyed by the Arab and British financial services industries and their strategic cooperation across a wide range of activities from investment, project finance, regulatory reform, professional training and the burgeoning area of Islamic finance.

The UK is currently capitalising on its reputation as a secure

and reliable place to do business in order attract more investors from the Arab world.This edition comes at a time when the British government is actively seeking to increase the levels of Arab inward investment into the country’s economy through individual companies and projects. The success of such initiatives in turn strengthens the partnership between the UK and the Arab world.

remains dedicated to the task of to strengthening this vital AngloArab partnership and it has a proud record of achievement.

a source of reliable information about the rapidly changing Arab financial sector and it will assist those contemplating important decisions on investment and funding. I warmly welcome this latest edition and commend it to its readers. The Rt Hon Baroness Symons of Vernham Dean, PC Chairman Arab-British Chamber of Commerce

Business confidence has improved considerably in the core

Gulf markets illustrating the successful recovery from the 2008 global credit crisis. Mergers and acquisitions in the Middle East have significantly increased in 2013 with the value of deals at the highest since 2007, according to data compiled by Bloomberg. There has been a noticeable rise in the demand in the region for wealth management and investment banking services. Such developments offer important new opportunities for British banks and financiers.

Banks in the region are adopting new rules to ensure

transparency and improve their integration within the global financial system. Meanwhile, Arab Sovereign Wealth Funds are actively looking at more acquisitions abroad as they seek to diversify their activities.

The growing cooperation within the areas of finance and

investment illustrates the strong bonds of friendship that Britain enjoys with the countries of the Arab world. This is a mutually beneficial partnership that forms the basis for prosperity and economic progress. The Arab-British Chamber of Commerce

6

I believe that the Arab British Banking & Finance Directory

2013/14 will prove its uses to readers who may be looking for

Arab British Banking & Finance Directory 2013/14


Foreword Dr Afnan Al-Shuaiby

I am delighted to introduce this new edition of the Arab British Banking & Finance Directory. Within its pages the reader will find a wealth of useful information about the banking, financial services and insurance industries in each of the Arab countries.

The Directory features detailed country banking profiles of all the Arab markets designed to give a comprehensive understanding of key developments in the banking and financial services industries. This is accompanied by listings for the leading local banks in each country. It also contains listings of Arab-British Chamber of Commerce members in banking and financial services as well as a section on the major Arab banks with a presence in the UK.

The publication reflects the growing level of cooperation

between the banking and financial services sectors in the UK and Arab World. Arab banks are expanding and playing a greater role in attracting capital and boosting investment in the productive sectors of their national economies. This in turn enables banks to make a bigger contribution towards the creation of more job opportunities and provides a stimulus for growth.

Banking in the main Arab markets finds itself in a healthy

position with leading financial institutions operating with an increasing level of transparency and effective regulation. Having recovered from the global financial downturn, the region’s banks are performing increasingly well and able to make an important contribution towards the economic and social development of their countries.

As the International Monetary Fund has observed, a positive

feature of the banking systems in the region is their lower propensity for instability when compared with other regions. Conservative risk practices that have historically been adopted by Arab banks have paid off well. Arab banks benefit from strong government support, high profit margins, high capital adequacy ratios and a low exposure to international credit. Furthermore, the UK government continues to actively promote closer cooperation between the country’s major banking and financial services players and partners in the Arab World. The reputation of the City of London as a global financial

the concentration of capital, the city continues to succeed in attracting overseas financial institutions and investors.

many of these funds can be managed. Several of these Arab SWFs have a representative office in the UK capital. The Arab British Banking & Finance Directory 2013/14 appears at a time when the Arab and global banking systems are in recovery and in a better position to contribute towards economic growth and prosperity. Relations between the British and the Arab financial sectors are strong and deepening. The flows of investment and the commercial exchanges are now a two-way process in a partnership increasingly seen as vital to mutual prosperity. The Arab British Chamber of Commerce seeks to make a vital strategic contribution to the strengthening of these bilateral trading, economic and financial ties. This Banking Directory is only one of the many services that the Chamber offers to its members and it reflects the highest standards and quality that we always endeavour to achieve.

The Chamber recognises that both British and Arab companies

have to operate in extremely challenging and highly competitive global market conditions; and in order to better serve business communities in the UK and the Arab states, the Chamber remains determined to provide new enhanced services to meet the evolving needs of all its members. Dr Afnan Al-Shuaiby Secretary General & Chief Executive Officer Arab-British Chamber of Commerce

centre remains unrivalled; with its professional expertise and

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The UK has become a key strategic location for Arab sovereign

wealth funds with London acting as a clearing house from where

Arab British Banking & Finance Directory 2013/14


Foreword Mr George Kanaan

Arab banking has had, to say the least, a challenging five years. Firstly, it faced the great financial crisis that swept the world in 2008. Secondly, and since December 2010, it had to live through the great political upheaval that continues to engulf the Arab World. How have Arab banks fared through these difficult times? Arab banks breezed through the international financial crisis

century ago to serve the Arab banking community in London and

of 2008. This was due to the fact that banks had maintained

to act as a bridge between the bankers and financial professionals

strong capital and liquidity positions, and been prudent in their

working in the area and their colleagues in the City of London.

lending activities and product offerings. This conservative and

tightly controlled management style was coupled with excellent

Arab banking community in London is expanding in numbers and

regulatory regimes and outstanding leadership by the Central

importance, as London has become the nearest thing to a financial

Banks of the region. As a result, the area did not witness any

centre that the Arab world has. We are at the heart of this

significant bank failures, and most of the banks pursued normal

community and a forum for its practitioners. We bring them

operations, growing loan books at a steady pace, continued hiring,

together for an ever increasing number of seminars as well as

and in many cases maintained expansion programmes.

social occasions. Our programmes in this respect are becoming

more varied and more intense … and more crowded.

Throughout this period Arab banks in London have prospered

Our first objective is becoming all the more necessary.The

while much of their competition turned business away. They

have become significant lenders into the real estate market, albeit

urgent. The landscape of the Arab world is fast changing and the

within the greater London area. They have expanded their trade

need for bridges has never been greater. When feasible we intend

finance activities and have been growing their market share

to gather our community, as well as interested parties from the

in private banking. Their numbers have kept steady, but their

City, around visiting senior financial figures, particularly from

presence has been more greatly felt.

countries which have witnessed far reaching changes.

The political upheaval in the region is proving a far greater test

to Arab banking than the international financial crisis ever was.

The successful performance of our second task is ever more

In all we do, we plan to work ever more closely with our sister

association, the Arab British Chamber of Commerce.

Whilst there have been losses and damages, the various national systems are proving exceptionally resilient.We look forward to an

Mr George Kanaan

end of uncertainty and to a return to normalcy and stability. We

CEO

hope that at the end of this exceptional period to see a thriving

The Arab Bankers’ Association

banking sector at the heart of successful economies of well-run democratic and law abiding societies.

Here at the Arab Bankers’ Association, we believe that the

Arab banking sector will come through this exceptional period stronger than it has ever been. As one senior Arab banker recently commented: every day for us is a stress test. With this intense experience banks can only gain in strength.

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The Arab Bankers’ Association was created around a third of a

Arab British Banking & Finance Directory 2013/14


Bridging the Gap – Alternative Dispute Resolution in Bahrain By Yasmin Sebah

This article will explore the attitudes of some parts of the Middle East towards the Alternative Dispute Resolution (ADR) and will focus in particular on Bahrain’s efforts to bridge the gap between the demands of businesses and actually providing a legal system that fully understands ADR and encourage business communities to believe in it as a realistic option. It is important to highlight that to achieve the objective of narrowing the gap various branches in the Bahraini society will have an imperative role to play.These include ADR service providers, the government and academic institutions. Whilst the idea and cultural acceptance of mediation and arbitration is not a new concept to the Arab world, it is still one that is in its evolutionary stages in parts of the region. The notion of ADR is deep rooted within the Arab culture and in Islam itself. Many people would have settled their disputes whether family or a simple commercial matter through informal or unregulated mediation. Further, arbitration is a concept that was always entrenched in the religious and cultural roots in the Middle East. For example, in the Holy Quran it states “reconciliation between them, and reconciliation is better”.Also, in the 19th century, the Majalla (an Islamic law code prepared by the Ottoman Turks) devoted an entire section to arbitration. One of the key precepts for the Bahrain 2030 Vision is to provide “a predictable, transparent and fairly enforced regulatory system that facilitates economic growth”. A very important part of this is upgrading the judicial system to ensure fair and speedy resolution of disputes. To achieve this vision Bahrain aims to encourage international investment by providing a modern and effective ADR service to achieve the final and binding resolution of disputes. Whilst Bahrain has enjoyed having a relatively pro- ADR history since the country first set up arbitral tribunals in the 1930s to resolve commercial disputes, businesses in Bahrain have often reported that there still remains a gap between their demand for a clearer system that allows for complete control and flexibility of the process and the supply of such a service. One of the major initiatives to bridging this gap, however, came in 2009 by the inception

of the Bahrain Chamber for Dispute Resolution (BCDR – AAA) In July 2009 new legislation was passed (Legislative Decree No. 30) establishing the “Free Arbitration Zone”. This made Bahrain the first country in the world to introduce a “Free Arbitration Zone” and was an extraordinary development in the Bahraini legal system. Parties in a commercial dispute can now agree to settle their international disputes through arbitration in Bahrain and enforce this judgment internationally. This demonstrates that there is a huge effort to introduce alternative dispute resolution and the need to attract international businesses to settle their commercial disputes in Bahrain confidently. Legislative Decree No. 30 authorises the BCDR-AAA to have jurisdiction and settle two types of disputes in which the value of the claim exceeds Five Hundred Thousand Dinars that were originally within the jurisdiction of Bahrain courts or other entities having judicial jurisdiction, the two types of disputes are either: Disputes among financial institutions licensed according to the provisions of the Law of Central Bank of Bahrain or between these institutions and other institutions, companies, and individuals. Or International Commercial Disputes. The dispute shall be deemed international if the location of one of the disputant parties or the place where a substantial part of the obligations of the commercial relationship is to be performed, or the location most closely connected with the dispute is outside the Kingdom. It can be argued that this provision effectively creates a specialised international commercial court in Bahrain. The introduction of the BCDR – AAA has significantly changed the way that many high value disputes are dealt with in Bahrain. Since its establishment, the chamber has received more than 88 cases with a total value of over $2 billion. The BCDR – AAA expects an increasing number of commercial cases going through the Bahrain chamber. To further reduce this gap of supply and demand of ADR in Bahrain, the BCDR – AAA provides intensive training for various sectors of professions in Bahrain and other countries in the GCC in a bid to raise awareness of the mediation and arbitration process in the country and to have a high quality of qualified

mediators and arbitrators registered with the Bahrain chamber and ready to provide such services to businesses. Recent change in the Labour Law further reflects the attitude of businesses in Bahrain to accept arbitration or mediation as an alternative to resolving their dispute. The labour law for the private sector passed in 2012 has changed the procedure for settling labour disputes and is currently the only area of law to enforce mandatory mediation. Academic institutions also have a critical role to play in raising awareness of ADR at a foundation level. Currently, Bahrain Polytechnic Institute has been working closely in collaboration with the BCDR – AAA to introduce new courses on ADR. These courses will encourage problem-solving skills in general and they will prepare business students as future business people in Bahrain to successfully work with clients. They will be able to identify client goals, determine underlying interests, or convey to the client the value of mediation in meeting those goals and interests. Bahrain polytechnic is also currently working with a reputable international university to run a post-graduate course on mediation in the near future. In general, there have also been significant developments and effort to promote ADR around the GCC region. These include the Dubai International Financial Centre which was established in 2004 as a financial centre to serve the region between Western Europe and East Asia. In 2012 the DIFC established the first ever programme in the Middle East called “access to justice”.The programme encourages people to seek mediation or conciliation before going to court. Furthermore, in a development long-awaited by the international arbitration community, Saudi Arabia has recently enacted a new arbitration law.The draft arbitration law is in line with the UNCITRAL Model law 2013. In conclusion, Bahrain alongside some of its neighbouring countries in the GCC has certainly made great strides in terms of bridging the gap between the service providers and the expectations of businesses using alternative methods to resolve their disputes. If Bahrain continues to strive with these initiatives it will be much closer to meeting its objective set out in its Bahrain 2030 Vision.

Arab British Banking & Finance Directory 2013/14

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New Technologies and Banking Services in the Arab Markets

Increasing numbers of consumers in the Middle East and North Africa (MENA) region are using search engines to find financial products such as bank accounts and personal loans. The growth of “branchless banking” allows financial institutions and other commercial entities to offer customers financial services outside traditional, brick and mortar bank premises. Branchless banking technologies take the form of smart cards or mobile phone services that can be used to conduct financial transactions. Mobile phone banking is a channel through which an institution can leverage mobile phone telephony to enable customers and banks to interact.

Mobile Phone Banking Mobile phone banking is a convenience tool that makes banking services available to customers in social groups and locations that have previously been quite poorly served by traditional banking. This advance in technology makes it both easier and less expensive for customers to transact. Thus it introduces more customers to banking services encouraging more people to open accounts and conduct their financial transactions through banks rather than doing business in cash. Various services can be delivered through mobile phone banking such as loan repayments, voluntary savings deposits and checking account balances to name but a few. Mobile banking helps fulfil the aim of extending financial inclusion that has been identified by the World Bank as a critical factor for the future competitiveness of the MENA region, for employment creation and for the raising of income levels. Financial inclusion is achieved through widening access to financial services such as credit, bank accounts, deposits, payment services, insurance and pensions. Furthermore, mobile banking assists business as companies need access to financial services to be able to invest, innovate, take advantage of market opportunities, manage cash flow and costs, and reduce risks. Google sees the MENA region as ripe for more online financial services like mobile banking. The company long sensed a gap in the market

and believes that financial institutions targeting the regional markets should put more of their resources into developing online activities. Asked to name the most exciting development of 2013, Mohamad Mourad, Regional Manager Gulf, Google, mentioned mobile. Mourad, who delivered a keynote speech at the Broadband MEA conference, in Dubai on 19th20th March 2013, said, “Mobile search is becoming increasingly crucial to the way your customers interact with you, so the first thing I’d recommend is that marketers make sure they’re present on mobile search and provide customers with a good mobile experience with things like click-to-call and mobile-optimised websites. We also see the trend of watching video on mobile growing exponentially – so it’s important that desktop or laptop video experiences are adapted or created on mobile.”

Widening Access A combination of high mobile penetration and low access to financial services among large numbers of consumers in the Arab countries suggests that there is a significant opportunity for ‘’transformational mobile financial services”, observed the European Investment Bank (EIB) in a report on the Mediterranean partner countries. The report issued by the EIB, Mobile Financial Services in Mediterranean Partner Countries (August 2012), identified a need for extensive customer awareness campaigns to encourage the uptake of mobile financial services. The report suggested that regulation was one of the main challenges for the deployment of mobile financial services, in particular e-money and agent regulation. It said that all financial regulators in the region were seeking to better understand how mobile financial services can be used more effectively to increase access to financial services while at the same time maintaining the stability of the financial system. These new technologies and capabilities such as mobile financial services could greatly favour the development of the microfinance sector in particular.

Remittances The inflows of remittances are an important factor in the GDP of many Arab countries such as Morocco, in Tunisia, Egypt, Jordan, and Lebanon. In terms of costs, sending remittances can be

expensive. The average cost of sending $500 in the first quarter of 2012 was 5.56%, while the worldwide average for all corridors was 5.57%. As a result there is an opportunity for incoming players using mobile financial services to offer international remittances to customers at a lower cost, according to the EIB.

Internet The MENA countries have been witnessing a dramatic growth in international Internet bandwidth in recent years. The region’s ever improving ICT infrastructure means that there is continuing scope for achieving even more impressive growth rates in years to come, according to a 2012 report, “Arab ICT Use and Social Networks Adoption”, published by Dubaibased Madar Research & Development. The Arab world is eager to adopt new technology, the report says, as in the case of fourth generation networks (4G). While certain countries have deployed 4G packages for consumers and businesses alike, such as Saudi Arabia and the UAE, other less developed Arab countries have begun upgrading their networks and will be able to offer 4G services to their customers in the near future. Moreover, the future seems especially bright for developing nations where access to fixed line broadband connections is inadequate, as 4G ushers in a new age of super-high-speed connectivity, propelling them to compete on a global scale for the first time.

E-Banking Internet banking is relatively untapped in the Gulf but the potential is vast for those institutions willing to rethink the way they do business. GCC banks are aware that online banking offers vast opportunities in the region, A T Kearney stated in a report from January 2013. It observed that GCC banks had aggressive growth objectives and realise that online banking will increasingly become an important driver for acquiring customers while achieving operating cost reductions. Forwardthinking banks could gain immediate impact by developing their online channel strategies and calibrating their operating model while laying the foundation for growing advantage and early success, A T Kearney said. However, local GCC banks appear well

Arab British Banking & Finance Directory 2013/14

17


positioned to build on a solid online banking trend, based on several key factors:

High e-adoption Internet usage in the GCC is relatively high, with 82% penetration in Qatar, 78% in the UAE, 62% in Oman, 55% in Bahrain, 41% in Saudi Arabia, and 38% in Kuwait. Compared with Internet penetration rates in Europe and the US in the early 2000s (25 and 40% respectively) when Internet banking was beginning to expand, GCC countries seem well positioned to take advantage of their customers’ positive attitudes toward Internet use.

Changing consumer profile Older customers (40+) who are most comfortable with banks that deliver financial services via traditional face-to-face interactions still represent a vast group of banking customers in the Gulf. Because of demographic dynamics, this older group is rapidly being outnumbered by younger bank customers known as ‘Generation Facebook’, a category of consumers with a much higher level of Internet competency. Already, about 70% of online banking

18

customers in the GCC are under 40 years of age, more than half of which are under 30. These tech-savvy customers have greater needs and expectations for speed than the older generation. To satisfy both groups, banks will have to adapt the way they serve their clients.

Changing online behaviour So far, a key barrier to broader online banking adoption in the GCC, confirmed by the AT Kearney study, has been a lack of trust among customers. However, customers appear to be increasingly at ease with making financial transactions online.This trend may be related to the changing consumer profile and is confirmed by the region’s rapid adoption of e-commerce, with GCC volumes totalling $3.3 billion for 2010 and expected to rise exponentially in the coming years to reach $15 billion by 2015, catching up to e-commerce levels in Europe.

Low service levels in traditional channels Retail banking customers in the GCC regard the quality of customer service they receive as the key differentiator among banks. Yet studies

Arab British Banking & Finance Directory 2013/14

frequently show that GCC banks generally do not focus on customer satisfaction.About 75% of US bank customers are satisfied with the service they receive, while in the UAE, for example, only half of all domestic bank customers and only 10% of the UAE’s expatriate customers say they are satisfied. A key reason for this is a lack of skilled personnel in the branches, linked to a high turnover of front office staff. By contrast, banks can exert almost full control of the customer experience in the online channel.

Number of branches The number of branches per capita is still low in some GCC countries, most notably Saudi Arabia. In these markets, online banking provides an opportunity for banks to gain new customers much more quickly than the traditional way of setting up new branches. This is, by the way, in stark contrast to the situation in Europe and the US, where the emergence of online banking led to a reduction of the number of bank branches.


Algeria country profile

Algeria has experienced steady economic growth through much of the past decade. The non-oil sector witnessed strong growth, averaging 6% in

fact file

recent years. Algeria’s main challenge remains to ensure sustainable, diversified and private investment to stimulate growth to create more job opportunities, especially for the youth, and to

Country Name: People’s Democratic Republic of Algeria

continue to make improvements in the standard of living. Algeria, with its population of more than 38 million, vast oil resources, expanding infrastructure, and growing demand for consumer

Capital:

goods, is attracting interest from companies

Algiers

around the world. Foreign investors continue to

Land area:

see Algeria an emerging and growing market.

2,381,741 km

2

Population: 38,087,812 (July 2013 est)

The banking system remained stable through the global financial crisis largely because banks are domestically financed. Risks to the financial sector

Currency:

posed by a global slowdown have been minimal given

Algerian Dinar (DZD)

the country’s very limited exposure to the international

GDP Growth:

financial market. The country remains heavily dependent on the hydrocarbons industry which accounts for over

2.4% (2012)

30% of GDP, 95% of exports, and more than 70% of fiscal

Dialling Code:

revenues. Diversification is a gradual process and other

+213 (00 213 from UK)

industries are being developed. As KPMG observes, Algeria’s fiscal position remains

Main Industries:

healthy, as oil and gas revenues have allowed the

Petroleum, natural gas, light industries, mining, electrical, petrochemicals and food processing

country to build a substantial stock of foreign

Export Partners: US, Italy, Spain, France, Canada, the Netherlands, Turkey Exports: Dominated by petroleum, natural gas and petroleum products

exchange reserves and a sovereign wealth fund. It has sought to increase public spending in order to boost economic growth. The banking system comprises six public banks and 14 private banks owned by foreign institutions. Most are branches of other Arab banks, mainly from the Gulf and Lebanon, while there are four backed by French

Import Partners:

banks, plus subsidiaries of US and British institutions.

France, China, Italy, Spain, Germany and Turkey

Private-run banks were expected to gain market

Imports: Capital goods, food stuffs and consumer goods

share as a result of network expansion and product innovation. The largest public bank in terms of assets is the Banque Exterieure d’Algerie (BEA), which is heavily involved in infrastructure projects and the oil and gas sector. BEA recorded a profit of €290m in 2011 on assets of €25bn and had a market share of some 29%. The Banque National d’Algerie (BNA) was the second largest on 2011 figures with assets of €15bn and taking

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Arab British Banking & Finance Directory 2013/14


Algeria country profile

18% in market share.

April with the National Agency for Housing

dominates intermediation. Agricultural finance

Public banks, which account for around

Improvement and Development (AADL) to

experienced significant growth following the

85% of all assets, are known for adopting a

finance the building of 100,000 public housing

introduction of a new credit mechanism featuring

highly cautious stance towards lending and as

units, APS said. The two agreements were

seasonal interest-free loans to the agricultural

a result levels of lending to the private sector

described by CPA chairman Mohamed Djellab

sector. However, the non-bank sector is small and

have remained low. As a result, the banking

as “the biggest financing operation in the

remains underdeveloped, with banks accounting

system retains a large quantity of liquidity that

history of Algeria.” Meanwhile, Housing Minister

for 93% of total financial system assets in 2011,

could be driving growth in the private sector,

Abdelmadjid Tebboune commented, “These

although recent reforms in the field of regulation

where capital is much in need. Analysts suggest

agreements... are aimed at changing the way

and supervision have laid the foundations for

that the future development of the country’s

construction is financed by getting public banks

leasing, factoring, and venture capital.

banking sector will rest with small and medium-

more involved.”

Recent changes have been made to banking

sized enterprises, and a proper strategy should

The tax regime is gradually being reformed

be put in place to support these activities and

supervisory

and

in a bid to increase flexibility and transparency

to

requirements

introduction of new services. Facilitating access

and to simplify the system. Foreign investors

intermediation instruments. A new banking

to finance for the private sector depends on

benefit from tax incentives, including five-

accounting system has been introduced and

the creation of a modern banking system,

year tax relief for companies investing in new

new prudential management ratios for financial

International Monetary Fund Managing Director

projects, but since the beginning of 2009 have

institutions. New regulations on investment

Christine Lagarde told a meeting in Algiers in

had to reinvest these benefits and pay a 15% tax

flows introduced in 2009 now set a 49% cap

March 2013.The IMF urged Algeria to encourage

on repatriated profits.

on international investor ownership for certain

private banks to develop and play an active role

financial

key ventures, stopping the takeover of financial institutions by foreign banks, and restricting

the

to implement reforms. Particular mention can

the entry of new majority foreign controlled

sophisticated risk-management technology in

be made of the law reforms of 1990 that opened

banking institutions. Authorities also plan to

use in the private sector, the introduction of

up the banking sector to national and foreign

establish a new bank rating system and central

an independent ratings agency should help

private capital. In addition to the introduction

credit registry, assisting banks in modernising

encourage strong-performing banks to lend

of universal banks, the law introduced other

their operations and means of payment and

more freely, Oxford Business Group observed.

financial institutions such as investment banks

facilitating the expansion bank branch networks

and leasing companies.

and the extension of credit to small and medium

most

state

banks

lacking

While, the banking system has remained

stable

frameworks,

and

macro-economic

With

more

regulatory

framework and financial balances have helped

in providing credit to businesses and individuals.

Algeria’s

capital

stable, levels of lending to the private sector

Algeria’s economic performance in 2012

remain low. Public banks, which account for

was good and it is expected to remain solid

The introduction of a new ratings system

around 85% of all assets, are known for adopting

in 2013. Growth is forecast at 3.4% in 2013,

for banks is expected to boost confidence in

a highly cautious stance towards lending, after

underpinned by domestic demand and a

the sector. Central Bank governor, Mohamed

incurring losses on loans to inefficient public

recovery in the hydrocarbon sector. The

Laksaci, has said that the rating system would

companies. As a result, the banking system

current account surplus is expected to reach

be in place in 2013 and that it would help in the

retains a large quantity of liquidity that could

8.1% of GDP in 2012, as higher hydrocarbon

early detection of banks’ vulnerabilities, while

be driving growth in the private sector, where

prices offset lower export volumes, and 7.0%

playing a part in maintaining stability in the

capital is much in need.

of GDP in 2013. Foreign exchange reserves

sector and protecting depositors.

enterprises (SMEs).

In May 2013 public banks agreed to finance

will remain comfortable, at about three years

the building of more than 250,000 new homes

of imports, and external debt levels will remain

Bourse d’Alger (Stock Exchange)

in Algeria by the end of 2014 to the tune of E12

low. The oil stabilization fund, net of public

The Bourse was established in 1997 under a 1993

billion, according to APS news agency. Credit

debt, will be hovering at 26% of GDP.

law and started trading in 1999. Listed companies

Populaire d’Algerie (CPA) was designated as

The banking sector as a whole has continued

are still small and activities remain at a low level

lead bank in the deal agreed with the National

to expand and deposits have increased but bank

making the capital market ripe for expansion for

Company of Real Estate Promotion (ENPI).

intermediation remains relatively low and lending

widening its base of investors. Algeria is seeking

Another agreement was inked at the end of

activities to public entities by state-owned banks

to implement reforms to incorporate small and

Arab British Banking & Finance Directory 2013/14

21


Algeria country profile Useful Contacts British Embassy Algiers 3 Chemin Capitaine Hocine Slimane Algiers Tel: +213 (0)770 085 000 Fax: +213 (0)770 085 099 Email: trade.algeria@fco.gov.uk Main contact Abderezak Bouhaceine Tel: +213 (0)770 085 012 Email: abderezak.bouhaceine @fco.gov.uk www.ukinalgeria.fco.gov.uk

medium-sized enterprises. Foreign investors

Accounting for over 90% of the total insurance

seeking to set up in Algeria can take part in the

market, property and accident products make

financial markets, leaving at least 51% of capital

up by far the majority of premiums, while the life

share in the hands of national shareholders.

insurance market share stood at 7.6% in 2011.

The corporate bond market has expanded in recent years with the government issuing

Motor insurance is the most popular product, accounting for almost 50% of premiums.

debt instruments with varying maturities of up

Insurance is mandatory in areas such as third-

to fifteen years and private companies issuing

party damage for drivers and natural disaster

corporate bonds.

cover for properties. Other compulsory forms

The

money

market,

for

its

part,

is

of insurance are found in certain activities

predominantly focused on the treasury bills

and industries. The rates of these compulsory

market, with average interbank rates and deposit

insurance packages are laid down by the

facility interest rates serving as benchmark rates.

authorities. The insurance industry is regulated

The interbank weighted average rate remains

by the Direction des Assurances (Directorate of

fixed within a 3.1% to 3.6% band, while the

Insurance) at the Ministry of Finance.

Bank of Algeria regularly intervenes on the

The bank insurance model, or bancassurance,

interbank foreign-exchange market to correct

has been permitted since 2006 when it was

any discrepancies between the nominal and real

introduced into the market as part of wider

effective exchange rates.

regulatory reforms. As yet this segment remains

While all investors, including foreign investors,

small but it is expected to grow rapidly in future.

have equal access to primary and secondary markets and can engage in market transactions through any of the 13 authorised primary dealers, foreign participation remains small and commercial banks, mutual funds and insurance companies represent the main investors in the market. The secondary market is rather liquid but transaction volumes remain limited. The Algerian derivatives market currently features some offshore non-deliverable forwards, but offers no interest rate or cross currency swaps.

Insurance Sector The insurance industry is dominated by public sector firms, an existing feature which is a legacy of the monopoly that prevailed over nearly three decades until 1995. However, gradually more private sector firms are entering the market. The private sector is likely to take on a more important role in terms of developing new products and raising the levels of service in the market. Publicly owned insurance firms held a market share of 70.2% in the first quarter of 2012, a small reduction on the previous year.

22

Arab British Banking & Finance Directory 2013/14

Sandrine Jayet Country Manager, Algeria UK Trade & Investment 1 Victoria Street London SW1H 0ET Tel: 020 7215 4947 Email: sandrine.jayet@ukti.gsi.gov.uk Embassy of Algeria 54 Holland Park London W11 3RS Tel: 020 7589 6885 Fax: 020 7221 0448 Email: info@algerianembassy.org.uk www.algerianembassy.org.uk Bourse d’Alger (Stock Exchange) 27, Boulevard Colonel Amirouche Alger 16000 Algeria Tel: +213 21 63 47 99 Fax: +213 21 63 88 16 www.sgbv.dz Email: sgbv-email@sgbv.dz 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 www.bank-of-algeria.dz UK Algeria Business Council (UKABC) Email: assoul@uk-algeria.org www.uk-algeria.org


Bahrain country profile

Banking forms the biggest part of Bahrain’s important financial services sector and the industry has expanded rapidly as the Middle East’s wealth

fact file

has grown. Across the region, demand has been on the increase for more sophisticated banking products. Surging infrastructure development is creating a need for structured finance and lending

Country Name: The Kingdom of Bahrain

products. Trade finance opportunities are increasing with the Gulf’s closer integration into world markets. Furthermore, burgeoning private wealth is fuelling the need for private banking and wealth

Capital:

management products. Bahrain’s highly respected

Manama Land Area: 711.85 km

2

Population:

regulatory environment and its full adherence to the rule of law have helped make the country an ideal regional hub for all types of banking. The financial services industry is the Kingdom’s

1,281,332 (July 2013 est)

largest employer with Bahraini nationals making up

Currency:

80% of the sector’s workforce. Bahrain has 76 licensed

Bahraini Dinar (BD)

conventional banks as of March 2013 with 23 classified

GDP Growth:

as retail and 53 wholesale. Three lenders dominate banking activity in the retail sector: the National Bank

4.1% (2012)

of Bahrain, BBK and Ahli United Bank. These are joined

Dialling Code:

by two microfinance lenders, Ebdaa Bank and the Family

+973 (00 973 from UK)

Bank, which are both Shariah-compliant. Within the wider financial services sector, there were 405 licensees

Main Industries:

operating in six main categories: conventional banks,

Petroleum processing and refining, aluminium smelting, iron pellets, fertilisers, Islamic and offshore banking, insurance, ship repair and tourism

Islamic banks, insurance companies, investment firms, specialised licensees and capital markets. The industry has been regulated by the Central

Key Exports:

Bank of Bahrain since 2002 and the legal framework

Petroleum and petroleum products, aluminium and textiles

is outlined in the Financial Institutions Law 2006.

Export Partners:

In 2013, bank regulators were focusing on new

India and Saudi Arabia

Basel III standards for banking which are set to be implemented in 2014. Bahrain is seeking to boost

Key Imports:

corporate governance by improving transparency and

Crude oil, machinery and chemicals

accountability. Bahrain’s banking sector remains in good health,

Imports Partners:

according to the International Monetary Fund.

Saudi Arabia, France, US, China, South Korea, Japan, Germany and the UK

Wholesale banks’ assets equal 480% of GDP and retail banks’ assets total 270%.To date, swings in international banking flows, especially the contraction of wholesale banks, have only had a limited impact on the sector in Bahrain. If deleveraging pressures were to re-intensify in international markets, there could be additional

23


Bahrain country profile

spillovers, although limited to domestic banks

August 2012, an increase of over 12 times. The

the increased access to financial services and

through interbank linkages.

market share of Islamic banks correspondingly

products has led to demand for insurance. A

Stress tests indicate that the large wholesale

increased from 1.8% of total banking assets

notable development in recent years has been

segment is resilient to credit shocks, but there are

in 2000 to 13.3% in August 2012. Islamic

international insurers developing their regional

pockets of vulnerabilities in the retail segment,

banks provide a variety of products, including

operations, many of whom have chosen Bahrain

particularly in Islamic banks because of their

Murabaha, Ijara, Mudaraba, Musharaka, Al Salam

as a regional base for their Gulf activities.

concentrated exposure to local and regional

and

unrestricted

Industry growth has also been fostered by the

real estate. Risks in vulnerable banks could be

investment accounts, syndications and other

presence of a robust framework for regulation

ameliorated by the buildup of additional capital

structures used in conventional finance, which

and supervision of insurance.The Central Bank’s

cushions through earnings retention and the

have been appropriately modified to comply

predecessor, the Bahrain Monetary Agency,

IMF has recommended the buildup of additional

with Shariah principles.

undertook a major project during 2003-04 to

cushions in vulnerable banks to reduce risks.

Istitsna’a, restricted

and

Bahrain’s banking sector is well capitalised.

develop a comprehensive insurance rulebook,

Ongoing efforts taken by Bahrain to further

As a result, both wholesale and retail banks are

in line with IAIS core principles, following

strengthen the regulatory and supervisory

unlikely to have to seek major new injections

the BMA’s assumption of responsibility for

regime have been welcomed by the IMF,

of capital to bring their ratios in line with the

regulating and supervising the insurance sector.

including the planned adoption of the Basel

Basel III standards. Public spending remains a

This rulebook was launched in April 2005, and

III capital and liquidity frameworks, the

crucial factor in supporting Bahrain’s banking

put in place the most comprehensive regulatory

designation

systemically-

sector and since the financial sector real GDP

framework in the region for insurance activities.

important financial institutions, and moving

contribution in 2012 was 17.1% —more than

the existing deposit insurance scheme to a pre-

oil—the authorities put a high priority on

announced that it will issue new enhanced

funded system. Financial market developments

regulation and development.

draft rules to improve the operational model

of

domestically

reflect the rebound in the wider economy, the

In

January

2013,

the

Central

Bank

of the entire takaful industry and make the

IMF observed. Private sector credit and deposit

Insurance Sector

country a preferred choice for all takaful and

growth were solid at 6% and 5%, respectively.

Bahrain has ambitions to become a regional

retakaful companies worldwide, Nader Al

In addition, there have been tentative signs

hub for insurance, which has real potential

Mandeel, director of the Insurance Supervision

that investor confidence is improving. The

for expansion given the low penetration of

Directorate, said in an interview with the Middle

deleveraging in the wholesale segment of the

insurance in the GCC and the growing need for

East Insurance Review.

banking sector appears to have stabilised, and

both individual and large scale project insurance.

Looking to build on recent successes,

several market-based indicators have moved

The insurance industry consists of conventional

Bahrain’s insurance sector is reaching out to

into more positive territory. The government’s

and Islamic (takaful) companies. As a pillar of

potential clients through greater use of tools

bond issue of $1.5 billion was four times

the country’s financial services sector, insurance

such as bancassurance.The sector is also hoping

oversubscribed at a coupon of 5.8%; both bond

accounted for up to 8% of GDP in 2011, data

plans for increased infrastructure spending will

yields and CDS spreads are now back to pre-

from the Economic Development Board show.

boost the call for coverage for the construction

2011 levels.

The Kingdom has been relatively successful in

and industrial sectors.

Bahrain has been a pioneer in the Islamic

terms of its insurance penetration rate, which

As of 2012, there were 166 insurance

finance sector having been the first in the

stands at 2.5%, well above the Middle East and

companies and organisations authorised to

Middle East to nurture it. The country is at the

North Africa average of 1.5%, according to a

operate by the industry’s regulatory agency,

forefront in the market for Islamic securities

report issued in late May 2013 by Switzerland-

the Central Bank. This total included insurance

(sukuk), including short-term government sukuk

based Zurich Insurance Group.

brokers, consultants, managers and specialists,

as well as leasing securities. The Central Bank

The insurance industry is well served by a

such as loss adjustors and actuaries. According

has played a leading role in the introduction of

number of ancillary service providers such as

to Central Bank data, there were 38 registered

these innovative products.

brokers, actuaries, insurance consultants and

insurance firms licensed in the Kingdom, of

The growth of Islamic banking has been

loss adjusters. The industry has been growing

which 27 were locally incorporated and nine

remarkable, with total assets in this segment

steadily in recent years, mirroring the growth

overseas companies.

jumping from $1.9bn in 2000 to $25.4bn by

of Bahrain’s financial sector as a whole and

24

Arab British Banking & Finance Directory 2013/14

Of the Bahraini firms, nine operate in the


Bahrain country profile Useful Contacts UKTI Helen Tanner UK Trade & Investment Middle East Team Tel: + 44 (0)20 7215 4788 Email helen.tanner@ukti.gsi.gov.uk UKTI Team at the British Embassy Kingdom of Bahrain Contact Eileen Alsaie Email: Eileen.alsaie@fco.gov.uk

Shariah-compliant segment of the market,

regulated financial system. Although Bahrain

offering takaful and retakaful services, while

may be the smallest market in the Gulf, the

two others provide captive insurance services.

UK was able to sell nearly £600m of goods

Overall, the insurance sector represents more

and services in 2012 and it is the UK’s fastest

than one-third of Bahrain’s financial industry in

growing export market in the Gulf, according

terms of the total number of active institutions,

to UKTI.

though the premiums under management are

and very significant opportunities for British

just a fraction of the assets held by banks and

companies. In fact, on the UK’s historical share

other financial institutions.

of major contracts, UKTI estimates that the five

Bahrain therefore offers multiple

One area where an opening for growth has

biggest projects alone could be worth around

been identified is bancassurance, the selling of

£1bn to UK business, as the British Ambassador

insurance policies through banks, rather than

Iain Lindsay told a business conference in April

directly by insurers themselves. While popular

2013. “Bahrain is regarded as a comparatively

in other markets, this practice is only recently

easy place to do business and has a well-

gaining widespread acceptance in the Middle

established and well-regulated financial system,

East. Bahrain, however, has been more willing

regarded as one of the best in the whole Middle

than most in the region to adopt the practice,

East,” the ambassador stated.

opening doors for insurance firms to reach a deeper pool of clients by working with lenders. According to Robert Ainey, the CEO of the Bahrain Association of Banks, there is strong potential for growth in the overall banking sector and in particular for the bancassurance segment in the Kingdom and across the region. The Bahrain Insurance Association estimated that a move to implement compulsory insurance for expatriates could add $135m to the value of the market Apart from boosting penetration rates, operators are confident that strengthening Bahrain’s

health

insurance

segment

by

introducing compulsory health insurance would encourage people to expand their insurance portfolio beyond the mandatory requirements. A

British Embassy 21 Government Avenue Manama 306, PO Box 114, Kingdom of Bahrain Tel: +973 17574100; +973 17574167 (Travel); +973 1757 4100 (Emergency) ukinbahrain.fco.gov.uk/en/ about-us/ Bahrain Embassy 30 Belgrave Square London SW1X 8QB Tel: 020 7201 9170 Fax: 020 7201 9183 Email: information@ bahrainembassy.co.uk www.bahrainembassy.co.uk Bahrain Economic Development Board Seef Tower, PO Box 11299 Manama, Bahrain Tel: +973 17 58 99 99 www.bahrainedb.com/ contact-us.aspx Central Bank of Bahrain PO Box 27, Manama Kingdom of Bahrain www.cbb.gov.bh/page. php?p=contact Bahrain Bourse Bahrain Financial Harbour Harbour Mall PO Box 3203, Manama, Bahrain Tel: +973 17261-260 Email: info@bahrainstock.com www.bahrainstock.com

more vibrant local industry could also highlight Bahrain’s potential to international firms, helping the Kingdom consolidate its position as a regional centre for insurance.

UK-Bahrain Links The UK is one of Bahrain’s closest partners with relations that go back 200 years. There are nearly 100 UK companies present in Bahrain attracted by the ease of doing business and the many advantages of operating in the market not least of which is its well-established and well-

25


Comoros country profile

Economic growth in Comoros has been driven by strong agricultural exports, continued strong foreign direct investment in the transport sector, in

fact file

particular roads and ports and domestic demand, supported by remittances from abroad. A small open economy, Comoros is vulnerable to external shocks, the International Monetary Fund observed.

Country Name: Union of the Comoros Capital:

The country’s growth strengthened to 3% in 2012 and end-year inflation fell to 1% following a marked easing in import prices, the IMF said. Given the lack of any significant growth in exports, Comoros’s domestic demand will continue to be the main

Moroni Land Area: The four islands of the Comoros archipelago have a total land area of 2,236 km2 Population: 752,288 (July 2013 est) Language: Comoran (mix of Swalhi and Arabic), Arabic and French Currency:

driver of growth which is forecast to reach 3.2% in 2013 and 3.8% in 2014. This growth has been driven by strong agricultural exports, continued strong foreign direct investment in the transport sector, in particular roads and ports and domestic demand, supported by remittances from abroad. The Comoros, officially known as the Union of the Comoros, consists of three islands of Grande Comore, Anjouan and Moheli.A fourth island, Mayotte, remains administered by France. The capital Moroni, located

Comoran Franc (CFA)

in Grande Comore, is the main business district of

Dialling Code:

the country. Comoros is highly dependent on foreign

+269 (00 269 from UK)

aid to support its economic development, and remittances from Comoran nationals living abroad

GDP Growth:

are a crucial source of income. Fishing, agriculture,

2.5% (2012 est.)

and forestry employ approximately 80% of the

Agriculture Products:

population and together contribute over 40% of GDP. Comoros is among the world’s leading producers

Vanilla, cloves, ylang-ylang, perfume essences, copra, coconuts, bananas, cassava (tapioca)

of the perfume ingredient ylang-ylang, cloves, and

Main Industries:

economy vulnerable to any rapid fluctuations in the

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

vanilla. The limited number of products makes the markets. In March 2012, Comoros awarded a license for the exploration of oil and gas to a private sector Kenyan company. Official grants and remittance receipts have been strong, and international reserve holdings reached the equivalent of seven months of imports. Comoros has made steady progress in fiscal consolidation, due to stronger revenue mobilisation and improved control over spending—particularly the wage bill— while it has been able to increase spending on improving transportation infrastructure and key social

26

Arab British Banking & Finance Directory 2013/14


Comoros country profile

programmes. As a result the primary fiscal

BCC provides for an eight-member Board of

balance posted a surplus of 3% of GDP. Among

Directors, with members chosen from the

In December 2012, it was reported that Exim

reforms undertaken in 2012-2013 highlighted

Comorian government, the French Central Bank

Bank was planning of expand its operations in

by the International Monetary Fund, Comoros

(Banque de France) and the French government.

the Comoros by opening two more branches.

has issued a call for expressions of interest

The post of Deputy Director of BCC is held by

The announcement timed to coincide with

from potential strategic partners for the state-

a Banque de France official, who is responsible

Exim Bank’s celebration of its fifth year of

owned telecommunications company, Comores

for monetary policy.

operations in the country came after the bank

trade expands.

Telecom, and has developed a strategy to reform

Since 19 November 1999, BCC’s official rates

published a report that revealed the excellent

the oil importing company, SCH, with the

have been pegged to the Euro Overnight Index

and compelling performance of its bank in the

assistance of development partners.

Average (EONIA), leading to a stabilisation of

Comoros. Exim Bank has a network of 25,000

interest rate differentials with the Euro.

clients with branches in the capital Moroni

The country’s economic prospects could be improved considerably with an expected

The Central Bank continues to take steps

and on the island of Anjouan. A third branch

influx of FDI from the Gulf states, the African

to implement reforms of the banking and

was opened on Moheli Island in April 2013

Development Bank said in its report, African

financial sector with the aim of strengthening

and is facilitating remittances and payments for

Economic Outlook 2012. This investment could

banking supervision. The bank initiated on-site

customers on the island. It is also enabling them

enable the start of several projects in the fields of

inspections of financial institutions operating

to use credit cards through its ATM services.

food processing, transport infrastructure, such as

in the country in 2012 and is working towards

In addition to the Treasury and the Central

the inter-island network and public sector airline,

the establishment of a credit bureau.The Central

Bank, the banking sector of Comoros consists

as well as the energy and tourism sectors, which

Bank has also started drafting a new banking law.

of three commercial banks, one development

are being implemented in line with commitments

Access to credit for business activities in

bank, two micro-finance agencies, and one

Comoros is strictly limited by the country’s

financial services provider. Financial service

The banking sector in the Comoros remains

small and immature financial services sector.

intermediaries

“generally sound”, according to the IMF. Measures

Overall, the sector still lacks an effective

MoneyGram and Comores Express are also

are steadily being undertaken to strengthen the

regulatory framework that would be able

actively involved in money transfers.

financial sector consisting of the privatisation

to

investment

The main banking services in the country

of the Development Bank of the Comoros

and stimulate commercial enterprise. There

are provided through the following financial

which was well advanced and in the process of

are reports that the islands of Anjouan and

outlets: the Bank for Industry and Commerce

completion in 2013. In addition, the National Post

Moheli have been exploring the possibilities

(La Banque pour l’industrie et le commerce –

and Financial Services Institution (SNPSF) has

of establishing offshore financial services as a

BIC), which is a universal commercial bank

been undergoing restructuring in a process that

means of attracting finance for public spending.

with relatively limited product offerings, both in

is likely to include the separation of its banking

Exim Bank Comoros, an affiliate of Exim Bank

activities from the postal services and FDI leading

Tanzania, has been making a major contribution

A major player is the Exim-Bank, a commercial

to the creation of a new fully-fledged commercial

to the development of an effective, efficient and

bank, which started operations in January

bank in 2013, according to the IMF. Although the

sustainable financial sector for customers in the

2007 in Grande Comore and in March 2009

banking sector is sound, the IMF warned that it

Comoros. Exim Bank has been a pioneer the

in Anjouan. This bank has been expanding its

may lack the dynamism necessary to support the

provision of various products and services in

operations in the country.

country’s growth ambitions.

Comoros.This includes the country’s first mobile

The Comoros Federal Bank of Commerce

The independence of Comoros in 1976 was

banking operation, Exim on Wheels. It launched

(Banque Fédérale du Commerce - BFC) is another

accompanied by an institutional arrangement

the use of ATMs in the Comoros, provided a

commercial bank, which was inaugurated in

with France by which the Institute of Emission

link for trade and commerce between Tanzania

February 2009.

of Comoros (l’Institut d’émission des Comores)

and Comoros through financing, fund transfers

held the privilege of currency issuance. This

and other various form of banking services. The

Comoros (Banque de Développement des

right was later transferred to the Central Bank

bank has pledged its commitment to continue

Comore - BDC) is involved in providing

of Comoros (Banque Centrale des Comores

supporting businesses and entrepreneurs in

medium and long-term financial suport, mainly

- BCC) on 1 July 1981. The law governing the

Comoros, as its economy grows and regional

to industrial enterprises. This bank does not

given at a 2010 Doha Conference.

facilitate

dynamic

inward

such

as

Western

Union,

terms of savings and credit.

Meanwhile, the

Development

Bank

Arab British Banking & Finance Directory 2013/14

of

27


Comoros country profile Useful Contacts Ministère des Finances, du Budget, de l’Economie, du Commerce et des Investissements BP 324 Moroni, Comoros Tel: +269 730 000 Banque Centrale des Comores (Central Bank of Comoros) Place de France BP 405 Moroni, Comoros Tel: +269 731 814 / 731002 Fax: +269 730 349 www.bancecom.com receive deposits. The French Development Agency (Agence Francaise de Développement) finances the lending activities of the BDC. The National Society of Postal and Financial Services (Société Nationale des Postes et des

Chambre de Commerce, d’Industrie et d’Agriculture BP 763 Moroni, Comoros Tel: +269 730 958 Email: pride@snpt.km

Services Financiers - SNPSF) is a financial intermediary that houses the departments of the National Deposit Fund (Caisse Nationale d’Epargne), the Postal Accounts and transfer services of the Western Union. Decentralised financial institutions for microfinancing in Comoros are provided by the SANDUK and MECKS networks. MoneyGram and Comores Express also provide financial services for money transfers. Comoros has a relatively small insurance sector, which deals mainly with car insurance. The country does not have a stock exchange.

Role of International Financial Institutions Comoros, as a signatory to the agreement between African, Caribbean and Pacific nations (ACP) and the European Union, known as the Cotonou Agreement, has access to the facilities of the European Investment Bank (EIB). As a member of the World Bank, the facilities of the International Finance Corporation (IFC) are also available for projects in Comoros. Other potential development finance sources include the African Development Bank, the Development Bank of Southern Africa (DBSA), the Industrial Development Corporation of South Africa Ltd (IDC) and the New Partnership for Africa’s Development (NEPAD).

28

Arab British Banking & Finance Directory 2013/14

Exim Bank Comoros Place de France PO Box 03 Moroni Tel: + (269) 773 94 01 / 02 Fax: + (269) 773 94 00 www.eximbank-tz.com/Branches/ Overseas/Moroni.php


Djibouti country profile

Djibouti occupies a strategic location at the intersection of the Red Sea and the Gulf of Aden and serves as an important shipping portal for goods

fact file

entering and leaving the East African highlands and transshipments between Europe, the Middle East, and Asia. Djibouti is a free-trade zone and its main economic activities are the Port of Djibouti, the

Country Name: Republic of Djibouti

banking sector, the airport, as well as the operation of the Addis Ababa-Djibouti railroad, in addition to its small tourist industry.

Capital: Djibouti city Land Area:

The country is at the crossroads of major sea routes for trading oil and other goods, and aims to become a hub for commercial, logistical and financial services

23,200 km

for countries in the Gulf of Aden. Djibouti’s location is

Population:

the main economic asset of a country that lacks natural

2

792,198 (July 2013 est)

resources. The capital, Djibouti City, handles Ethiopian imports and exports. Its transport facilities are used

Currency:

by several landlocked African countries to fly in their

Djiboutian franc

goods for re-export. Significant revenues for Djibouti

GDP Growth:

are generated by the vibrant port activities. Flows of inward investment, which had been held up

4.8% (2012)

with the 2008 financial crisis, are expected to sustain

Dialling Code:

steady economic growth into 2014. Djibouti has also

+253 (00 253 from UK)

drafted a long-term development strategy, Vision 2035, and a study is being carried out of the leading sectors

Main Export Partners:

which could diversify the sources of national growth

Somalia, Egypt, the UAE and Yemen

and create jobs. The government launched a $4.3

Main Import Partners: China, Saudi Arabia, India, Indonesia and Pakistan

billion investment programme, and in 2012, funding was obtained to build new port facilities for salt and potassium exports that are coming fully into operation in 2013 and 2014. The private sector is small and this is indicated by the fact that the country’s chamber of commerce counted 3,435 firms in 2012, most of which were SMEs. The government started a serious initiative to diversify the economy identifying key growth sectors for which the potential has yet to be fully realised such as tourism, fisheries, logistics, telecommunications and transport. Djibouti achieved good ranking for ease of trade in the World Bank Doing Business 2013 report, although business growth remains hampered by procedures for registering property, enforcing contracts, starting a business, access to credit and protecting investors. The country has potential to be a regional hub for

29


Djibouti country profile

trade, finance, and telecommunications. It is

building the Chabelley airport complex. Less

are mostly short term and consumer loans;

keen to capitalise more on its strategic location

important sectors of the economy such as

although long term credit is now offered it is

to make its port the biggest trans-shipment

telecommunications, construction and tourism

still a rarity.

hub for the Common Market for Eastern and

continue to grow steadily.

Southern Africa (COMESA) — a trade bloc

Djibouti

completed

The central bank with the assistance of the in

May

2012

an

IMF works to strengthen commercial banking

grouping around 20 countries. Djibouti is at

International Monetary Fund’s Extended Credit

supervision. Initiatives in 2012 focused on

the crossroads of major sea routes for trading

Facility (ECF) first launched in September 2008.

implementation of the 20111 banking law

oil and other goods, and wants to become a

The country’s performance throughout the

which deals with how credit houses register

hub for commercial, logistical and financial

period was deemed satisfactory and included

and are required to provide regular reporting of

services for the Gulf of Aden countries. In

major structural reforms in public finance

their activities.

2012 the government launched a programme

management and the financial sector.A new ECF

The IMF said that “strengthening bank

to develop the transport and logistics sector

was expected to be worked out with the IMF in

supervision and regulation will help address the

by raising money to build two ports as well as

early 2013. Noting that the banking sector was

challenges posed by the rapid development of

road corridors. A port of Tadjourah designed

relatively sound, the IMF in July 2013 encouraged

the financial sector. Structural reforms should

to handle potassium exports from Ethiopia is

the central bank to further strengthen oversight

aim at improving competitiveness and fostering

expected to be ready by the end of 2014.

capacity in order to promote financial stability

private sector development. Reforming the

During recent years, Djibouti has undergone

and financial development. It said that priority

state-owned energy company will lower energy

a substantial transformation fostered by a surge

should be given to enhancing macro-prudential

costs and reduce government transfers.”

in foreign direct investment—mainly from the

regulation and credit risk analysis, and to

Gulf —into capital-intensive projects such as

reinforcing the anti-money laundering policy.

Djibouti’s authorities continue to develop the financial sector, passing new laws governing

the port of Djibouti and in the construction

Djibouti’s main industrial activities are based

banking, such as stronger legislation regulating

and tourism sectors. The main structural

on a mineral water bottling plant, leather

banks, and relating to financial co­ operatives

changes between 2004 and 2009 were the

tanning,

pharmaceuticals

and Islamic finance. Other structural reforms

result of a huge influx of FDI from the Gulf,

factory, abattoirs, salt mining, and one petroleum

have been carried out, including an overhaul of

especially Dubai, and were focused on capital-

refinery. Increased

investment, particularly

the investment code, legislation on companies

intensive activities such as port infrastructure,

in construction and port operations, led to

and bankruptcies, and the overhaul of the

roads, buildings and hotels. This also boosted

relatively high economic growth in 2012 at an

labour code.

economic growth through transport and related

estimated 5.2%.

construction,

a

Since 2001, Djibouti has become a magnet

services. Rapid economic growth around these

The financial sector has grown rapidly in

for private sector capital investment, attracting

sectors, however, has not been accompanied

recent years with new banks arriving into the

inflows of several hundreds millions of US

by a reduction in poverty or unemployment as

country. In 2012, there were 11 banks operating

dollars, mainly concentrated in the port, tourism,

high production costs, relating mainly to utilities

in Djibouti up from only two in 2006. The

and construction sectors.

and labour, have limited the benefits of FDI.

sector is very concentrated with two banks

Djibouti has witnessed a rapid development

Furthermore, extensive tax exemptions granted

holding around 85% of all deposits, according

of its financial sector in recent years which is

for FDI projects have undermined government

to the African Development Bank. The sector

becoming more efficient with new banking laws

revenue mobilisation efforts. Its financial sector

accounted for 13% of GDP in 2012. The

in place. The country boasts one of the most

has seen a rapid expansion.

introduction of Islamic financial instruments

liberal economic regimes in Africa, with almost

World Bank data reveals that the country’s

into the market by new Yemeni and Somali

unrestricted banking and commerce sectors. It

economic growth revived in 2012 to reach

banks and the opening of account services

has been growing largely as a result of the stable

4.5%, driven by the two main factors, port

for smaller savers has tapped into a reserve of

and freely convertible currency and absence

activity and FDI. The port was boosted by

savings that the banking system had previously

of exchange controls. More banks, particularly

a higher volume of transit goods, but this

been unable to access.

foreign banks, have been entering the market.

was still below the level previous to the

More competition among banks in recent

One majority French-owned bank and one fully

2008 world financial crisis. Increased FDI

years with the arrival of newcomers brought

French-owned bank together still dominate

was mostly for salt mining at Lake Assal and

interest rates down. Loans available from banks

banking. Since 2006, the central bank has

30

Arab British Banking & Finance Directory 2013/14


Djibouti country profile Useful Contacts UKTI There is no official services provided by UKTI in the country, but interested companies may contact the Africa Desk. Team Co-ordinator Africa Desk Tel: +44 (0)20 7215 8032 www.ukti.gov.uk/export/countries/ africa/eastafrica/djibouti.html For travel advice see FCO www.fco.gov.uk/en/travel-andliving-abroad/travel-advicebycountry/ sub-saharan-africa/djibouti/ permitted more foreign banks to operate. The government retains a minority stake in Banque pour le Commerce et l’Industrie-Mer Rouge, the largest commercial bank. The government has acted to promote the integrity and efficiency of the banking sector and has adopted new

British Honorary Consul PO Box 169 Rue de Djibouti Djibouti Tel: (00253) (3) 85007 Fax: (00253) (3) 52543 Email: martinet@intnet.dj

banking laws. Credit is allocated on market terms, but access to credit for entrepreneurial activity is still limited by high costs and the lack of other available financing instruments. The first subsidiary of Iraq-based Warka Bank for Investment and Finance (BWAI) was launched in Djibouti in January 2012 to offer full range of banking services. Speaking at the inauguration ceremony, the head of Djibouti’s

Central Bank of Djibouti www.banque-centrale.dj Banque Centrale de Djibouti Tel: +253 21 35 27 51 PO Box 2118 Ave Saint Laurent du Var Email: bndj@intnet.dj www.banque-centrale.dj

central bank, Jama Mohamoud Haid, said the development highlighted the rapidly growing economy. He stressed that the bank will place the country in a more favourable economic position in the region and will help strengthen trade relations with the Arab world. The central bank was providing the right environment for private banks to thrive, he said. The head of the central bank urged international investors to take advantage of Djibouti’s position as a

Ministère de l’Economie, des Finances chargé de l’Industrie et de la Planification (MEFIP) BP 13 Djibouti Tel: + 253 21 32 51 05 Fax: + 253 21 35 65 01 Email: smibrathu@mefip.gov.dj www.ministere-finances.dj/ CONTACT.html

stable and leading regional financial, trade and transport hub.

No UK Representation Embassy of the Republic of Djibouti 26 Rue Emile Ménier 75116 Paris France Tel: 0033 1 4727 4922 Fax: 0033 1 4553 5053 Email: webmaster@amb-djibouti.org www.ambdjibouti.org

31


Egypt country profile

Egypt spans the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. Most of its territory of

fact file

1,010,000km2 lies within North Africa and is bordered by the Mediterranean Sea to the north, the Gaza to the northeast, the Gulf of Aqaba to the east, the Red Sea to the east and south, Sudan to the

Country Name: Arab Republic of Egypt Capital:

south and Libya to the west. Most economic activity takes place in the highly fertile Nile valley. The country’s economy is one of the most diversified in the Middle East, with sectors such as

Cairo Population:

tourism, agriculture, industry and services. GDP is projected to grow 2.8% in 2014, according to the IMF,

85,294,388 (July 2013 est)

while foreign reserves, which have been boosted by

Land Area:

the funds from Gulf states, reached $18.7 billion in

1,001,450 km2

September 2013, according to the Central Bank. Some two years of negotiations with the IMF to secure a

Currency:

$4.8bn loan passed without agreement and by mid-

Egyptian Pound

2013 Egypt turned to several Arab states for economic

Dialling Code:

assistance, receiving pledges of $12bn in loans, grants and fuel shipments from Saudi Arabia, the United

+20 (00 20 from UK)

Arab Emirates and Kuwait, of which $7bn had been

GDP Growth:

delivered by September. Exports rose by roughly 13%, in the first nine months

2.2% (2012 est)

of 2013, recording EGP112.3bn ($16.3bn) compared to

Main Industries:

EGP99.8bn ($14.5bn) in the same period the previous

Textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals and light manufactured goods

year, according to the latest report of the state’s General

Exports:

Organisation For Export & Import Control (GOEIC). The government’s target is EGP145bn ($21bn) net worth of total exports for 2013, 77% of which had

Crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food

been achieved in the three quarters ending September.

Export Partners:

Plastics, fertilisers, steel products and trinkets are

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, Turkey

Total exports in 2012 stood at EGP132.7bn ($19.2bn). among the top ten sectors that have seen the biggest exports, according to the report. Revenue from tourism is the second-largest foreign currency earner after oil and gas. Egypt is rich in resources and boasts thriving tourism and agricultural sectors.These natural resources include oil, natural gas, iron ore, phosphates, manganese, limestone, gypsum, talc, asbestos, lead and zinc. Hydrocarbons extractions constitute 17%; manufacturing, 17%; agriculture nearly 17%; wholesale and retail trade, 11%; construction and real estate, 7%; financial and telecommunications

32

Arab British Banking & Finance Directory 2013/14


Egypt country profile

services, 7%; and externally oriented sources,

through a reform process before. It has been

that its income recorded EGP486.5m, marking

such as the Suez Canal and tourism, 4% each.

recapitalised and there has been some reform of

an EGP51m increase compared to last year’s

regulation. The supervision is not too bad; there

EGP435.592m in the same period. The bank’s

is decent control over the banks.”

total income also surged from EGP785.572m in

The

Economist

Intelligence

Unit

(EIU)

forecast that the second half of 2013 would be a difficult period, as ongoing concerns

As a result of the huge amount that Egyptian

surrounding a potential devaluation of the

banks have invested in government securities,

Other banks, namely Credit Agricole Egypt

pound’s de facto fixed exchange rate were likely

rating agencies downgraded the country’s

and Commercial International Bank (CIB),

to continue undermining investment patterns.

banks during the turmoil of 2013. According

reported profits as well. In its financial report

to

banking

for the second quarter in 2013 issued this June,

oldest and largest in the region. It comprises

sector investment in government treasury

Credit Agricole Egypt reported that its net profit

57 commercial banks which includes 28

bills stands at almost six times capital and

hit EGP 203.6mn between April 1 and June 30,

commercial banks, four of which are state-

reserves, highlighting what analysts describe

compared to EGP137.018m during the same

owned, 26 investment banks (11 joint venture

as the tremendous vulnerability of banks to the

quarter last year. The report revealed the half

banks and 15 branches of foreign banks), and

country’s credit rating.

year profits, which registered EGP365.4m, grew

The country’s banking industry is among the

London-based

VTB

Capital,

2012 to EGP949.667m in 2013.

three specialised banks. Private and joint

Raza Agha, VTB’s chief economist for Middle

venture banks are increasingly growing, but

East and Africa, commented: “The banks appear

As for the CIB, the bank reported on 31

many remain relatively small with few branch

to be doing well because the bulk of their

August that its net income rose to EGP671m

networks. Monetary, credit and banking policies

lending is going to the government, which earns

in the second quarter of 2013. The bank’s net

are regulated by the Central Bank of Egypt.

them double digit rates on the treasury bills

income in the first quarter of 2012 reached

while they pay single digits on their deposits.”

EGP658m.

In general, the banking sector started 2012

by 38.7% compared to 2012.

with less damage than most sectors. They have

HSBC has continued to list Egypt among its

maintained lower loans to deposits rate through

20 favoured markets. Bankers and investors note

Authority is responsible for supervising and

practicing a cautious lending policy.And experts

that less than 15% of the population of nearly

regulating non-banking financial markets and

say the banking sector could really take off if the

90 million holds bank accounts, highlighting

instruments, including the capital market, the

government manages to sustain stability.

the sector’s potential for growth. The country’s

Exchange, all activities related to insurance

Over the past few years Egypt’s commercial

banks are also far more integrated into the

services, mortgage finance, financial leasing,

banks has adopted a plan to reform in

global economy than many of its non-Gulf state

factoring and securitisation in Egypt. The

compliance with the Basel II Accords, which

Arab counterparts.

authority was established in accordance to law

The

Egyptian

Financial

Supervisory

are recommendations on the international

The National Bank of Egypt (NBE) is the oldest

banking laws. Following the reforms, the

commercial bank in the country established in

country’s banking industry witnessed a number

1898 with a capital of £1 million. Throughout

Egyptian Exchange

of mergers and acquisitions, which largely

its long history, NBE’s functions and roles have

The Egyptian Exchange (EXG) is one of the

strengthened foreign banks operating in Egypt

continually developed in line with the different

oldest stock markets in the Middle East and can

and decreased the total number of banks

economic phases in Egypt.

trace its origins to 1883 when the Alexandria

10 of the year 2009.

Financial reports released for the first half

Stock Exchange was established, followed by

Much of bank lending in Egypt is to the

of2013, showed a number of banks recording

the Cairo Stock Exchange in 1903. The EGX

public sector.As of May 2013, 63% of the $189bn

consistent profits despite prevailing economic

today comprises the two exchanges, Cairo and

that banks have loaned had been to state-owned

challenges.

Alexandria, both of which are governed by the

operating in the country.

institutions, underscoring how much the

Faisal Islamic Bank of Egypt announced net

same board of directors and share the same

banking sector is dependent on government

profits worth EGP370.816m in the first half of

trading, clearing and settlement systems. The

fortunes, the Financial Times observed.

2013 compared to EGP283.696m during the

EXG opened new administrative headquarters

same period the previous year, marking a 31%

in the Smart Village business zone on the

increase.

western edge of Cairo in April 2012. Meanwhile,

“The banking sector is in good shape, relatively speaking,” Mr Ahmad Galal, Egypt’s interim Finance Minister, told the FT on 9

National Societe Generale Bank (NSGB),

in February 2013 the Lord Mayor of London

October 2013. “The banking system has gone

meanwhile, stated in its second quarter report

visited the Exchange to discuss the potential for

Arab British Banking & Finance Directory 2013/14

33


Egypt country profile Useful Contacts Sandrine Jayet Country Manager for Egypt Kingsgate House 66-74 Victoria Street London SW1E 6SW Tel: 020 7215 4947 Email: sandrine.jayet@ukti.gsi.gov.uk Christine Malak UK Trade & Investment British Embassy Cairo Email: christine.malak@fco.gov.uk www.ukinegypt.fco.gov.uk/en/

co-operation with the city of London.

Egypt’s insurance sector has suffered EGP 1bn

EGX is a member of the World Federation of

in losses since the 2011 revolution, most of

Exchanges (WFE) and presides over the African

which has come in the form of payments made

Securities Exchanges Association (ASEA). EGX

to insured property because of increased rates

is also a founder member of the Union of Arab

disruptions throughout the country. He added

Exchanges, a member of the Federation of Euro

that Egyptian insurance was weak compared to

Asian Stock Exchanges and an affiliate member

counterparts worldwide, and even that of other

of the International Organisation of Securities

Arab and African markets, with its total output

Commissions (IOSCO).

equaling just 1.2% of the country’s GDP. Total premiums paid to insurance companies during

Insurance Sector

the previous fiscal year totaled EGP 10.5bn, EGP

The Central Bank is planning a new policy to

6bn of which went towards property insurance,

revive the country’s insurance sector which

with the remaining EGP 4.5bn being paid

is expected to have a large positive effect on

towards life insurance.

the industry within the coming months. Such

In spite of all,“the Egypt’s life insurance sector

a policy will stimulate insurance companies to

recently witnessed 10% growth, in addition to

make new tools and products available to their

7.7% growth in the property insurance sector”,

domestic clients.

Qutb said.

Devising new types of insurance coverage and

He further added that insurance companies

innovative sales methods suitable for the local

sought to participate in the financial bonds

market will be the main factors making for the

market, saying that it was the job of such

success of any insurance company in today’s

companies to use their savings collected from

highly competitive market. Strategic alliances

clients to help contribute towards national

could be a wise alternative, especially for small

development projects.

local companies, to face the vigorous competition

He also pointed to the industry’s desire

from abroad. Sector insiders also recommend the

to participate in providing coverage to large

establishment of pricing centres for assessing

national projects such as the Suez Canal

risks, as well as specialised brokerage companies

Development Project, a move which would

to fully manage customers’ accounts.

reflect positively on the sector and demonstrate

It is expected that the insurance industry, and its various sub-sectors, will achieve 50%

the versatility and wide reach of Egypt’s insurance companies.

growth over the next 5 years, in addition to yearly growth figures which have already begun to rise. The Insurance Holding Company (IHC) is the largest player in the market by far. It is state owned enterprise through which the government maintains its stakes in Misr Insurance and National Insurance Company of Egypt (NICE). Misr Insurance includes the operations of the eponymous insurance company, Al-Chark Insurance and Egyptian Reinsurance, all of which were merged in 2007. On 27 May 2013, Abd Al-Rauf Qutb, President of the Insurance Federation of Egypt, said that

34

Arab British Banking & Finance Directory 2013/14

British Consulate General Alexandria Trade & Investment Department 3 Mina Street, Kafr Abdou Roushdy, Alexandria Tel: (203) 5467001/2, 5467171 Fax: (203) 5467177 Email: alexacom.alexandria @fco.gov.uk, britconsul@dataxprs.com.eg Egyptian Consulate 2 Lowndes St, London SW1X 9ET Tel: 020 7235 9777 Fax: 020 7235 5684 www.egyptianconsulate.co.uk Central Bank of Egypt 54 Elgomhoreya Street 11511, Cairo, Egypt info@cbe.org.eg www.cbe.org.eg/contactus.htm The Egyptian Exchange (EGX) 4A, El Sherifien St Postal Code 11513 PO Box 358 Mohamed Farid, Downtown, Cairo Tel: (202) 23928698 / 23921402 / 23921447 www.egyptse.com/English/ contact.aspx


Iraq country profile

Iraq’s proven oil reserves, at approximately 143 billion barrels, are among the highest in the world, with extremely low oil extraction costs.

fact file

The increase in oil production since 2003 has contributed to a rise in GDP per capita from $1,300 in 2004 to $6,300 in 2012, according to the International Monetary Fund. The non-oil sector

Country Name: Republic of Iraq Capital: Baghdad Land Area:

represents some 46% of the economy. Non-oil activity, including services, construction, transport, and a small agricultural sector, is highly dependent on government spending, given the limited direct spillovers from the oil sector, which is operated mostly by international oil companies.

438,317 km2

In 2012 Iraq boosted oil exports to a 30-year high

Population:

of 2.6 million barrels per day, a significant increase

32.0 million (July 2013 est)

from the average of 2.2 million in 2011. Government revenues increased as global oil prices remained

Currency:

persistently high for much of the year. The conclusion

Iraqi Dinar (ID)

of new contracts with major oil companies have the

GDP Growth:

potential to further expand oil exports and revenues, but the country will need to make significant upgrades

8.4% (2012 est)

to its oil processing, pipeline, and export infrastructure

Dialling Code:

to enable these deals to reach their economic potential. The hydrocarbon sector and the public sector account

+964 (00 964 from UK)

for the majority of employment in the country.The state-

Main Industries:

led oil sector alone accounts for 66% of Iraq’s GDP, 89%

Oil, chemicals, textiles, leather, construction materials, food processing, fertilisers, metal fabrication/processing

of government revenues and 45% of employment. The

Exports: Crude oil, crude materials excluding fuels, food and live animals Export Partners: US, India, Italy, South Korea, Taiwan, China, Netherlands, Japan

private sector is characterised by a few large companies, a number of small and medium-sized enterprises and a relatively large number of micro-enterprises and small private businesses. The country is not only fortunate in its extensive oil resources, with much still unexplored, it enjoys additional resources such as fertile agriculture. As it

Imports:

continues with its reconstruction after the years of war

Food, medicine, manufactures

and sanctions, investment is still needed in nearly every

Import Partners: Turkey, Syria, US, China, Jordan, Italy, Germany

sector from electricity to banking. GDP is composed of an industry sector of 63%, service sector of 25.1% and agriculture sector of 8.7%. In March 2013 the government adopted an annual budget of $104.4 billion. International reserves of the Central Bank of Iraq rose from $61bn at the end-2011 to $70bn at the end-2012 on the back of rising oil exports, and fiscal reserves held at the Development Fund for Iraq increased from

35 35


Iraq country profile coming decades. Meanwhile, the planned listing

It is currently working with private sector

of Iraq’s three phone companies could almost

banks to distribute letters of credit in London

double the market’s size of the stock exchange

and Istanbul, and aims to add another nine

(currently about $3.5bn) if they were to go

domestic branches to its currently existing 15

through as proposed.

branches inside Iraq.

Iraq was the first country in the region to

In its present form and in the context of

establish banks, in 1890-1 when first bank was

international banking standards, the privately

formed. In 1922-1964, Iraq established a series

owned banking sector is less than ten years old. It

of privately and publicly owned banks. In 1941,

is therefore understandable that it remains small

Iraq formed Rafidain Bank. In 1964, it carried

and underdeveloped. Currently, there are 32

out the nationalisation of its banking system. In

private sector banks of various shapes and sizes.

1992, Iraq re-established and approved private

It is likely that the trend towards improving

sector banks. In 1992-2003, private sector banks

services and capabilities will accelerate as the

were prohibited from international transactions.

sector consolidates in the short to medium

Since 2003, private banks were allowed to

term.The central bank requires all private sector

process international transactions, cross-border

banks to have a minimum capital of IQD250

payments and letters of credit.

billion ($214 million) by 2014.This will mean an

There are 49 Iraqi banks operating today

increase of three to four times for even the larger

Since 2003 Iraq has sought to decentralise

including seven state banks. More than 75% of

private sector bank. It is expected therefore

its governance structures and made progress

financial assets derive from banks. State banks

that, in the very near future, the private sector

toward a market-based economy. However,

account for about 86% of bank assets and 69%

bank industry will comprise a smaller number

significant parts of the industrial and banking

of credits. The banking system has an adjusted

of banks than the current 32. It is inevitable we

asset to GDP ratio of 73% compared to 130%

will see consolidation and some estimate that,

for the MENA region. Credits to the economy

by as early as 2015, Iraq will have around 10 to

amount to 10% of GDP compared to 55% for

15 well capitalised private sector banks.

$16.5bn to $18bn, the IMF reported.

sectors remain public or semi-public, and the private sector’s contribution to total investment remains low. Iraq has embarked upon a steady process of trade liberalisation. In 2004, a committee was established to study the country’s application to join the World Trade Organisation and negotiations are making progress. In September 2013, a Ministry of Commerce spokesman stated that Iraq was nearing the fulfilment of all the requirements to join the WTO and the validity of all agreements as a member state. The Ministry added that this “related to the banking system and mechanisms to enforce financial regulations and investment laws and import and export and many sectors.” Foreign investors are allowed to trade in shares and securities listed on the Iraqi Stock Exchange (ISX). The Iraqi authorities confirm that in practice there are no restrictions on current-account or capital transactions involving currency exchange as long as the underlying transactions are supported by valid documentation.

the MENA region. There are about 900 bank

International banks are permitted to enter Iraq

branches across the country. Its neighbour,

as branches, subsidiaries, representative offices

Jordan, with a population of 6.1 million, has

or through joint ventures with local banks.

over 600 branches. Iraq requires a network of

Standard Chartered, HSBC, and the National

around 3,000 branches to adequately support

Bank of Kuwait received licenses to conduct

its population of 30.4 million.

banking transactions in Iraq. In 2005, the World

The banking service is generally limited to

Bank’s International Finance Corporation joined

basic consumer transactions. The seven public

the National Bank of Kuwait in buying a share

banks - with Rafidain and Rasheed the two

of the Credit Bank of Iraq, a major infusion of

largest - account for 96% of sector assets. The

money into the financial system. Iraq has also

32 private banks and six Islamic banks are more

Islamic windows or separate organisations

numerous, but much smaller in importance:

offering Shariah-compliant products.

450 of the 550 bank outlets across the country

Iraqi banks also make move to expand

belong to one of the public banks. In addition,

outside the country. In May 2013, the TBI

11 foreign banks are active in the market. No

revealed plans to open branches in Lebanon

core banking system exists that would facilitate

and Turkey, as well as expanding its domestic

electronic interbank communications.

reach. The TBI hopes that its expansion will

The limited role of banking within the overall economy makes it difficult to pursue

allow it to become active in project finance, industrial and agricultural finance.

any effective monetary policy. The Central Bank

The Iraq Stock Exchange (ISX), formally

of Iraq (CBI) and the Ministry of Finance have

known as the Baghdad Stock Exchange, was

committed themselves to setting up a Bank

incorporated and began operations in June

The National Investment Law contains

Reconciliation Unit (BRU) to deal with inherited

2004 under the oversight of the Iraq Securities

provisions that would allow investors to bank

past external liabilities of the two main public

Commission. Before the 2003 invasion, it

and transfer capital inside or outside of Iraq. It

banks, with the goal of restructuring their

operated under the Iraqi Ministry of Finance.

also allows investors who hold an investment

balance sheets.

Now it is a self-regulated organisation similar

license to enjoy exemptions from taxes and

The Ministry of Finance is committed to

to the New York Stock Exchange, owned by the

fees for a period of 10 years. Institutions in the

modernising the Rafidain and Rasheed banks

50 or so member brokerages. As of 2005, the

health and service sectors are granted additional

through the implementation of existing plans

ISX was Iraq’s only stock exchange. It opened

exemptions from duties and taxes on imports of

for operational restructuring, thus driving

in 2004 with 15 companies, and now lists more

furniture and other furnishings. The exemption

them toward operation on a fully market basis.

than 100 companies.

increases to 15 years if Iraqi investors own more

The Trade Bank of Iraq (TBI) was established

than 50% of the project.

as an independent government entity under

Insurance Sector

Oil revenues and reconstruction efforts are

CPA Order No. 20 in 2003. It mainly provides

Although the origins of insurance can be

attracting banks and investors. Some estimate

financial and related services to facilitate

traced to Iraq’s ancient codes, the Hammurabi

that the total bill for investments in oil and gas

import trade, and functions as the financial

Code being the most famous (circa 1760 BC),

infrastructure, electricity, healthcare, sewage

backer of government procurements tendered

the contemporary insurance sector of Iraq has

and roads will total more than $500bn in the

by Iraqi ministries and state-owned enterprises.

faced innumerable challenges over the past two

36

Arab British Banking & Finance Directory 2013/14


Iraq country profile Useful Contacts Paul Bathgate UK Trade & Investment Middle East Team Tel: + 44 (0)20 7215 4246 Email paul.bathgate@ukti.gsi.gov.uk UKTI Iraq British Embassy International Zone Baghdad Tel: + 964 7901 904 987 Email: baghdad.commercial @fco.gov.uk

decades. The first privately owned insurance

property and the accumulation and growth of

company in the country was founded in 1946

national savings in order to support economic

and this was followed in 1950 by the formation

development. The law follows international

of

standards

the

state

owned

National

Insurance

including

the

core

principles

Company. Prior to this, the market comprised

advocated by the International Association of

Arab and foreign insurance companies and

Insurance Supervisors (IAIS).

agencies. In 1958, the second privately owned insurance company was established. By 1964,

In order to operate in Iraq, an insurer must be one of the following:

all insurance companies were nationalised and reconstituted into three specialist companies:

n An Iraqi public company;

life, general and reinsurance.

n An Iraqi private or mixed holding company;

Iraq’s insurance market has been a pioneering market in the Arab world. Though state-owned, it had first-class insurance and reinsurance

n A branch of a foreign insurance company registered in Iraq; n Takaful and Retakaful insurance entities.

Embassy of the Republic of Iraq Consular Section 3 Elvaston Place London SW7 5QH Email: lonemb@iraqmofamail.net Tel: +44 207 5909 220 Fax: +44 207 5847 909 Central Bank of Iraq Al-Rashid Street PO Box 64 Baghdad Iraq Tel: +964 1 816 5170/ +964 1 816 5171 Fax: +964 1 816 6802 Email: cbi@cbi.iq www.cbi.iq

professionals at management level with a growing number of mid-tier staff developed

Until 1997, the Iraqi insurance market was

through regular training programmes that

made up of three state-owned companies:

also benefited other Arab insurance markets.

National Insurance Co (NIC), Iraq Life Insurance

Students were able to undertake postgraduate

Co (ILIC) and Iraq Reinsurance Co (Iraq Re).

research

many

The restriction of the activities of NIC to non-

practitioners in the market ended up managing

life business and ILIC to life business was ended

Arab insurance companies. Today, however, the

in 1988 (ILIC’s name was changed to Iraq

sector has a lot of catching up to do.

Insurance Co). Both companies were permitted

at

Iraqi

universities

and

The operation of insurance in Iraq is governed

to transact all classes of insurance thereby a

by the Insurance Business Regulation Act 2005.

measure of competition was introduced to the

This act applies to all industry participants who

market. 1988 also witnessed the compulsory

wish to practice insurance business in Iraq.

cession to Iraq Re. A year earlier, the State

Insurance business is widely defined to include

Insurance Organisation, the supervisory body,

any activities of reinsurance, works of insurance

was abolished. Between 1988 and 1997 the

professionals, acts of agents, intermediaries,

companies were attached to the Ministry of

the promoters of insurance contracts, claims

Finance and the office of Insurance Supervisor

evaluation, assessment, settlement, any transfer

was set up at the ministry

operations and any other activities related to an

A law to ‘commercialise’ the state-owned

insurance contract. It is therefore likely that any

companies and permit the formation of private

insurance activities conducted in Iraq will fall

insurance companies was adopted in 1997.

within the terms of the law and be subject to

The first private insurance company was

regulatory supervision.

formed in 2000.

The 2005 law establishes an insurance

Today, the market is made of the three public

regulator, called the Iraqi Insurance Diwan. The

companies (including a specialist reinsurance

Diwan operates as an independent body to set

company) and many smaller private companies.

policies and procedures for the regulation of

More companies are emerging on the market.

the insurance industry. The objectives of the

The state-owned companies, although formally

Diwan are to regulate and oversee the sector, to

independent, as self-financing entities regulated

assure industry development, provide industry

by Law 21 of 1997 and its 2004 amendment,

transparency, protection of individuals and

remain closely tied to the Ministry of Finance.

Iraq Stock Exchange Tel: +964 1 7174484/ 7174484/ 7175022 Fax: +964 1 7174461 Email: Info-isx@isx-iq.net www.isx-iq.net Embassy of the Republic of Iraq 21 Queens Gate London SW7 5JE Tel: 020 7590 7650 Fax: 020 7590 7679 lonemb@iraqmfamail.com www.iraqembassy.org.uk

37


Jordan country profile

Jordan is an upper middle-income country with a population of 6.4 million and a per-capita income of $4,340. The population is around 80% urban and is

fact file

one of the youngest among upper-middle income countries with 38% under the age of 14. The country has limited natural resources, potash and phosphate are its main export commodities, limited agricultural

Official Name: Hashemite Kingdom of Jordan Capital: Amman

land, and water is especially scarce. The national economy is dominated by the services sector with industries such as pharmaceuticals proving to be profitable and revenues from tourism growing. Services account for more than 70% of the gross

Land Area:

domestic product (GDP) and more than 75% of

92,300 km2

employment. As one of the most open economies in

Population:

the MENA region, Jordan is well integrated with its

6,482,081 (July 2013 est)

neighbours through trade, remittances, foreign direct investment (FDI), and tourism, and has especially strong

Currency:

links to the Gulf economies. Jordanian policymakers

Jordanian Dinar (JD)

aim to use the demographic opportunity of a well-

GDP Growth: 2.8% (2012 est) Dialling Code: +962 (00 962 from UK)

educated, young population to build a dynamic, knowledge-based economy. Over the past 10 years, Jordan has pursued structural reforms

in

education, health, privatisation

and

liberalisation; as the World Bank observed, these reforms have progressed well. In addition, the government has

Main Industries:

been working to improve the conditions for greater

Clothing, fertilisers, potash, phosphate mining, pharmaceuticals, petroleum refining, cement, inorganic chemicals, light manufacturing and tourism

public private partnerships in infrastructure, and tax

Key Exports:

reforms, including improvement of tax administration and management. One of Jordan’s principle goals has been to expand

Clothing, fertilisers, potash, phosphates, vegetables and pharmaceuticals

access to higher quality education and to provide

Key Imports:

the skills needed in a competitive global economy. In

Crude oil, machinery, transport equipment, iron, cereals

terms of human development, therefore Jordan ranks above average in relation to middle-income countries. These positive results are based on consistent levels of spending—more than 25% of GDP—on human development, education, health, pensions, and social safety nets. In addition, Jordan ensures a high level of gender parity in access to basic public services. In 2012, GDP overall growth recorded 2.8%. The budget deficit in 2012 reached 75% of GDP, in spite of the rise in foreign grants. GDP growth is expected to increase in 2013 but the economy remains at risk from further regional instability, reliance on external

38

Arab British Banking & Finance Directory 2013/14


Jordan country profile

sources for energy, scarce water supplies and

available in the market are more than adequate

deposits with the Central Bank in local currency,

serge in government spending. Yet the large

to cater for a population of some 6.4 million.

remains quite satisfactory both in absolute and

fiscal expansion in response to the regional

The country has adopted a comprehensive

and national necessities may constitute a threat

legal framework for the financial sector

Jordan shows great interest in issuing a

to the economic stability in a country which

including the Central Bank of Jordan Law,

Eurobond or sukuk, and the government is

is heavily aid-dependent, debt-burdened and

Banking Law and Anti-Money Laundering and

considering putting in place new legislation

open economy.

Combating Financing of Terrorism Law.The laws

that would clear the way for the issuance of

Jordan’s banking system remains sound

are fully compliant with international standards

sukuk, Shariah-compliant bonds backed by

as the country’s banks are well capitalised

such as the Basel Core Principles for Effective

assets. Jordan’s interest in sukuk has increased,

and the sector is expected to withstand any

Banking Supervision.

especially since Islamic banks were less

comparative terms, Bank Audi stated.

further fluctuations in international markets

Jordan’s banking sector reported a moderate

resulting from the euro zone crisis. The sector

yet slower activity growth during 2012, a year

demonstrated signs of a brisk recovery over

marked by a challenging domestic and regional

In a bid to address inflationary pressures,

2012, with expansion in both assets and

operating environment. Banking sector activity

enhance the attractiveness of domestic currency

deposits. Banks boosted profits and built healthy

posted a 4.3% growth to reach $55.5 billion

denominated assets, support capital inflows, and

balance sheets by eliminating non-performing

at end-December 2012. Banks maintained

manage pressures on international reserves, the

loans. Growth is expected to come from new

an adequate overall financial standing with

Central Bank pursued a tight monetary policy

lending to small and medium sized enterprises

a liquidity ratio of 38.3%, a capital adequacy

started in June 2011 and continued to narrow

and an expansion of Islamic financial products.

ratio of 18.6%, an NPL ratio of 8.4% of total

the interest rate corridor by widening interest

The Central Bank of Jordan was established in

loans and a return on assets ratio of 1.2%,

rate differential between the Jordanian Dinar and

1964 as an independent corporate body replacing

yet coupled with a higher bank exposure on

the US Dollar, with the re-discount rate, and the

the Jordan Currency Board which had been

the sovereign, Bank Audi reported. Deposits

interest rate on advances to specialised credit

established in 1950. By the mid-1980s, Jordan

and credit facilities grew by 2.5% and 12.5%

institutions, advances to licensed banks. In order

was the only Arab country in which the value of

over the year, respectively. Deposits in foreign

to control liquidity more effectively, the Central

banks’ assets exceeded its GDP. The Central Bank

currencies actually grew by 38.2% in 2012,

Bank updated its monetary policy operations

continues to exercise prudent regulation and

while deposits in Jordanian Dinars retreated

framework in the first half of 2012 by creating

supervision of the banking system.

by 7.3%. The sector reported a 20.3% rise in

a new monetary tool, a weekly repo operation.

Jordan enjoys a very well developed banking

annualised profits over the first half of 2012,

The Central Bank also injected liquidity into the

sector by regional standards with a wide array

mainly supported by quantity effects stemming

market by trading government papers on the

of business, investment, and retail services. Both

from new lending volumes that offset to a

secondary market.

local and international banks are operational

certain extent tighter interest margins.

affected by the global financial crisis than commercial banks.

The Jordanian equity market reported a

and growing in the market. The Amman Stock

While sovereign exposure has been a growing

relative stability in prices over 2012, after four

Exchange, meanwhile, is modern and enjoys

risk for Jordanian banks, they remain sufficiently

years of consecutive price contractions. The

no taxes on capital gains, no taxes on cash

sound overall to withstand tough operating

Amman Stock Exchange posted a slight decline

dividends, free repatriation of investment and

conditions and they are adequately capitalised.

of 1.2% in a market that increasingly suffers from

income, no ceiling on foreign equity ownership

According to Central Bank figures, the sector’s

bad liquidity and efficiency. The annual market

and

comprehensive

capital adequacy ratio stood at 18.6% at end-

turnover ratio reported a low of 10.3% in 2012,

legal Infrastructure, internationally compliant

June 2012. This was higher than the minimum

compared to ratios above 100% in emerging

financial environment, and a modern and well

requirement and at a level that compared

markets at large.

established stock market foreign investments

favourably to international benchmarks. On the

are bankable and profits can grow. As of 2012,

other hand, core liquidity, measured as the ratio

Insurance Sector

there were 26 banks operating in Jordan with

of cash and placements with the Central Bank

The insurance sector is dominated by motor

a total of 695 branches and 75 representative

and other banks to deposits, reached 38.3%

insurance which makes up to 42% of all

offices.The number of players in the market has

at end-December which, although declining

premiums but accounts for more than half of

been growing and the banking services that are

on a year-on-year basis on the back of lower

all paid claims, data from the Jordan Insurance

privatisation. With

a

Arab British Banking & Finance Directory 2013/14

39


Jordan country profile Useful Contacts UK Trade & Investment, Amman Tel: 00 962 6 5909220 Fax: 00 962 6 5909279 Email: uktiamman@fco.gov.uk Carl Bruce Country Manager UK Trade & Investment (London) Tel: +44 (0)20 7215 4949 Fax: +44 (0)20 7215 4366 Email: carl.bruce@ukti.gsi.gov.uk www.ukti.gov.uk

Federation (JOIF) shows. At the start of 2013, there were 27 insurance companies operating in the market, down from 28 in 2012. Insurance firms in Jordan tend to look outside the Kingdom for reinsurance, contracting with international providers for business.A number of support services exist for the sector supervised by the country’s Insurance Commission. These include 583 licenced insurance agents along with 127 licenced brokers, as of the third quarter of 2012. While motor insurance continues to dominate the market, several other areas of insurance are significant and growing in importance, such as medical insurance and property insurance, which grew by 11% and 12.4% respectively in the third quarter of 2012. Marine and transportation is also important and saw a 5% growth in 2012. Meanwhile, Islamic insurance, while still an industry in its infancy, has been exhibiting tremendous growth in Jordan relative to conventional insurance in recent years. The takaful market grew at a Compound Annual Growth Rate (CAGR) of 21.2% between 2003 and 2010 compared to a much slower rate of 13.2% for the insurance sector as a whole. As a result, the market share of takaful providers has grown from only 4.8% in 2003 to reach 7.8% by the end of 2010.

40

Arab British Banking & Finance Directory 2013/14

British Embassy PO Box 87, Abdoun, Amman 11118, Jordan www.ukinjordan.fco.gov.uk/en/ Embassy of the Hashemite Kingdom of Jordan 6 Upper Phillimore Gardens London W8 7HA Tel: 0207 937 3685 Fax: 0207 937 8795 Email: london@fm.gov.jo www.jordanembassy.org.uk/ index.html Central Bank of Jordan PO Box 37 Amman, 11118 Jordan Tel: 00 962 6 4630301/10 Fax: 00 962 6 4638889 Email: info@cbj.gov.jo www.cbj.gov.jo Amman Stock Exchange Arjan Area - Near Ministry of Interior PO Box 212466 11121 Amman, Jordan Tel: 00 962 6 5664109/ 00 962 6 5664081 Fax: 00 962 6 5664071 Email: info@ase.com.jo www.ase.com.jo Jordan Investment Board (JIB) PO Box 893 Amman 11821 Tel: 00 962 6 5608400/9 Fax: 00 962 6 5608416; 00 962 6 5521084 Email: info@jib.com.jo www.jordaninvestment.com


Kuwait country profile

The banking sector in Kuwait is characterised by a heavy concentration of assets in a few large banks. A total of 22 banks operate in the country, comprising

fact file

10 local banks, one specialised bank, and 11 foreign banks. Of the 10 local banks, five are Islamic banks offering Shariah compliant products. Of the foreign banks, seven are branches of banks from

Official Name: State of Kuwait

other GCC states. The banking system has been undergoing some changes with the introduction of Basel III regulations. Banks in Kuwait are focusing on developing new innovative products

Capital: Kuwait City Land Area: 17,820 km

2

Population: 2,695,316 (July 2013 est)

and introducing new products for untapped sectors of the market. Banks receive strong support from the Kuwait government and, in addition, they are heavily dependent on the progress of the Kuwait Development Plan. The Central Bank of Kuwait (CBK) is responsible for

Currency:

supervising the country’s banking sector conducting

Kuwaiti Dinar (KD)

both onsite and offsite supervision. The country

GDP Growth:

adopts strict regulatory standards for banks, the noncompliance of which will result in the imposition of

5.1% (2012 est)

penalties. The total banking sector assets amount to

Dialling Code:

almost 80% of GDP. The CBK is seeking to promote

+965 (00 965 from UK)

growth in the economy and aims to restore the attractiveness of the national currency due to a

Language:

continued decline in inflation. Through better internal

Arabic; English is widely spoken

risk management techniques and improved oversight

Main Industries:

by the CBK, banks in the country are expected to be in a better position to deal with the adverse impact

Petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing and construction materials

of their sector exposures in future. The high share of

Key Exports:

most banks also provides a reliable source of funding.

government deposits as part of the funding base of Government efforts to develop the non-oil sector

Oil and refined products, fertilisers

and strengthen the financial sector as part of its

Key Imports:

development plan resulted in the establishment of

Food, construction materials, vehicles and parts and clothing

the Warba Bank. Through the Kuwait Investment Authority, the government owns some 24% of Warba while the remaining 76% of shares are owned by Kuwaiti nationals.The establishment of the Warba Bank was seen as a milestone in the development of the expanding Islamic banking sector in Kuwait. The National Bank of Kuwait (NBK) and Kuwait Finance House (KFH) accounted for around 55% of the total banking assets of the country in 2012. NBK is the

42

Arab British Banking & Finance Directory 2013/14


Kuwait country profile

country’s largest lender, while KFH is its largest

banking capacity during 2012. By increasing

has plans to increase its capital by 20%, such is

deposit taker. Kuwait’s banks achieved growth

its stake in Boubyan Bank in July 2012 to

its confidence in its local and global expansion

and expansion in 2012 in places such as Turkey

58.4% from 47.29% and transforming it into a

plans. The bank has 300 branches worldwide,

and across the Gulf.

subsidiary, NBK has strengthened its presence

including its growing subsidiary KFH Turkey,

in the local Islamic banking market and its

which opened 40 new branches in 2012 to

potential in Islamic markets abroad.

bring its total in Turkey to 245 branches.

Preliminary results for 2012 from the CBK show that aggregate banking assets increased 7% to KD52.7bn ($185 billion), with customer

NBK’s international banking profits recorded

deposits increasing by 16.5% and shareholder’s

a year-on-year growth of 22.7% in 2012,

income

equity by 4.1%. Kuwaiti banks continue to be

accounting for 23% of the bank’s revenues.

activities to date. However, following excessive

well capitalised and highly liquid, with a capital

While Kuwait still represents a major business

exposure to a specific sector, banks are coming

adequacy ratio of 18% and liquid-assets-to-total-

hub for the bank, the bank hopes that its

to realise the need for a diversified portfolio

assets ratio of about 25% at the end of 2012,

international network will increase revenues

of assets. Banks have also been increasingly

according to the CBK.

well beyond the current 23%, especially if it is

expanding their geographical presence due to

able to expand its franchise into Saudi Arabia

a weak corporate and weak real estate segment.

and build on operations in Turkey and Iraq.

Expanding outside the Gulf region neutralises

Bank credit grew by 5% among Kuwaiti banks in 2012, with consumer credit and non-financial

Banks in Kuwait have relied primarily of derived

from

traditional

banking

business activity performing strongly, making it

Driven by the increasing regional and global

the market risk of operating in an economy

the best year for credit performance since 2009.

importance of Islamic banking, more and

with one dominate sector. The NBK and KFH

According to a report from the NBK in February

more banks in Kuwait are introducing Islamic

are geographically well diversified: KFH derives

2013, banks continued to enjoy high levels of

product lines or converting from conventional

43% of its operating income from international

liquidity, supporting the declining trend in the

into Islamic banks. The major conventional

operations.

cost of funds. Consumer credit activity increased

banks have also been busy acquiring stakes

Banks in Kuwait are said to be more

by 16.6% in 2012 compared with 9.5% in 2011,

in Islamic banks and establishing strategic

operationally efficient than their counterparts in

while non-financial business activity was at 4.2%

partnerships to launch new Islamic banking

larger markets. This is because Kuwait is a small

compared with 1.9% in 2011.

services onto the market.

market to service which means there are lower

The ratio of non-performing loans (NPL)

Islamic banking has become increasingly

operating costs. Banks are also insulated from

for the country’s banking system fell to 4.95%

competitive within the market.. The Kuwait

the external competition of foreign banks in the

at the end of 2012 from 7.06% in 2011. With

Finance House (KFH) was the country’s first

retail segment.

the absence of lending opportunities in the

Islamic bank in 1977 and there are now five

wider economy, banks were squeezed in 2012.

Kuwaiti banks in the Islamic market. Apart from

Kuwait Stock Exchange

Lending now looks set to improve, as the market

KFH and Boubyan, Kuwait International Bank

The Kuwait Stock Exchange (KSE) had a positive

becomes more hopeful and the mega projects

converted into an Islamic bank in 2007 and Al

start to 2013, with the index steadily moving up

envisaged by the national development plan

Ahli United Bank did likewise in 2010. Warba

to reach multi-year highs in May. While local

start to be executed.

Bank is the country’s fifth Islamic institution.

investors have been driving much recent activity,

Despite referring to 2012 as a “difficult year”,

In addition, Saudi Arabia’s fourth biggest bank,

foreign capital is increasingly flowing into the

NBK – the country’s biggest bank by assets –

Al-Rajhi Bank, established a branch in Kuwait,

Gulf’s third-largest bourse. As of mid-May, the

nevertheless produced a strong set of results.

which brought the total number of Islamic

KSE’s main index was above 8000, having risen

The NBK Group reported net profits of $1085m

banks operating in the country to six. KFH has

more than 40% since the beginning of the year,

for 2012, compared with $1075m for 2011.Total

continued to dominate the market.

data from Bloomberg show. A possible factor

assets reached $58.4bn, a 20.4% increase on the

KFH, which is also the second largest bank

in attracting foreign investors is the reform of

2011 figure of $48.5bn. Shareholders’ equity

in the country, recorded an increase in both

the stock market in recent years – including the

also saw a 6% increase to $8.2bn.

revenues and profits in 2012. The bank posted

creation of the Capital Markets Authority (CMA),

NBK, which operates 64 branches in Kuwait

net revenues of KD932.8m for 2012, an increase

which has been active since 2011.

and a further 173 branches overseas and

of 7% over 2011. Net shareholders’ profits

Historically, trading on the KSE has been

accounts for more than one-third of Kuwait’s

reached KD87.7m, an increase of 9% compared

dominated by local retail investors, which

banking assets, significantly improved its Islamic

with the KD80.3m achieved in 2011. The bank

contributed to volatility in the run-up to the

Arab British Banking & Finance Directory 2013/14

43


Advertorial

Interview with Dr. Meshaal Jaber Al Ahmad Al Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA) Q: 1. What role does Kuwait Direct Investment Promotion Authority

projects under Law No. 7 of 2008 on the Regulation of the Operations of Build,

(KDIPA) play?

Operate and Transfer and Similar Systems, and projects under the Privatization

A: I am happy to introduce our KDIPA which is a newly established public

Operations.

authority in accordance with Law No. 116 of 2013 regarding the Promotion of Direct Investment in the State of Kuwait repealing the predecessor Law No. 8 of 2001 regarding the Regulation of Direct Investment of Foreign Capital in the State of Kuwait. Consequently, the Kuwait Foreign Investment Bureau (KFIB) that operated under Law No. 8 of 2001 but which ceased to exist and all its assets, liabilities, obligations and decisions have been transferred to the new authority. The New Law is considered a welcome addition to a host of new economic laws and regulations that have been recently approved, like the new Commercial Companies Law, improving the overall investment climate and fostering the country’s competitiveness, and encouraging viable investments to achieve our economic and social objectives. KDIPA is mandated with the task of promoting direct investment, streamlining the investment environment, licensing direct investments in accordance with set criteria, and raising awareness. In doing so, KDIPA welcomes investors, foreign and local, existing and potential, to take advantage of a host of lucrative investment opportunities including establishing up to 100% foreign owned closed Shareholding Company or entering into partnerships or joint ventures with local partners, and enjoying a host of other guarantees and

incentives including exemptions from corporate tax and

customs duties.

Q: What is on the horizon for investors in 2013? A:

The most important development in 2013 is really the establishment

of long awaited KDIPA under Law No. 116 of 2013 with a focused mandate,

accommodating tasks, and offering ore streamlined investor facilitation services, in collaboration with all the concerned government entities. This is particularly achieved through the establishment of a One Stop Shop within KDIPA to markedly reduce the investment licensing processing time to a maximum 30 days in accordance with said law. Thus we have a challenging task ahead of us to adapt to a new organizational structure, develop internal processes, launch customized capacity building programmes, and implement a coherent promotional strategy, but the expected end result will be rewarding to all investors in the years to come. We are equally busy in developing our economic zones, working closely with a team led by renowned international consulting firm to prepare the feasibility study and the relevant work plan. We are also continuing to manage the shift towards a paperless office through the e-archiving project, and establishing direct links to Kuwait e-government.

Q: 3. Globally, there is increased optimism and focus on Kuwait in terms

of investment. How would you evaluate the Kuwaiti investment sector in

Law No. 37 of 2010 regarding the Regulation of Privatization Programmes and

Q: What advice would you have for multinationals looking to do

business in Kuwait?

A: First of all we extend a hearty welcome to any of the Multinational corporations (MNCs) that consider Kuwait as a potential investment destination. We already

have several MNCs operating viable and successful projects for decades. We assure the newcomers that Kuwait enjoys unique attributes and competitive advantage that makes it a safe haven for their investments with promising returns. We at KDIPA are ready to receive all interested investors, respond timely to any enquiries, and facilitate their business to create a rewarding experience. We took this promise upon us and we intend to deliver. In addition to the One Stop Shop, KDIPA intends to maintain running intact current Investors Services Centre (ISC) and the Airport Branch to ensure efficient and timely services, with potential, under new law, of opening other internal branches or external offices according to the need to assure planned penetration of targeted markets.

Q: How do you see the economic development plan adopted by

the government in 2013?

A: As I mentioned before, Kuwait has entered into its fourth and last year of the current development plan as of April 2013, which actually marks the beginning of its fiscal year that ends by March 31, 2014. This will see the completion of the government work program projects that were approved under this current development plan which allocated around US$ 102 billion worth of investment projects. Under this development plan, we have completed or in the process of completing nine projects for a total value of around US$ 15 million, that included a promotional campaign, streamlining business environment, capacity building, e-archiving, e-links, investor services centre, airport branch, developing an investment guide, and launch the study phase of our economic zones development. It is expected that the upcoming second medium term development plan (2014/2015-2019/2020), which is also be driven by Kuwait’s Vision 2035 to “Transform Kuwait into a world class commercial & financial hub, with the private sector assuming a leading role in economic activities...”, will have investment opportunities worth around US$ 120 billion, but with a more lucid focus on emerging priority areas, while completing any remaining projects.

Q: And finally is there anything else you would like to say to

financial institutions looking to invest in Kuwait?

terms of opening up foreign investment opportunities?

A:

A:

leading financial and commercial centre based on what HH the Emir has

Globally, the international estimates for cross-border FDI puts it a bit

higher in 2013 between US$ 1.4 - 1.6 trillion compared to US$ 1.3 trillion in 2012, with obvious regional disparities in receiving these inflows. In Kuwait, we expect to have a busy year for investment in various sectors in 2013 and beyond, marking the last year of the current development plan. It is expected that utilities and energy sectors will lead the way along with mega real estate development projects. There is a wide array of investment opportunities within various economic sectors especially that the new law has shifted to adopt the Negative List approach,

I would simply say that Kuwait has all the right elements to make it a

envisioned. The extent to which it is known, the breadth and the depth of the industry, largely determines the profile of its financial system, which is gradually and consecutively shaping up in various areas of competitiveness summed up in the lucrative business environment, tax haven, adequate infrastructure, and easy market access, according to industry sources. On another note, Kuwait enjoys a sovereign rating of investor grade by major credit rating agencies, and it has also maintained a classification of a low risk country. I conclude by reiterating that Kuwait has a reputation of an open and welcoming

whereby all economic sectors are open for direct investment, except those

society, friendly and well educated people, with deep rooted commercial

economic sectors exempted by a Council of Ministers decision. The New Law

international relations, and healthy integration in international markets, as well as

has also expanded the scope of applicability of the incentives to all partnership

a favourable footprint in the international development arena.


Kuwait Direct Investment Promotion Authority (KDIPA)

INVEST IN KUWAIT What’s new: 1. Shifting to Negative list approach 2. Widening scope of granting incentives 3. Transparent criteria for projects approvals 4. Reducing the investment licensing processing time 5. Streamlining business environment & competitiveness

www.kdipa.gov.kw


Kuwait country profile Useful Contacts UKTI Michelle Malone Harris UK Trade & Investment Middle East Team Tel: +44 (0)20 7215 8342 Email: michelle.maloneharris @ukti.gsi.gov.uk UKTI Kuwait Commercial Team Tel: +965 2259 4320 Email: ukti.kuwait@fco.gov.uk

global financial crisis in 2008. The influx of

In May 2012, ministry of commerce and

foreign traders is a promising development,

industry officials indicated that they were

one that suggests regulatory reform may be

preparing draft legislation to establish an

having the desired effect and that the KSE is

independent insurance regulator, which would

starting to make the challenging transition

help reorganise and equip the sector to better

from a “domestic and retail” to “foreign and

operate in a modern economy. The final draft

institutional” investor profile. Another step

legislation is expected to appear in the latter

that could have an impact on the stock market

half of 2013 or later.

would be privatisation. In 2012 the CMA signed an agreement with HSBC Bank Middle East to oversee the privatisation of the KSE. Under the terms set out by the government, 50% of the exchange was to be sold to listed companies, with the balance offered to Kuwaitis via an IPO.

Insurance Sector There are 35 insurance providers in Kuwait, of which around two-thirds are local firms. About 60% of business is accounted for by five major providers.A large number of smaller operations compete at the lower end of the market, where less well-capitalised operators often engage in price cutting to attract more clients. The industry is regulated by the Insurance Department, a unit of the Kuwait Ministry of Commerce and Industry. According to a report released by regional

British Embassy PO Box 2 Safat 13001 Kuwait Tel: +965 2259 4320 Fax (trade & investment): +965 2259 4368 Email: kuwait.generalenquiries @fco.gov.uk Kuwait Embassy 2 Albert Gate London SW1X 7JU Tel: 0870 005 6954 (020) 7606 8080 (Investment Office) Fax: 0207 823 1712 Central Bank of Kuwait Tel: + 965 1814444 Fax: + 965 22443354 Email: cbk@cbk.gov.kw www.cbk.gov.kw/WWW/index.html Kuwait Stock Exchange www.kuwaitse.com/PORTAL/ Default.aspx Kuwait Foreign Investment Bureau PO Box 3690 Safat 13037 Kuwait Tel: +965 2224 0700 Email: info@kfib.com.kw www.kfib.com.kw

investment bank Alpen Capital on 1 July 2013, the insurance industry across the GCC is set to expand at an average annual rate of 18.1% over coming years to 2017, led by non-life products; Kuwait is projected to grow at a more moderate rate of 7%. Kuwait has one of the smaller insurance markets in the GCC, both in terms of gross written premiums (GWP) and penetration. As of year-end 2012, GWP stood at around $970m, with most activity driven by coverage for state spending on infrastructure, the motor segment and medical care. Despite the compulsory nature of some products and higher-than-average coverage in the life segment, total penetration, as measured by the ratio of GWP to GDP, stands at about 0.6%, compared to 1.1% for the Gulf as a whole, Oxford Business Group reported.

47


Lebanon country profile

Banking and financial services constitute a major component of Lebanon’s economy. The banking industry is financially sound, stable and plays a key

fact file

role in the country’s economic development. Banks continue to dominate the financial system as major providers of credit to individuals and to

Official Name: Republic of Lebanon Capital:

businesses. Lebanese banks enjoy a track record of compliance with international regulations and standards. Lebanese bankers, together with the country’s banking

Beirut Land Area:

regulatory

and

supervisory

authorities,

prioritise the issue of meeting these standards, namely those of the Basel Committee on Banking Supervision

10,452 km

and the Financial Action Task Force, and Lebanon

Population:

remains determined to maintain Beirut’s reputation as

2

4,131,583 (July 2013 est)

an eminent financial centre in the Middle East, with a strong role in the region and the world. Historically,

Currency:

one of the oldest banking systems in the region, the

Lebanese Lira (LL)

Lebanese banking sector has developed to become one

GDP Growth:

of the most sophisticated in the world. Valued at approximately $155 billion, the industry

3% (2013 IMF est)

in 2013 was the equivalent of over 387% of the

Dialling Code:

nation’s GDP. The sector has developed over more

+961 (00 961 from UK)

than a century through effective regulation from the Central Bank, a loyal and wealthy customer base, one

Main Industries:

of the strongest secrecy laws in the world, and a well-

Banking, tourism, food processing, wine, jewellery, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating

deserved reputation for crisis management.

Exports: Jewellery, base metals, chemicals, miscellaneous consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibres, paper Imports: Petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco, electrical machinery and equipment and chemicals

Lebanon is strategically located at the east of the Mediterranean, connecting Europe and the Middle East. Its tax rates are attractive to foreign investors, with maximum rates of 15% for companies and 20% for individuals. Lebanon also offers a developed legal framework which protects private property and grants Lebanese and non-Lebanese equal rights. The country experienced rapid growth in its GDP of about 8% in the four years until 2011, before slowing to just 2% in 2012, according to the International Monetary Fund (IMF), which is forecasting a marginal improvement of 2% to 2.5% in 2013. The Lebanese economy and in particular its banking sector, has been adversely impacted by the continuing uncertainties in Syria. Foreign direct investment in Lebanon fell by 68% to $1.1bn in 2012 compared with the previous year, according to data from the Institute

48

Arab British Banking & Finance Directory 2013/14


Lebanon country profile

of International Finance.

locally as well as regionally. Banking sector

especially in foreign currencies [30% of deposits

Rating agency Moody’s Investors Service

activity progressed by 2.1% in the first four

are in foreign currency] to protect the sector

has predicted that Lebanon will record “muted

months of 2013, moving from $151.9 billion at

from any crisis,” Joseph Torbey told a conference

credit growth in 2013 (of 8% to 10% nominally,

end-December 2012 to $155.1 billion at end-

in Beirut, 18 May. He noted that many leading

against projected inflation of 5.7%), while the

April 2013, according to Central Bank data.

international banks had collapsed in recent

government’s weak fiscal position implies that

“The results made by Lebanese banks in the

years because they had failed to boost their

it will remain reliant on the domestic banking

first quarter of this year are very positive and

liquidity, citing the Cypriot example. “In this

sector to finance its large fiscal deficit.”

in a way reflect the stability and resilience of

field, we can assure that the Lebanese banking

In April 2013, Moody’s said that it believed

this sector. But I am not sure the banks would

sector has comfortable special cash that far

Lebanese banks face a high likelihood of

be able to maintain the same rate of growth in

exceeds the ratio set by the Basel committee,” he

continuing asset-quality deterioration as a result

profits if the GDP growth remained low and

said.Torbey added that the European Union and

of regional instability, declining tourism flows,

yields on government Treasury bills fell,” Roger

the United States still have to officially achieve

lower consumer confidence. It also warned that

Dagher, the Chief Financial Officer of Bank of

the Basel III capital adequacy ceilings. “There

reported non-performing loans in the system

Beirut, commented. He predicted a growth of

is a general impression in the world that the

will rise above 6.5% of gross loans, from 4.4%

10% at the end of the year.

Lebanese banking sector is safe and sound and

in 2011. Bank profitability will come under

Dagher warned that the Lebanese banks may

pressure due to rising credit charges, declining

experience some pressure in 2015 when the

The impact of events in neighbouring Syria on

fee income generation, and losses arising from

minimum required capital adequacy ratio reaches

banks has been quite considerable. “A couple of

banking operations in Syria, the agency said.

dealing with it is guaranteed,”Torbey argued.

8%. “Currently, none of the Lebanese banks

years ago, Syria was our second most profitable

demonstrated

and especially the large ones have problems in

market after Lebanon,” Saad Azhari, chairman and

resilience to outside shocks, with banks

meeting the requirements of Basel III. No one

general manager of Blom Bank, told The Banker, 1

posting relatively robust year-on-year growth

has changed the structure of the balance sheets

May 2013. “Today, all our Syrian profits are taken

rates in their consolidated balance sheet,

in 2012 and 2013,” Dagher said. However, Joe

as provisions and we have quite substantially

loan

and

Sarrouh, adviser to the chairman of Fransabank,

reduced the size of our subsidiary there.”

profitability. It is worth noting, however, that

insisted that Lebanese banks, especially the large

Blom Bank’s Syrian deposits fell from $1.8bn

the contribution of the foreign operations

ones, would not have a problem complying

in March 2011 to $600m in March 2013, while its

of Lebanese banks represents a mere 15%

with the Basel III requirements. He stressed that

loans fell from $650m to $120m over the same

of the sector’s consolidated profits. The

Lebanese banks could maintain steady growth

period, especially impacted by the slowdown

profitability of Lebanese banks, with their

in profits and deposits in the future if the GDP

in trade finance activity. Fransabank has been

presence in turbulent markets like Egypt and

growth reaches acceptable levels. “The biggest

similarly impacted. “The security environment

Syria, for instance, have been impacted by the

challenge facing business in Lebanon is growth

which has prevailed in Syria in the past two

ramifications of the Arab Countries in Transition,

and not regulation,” he said.

years has resulted in a significant downscaling

The

banking

portfolios,

sector

has

customer

deposits

according to Joseph Torbey, former head of the

Meanwhile, Lebanese banks hold a big chunk

Association of Banks in Lebanon. Nevertheless,

of the T-bills and Eurobonds and this makes

Lebanese banks adopted corrective measures

the lenders more vulnerable to a possible

On April 30, 2013, a report from international

on time, including full provisioning of their

government default in the future, although some

ratings agency Moody’s affirmed its outlook on

doubtful and non-performing loans portfolios

economists seem confident Lebanon will always

Lebanon’s banking system. “The outlook for

and

meet its dues even under difficult circumstances,

Lebanon’s banking system remains negative,

reported The Daily Star, 6 June 2013.

as it has been since 2011. The outlook reflects

more

conservative

lending

in

the

concerned countries whose results had already been reflected in their 2011 and 2012 financial

in Fransabank Syria,” commented Nadim Kassar, general manager of Fransabank.

According to the head of the Association of

Moody’s expectations of weak economic growth

Banks in Lebanon, speaking in May 2013, the

in Lebanon, modest capital buffers, considering

During the first four months of 2013,

country’s banks were flush with liquidity and

the banks’ high exposures to the low-rated (B1

Lebanon’s banking sector saw its growth pattern

the capital adequacy ratio was even higher than

stable) Lebanese sovereign (estimated at 42%

remain more or less moderate within the

the ceiling set by Basel III. “The managers of

of system assets in December 2012), the high

context of relatively tough operating conditions

Lebanese banks have maintained high liquidity,

likelihood of further asset-quality deterioration

statements.

Arab British Banking & Finance Directory 2013/14

49


Lebanon country profile

and declining net profitability, primarily due to

important growth coming out of our other near-

Insurance

higher provisioning needs and subdued business

east markets such as Syria and Jordan in the

The insurance sector is regulated by the

generation. As a reflection of the challenging

near future,” he adds. During 2012, Bank Audi

Insurance

environment, Moody’s expects that Lebanon

Syria recorded a loss of $516m in assets, a loss of

mandated by the Ministry of Economy and

will record muted credit growth in 2013 (of 8%

$454m in deposits and a loss of $253m in loans.

Trade to protect the interests of policy holders,

to 10% nominally, against projected inflation of

Bank Audi Group, whose assets stood at

subscribers and beneficiaries against potential

5.7%),” says the report. Compounding all these

$31.3bn at the end of 2012, opened the doors of

unfair market practices. It seeks to promote the

issues is the local competition. Lebanon has the

its Turkish subsidiary, Odeabank, in November

maintenance of an efficient fair, safe and stable

13th highest bank penetration rate worldwide,

2012 with $300m of share capital and has since

insurance market and ensure public confidence

with 97 branches per 1000 square kilometres,

opened eight branches – six in Istanbul, one in

in this sector. Meanwhile, the country’s Code

according to the IMF.

the capital Ankara and one in Izmir. It plans to

of Obligations and Contracts regulates the

Against this backdrop, it is not surprising that

open another 20 branches throughout Turkey’s

contractual aspects of insurance policies.

Lebanese banks have increasingly been looking

larger cities in 2013, and then expand to 100

Lebanon’s insurance sector dates back to the

beyond their home soil to create new revenue

outlets in the next five years, with the aim of

1940s and expanded rapidly to become one of

streams, diversify their assets and dilute credit

becoming one of the top 15 banks in Turkey

the most sophisticated in the region. In 1999

risk. Now firmly on their radar is Iraq, with

by the end of 2017, reported The Banker. “We

the Ministry of Economy introduced a new

Lebanon’s four key players either having already

have an ambitious plan for Odeabank, which is

insurance law, replacing a previous 30-year old

established a presence there, or making plans to

to build a franchise ranking second to Lebanon

law, to introduce some overdue regulations to

enter shortly.

in terms of size of assets and earnings by 2017,”

the sector. About 50 companies now operate in

stated Mr Baz.

the insurance sector of which the ten largest

Blom Bank is to open two branches in Iraq –

Control

Commission, which

is

in Baghdad and Erbil – which will open in the

Over $1.2 billion in deposits held by Lebanese

control 70-80% of the total insurance market.

second half of 2013. Similarly, Fransabank is in

banks in Cyprus were returned to the country in

Top insurers in the market include the American

the final stages of establishing a presence in Iraq

the first half of 2013 after the island’s central bank

Life Insurance Company, Medgulf, AROPE, AXA

and is also targeting the two cities of Baghdad

allowed foreigners to withdraw their money.

and Allianz SNA.

and Erbil, where it expects both branches to

Bankers interviewed by The Daily Star, 25 May

be operational by the third quarter of 2013.

2013, confirmed that at least 60% of deposits

Meanwhile, Byblos Bank opened its third branch

held by Lebanese citizens in Cyprus had been

in Iraq in March 2012 to strengthen its activities

withdrawn, predicting that Lebanese banks

in corporate, commercial and correspondent

operating on the island would either close

banking, especially transfers and trade finance.

down or reduce the size of their operations.

Bank Audi, Lebanon’s largest bank by asset size,

“I can at least say that 98% of our clients in

is also looking to enter the country in the near

Cyprus have withdrawn their money since the

future, focusing on Baghdad and Basra, as well as

central bank lifted the ceiling on the withdrawal

on the northern Kurdish region.

of deposits. None of our clients seemed willing

Bank Audi’s key focus has turned to Turkey

to take any chances, even if assurances were

after it became the first foreign bank in 12

given to them that the worst was behind them,”

years to be awarded a licence in October 2011.

one leading banker said.

“Since the onset of the Arab Spring, Bank Audi

Central Bank governor Riad Salameh stated

has started to shift its strategy from just the

that the financial crisis in Cyprus would have no

Middle East and north Africa region to the Menat

major impact on the Lebanese banking sector

[Middle East, north Africa and Turkey],” said

and most deposits had returned home. Experts

Freddie Baz, group chief financial officer and

estimate that deposits held by Lebanese citizens

strategy director at Bank Audi.

in Cyprus total close to $2bn. Twelve Lebanese

“We have started focusing on south-east Mediterranean countries as we don’t foresee

50

banks have operations on the island and one of these alone reportedly has $1bn in deposits.

Arab British Banking & Finance Directory 2013/14


Lebanon country profile Useful Contacts UK Trade & Investment Lebanon Desk Carl Jayasekera Senior Manager Strategic Trade Group Middle East Team Tel: +44 (0)20 7215 8411 Fax: +44 (0)20 7215 4074 Email: carl.jayasekera@ukti.gsi.gov.uk British Embassy Embassies Complex Armies Street, Zkak Al-Blat Serail Hill PO Box 11-471 Beirut, Lebanon Tel: + 961 (1) 9608 00 UKTI Lebanon Commercial Team Tel: +961 (0)1 960800 Email: commercial.beirut@fco.gov.uk Lebanese Embassy 21 Palace Garden Mews London W8 4RA Tel: 020 7229 7265 Fax: 020 7243 1699 Banque du Liban – C entral Bank of Lebanon Masraf Lubnan St PO Box 11-5544 Beirut Lebanon Tel: + 961 1 750000 www.bdl.gov.lb/bdl/Contact.htm 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: bse@bse.com.lb www.bse.com.lb/ContactUs/tabid/109/ Default.aspx Insurance Control Commission www.isc.gov.lb/Insurance_ Companies.html Council for Development and Reconstruction Tallet Al Serail – Riad El Solh Beirut – Lebanon 20239201 PO Box 3170/11 Tel: + 961 1 980096 Fax: + 961 1 981252 Email: infocenter@cdr.gov.lb www.cdr.gov.lb/eng/contactus.asp Lebanese Ministry of Economy and Trade www.economy.gov.lb Lebanese Government portal: www.informs.gov.lb

51


Libya country profile

Libya is one of the world’s leading oil exporting countries and as such its economy is structured primarily around the energy sector. According to

fact file

the International Monetary Fund, oil and natural gas account for nearly 96% of total government revenue and 98% of export revenue in 2012. According to the Oil and Gas Journal, Libya had proved crude oil

Country Name: Libya

reserves of 48 billion barrels as of January 2013– the largest endowment in Africa, accounting for 38% for the continent’s total, and the ninth largest

Capital: Tripoli

amount globally. The Libyan Investment Authority, which is one of the

Land Area:

key state organisations involved in the reorganisation of

1.8 million km2

the economy, estimates Libya’s sovereign wealth fund

Population:

to be around $65 billion. Substantial revenues coupled

6,002,347 (July 2013 est)

with a small population give Libya one of the highest per capita GDPs in the MENA region, estimated at $12,300

Currency:

in 2012. The economy recovered rapidly from the

Libyan Dinar

2011 downturn to become one of the fastest-growing

GDP Growth: 104.5% (2012 est) Dialling Code: +218 (00 218 from UK)

economies in the world, recording a real GDP growth rate of 121.9% in 2012.The resumption of oil production has been the primary source of this recovery. In 2012, broad money grew by 11.5% with a modest shift from currency into deposits and credit to the private sector increased by 30.3%, the International

Main Industries:

Monetary Fund stated. Although the transition period

Oil, petrochemicals, aluminium, iron and steel, food processing, textiles, handicrafts, cement

will have caused asset quality to deteriorate, the impact

Key Exports:

on the banking system should be modest in light of the liquidity buffer provided by banks’ substantial reserves, along with limited claims on the private sector and the

Crude oil, refined petroleum products, natural gas and chemicals

implicit government guarantee of loans to state-owned

Key Imports:

enterprises. Preliminary data show that non-performing

Machinery, semi-finished goods, food, transport equipment, consumer products

loans increased modestly in 2011 and 2012. Libyan oil and gas licensing rounds have attracted high international interest with the new government setting a goal of nearly doubling oil production to 3 million bbl/d in 2013. However, Libya faces a long road ahead in liberalising its economy, but the changes in the country are likely to offer more opportunities for entrepreneurial activity along with the development of a more market-based economy. The service and construction sectors, which account for roughly 20% of GDP, are expected to expand over the coming five years and could become a larger share of GDP after

52

Arab British Banking & Finance Directory 2013/14


Libya country profile

the volatility subsides. Immediately

before

as agriculture, real estate, and manufacturing, the

transition, the

through heavily subsidised credit facilities.

Libya remains a largely cash-based economy and credit cards are not widely used, although

Economist Intelligence Unit (EIU) had forecast

Now, under the new Libyan authorities, these

Visa and MasterCard are starting to be accepted

continued economic growth for the period

developments are set to gather pace. A renewed

in some outlets. There are a few reliable ATMs

2010-14, with the slow development of the

commitment to improved transparency, the

in Tripoli. There are commercial money transfer

hydrocarbons sector. Growth was expected

strengthening of internal governance and the

services available at Tripoli International Airport

to

foreign

creation of a functioning bond market to help

and in Tripoli itself. Money transfers can also be

investment, as Libya endeavoured to exploit

smaller businesses raise money to fund new

arranged through some banks.

its

projects and expansion plans will create further

increase

investment, including

hydrocarbons

potential

and

overhaul

its infrastructure. The current account was

opportunities for international partners.

Recent legislation has sought to promote Shariah-compliant finance a step further than

expected to remain comfortably in surplus

While the banks remain in government hands,

in Tunisia and Egypt, where those who came

throughout the coming few years owing to

it is even more essential that they be seen as

to power in 2011 following popular uprisings

reasonably high oil prices.The fiscal surplus was

tools of macroeconomic policy implementation

have sought to integrate Islamic banks and debt

expected to hit record surpluses in 2010-14.

– first and foremost, to boost youth employment.

into the financial system. The two countries

Libya’s financial system remains highly

The government budget has not the capacity

are planning their first sukuk sales this year to

centralised and continues to be dominated

to continue hiring or providing subsidies

diversify funding sources and cut borrowing

by the public sector, which still accounts for

indefinitely, so private sector growth is vital for

costs.

more than 90% of activity. All the country’s

Libya’s economic wellbeing.

Unlike its neighbours, Libya has no immediate

banks were nationalised in 1970, but in the

The banking sector is made up of the Central

plans to sell sukuk, Central Bank Governor

last few years banking laws have been eased

Bank of Libya (CBL) and sixteen operating banks,

Saddek Elkaber said in May 2013 in Beirut.

to allow financial liberalisation and banking

including five majority state-owned commercial

Elkaber said the regulator initially wanted to

privatisation. Libya appears now on track to

banks. The broader financial sector includes

promote Islamic lenders alongside so-called

further open up its banking sector to foreign

the LIA and its subsidiaries, the Libyan Stock

conventional banks. The General National

investment with opportunities for both foreign

Exchange and an emerging insurance industry.

Congress chose to ban non-Islamic banking

and domestic investors.

Despite a series of partial privatisation measures

outright in response to “the desires of the street

Today, Libya is at a critical juncture in its

in 2007, the government continues to own a

and pressures”, he said, adding that the law does

transition and there is a widespread feeling

majority or total stakes in these banks. Having

not apply to institutions.

that its government needs to focus on enacting

sold stakes in Sahara Bank (to France’s BNP

Also, in May 2013, the Central Bank revealed

institutional reforms including opening up the

Paribas in 2007) and in Wahda Bank (to Jordan’s

plans to award licenses for domestic Islamic

domestic financial system to enable the country

Arab Bank in 2010), the former Libyan regime

banks, Elkaber told Bloomberg. The minimum

to unlock the wealth of its own resources and

had begun transforming the sector through

capital requirement would be 250 million

maximise the opportunities that it has been

privatisation, mergers, IPOs and increasing

Libyan dinars ($196 million), according to Ali

denied for so long. Notwithstanding, since the

foreign ownership.

Shambesh, director of statistics and planning

removal of international sanctions in 2003, Libya

The creation of new banks with international

department at the central bank. Elkaber cited

moved forward with a broad spectrum of reform

backing challenged the established institutions

Libya’s oil-generated cash resources for the

initiatives aimed at achieving greater openness

in Libya and encouraged the process of

decision not to tap global sukuk markets in the

and gradual liberalisation of the financial system.

modernisation with the introduction of new

short term, even as borrowing costs decline.

Nevertheless, in spite of the privatisation

ICT systems, the launch of new products

“We don’t have a problem with liquidity”, the

of two state-owned banks, the banking sector

and services, and the development of a sales

governor was quoted as saying. “We want to

still remains predominantly in the hands of the

and marketing culture. At the same time, the

employ the liquidity properly”.

public sector and operates under extensive

emergence of Libya’s capital markets and rising

controls of the government. Furthermore,

demand for insurance products increased

Stock Market

specialised credit institutions continue to

the need for the experience, expertise and

The Libya Stock Market (LSM) is located in the

function as an extension of the government

good practices that came with international

fashionable Hay Al-Andalus district of the capital

in providing support to certain sectors such

participation.

Tripoli. The exchange is privately-owned by

Arab British Banking & Finance Directory 2013/14

53


Chairman’s Message Cautiousness and prudence significantly influence our actions as we continuously endeavor to ensure stability and tranquility in the course of our lives. It is evident that this cannot be possible except in a precise system of cooperation and coordination between individuals and groups. We at Sahara Insurance Company understand the importance of these concerns and the anxiety, fear, and disorder they cause in social and economic relations. Sahara Insurance Company has adopted a clear strategy based on transparency and credibility with clients, shareholders, and reinsurers to preserve the rights of all parties without discrimination. Out of this strategy, policies emanated which take into consideration the needs of the clients and provide them with the methods of preventing, minimizing or compensating for losses in a manner which ensures that assets are not lost or ruined. Therefore, the first concern of Sahara Insurance Company is to serve our clients to the best of our ability, committing ourselves to professional ethics and achieving the goals of our clients and the company by leading the way to peace and security. The role of Sahara Insurance Company is not restricted to just our relationship with our clients. It goes further to our effective participation in numerous economic projects and our active contribution to social projects, sports and artistic activities. These activities are a means of spreading awareness of the importance of insurance and the role which it plays in savings which helps push the wheel of the economy towards growth, progress and prosperity as well as coping with the current challenges. The most important of which, are human development, modernization and the improvement of work mechanisms, which have been imposed by the revolution of information technology and globalization. Chairman of Board Mr. Ibrahim Felfel

Executive Management’s Message It is our pleasure to present to you, Sahara Insurance Company, a pioneer company working in the field of insurance and characterized by modernity, innovation and expertise. It offers a variety of insurance programs designed at the highest levels of professionalism and quality. We have started with you and are working for you. We are glad to extend our thanks, appreciation and respect to our generous clients for their trust granted to us in dealing with our company. We would not have been able to reach our present position without establishing durable relations with them. Our accumulative experience and understanding of the market needs have taught us that the possession of faithful determination and clear vision of the target throughout the different phases and thereafter leads to success in developing the company and achieving its required goals. Today we can be proud of the outcomes achieved during the past years, which have surpassed all expectations. Sahara Insurance Company offers a wide variety of innovative solutions and insurance services through its technical equipment that helps in quickly responding to your needs. Adoption of professionalism and transparency ensures mutual trust and respect between us. We recognize our responsibility and obligations towards the society. Social responsibility forms a great part of our operations, helping us in achieving continuous success. We diligently endeavor to achieve excellence in our services and products and are committed to remaining in the forefront of the companies that participate in the society’s welfare, as well as ensuring the provision of the best services and guaranteeing the society’s security and stability. We welcome you and commit ourselves to provide you with our best specialized insurance services. Further, we offer more programs which meet your requirements and continue to establish firm strategic relations with you. Our motto is to drive those relations towards new ideas and wider horizons, with the hope to advance with you towards more and more success and good fortune.

Company Profile Sahara Insurance Company was founded in 2004 with a capital of $15 million Libyan dinars. Today, we are one of the leading companies in the insurance field in Libya, providing a full range of insurance services delivering life, health, fire, burglary, engineering, third-party liability, general accident and auto insurance as well as marine, aviation and travel insurance. The company has been in compliance with the 2005 Law of Supervision and Control No. 3 and Libyan commercial law since 2007. From the beginning, Sahara Insurance Company has been devoted to quality and excellence in all levels of our business to satisfy the needs of our clients and achieve higher revenue for our shareholders. We are also committed to being innovative in our solutions, so our products and services are in accordance with the latest developments in the industry and global in scope. Towards that end, we are keen to deal with the largest and most well-known and respected reinsurers in the world in order to distribute the risk and protect the interests of our clients.


Who We Are

Our Partnerships

Sahara Insurance Company is one of the leading Libyan local insurance companies in a privileged position to offer high quality services from a dedicated, highly qualified team in addition to excellent policies that keep pace with the requirements and needs of the market, such as:

Sahara Insurance Company is devoted to always meeting the insurance needs of our clients, allowing them to focus on the prosperity of their business. In addition to our programs being up-to-date and global in scope, we continuously work to create innovative insurance solutions and provide high quality services to match changing market demands.

n Marine and Aviation Insurance We provide insurance for the protection of goods in transport, whether by sea, air or land. We also provide insurance coverage for the hulls of ships, aircraft and responsibilities thereto. n Vehicle Insurance We deliver insurance protection for damages and losses resulting from traffic accidents, theft or fire. n Insurance for People We have insurance programs that meet all the needs of individuals including health and personal accident insurance as well as life and travel insurance.

To achieve this we are keen to deal with reputable insurance companies and leading international reinsurance agencies which can provide us with all the technical expertise to provide insurance services that are in accordance with international standards. We recently formed a successful partnership with Bupa International Insurance which is one of the main suppliers of health insurance in the world and has experience spanning over forty years. Bupa has an expansive network of over 800,000 members in 190 countries.

n Property Insurance We provide protection for public and private property from the dangers of exposure to the elements of nature and the dangers of fire, burglary and other related risks.

Reinsurance Sahara Insurance Company is keen to provide sufficient protection for the benefit of policyholders through partnerships with reputable reinsurance organizations. Reinsurance is an essential tool for managing risk and reinsurance organizations provide valuable expertise that allows us to better protect the interests of our clients and better utilize our own resources. In this sense, Sahara Insurance Company has contracted with some of the largest global reinsurance companies with classifications ranging from AA to B+ with large financial centers and extensive international experience in this area. We have entered into reinsurance agreements with a number of these companies for the following: n n n n

Fire agreement for excess surplus. Accident agreement variety surplus. Engineering agreement surplus. Nautical agreement goods surplus Post

We have also entered into agreements with a number of reinsurance companies for a loss exceeded caps to protect the company as follows: n cover loss exceeded marine and non-marine. n cover loss exceeded cars.

Headquarter and Branches The company aims to expand rapidly, both locally and regionally, in line with our strategy for expansion. The company’s head office is currently in Tripoli and with branches in Misurata, Benghazi and Zawiya. Head Office Location

Phone

Fax

Ahmed Swayhlee Street, Tripoli, Libya 00218217131115 00218214444160 00218217131117  00218214449161  00218213343171   Benghazi Branch Location

Phone

Islamic Call Building, Algeria Street, Benghazi, Libya 00218619082132 00218619080637  

Email Website headquarter@sic.ly

www.sic.ly

Fax

Email Website

00218619082134

benghazi@sic.ly

www.sic.ly

Misurata Branch Location

Phone

Fax

Email Website

Swayhlee Investment, Club Building, Ramadan Swayhlee Street, Misurata, Libya

00218512622641 00218512622642

00218512622643

misurata@sic.ly

Zawiya Branch Location

Phone

Fax

Email Website

00218237631695

zawiya@sic.ly

Ukba Ben Nafae Street, Zawiya, Libya 00218237631696 00218237631697 00218237631698

www.sic.ly

www.sic.ly


Libya country profile Useful Contacts UKTI British Embassy 24th Floor Tripoli Towers (formerly Bourj al Fateh) Tripoli Email: trade.libya@fco.gov.uk Foreign & Commonwealth Office www.fco.gov.uk/en/travel-and-livingabroad/travel-advice-by-country/ middle-east-north-africa/libya

individual and institutional investors with the

enterprises. The law requires that Libyan

government controlling a 30% stake through

nationals hold a majority of the shareholding

its investment fund. The exchange has been

of insurers. Currently, there are seven insurance

functioning since 2008, but closed during the

companies active in the market.

transition of 2011 to reopen in March 2012.

As a long trusted friend and close trading

The total number of traded securities on the

partner of Libya, the UK has played an important

exchange currently stands at 13, while the total

role in assisting its development, particularly

number of listed but not tradable securities is

during its recent transition. With its dynamic

39. Most of the shares traded are of companies

and fast changing market, new commercial

in the financial sector, including private banks

opportunities are constantly emerging in Libya

and insurance firms. As stability returns to

for British companies and professionals with

the country and business activity gradually

relevant expertise to contribute to the next

increases, the exchange is expecting to grow.

stage of growth in the country.The banking and

It has been reported that two real estate funds

financial sector is no exception.

will be listed on the exchange in 2014. These will be privately-owned entities acting as REITs and operating under the principles of Islamic finance. Furthermore, Libyan mobile phone companies Libyana and Al Madar are likely to be floated on the exchange in the second quarter 2014, according to Faisel Gergab, chairman of government owned holding company Libyan Post Telecommunications

and

Information

Technology Company (LPTIC) which owns both businesses. The exchange reached an agreement with Bloomberg for it to begin offering market data through its terminals.

Insurance Sector The

Libyan

insurance

industry

is

small

compared to other countries in the region. In terms of gross written premium, the insurance industry grew between 2008 and 2011 in spite of the global financial crisis but its growth was halted by the disruptions during the transition. It is expected that the industry will grow at an average of 6.1% over coming years as stability returns to the market. Compared to its North African neighbours, Libya has been late to deregulate its insurance sector. State-owned Libya Insurance Company accounts for about 40% of the market while other insurers are all owned by, or have very strong

commercial

links, to

state-owned

56

Arab British Banking & Finance Directory 2013/14

Libyan Embassy UK 15 Knightsbridge London SW1X 7LY Tel: 020 7201 8280 www.english.libyanembassy.org The Libyan British Business Council Tel: +44 (0) 20 7152 4051 Fax: +44 (0) 1306 88 10 46 Email: secretariat@lbbc.org.uk www.lbbc.org.uk


KASHADAH & CO. Certified Public Accountants & Tax Consultation

Specialized in Banking Experience

Overview of Kashadah & Co. l l l l

l l

Founded in 1974 Largest Libyan professional services firm Over 20 practitioners Members of professional associations in both the U.S. and U.K. Certified Public Accountants Chartered Accountants

Abdussalam Kashadah l l l l l

l

Founding partner of the firm Graduate of University of Libya (1969) Experience includes: Nationalization process (beginning in 1973). Accounting Department of Ministry of Petroleum (1969-1975). Significant experience with the oil and gas laws of Libya as they affect the accounting profession

Service Offerings l l l l l l

l

Libyan Banking Law & regulations

Representative Clients l l l l l l l l l l l l l l l l

British Arab Commercial Bank in / Libya Libyan Qatar Bank / Libya Commercial & Development Bank / Libya Chinguity Bank / Mauritania BAMIC Bank / Algeria Repsol Group Melith North Africa (B.V) Technip Oil & Gas (B.V) Green Stream B.V Dietsmann Hoerbiger Pietro Fiorentini Al Mabar Libya for Real Estate & Development OEA Grand Projects Amadeus Libya Untied Nation development program (UNDP)

Assurance and accounting advisory Due diligence Management consulting Registration of companies (Libyan and foreign) Social security compliance Tax consultation and compliance

CONTACT INFORMATION Kashadah & Co. 4 Damascus Street PO Box 4769 Tripoli – Libya

Abdussalam Kashadah Managing Partner Tel: +218 (21) 3330941 Dir: +218 (21) 4444699 Fax: +218 (21) 444 6888 Mobile: +218 91 212 5288 abkashadah@kashadah.com.ly www.kashadah.com.ly

Audit • Tax • Consulting • Financial Advisory


Mauritania country profile

The economy of Mauritania is expected to maintain its growth momentum in 2013, in spite of global demand that remains subdued. According to the

fact file

International Monetary Fund, the rate of growth in real GDP is expected to turn out at about 6%, thanks primarily to the performance of such sectors as construction and public works, agriculture and

Country Name: Islamic Republic of Mauritania Capital:

services. Inflation is expected to be contained at about 5%. Mauritania has recorded a high growth rate since 2010 with its main drivers being agriculture, following

Nouakchott Land Area:

a good rainfall, and particularly activities in construction and public works. Both these sectors recorded increases

1 million km

in volume in 2012 of 39.6% and 23.3% respectively.

Population:

Fishing has also been doing well, with growth of 14.8%.

2

3,437,610 (July 2013 est) Currency: Mauritanian Ougiya (MRO) GDP Growth:

Adverse international conditions, however, affected the mining industry, particularly iron, which is the country’s main export. Mauritania is a developing economy many of whose largest challenges relate to the level and quality of its physical infrastructure, which needs to be substantially

6.9% (2012)

improved if the economy is to grow; a certain lack

Dialling Code:

of public service efficiencies; and an underequipped

+222 (00 222 from UK) Language: Arabic (official), French, others Main Industries:

financial sector to support economic growth. In some cases, it is these challenges that pose the best opportunities for private equity investment. Mauritania

is

committed

to

improving

the

management of its public finances in order to carry out its development programme. Reforms aim to control

Agriculture, livestock, iron ore, gold, copper and oil

spending and increase public income; decentralise

Exports:

the functions of payment scheduling and financial

Iron ore, fish Imports: Food produce, machinery and petroleum products

monitoring with a view to improving management capacities; and computerise the public expenditure and state accounting chains to improve absorption capacity.

Banking and Finance Highlights The banking and financial system remains rudimentary and undiversified, and it is characterised by a manual payment system. The use of electronic payment instruments is evolving. Consequently, the sector plays only a marginal role in the country’s economic development. The sector includes eleven retail and commercial banks, most of which began as joint ventures between the state and foreign or domestic

58

Arab British Banking & Finance Directory 2013/14


Mauritania country profile

Second Islamic Bank in Nouakchott

was strong, characterised by the consolidation

The banking system remains ripe for

In July 2012 news agencies reported plans to

of macroeconomic stability and an upsurge

development and poised for growth with

open a second Islamic bank in Nouakchott.

in economic activity, despite an international

investors increasingly coming to recognise the

The Central Bank of Mauritania gave approval

economic climate that remains challenging.

opportunities offered by the sector. The arrival

to the Ould Ebnou Liman group to create the

Stronger activity in the services sector, a rebound

of more international players reflects the greater

Islamic People’s Bank (BPI), a year after the Bank

in agricultural production, and an uptick in

attractiveness of the sector.

of Mauritania came into service in the region,

construction and public works have resulted in

Mauritania has 10 banks, two financial

according to a report from Ecofin news agency.

a real GDP growth rate of 6.9% (8% excluding

establishments and a guarantee fund but has

With a low level of banking among its

extractive industries), despite the difficulties that

investors, and were progressively privatised.

very few links with the international financial

workforce,

system. Banks are used by only about 4% of

alternative services such as Islamic finance

the local population at present and they have

to improve access to credit for its citizens.

many non-performing loans. The sector is not

According to Info Noor, this method of financing

December 2012, significantly below projections,

especially competitive, despite the presence of

is still in its infancy in Mauritania, representing

as lower food prices more than offset the

foreign banks such as Société générale, Qatar

only one percent of total banking assets in the

regular increases in fuel prices. Notwithstanding

National Bank and Morocco’s Attijari Bank.

country. An executive of a commercial bank in

this favourable performance, growth is not

The absence of refinancing markets forces

Mauritania told the news source that he believed

yet sufficiently sustained or inclusive enough

banks to offer only short-term loans backed by

that the low penetration was due to “excessive

to achieve decreases in the elevated rates of

overnight deposits. To get around this and meet

cost of financial products” and added that even

poverty and unemployment.

customer needs for medium and long-term

if the bank does not apply any interest on a loan,

“The overall fiscal balance, including grants,

loans, banks use credit lines from international

“it pays itself directly through a commission

amounted to 2.8% of GDP in 2012, the first

institutions, according to a report African

established in advance with the client.”

surplus of its kind in Mauritania’s recent

Economic Outlook 2012: Mauritania.

Mauritania

needs

to

develop

In April 2012, the governor of the Central Bank

Europe has experienced and the drought early in the year. ‘’Inflation

decreased

to

history, notwithstanding

3.4%

major

at

end-

emergency

In 2013 many banks increased their capital

of Mauritania, Sid’Ahmed Ould Rais, announced

social programmes and a sizable increase

to comply with the central bank’s new

the introduction of reforms to provide a new

in

requirement of a minimum $18 million. A new

legal framework specific to Islamic finance

performance

bank, the Banque Islamique de Mauritania, with

products. He stressed that Islamic finance had

intensified revenue collection efforts, substantial

capital of $22 million, opened in November

the potential to widen the access to banking

improvements

2011, 60% owned by the Islamic Corporation for

services in the country “as the Mauritanian

contribution made by non-recurring revenues,

the Development of the Private Sector, which

Moslem mentality is resistant to speculation”.

and the curbing of nonessential expenditure.

itself is part of the Islamic Development Bank (IDB) and 40% by the Turkish bank Asya.

Meanwhile, a mission of the IMF visited

domestically

funded

is

primarily in

Furthermore, the

investment. This attributable

mining

current

revenues,

account

to the

deficit

the capital Nouakchott in late April 2013, to

worsened (attaining 32% of GDP), on account of

engage in discussions on the sixth and final

a decline in iron ore exports, and the increase in

New Bank

review under the Extended Credit Facility (ECF)

imports brought about by the emergency food

It was reported in May 2013 that a new financial

arrangement. The IMF held talks with President

programmes and capital projects in extractive

institution, Mouamalat Assahiha Bank, had been

Mohamed Ould Abdel Aziz, the Governor of

industries. This

established in Mauritania set up to operate

the Central Bank, Sid’ Ahmed Ould Raiss, the

met by foreign direct investment, grants, and

exclusively according on Islamic principles. “The

Minister of Finance, Thiam Diombar, Minister of

exceptional revenues, as well as a substantial

new bank, with a $20 billion capital, was set up

Economic Affairs and Development, Sidi Ould

repatriation of mining revenues, which pushed

by young and successful Mauritanian business

Tah, as well as several economic and financial

the official reserve position to record levels of

people,’ according to a statement issued by the

policymakers.

$962 million at end-2012, the equivalent of 6.7

new bank. The bank is seeking to target both

Following the talks the IMF mission chief

individuals and corporate organisations, and will

for Mauritania, Mercedes Vera Martin, issued a

base its operations on the highest ethics and

statement, part of which stated:

standards of the country’s financial industry.

“Mauritania’s economic performance in 2012

deterioration

was

readily

months of imports. “The

mission

implementation

noted of

positively

appropriate

the

economic

policies which have enabled the authorities

Arab British Banking & Finance Directory 2013/14

59


Mauritania country profile Useful Contacts 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: british@mtds.com Travel Advice FCO travel advice: www.gov.uk/foreign-travel-advice/ mauritania

to meet the quantitative performance criteria set for end-December 2012 with comfortable margins. The

mission

congratulated

the

authorities on successfully implementing a policy for phasing out generalised, poorly targeted subsidies, creating additional fiscal space for poverty-reducing spending.”

New Investment Code The IMF mission noted the significant progress made during the programme in implementing reforms

designed

to

modernise

the

tax

administration, reorganise public expenditure management, prepare a new investment code, and develop a new social protection strategy. “Furthermore, the the

mission

authorities’ determination

welcomed to

ensure

transparency in developing and utilising the financial resources generated by the mining sector. The establishment of a facility designed to improve the management of extractive industry revenues will enhance the resilience of the Mauritanian economy to external shocks, support economic growth, and ensure fairness,” the IMF concluded. Development in telecommunications will no doubt help facilitate the growth of banking services in the country. In June 2013, the World Bank approved credit to support efforts to strengthen telecommunications connectivity through

fiber-optic

broadband

network

expansion in Mauritania. The project formed part of the second phase of a $300mn West Africa Regional Communications Infrastructure Programme (WARCIP) which is directed at bridging the connectivity gaps between 16 West African countries and the wider world. A statement issued by the bank stressed that the investment was expected to expand access, improve quality and reliability of voice and Internet communications and serve as the backbone for greater private sector investment in the country’s ICT services.

60

Arab British Banking & Finance Directory 2013/14

UKTI Africa Market Mushtaq Bux Directorate Coordinator Tel: +44 (0)20 7215 8446 Email: mushtaq.bux@ukti.gsi.gov.uk Central Bank Banque Centrale de Mauritanie (BCM) BP 623 Nouakchott Mauritania Tel: + 222 25 22 06/25 28 88 Email: info@bcm.mr www.bcm.mr/Contacts/Pages/ default.aspx Mauritanian Bank for International Commerce M.C.I Nouakchott, Mauritania Tel: + 222 252826 Fax: + 222 252045 No UK Representation Embassy of the Islamic Republic of Mauritania 5 Rue de Montevideo Paris 16 FRANCE


ARAB BRITISH CHAMBER OF COMMERCE www.abcc.org.uk

FOREIGN OFFICE SERVICE In response to growing demand and time pressures the A-BCC will be undertaking two courier runs per day to the Foreign & Commonwealth Office (FCO) Milton Keynes. This will enable us to deliver an overnight service instead of the existing 48 hour service. Should you require further details or to make use of this service please contact Mr Cliff Lawrence Email: Cliff.Lawrence@abcc.org.uk Tel: 020 7659 4881 Arab-British Chamber of Commerce 43 Upper Grosvenor Street London W1K 2NJ


Morocco country profile

The Kingdom of Morocco is situated in the north west of Africa and has a unique strategic position. Britain is one of its oldest trade partners. Morocco

fact file

is the UK’s 47th largest export market worldwide and one of the top eight in the MENA region, according to UKTI. The UK is among the top ten foreign investors in the Kingdom which is keen

Country Name: Kingdom of Morocco Capital:

to attract UK expertise in many sectors, including financial services. Morocco’s banking sector is one of the most liberalised in North Africa and it has remained

Rabat

fundamentally sound overall. The sector continues to

Land Area: 446,550 km

be resilient thanks to prudent regulation by the central 2

Population: 32,649,130 (July 2013 est)

bank, the Bank Al-Maghrib, the International Monetary Fund observed in a report of September 2013. Following dialogue with the industry and based on an impact study, regulations for implementing the new definition

GDP Growth:

of capital and the liquidity coverage ratio in line with

5% (2013 est)

Basel III standards were finalised for expected adoption

Dialling Code:

in the summer of 2013. The authorities continue to encourage the domestic and international expansion

+212 (00 212 from UK)

of the sector while strengthening cooperation with

Currency:

relevant supervisory agencies abroad. New banking

Moroccan Dirham (MAD) Languages: Arabic, French and Berber Key Exports:

legislation to allow fully-fledged Islamic finance institutions to operate in Morocco is being prepared. The banking sector is highly concentrated, with the six largest banks accounting for 85% of banking sector assets, according to KPMG. The International Monetary Fund/World Bank’s updated Financial System

Clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilisers (including phosphates), petroleum products, citrus fruits, vegetables and fish

Stability Assessment of the country concluded that the

Key Imports:

the progress that Morocco had made in deepening

Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors and plastics

system was “stable, adequately capitalised, profitable and resilient to shocks.” The two institutions noted financial intermediation. The Moroccan banking law was passed in 2006 strengthened the supervisory power of the central bank and improved risk management practices. Morocco has generally completed adoption of Basel II capital adequacy and risk management guidelines in order to improve financial stability and adopted International Accounting Standards to enhance transparency. The Economist Intelligence Unit has commented on the dynamism of the financial sector, considering it to be one of the best in Africa. Reforms in the financial

62

Arab British Banking & Finance Directory 2013/14


Morocco country profile

sector have resulted in comparatively effective

major local banks. Foreign ownership in the

bank supervision with a low level of foreign

financial sector continues to grow with foreign

In 2011 the size of the banking system was

currency exposure, according to the European

institutions controlling five banks and eight

around 121% of the country’s GDP and looks set

Bank for Reconstruction and Development

financial services companies.

to grow larger if new instruments and units are

steady the balance sheets of Moroccan banks.

writing in September 2012. The Kingdom’s

Banks that operate in the Kingdom are

banks were largely unaffected by the recent

regulated by the Bank Al Maghrib and are

The sector has had to adjust to the slowdown

global credit crisis due to their low exposure

members of the Moroccan Banking Association

in trade demand and capital flows over the past

to global financial markets. Foreign banks,

(GPBM). The country’s top three banks,

few years and has been particularly impacted by

particularly French, play a significant part in the

Attijariwafa Bank, Bank Populaire and BMCE

slowdown in the European markets given that

banking sector delivering a range of services.

Bank, dominate the sector accounting for

the EU is Morocco’s single largest trading partner.

Morocco

enjoys

financial

stability

introduced in 2013 as expected.

and

around 64.6% of total assets, 65.7% of total

Widening access to banking services is a major

economic reform has been firmly on the

deposits and 64.1% of total loans in 2011. Two

project for the country’s financial institutions.

government’s agenda for at least a decade.

French subsidiaries, BNP Paribas unit BMCI

Banking penetration remains relatively modest

On 13 October 2008, the European Union

and Credit Agricole unit Credit du Maroc, along

by western standards but compares well

granted Morocco advanced status, reflecting

with the locally owned Credit Immobilier et

alongside many industrialised countries and has

the EU’s decision to strengthen ties as well as

Hotelier, complete the number of banks listed

one of the highest rates in Africa. The number of

to recognition for the country’s economic and

on the country’s bourse, the Casablanca Stock

citizens holding a bank account increased from

democratic reform process. An EU-Morocco

Exchange. There is also room for international

29% in 2008 to 49% in 2012, while deposits rose

Agricultural Agreement liberalising trade in

competition with foreign banks such as Citibank

by 11.1% to reach a record MAD572.3bn, 20%

agricultural products, fish and fishery products

Maghreb, a subsidiary of Citigroup, present in

belonging to Moroccans living abroad.

came into effect in October 2012. The EU also

the market.

Urban areas of the country are well covered

began negotiating a Deeper Comprehensive Free

The Casablanca Stock Exchange, founded in

with bank branches and ATMs but rural areas lack

Trade Agreement with Morocco in 2012 with the

1929, was relaunched as a private institution in

such services. Banks are working to design new

main objective of the progressive integration of

1993. It is one of the few regional exchanges

products for lower income earners and special

the country’s economy into the EU single market.

with no restrictions on foreign participation.

niche products for SMEs and housing.

Morocco is one of the beneficiary countries of

The CSE is the second largest stock exchange

The coverage of bank networks saw significant

the Deauville Partnership, which agreed in April

in Africa and aspires to be a regional hub for

growth in 2011 with the number of ATMs

2012 to launch a new initiative to help five Arab

raising finance. Moroccan banks are expanding

increasing to 5,024 from 4,545 in 2010. This is

countries, including Morocco, to access capital

throughout West Africa, including through

five times the number of ATMs that existed in

markets to accelerate their development.

purchase of privatised local banks. Morocco

2002 when it was only 1168.The opening of the

Reforms to banking and finance have focused

launched its regional financial services centre,

Bank Al Barid, the post office bank, in 2010 means

on liberalising credit controls, liberalisation of

Casablanca Finance City, in 2012 and is

that post offices now serve as bank and has

interest rates and the replacement of direct credit

developing it in collaboration with Singapore.

widened access to banking services, especially

controls by a system of credit management relying

Morocco is starting to show more of an interest

in rural areas. It was reported that by the end of

on required reserve ratios and adjustment of the

in Islamic finance.

2011 about 480,000 new bank accounts were

Central Bank. Reforms led to improvements in

opened with Bank Al Barid.

public financial institutions, the marketing of

Robust Regulation

new products and the modernisation of the

The Moroccan banking sector benefits from

providing financial services to lower income

legal framework. An offshore financial centre is

the prudent regulation of the central that has

families and access to credit for SMEs in

operational in Tangier.

allowed it to avoid much of the uncertainty

Morocco. In 1999, the Microfinance Act was

in global markets in the past few years. This

adopted to provide a legal framework for the

Bank Structure

has ensured that the sector has continued

country’s microfinance sector. The act requires

At the start of 2012, the total assets of the

to

performance.

microfinance institutions to register at the

banking sector reached MAD 910 billion. The

A conservative exchange rate and steady

Ministry of Finance and to be audited. In 2010,

structure of the sector is dominated by three

expansion into African markets has helped

12 microfinance companies were registered

demonstrate

a

resilient

Microfinance plays an important role in

Arab British Banking & Finance Directory 2013/14

63


Morocco country profile sukuk issues could attract significant funds from Islamic funds in the Gulf in particular. Morocco is seeking to develop its banking network in Sub-Saharan Africa and to start its commercial expansion in the region based on partnerships with other African countries, said Lamia Marzouki, Director of the partnership strategy for the new financial platform launched by the Sharifian Kingdom: Casablanca Finance City. “Our African economies are small. We need to harmonize and work together to reach a critical mass that enables us to be on the radar of the international market,” Marzouki said, according to ADB 31 May 2013.

Insurance Sector The insurance market in Morocco is the second and provided services to 915,000 borrowers.

largest in Africa and one of the largest in the

Nevertheless, it has been estimated that less

Arab world.The sector recorded total premiums

than 20% of potential demand for microfinance

of MAD 21.7bn (€1.96bn) in 2010, and has the

services are currently being satisfied, which

highest insurance penetration and premiums

indicates potential for significant expansion of

per capita in the Maghreb (respectively at

this subsector.

2.8% and €60.4 in 2010). Over the past decade,

Islamic Finance

including consolidation of weaker players and

Islamic finance was introduced into Morocco several years ago for products related to housing, tourism and SMEs. What has been lacking, according to the country’s top bankers, are sharia-compliant savings instruments that can help support financing. “Today there is a need to put sharia-compliant products on the same tax footing as conventional ones so that Islamic finance have an added value and so that the market for such products is sustained,” Mohamed El Kettani, CEO,Attijariwafa Bank, told OBG. In March 2013 the central bank confirmed that it had entered into talks with Islamic scholars on establishing a central Sharia board to oversee the country’s fledgling Islamic finance industry. The board, composed of scholars and financial experts, would rule on whether instruments and activities complied with Sharia principles. Its creation would be a step towards establishing full-fledged Islamic

the market witnessed a major transformation, increasingly reinforced regulatory supervision. The regulator formalised a national insurance code in 2002, introduced further compliance rules (such as solvency reports), and introduced new

reserving

guidelines. It

also

forced

takeovers of insurers showing weak balance sheets by stronger ones. Standard and Poor’s has noted that fast-developing infrastructure and expanding real estate activity are likely to lift demand for insurance. Growing economies and liberalising markets, increasing demand for life and health insurance, also provide the impetus for sector growth. The market now features 16 direct writers and

one

reinsurer

(Société

Centrale

de

Réassurance rated BBB/Stable), but the five largest companies generate more than 70% of gross written premiums. The market is open to foreign players, with several French firms having well-established operating subsidiaries or stakes in Moroccan insurance groups. For example,

banking, Reuters news agency reported, 16

AXA and Société Générale have subsidiaries

March 2013.

AXA Maroc and La Marocaine Vie. Crédit Mutuel

The passage of new banking legislation will

owns 20% stake in RMA Watanya. Meanwhile,

allow the country to take advantage of the

Swiss Group Zurich’s subsidiary Zurich Maroc

growing Islamic finance industry estimated

is also a significant player in the market.

to grow to $4 trillion by 2020. The Minister of

The market has posted strong premium

General Affairs and Governance, Mr Najib Boulif,

growth of 11%, on average in recent years.

declared on 26 May 2012 that government was

Premium growth slowed to a modest 4% in

working on a package of financial reforms,

2010, reflecting a decrease in life business

including approval for the setting up of Islamic

mainly owing to lower savings product sales,

banks in 2013. In late January, parliament

due to competition with banking products.

approved legislation allowing the government

Growth took off once again in 2011, with a 16%

and companies to issue sukuk. A date for the

jump in life insurance sustaining overall growth

country’s first sovereign sukuk issue has not

of 9% year on year. Growth has been largely

been set. In 2010, Morocco began allowing

sustained by the volume-shaping life business,

conventional banks to offer a limited set of

and particularly the booming development of

Islamic financial services. It is anticipated that

bancassurance since 2005.

64

Arab British Banking & Finance Directory 2013/14

Useful Contacts British Consulate General 36 Rue de la Loire Polo Casablanca Morocco Tel: +212 (0) 522 85 74 00 Fax: +212 (0) 522 83 46 25 Email: british.consulate2 @menara.ma commercial.morocco@fco.gov.uk Dele Muji Country Manager, Morocco UK Trade & Investment 1 Victoria Street London Tel: 020 7215 4947 Email: dele.muji@ukti.gsi.gov.uk British Embassy 28 Avenue Sidi Mohamed Souissi - Rabat Tel: +212 (0) 537 63 33 33 Fax: +212 (0) 537 75 87 09 ukinmorocco.fco.gov.uk Embassy of the Kingdom of Morocco 49, Queens Gate Gardens London SW7 5NE Tel: 0207 581 5001-4 Fax: 0207 225 3862 Email: ambalondres@maec.gov.ma www.moroccanembassylondon.org. uk/en/Contact%20us.html British Chamber of Commerce for Morocco (BCCM) Tel: +212 (0) 522 44 88 60 Fax: +212 (0) 522 44 88 68 Email: britcham@menara.ma www.bccm.co.ma Casablanca Stock Exchange Email: contact@casablanca-bourse. com www.casablanca-bourse.com Bank Al-Maghrib Tel: +212 (0) 5 37 70 26 26 Fax: +212 (0) 5 37 70 66 67 www.bkam.ma Office des Changes (foreign exchange regulation authority) www.oc.gov.ma Agence marocaine de Developpement des Investissements (AMDI) www.invest.gov.ma Regional Investment Centre (CRI) www.casainvest.ma www.e-invest.ma


Oman country profile

Oman is a middle-income economy that is heavily dependent on oil. Oman’s trade balance is structurally positive. The country exports more than

fact file

it imports. This resulted in a manifold increase in the trade surplus to 25.4 billion in 2011 from $5.1 billion in 2001. Crude oil and related products continue to be the key reason for the increase in trade surplus. In

Country Name: Sultanate of Oman

Higher oil production and prices also supported growth in trade surplus, which otherwise would have been impacted by a surge in imports during the same

Capital:

period. The Economist Intelligence Unit expects

Muscat

trade surplus to remain at $25.5 billion in 2012, but

Land Area: 309,500 km

2011, oil and gas constituted 70.8% of total exports.

anticipates a slight fall in 2013. Furthermore, the 2

Population: 3,154,134 (July 2013 est) Currency: Omani Rial (OR) GDP Growth: 5% (2012) Dialling Code: +968 (00 968 from UK)

trade surplus would remain substantial throughout 2013-2017, although slower pace of growth in oil production may have a negative impact. Overall, export revenue is expected to increase by an annual average of around 8 percent over 2013-2017, supported by the continued development of Oman’s sea ports, which would raise re-export trade. Because of declining reserves and a rapidly growing labour force, Oman has actively pursued a development plan that focuses on diversification, industrialisation, and privatisation, with the objective of reducing the

Main Industries:

oil sector’s contribution to GDP to 9% by 2020 and

Crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, and optic fibre

creating more jobs to employ the rising number of

Key Exports:

Omanis entering the workforce. Tourism and gas-based industries are key components of the government’s diversification strategy. Oman is seeking to expand

Petroleum, re-export goods, fish, metals and textiles

its small and medium-sized enterprises with new

Export Partners:

businesses, training and mentoring for young business

China, South Korea, Japan, UAE and Thailand

people, and financing for start-ups. Vision 2020 outlines the economy’s diversification

Key Imports:

from oil and steps for privatisation and Omanisation.

Machinery and transport equipment, manufactured goods, food, livestock and lubricants

It also aims to reduce dependence on the oil sector to

Import Partners: UAE, Japan, US, China, India, France and South Korea

9% by 2020 and raise the gas industry’s contribution to 10.0%.The eighth five-year development was introduced in January 2011 and has focused on developing infrastructure, creating jobs and furthering economic diversification. Public investment of $32.7bn is planned over the period 2011-2015, while total investment was estimated at $77.9bn, indicating that a substantial proportion of the planned investment is

65


Oman country profile

expected to derive from private sector sources.

incorporated business entity, including bank,

indebtedness, the CBO reduced the ceiling on

In line with this, the government is

is allowed up to 70% almost on an automatic

personal interest loans from 8% to 7%, lowered

stimulating gas and oil related industries such

basis. Moreover, local operation of foreign

mortgage rates, capped the percentage of

as petrochemicals, fertilizers and aluminum

bank branches is also permitted. There are no

consumer loans at 50% of borrower’s salaries for

production that, in turn, are driving growth in

restrictions on repatriation of profit or capital

personal loans and 60% for housing loans, and

the manufacturing sector. Paired with this is

since Oman has an open capital account.

limited maximum repayment terms to 10 and 25

the carefully structured tourism strategy, aimed

Tax holidays are initially available for up to

at high net worth individuals. One of the main

five years, which can be extended for a period

In 2012 the CBO also issued final regulations

goals of the Tourism Ministry is to represent

of another five years in certain cases.The recent

governing Islamic banking and two full-fledged

Oman as a year-round destination.

years respectively.

initiative of the government to tax uniformly

Islamic banks held oversubscribed IPOs while

The nonoil sector’s contribution to GDP rose

both domestic and foreign companies would

four traditional banks opened sharia-compliant

considerably from 52.7% in 2001 to 72.2% in

also benefit the banking sector. The banking

Islamic windows.

2011. Factors such as high domestic demand,

system has evolved over the years with new

an expansionary fiscal policy and growth in

dynamics brought about by globalisation,

Islamic Banking

the nonoil economy would bolster economic

liberalisation and technological innovations.

Oman has been a late comer in the growth of

growth to average 5.1% over 2013– 2017.

Despite knock-on effects on the banking

Islamic banking. It was only in May 2011 that a

Oil production is estimated to expand 1.5%

sector from the recent global financial crisis,

royal decree was issued which officially allowed

annually during 2013-2017 compared to an

Oman’s banking system remained sound,

the CBO to give approval for two new Islamic

annual average of 5.7% in 2008-2011 and a 4%

resilient and profitable due to appropriate

banks to start operations in the market in 2012.

rise in 2012.

regulatory and supervisory policy adopted by

This was officially marked the opening up of the

the CBO. The emphasis on financial stability by

banking sector to Islamic banking operators. As

Banking Sector

the CBO has been reflected in the fine-tuning

well as permitting the establishment of Islamic

The institutional framework of the financial

of the regulatory and supervisory norms

banks, the law now allows existing commercial

system in Oman consists of the Central Bank

for banks from time to time in line with the

lenders to open Sharia window operations. In

of Oman (CBO), commercial banks, non-

international codes and best practices.

late August 2012, Oman’s only non-listed bank,

banking finance and leasing companies and

In pursuance of its commitment to adopt

Oman Arab Bank, announced that it had been

money exchange establishments, in addition

global best practices in the banking regulation

given approval for an IPO of 25% of its shares.

to insurance companies, pension funds and

and supervision, the CBO was in the forefront

Government rules normally require a minimum

the capital market. Oman’s financial system is

to mandate implementation of Basel II capital

of 40% of a firm’s shares to be floated.

dominated by banks accounting for more than

adequacy framework since January 2007.

90% of the total assets and/or liabilities of the financial sector as a whole.

Islamic banking is fast catching on in Oman

In order to raise the capacity of banks to

and is set to play a major role in the country’s

face global competition and expand business

development. Islamic banking industry had

At the end of 2012, the Omani banking system

in a growing economy, the minimum capital

posted a more than 30% growth rate in the last

consisted of 17 commercial banks, of which

requirement for new local banks was raised

two years and a further increase is expected in

seven are locally incorporated and ten are

from RO50mn to RO100mn and for foreign

the coming years.

branches of foreign banks. In addition, there are

banks from RO10mn to RO20mn.

Addressing delegates at the Oman Islamic

two specialised banks operating in the country,

The CBO is pledged to ensure monetary stability

Economic Forum 2013 in May in Muscat, the

one catering to development of projects and the

in the current uncertain global environment.

CBO chief executive president Hamoud bin

other providing mortgage loans.

The focus remains on liquidity management and

Sanjour Al Zadjali said the local banking industry

Oman’s banking system operates in a

supporting growth, while keeping inflation under

has recently witnessed many developments,

deregulated and competitive environment. All

check. In 2012, banks witnessed excess liquidity, as

including the promulgation of a decree which

banks are provided a level playing field. Oman

growth in deposits remained strong.This, coupled

provided new horizons for Islamic banking

provides an attractive foreign investment

with an expansionary fiscal policy, resulted in a

inside the country by giving licenses for

policy. Under the World Trade Organisation

significant increase in total money stock.

specialised Islamic banks and Islamic windows

commitment, foreign ownership in a locally

66

In response to a fast growth in household

Arab British Banking & Finance Directory 2013/14

at licensed traditional commercial banks.


Al Busaidy, Mansoor Jamal & Co Barristers and Legal Consultants Sultanate of Oman

AMJ is the largest, top-ranked commercial law firm in Oman combining cross-border expertise with in-depth knowledge of Omani law and practice gained from more than 30 years of practice at the heart of Muscat’s financial and business district. Whether you are seeking to invest in Oman, do a deal, enter into a contract, resolve a dispute or simply learn more about Oman’s vibrant business environment, our internationally-qualified lawyers and experienced Omani advocates are here to provide you with cost effective advice and the strategic counsel necessary to protect and expand your interests. Small partner-led teams work in close collaboration so you benefit from fully-integrated advice tailored to meet your business objectives in the following areas:Banking and Finance, Islamic finance and insurance, Corporate and Capital Markets, Commercial, Projects and Privatisation, Regulatory, Labour and Employment, Aviation and Shipping, Intellectual Property, Insurance and Real Estate, Telecommunications, Litigation and Arbitration

Oman Law Firm of the Year 2013 International Finance Law Review Find out more and sign up at amjoman.com for free ‘Insight Oman’ legal updates.

Muscat International Centre, Bait Al Falaj Street, P.O. Box 686, Ruwi 112, Muscat, Oman tel: (+968) 2481 4466 | email: mj-co@omantel.net.om | web: amjoman.com


Oman country profile Useful Contacts UKTI Paul Bathgate UK Trade & Investment Middle East Team Tel: + 44 (0)20 7215 4246 Email paul.bathgate@ukti.gsi.gov.uk British Embassy PO Box 185, Mina Al Fahal Postal Code 116, Sultanate of Oman Tel: (+968) 2460 9000 (Emergency); (+968) 2460 9002 (Commercial); (+968) 2460 9251 (Consular)

Al Zadjali said it is expected that Islamic banks

products and then acquire new customers

would provide the suitable financial support for

as well. Oman United Insurance is the first

small and medium enterprises and entrepreneurs

Omani company to receive higher rating from

and help them with innovative Sharia-compatible

the international rating agency Standard and

solutions that meet their needs.

Poor’s. The company was also voted the ‘Oman

Embassy of the Sultanate of Oman 167 Queen’s Gate, London SW7 5HE Tel: 020 7225 0001 Fax: 020 7589 2505 Email: theembassy@omanembassy. org.uk

Insurer of the year 2013’ by MENAIR Insurance

Insurance Sector

Review, London.

In line with the massive economic development

As Standard and Poor’s comments: “The

in the Sultanate, the insurance sector too is

rating reflects the company’s fair business risk

witnessing steady growth. Ravi Shankar, Chief

profile and upper adequate financial risk profile,

Executive Officer, Oman United Insurance told

demonstrated by its adequate and strengthened

Oman Daily Observer on 7th July 2013, that

competitive position and moderately strong

all the factors including population expansion,

capital and earnings.”

favourable regulatory framework and increased

The launch of Oman’s Sharia-compliant

product awareness all indicate that the sector

segment is widely believed to signal a new era

is set to achieve a growth of 10% to 15% in the

for the country’s financial services sector and the

current fiscal.

insurance industry in particular. Initial prospects

“Sustained economic growth is supporting

for the fledgling segment look promising, with

the expansion of general income levels of

hopes high that it will provide the insurance

people. At present the average insurance

sector with a new means of growth. General

penetration in Oman is about one per cent.

optimism is reflected the increased number of

Non-life accounts for more than 80% of the

Omani consumers interested in taking up sharia-

insurance premiums,” he said. The non-life

compliant finance products, such as takaful.

insurance segment is likely to benefit from

Central Bank of Oman Email: cboccr@omantel.net.om Tel: (+968) 24 777 777 (Head Office) Fax: (+968) 24 788 995 www.cbo-oman.org/ Capital Market Authority Tel: +968 2-482-3100 Fax: +968 2-481-6691 Email: info@cma.gov.om www.cma.gov.om Oman Ministry of Finance Tel: +968 24-744300 Fax: +968 24-738138 Email: info@mof.gov.om www.mof.gov.om Oman banking law www.cbo-oman.org/info_law.htm

the infrastructure activities including the construction of airports, development of Duqm and the upcoming railway projects.“While these activities are giving impetus to the construction sector, they also give more life to the country’s non-life insurance segment. Insurance against catastrophic events, accidents and critical illness has become more urgent”, he said. Regarding motor insurance which is termed as a non-friendly consumer platform, he said, “This segment has been a difficult business for all insurers. Most losses are from this area”. “Higher penetration of medical insurance and growth of motor insurance due to new vehicle sales are also likely to aid the sector growth”, he said. Oman

United

is

actively

considering

proposal to launch takaful (Islamic insurance) operations. Managing Director Sayyid Nassir Bin Salim al Busaidy said. He said takaful will initially help the company retain its existing customers

68

who

want

Islamic

insurance

Arab British Banking & Finance Directory 2013/14

British Business Forum Oman (BBF Oman) bbfoman.org/index.html


Palestine country profile

The Palestinian banking sector was largely insulated from the global financial crisis and its main challenge has been the country’s

fact file

exceptional political situation which has impinged on the normal functioning of the entire economy and imposed deep uncertainties on potential investment flows.

Country Name:

According to the International Monetary Fund

Palestine (West Bank & Gaza)

(IMF), Palestine’s real GDP growth in 2011 continued

Current Capital:

at a high pace underpinned by Gaza’s strong recovery.

Ramallah and Gaza (current locations of government institutions) East Jerusalem is the preferred capital of a future independent State of Palestine

Though unemployment has declined, it remains high.A

Largest City: Gaza Language: Arabic Population: 3.9 million (2,676,740 July 2013 est. in West Bank and 1,763,387 July 2013 est. in Gaza) GDP Growth:

top Palestinian economic adviser, Mohammad Mustafa, stated that the economy could grow by as much as 20% annually if peace was established. The banking sector is overall well capitalised with limited exposure to global capital markets, reflecting tight prudential regulations and conservative bank lending practices. Responsibility for financial regulation and supervision is shared between the Palestine Monetary Authority (PMA) and the Palestine Capital Market Authority (PCMA). While the PMA overseas and regulates the banks, money changers and microfinance institutions,

5.7% (2011 est.)

the PCMA takes responsibility for the securities market,

Dialling Code:

insurance companies and real estate institutions. As of September 2011, the banking sector consisted

+970 (00 970 from UK)

of two Islamic banks and 16 conventional banks,

Agricultural Produce:

of which 10 are foreign banks. None of them is an

Olives, fruit, vegetables, flowers; beef, dairy produce

investment bank.Total bank assets in the previous five

Main Industries: Textiles and food processing Imports: Food and consumer goods

years increased by 55% to almost $9 billion, Sherin Al-Ahmad, chief of the macro-prudential supervision division at the Palestine Monetary Authority, stated. The Bank of Palestine (BOP), the first and largest bank in Palestine, was founded in 1960. It commenced its operations by giving small loans to projects and

Exports

businesses and issuing limited short-term personal

Olive, Fruit, Vegetables, Limestone, Flowers and Textiles

loans. It is the most geographically distributed bank with a network of branches and sub-branches spreading from Jenin in the North to Rafah in the South. BOP provides both personal and corporate banking services. The personal banking services include current and saving accounts, loans, credit cards, certified deposit, international money transfer and other banking services.

69


Palestine country profile

Corporate banking services include project

region, currency and institution. Even prior to

foreign insurance companies to operate and

financing, letters of credit, letters of guarantee,

the Basel III rules on capital, an 8% common

the number of working insurance companies

financing commercial contracts, bills collection,

equity tier 1 ratio was imposed on all banks.

reached 10 companies in 2012 operating in the

credit facilities, international money transfer,

Among the PMA’s priorities for the future is the

various types of insurance.

card acceptance, electronic banking services and

implementation of Basel II and Basel III.

Major steps were taken by PCMA during

treasury services. BOP supports many project and

The PMA has been carrying out institutional

2012 to improve the supervisory role on the

activities in various fields and occupies a leading

reforms with IMF and World Bank assistance

insurance sector by introducing new directives

competitive position among other operating

since 2006 aimed at transforming it into a

and instructions aimed at mitigating the risk

banks. It solely issues and accepts international

modern central bank.The reforms have ensured

on insurance companies and providing better

credit cards - Visa and MasterCard, and debit card

that banks have been obliged to operate under

insurance coverage for the insured.

–Visa Electron, in Palestine.

rigorous supervision of a regulatory framework

Among these actions was the mandatory

The BOP is expanding operations overseas

which has consisted of regular on-site and off-

requirement from all insurance companies

to open a representative office in Dubai, as the

site supervision, the calibration of banking law

to submit an actuarial report with the yearly

city is a safe haven for Palestinian finance and

in line with best international practice and the

financial statement prepared by an independent

home to a 200,000 Palestinian community. The

introduction of a modern public credit registry.

actuarial expert. This requirement was felt

BOP is aiming to get a banking license in Dubai

n November 2010, the PMA completed

necessary after PCMA completed the second

by 2015. The bank aims to expand to other

the installation of an electronic payment

phase of the actuarial study which focused on

markets, including Qatar and Jordan, in order

system, including Real Time Gross Settlement,

general insurance and life insurance services.

to target a global Palestinian diaspora of around

distinguished worldwide by its use of four major

It can be mentioned that the first actuarial

7.5 million people. In addition, BOP has chosen

currencies beside the national currency when

study was focused on mandatory insurance

Chile for its first overseas office because of the

used.Reforms have proved effective in supporting

and was completed in 2011. Within the

fact that the country has the largest number

Palestine’s well-performing banking system along

context of risk mitigation, the insurance

of Palestinians outside Palestine, numbering

with improved economic conditions.

directorate

around half a million. Dubai’s

first

equity

fund

focused

focused

its

attention

during

Within the last five years assets have

2012 on fundamental indicators like capital

on

increased by 55%, paid in capital by 79%,

adequacy, liquidity, type and quality of assets,

Palestine had a successful launch in 2011 when

deposits by 65% and non-performing loans

technical reserves, aging of debts, and others

Rasmala Investment Bank unveiled the Rasmala

decreased from 14.5% to 2.6%. Profits for the

and consequently requested each company

Palestine Equity Fund, in partnership with BOP

overall industry have increased by more than

to rectify its position through a defined

and other institutions. The fund targets stocks

170% since the end of 2006.

business plan with a set time-frame. Moreover,

listed on the Palestine Stock Exchange.

the directorate finalised in cooperation with

Insurance

the Ministry of Transport and the federation

Banking Reforms

The Palestinian National Authority is the

of insurance companies the unified vehicle

Since its establishment in 1995, the PMA’s

authorised body and supervisor of the insurance

insurance policy which, besides electronically

primary goal has been to support a sound

sector in Palestine, granting licenses to insurers

linking insurance with vehicle registration

financial system capable of fostering the

and insurance agents and supervising their

will also provide a statistical data base for any

national economy through rigorous supervision

activities. It has been supervising the sector in

future planning.

and prudential regulations in line with best

the country since 1993.

The insurance portfolio decreased by 4%

international practice. Given the absence of a

The sector suffered from the absence of

in 2012 compared to 2011, with a total value

national currency, the PMA concentrates efforts

a Palestinian Insurance law for a long time,

of $144 million, while total paid-up value of

on preserving financial stability rather than

a situation which came to an end with the

claims reached $88 million in 2012 compared

monetary stability.

establishment of the Capital Market Authority

to $75.5 million in 2011.

Banks

strict

in 2004 as the authorised body to supervise,

concentration limits in terms of their lending

control and organise all businesses related to

Financial Leasing

exposure by borrower, sector and region, as

the insurance sector. The issuance of Insurance

The financial leasing sector contributes to

well as regards their investment exposure by

law No (20) in 2005 allowed many local and

economic growth and stability since it provides

70

are

obliged

to

apply

Arab British Banking & Finance Directory 2013/14


Palestine country profile Useful Contacts Paltrade Palestine Trade Centre www.paltrade.org/en/contact-us/ index.php Palestine Exchange (PEX) Email: pse@p-s-e.com www.p-s-e.com Palestine Capital Market Authority Palestine – el-Bireh BOX 4041 Tel: +970 2 2973334 Fax: +972 2 2973563 Email: info@pcma.ps www.pcma.ps the means of increasing local investment. It is built on the basis that profit comes from the use of assets not their acquisition, as well as the tenant’s ability to achieve cash flows resulting from the asset`s operation, thus leasing becomes of particular importance in

Palestine Monetary Authority (PMA) Nablus Street Al-Bireh, Ramallah 452 Palestine Email: info@pma.ps Tel: +970 2 241 5251 www.pma.ps

small and medium-sized industrial enterprises. This sector also proceeds in accordance with the provisions of Islamic Sharia. Accordingly, the Authority has undertaken to develop this sector and lay down the right foundations for building and creating an appropriate environment for its work. While encouraging investment, the Authority cooperates and coordinates with relevant stakeholders, such as the Ministry of Transport, the

Department

of

Land, and Taxation

Departments at the Ministry of Finance, to find appropriate work mechanisms for this sector. During

2012, the

number

of

licensed

companies in the financial leasing sector reached eight, while the relevant leasing law was approved by the council of ministers in 22 September 2011, which aims to create a legal framework in Palestine for developing leasing services in accordance with international standards. The leasing directorate at PCMA finalised the leasing instructions for income tax purposes

and

these

instructions

were

approved and endorsed by the minister of finance. Furthermore, the directorate in cooperation with the Land Authority finalised the instructions for the registration of the nonmovable assets for leasing purposes. These instructions will come into effect when the leasing law is endorsed by the President of Palestine. Finally, the directorate with the aid of IFC is reviewing the leasing instructions for the purpose of value added tax which was expected to come into effect in 2013.

Palestine Investment Promotion Agency Email: info@pipa.gov.ps www.pipa.gov.ps The Consulate-General in Jerusalem 19 Nashashibi Street Sheikh Jarrah Quarter PO Box 19690 Jerusalem 97200 Tel: +972 (02) 541 4100 (24 hour); +972 (02) 532 8459/540 0451 (Development); +972 (02) 628 2545 (British Council) Email: britain.jerusalem@fco.gov.uk www.britishconsulate.org/ British Information & Services Office - Gaza 1st Floor, Al-Riyad Tower Jerusalem Street Al-Rimal South Gaza Tel: +970 (08) 2837724 Fax: +970 (08) 2837734 Email: biso@britishconsulate.org Michael Jilleh British Embassy Jerusalem Tel: + 972 (0)2 5414151 Email: Britain.jerusalem@fco.gov.uk Palestine Embassy, UK 5 Galena Road Hammersmith London W6 0LT Tel: 020 8563 0008 Fax: 020 8563 0058 Email: palestinianUK @btconnect.com

71


Qatar country profile

Qatar’s total banking sector assets stood at $225bn in 2012. Total banking assets to GDP increased from 97% in 2008 to 117% in 2012, which is higher

fact file

than the GCC average of 93%. The country’s banking sector asset quality remains stronger than in many countries around the world, with nonperforming loans estimated at just 2% of total loans

Country Name: State of Qatar

in 2012. Qatar’s banking system also has sound capitalisation, with a capital adequacy ratio of 19%, far above Basel requirements.

Capital: The banking system in Qatar is robust, with a CAGR

Doha Land Area:

of 20% in assets from March 2008 - March 2012 and another 20% in the year to March 2013. Higher energy

11,586 km

prices and increased gas production have funded a large

Population:

public spending programme, which has driven credit

2

2,042,444 (July 2013 est)

growth and resulted in overall asset gains, according to QNB Group’s report, Qatar Economic Insight 2013.

GDP Growth:

The banking system remains highly capitalised and

5.2% (2013 estimate)

profitable, according to the International Monetary

Currency:

Fund. The capital adequacy ratio of commercial banks rose from 16.1% in 2010 to 21.1% in June 2012, while

Qatari Riyal (QAR)

nonperforming loans declined from 2.0 to 1.7 over the

Dialling Code:

same time period, and the return on assets recording

+974 (00 974 from UK)

2.5% in June 2012, the IMF said. The main driver for Qatar’s banking growth has

Language:

been domestic assets, which in turn was driven by

Arabic with English widely used as a second language

27% growth in credit. Conventional banks account for

Main Industries:

the largest share of assets (72%) and have been largely responsible for the strong growth with balance sheets

Liquefied natural gas, crude oil production and refining, ammonia, fertilisers, petrochemicals, steel reinforcing bars, cement and commercial ship repair, agriculture

expanding by 18% in 2012.

Key Exports:

sector assets in March 2013. Qatar National Bank (QNB)

Liquefied natural gas (LNG), petroleum products, fertilisers and steel

Qatar’s banking sector is highly concentrated with the top five banks accounting for 77% of total banking is the largest bank with total assets of $ 104.4 billion as of March 2013. QNB also put Qatar on the global

Export Partners:

banking map by emerging as “The Strongest Bank” in

Japan, South Korea, Singapore and India

the world for 2012 according to a survey issued by

Key Imports:

Bloomberg Markets. The sector’s overall credit facilities increased by 25%

Machinery and transport equipment, food and chemicals

in the year to March 2013 to $142 billion compared to

Import Partners:

March 2012.The public sector was also the key growth

US, Italy, South Korea, Japan, Germany, France, UK, China, UAE and Saudi Arabia

Deposits from the public sector rose sharply by 83%

72

Arab British Banking & Finance Directory 2013/14

driver for overall gains in banking sector deposits. year-on-year as at March 2013.


Qatar country profile

Although the rapidly increasing public sector

in Qatar’s financial sector. The QCB conducts

The QFMA’s primary objective is to ensure

deposits form a stable source of funding for

regular inspections of and reviews reports and

market integrity and transparency through

Qatari banks, they have also been widening their

other mandatory data submitted by commercial

impartial

funding options in recent years. Banks have been

banks, including monthly capital adequacy

regulation of Qatar’s capital markets. The QFMA

tapping into international bond markets and in

compliance reports.

also sets regulatory policy for the securities

monitoring

and

independent

2012 issued bonds to the tune of $ 4.5 billion.

Qatar’s monetary policy is formulated by

Qatari banks have high credit ratings, along with

the QCB to, for example, regulate interest rates,

regulations, oversees

a record of generating consistently strong growth

maintain the stability of the national currency

and enforces relevant laws and regulations

in their operations and financial results. This has

and control inflation. While the QCB operates

applicable to market participants

allowed them to successfully access international

in coordination with the Ministry of Economy

debt markets and find funding options at

and Finance, it operates independently in its

competitive rates.

management of monetary policy.

markets, drafts and issues relevant rules and admission

to

listing

Qatar Financial Centre Authority and Qatar Financial Centre Regulatory Authority

The net profit of Qatari banks increased by

The QCB has applied the Basel II Framework

7.5% in 2012 reaching $ 4.4 billion.The return on

since 2007 and is implementing the Basel

The QFC was established in 2005 with the

average equity stood at 17.5%, while the return

III framework. The timeline for the formal

objective of attracting international financial

on average assets was at 2.7%. Higher lending, a

implementation of different aspects of the Basel

service providers to Qatar. Much of Doha is already

low cost base and low provisioning requirements

III framework falls between 2013 and 2019.

authorised as a “QFC zone” and the authorisation

have supported the banks overall profitability.

However, after initial studies, QCB said that it

process is generally straightforward. The Qatar

Qatari banks have been expanding their global

expected all banks will already be compliant

Financial Centre Authority is the commercial arm

footprint in recent years. Most local banks already

with Basel III minimum capital requirements by

of the QFC and is responsible for the licencing,

have an international presence through branches

the end of 2012.

registration and incorporation of QFC entities among other things.

and offices. In addition, a number of Qatari banks

The QCB adopted measures in response

have acquired a stake in financial institutions in

to the global financial crisis that have helped

the MENA region and in other select markets.

ensure that the banking sector is well

Stock Market

Further plans will see continued expansion by

protected with strong capitalisation and ample

The Qatar Exchange (QE), or stock market,

local banks. QNB has the largest international

liquidity. Qatar’s banking sector risk-weighted

with 43 listed companies, is contributing to the

network among MENA banks, with a presence in

capital adequacy ratio (CAR) has remained

further deepening and broadening of capital

25 countries. Other local banks are also actively

high in recent years. It reached 20% as of 30

markets and, in partnership with New York Stock

seeking

opportunities.

June 2012, up from 16.1% in 2010, mainly

Exchange Euronext, continues to develop the

Qatari banks will continue to look at international

as a consequence of a $3.5bn rights issue

scope of the market with plans for new products

expansion in 2013-2014 as global banking asset

conducted by QNB during 2011. The CAR is

such as derivatives to increase liquidity and price

prices remain attractive and as Qatar rapidly

well above the QCB requirement of 10% and

discovery. The exchange has also launched the

expands its international investments, providing

the Basel II minimum requirement of 8%.

QE Venture Market for small and medium-size

international

growth

enterprises.

related banking needs and opportunities, the

Qatar Financial Markets Authority

The market for bonds and sukuks has also

The Qatar Financial Markets Authority (QFMA)

increased substantially with nearly $10.8bn

Qatar Central Bank

was established in 2005 as an independent

of issues from Qatar in 2012. There is also

The Qatar Central Bank (QCB) was established

regulatory authority for Qatar’s capital markets.

significant scope for growth in mutual funds

in 1993 and operates in coordination with

The QFMA is mandated to

which at present in Qatar represent just a single

the Ministry of Economy and Finance. In its

(i) regulate and supervise the QE and the

percentage of GDP.

Qatar Economic Insight 2013 report said.

supervisory capacity, the QCB oversees the

securities industry in Qatar; and

The QE is the second largest stock market

activities of all of Qatar’s commercial banks

(ii) implement a new regulatory framework

in the GCC with market capitalisation of

and non-banking financial institutions (with

for Qatar’s capital markets and securities

$128bn at the end of August 2012, equivalent

the exception of insurance companies) with a

industry

to 17.5% of the total regional capitalisation

view to minimising banking and financial risk

practices.

based

on

international

best

of $730bn. The QE had the highest market

Arab British Banking & Finance Directory 2013/14

73


Qatar country profile Useful Contacts Paul Bathgate UK Trade & Investment Middle East Team Tel: + 44 (0)20 7215 4246 Email: paul.bathgate@ukti.gsi.gov.uk UKTI Doha Tel: +974 4496 2000 Fax: +974 4493 3091 Email: ukti.doha@fco.gov.uk Qatar British Business Forum www.qbbf.com

capitalisation to GDP in the GCC at 68%. The

has also been highlighted by the World Bank as

QE, initially called the Doha Securities Market,

having high inward foreign direct investment

officially started operations in 1997. The bourse

potential and performance.

opened up to foreign investors in April 2005,

The GCC, including Qatar, offers a deep

limiting their participation to 25% of the free-

pool of private wealth with Qatar’s onshore

floating, non-government held shares of listed

wealth amounting to an estimated $40bn

companies. The equity market has grown from

in 2013, according to Datamonitor – Wealth

17 listed companies at its inception to 42 at

Management in the Middle East. Over the last 10

present. There is also an initiative underway

years, a significant number of High Net Worth

to encourage smaller companies to list by

Individuals in the Gulf have tended to reduce

establishing a parallel market with lower capital

the amount of their wealth managed overseas

and past performance requirements. In addition,

in favour of a greater emphasis on keeping

QE started listing treasury bills from late 2011.

their investments within their home countries. This trend has created greater opportunities for

Islamic Finance

local asset managers and caused international

Qatar’s leading Islamic financial institution

institutions to enhance their local presence.

Qatar Islamic Bank has been awarded the

According to Datamonitor, Qatar is one of the

title of “Islamic Bank of the Year, Qatar 2013”

most attractive wealth markets in the Middle

by The Banker magazine. The award is yet

East for high-net-worth individuals.

another accolade given to the bank, based on performance and achievements the year prior to March 2013. The award is designed to promote excellence in the global Islamic banking industry.This was the first year that the

Qatar Embassy 1 South Audley Street London W1K 1NB Tel: 020 7493 2200 Fax: 020 7493 2661 www.qatarembassy.info Qatar Exchange Tel: +974 44333666 Fax: +974 44319233 Email: info@qe.qa www.qe.com.qa Qatar Financial Centre Authority Tel: +974 4496 7777 Fax: +974 4496 7676 Email: info@qfc.com.qa www.www.qfc.com.qa/en-US/ ContactUs.aspx Qatar Investment Authority Tel: +974 44995900/+974 44995859 Fax: +974 4995991 www.qia.qa/QIA/contact.html Qatar Central Bank Tel: + (974) 4445-6456 Email: webmaster@qcb.gov.qa www.qcb.gov.qa

magazine decided to hold an Islamic award,The Peninsula reported 11 June 2013.

Asset Management Opportunities The asset management industry is set to grow strongly over coming years, driven by an opportunity to generate emerging market returns in a comparatively low risk environment. Qatar has one of the highest rates within the GCC region at 49%, according to the Economist Intelligence Unit.This pool of savings represents a major opportunity for fund managers able to provide a high quality of service for local investors looking to allocate their funds closer to home. GCC Sovereign Wealth Funds (SWFs) have also grown their asset bases significantly over the last few years, accounting for half of all foreign assets held by the GCC. Qatar’s SWF, the Qatar Investment Authority, had assets totalling around $115bn as at the end of 2012. Qatar

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Arab British Banking & Finance Directory 2013/14

Qatar Investment Promotion Department www.www.investinqatar.com.qa Qatar National Bank www.www.qnb.com.qa/english Qatar’s National Development Strategy 2011-2016: www.www. gsdp.gov.qa/portal/page/portal/ GSDP_Vision_Root/GSDP_EN/NDS Qatar Chamber of Commerce & Industry Email: qcci@qatar.net.qa www.qcci.org/English


Saudi Arabia country profile

The Kingdom of Saudi Arabia has been one of the best performing G20 economies in recent years, and supports the global economy through its stabilising

fact file

role in the global oil market. Saudi Arabia’s economy grew by 5.1% in 2012, benefitting from high oil prices and output, strong private sector growth, and government spending. Inflation has risen over

Country Name: Kingdom of Saudi Arabia

by higher food prices and housing costs. High oil prices and production led to large fiscal and current account surpluses, and international reserves rose

Capital:

further. Credit growth has remained strong, and the

Riyadh

banking system is well-capitalised and profitable,

Land Area: 2,149,690 km

the past year to reach 3.8% in May 2013, driven

with Basel III capital standards implemented in 2

Population: 26,939,583 (July 2013 est) Language: Arabic Currency:

January 2013, the IMF has noted. Following an expansionary fiscal stance in 2011, government expenditure growth slowed in 2012 and the nonoil deficit began to narrow. Consistent with the exchange rate peg, monetary policy settings have remained unchanged. Looking ahead, growth is projected to reach around

Riyal (SAR)

4% in 2013, according to IMF forecasts. Private sector

GDP Growth:

growth is expected to be strong, but oil production

4.0% (2013 est)

is likely to be below 2012 levels while government spending growth may slow. Inflation is expected to ease

Dialling Code:

toward the year-end in line with declining international

+966 (00 966 from UK)

food prices.With oil prices and production expected to

Key Exports: Petroleum and petroleum products Export Partners: United States, China, Japan, South Korea, India, Singapore, UK

be lower, fiscal and external surpluses, while remaining large, are projected to narrow this year. The Saudi Arabian population is young and increasingly well-educated, and, as it continues to enter its working-age years, there are tremendous opportunities to boost growth and raise living

Key Imports:

standards

Machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles

Kingdom is continuing to implement initiatives to

Imports Partners: United States, China, Germany, Japan, South Korea, India, Germany, UK

further. Against

this

background, the

boost employment prospects, increase the supply of housing, improve infrastructure, particularly in the area of transport, and develop the small-and medium enterprise (SME) sector. Strong economic policies, combined with prudent supervision of the financial sector, have allowed the Kingdom to boost expenditure to support demand and to limit the direct impact on the financial system of global and regional developments.

75


Saudi Arabia country profile

Total banking assets in the Kingdom reached

banking centre for financing Saudi businesses,

limited to 40% for non-GCC nationals and 60%

SR165trn ($439.7bn) in 2012. The profitability

according to SAGIA. The Saudi financial sector

for GCC nationals. The Capital Markets Law of

of Saudi banks has been rising in recent years

is regulated and controlled by the Saudi Arabian

2003 allowed brokerages, asset managers and

to reach SR30.9bn ($8.23bn), at the end of

Monetary Agency (SAMA), whose policies

other non-bank financial intermediaries to

2011.As of end 2012, the sector consisted of 12

on financing and terms of payment aim to

operate in the Kingdom. By the end of 2009,

local banks and a growing number of foreign

facilitate the free flow of financial resources.

over 108 companies had received licenses to

banks. The market is dominated by a few large

Local commercial banks also provide credit and

offer financial advisory and brokerage services

players. Banks have found it easier to lend since

project financing to businesses in the Kingdom.

in the Kingdom.

the establishment of the Commercial Credit

The private sector has access to a variety of

The Kingdom is one of the largest markets

Bureau in February 2009. Use of ATMs among

credit instruments. Credit from the commercial

for Islamic banking and finance in the world,

Saudi customers has been increasing and on

banks is allocated on market terms, and foreign

accounting for a substantial share of the sector’s

average SR54bn ($14.39bn) was withdrawn

investors can obtain credit on the local market.

total assets valued at nearly $1.6trn, according to

from ATMs each month during the summer

The banking and finance service sector

Mr Azmi Omar, who is director general of Islamic

of 2012, according to a report from Oxford

in the Kingdom consists of various types of

Research & Training Institute (IRTI), an affiliate

Business Group.

financial institutions: banks (commercial banks,

of the Jeddah-based Islamic Development Bank.

Leading global ratings agencies state that

money exchange and transfers); insurance

The Kingdom’s domestic market share in

Saudi Arabia now has the lowest risk banking

companies; financial leasing companies; and

Islamic banking reached 49% or $207bn in

sector in the Middle East. Its banking system is

securities and investment firms. The majority

2011.“The nascent sector is growing at the rate

also among the safest in the world, according to

of financial activities are concentrated within

of 20% annually,” he told Arab News, 21 August

Standard & Poor’s.

the commercial banking segment, dominated

2013, adding that the Islamic banking and

The National Commercial Bank (NCB), the

by local and joint-venture banks.The sector also

finance market is estimated at between $1.3trn

oldest bank in the Kingdom, stated in a 2013

includes several specialised credit institutions,

to $1.6trn, which is less than five percent of

report that total deposits in the Saudi banking

with a total asset size of approximately half that

the global financial market, with Saudi Arabia

industry surpassed SR 1.3 trillion during April

of the banking segment.

holding 7.1% of the market or $147.4bn in

2013, providing a solid backbone for credit

The government also manages three financial

2011. He said the popularity of Islamic banking,

expansion. Demand deposits recorded the

institutions: the Pension Fund, the General

which is value-based and production-oriented,

fastest pace since February 2012 at 19.6%

Organisation for Social Insurance, and the

was growing rapidly across the world especially

annually, reflecting low interest rates globally

Saudi Fund for Development, which issue the

in the aftermath of the global financial crisis.

and locally. Remittances, meanwhile, have

vast majority of government securities. Non-

“Islamic banks finance productive projects that

averaged SR15.3bn during the first four months

commercial bank financial institutions complete

can boost real economy and do not engage in

of 2013 in comparison to SR10.9bn for the first

the industry’s portfolio with a marginal share of

speculative and unethical business activities,”

four months of 2012. The private sector has a

total assets.

he said.

pivotal role in driving the non-oil economy

Major commercial banks in the Kingdom

Banking experts estimate that the Kingdom’s

as the Kingdom experiences unprecedented

include: the Arab National Bank, Al Jazira Bank,

banking system is among the safest in the world

growth. Fresh lending to the private sector

Al Rajhi Banking and Investment Corporation,

and the safest in the Arab worlds. Banking

reached SR49.1bn for the first four months of

Bank AlBilad, National Commercial Bank (NCB),

security and the Kingdom’s top ranking have

2013 in comparison to SR 46.0bn for the same

Riyadh Bank, Saudi American Bank, Saudi British

been confirmed by the IMF and World Bank’s

period the previous year.

Bank, Saudi Fransi Bank, Saudi Hollandi Bank

assessment. Talat Hafiz, secretary general of the

Investors in the Kingdom have access

and the Saudi Investment Bank. The sector is

media and banking awareness committee of

to both debt and equity financing from the

dominated by commercial banks, including 12

Saudi banks, confirmed that Saudi Arabia ranked

financial services sector. Financing is available

Saudi and eight foreign institutions. In 2012, the

number one in the region for secure transactions.

to both Saudi and non-Saudi businesses. Saudi

top four banks boasted joint assets of SR938.7bn

“Despite the huge annual transactions in Saudi

entities can also borrow from non-Saudi banks

$85.39bn, amounting to almost 59% of total

Arabia, there are very few complaints in terms

and regularly employ the services of offshore

banking assets.

of credit cards, visa cards, online payments, or

banking units in Bahrain, which is a major

Foreign ownership in the banking sector is

ATM cash withdrawals,” he told Arab News, 20

Arab British Banking & Finance Directory 2013/14

77


Saudi Arabia country profile June 2013. Hafiz said most Saudi banks offer integrated services including Internet banking, ATM and telephone-based services. “Since more clients want to transact electronically, customers in Saudi Arabia are now moving into electronic banking, but the move is gradual.” Saudi banks are forecast to boost their net profits to the highest level in 2013 amid sharp recovery in domestic credit, Jadwa Investments said in a study. Credit to the private sector by the Kingdom’s 12 commercial banks surged by nearly 16.5% in May 2013 to extend a recent boom in lending. “The expansion in credit and low funding costs continue to contribute to a pick-up in bank profits,” it said, adding that in May, banks recorded a profit of SR3.2bn, 11% high than in May last year, taking the year-to-May profit to SR15.7bn. “We remain positive on bank profit growth,

it would open the market on a gradual basis,

makes it compulsory for employers to provide

according to media reports.

health insurance coverage for their expatriate

based on a solid path for credit growth and low funding costs in 2013. In fact, we expect this year’s bank profit to surpass the all-time high of SR34.7bn recorded in 2006,” Jadwa Investments said. “We expect growth in credit to the private sector to expand further this year (16% year-onyear), although with a smoother trajectory than we saw last year (16.4% year-on-year). On this basis, we expect the incremental increase in bank credit issued to the private sector to reach SR154bn in 2013 compared with SR135.7bn last year and close to an all-time high record of SR155.3bn in 2008,” the report noted, according to Saudi Gazette, 8 July 2013.

Tadawul SAMA and the Capital Markets Authority (CMA) supervise the Saudi stock market, which is known as the Tadawul. This has grown significantly over the past 20 years or so and is now the largest stock market in the Arab world. In 2008, the value of trading exceeded $500bn. The number of companies that trade in the stock market has increased steadily, with 156 publicly traded companies listed as of September 2012. The stock market may open to foreign investors as early as 2014, according to predictions by market analysts. Foreign investors

employees. The sector has been regulated

Sukuk Market

by SAMA since 2003 which has a dedicated

The sukuk market has been growing faster than

department for insurance supervision. SAMA is

Islamic banking and offers a good instrument

mandated to ensure fair competition between

to finance infrastructure projects. “The sukuk

operators in the market, guarantee market

market in Saudi Arabia is expanding rapidly with

stability and protect policyholders as well as

new sukuk issues by public and private sectors

shareholders. There were 30 insurance firms

to finance their projects and there is good

operating in the market, according to data from

demand for sukuk,” said Azmi Omar of the IRTI.

SAMA. In addition, there are licensed insurance brokers, agents, claims settlement specialists,

The Saudi sukuk market was expected to continue to grow over the next 12-18 months,

loss assessors and coverage advisors functioning in the market.

a credit positive for Saudi banks, following a new record SR25.2bn ($6.7bn) issuance of

UK Links

riyal-denominated sukuk in 2012, according

Financial services represent one of the most

to Moody’s Investors Service. Strong sukuk

enduring links in UK-Saudi relations and there

issuance continued into 2013, with SR 11.6bn

is every prospect that these links will grow

already issued during Q1, leading the rating

even stronger as the Kingdom opens up the

agency to estimate that 2013 sukuk issuance

sector to more international participation. UK

will surpass 2012 levels. “We believe that the

banks have been involved in Saudi Arabia for

growing sukuk market will be credit positive

more than 50 years and work closely with large

for Saudi banks because it will provide a deeper

corporate clients, including Saudi Aramco, Saudi

pool of Shariah-compliant securities to facilitate

Arabian Mining Company (Ma’aden) and Saudi

liquidity management and support profitability

Basic Industries Corporation (SABIC). Many

at Islamic financial institutions,” a Moody’s

major private family businesses also maintain

spokesman stated in June 2013.

offices in London for servicing their financial needs. British banks also have a longstanding

currently cannot invest directly in Saudi-listed

Insurance Sector

presence within the Kingdom. Saudi British

shares, but a possible future liberalisation of

Over the past decade the country’s insurance

Bank (SABB), 40% owned by HSBC, supplies

rules could see tens of billions of dollars of

sector has grown to become an important

a range of personal and commercial banking,

money flow into the local market. A leading

contributor to the economy. In 2012, the industry

institutional and Islamic banking products

HSBC executive has indicated he expects Saudi

brought in gross written premiums of SR18.5bn

and services across the country, through its

Arabia’s equity market to open to foreigners as

($4.93bn), up nearly 13% on the previous year.

network of more than 80 full service branches.

early as 2014. “There’s tremendous appetite,”

The majority of the expansion has taken place

The Royal Bank of Scotland, meanwhile, has a

Simon Cooper, chief executive of HSBC’s Middle

in the health and general insurance segments,

minority shareholding in Saudi Hollandi Bank,

East business, told Bloomberg. “Steps are being

which together account for nearly 95% of

while Barclays obtained a licence in 2008

taken at the appropriate places to open the

the total market. Health insurance has been

and provides investment banking and asset

market up… I think there’s a strong desire to

growing in recent years with rising awareness

management services.

see it happen from both sides - buyer and seller.”

among Saudi customers of the benefits of

Foreign operators based outside the GCC are

insurance. People are now aware that they need

currently only allowed to invest in the local

to have health insurance because it saves them

market through equity swaps and exchange-

money in the long run. Another stimulus to the

traded funds. Saudi Arabia last year signalled

sector has come from the Labour Law which

Arab British Banking & Finance Directory 2013/14

79


Saudi Arabia country profile Useful Contacts UKTI Riyadh British Embassy, PO Box 94351 Riyadh 11693 Chris Innes-Hopkins, Director of UKTI, Saudi Arabia Peter Broom, Deputy Director, UKTI, Saudi Arabia Tel: + 966 (0) 1 488 0077/0088 Email: commercial.riyadh@fco.gov.uk UKTI Jeddah British Consular General, PO Box 393 Jeddah 21411 Michael Cockle Head UKTI, Jeddah Tel: +966 (0) 2 622-5550 ext. 2212 UKTI Al Khobar British Trade Office, PO Box 1868 Al Khobar 31952 David Harris Head of UKTI, Al Khobar Tel: +966 (0) 3 882-5300 ext. 2999 Royal Embassy of Saudi Arabia 30 Charles Street, W1J 5DZ Tel: +44 (0)20 7917 3000 www.saudiembassy.org.uk Commercial Section 30 Charles Street, London W1J 5DZ Tel: +44 (0)20 7917 3441 Fax: +44 (0)20 7917 3161 Saudi Ministry of Finance www.mof.gov.sa/English/Pages/ Home.aspx Saudi Arabian Monetary Agency (SAMA) PO Box 2992, Riyadh 11169 Email: info@sama.gov.sa www.sama.gov.sa/sites/SAMAEN/ ContactUs/Pages/ SAMALocationMap.aspx Saudi Stock Exchange (Tadawul) NCCI building, North Tower King Fahd Rd, PO Box 60612 Riyadh 11555 Tel: + 966 1 218-9999 Email: webinfo@tadawul.com.sa www.tadawul.com.sa Saudi Arabia General Investment Authority (SAGIA) Headquarters, PO Box 5927 Riyadh 11432 Tel: +966 1 203 5555 Fax: +966 1 263 2894 Email: Info@sagia.gov.sa http://www.sagia.gov.sa/en/Contactus/Saudi-Offices/ Saudi National E-Government Portal http://www.saudi.gov.sa

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Somalia country profile

Somalia has been embarking on a process of reconstruction which offers hope for the future after decades of uncertainty. A new Somali

fact file

government has been recognised by the US, the UK, the European Union, the African Union, the World Bank and International Monetary Fund (IMF). In its reconstruction, Somalia will also be assisted

Country Name: Federal Republic of Somalia Capital: Mogadishu

by global development banks and its East African neighbours, who hope that a stable Somalia can contribute towards transforming the entire region into an investment hotspot. Despite a lack of effective national governance,

Population:

Somalia had been able to maintain a healthy informal

10,251,568 (July 2013 est.)

economy, largely based on livestock, remittances, and

Land Area:

telecommunications. Agriculture is the most important

637,657 km2

sector with livestock normally accounting for about 40% of GDP and more than 50% of export earnings.

Languages:

Livestock, hides, fish, charcoal, and bananas are the

Somali and Arabic; Italian and English are common foreign languages in use

country’s main exports, while sugar, sorghum, corn,

Currency:

and machined goods are some of the leading imports. Somalia’s service sector has grown.Telecommunication

Somali Shilling

firms provide wireless services in most major cities and

Dialling Code:

offer low international call rates. In the absence of a formal banking sector, money

+252 (00 252 from UK)

transfer and remittance services have grown up

Agricultural Products:

throughout the country, handling up to $1.6 billion in

Bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats and fish

remittances each year. Somalia’s arrears to the IMF have

Main Industries:

continued to grow. Mogadishu’s main market offers a variety of goods from food to the newest electronic gadgets. Hotels continue to operate. Since the end

Light industries, including sugar refining, textiles and wireless communication

2011, Mogadishu has witnessed the development of

Exports:

its first gas stations, supermarkets, and flights between

Livestock, bananas, hides, fish, charcoal, scrap metal Imports: Manufactures, petroleum products, foodstuffs and construction materials

Europe (Istanbul-Mogadishu) since the collapse of central authority in 1991. Economic growth has yet to expand much beyond the capital. The emergence of a modern and reliable financial services sector in the country will be dependent on a sound legal and regulatory framework and the ability of the central bank to provide the necessary support and supervisory functions. Without a clear legal framework enforced by a functional regulator, there is little scope for attracting private sector investors to set up banks and other financial institutions in Somalia. The international community can support

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Arab British Banking & Finance Directory 2013/14


Somalia country profile

Somalia as it seeks to establish the necessary

remains unsatisfied, even at basic levels.

banking services in Somalia under a licence

legal framework and build the capacity of the

Remittances currently finance many private

issued by a past regime, though its management

central banking structure. Investors have a great

sector activities in Somalia, providing some

stated that it would comply with any new code

interest in seeing the establishment of formal

basic social services and other services such

that is likely to be adopted in future.

banking operations in Somalia and have been

as electricity, telecommunications, domestic

The Central Bank lacks basic tools to help

constrained by the absence of a sound legal

water supply and urban waste disposal.

prime growth and it cannot influence the value

and regulatory framework, property rights,

Whether invested or consumed, remittances

of the shilling because it does not control bills

enforceable

have important macroeconomic impacts.

that are in circulation. As of April 2013, the

collateral

contracts, accessible

credit information systems and related financial

currency appreciated by 25% against the US

infrastructure. At present, the Somali financial

Central Bank of Somalia

dollar since the new government took office.

sector remains underdeveloped, informal and

Mr Abdusalam Omer, appointed governor of the

Somalia hopes to reprint the shilling by the

unsupervised, with limited access to credit and

Central Bank of Somalia in January 2013, gave

end of 2013 and remove counterfeit notes from

savings, and no protection for consumers and

an interview to the Wall Street Journal, 22 April

circulation.The Central Bank governor told the

financial institutions.

2013, where he outlined the country’s efforts

Wall Street Journal that the government had

In 2011 Somalia acquired a notional central

to achieve economic reconstruction and attract

not settled on how much to print or whether

bank under the remit of the Transitional

investors. At present, the Central Bank holds no

to exchange counterfeit money in circulation

Federal Government. But, as The Economist

reserves in the national currency, the shilling,

along with legitimate old bills. “There is a

reported, the government’s authority does

and there are no functioning commercial banks

unanimous understanding and agreement on

not extend far beyond the capital, Mogadishu.

in the country for it to regulate. In April, Omer

the part of the Somali leadership that there is a

The absence of a functioning Central Bank is

was in Washington as head of the first Somali

need for a new currency and the central bank

now being seriously addressed. A central bank

delegation to the meetings of the World Bank

of Somalia will be working on that in due time,”

is needed to execute monetary policy, act as a

and the IMF since 1991. Somalia owes the IMF

Omer was quoted by Reuters as saying.

financial agent of the government, and support

some $352 million, but the Fund has recognised

Sorting out the currency is just one of the

financial sector development that will enable

a Somali government for the first time in 22 years

measures needed to enable Somalia to make

longer-term investments and private sector led

and welcomed new president, Hassan Sheikh

the most of new investor interest in the

growth and development. In the longer run, a

Mohamud, who assumed office in September

country. In addition to stabilising Somalia’s

central bank will also be important to enabling

2012. “With Somalia we’re really starting from

currency, the Central Bank aims to build the

Somalia to take the necessary steps to access

square one,” said Ralph Chami, the IMF’s mission

standard electronic payment systems currently

international financial markets by settling

chief to the country.“Getting the central bank up

lacking.The governor hopes to secure so-called

arrears with creditors and then building a track

and running is paramount.”

Swift codes for commercial banks looking to

record of public financial management over time that would warrant eventual debt relief.

The Central Bank aims to issue licences to commercial banks by the end of 2013, Omer

enter the country, so businesses can send and receive money from major banks abroad.

Apart from limited banking services offered

told Reuters, 17 May 2013. “The absence of

“If they do those things, at least it’s a start,”

by the Central Bank, the main actors in Somalia’s

commercial banks is a major hindrance ... to

says Liban Egal, chief executive of First Somali

financial sector are the Somali remittances

any reconstruction and development,” he said.

Bank (FSB), who returned to Somali in 2010.

companies, which have extensive networks

It started by offering “provisional licences” so

Egal acknowledged that until the central bank

of agents that service all towns and villages in

that commercial banks can prepare to comply

regulates the industry, his company is more of an

the country, as well as major cities in countries

with anti-money laundering rules and other

investment and payments company than a bank.

populated by Somali communities abroad.

regulations that must be met when full licences

The limited functioning of the Central Bank

are issued in the last quarter of 2013. At the

First Somali Bank

also constrains private sector expansion as it

time of writing government tax collection is

FSB was opened in Mogadishu in May 2012 by

constitutes a serious risk factor to the investment

minimal, although it exercises control over

Egal, who told The Economist that his bank was

climate for businesses operating in the country.

duties from the ports and airport.

aiming for “branchless banking”, with deposits,

A significant demand for financial services from

Dahabshiil, a Somali money transfer firm

transfers and withdrawals being made through

both individuals and small-medium enterprises

with an Islamic bank in Djibouti, offers Islamic

agents using point-of-sale handsets running on a

Arab British Banking & Finance Directory 2013/14

83


Somalia country profile Useful Contacts DFID Somalia British Office for Somalia British High Commission Upper Hill Road PO Box 30465 Nairobi 00100 Kenya Email: enquiry@dfid.gov.uk Tel +254 (0)20 287 3000 Fax +254 (0)20 287 3102

cellular network. Customers will get a biometric card and cooperating outlets like the Village restaurant on the capital’s Jazeera beach will start accepting card payments. Speaking in July 2012, he admitted that conditions in the country were “not yet right” for ATM machines.

Investment Climate Somali Deputy Minister for Public Works and Reconstruction Nadifo Mohamed Osman has stated that her ministry was working to create a favourable investment climate for Somalia to attract foreign investors. “The laws governing foreign and local investment in Somalia are not perfect yet,” the minister said during a twoday Somali Reconstruction and Investment Conference and Exhibition held in Nairobi on 28-29 May 2013. “Now more than ever, we are spurred to work on pending national strategic plans for investment.We understand that time is a luxury we cannot afford and we are returning home to ensure there are laws that protect investors and the Somali people,” Osman said. The reconstruction of the country looks set to offer many new opportunities for investors and the banking and financial services sectors are no exception. As Mr Mohamud Gabayre, President of the Somali Chamber of Commerce commented, “It is a time for reconstruction with new businesses and opportunities on the horizon. It is a new reality and one which will undoubtedly bring together all of us, from public and private sector in a new direction for rebuilding our country.”

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Arab British Banking & Finance Directory 2013/14

Somali Chamber of Commerce & Industry Tel: +252 62 271025 Email: mgabayre@somalichamber.so www.somalichamber.so/


Sudan country profile

Sudan is the third largest country in Africa with a population of 30m, 6m of whom live in the capital Khartoum. The country is divided into

fact file

15 administrative regions and has borders with seven countries, including Egypt, Libya, Chad, the Central African Republic, South Sudan, Ethiopia and Eritrea. Sudan has ports on the Red Sea at

Country Name: Republic of Sudan Capital:

Port Sudan and Sawakin. Besides Khartoum major cities include Port Sudan, Wad Madani, Al Gadarif, Halfa, Atbara, Al Obied, Kosti, Al Damazin, Kassala, El Fashir and Nyala.

Khartoum Population: 34,847,910 (July 2013) Language:

The year 2012 marked a watershed in the economic history of Sudan as the government in Khartoum adjusted to the new economic reality following the agreed secession of Southern Sudan which resulted

Arabic is the official language but English is widely used in business

loss of about 75% of revenue. Sudan’s real GDP is

GDP Growth:

estimated to have been -0.6% in 2012 and is projected

-4.4% (2012 est.)

to grow by 2.2% in 2013, according to the African

Currency:

Development Bank. Financial sector indicators have been mixed in the

Sudanese Pound (SDG)

last two years.While the capital adequacy ratio rose from

Dialling Code:

10% in 2010 to 11% in March 2012, nonperforming loans

+249 (00 249 from UK)

(NPLs) remained high at 14%. Banks’ liquidity remained

Agriculture Products:

high at 37%. Sudan’s monetary system is characterised

Cotton, groundnuts (peanuts), sorghum, millet, wheat, gum arabic, sugarcane, cassava (tapioca), mangos, papaya, bananas, sweet potatoes, sesame; sheep, livestock Main Industries:

by moderate dollarisation, with a dynamic curb foreign exchange market. In 2011, foreign currency deposits as a ratio to broad money were on a downward trend from a peak of 16.5% in the first half of 2011 to reach a low 14% by end-May 2012, just before the step devaluation

Oil, cotton ginning, textiles, cement, edible oils, sugar, soap distilling, shoes, petroleum refining, pharmaceuticals, armaments, automobile/light truck assembly

of the pound. The share of loans in foreign currency in

Key Exports:

the commercial banks inflated by about 40% and 20%,

Oil and petroleum products; cotton, sesame, livestock, groundnuts, gum arabic and sugar

respectively, and the share of loans in foreign currency

Export Partners: China, Japan, Indonesia and India

total bank credit was about 10–15%. As a result of the devaluation, the balance sheets of the central bank and

rose to about 23%. Commercial

banks’ profitability

was

adversely

affected by the high share of NPLs and the holding of large unremunerated excess reserves; the less liquid

Key Imports:

banks suffered also from the rising reserve requirements.

Foodstuffs, manufactured goods, refinery and transport equipment, medicines and chemicals, textiles, wheat

Banks maintained large interest rate spreads and prudent

Import Partners: China, Saudi Arabia, Egypt, India and the UAE

lending reflecting rising risk aversion. The International Monetary Fund (IMF) advises that the monetary and banking sector should be enhanced by an increased reliance on indirect monetary

85


Sudan country profile

management and a comprehensive restructuring

IMF mission to the country in July 2013.

and a few other cities. After the secession of

of the banking system. In the monetary area, the

A framework agreement for “cooperation on

Southern Sudan, the Bank of Southern Sudan

directed credit allocations should be terminated,

central banking issues” between the Republic

(BOSS) became the central bank of the State of

and central bank securities should be used to

of Sudan and the Republic of South Sudan was

Southern Sudan on 9th July 2011. All branches

manage liquidity, reactivate the interbank money

signed in Addis Ababa in September 2012. In this

of the Central Bank of Sudan in the former

market and develop open market operations.

agreement the two countries pledged to maintain

southern states became affiliated to the new

Also, the Central Bank of Sudan (CBOS) should

an environment that is mutually beneficial for

central bank.

strengthen its monetary policy committee by

their economies. The agreement recognised

The financial sector also includes non-banking

increasing its economic monitoring capabilities.

the need for cooperation in the management

entities such as the Khartoum Stock Exchange

In the banking sector, the IMF said that a

of monetary and fiscal policy in order to

(KSE), bank deposit security funds, insurance

comprehensive evaluation of the banking

maintain confidence, control inflation and

companies and foreign exchange bureaus.

system needed to be undertaken to enhance the

avoid destabilising exchange rate fluctuations.

There were more than 15 insurance companies

legal, regulatory, and institutional framework

They also pledged to adhere to international

operating in the country investing their funds

in line with international practice, and remove

finance and banking standards. The agreement

in securities, sukuks and real estate. The KSE

impediments to financial deepening. Also,

proposed the establishment of a joint central

was established in 1994 to operate the capital

banking supervision should be strengthened,

banks committee to support financial stability

market and increase the flow of foreign direct

including enhanced training of supervisory staff.

and sound banking policies in the two countries.

investment.

Initial data indicated that the secession of

The agreement between the two central

The first Shariah-compliant bank in Sudan

South Sudan had led to a downward adjustment

banks also aims to promote cooperation

was established in 1978, since which time

of Sudan’s official reserves by 17% ($0.5bn), and

between commercial banks operating in both

Islamic finance has developed continuously.

that of the stock of bank credit to the private

countries in various banking areas, including

Indeed, the financial system of Sudan operates

sector by 7% (0.9 of GDP) corresponding to

incorporating

branches

in complete conformity with Islamic principles.

the amount of credit outstanding provided by

of foreign banks, opening correspondence

In contrast, conventional banking is found in the

the southern branches of Sudanese banks. The

accounts and pursuing technical cooperation.

new state of South Sudan.

and

licensing

as

revenue loss for Khartoum is estimated at SDG

Meanwhile, the Sudanese Investment Minister

12 billion (6.25 % of GDP), the IMF observed.

Mustafa Osman Ismail remarked on the policies

Microfinance

Despite an initial package of corrective

of the CBOS with regards to implementation of

In 2007, the CBOS established a dedicated

measures adopted in June 2012, economic

the tripartite economic programme and the lack

microfinance unit tasked with implementing

developments in Sudan remain mixed as the

of a mechanism for review and follow-up, Sudan

a conducive policy environment, a regulatory

country adjusts to the new situation. While

Tribune reported, 21 June 2013. The minister,

framework

inflation has shown recent signs of moderation,

who was addressing a business and investment

financial

and fiscal performance in the first half of 2013

conference, said that the tripartite programme

human, and financial capital to provide those

exceeded budget projections, further action is

should end in 2014. The tripartite programme

services effectively. Although much of Islamic

needed to safeguard macroeconomic stability

was designed to help Sudan cope with the impact

banking

and support the needed recovery.

of the loss of oil revenues after South Sudan’s

lending, policymakers in Sudan recognised

geared services,

has

toward and

revolved

market-driven

the

around

intellectual,

consumer

“In this context, the March 2013 agreement

secession. The minister also urged the finance

that microfinance clients, many of whom lack

with South Sudan on oil and security matters is

ministry to speed up the process of granting tax

collateral or even a steady income, needed

offering a window of opportunity for bold policy

breaks for investors. He acknowledged that a lack

products that would help them kick-start

reforms to address the post-secession challenges

of coordination between the federal government

or sustain income-generating activity. The

and bring about a much-needed turnaround.

and the regions was the main factor behind a

CBOS focused on two profit- and loss-sharing

The mission welcomes the authorities’ current

slowdown in domestic investments.

schemes: musharaka and mudaraba. In the

efforts to develop economic policies to ensure

Sudan’s banking and financial sector is small,

first, the financier provides equity financing

macroeconomic stability, in the spirit of their

comprising 33 banks, including five foreign and

to a project while in the second, the financier

Three-Year Emergency Programme, adopted in

four publicly owned lenders before secession.

provides all the funds for an entrepreneurial

2011,” stated Edward Gemayel, who headed an

Most banks are concentrated in Khartoum

activity while expecting the client to provide

86

Arab British Banking & Finance Directory 2013/14


Sudan country profile Useful Contacts Embassy of the Republic of the Sudan 3 Cleveland Row St James’s SW1A 1DD Tel: 020 7839 8080 Fax: 020 7839 7560 Email: admin@sudanembassy.co.uk www.sudanembassy.co.uk British Embassy off Sharia Al Baladia Khartoum East PO Box No 801 Email: information.khartoum @fco.gov.uk managerial expertise.

investors additional privileges and longer tax

For potential clients who were already engaged in income-generating activity—mainly

holidays if their projects are among those that realise the objectives of national development.

farmers—the CBOS set out to provide ‘salam financing’, which essentially provides advance

Technology

payment against future delivery, according to a

The

former president of the Microfinance Unit at the

branch in Sudan was launched in April 2013

CBOS. Other products include murabaha, a cost-

by the Faisal Islamic Bank (Sudan), according

plus-markup contract on working capital goods,

to a report on Global Newswire, 15 April 2013.

and istisna’, which defers delivery of mainly

Officials of the bank said the new branch has

manufacturing supplies until clients have paid

deployed the Self-service Payment Kiosk K20

off the assets in fixed instalments.

from GRGBanking, an ATM manufacturer in

first

automated

self-service

banking

Microfinance

China. K20 is an innovative cross-functional self-

Development Facility was established as the first

service payment machine that revolutionizes

apex institution in Sudan, funded by the CBOS

traditional payment transactions. It allows all

and multi-donors trust fund, and committed

the local unbanked clients to enjoy the benefits

to providing equity participation, wholesale

of self-service banking like electricity payment,

lending, and technical assistance.

balance charging, bill payments including even

In

2008,

the

Sudan

all E-government applications. The bank was

Investment Laws Incentives

offered

by

launched at a ceremony in Khartoum attended Sudan

include

tax

breaks, reduced tariffs on imported inputs,

by the country’s president and the chairman of Faisal Islamic Bank.

and guarantees against confiscation. Foreign

The outside world wants to do business with

investment is managed by the Sudan Ministry of

Sudan as it is a country with great potential. For

Investment, and Sudan Free Zones, whose role

example, 57% of total land in Sudan is suitable

has gradually shifted from investment regulation

for agricultural development, but only 8.5% is

to investment promotion and facilitation. The

currently under cultivation. While the European

Sudan Ministry of Investment applying measures

Union as a group is Sudan’s third largest trading

aimed at streamlining bureaucratic procedures

partner, the UK accounts for around 20% of the

for investments, with the aim of upgrading the

business, according to the UK Embassy in Sudan.

business environment and introducing further

The UK engages in more trade with Sudan than

deregulation. Foreign companies can invest under

with many other African countries. However,

legislation governing investment guarantees and

Sudan remains a challenging market for British

incentives, depending on the advantages they

companies. Some banks in the UK now provide

wish to obtain and the field of activity.

services to and from Sudan; but companies are

The Investment Act passed in 1999 covers investment through joint ventures, limited liability governs

companies “inland

and

partnerships

investments”,

Kate English Senior Trade & Investment Officer British Embassy, Khartoum Tel: + 249 15 677 5691 Email: kate.english@fco.gov.uk Simon Brown Senior Manager for Sudan UK Trade & Investment Kingsgate House 66-74 Victoria Street London SW1E 6SW Tel: 020 7215 4071 Email: simon.brown@ukti.gsi.gov.uk Sandrine Jayet Country Manager for Sudan 1 Victoria Street London SW1H 0ET Tel: +44(0)20 7215 4947 Fax: +44(0)20 7215 4366 Email: sandrine.jayet @ukti.gsi.gov.uk Central Bank of Sudan Gamhoria Street Almogran PO Box 313 Khartoum www.cbos.gov.sd/en/node/452 Khartoum Stock Exchange www.kse.com.sd/

advised to check with their own bank to find out whether such services are available.

and

essentially

domestic investment projects and investment in free zones, which are treated as being outside the domestic economy for purposes of taxation, customs and trade. The Investment Act applies to investment in certain specified activities or sectors and grants

87


Syria country profile

The Syrian banking system largely consists of five state-owned banks and several private banks, which are mostly branches of foreign banks providing

fact file

services to the private sector inside the country. For at least forty years, the state had maintained a monopoly on the banking system following the principle that the role of banking should be to support

Country Name: Syrian Arab Republic

the country’s economic development. Liberalisation was embarked on before the conflict to allow private banks to operate commercially although this process had not been extended to the privatisation

Capital:

of the Central Bank of Syria (CBS) which exercises

Damascus

a key role in the sector. Law No 28/2001 adopted in

Land Area:

March 2001 permitted the establishment of private

185,180 km

2

Languages:

banks in the country. All aspects of Syrian banking are handled by the

Arabic, with both English and French widely spoken

five state-owned banks, which have enjoyed monopoly

Currency:

positions in their respective areas. Operating under the

Syrian Pound (Lira)

joint supervision of the CBS and the Ministry of Economy

Dialling Code:

and Foreign Trade, these banks are the Commercial Bank of Syria, the Agriculture Co-operative Bank, the Popular

+963 (00 963 from UK)

Credit Bank, the Real Estate Bank and the Industrial

Population:

Bank.The General Establishment of the Post Office Fund

22,457,336 (July 2013 est)

acts as a facility for small private depositors. The Commercial Bank of Syria is the country’s largest

Main Industries:

and most important bank. Its responsibilities include

Petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing and car assembly

domestic and international trade finance, foreign

Main Agricultural Products: Wheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry and milk

exchange and the provision of hard currency accounts. As of September 2012, there were 20 banks in Syria (11 private banks, 6 public banks, and 3 Islamic banks) with 536 branches, of which 172 in Damascus and suburbs, 80 in Aleppo, 39 in Tartous, 38 in Homs, 37 in Lattakia, 36 in Hama, and 34 in Al-Hasaka. Lebanese banks have traditionally played an important part in the Syrian banking sector.According to the Association of Banks in Lebanon, 7 May 2013, subsidiaries and associates of Lebanese banks were 6 out of the 20 with a total number of branches equal to 114 of which 44 branches located in Damascus and suburbs, 21 in Aleppo, and 11 in Homs. The total capital of these 20 banks attained 167 billion Syrian pounds at the end of the third quarter 2012, of which 16% the share of subsidiaries and Associates of Lebanese banks.

88

Arab British Banking & Finance Directory 2013/14


Syria country profile

History

the banks should be clearly defined. While the

company was licensed in 2006. Following the

The primary legislation establishing a central

government could play a lead role in choosing

sector reforms the insurance market more than

bank and control of the banking system was

the board and the management of public banks,

quadrupled from $100m to more than $400m

passed in 1953, but the CBS was not formally

the CBS should have the authority to evaluate

by the end of 2010. All categories of insurance

set up until 1956. The bank’s functions include

and approve banks’ policies, and procedures

witnessed two-digit growth, while the state

issuing notes, controlling the money supply,

related to the credit and investment.’’

company managed to maintain its leadership due

acting as fiscal agent for the government, and

to governmental decisions. During this period,

controlling credit and commercial banks. The

Reforms

health insurance grew by 58%, engineering

CBS was also to act as the country’s development

Restructuring of the Syrian banking sector

insurance by 48%, motor insurance by 35%, and

bank until specialised banks were established

began in March 2001, with the issuance of Law

travel insurance by 32%.

for various economic sectors. The CBS was

No 28 which regulates the establishment and

In June 2009, Decree 49 was issued, which

given considerable discretionary powers over

operations of private commercial banks. Four

mandated compulsory fire insurance – either

the nation’s banking system but the bank itself

years later, another legislative decree was issued

public or private - for hospitals, clinics,

responsible to the Council on Money and Credit,

to organise operations of Islamic banks.A decade

universities, schools, factories and bakeries.

a policy group comprising high-ranking officials.

of legislation followed, with the previously

However, despite the new law, many properties

It was in 1958 that the Syrian government

mentioned decrees serving as the foundation for

remain uninsured.

embarked on a bid to “Arabise the commercial

the exponential growth of Syria’s private banking

Syria’s insurance industry had been facing

banking system” and in 1961, the process

sector.The number of private banking institutions

major challenges. These included a prevailing

became “limited nationalisation”. By 1966,

in the country more than tripled between 2004

culture of avoiding the disclosure of the value

Syria completed its nationalisation of banking

and 2010. As a step in the reform process, Syria

of one’s assets, and of reducing costs as much

by merging all the existing commercial banks

allowed the establishment of foreign banks in

as possible by relying on fate while remaining

into one entity which came to be known as the

free trade zones. Underlining its commitment to

resigned to low income levels which prevent

Commercial Bank of Syria.The government later

reform of the banking and financial sector, Syria

most people from being able to afford the

created subsidiary banks of the Commercial

organised a series of international banking and

insurance fees. In May 2005, as part of Syria’s

Bank of Syria for the purposes of economic

investment conferences between 2004 and 2008.

economic reform, the government passed

development

All this stalled as a result of recent turmoil in the

Decree 43, which allowed the establishment of

country.

private insurance firms for the first time since

such

as

the

Agricultural

Cooperative Bank, Industrial Bank, the Real

In the past decade, the private banking sector

1963. Unlike in the banking sector, there are no

in Syria had grown considerably and total assets

limitations regarding foreign ownership. In the

in the banks almost doubled between 2007

five years following the decree, 13 companies

the

and 2010, UK-based consulting firm Deloitte

started working in the Syrian market, including

recommendations it proposed changes to the

reported. This expansion was the result of

two Islamic insurers, one state-owned company

banking system:

the economic liberalisation drive adopted at

and a number of ventures linked to foreign

‘’Progress toward this medium-term goal

the beginning of the new millennium. A full

banks and businesses.

should start by having the central bank gain

assessment of the actual impact of the unrest on

full control of existing direct instruments. The

the banking sector is not possible to ascertain at

Damascus Stock Exchange

central bank should have the right to decide on

present due to lack of data.

The Damascus Stock Exchange (DSE) was

Estate Bank, and the Popular Credit Bank. In 2006, the IMF published its annual Article IV

Consultation

economic

Report

developments

regarding and

Syria’s

among

founded in 2009 and is the only stock

credit ceilings and credit policies of banks with a view to ensuring a pace of credit and monetary

Insurance Sector

exchange to operate in Syria. It was initiated by

expansion consistent with maintaining price

Before the insurance sector was nationalised in

presidential decree No 55 on 1 October 2006

stability while fostering economic activity

1961, there were 77 private companies operating

and officially opened in Damascus in February

and employment. Banks have to abide by

in Syria including 26 British. A single state-run

2009, but the first real securities trading actually

all prudential regulations. Beyond this, the

insurance provider was created, the Syrian

began on 10 March 2009. There are 20 stocks

role and responsibilities of the CBS and the

Insurance Company (SIC), monopolised the

listed on the DSE, 12 of which are banks, with

ministry of finance in exercising oversight on

market for 45 years until the first private insurance

the rest from the insurance, services, industrial

Arab British Banking & Finance Directory 2013/14

89


Syria country profile Useful Contacts Central Bank of Syria Altjreda al Maghrebeh Square PO Box 2254 Damascus Syria Tel: 00 963 11 2216802 Fax: 00 963 11 2220550 Email: Info@bcs.gov.sy www.banquecentrale.gov.sy/ main-eg.htm Damascus Securities Exchange (DSE) www.dse.sy/index.php?lang=en

and agriculture sectors. Mamoun Hamdan was

a possible collapse of the local currency against

chief executive of the DSE as of August 2013.

the dollar, according to official SANA news agency. “Citizens can buy foreign currency from banks,

Recent Developments

for non-commercial purposes, and in accordance

Lebanese private banks operating in Syria

with the price set by the CBS,” SANA quoted

reported

Central Bank Governor Adib Mayaleh as saying.

a

significant

jump

in

first-half

earnings as foreign currency gains offset falling

Allowing private banks to sell foreign currency

revenues from banking activities. Bank of Syria

falls within the scope of the “interventions

and Overseas, Damascus-based subsidiary of

made by the CBS in the local market in order to

Lebanon’s Blom Bank, swung to a net profit

stabilize the price of the Syrian pound and stop

of 214.47 million Syrian pounds (Dh7.4m) in

speculation on its exchange rate,” he explained.

the six months ended 30 June 2013, from a

“The CBS continues to finance imports of

loss of 1.17m pounds in 2012, according to a

products needed through banks operating

filing posted on the DSE website. Furthermore,

in Syria at preferential prices,” the governor

Fransabank Syria, a subsidiary of Lebanon’s

was quoted. Until the end of 2011, Syrians

Fransabank SAL, reported a profit of 3.86bn

were allowed to buy up to $5,000 as long as

pounds in the first six months of this year, from

they presented the necessary documents; that

424.2m pounds on the previous year.

number is now $500. At the beginning of the

Syria’s

14

private

lenders

have

been

conflict in March 2011, the governor said that

weathering more than two years of unrest

forex reserves were at $18 billion but according

thanks to an improvement in their forex

to economists they are now at no more than $2

holdings in the wake of a mismatch of their

billion, according to a report carried by Nuqudy

assets and liabilities, UAE-based The National

news, 15 August 2013.

commented, 12 August 2013. The CBS Governor Adib Malyaleh delivered a presentation about the reality of the Syrian pound in July 2013 where he outlined the actions taken to maintain the stability of the exchange rate of the currency. He warned against

misleading

stories

circulating

in

the media war as part of the overall conflict that targets the national economy and aims to undermine public confidence in the government’s ability to improve the economic situation. He meanwhile affirmed the keenness of the central bank to maintain the exchange rate, adding that the CBS had a good reserve of foreign exchange and was capable of injecting funds into the market at appropriate times, Xinhua reported, 11 July 2013.

Private Banks Allowed to Sell Foreign Currency In August 2013, the CBS allowed private banks to sell foreign currency to Syrians in order to avert

90

Arab British Banking & Finance Directory 2013/14

Damascus Chamber of Commerce PO Box 1040 Damascus Tel: 00 963 11 2211339; 2218339 www.dcc-sy.com Email: dcc@net.sy Federation of Syrian Chambers of Commerce Mousa Ben Nusair Street PO Box 5909, Damascus Tel: +963-11-3311504 / +963-11-3337344 Fax: +963-11-3331127 Email: syr-trade@mail.sy www.fedcommsyr.sy/en/index.php Temporarily closed Embassy of the Syrian Arab Republic 8 Belgrave Square SW1X 8PH Tel: 020 7245 9012 Fax: 020 7235 4621 www.syrianembassy.co.uk

IMPORTANT NOTICE UKTI The UKTI states (August 2013): “Due to ongoing political unrest, H M Government no longer encourages trade with, or investment in, Syria. As a result,UKTI has ceased commercial work in Syria until further notice. “If you are a British company with established business in Syria and are experiencing difficulties, please contact carl.jayasekera @ukti.gsi.gov.uk”


Tunisia country profile

Tunisia likes to stress its strategic significance as a hub between the markets of Europe and Africa. In fact, the country has traditionally been a crossroads

fact file

for trade between the two continents for more than 2,000 years. The European market has been particularly important and the recent Eurozone crisis had an impact on the country’s banks. The

Country Name: Tunisian Republic

relating to cash flow and reduced income from disruptions to the important tourism industry. Such factors continue to impact on banking performance.

Capital:

Tunisia appears relatively low ranked internationally

Tunis

compared to other emerging countries in terms of

Land Area: 155,360 km

sector has had to overcome several challenges

access to credit and risk capital availability. Close 2

Population: 10,835,873 (July 2013 est.)

links between banks and the authorities helped to weaken the system’s performance. Consolidation of the banking sector remains one

Currency:

of the priorities for the new Tunisian government

Tunisian Dinar (TND)

in recognition of the weaknesses that emerged

GDP Growth:

especially in state-owned banks. Better governance in the banking sector and streamlining efforts will help

2.7% (2012 est.)

to improve the performance of the country’s banks

Dialling Code:

in future. Access to banking services in Tunisia is

+216 (00 216 from UK)

the highest in the Maghreb, with one citizen in two holding a bank account. In May 2013 the country’s

Languages:

Finance Minister Elyes Fakhfakh announced that the

Arabic and French for business; English is becoming more widely spoken

government had adopted a set of measures to reform

Agricultural Products:

the sector and increase its profitability. The measures provided for increasing Société Tunisienne de Banque

Olives, olive oil, grain, tomatoes, citrus fruit, sugar beets, dates, almonds; beef and dairy products

(STB) capital and additional resources of TND100

Main Industries:

budget. As reported in the press on 4 May 2013, the

Petroleum, mining of phosphate and iron ore, tourism, textiles, footwear, agribusiness and beverages

Constituent Assembly that an international tender had

million to increase banks’ funds, under the 2013 Finance Minister told a plenary session of the National been launched as part of the programme to banking

Exports:

reform in order to audit three public banks (STB,

Clothing, semi-finished goods and textiles, agricultural products, mechanical goods, phosphates and chemicals, hydrocarbons and electrical equipment

Banque de l’Habitat (BH), Banque Nationale Agricole (BNA)) and relevant companies. Tunisia has 42 banks, 21 of which are universal with TND70 billion assets, 38% of which are held by the public sector, 13 financial leasing companies and 8 non-resident bank institutions, the minister indicated. According to the Finance Minister, the bank sector suffers from increasing indebtedness

91


Tunisia country profile The ongoing weakness in the global economy

“I expect the issuance process to take place in

and recent turmoil on global financial markets

the second half of 2013,” Chaker Soltani, general

due to the Eurozone crisis are weighing on the

director of debt management and financial co-

country’s economy through weaker trade and

operation at the finance ministry, was quoted

investment flows, and lower tourism receipts

as saying in the study. The Islamic Development

and remittances.

Bank has given Tunisia a financial guarantee to

“The IMF is a partner to Tunisia and stands

issue a sukuk worth $600mn and has said it

ready to help in any way the Tunisian people

would extend $1.2bn in funding for industrial,

find useful, including by providing financial

agricultural and trade projects.

assistance. The 2012 version of the IMF differs

Mohamed Sadraoui, deputy director of

from the past and has been closely engaged with

general supervision and banking regulation

the Tunisian authorities since the revolution in

at the central bank, said Islamic windows -

the form of technical assistance and a policy

units of conventional banks that offer Islamic

dialogue on the options they are considering

financial services - would be permitted to

to cope with the current economic downturn

operate under central bank guidelines that

and develop a medium-term macroeconomic

ensured operations were segregated. “There are four or five well-known banks

framework.” (TND7 billion, or 13% of bank commitments),

Tunisia is to introduce new regulations

in Tunisia that are trying to facilitate the way

poor competitiveness and governance and

as part of reforms to investment and finance

for their Islamic finance businesses,” said

management weaknesses.

aimed at providing an investment friendly

Mahmoud Mansour, deputy general manager

In January 2012, a joint mission of the

atmosphere for Arab investors in particular.

of the Tunisian arm of Bahrain-based lender

International Monetary Fund (IMF) and the

Banking is becoming more diversified with a

Al Baraka Bank. He added that three takaful

combination of traditional and Islamic banks.

(Islamic insurance) companies had applied for

“The banking system will be diversified and

licences. Al Baraka, which entered the country

the Tunisian financial market will therefore be

in 1983, is awaiting approval for an onshore

made up of traditional and Islamic banks,” an

banking licence so it can open more branches

economic advisor to the new government has

and serve a broader client base, said Mansour.

World Bank visited Tunisia and issued a set of recommendations. These included setting up a programme to assess the performance of the Tunisian financial sector, developing the bond market due to its importance as a major source of domestic loans, developing insurance and pension systems. Salem Besbes, the Tunisian Deputy Minister of Finance, said that the report would provide an important framework to reform the financial and banking sector. He also noted that growing unpaid debts represented a heavy burden on public finances. It was vitally important to adopt good governance in the country’s financial institutions in order for them to play an effective role in financing the economy. The three main public banks, STB, BNA and BH, dominate the sector with a combined

said.“As a result, there will be more competition

Zitouna Bank, Tunisia’s only full-fledged domestic Islamic lender, also plans expansion.

between the banks.”

“We are planning for over 100 branches across

Islamic Finance

the country within the next five years,” Ezzedine

Tunisia is looking to become a centre of Islamic

Khoja, president and general manager of Zitouna

finance in the Maghreb and the authorities

Bank, said in the study.The bank, set up in 2009,

were planning to develop a legal framework

plans to increase its capital base to 100mn

to regulate the sector. Finance Minister Jelloul

dinars ($61.7mn) from the current 70mn dinars

Ayed indicated that Tunisia could turn to Islamic

by the end of this year, as well as launching an

finance as a source of funds for its immediate

investment funds unit and possibly expanding

needs, estimated at $30 to $40 billion over the

abroad, he added.

next five years. This commitment to developing

The IMF has stated that the Central Bank

by

of Tunisia has made commendable strides in

country’s interim prime minister. “The Tunisian

strengthening banking supervision. A medium-

government will seek to establish a legal

term plan to build effective banking supervision

framework to regulate the Islamic economy in

was initiated in February 2012, including

Tunisia,” said interim Prime Minister Hamadi

a new organisation, and reassignment and

Jebali, adding that the country plans to become

recruitment of staff. The CBT adopted a new

“a regional centre of Islamic finance.” Speaking

corporate governance regime for commercial

at the opening of the first forum on the “Islamic

banks to increase the role and independence

to democracy, IMF Managing Director Christine

Economy,” held in Gammarth, Jebali estimated

of their boards.

Lagarde pledged support for plans to restore

that “Tunisia needs $35 to $45 billion in

According to the IMF a comprehensive

confidence in the economy and to put Tunisia on

financing in the next five years to carry out its

capital market reform was needed to support

a sustainable path of job creating and inclusive

development projects.”

long-term investment and the Capital Market

market share of about 30%. According to industry

experts,

increased

investments

from the Gulf and transition towards Basel II compliance would reinforce the performance of the sector. Praising the excellent example set by Tunisia and its people for a smooth transition

Islamic

finance

was

later

reinforced

growth. “Developing a new broad vision for

The Islamic finance industry could take a 25%

the Tunisian economy and identifying priority

to 40% share of the country’s financial sector

reforms through a participatory social dialogue

in five years’ time if necessary rules, consumer

is crucial to move forward with the transition.

education

and

private

investment

plans

Authority needed to strengthen its oversight of investment markets.

Loans for SMEs

“Investors and the population at large

materialise, a Thomson Reuters study published

Sector reforms should improve access to

need to regain confidence in the future of

in June 2013 found. Currently, Shariah-compliant

finance for individuals, and small and medium

the economy, to look beyond the short-term

business accounts for just 2.5% of the Tunisian

enterprises (SMEs). Such firms are a vital part

difficulties and provide the foundations for a

financial sector, but study estimated that Islamic

of the economy but often face difficulties in

rebound of the Tunisian economy,” Lagarde said

financial assets could reach $17.8-$28.5bn by

obtaining business loans which they need

after a country visit in February 2012.“We have

2018, up from $1.4bn in 2013.

to expand and create jobs. With regards to

to recognise,” she continued, “that the short-

One boost would be issuance of the country’s

SMEs, the European Bank for Reconstruction

term economic outlook for Tunisia is strained.

first sukuk, which the government is planning.

and Development called for better access to

94

Arab British Banking & Finance Directory 2013/14


Tunisia country profile Useful Contacts UKTI Tunis Team British Embassy Tunis Email: UKTITunis.enquiries@fco. gov.uk Central Bank of Tunisia (Banque Centrale de Tunisie) Email: bct@bct.gov.tn www.bct.gov.tn/bct/siteprod/ english/index1_an.jsp

finance and urged a thorough revision of the

Tunis Financial Harbour

secured transactions regime which still favours

Tunisia is planning to open a new Tunis

significantly the taking of collateral over real

Financial Harbour (TFH) with the aim of

estate and buildings, which many SMEs do

transforming the city into a financial services

not have to offer. The International Finance

gateway connecting markets in Europe, the

Corporation (IFC), a member of the World Bank

Middle East and the African continent. The $3

Group, is making investment in Tunisia’s second-

billion project first launched in 2008 is held up

largest private sector bank, the Amen Bank. In a

as an example of the opportunities available

statement published on 25 February 2013, the

to investors in Tunisia. The TFH is a landmark

IFC stated that two funds managed by IFC Asset

new construction project that will consist of a

Management Company had agreed to invest up

35 storey World Trade Centre tower, a business

to $48 million in Amen Bank to help increase

hotel, university, lifestyle shopping mall and

lending to smaller businesses. The bank plans

offering easy access to marina and waterfront. It

to lend $800 million to smaller businesses over

is designed to accommodate a total of 110,000

the next five years. Micro, small, and medium

residents. The heart of the TFH will be a new

enterprises account for about 80% of jobs in

Financial District comprising modern office

the country, but receive only about 15% of all

buildings, financial institutions and related

bank loans. IFC is also providing Amen Bank

businesses.The buildings within the district will

with advice in risk management and corporate

reflect the kind of modern architecture found

governance. “At Amen Bank, we have made it

in financial districts in other parts of the world.

a priority to reach out to smaller businesses,”

The TFH, being built across 523 hectares, aims

said Ahmed El Karm, CEO of Amen Bank. Such

to be the first world class offshore financial

support was expected to help boost investor

centre in North Africa. This vision is supported

confidence in Tunisia’s banking sector. “A strong

by its strategic position on the Mediterranean

financial sector is the backbone of any economy,”

just 25km north of Tunis and only 15km from

said Dimitris Tsitsiragos, IFC Vice President for

Carthage International Airport.

Eastern and Southern Europe, Central Asia, the Middle East, and North Africa. “This investment will help support Tunisia’s financial sector and demonstrate its long-term potential.”

Qatar National Bank

Tunisian Stock Exchange (Bourse de Tunis) Centre Babel, Bloc E, Montplaisir 1073 Tunis Tunisia Tel: +216 71 780 288 / 71 793 903 / 71 801 131 Fax: +216 71 789189 Email: info@bvmt.com.tn www.bvmt.com.tn Conseil du Marché Financier (CMF) 08, Rue du Mexique 1002 Tunis Tunisia Tel: +216 71 84 45 00 Fax: +216 71 84 80 01 Email: cmf@cmf.org.tn www.cmf.org.tn/htm/contact.htm Association Professionnelle Tunisienne des Banques et des Etablissements Financiers (APTBEF) 13, Rue Omar Ibn Kaddeh Montplaisir, 1073 Tunis B.P 45 Tunis – Belvédère Tunisia Tel: +216 71 904 423 Fax: +216 71 903 846 Email: info@apbt.org.tn www.apbt.org.tn Embassy of Tunisia 29 Prince’s Gate SW7 1QG Tel: 020 7584 8117 Fax: 020 7584 3205 Email: London @tunisianembassy.co.uk

In January 2013 it was reported that the Qatar National Bank (QNB) had acquired an additional 49.96% stake of Tunisian Qatari Bank, bringing its ownership stake to 99.96%, pending regulatory approval, the lender said. QNB bought the stake from the Tunisian government, a company statement said. It had bought 50% in 2008. The latest acquisition “would strengthen and support the technical and administrative resources of the Tunisian Qatari Bank, and strengthen the risk management framework to allow it to benefit from the Group’s international reach,” added the statement quoted by Reuters 25 January.

95


UAE country profile

According to a report by the Union of Arab Banks, the UAE has the largest banking sector in the Arab world, controlling more than 18% of the total assets

fact file

and 28% of the total capital of the banks that were members of the UAB. According to the Central Bank, the number of locally incorporated commercial banks in the UAE stood at 23 at the end of 2011, with

Country Name: United Arab Emirates A federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Quwain, Ras al-Khaimah and Fujairah Capital:

some 768 branches in total. Of these 23, eight had their head office in Dubai. Some 28 foreign banks operate in the country and there were representative offices of 110 foreign banks registered in the UAE, 67 in Dubai. Added to this can be 24 finance companies and 22 investment firms. Central Bank figures listed UAE bank assets at Dh1,791.6 billion at the end of 2012, down by 0.2% in December 2012 but up 7.8% year-on-year. Foreign banks in the UAE represent

Abu Dhabi GDP Growth: 4% (2012 est.)

around 22% of the total market (of which HSBC and Standard Chartered account for 50% of total foreign bank assets). UK banks are well represented, with a largely retail and commercial business base.

Currency: Dirham (AED)

The UAE banking sector has proven its resilience

Dialling Code:

and shown its ability to deal with all the challenges

+971 (00 971 from UK)

posed by difficulties in the global financial sector over

Languages:

the recent period. The country’s banks are in a good

Arabic (official), English (business)

financial position and enjoy excellent capital adequacy, according to the Central Bank. Looking to the future, the

Land Area:

Central Bank predicted that the UAE banking system

83,600 km

will continue to show a high level of resilience due to

2

Population:

its conservative, traditional banking model, which has a strong focus on the UAE; sound financial indicators;

5,473,972 (July 2013 est.)

low dependence on overseas funding; a capped real

Main Industries:

estate exposure; and a high loss absorbent capability

Petroleum and petrochemicals; fishing, aluminium, cement, fertilisers, commercial ship repair, construction materials, boat building, handicrafts and textiles

as demonstrated by stress testing. In 2012 the net earnings of the 17 national banks that are listed on the UAE bourse increased by around 11.4%, helped by the upturn in the domestic economy. Most banks performed

Key Exports:

well. Emirates NBD, the largest bank in the UAE, reported

Crude oil 45%, natural gas, re-exports, dried fish and dates

net profits remained unchanged, while the earnings of

Key Imports: Machinery and transport equipment, chemicals and food

Dubai Islamic Bank and Bank of Umm al-Qaiwain were also stable. National Bank of Abu Dhabi, also controlled by the government, recorded the highest profits of Dh4.3 billion in 2012, followed by Abu Dhabi’s First Gulf Bank, with Dh4.1 billion. ADCB came third with Dh2.7 billion, while Emirates NBD netted the fourth highest

96

Arab British Banking & Finance Directory 2013/14


UAE country profile

income of Dh2.5 billion.

shows that the UAE economy accounted for

provisions, and restricts the future ratios of

The UAE Banks Federation stressed that

more than a quarter of the GCC’s GDP of $1.482

nonperforming loans. Another new regulation

the country’s banking sector had succeeded

trillion in 2012,” the economy minister said,

introduced by the Central Bank at the end of

in managing the crises, and had shown that it

reported Gulf News 14 May 2013.

September that limits banks in their lending

was able to meet international standards at all

According to Central Bank data for the first

to local government agencies and state-related

levels. The 2012 annual report of the federation

4 months of 2013, it seems that UAE banks

bodies is aimed at bolstering risk management.

emphasises the good performance of UAE banks

were gradually ending the conservative lending

Under the new requirements, unveiled in April

and the apparent growth in almost all indicators

approach adopted in the aftermath of the

2012, lending by local banks to governments

reflected in achieving a comfortable liquidity

global crisis with credit to residents growing by

and their commercial holding companies is

level, a strong capital base and a high capital

around Dh23 billion over this period. The data

capped at 100% of their capital, and lending to

adequacy ratio, where the UAE banking sector

showed that most of the increase was in loans to

any single entity or government is restricted to

remains the Arab World’s largest in terms of assets.

the private sector, mainly financial institutions,

25%, as reported by Oxford Business Group,

By the end of 2012, the number of branches

while there was a slowdown in lending to the

November 2012.

of the 23 national banks had increased to 805,

government. The reported pick-up in credit

compared to 768 branches in 2011. Meanwhile,

followed negative growth in 2010 and a sharp

Dubai

branches of the 28 foreign banks operating

slowdown in the following two years after

Dubai is a key player within both the banking

in the local market rose to 83 by the end of

the boom lending period in 2007-2008, during

sector in the UAE and the wider MENA region.

2012, according to the UAE Banks Federation.

which credit surged by more than 30% a year.

Dubai has the largest and most sophisticated

In its report, the federation noted some

From around Dh816 billion at the end of

financial services industry in the region. The

major achievements in the industry and the

2012, total credit provided to residents by the

Dubai International Financial Centre (DIFC)

significant role it had played on issues such as

country’s 23 national banks and 28 foreign units

operates as a major hub for institutional finance

the Mortgage Loans Cap, liquidity regulation at

increased to Dh839.8 billion at the end of April,

and a gateway for capital and investment to the

banks, monitoring of large exposure limits, the

the Central Bank said.

Gulf and further afield. Banks registered with the DIFC can be 100% foreign owned unlike

establishment of the Al Etihad Credit Bureau, the initiative of proposing rules for appointment of

Legal Framework

outside where the rule of 51% ownership by

legal banking experts and setting up specialised

The legal framework for the UAE’s banking

UAE nationals applies.

commercial courts, reported Emirates News

sector is based on three key laws:

Ras Al Khaimah

Agency 29 April 2013. The federation’s business plan for 2013 aims to boost cooperation,

n The 1980 Banking Law;

The banking sector in Ras Al Khaimah

coordination and consultation with the UAE

n The 1993 Commercial Code; and

(RAK) consists of two locally headquartered

Central Bank, ministries and other government

n The 1985 Islamic Banking Code.

institutions, the RAKBANK and the Commercial Bank International (CBI) complemented by

entities on issues related to banking, as well the It was the 1980 law that established the Central

numerous players from the other emirates and

The UAE’s GDP is projected to reach $395

Bank and drew up a set of rules for commercial

elsewhere. Local banking is fully integrated into

billion (Dh1.45 trillion) in 2013, before growing

and investment banks and other conventional

the UAE’s financial services sector. RAKBANK,

further to $410bn the following year, according

financial institutions. Both the conventional and

established in 1976, is controlled by the

to the UAE Minister of Economy, Sultan Bin

Islamic banks were subject to stricter regulations

government and has dominated RAK’s banking

Saeed Al Mansouri. Addressing the 6th Annual

regarding loans in 2011.

sector for several years. Its growth in profits

promotion of Emiratisation in the industry.

Arabian World Construction Summit in Abu

The Central Bank announced new improved

over recent years has been attributed to the

Dhabi in May 2013, the Minister pointed out that

regulations in 2012 to raise the liquidity

expansion of products tailored for SMEs and

the country’s GDP had grown more than 200

requirements of banks and keep them in line

the retail sector. The CBI, founded in RAK in

times since 1971 — from $1.77bn to $360bn

with the Basel III standards. The new set of

1991, is owned by a group of public and private

in 2012. “Today, the UAE is a major contributor

standards set out that banks must hold at least

investors with the Qatar National Bank holding

to the growth of the Middle East region. An

10% of assets in highly liquid instruments,

some 16.5%.

IIF [Institute for International Finance] report

mandates stress-test levels and risk-management

The largest bank operating in RAK and one

Arab British Banking & Finance Directory 2013/14

99


UAE country profile

of the largest banks in the entire Arab world,

debt instruments, providing investors with an

output in the UAE. The market entry for new

Emirates NBD, has two branches in the emirate.

opportunity to invest capital for the benefit

insurers is somewhat restricted as the Emirates

Other major UAE banks found in RAK include

of the national economy. ADX has opened

Insurance Authority is currently not issuing new

the National Bank of Abu Dhabi, Abu Dhabi

impressive new offices in Sowwah Square

insurance licenses for foreign companies.

Commercial Bank, Dubai Islamic Bank (DIB)

on Al Maryah Island, Abu Dhabi and also has

Meanwhile, according to banking sources,

and Mashreq Bank. These are joined by foreign

branches in Fujairah, Ra’s al-Khaimah, Sharjah

mortgages in the UAE will be capped at 80%

banks such as HSBC Middle East, Bank of Baroda,

and Zayed City.

for Emiratis and 75% for expatriates, the Central

Banque Misr and Arab Bank. The DIB is the

Also established in 2000, DFM operates as

Bank has ruled. Under the new rules, which

largest provider of Islamic financial services

a secondary market for trading of securities

were still set to be announced officially as of

in RAK as it is throughout the UAE with its 74

issued by public joint-stock companies, bonds

end May 2013, second and third home loans for

branches around the country and four in RAK.

issued by the Federal Government or any of

Emiratis would be capped at 65% of the value

Other banks also offer Islamic products in RAK.

the Local Governments and public institutions

of the property while those for expatriates

RAK’s relatively new and growing insurance

in the country, units of investment funds and

would be capped at a loan to value ratio of

sector consists of 10 companies compared to

any other financial instruments, local or foreign,

60%. According to the Arabic daily newspaper

the total of 57 in the whole of the UAE. The

which are accepted by the market. Opened in

Al Khaleej, the decision was agreed as a

market is dominated by the RAK National

2005, Nasdaq Dubai is an international stock

meeting in Abu Dhabi attended by Central Bank

Insurance Company (RAKNIC), founded in

exchange operating between western Europe

governor Sultan bin Nassir Al Suwaidi and senior

1974, and one of the oldest insurance firms in

and east Asia offering trading in equities,

representatives of the 51 UAE based banks. No

the country.

derivatives, Dubai

official announcement had yet been made.

gold

securities, Islamic

securities, debt, funds, real estate investment

Finally, financial and professional services

Abu Dhabi

trusts, exchange-traded funds and structured

represent a key sector for the UK in terms of

Abu Dhabi is home to several sovereign wealth

products. Created in 2007, Borse Dubai is the

its developing business relations with the UAE,

funds, including the government owned Abu

holding company for DFM and NASDAQ Dubai.

which is the UK’s largest export market in the

Dhabi Investment Authority (ADIA), which

Borse Dubai consolidates the Government of

entire Middle East and North Africa, according to

has estimated reserves of between $500-900

Dubai’s two stock exchanges as well as current

UK Trade and Investment. The UAE owns some of

billion. The emergence of Al Maryah Island as a

investments in other exchanges.

the world’s biggest investment funds, including

central business district is a key development

the biggest, ADIA, which has substantial and

in the sector, and a major part of the capital’s

Islamic Finance

Vision 2030.

The UAE is shaping up to be one of the key global centres for the expanding Islamic

Capital Markets The

Dubai

Financial

finance industry. Islamic banks now command Market

(DFM)

and

approximately 25% share of the banking market

Nasdaq Dubai are the two equity and bond

in the six countries of the Gulf Cooperation

exchanges which belong to Borse Dubai. Abu

Council, according to an estimate by Ernst &

Dhabi is home to the Abu Dhabi Exchange

Young. Dubai set out in January 2013 plans

(ADX). Regulated by the UAE’s Securities and

to become a hub of Islamic finance, with

Commodities Authority (SCA), the DFM and ADX

global rules designed to enforce standards on

have been in merger talks. Banking, financial and

industries as diverse as Sharia finance, halal food,

insurance services are all regulated at federal

pharmaceuticals and cosmetics, and charitable

level whereas the DIFC and the securities are

endowments.

regulated and monitored by the Dubai Financial Services Authority and the Emirates Security and

Insurance Sector

Commodities Authority.

Insurance is underdeveloped by international

Established in 2000, ADX is a focal point for

standards, fragmented and highly competitive. As

UAE-listed companies, investment funds and

such it is not yet a main driver of financial services

100

Arab British Banking & Finance Directory 2013/14

growing investments in the UK.


UAE country profile Useful Contacts UKTI London Paul Bathgate UK Trade & Investment Middle East Team Tel: + 44 (0)20 7215 4246 Email: paul.bathgate@ukti.gsi.gov.uk Embassy of the United Arab Emirates 30 Princes Gate London SW7 1PT Tel: 020 7581 1281 Fax: 020 7581 9616 www.uae-embassy.ae UKTI Dubai Contact Dave Wells, Deputy Director UKTI Email: ukti.dubai@fco.gov.uk UKTI Abu Dhabi Contact Rob Kelly, Deputy Director UKTI Email: ukti.abudhabi@fco.gov.uk British Embassy Abu Dhabi Tel: +971 2 610 1100 Email: consularenquiries.ad@fco.gov. uk; commercial.auh@fco.gov.uk UKinUAE.fco.gov.uk Federation of UAE Chambers of Commerce Tel: +971 2 6214144 Fax: +971 2 6339210 Email: info@fcciuae.ae www.fcciuae.ae/en/contactus-en.php Central Bank of the UAE www.centralbank.ae Abu Dhabi Securities Market www.adsm.co.ae Dubai Financial Market www2.dfm.ae Federal e-government www.government.ae/ Dubai e-government www.dubai.ae Federation of UAE Chambers of Commerce and Industry www.fcciuae.ae/ UAE Ministry of Economy www.moe.gov.ae UAE Central Bank www.centralbank.ae UAE Offsets Group www.offsets.ae/ Abu Dhabi Investment Authority www.adia.ae/ Abu Dhabi Chamber of Commerce Online Services www.abudhabionlineservices.ae Abu Dhabi Department of Planning and Economy www.dpeportal.adeconomy.ae

102

Arab British Banking & Finance Directory 2013/14


Yemen country profile

While Yemen continues to face serious economic challenges in 2013, there are signs of recovery, with GDP expected to grow by over 4% and falling

fact file

inflation, the International Monetary Fund (IMF) observes. The fiscal framework for the 2013 budget projects a deficit of 5.7% of GDP, almost equivalent to the estimated outcome in 2012 in spite of a

Country Name: Republic of Yemen

projected decline in total government expenditures. Preserving the financial system’s health and

Capital:

developing it is needed to promote private sector led

Sana’a

growth, the IMF says.The assets of Yemeni banks, which

Population:

are currently concentrated heavily in government

25,408,288 (July 2013 est)

papers, need to be diversified in order to minimise the risk for banks’ income in case government needs

Land Area:

to issue such papers shrink. To facilitate credit growth,

527,968 km

while protecting the health of banks, in December

Languages:

2012 the IMF said that it would be essential for

2

Arabic

Yemen to improve prudential regulations, strengthen supervision and audit enforcement, reduce ownership

Currency:

concentration

Rial

bankruptcy and closure laws and procedures, and

GDP Growth:

improve and expedite court procedures including out-

4% (2012 est)

and

connected

lending, enhance

of-court settlement. Following the unity of 1990, the banking system

Dialling Code:

in Yemen consisted of the Central Bank of Yemen, 10

+967 (00 967 from UK)

commercial banks (3 private domestic banks, 4 private

Agricultural Products:

foreign banks, and 3 state-controlled banks), and two

Grain, fruits, vegetables, pulses, qat, coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry and fish Key Industries: Crude oil production and petroleum refining; small-scale production of cotton textiles and leather goods; food processing; handicrafts; small aluminium products factory; cement; commercial ship repair; natural gas production

specialised state-owned development banks. In January 1997, the central bank with the assistance of the IMF and the World Bank began to prepare a reform programme for the financial and banking sectors, which was named Financial Sector Adjustment Credit (FSAC). Under this programme legal reforms included the following:

Key Export Partners: China, Thailand, India, South Africa, Japan and the UAE Main Imports: Food and live animals, machinery and equipment and chemicals

n Issued a law of Exchange Regulatory No (20), 1995 n Issued law of Islamic Banking No (21), 1995 n Issued law of Commercial Banks No (38), 1998,

Main Exports:

which gave the central bank wide powers to issue

Crude oil, coffee, dried and salted fish and liquefied natural gas

the license and withdrawal, supervision and control the banking sector n Issued law of Central Bank of Yemen No (14), 2000, which gave the central bank full independence to

103


Yemen country profile

carry out its work and achieve its objectives. n Issued law of Against Money Laundering No (35), 2003

remains little involved in the business activity

set the basis for the General Investment Authority

of the economy. It holds government treasury

to shed regulatory functions and separating

bills (TB) in the order of up to 70% in certain

actual investment incentive policies from core

n Issued law of Electronic banking

banks, extends short term lending to a limited

activities of investment promotion, investment

No (40), 2006.

number of clients in the order of 29%, and

facilitation, investor services (aftercare), and

n Issued law of Financial Leasing No (11),

holds balances with correspondent banks

investment advocacy, which are now strongly

2007, results on the cooperation of the

abroad. Accordingly, financial services have not

embedded in the revised legal framework.

central bank and the IFC

become important drivers of growth. It is worth mentioning that Islamic finance activity has

Access to Credit

grown significantly in recent years and that the

The IMF has suggested a number of measures

n Issued law of Microfinance banking

central bank appears aware of the weaknesses

that would be essential to facilitate credit growth

No (15), 2009

in certain banks’ balance sheets.

in the country: improve prudential regulations,

n Issued law of The Bank Deposit Insurance Corporation No (21), 2008

Yemen intends to join the WTO and the

strengthen supervision and audit enforcement,

No (16), 2009

impact of this on banking would mean the

reduce ownership concentration and connected

n Amendment law of Exchange Regulatory.

opening up of the market to foreign banks and

lending, enhance bankruptcy and closure laws

treating them and domestic banks equally.

and procedures, and improve and expedite court

n Amendment law of Islamic banks

procedures including out-of-court settlement.

Banking sector reform succeeded in achieving

More than 70% of Yemenis live in rural areas

some significant results during the period 1995-

and have little trust in the banking system. As a

In October 2010, the Central Bank ratified

2010, such as:

result the Yemeni banking system holds only

the by-laws for the Microfinance Banking Law

A rise in the number of banks from 13 banks

66% of the money supply and the bulk of the

No. 15 approved by the Parliament in April

in 1994 to 19 Banks at the end of 2010, also an

economy operates with cash. According to a

2009. This law is meant to widen credit and

increase.

study in 2010 from the Malaysian company SIRIM

savings options for smaller enterprises as well

In the branches from 132 branches at the end

Berhad, only 4% of the population have banking

as for lower income households, in both urban

of 1994 to 266 branches by the end of 2010, on

accounts. To change this situation will require

and rural areas, and it should widen the market

an average annual growth rate of 6%.

Yemeni banks to exert efforts to attract more

for financial services in Yemen generally. The

savers who currently refuse to deal with banks.

most recent banks to enter the market are the

Public control of the banking sector has

Al-Amal Bank in 2009 and Al-Kuraimi Bank in

been reduced over this period with Yemen government control falling to 23% of the

Investment Code

June 2010. The latter’s license was approved in

banking sector at the end of 2010, compared

A new investment law, approved by the

line with the spirit and principles of the new

to 48% at the end of 1994, while the private

country’s Parliament in 2010 to improve foreign

Microfinance Banking by-laws. The law and

sector represented 44% in 2010, compared

and domestic private investment is critical

the new by-laws allow also for the traditional

to 23% in 1994, and foreign private investor

for investment, economic diversification, and

banks to enter this segment of the financial

represented 33% in 2010, compared to 29% of

employment growth, as well as to stimulate

market and offer microfinance services. The

total shareholders in 1994.

innovation and improve productivity.The new law

microfinance market has about 51,000 clients

The banking sector has become more diverse

is coordinated with a package of parallel reforms

and is believed to be growing rapidly.Apart from

consisting of the Central Bank, 12 commercial

in the income tax law and of the Customs Code,

credit arrangements, the legislations also allow

banks (4 private domestic banks, 5 private

which will rationalise the incentive framework,

for deposit taking, laying the base for a rise in

foreign banks, and 3 state banks), 4 Islamic banks,

eliminate the large number of firm-specific tax

saving accounts in the country.

one specialised state-owned development bank,

holidays, and offer investment incentives (such as

and two microfinance banks.

accelerated depreciation and loss carry-forward)

Insurance Sector

Banking services to customers have also

through the tax code. Furthermore, as the World

In 2010, takaful gained momentum in Yemen

improved over recent years. For example, the

Bank explains, the new investment law not only

when the United Insurance Company, one of the

number of ATMs increased from 56 ATMs at the

eliminates inefficient tax holidays under the

nation’s leading insurance institutions, started a

end of 2004 to 446 ATMs at the end of 2010.

old investment law (in favour of investment

takaful service. This move introduced the idea

incentives built into the income tax law), but also

of Islamic insurance into the country. Other

Despite the reforms, the banking sector

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Arab British Banking & Finance Directory 2013/14


Yemen country profile Useful Contacts Yemen General Investment Authority PO Box 19022 26 Al-Quds Street Southern Al-Safia Sana’a Tel: +967 1 292-962/3 (general) Tel: +967 1 265-328 (investment related) Fax: +967 1 262-964 Email: info@investinyemen.gov.ye

insurance companies later introduced takaful insurance products. The number of investors continues to grow, with many customers choosing Islamic insurance options. The takaful market in Yemen looks set to grow along with

Embassy of the Republic of Yemen 57 Cromwell Rd London SW7 2ED Tel: 020 7584 6607 Fax: 020 7589 3350 Email: Yemen.embassy @btconnect.com Central Bank of Yemen www.centralbank.gov.ye

Islamic banking, which obtained good records till 2010 and 2011 despite the crisis that has faced the country in recent months.

Islamic Bonds The issuance of Islamic bonds or sukuk could expand investment opportunities for banks, provide additional instrument for monetary policy, and become a source of budget financing. Sukuk will enable the central bank to manage the liquidity in Islamic banks while certificates of deposits and treasury bills control liquidity in commercial banks. With the legal underpinnings in place, Yemen formed a working group to prepare for the issuance and an entity has been established, initially affiliated with the central bank, to manage the issuance. The entity will select investment projects and prepare the relevant documentation. The issuance of sukuks was expected in the fourth quarter of 2010, the IMF said. Yemen has begun to accelerate the implementation of an Automated Financial Management and Information System. The system is scheduled to be rolled out beyond the pilot ministries to five additional ministries as a first step to improving budget execution.

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UK country profile

Today more than 300 banks and building societies are licensed to accept deposits in the UK. However, the provision of retail banking services is highly

fact file

concentrated. Of the 16 clearing banks present in 1960, 15 are now owned by the big four UK banking groups, namely RBS, Barclays, HBSC and Lloyds. These banks, along with Santander and Nationwide,

Country Name: United Kingdom of Great Britain and Northern Ireland Capital:

account for around 80% of the stock of UK customer lending and deposits. Meanwhile, the UK building society sector, which

London

had seen continued expansion throughout the 1980s

Land Area:

and early 1990s, underwent a sharp contraction in the

243,610 km2 Population:

latter half of the 1990s when many building societies were allowed to demutualise and become banks. Over the past 50 years the number of building societies

63.2 million (2011 Census, ONS)

declined from over 700 in 1960 to 52 today. As the

Official languages:

clearing banks have grown and consolidated, they have

English with minority regional languages Welsh, Scottish Gaelic, Cornish, Irish, Scots and Ulster Scots

also taken on a broader range of functions. The largest

Currency: Pound Sterling (GBP)

banks have become universal banks with activities that encompass securities underwriting and trading, fund management, derivatives trading and general insurance. UK banks are well established as major players in

GDP:

the global markets for securities, foreign exchange and

0.6% (Q2 2013)

derivatives. Collectively, the balance sheets of UK banks

Dialing Code:

have reached more than 500% of annual UK GDP in

To call the UK, the following dial code is required

recent years. Three of the four largest banks had assets in excess of annual UK GDP. Relative to the size of the

+44 to dial in (00 44 from UK)

national economy, the UK banking system is the second

International access code

only to Switzerland among the G20 economies and

To call from the UK, the following dial code is required

the expansion of UK banking since the late 1990s far

00 code to dial out (00 44 for UK) Key Exports:

exceeds that in other national financial sectors. In addition to these large banking groups, a number of banking businesses are owned by retail groups, such

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

as the Co-operative Bank which is owned by the Co-

Export Countries:

store since 1893. Sainsbury’s Bank is 50% owned by

US, Germany, France, Netherlands and Irish Republic

the supermarket of the same name and 50% owned

Key Imports: Manufactured goods, machinery, fuels and foodstuffs Import Countries: Germany, US, China, Netherlands and Norway (HMRC)

operative Group. Harrods Bank is owned by Harrods and has operated from the Knightsbridge department

by Lloyds. Tesco Bank is owned by the supermarket Tesco. M&S Bank is owned by Marks and Spencer and is operated through HSBC. While basic financial services are relatively timeless, the introduction of new technology in recent years has transformed the economics of banking and in terms

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UK country profile

of the UK’s banking sector, the deregulation of

well as a broad range of risk insurance services.

charged with taking action to remove or reduce

the 1980s and 1990s had a major impact on the

Following the crisis, the UK established an

systemic risks with a view to protecting and

character of the sector by freeing banks to take

Independent Commission on Banking in order

enhancing the resilience of the country’s

advantage of the new opportunities thrown up

to consider the case for structural reform of

financial system. The FPC has a secondary

by globalisation and financial innovation.

the banking sector. It was felt by policy makers

objective to support the economic policy of the

The banking and financial sector provides

at HM Treasury that the structure of the UK

UK Government.

a range of functions that support the real

banking sector needed fundamental change to

One other agency worth mentioning with

economy. Three main types of financial services

make banks more resilient to shocks and easier

regards to public finances is the UK Debt

are commonly identified as:

to fix when they encounter difficulties, and also

Management Office (DMO) which is the

to reduce the severity of future financial crises.

executive agency responsible for carrying

A new Banking Reform Bill is scheduled to

out the UK Government’s debt management.

II. Intermediation;

come into force in early 2014 and among its

The DMO is a part of HM Treasury and was

III. Risk transfer and insurance.

aims, this legislation will:

established in April 1998. Before the DMO was

I.

Payment, settlement and transaction services;

created the management of government debt The major factors in the development of

n Introduce a ‘ring-fence’ around the deposits

the modern banking sector can be defined as

of people and small businesses, to separate

On 1 April 2013 the Prudential Regulation

technological advances, financial innovation

the high street from the dealing floor and

Authority (PRA) was made responsible for

and the globalisation of markets. Until the era

protect taxpayers when things go wrong;

the prudential regulation and supervision of

of deregulation, institutional and regulatory

n Ensure that the newly established Prudential

banks, building societies, credit unions, insurers

from

Regulation Authority is able to hold banks to

and major investment firms. In total the PRA

responding to economic changes. At the same

account for the way they separate retail and

regulates around 1,700 financial firms. The

time, deregulation also introduced stronger

investment activities, by giving the authority

PRA’s role is defined in terms of two statutory

competitive forces into the sector, encouraging

the powers to enforce the full separation of

objectives to promote the safety and soundness

banks to expand into new markets offering

individual banks; and

of these firms and, specifically for insurers, to

constraints

had

prevented

banks

higher margins. Over time technological advances have

n Give government the power to ensure that

was undertaken by the Bank of England.

contribute to the securing of an appropriate

banks are more able to absorb losses in future.

degree of protection for policyholders.

in substantial ways. Automaton in retail banking

The Bank of England is the central bank of the

Act and is also part of the Bank of England. It

and innovation in both risk management

UK founded in 1694 and nationalised in 1946.

enjoys close working relations with other parts

practices and the design of financial products

The Bank was given operational independence

of the Bank, including the FPC and the Special

have all triggered changes in the provision of

to set monetary policy in 1997. The financial

Resolution Unit. The PRA also works alongside

core financial services. Advances in information

crisis of 2008 had demonstrated the need for

the Financial Conduct Authority (FCA) which

technology and telecommunications in particular

a new approach to financial regulation and

forms part of the new regulatory structure of

accelerated the globalisation of finance.

this led to some major changes to the Baank

the UK financial sector.

clearly transformed the economics of banking

The PRA was created by the Financial Services

The expansion of banking has given rise to

coming into force in April 2013. The Bank saw

The credit ratings agency Moody’s upgraded

banks with large balance sheets, significant

a new governor in the shape of Mark Carney,

its outlook for the UK banking industry to stable

functional and geographical diversity and

the former governor of the Bank of Canada,

from negative in a report published in July 2013.

complexity, a high level of leverage and

appointed to replace the retiring Sir Mervyn

The agency pointed to important factors such as

extensive network interconnectivity. This led

King on 1 July 2013.

the UK’s increasingly stable economic outlook

to the emergence of large institutions that

The Financial Services Act 2012 established

despite low growth prospects; the improvement

were deemed to be ‘too important to fail’.

an independent Financial Policy Committee

in the outlook for asset quality; the continuing

Before the global financial crisis of 2008, it was

(FPC), a new prudential regulator as a subsidiary

improvements in capital ratios driven in part

observed that the structural changes had led to

of the Bank of England, and created new

by more stringent capital requirements; and an

efficiency gains in the availability of credit to

responsibilities for the supervision of financial

expectation that improvements in funding and

both individual customers and businesses as

market infrastructure providers. The FPC is

liquidity metrics will be maintained.

Arab British Banking & Finance Directory 2013/14

107


UK country profile

Although the UK continues to face the

sale of at least part of the 39% of the bank that

London Stock Exchange

prospect of low medium-term economic growth,

is owned by taxpayers, commentators observed.

The London Stock Exchange, located in the

Moody’s did not expect any deterioration in

Profits were up sharply from a loss of £456m

City of London near to St Paul’s Cathedral, is

the operating environment. The ratings agency

to a profit of £2.1bn. Lloyds also said it would

part of the London Stock Exchange Group.

pointed out that unemployment had not

soon start discussions with regulators on paying

The LSE Group has international exchange

increased as much as in previous recessions,

dividends for the first time since the 2008 crash.

operations and sits at the heart of the world’s

a fact that contributed to a stabilisation in

In a major rebranding, on 9 September, Lloyds

financial community. The LSE Group can trace

banks’ asset quality. Moody’s believed that UK

launched the bank that it plans to float on the

its history back to 1801.The LSE Group operates

banks were sufficiently well-capitalised to

stock market and revived the former TSB brand

a broad range of international equity, bond

absorb any expected losses. Once the large UK

on 630 high street branches, which will have

and derivatives markets, including the London

banks execute their capital plans to address

their own separate computer system, employees

Stock Exchange; Borsa Italiana; MTS, Europe’s

the additional capital buffer requirements

and customers.

leading fixed income market; and the pan-

imposed by the Prudential Regulation Authority,

Meanwhile, the other major semi-nationalised

European equities platform, Turquoise. Through

Moody’s believed that UK banks would be

bank, RBS, announced its first two consecutive

its markets, the LSE Group offers international

well capitalised to face any risks and that they

quarters of growth since 2008, with a huge

business, and investors, access to Europe’s

compared favourably to European counterparts.

swing into the black from losses of £1.7bn a

capital markets. Post trade and risk management

Furthermore, Moody’s expects profitability to

year ago. RBS is 81% owned by the Treasury.

services are a significant and growing part

recover from its very low levels, reflecting the

“RBS’s journey from ‘bust bank’ to ‘normal

of the LSE Group’s business operations. The

improvement in asset quality and already high

bank’ is largely done,” the bank’s outgoing

LSE Group offers its customers an extensive

levels of provisions for conduct-related costs.

chief executive, Stephen Hester, said, who was

range of real-time and reference data products,

However, bank profitability would continue to

succeeded by Ross McEwan in October 2013.

including Sedol, Unavista, Proquote and RNS,

be pressured by low interest rates, the increasing

The 2008 downturn is likely to have a long

as well as access to over 200,000 international

costs of prudential regulation and a heightened

term impact on customer behaviour and the

equity, bond and alternative asset class indices,

level of conduct-related scrutiny, which could

market for financial services. A major survey

through the world leading index provider, FTSE.

lead to additional one-off regulatory charges.

of people’s finances suggested that more than

The LSE Group is also a leading developer of

Regulatory changes will continue to create

half of UK adults were encountering difficulties

high performance trading platforms and capital

uncertainty for banks as new rules are gradually

keeping up with bills and debt repayments.

markets software. In addition to the LSE Group’s

introduced. However, in the long term, Moody’s

Some 52% of the 5,000 people questioned in

own markets, over 30 other organisations

expected that UK systemic risk would be

the survey published on 2 August said they were

and exchanges around the world use the LSE

reduced by higher capital requirements.

struggling, which compared with only 35% in

Group’s Millennium IT trading, surveillance and

However, Moody’s maintained a negative

a similar study carried out in 2006, the Money

post trade technology. With its headquarters

outlook on the long-term debt and deposit

Advice Service, a government-supported website,

in Paternoster Row, London, the LSE Group

ratings of the large UK banks, reflecting its

said. In Northern Ireland, the number rose to

also has significant operations in Italy, France,

view that the UK will continue to take steps to

66%, the BBC reported.The survey found that the

North America and Sri Lanka, and employs

reduce the level of systemic support over the

banking crisis and the subsequent credit crunch

approximately 2,800 people internationally.

medium term in the light of the UK and other

had significantly changed the way people view

EU governments’ preferences for burden-sharing

and cope with their financial situation.

with creditors to finance bank resolutions.

Sources: UK’s banking system outlook changed to

The Royal Mint is responsible for making and

stable from negative, Moody’s, 10 July 2013; BBC

Further recovery in the country’s banking

distributing all UK coinage as well as supplying

News Online, 2 August 2013; Evolution of the UK

sector was signalled by the results of state-

official medals. The company is the world’s

Banking System, report, Bank of England.

backed RBS and Lloyds that were announced

leading export mint, making coins and medals

in the summer of 2013. The results from Lloyds

for an average of 60 countries every year. The

covering the first half of the year announced on

Royal Mint is a government owned company

1 August indicated that the bank was close to full

and functions as a non-ministerial department

rehabilitation enabling the Treasury to plan the

of HM Treasury.

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Arab British Banking & Finance Directory 2013/14


National Bank of Egypt (UK) Limited National Bank of Egypt (UK) Limited was granted in 1992 the status of authorised institution as a British incorporated Company. The Company is a wholly-owned subsidiary of National Bank of Egypt, Cairo. If you are looking to do business in Egypt, you’ll need the benefit of an experienced guide. In addition to providing the normal range of banking services, National Bank of Egypt (UK) Ltd can also help you with: • Current and Fixed Deposit accounts • Business Contacts • Trade Finance • Guarantees • Foreign Exchange • Introduction to Local Capital Markets We invite you to visit our website for more information about our services at www.nbeuk.com or contact us now at: +44 (0)20 7389 1280 to speak to a member of our Business Development Team 11 WATERLOO PLACE, LONDON SW1Y 4AU TELEPHONE: 020 7389 1200 | FAX: 020 7930 8882 SWIFT: NBEGGB2L | TELEX: 916625 NBELDN G


UK country profile Useful Contacts H M Treasury 1 Horse Guards Road (1HGR) Whitehall London SW1A 2HQ Tel: 020 7270 5000 Bank of England Threadneedle St London, EC2R 8AH Email: enquiries@bankofengland. co.uk​ ​Tel: +44 (0)20 7601 4878​ www.bankofengland.co.uk The Royal Mint PO Box 500 Llantrisant Pontyclun CF72 8YT Tel: +44 (0)1443 222111 www.royalmint.com Financial Conduct Authority (FCA) 25 The North Colonnade Canary Wharf London E14 5HS Tel (UK): 020 7066 1000; Abroad: +44 20 7066 1000 www.fca.org.uk UK Debt Management Office Eastcheap Court 11 Philpot Lane London EC3M 8UD Tel: 020 7862 6517/6516 Fax: 020 7862 6509 Email: pressofficer@dmo.gsi.gov.uk policy@dmo.gsi.gov.uk research@dmo.gsi.gov.uk www.dmo.gov.uk London Stock Exchange 10 Paternoster Square London EC4M 7LS Tel: +44 (0) 20 7797 1000 www.londonstockexchange.com British Bankers’ Association Pinners Hall 105-108 Old Broad Street London EC2N 1EX Tel: 020 7216 8800 Email: info@bba.org.uk www.bba.org.uk

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Arab British Banking & Finance Directory 2013/14


Banking listings


Algeria listings Al Salam Bank Algeria 233 Ahmed Ouaked Street Dely Ibrahim Area PO Box 141 Algiers 16320 Tel: 00 213 21 37 2717 Fax: 00 213 21 91 0425 Email: contact@alsalamalgeria.com Website: www.alsalamalgeria.com Financial services and investment Arab Banking Corporation Building 54, 54 Avenue des Trois Freres Bouadou Bir Mourad Rais PO Box 367 Algiers Tel: 00 213 21 44 9000 / 44 9007 / 44 9004 Fax: 00 213 21 54 1604 Email: information@arabbanking.com.dz Website: www.arabbanking.com.dz Customised banking services to professional clients Arab Leasing Corporation 3 Rue Ahmed Ouaked Dely Ibrahim Algiers Tel: 00 213 21 33 6393 / 6469 Fax: 00 213 21 33 6390 Email: Contact@arableasing-dz.com Website: www.arableasing-dz.com Funding for construction, freight, medical and transport Arcofina Algeria Tower Business Center Building Pins Maritimes Street Dar Al Beida Mohammedia Area Algiers 16000 Tel: 00 213 21 891010 Fax: 00 213 21 891022 Email: contact@algermedina.com Website: www.arcofina.net Insurance services Banque Al Baraka d’Algerie Villa 1 Rocade Sud Ben Aknoun Bouteldja Houidef Area Algiers Tel: 00 213 21 91 6454 / 916 450 Fax: 00 213 21 91 6457 Email: dg@albaraka-bank.com Website: www.albaraka-bank.com Islamic banking products Banque d’Algerie Joly Building, 38 Franklin Roosevelt Street Algiers 16000 Tel: 00 213 21 23 0023 / 230 206 / 230 439 Fax: 00 213 21 23 0150 / 230 371 Email: ba@bank-of-algeria.dz Website: www.bank-of-algeria.dz Central Bank of Algeria Banque de l’Agriculture et du Developpment Rural (BADR) Headquarters 17, Bd Colonel Amirouche BP 484 Algiers 16000 Tel: 00 213 21 63 49 22

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Email: contact@badr-bank.dz Website: www.badr-bank.dz Development banking Banque de Developpment Local (BDL) 5 rue Gaci Amar Staoueli Algiers Tel: 00 213 21 39 28 20 Fax: 00 213 21 39 37 57 Email: clientele@bdl.dz Website: www.bdl.dz Mortgages and other services Banque Exterieure d’Algerie 48 Freres Bouadou Street Bir Mourad Rais Algiers Tel: 00 213 21 52 7701 / 44 9025 Email: bea@algerianetwork.net Website: www.bea.dz Project finance Banque Nationale d’Algerie (BNA) 8 Boulevard Ernesto Che Guevara Algiers Tel: 00 213 21 71 7447 Fax: 00 213 21 71 2424 Email: dg@bna.dz Website: www.bna.com.dz Banking services for companies and individuals BNP Paribas El Djazair Rue de Cirta 8 Hydra 16405 Algiers Tel: 00 213 21 603 942 Fax: 00 213 21 603 929 Website: http://bnpparibas.dz/ Corporate, institutional and individual banking services, wealth management and insurance British Arab Commercial Bank (BACB) Chemin Abdel Kader Gadouche 12 Hydra 16405 Algiers Tel: 00 213 21 691 961/ 694 213 Fax: 00 213 21 692 007 Website: www.bacb.co.uk Trade finance, lending, treasury and banking services Caisse Nationale d’Épargne et de Prévoyance (CNEP) 42 Rue Khalifa Boukhalifa DZ Algiers 1600 Tel: 00 213 2128 4738 Fax: 00 213 2128 4735 Website: www.cnepbanque.dz Savings, housing loans, services for companies and individual customers Caisse Nationale de Mutualité Agricole Boulevard Victor Hugo 24 Algiers Centre 16100 Algiers Tel: 00 213 21 74 33 28 Fax: 00 213 21 74 50 21/ 73 46 31 Website: www.cnma.dz Risk insurance for agricultural sector

Arab British Banking & Finance Directory 2013/14

Calyon Algérie Algeria Business Center Building Pin Maritime Street Dar Al Beida Mohammedia Area 16000 Algiers Tel: 00 213 21 891300 Fax: 00 213 21 891199 Citibank NA – Algeria 7 Avenue Larbi Alik Street Al Aurassi Sidra Area Algiers Tel: 00 213 21 548140 Fax: 00 213 21 548185 Website: www.citibank.com Banking and general financial services Compagnie Algerienne de Assurances (CAAT) Street 52 Bir Mourad Rais Area Algiers Tel: 00 213 21 44 9075 / 9084 Fax: 00 213 21 44 9203 /44 9299 Email: info@caat.dz Website: www.caat.dz Accident and risk insurance Compagnie Internationale d’Assurance et de Reasurance (CIAR) 11 Chemin des Cretes La Paradou Hydra Algiers Tel: 00 213 21 69 15 97 / 25 27 /22 75 Fax: 00 213 21 69 21 94 Email: courrier@laciar.com Website: www.laciar.com Insurance and reinsurance Commission d’Organisation et des Surveillance des Operations de Bourse 17 Compagne Chkiken Building Bir Mourad Rais Hydra Area Algiers 16045 Tel: 00 213 21 591013 / 591015 / 591021 Fax: 00 213 21 692341 / 591019 Email: cosob@cosob.com.dz Website: www.cosob.com.dz Securities markets Compagnie Algerienne d’Assurance et de Garantie des Exportations CAGEX Building 10 Route Nationale Street Dely Ibrahim Area Tel: 00 213 21 91 0050 / 910049 / 910048 Fax: 00 213 21 91 0044 / 910045 Email: cagex_spa@yahoo.fr Website: www.cagex.dz Insurance services and products Credit Populaire d’Algerie CPA Building Colonel Amirouche Boulevard Algiers 16000 Tel: 00 213 23 503262 / 503263


Algeria listings Fax: 213 (0) 23 503264 / 503295 Email: info@cpa-bank.com Website: www.cpa-bank.dz Micro-credit services El Djazaiir Istithmar Tower B Djaouhera Street El Hamma Area Algiers Tel: 00 213 21 51 14 93 Fax: 00 213 21 51 14 93 Email: dg@eldjazair-istithmar.dz Website: www.eldjazair-istithmar.dz Investment banking and fund management Fransabank El Djazair 45B Lot Petit Province Street Boulevard Ben Youssef Ben Khadda Area PO Box 16405 Algiers Tel: 00 213 21 48 12 96 / 48 27 48 Fax: 00 213 21 60 66 06 / 48 12 43 Email: info@fransabank.dz Website: www.fransabank.com Consumer banking; SME services, corporate, investment and private banking Gulf Bank Algeria (AGB) Villa Number 17 Cheraga Street Dely Ibrahim Area 26 Algiers Tel: 00 213 21 91 0031 / 6890 / 0308 Fax: 00 213 21 91 0237 / 0264 Email: agb@agb.dz Website: www.ag-bank.com Investment and banking services The Housing Bank for Trade and Finance Headquarters 16, rue Ahmed OUAKED, Dely ibrahim Algiers Tel: 00 213 21 91 87 87 Fax: 00 213 21 91 88 81 Website: www.housingbankdz.com/ Retail, commercial, investment and corporate banking services HSBC Algeria Algeria Business Centre Pins Maritimes Mohammadia 16212 Algiers Tel: 00 213 21 89 40 00 Fax: 00 213 21 89 40 04 Website: www.algeria.hsbc.com Banking and financial services L’Algerienne des Assurances 1 Tripoli Street Hussein Dey Algiers Tel: 00 213 21 47 68 77 / 72 Fax: 00 213 21 47 65 73 Email:info@2a.com Website: www.2a.dz Insurance services

Natixis Algerie 62 Mohamed Drareni Street Bir Mourad Rais Hydra Algiers 16036 Tel: 00 213 21 549 015 / 549 175 Fax: 00 213 21 549193 Website: www.natixis.com Investment banking, Asset management and banking

Algiers Tel: 00 213 21 69 41 21/22 Fax: 00 213 21 69 23 83 Website: www.ubaf.fr/ Trade finance, Islamic banking and structured finance

Salama Assurances Algerie Rue Said Hamdine Hydra Area Algeria 16000 Tel: 00 213 21 48 0310 / 3033 Fax: 00 213 21 60 1517 / 1518 Email: info@salama-assurances.dz Website: www.salama-assurances.dz Insurance Société de Garantie du Crédit Immobilier (SGCI) 250 City Housing Building Garidi I Kouba Street Hydra Area Algiers Tel: 00 213 21 68 83 84 Fax 00 213 21 68 82 69 Email: sgci@wissal.dz Website: www.sgci.dz Real estate credit Société de Refinancement Hypothécaire Central Business 3 Said Hamdine Road Bir Mourad Rais Area Algiers Tel: 00 213 21 56 4799 Fax: 00 213 21 67 9505 Email: contact@srh-dz.org Website: www.srh-dz.org Housing finance; mortgage Société Financière d’Investissement, de Particiption et de Placement (Sofinance) Sofinance Building Mohamed Belkacemi Avenue Ravin de la femme Sauvage Les Annassers Area Algiers Tel: 00 213 21 47 6602 / 01/ 00 Fax: 00 213 21 47 6630 Email:info@sofinance-dz.com Website: www.sofinance.dz Investment banking, asset management, investment firms and funds, general financial services Trust Bank Algeria 70 Chemin Larbi Allik, Hydra Algiers Tel: 00 213 21 549755 / 549759 Fax: 00 213 21 549750 Email: serviceclient@trustbank.dz Website: www.trust-bank-algeria.com All conventional banking services and products for private and commercial; clients are corporates and SMEs Union de Banques Arabes et Francaises (UBAF) 04 Bis rue du Hoggar Hydra 16035

Arab British Banking & Finance Directory 2013/14

113


Bahrain listings ABC Islamic Bank Arab Banking Corporation Tower, Diplomatic Area PO Box 2808 Manama Tel: 00 973 17 54 3471 / 54 3000 Fax: 00 973 17 53 6379 / 53 3163 Email: webmaster@arabbanking.com Wholesale Islamic Banking including corporate, financial institutions and individual services A A Bin Hindi Group Bin Hindi Building, Sheikh Salman Street Khamis Area, PO Box 632 Manama Tel: 00 973 17 408000 Fax: 00 973 17 400761 Email: mailbox@binhindi.com Website: www.binhindi.com General financial services and investment firms and funds Accounting and Auditing Organisation for Islamic Financial Institutions Block 304, Yateem Centre 71, Muthana Road Bab Al Bahrain Area, PO Box1176 Manama Tel: 00 973 17 244496 Fax: 00 973 17 250194 Email: info@aaoifi.com Website: www.aaoifi.com General financial services Addax Bank Addax Tower, Building 1006, Block 428, 15th Floor 2813 Street, Seef District, PO Box 11159 Manama Tel: 00 973 17 56 0444 Fax: 00 973 17 56 0445 Email: info@addaxbank.com Website: www.addaxbank.com Investment banking, private equity, real estate, corporate advisory and private placement Ahad Holdings Block 428, Investors Bank Tower, Building 680 Road 2811, Seef District Area, PO Box 54035 Manama Tel: 00 973 17 553545 Fax: 00 973 17 551044 Email: info@ahadholdings.com Website: www.ahadholdings.com Investment firms and funds Ahli United Bank Building 2495, Road 2832, Al Seef District 428 PO Box 2424 Manama Tel: 00 973 17 58 5858 Fax: 00 973 17 58 0569 Email: info@ahliunited.com Website: www.ahliunited.com Commercial and investment banking services, including retail, corporate, wealth management, treasury, offshore and private banking Al Ahlia Bahrain Al Zamel Tower B2, Government Road Manama Tel: 00 973 17 207070 Fax: 00 973 17 250800

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Email: info@ahliabh.com Website: www.ahliabh.com Securities brokers and traders, asset management and general financial services Al Ahlia Insurance-Bahrain Chamber of Commerce Building, 4th Floor Bab Al Bahrain Area, PO Box 5282 Manama Tel: 00 973 17 22 5860 Fax: 00 973 17 22 4870 Email: alahlia@alahlia.com Website: www.alahlia.com Commercial and corporate insurance Al Ashrafiyah Investment Al Ashrafiya Investment Building, Road 2831 PO Box 5520 Manama Tel: 00 973 17 210004 Fax: 00 973 17 210030 Email: info@alashrafiyahbh.com Website: www.alashrafiyahbh.com Investment firms and funds Al Baraka Islamic Bank Building No 238, Block No 317, Street No 1704 Diplomatic Area, PO Box 1882 Manama Tel: 00 973 17 535300 Fax: 00 973 17 533993 Email: baraka@batelco.com.bh Website: www.albaraka.bh Investment and commercial banking in conformity with Islamic laws and Sharia principles Al Rajhi Holdings Al Moayed Tower, 23rd Floor, Seef Area PO Box 21712 Manama Tel: 00 973 17 56 4100 / 564101 Fax: 00 973 17 56 4103 Private equity investment Al Salam Bank – Bahrain Building Number 22, Avenue Number 58 Seef District, PO Box 18282 Manama 436 Tel: 00 973 17 560000 Fax: 00 973 17 560003 Email: info@alsalambahrain.com Website: www.alsalambahrain.com Banking, investment banking, asset management and investment firms and funds Albaraka Banking Group Al Baraka Tower, Diplomatic Area PO Box 1882 Manama Tel: 00 973 17 54 1122 Fax: 00 973 17 53 6533 Email: info@albaraka.com Website: www.albaraka.com Diversified group of islamic and investment banks and financial institutions Al-Khabeer International Company Mandarian Business Centre, 5th Floor Seef District Area, PO Box 5879

Arab British Banking & Finance Directory 2013/14

Manama Tel: 00 973 17 561370 Fax: 00 973 17 564657 Email: info@alkhabeerinternational.com Website: www.alkhabeer.com Investment banking, asset management and investment firms and funds AllianceBernstein Limited Bahrain Middle East Bank Centre, Diplomatic Area Manama Tel: 00 973 17 530510 Fax: 00 973 17 530520 Website: www.alliancebernstein.com Asset management Alpine Wealth Management Al Moayyed Tower, 25th Floor, Suite 2503 Seef District, PO Box 18266 Manama Tel: 00 973 17 563333 Fax: 00 973 17 585300 Email: info@alpinewealth.com Website: www.alpinewealth.com Asset management Alubaf Arab International Bank Building 403, Block 317, Road 1705 Diplomatic Area, PO Box 11529 Manama Tel: 00 973 17 517722 / 7733 Fax: 00 973 17 540094 Email: info@alubafbank.com Website: www.alubafbank.com Banking Amex (Middle East) Al Moayyed Tower, 13th-17th Floor Gate 2504, Road 2832, Al Seef District 428 PO Box 5990 Manama Tel: 00 973 17 557777 / 557755 Fax: 00 973 17 557855 / 557977 Email: contact@americanexpress.com.bh Website: www.americanexpress.com.bh Represents the American Express in the Middle East Arab Banking Corporation Arab banking Corporation Tower Diplomatic Area, PO Box 5698 Manama 113-5453 Tel: 00 973 17 543000 Fax: 00 973 17 533163 / 533062 Email:webmaster@arabbanking.com Website: www.arabbanking.com 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 Tarfa Bin Al Abed Street, Al Hourah PO Box 2152 Manama Tel: 00 973 17 290333 Fax: 00 973 17 291323 Email: marketing@afs.com.bh Website: www.afs.com.bh Consumer finance services


Bahrain listings Arab Insurance Group Arig House Building 131, Road 1702 Diplomatic Area 317, PO Box 26992 Manama Tel: 00 973 17 544444 Fax: 00 973 17 531155 Email: info@arig.com.bh Website: www.arig.com.bh Insurance Armour Insurance Services Bahrain Falcon Tower, Diplomatic Area PO Box 10757 Manama 708 Tel: 00 973 17 533 229 Fax: 00 973 17 533 329 Email: armour@batelco.com.bh Website: www.armourgulf.com Insurance services Askari Bank Limited Bahrain Development Bank Building 170 Road 1703, Diplomatic Area, PO Box 11720 Manama Tel: 00 973 17 535439 / 530500 Fax: 00 973 17 532400 Email: acbl@batelco.com.bh Website: www.askaribank.com.pk Banking The Arab Investment Company – Bahrain The Arab Investment Company Building King Mohammad IV Avenue Al Seef District 428 PO Box 5559 Manama Tel: 00 973 17 588888 Fax: 00 973 17 588885 Email: taic@taicobu.com Investment banking and asset management Arcapita Bank Arcapita Building, Bahrain Bay Area PO Box 1406 Manama Tel: 00 973 17 218333 Fax: 00 973 17 217555 Website: www.arcapita.com Private equity, real estate, infrastructure and venture capital Awal Bank The Manama Centre, Level 1 Entrance 3 Government Avenue, PO Box 1735 Manama Tel: 00 973 17 203333 Fax: 00 973 17 203355 Email: info@awal-bank.com Website: www.awal-bank.com Conventional and Islamic commercial banking services AXA Insurance (Gulf) Kanoo Building, Abu Obeidah Avenue Manama Tel: 00 973 17 210778 Fax: 00 973 17 223857 Website: www.axa.com Insurance

Bahrain Bourse Bahrain Financial Harbour, Financial Mall Road 383, Government Avenue Area P.O. Box 3203 Manama Tel: 00 973 17 261260 Fax: 00 973 17 276181 Email: info@bahrainbourse.com.bh Website: www.bahrainbourse.com.bh Securities markets Bahrain Commercial Facilities Company BDFC Building Number 264 Road Number 111 Tubli 701, PO Box 1175, Isa Town Central Tel: 00 973 17 786000 / 311311 / 466666 Fax: 00 973 17 786010 / 311344 / 467010 Email: bcredit@bahraincredit.com.bh Website: www.bahraincredit.com.bh Consumer and commercial financing services Bahrain Development Bank Bahrain Development Bank Building 170 Road 1703, Diplomatic Area, PO Box 20501 Manama Tel: 00 973 17 511111 Fax: 00 973 17 530116 Email: info@bdb-bh.com Website: www.bdb-bh.com Loans for projects finance, capital and equipment to developing industries, Islamic products, business advisory, training programmes, business valuation Bahrain Financial Exchange East Tower, King Faisal Highway Bahrain Financial Harbour, PO Box 1936 Manama Tel: 00 973 16 511511 Fax: 00 973 16 511599 Email: info@bfx.bh Website: www.bfx.bh Securities markets Bahrain Financing Company Building 150, Road 1507 8-12 Bab Al Bahrain Area, 243 Manama Tel: 00 973 17 228888 Fax: 00 973 17 223495 Email: custservice@bfc.com.bh Website: www.bfc.com.bh General financial services Bahrain Islamic Bank Building 722, Road 1708 Block 37 Diplomatic Area, PO Box 5240 Manama Tel: 00 973 17 515151 Fax: 00 973 17 535808 Email: contactcentre@bisb.com Website: www.bisb.com Commercial banking in accordance with the Islamic principles Bahrain Kuwait Insurance Company BKIC House Building 168, Street 1703 Diplomatic Area 317, PO Box 10166 Tel: 00 973 17 542222 / 531555 / 875000 Fax: 00 973 17 530799

Email: bkicbah@batelco.com.bh Website: www.bkic.com Insurance Bahrain Middle East Bank (BMB Investment) BMB Centre, Building 135, Road 1702 Block 317, Diplomatic Area PO Box 797 Manama Tel: 00 973 17 532345 Fax: 00 973 17 530987 Email: requests@bmb.com.bh Website: www.bmb.com.bh Investment banking, asset management and funds distribution as well as proprietary trading and investment Bahrain National Insurance Company BNH Building, Road 2832 Al Seef District Area PO Box 843, Manama 428 Tel: 00 973 17 587300 / 7400 Fax: 00 973 17 583099 / 3299 Email: bnh@bnhgroup.com Website: www.bnidirect.com Insurance Bahrain Mumtalakat Holding Company Addax Tower, Building 1006, Road 2813, Al Seef District PO Box 820 Manama 428 Tel: 00 973 17 561111 Fax: 00 973 17 561109 Email: contactus@bmhc.bh Website: www.bmhc.bh Investment firms and funds Bahrain National Holding Company BNH Tower, Road 2832 Al Seef District, PO Box 843 Manama 428 Tel: 00 973 17 587300 Fax: 00 973 17 583099 Email: ce@bnhgroup.com Website: www.bnhgroup.com Investment firms and funds Bank Alkhair Building 2304, Block 0428, 4th 6th and 7th Floor Road 2830, Al Seef District PO Box 31700 Manama Tel: 00 973 17 566000 Fax: 00 973 17 566001 Email: contact@bankalkhair.com Website: www.bankalkhair.com Investment banking, asset management, investment firms and funds Bank of Bahrain and Kuwait (BBK) 43 Government Avenue, PO Box 597 Manama Tel: 00 973 17 223388 Fax: 00 973 17 229822 Email: manama@bbkonline.com Website: www.bbkonline.com Commercial banking services including retail, corporate, treasury, e-banking, investment services and mutual funds

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Bahrain listings Bank Muscat International (BMI Bank) East Tower, 18th Floor, World Trade Center Bahrain Commercial Complex Area, PO Box 350 Manama Tel: 00 973 17 50 8080 Fax: 00 973 17 22 6641 Email: inquiry@bmi.com.bh Website: www.bmi.com.bh 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 – Bahrain West Tower, Road 4626, Bahrain Financial Harbour Manama Tel: 00 973 17 504450 Fax: 00 973 17 504451 Website: www.bil.com Banking Baytik Industrial Investments Company Baytik Industrial Investment Company Building Salman Industrial City, PO Box 5323 Manama Tel: 00 973 17 003000 Fax: 00 973 17 003707 Email: info@bii.bh Website: www.bii.bh Securities Brokers and traders BDO Jawad Habib and Company GBCORP Tower, Bahrain Financial Harbour Street PO Box 787 Manama Tel: 00 973 1753 0077 Fax: 00 973 1753 0088 Email: info@bdo.bh Website: www.bdo.bh General financial services and investment banking The Benefit Company NBB Tower, Government Road, PO Box 2546 Manama Tel: 00 973 17 500400 Fax: 00 973 17 500401 Email: tbcinfo@benefitco.com.bh Website: www.benefitco.com.bh General financial services BNP Paribas MEA West Tower, King Faisal Highway Bahrain Financial Harbour Area, PO Box 5253 Manama Tel: 00 973 17 866666 Fax: 00 973 17 866601 Email: mea.communication@bnpparibas.com Website: www.bnpparibas.bh Banking, asset management, investment banking and investment firms and funds BSI Bank – Bahrain West Tower, Bahrain Financial Harbour Manama Tel: 00 973 17 155155 Fax: 00 973 17 107777 Website: www.bsibank.com Asset management and investment banking

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Business Development Asia (HK) Limited Meral Building Number 2572 Road Number 2833, Seef District Manama Tel: 00 973 17 581336 Fax: 00 973 17 581483 Website: www.bdallc.com Investment banking Capinnova Investment Bank West Tower, 38th Floor Bahrain Financial Harbour, PO Box 5507 Manama Tel: 00 973 17 101010 Fax: 00 973 17 100131 / 100141 Email: contactus@capinnoavebank.com Website: www.capinnovabank.com Shariah compliant investment products Capital Management House West Tower, 8th Floor, Office 81, Street 365 World Trade Centre Area, PO Box 1001 Manama Tel: 00 973 17 510000 Fax: 00 973 17 510051 Email: info@capitalmh.com Website: www.capitalmh.com Investment banking, asset management, investment firms and funds Capivest Investment Bank Al Zamil Tower, 6th Floor, Al Khalifa Avenue Bab Al Bahrain Area, PO Box 5571 Manama Tel: 00 973 17 502222 Fax: 00 973 17 502211 Email: info@capivest.com Website: www.capivest.com 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: 00 973 17 547777 Fax: 00 973 17 530399 Email: info@cbb.gov.bh Website: www.cbb.gov.bh Central bank and monetary authority Chartis Takaful Enaya Al Moayyed Tower, Road 2832 Al Seef Area, PO Box 20107 Manama 428 Tel: 00 973 17 565999 Fax: 00 973 17 580688 Email: customerservices-takaful@chartisinsurance.com Website: www.chartisinsurance.com Insurance CIMB Middle East Almoayyed Tower, Block 428 Building 2504, Road 2832, Al Seef District Manama Tel: 00 973 17 567111 Fax: 00 973 17 583180

Arab British Banking & Finance Directory 2013/14

Website: www.cimb.com Investment banking and banking Citibank – Bahrain Citibank House, Building 1133 Road 2819, Area 428, Al Seef District Manama Tel: 00 973 17 588588 Fax: 00 973 17 214448 Website: www.citi.com Banking and investment banking CrediMax Block 436, Building 858, Road 3618 Seef District, PO Box 5350 Manama 305 Tel: 00 973 17 11 7117 Fax: 00 973 17 21 1465 Email: credimax@credimax.com.bh Website: www.credimax.com.bh Credit card services Crescent Global Insurance Services Crescent Global House 373, Block 336 Road 3610, Adliya, PO Box 1719 Manama Tel: 00 973 17 713838 Fax: 00 973 17 717166 Email: info@crescentglobal.com Website: www.crescentglobal.com General insurance and reinsurance Daiwa Capital Markets Europe Limited Bahrain Commercial Complex King Faisal Highway Manama Tel: 00 973 17 534452 / 535185 Fax: 00 973 17 535113 Website: www.daiwacm.co.uk Securities brokers and traders Denizbank Al Jasrah Tower, 1702 Street, Office 62 and 63 6th Floor, Diplomatic Area, PO Box 10357 Manama Tel: 00 973 17 541137 / 1138 Fax: 00 973 17 541139 Website: www.denizbankbahrain.bh Banking DevCorp International Manama Centre, 2nd Entrance, 3rd Floor Diplomatic Area, PO Box 10236 Manama Tel: 00 973 17 228801 Fax: 00 973 17 228805 Email: devcorp@batelco.com.bh Website: www.devcorpint.com Venture development including project identification, funding, and implementation throughout the GCC Deutsche Bank – Bahrain Almoayyed Tower, Road 2832 Al Seef District, PO Box 20619 Manama Tel: 00 973 17 203777 Fax: 00 973 17 203780 Website: www.db.com Investment banking and asset management


Bahrain listings Dexia Asset Management Luxembourg – Middle East Almoayyed Tower, Seef District Area PO Box 75766 Manama Tel: 00 973 17 567990 Fax: 00 973 17 567901 Email: investor.support@dexia-am.com Website: www.dexia.com Asset management Ebdaa Bank for Microfinance Unisono Tower, 3rd Floor, Road Number 1011 Sanabis Area, PO Box 18648 Manama Tel: 00 973 17 381000 Fax: 00 973 17 381005 Website: www.ebdaabank.com General financial services Ebrahim Khalil Kanoo Company Building 510, Road 225 Qassim Al Mehzaa Street PO Box 119 Manama Tel: 00 973 17 262262 Fax: 00 973 17 258865 Email: info@ekkanoo.com.bh Website: www.ekkanoo.com.bh General financial services Elaf Bank Addax Tower 1006, 3rd Floor Street 2806 Al Seef Ditsrict, Al Seef District Block 428, PO Box 11939 Manama Tel: 00 973 17 561561 Fax: 00 973 17 564660 Email: info@elafbank.net Website: www.elafbank.net Investment banking services Emerging Markets Partnership (Bahrain) Al Salam Tower, Building 722 Road 1708, Diplomatic Area PO Box 11385 Manama 317 Tel: 00 973 17 549333 Fax: 00 973 17 537660 Email: emp@emp.com.bh Website: www.bahrain.empglobal.com Investment firms and funds Ensurion Block 316, The National Bank of Bahrain Tower 383 Road, Bab Al Bahrain Area Manama Tel: 00 973 17 221515 Fax: 00 973 17 224166 Email: info@ensurion.com Website: www.ensurion.com Insurance Ernst and Young Bahrain Sheraton Tower, Government Road Diplomatic Area, PO Box 140 Manama Tel: 00 973 17 535455

Fax: 00 973 17 535405 Email: manama@bh.ey.com Website: www.ey.com General financial services and investment banking Eskan Bank Al Moayyed Tower, 1st Floor Al Seef District, PO Box 5370 Manama Tel: 00 973 17 567777 / 567890 Fax: 00 973 17 541781 / 533437 / 564114 Email: inquiries@eskanbank.com Website: www.eskanbank.com Banking, asset management, investment firms and funds landlords and developers, real estate management Esterad Investment Company Al Moayyed Tower, Street 2832 Al Seef Area, PO Box 1080 Manama Tel: 00 973 17 585400 Fax: 00 973 17 585444 Email: mail@esterad.net Website: www.esterad.net Investment firms and funds Fakhro Insurance Services Abdulla Yousif Fakhro Group Building 277 Government Avenue, Naim Area PO Box 39 Manama 303 Tel: 00 973 17 240600 Fax: 00 973 17 275679 Email: insure@fakhro.com Website: www.fakhro.com Insurance The Family Office Al Zamil Tower, Building 31 Road 383, Government Avenue PO Box 18024 Manama Tel: 00 973 17 221177 Fax: 00 973 17 578000 Email: info@tfoco.com Website: www.tfoco.com Asset management and investment firms and funds Fajr Investment Advisory Al Rossais Tower, Diplomatic Area PO Box 10797 Manama Tel: 00 973 17 517000 Fax: 00 973 17 540600 Email: info@fajr.com.bh Website: www.fajr.com.bh Investment banking and securities markets First Energy Bank East Tower, 5th and 6th Floor Bahrain Financial Harbour PO Box 209 Manama Tel: 00 973 17 170000 Fax: 00 973 17 170170 Email: info@1stenergybank.com Website: www.1stenergybank.com Investment advisory banking

First Leasing Bank Addax Tower, 12th Floor Al Seef, PO Box 1908, Manama Tel: 00 973 17 563444 Fax: 00 973 17 582887 Email: info@1stleasingbank.com Website: www.1stleasingbank.com Islamic equipment leasing services Future Bank City Centre Building 199, Block 304 Government Avenue, Road 203 PO Box 785 Manama Tel: 00 973 17 505000 Fax: 00 973 17 224402 Email: info@futurebank.com.bh Website: www.futurebank.com.bh Commercial banking services Global Banking Corporation GBCORP Tower, 21st Floor Building 1411, Road 4626 Bahrain Financial Harbour PO Box 1486 Manama Tel: 00 973 17 200200 Fax: 00 973 17 200300 Email: info@gbcorponline.com Website: www.gbcorponline.com Private equity, real estate & infrastructure, energy advisory services, asset and wealth management, corporate finance Global Investment House – Bahrain National Bank of Bahrain Tower 19th Floor, Office Number 191 120 Government Road PO Box 855 Manama Tel: 00 973 17 210011 Fax: 00 973 17 210222 Investment banking, asset management, securities brokers and traders Gulf Finance House East Tower, Bahrain Financial Harbour PO Box 10006 Manama Tel: 00 973 17 53 8538 Fax: 00 973 17 54 0006 Email: info@gfhouse.com Website: www.gfh.com Islamic investment and commercial banking solutions in the real estate, commercial and technology sectors, structured finance and securitization, liquidity management, consultancy and advisory services Gulf International Bank Al Dowali Building, 3 Place Avenue Diplomatic Area, PO Box 1017 Manama Tel: 00 973 17 534000 Fax: 00 973 17 522633 Website: www.gibonline.com Investment banking including financial advisory, asset management, equity placement, and asset trading, credit facilities including wholesale commercial financing and project finance, and Islamic banking

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Bahrain listings Gulf One Investment Bank Building 1549, West Tower 15th Floor, Block 346 Bahrain Financial Harbour Road 4626, PO Box 11172 Manama Tel: 00 973 17 102555 Fax: 00 973 17 100063 Email: info@gulf1bank.com Website: www.gulf1bank.com Private equity investment services Gulf Union Insurance and Reinsurance Company Manama Centre, Ground Floor Al Salhieh Area, PO Box 10949 Manama Tel: 00 973 17 238880 Fax: 00 973 17 255090 Email: gfunion@gulfunion.com.bh Non-life insurance services and reinsurance services Gulf Warranties Bahrain Kuwait Insurance Company Building Diplomatic Area, PO Box 10166 Manama Tel: 00 973 17 874503 Fax: 00 973 17 874504 Email: sales_bahrain@gulfwarranties.ae Website: www.gulfwarranties.com Insurance Hannover ReTakaful Al Zamil Tower, 17th Floor Government Avenue Manama Centre 305, PO Box 21345 Manama Tel: 00 973 17 214766 Fax: 00 973 17 214667 Email: info@hannover-re.com Website: www.hannover-re.com Islamic insurance services Hardy Arig Insurance Management Arig House, Diplomatic Area, PO Box 26992 Manama Tel: 00 973 17 544222 Fax: 00 973 17 531155 Email: info@haim.com.bh Website: www.haim.com.bh Insurance The Housing Bank for Trade and Finance – Bahrain Manama Centre, Government Avenue, PO Box 5925 Manama Tel: 00 973 17 225227 Fax: 00 973 17 227225 Email: bahrain@hbtf.com.bh Website: www.hbtf.com.bh Commercial banking and investment services HSBC Bank Middle East Bahrain Building 2505, Road 2832, Seef Area, PO Box 57 Manama 428 Tel: 00 973 17 569999 Fax: 00 973 17 569429 Website: www.bahrain.hsbc.com Banking, asset management, investment firms and funds

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ICAP (Middle East) West Tower 2, Bahrain Financial Harbour Area PO Box 5488, Manama Tel: 00 973 17 152650 Fax: 00 973 17 131404 Email: icapbah@bh.icap.com Website: www.icap.com General financial services ICICI Bank Manama Centre, Government Avenue Bab Al Bahrain Area, PO Box 1494 Manama Tel: 00 973 17 576161 Fax: 00 973 17 221200 / 221210 Email: bahrain@icicibank.com Website: www.icicibankbahrain.com Banking, asset management and investment banking Instrata Capital GBCORP Tower, Bahrain Financial Harbour Area PO Box 26300 Manama Tel: 00 973 17 388188 Fax: 00 973 17 388177 Email: enquiries@instrata.com Website: www.instrata.com Asset management and investment firms and funds International Agencies Company Ali Al Wazzan Building, 131 Al Khalifa Avenue Bab Al Bahrain Area, PO Box 584 Manama Tel: 00 973 17 228855 Fax: 00 973 17 210016 Email: intercol@intercol.com Website: www.intercol.com Insurance International Investment Bank Al Moayyed Tower, 37th Floor Al Seef District, PO Box 11616 Manama Tel: 00 973 17 565000 Fax: 00 973 17 565050 Email: info@iib-bahrain.com Website: www.iib-bahrain.com Investment banking, asset management, investment firms and funds Investcorp Bank Investcorp House 499, Street Number 1706 Diplomatic Area 317 PO Box 5340 Manama Tel: 00 973 17 532000 Fax: 00 973 17 530816 Email: info@investcorp.com Website: www.investcorp.com Corporate investment, technology investment, real estate investment, asset management, investment placement and corporate support Investment Dar Bank Zamil Tower, 15th Floor, Government Avenue Diplomatic Area, PO Box 75751 Manama Tel: 00 973 17 500555 Fax: 00 973 17 200005

Arab British Banking & Finance Directory 2013/14

Email: info@inv-darbank.com Investment transactions and retail services Investors Bank Investors Bank BSC (C) Seef Star Building – 3rd Floor, Seef District Kingdom of Bahrain, PO Box 11818 Tel:  00 973 17 565777 Fax: 00 973 17 583755 Email: info@investorsb.com Website: www.investorsb.com Islamic investment banking, including direct and strategic investment, mergers and acquisitions, advisory services, syndications, funds and portfolio management The Islamic Bank of Asia West Tower, Bahrain Financial Harbour, PO Box 1317 Manama Tel: 00 973 17 102050 Fax: 00 973 17 104990 Email: contactus@islamicbankasia.com Website: www.islamicbankasia.com Investment firms and funds and investment banking Islamic Finance Consultants Business Centre Building, Road 3616 Al Seef District, PO Box 21258 Manama Tel: 00 973 17 587175 Fax: 00 973 17 587176 Email: info@if-consult.com Website: www.if-consult.com Investment banking and securities brokers and traders Islamic International Rating agency Block 320, AFS Tower Building, 2004 Road Hoora Area, PO Box 20582 Manama Tel: 00 973 17 211606 Fax: 00 973 17 211605 Email: iira@iirating.com Website: www.iirating.com General financial services Ithmaar Bank Seef Towers, Building 2080, Road 2825 Seef District, PO Box 2820 Manama Tel: 00 973 17 584000 / 585000 Fax: 00 973 17 584017 / 585151 Email: info@ithmaarbank.com Website: www.ithmaarbank.com Personal, business and investment banking JP Morgan Chase Bank World Trade Center, West Tower, Government Avenue Manama Tel: 00 973 17 134888 Fax: 00 973 17 134889 Email: info@jpmorganchase.com Website: www.jpmorganchase.com Investment banking and asset management Khaleeji Commercial Bank Harbour Tower East, Bahrain Financial Harbour PO Box 60002 Manama Tel: 00 973 17 505701 Fax: 00 973 17 104779


Bahrain listings Email: info@khcbonline.com Website: www.khcbonline.com Real estate commercial bank, project financing, direct investment, structured finance, syndication, asset management, property management and advisory services according to the Islamic law and Sharia principles Keystone Equity Partners Building 247, Street 1704 Diplomatic Area 317, PO Box 11409, Manama Tel: 00 973 17 518734 Fax: 00 973 17 518787 Website: www.keystone-ep.com Investment firms and funds KPMG Fakhro Chamber of Commerce Building, King Faisal Highway Bab Al Bahrain Area, PO Box 710 Manama Tel: 00 973 17 224807 Fax: 00 973 17 227443 Email: kpmgbh@kpmg.com Website: www.kpmg.com.bh General financial services and investment banking Kuwait Finance House Bahrain Bahrain World Trade Centre, West Tower, 15th – 23rd Floor, Borj Al Gharib Street Diplomatic Area, PO Box 2066 Manama Tel: 00 973 17 777777 Fax: 00 973 17 000600 Email: ccd@kfh.com.bh Website: www.kfh.bh Islamic commercial and investment banking services Legal and General Gulf Ahli United Bank Building, Road 2832 Al Seef District, PO Box 5832 Manama 428 Tel: 00 973 17 589800 Email: customer.service@landgulf.com Website: www.lggulf.com Insurance Life Insurance Corporation (International) Ali Al Wazzan Building, Al Khalifa Avenue, PO Box 584 Manama Tel: 00 973 17 727662 / 210610 Fax: 00 973 17 211577 Email: licintl@batelco.com.bh Website: www.licinternational.com Insurance Liquidity Management Centre Liquidity Management Centre Building 852 Block 436, Street 3618, Seef District PO Box 11567 Manama Tel: 00 973 17 568568 Fax: 00 973 17 568569 Email: info@lmcbahrain.com Website: www.lmcbahrain.com Investment banking and asset management Maalem Holding Company Bahrain World Trade Center West Tower King Faisal Highway

Bahrain Financial Harbour Area PO Box 427 Manama Tel: 00 973 17 107000 Fax: 00 973 17 107107 Email: info@maalem.com Website: www.maalem.com Investment firms and funds

National Bank of Bahrain 120 Government Road, PO Box 106 Manama Tel: 00 973 17 228800 Fax: 00 973 17 228998 / 211307 Email:nbb@nbbonline.com Website: www.nbbonline.com Commercial and retail banking services

Marsh Bahrain Company Unitag House, Government Avenue 150 Manama Tel: 00 973 17 204250 Fax: 00 973 17 229599 Email: marshmena@marsh.com Website: www.me.marsh.com Insurance

National Finance House Block 364, National Finance House Building Office 186, Road 66 Bilad Al Qadeem Area, PO Box 21774 Manama Tel: 00 973 17 407401 / 407407 Fax: 00 973 17 403995 Email: nfh@batelco.com.bh Website: www.nfh.com.bh General financial services and insurance

Medgulf Allianz Takaful Al Raya Building 1025, Road 3621 Seef District 436 Area PO Box 31397 Manama Tel: 00 973 17 568222 Fax: 00 973 17 582114 Email: info@allianz.com.bh Website: www.medgulfallianz.com.bh Insurance Mediterranean and Gulf Insurance and Reinsurance – Bahrain Chamber of Commerce Building Sanabis Area Manama Tel: 00 973 17 218881 Fax: 00 973 17 215444 Email: manama@medgulf.com Website: www.medgulf.com Insurance Merrill Lynch International – Bahrain Bahrain Middle East Bank Building Diplomatic Area Manama Tel: 00 973 17 530260 / 512700 Fax: 00 973 17 530245 / 530345 Website: www.ml.com Investment banking and asset management Mubasher Financial Services Kingdom Tower, Building 8, Unit 62 Diplomatic Area, PO Box 75782 Manama Tel: 00 973 17 556139 / 554986 Fax: 00 973 17 556124 Email: info@mubasherfs.com Website: www.mubasherfs.com Securities brokers and traders MCB Bank Limited BKIC Building 168, Street 1703 Diplomatic Area PO Box 10164 Manama Tel: 00 973 17 533306 Fax: 00 973 17 533308 Email: mcbobubh@batelco.com.bh Website: www.mcb.com.pk Banking

The New India Assurance Company Limited Block 304, Building 4017, Road 482 Manama Centre Area Manama Tel: 00 973 17 21 1908 Fax: 00 973 17 21 3099 Website: www.newindia.co.in Insurance Nomura Investment Banking (Middle East) BMB Centre, Diplomatic Area Manama Tel: 00 973 17 530531 Fax: 00 973 17 530365 Website: www.nomura.com Investment banking Nonoo Exchange Company Building 226, Sheikh Isa Avenue Road 330, Gudaibiya Area, PO Box 11970 Manama Tel: 00 973 17 230767 / 230901 Fax: 00 973 17 230929 Email: info@nonoo.com Website: www.nonoo.com General financial services Ohad Trust Manama Centre, Government Avenue Bab Al Bahrain Area, PO Box 18206 Manama Tel: 00 973 17 213199 Fax: 00 973 17 213198 Email: info@ohad.com Website: www.ohad.com Asset management Oasis Capital Bank West Tower, 20th Floor, Street 4626 Bahrain Financial Harbour Area, PO Box 991 Manama Tel: 00 973 17 506666 Fax: 00 973 17 506799 Email: info@oasiscapitalbank.com Website: www.oasiscapitalbank.com Investment banking, asset management, private banking, property and infrastructure investment, private equity, treasury and financial institutions

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Bahrain listings Orient Middle East Advisory West Tower, Bahrain Financial Harbour Area PO Box 75857 Manama Tel: 00 973 17 151000 Fax: 00 973 17 152000 Email: info@orient-me.com Website: www.orient-me.com Investment banking Oryx Insurance Services Gulf Union Insurance Building Adliya Area PO Box 54531 Manama Tel: 00 973 17 232632 Fax: 00 973 17 232532 Email: oryxmain@batelco.com.bh Website: www.oryx.com.bh Insurance PricewaterhouseCoopers Bahrain BMB Centre Building Diplomatic Area PO Box 21144 Manama Tel: 00 973 17 540554 Fax: 00 973 17 540556 Email: pwc.bahrain@bh.pwc.com Website: www.pwc.com General financial services Protection Insurance Services Building 128, PO Box 33133 Manama Tel: 00 973 17 211700 Fax: 00 973 17 215309 Email: protection@protectionre.com Website: www.protectionre.com Insurance Reef Real Estate Finance Company Building 483, Road 1010, Block 410, 18599 Manama Tel: 00 973 17 558080 Fax: 00 973 17 556333 Email: info@reef.bh Website: www.reef.bh General financial services and investment firms and funds Remza Investment Company Remza Investment Company Building Abdulrahman Jassim Kanoo Avenue, PO Box 684 Manama Tel: 00 973 17 822122 Fax: 00 973 17 822133 Email: info@remza.com Website: www.remza.com Investment firms and funds Riyada Consulting Block 305, Al Zamil Tower, Road 383 PO Box 10627 Manama Tel: 00 973 17 531534 Fax: 00 973 17 531535 Email: info@riyadaconsulting.com Website: www.riyadaconsulting.com Investment banking

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Sakana Holistic Housing Solutions Bahrain Car Parks Company Building Goverment Avenue, Bab Al Bahrain Area PO Box 21479 Manama 383 Tel: 00 973 17 201900 Fax: 00 973 17 214663 Email: info@sakanaonline.com Website: www.sakanaonline.com General financial services Seera Investment Bank Building 2431, Road 2831, Seef District 428 PO Box 18373 Manama Tel: 00 973 17 566533 Fax: 00 973 17 566544 Email: info@seera.com Website: www.seera.com Investment banking, asset management, selective investment, seeking opportunities for direct investment in stable, asset-rich industries Securities and Investment Company BMB Building, Diplomatic Area PO Box 1331 Manama Tel: 00 973 17 515000 / 516060 Fax: 00 973 17 514000 / 531777 Email: info@sicobahrain.com Website: www.sicobahrain.com Investment banking, asset management and securities brokers and traders Samena Capital Investment Company Seef Tower, PO Box 31594 Manama Tel: 00 973 17 112280 Fax: 00 973 17 112281 Email: infobahrain@samenacapital.com Website: www.samenacapital.com Asset management and investment firms and funds Saudi Arabian Insurance Company Block 436, Building 852, Road 3618 Al Seef Area, PO Box 60139 Manama Tel: 00 973 17 562525 Fax: 00 973 17 564989 Email: saicome@saicoins.com Website: www.saicoins.com Insurance Saudi National Insurance Company Almoayyed Tower, Building 2504 Road 2832, Seef Area 428 PO Box 31516 Manama Tel: 00 973 17 563377 Fax: 00 973 17 564243 Email: snic.bh@snic.com.bh Website: www.snic.com.bh Insurance Sinnad NBB Tower, Bab Al Area, PO Box 21534 Manama Tel: 00 973 17 508888 Fax: 00 973 17 214070

Arab British Banking & Finance Directory 2013/14

Email: sales@sinnad.com.bh Website: www.sinnad.com.bh Banking and general financial services Solidarity General Takaful Seef Tower, Seef District Area, PO Box 18668 Manama Tel: 00 973 17 585222 Fax: 00 973 17 585200 Email: mail@solidaritygeneral.com Website: www.solidaritygeneral.com Insurance Solidarity Group Holding Seef Tower, Seef District, PO Box 18668 Manama Tel: 00 973 17 585222 Fax: 00 973 17 585200 Email: mail@solidarity.com.bh Website: www.solidarity.cc Investment firms and funds and asset management Stratum NBB Tower, Government Avenue Street Manama Centre Area, PO Box 3013 Manama Tel: 00 973 17 221515 Fax: 00 973 17 224166 Email: info@stratumwll.com Website: www.stratumwll.com Investment banking and investment firms and funds Sumitomo Mitsui Banking Corporation No. 406 & 407 (Entrance 3, 4th Floor) Manama Centre, Government Road Manama Tel: 00 973 17 22 3211 Website: www.smbc.co.jb Standard Chartered Bank Bahrain Building 180, Government Street 383 Manama 315 Tel: 00 973 17 223636 Fax: 00 973 17 225001 Email: eservice.bahrain@standardchartered.com Website: www.standardchartered.com/bh/ Banking Tadhamon Capital GBCorp Tower, Bahrain Financial Harbour PO Box 75511 Manama Tel: 00 973 17 103444 Fax: 00 973 17 104840 Email: contact@tadhamoncapital.com Website: www.tadhamoncapital.com Investment firms and funds and asset management TAIB Bank TAIB Tower Building, Rd 1702 Diplomatic Area, PO Box 20485 Manama Tel: 00 973 17 533334 / 549494 Fax: 00 973 17 533174 Email: taib@taib.com Website: www.taib.com Private banking, asset management, private equity investment, real estate investment, provision of financial and securities advisory services, along with brokerage services


Bahrain listings Takaful International Company Building 680, Road 2811 Seef District 428, PO Box 3230 Manama Tel: 00 973 17 565656 Fax: 00 973 17 582688 Email: takaful@takafulweb.com Website: www.takaful.bh Insurance Tazur Company Block 428, Le President Tower, Building 2347 Road 2830, Al Seef District Area, PO Box 31600 Manama Tel: 00 973 17 561666 / 1661 Fax: 00 973 17 561669 Email: info@tazur.com Website: www.tazur.com Insurance Tharawat Investment House Bahrain World Trade Centre, East Tower Seef District, PO Box 75780 Manama Tel: 00 973 17 560777 Fax: 00 973 17 560778 Email: info@tharawat.net Website: www.tharawat.net Investment firms and funds, asset management and investment banking Trust International Insurance & Reinsurance Company Trust Tower, Building 125, Road 1702 Diplomatic Area 317 Manama Tel: 00 973 17 517171 Fax: 00 973 17 531586 Email: mail@trustre.com Website: www.trustre.com Insurance Turkiye Halk Bankasi A.S Bahrain Development Bank Building Diplomatic Area, PO Box 11378 Manama Tel: 00 973 17 537711 Fax: 00 973 17 535463 Website: www.halkbank.com.tr Banking UBS Bahrain Bahrain World Trade Centre, West Tower, PO Box 5560 Manama Tel: 00 973 17 517777 Fax: 00 973 17 535032 Website: www.ubs.com Asset management Unitag Group Unitag House 150 Government Avenue Number 315, PO Box 830 Manama Tel: 00 973 17 224678 / 224645 Fax: 00 973 17 225503 / 224648 Email: info@unitag.com Website: www.unitaggroup.com General financial services

United Gulf Bank United Gulf Bank Tower, Government Avenue Diplomatic Area, PO Box 5964 Manama Tel: 00 973 17 533233 Fax: 00 973 17 533137 Email: info@ugbbah.com Website: www.ugbbh.com Investment banking, asset management equity, real estate, treasury, commercial banking and offshore banking United Gulf Investment Corporation Al Moayyed Tower, 3202 Street Seef District, PO Box 10177 Manama Tel: 00 973 17 581654 Fax: 00 973 17 581644 Email: info@ugiccorp.com Website: www.ugiccorp.com Investment firms and funds United Insurance Company (Bahrain) Building 1392, Road 436 Salmabad Area PO Box 3113 Manama 704 Tel: 00 973 17 788788 Fax: 00 973 17 785488 Email: info@unitedico.com Website: www.uic.bh Insurance Venture Capital Bank (VC Bank) Venture Capital Bank Building 7th and 8th Floor Road 1704, Diplomatic Area, Block 317 PO Box 11755 Manama Tel: 00 973 17 518888 Fax: 00 973 17 518880 Email: info@vc-bank.com Website: www.vc-bank.com Investment banking, dedicated Islamic venture capital bank Western Gulf Advisory Block 428, Orchid Business Center, Building 2317 Road 2830, Al Seef District Area PO Box 75999 Manama Tel: 00 973 17 585395 Fax: 00 973 17 587584 Email: info@westerngulfadvisory.com Website: www.westerngulfadvisory.com Asset management, investment banking and investment firms and funds Zenj Exchange Company Zenj Exchange Company Building, Road 385 Manama Centre Area PO Box 236 Manama Tel: 00 973 17 253171 / 217008 Fax: 00 973 17 274868 Email: zenjex@batelco.com.bh Website: www.zenjex.com General financial services

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Djibouti listings Bank of Africa (BOA Mer Rouge) 10 Place Legarde BP 88 Tel: + 253 21 353016 Fax: + 253 21 351638 Email: secretariat@boamerrouge.com Website: www.bank-of-africa.net Banque Pour le Commerce et l’Industrie Mer Rouge Siege social Place Lagarde Djibouti Tel: + 253 21 35 08 57/21 313 000 Fax: + 253 21 35 42 60 Email: contact@bcimr.dj Website: www.bcimr.dj

Tel: +253 21351544 Fax: +253 21351534 Email: info@banksalaam.com Website: www.banksalaam.com Shoura Bank Marseille Street Transmaritime Building Djibouti Tel/Fax: + 253 21 355407 Mobile: + 253 21 649538 Website: www.shouragroup.com Warka Bank for Investment and Finance (Branch of Iraqi bank) Website: www.warka-bank.com

Banque de Dépôt et Crédit de Djibouti Place Lagarde BP 1929 Djibouti Tel: + 253 21 35 35 34 Fax: + 253 21 35 08 80 Email: contact@bdcdjibouti.com Website: www.bcddjibouti.com Cooperative Agricultural and Credit Bank (CACB) BP 1868 Djibouti Tel: +253 21 35 63 63 Fax: +253 21 35 67 55 Dahabshil Bank International Tel: +253 35 22 33 Email: info@dahabshilbank.com Website: www.dahabshilbank.com Exim Bank of Djibouti PO Box MO 4455 Batimont Ougoul Ave Clemenceau Djibouti Tel: + 253 21 351514 Email: customercare@eximbank-tz.com Website: www.eximbank-tz.com International Commercial Bank Immeuble No 15 Place Du 27 Juin Rue D’Ethiopie, Djibouti Tel: + 253 21 355 006 / 355 011 / 355 012 Fax: + 253 21 355 003 Email: enquiry@icbank-djibouti.com Website: www.icbank-djibouti.com Saba Islamic Bank (SIB) Place du 27 juin (Immeuble Yassin Yabeh) BP 1972 Djibouti Tel: + 253 21 35 57 77 Fax: + 253 21 35 77 70 Email: DjSaba@SabaBank.com Salaam African Bank Avenue Pierre Pascal PO Box 2550 Djibouti

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Egypt listings Abu Dhabi Islamic Bank (ADIB) National Development Bank Building Al Borsa Al Gedida Street Tel: 00 20 2 2393 6039 Fax: 00 20 2 2390 5681 Email: nbd@internetegypt.com Website: www.nbdegypt.com Banking, asset management, investment banking and investment firms and funds Alexandria National Company for Financial Investment Building 73, 4th Floor Al Hurryah Street 27, PO Box 578 Alexandria 21121 Tel: 00 20 3 494 6099 / 392 4420 Fax: 00 20 3 391 3354 Email:alexinv2008@yahoo.com Investment banking, asset management, investment firms and funds African Export-Import Bank African Export-Import Bank Building 72 (B) El Maahad El Eshteraky Street Heliopolis Area, PO Box 613 Cairo 11757 Tel: 00 20 2 2456 4100 / 4101 / 4102 Fax: 00 20 2 2456 4110 / 2451 5008 Email:info@afreximbank.com Website: www.afreximbank.com General financial services, investment services Ahli United Bank Egypt Building 81, El Tesseen Street, 3rd floor 5th Settlment Area, PO Box 413 Cairo 1191 Tel: 00 20 2 2614 9600 / 9700 Fax: 00 20 2 2613 5129 / 5160 Email:info.aube@ahliunited.com Website: www.ahliunited.com Banking, asset management Allianz Life Assurance Company Saridar Building, 92 Tahrir Street Dokki Area Giza Tel: 00 20 2 3760 5445 Fax: 00 20 2 3760 5446 Email: info@allianz.com.eg Website: www.allianz.com.eg Insurance Al Ahly for Development and Investment Maadi Royal Residence Tower, 4th Floor 37 Corniche Al Nil Street, Maadi Area Cairo Tel: 00 20 2 2578 0791/ 0792 Fax: 00 20 2 2578 0793 Email:adi@adi-alahly.com Website: www.adi-alahly.com Asset management, investment banking, investment firms and funds Al Baraka Bank Egypt Building Number 60 Mohieddine Abu Al Ezz Street Dokki Area, PO Box 455 Giza 12311 Tel: 00 20 2 3748 1777 / 1222

Fax: 00 20 2 3761 1437 / 1436 / 1453 Email: central@albaraka-bank.com.eg Website: www.albaraka-bank.com.eg Banking asset management Al Watany Bank of Egypt (AWB) Ramdouh Building, 13Themar Street Mohandessin Cairo Tel: 00 20 2 3338 8816 / 8817 Fax: 00 20 2 3337 9302 Email:service.quality@alwatany.net Website: www.alwatany.net Commercial, Islamic and investment banking Alexbank 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: customer_support@alexbank.com Website: www.alexbank.com Banking, asset management, investment banking Arab African International Bank 5 Midan El Saray El Koubra Street Garden City Area, PO Box 60 Cairo 11516 Tel: 00 20 2 792 2881 / 2883 / 2882 Fax: 00 20 2 795 8493 Email:inquiry@aaib.com Website: www.aaib.com Corporate, retail and investment banking Arab Bank Egypt 28, Talaat Harb Street, Down Town, PO Box2006 Cairo 11511 Tel: 00 20 2 25805305 Fax: 00 20 2 25746165 Email: amrh@arabbank.com.eg Website: www.arabbank.com.eg/en/ waysbankbranchnet.aspx Investment, merchant and retail banking Arab International Bank Arab International Bank Building Abdel khalek Sarwat Street 35 Down Town Area, PO Box 1563, Cariro 11511 Tel: 00 20 2 2391 8794 / 6391 / 6492 Fax: 00 20 2 2391 6233 / 2319 Email: aibweb@aib.com.eg Website: www.aib.com.eg Banking, asset management and investment banking Arab Investment Bank Cairo Sky Building 8 Abdul khalek Tharwat Street, PO Box 826 Cairo Tel: 00 20 2 576 0031 / 577 0376 / 575 0421 Fax: 00 20 2 577 0329 / 575 2761 Email:arinbank@mst1.mist.com.eg Website: www.aibegypt.com Commercial and investment banking services Bank Audi Egypt Bank Audi Building Cairo Alexandria Desert Road

Pyramids Heights Office Park, PO Box 300 6th of October City 12556 Tel: 00 20 2 3534 3300 Fax: 00 20 2 3536 2120 Email:contactus.egypt@banqueaudi.com Website: www.banqueaudi.com Banking, asset management and investment banking Banque du Caire Banque du Caire Building 6 Dr Mustafa Bou Zahra Street Nasr City Cairo Tel: 00 20 2 2264 7997 / 8401 Fax: 00 20 2 2403 7288 Email: intl.division@bdc.com.eg Website: www.bdc.com.eg Commercial banking Banque Misr Banque Misr Building 151 Mohammed Farid Street Cairo 11511 Tel: 00 20 2 2391 2150 Fax: 00 20 2 2594 1854 / 2393 1024 / 2391 9779 Email: info@banquemisr.com Website: www.banquemisr.com Banking, asset management, investment banking Barclays Bank Egypt Building 12 Midan Al Sheikh Youssef Street Maglis Al Shaab, Garden City Area 110 Cairo Tel: 00 20 2 2366 2600 / 2529 6100 Fax: 00 20 2 2366 2615 Email:yourvoice@barclays.com Website: www.barclays.com.eg Banking, investment banking BDO Khaled and Company Building 1, 10th Floor, Wadi Al Nil Street Mohandiseen Area, PO Box 110 Giza 12655 Tel: 00 20 2 3303 0701 Fax: 0020 2 3303 2228 Email: admin@bdo.com.eg Website: www.bdoegypt.com General financial services, investment banking, business services Beltone Financial Nile City Towers, South Tour, 7th Floor Corniche El-Nil Cairo Tel: 00 20 2 3308 1900 Fax: 00 20 2 3308 1978 Email: assetmanagement@beltonefinancial.com Website: www.beltonefinancial.com Asset management, Brokerage, private equity, investment banking and research BLOM Bank Egypt BLOM Bank Egypt Building 61 First Settlement, Bank Area, PO Box 144 Cairo Tel: 00 20 2 3332 2770 / 2701 Fax: 00 20 2 3749 4508 / 4168 Website: www.blombankegypt.com Banking

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Egypt listings BNP Paribas Le Caire Plot 85 – Block G Building 90th Street, Fifth Settlement Road City Centre Sector A Area Cairo Tel: 00 20 2 2794 8324 / 8325 Fax: 00 20 2 2795 2906 Email: bnppegypt@bnpparibas.com Website: www.egypt.bnpparibas.com Banking, asset management and investment banking Cairo Capital Group Building Number 4 Latin America Street, Garden City Cairo Tel: 00 20 2 2797 4333 Fax: 00 20 2 2797 4344 Website: www.cairocapitalgroup.com Asset management and investment banking Cairo Financial Holding Nady Al Asima Building, 11th Floor 9 Rostom Street, Garden City Area Cairo Tel: 00 20 2 2792 4281 / 4282 / 4283 Fax: 00 20 2 2792 4284 Email: info@cf-holding.com Website: www.cf-holding.com Investment banking, investment firms and funds Central Bank of Egypt 54 El Gomhoreya Street, Downtown Area Cairo 11511 Tel: 00 20 2 2770 2770 / 1770 Fax: 00 20 2 2391 7168 / 2392 8693 Email: info@cbe.org.eg Website: www.cbe.org.eg Central banking and monetary authorities Chartis Egypt Insurance Company Nile City Towers, North Tower Kornich Al Nil Street Number 2005C Ramlet Beaulac Area Tel: 00 20 2 2461 7000 Fax: 00 20 2 2461 7010 Email: ask.chartis@chartisinsurance.com Website: www.chartisinsurance.com Insurance Citadel Capital Four Seasons Nile Plaza Office Building 3rd Floor 1089 Corniche El Nil, Garden City Area Cairo 11519 Tel: 00 20 2 2791 4440 Fax: 00 20 2 2791 4448 Email:info@citadelcapital.com Website: www.citadelcapital.com Investment banking, asset management, investment firms and funds Commercial International Bank Nile Tower Building 21-23 Charles de Gaulle Street Giza Area, PO Box 2430 Cairo Tel: 00 20 2 3747 2000 Fax: 00 20 2 3570 3172 / 3632 Email:info@cibeg.com

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Website: www.cibeg.com Banking, asset management, investment banking, investment firm and funds, securities brokers and traders Compass Capital Building 2, Wadi El Nile Street Al Mohandeseen Area Giza 12655 Tel: 00 20 2 3305 0700 Fax: 00 20 2 3305 0711 Email:info@compass-cap.com Investment banking, asset management, investment firms and funds Concord Corporate Finance Concord Corporate Finance Building 9 Hod El Laban Strip Road Garden City Area, PO Box 11451 Cairo Tel: 00 20 2 2792 4718 / 4737 / 4733 Fax: 00 20 2 7924 3248 Website: www.concordcf.com Investment banking Corporate Leasing Company Egypt Corporate Leasing Company Egypt Building B2112, Alexandria Desert Road Smart Village Area 6th of October City Tel: 00 20 2 3531 1000 Fax: 00 20 2 3537 0692 Email: info@corplease.com.eg Website: www.corplease.com.eg General financial services Crédit Agricole Egypt Building Number 4, 1st – 3rd Floor Hassan Sabri Street, Zamalek Area, PO Box 1825 Cairo 11511 Tel: 00 20 2 2738 2661 / 1800 Fax: 00 20 2 2738 0450 Website: www.ca-egypt.com Banking, asset management and investment banking CreditCard Services Company – Egypt 4 Syria Street, Dokki, Al Mohandessin Area Giza 12311 Tel: 00 20 2 3749 4277 Fax: 00 20 2 3749 2452 Email:oelsherif@cscegypt.com General financial services Delta Insurance Company Delta Insurance Company Building Hassan Mohammed Al Razaz Street 14 Al Agouza Area Giza Tel: 00 20 2 3335 2045 Fax: 00 20 2 3335 8990 Email: deltain@starnet.com.org Website: www.deltains.org Insurance Deutsche Bank Egypt Deutsche Bank AG Representative Office, Cairo 6, Boulos Hanna Street, 1st Floor Dokki,Giza 123111, P.O. Box 2306 Cairo 11511, Arab Republic of Egypt Tel: 00 20 2 33336340 Fax: 00 20 2 33336343

Arab British Banking & Finance Directory 2013/14

Website: www.db.com/mena Investment banking and asset management EFG-Hermes Holding Building B129 Cairo Alexandria Desert Road 6th October Area Giza 12577 Tel: 00 20 2 3535 6499 Fax: 00 20 2 3537 0942 Email:corporate@efg-hermes.com Website: www.efg-hermes.com Investment banking, asset management, investment firms and funds, securities brokers and traders E-finance Smart Village Building B17 KM 28 Cairo-Alex Desert Road Postal Code 12577 Tel: 00 20 2 3827 1400 Fax: 00 20 2 3827 1499 Website: efinance.com.eg Establishment, implementation, management and technical outsourcing of facilities and financial services Egypt Factors Bloc H Building, Street 11 Public Free Zone Area Nasr City Tel: 00 20 2 2671 9358 Fax: 00 20 2 2672 0986 Email: info@egyptfactors.com Website: www.egyptfactors.com General financial services Egypt Kuwait Holding Company Delta Insurance Tower 14 Hassan Mohammed Al Razzaz Street Agouza Area Tel: 00 20 2 3336 3300 Fax: 00 20 2 3335 8989 Email: info@ekholding.com Website: www.ekholding.com Investment firms and funds Egyptian Arab Land Bank Egyptian Arab Land Bank Building Gameat El Dowal El Arabeya Street 78 Mohandessin Area Giza Tel: 00 20 2 3338 3691/ 3579 / 9214 Fax: 00 20 2 3338 3569 Email: mortage@eal-bank.com Website: www.eal-bank.com Banking Egyptian Banks Company (EBC) 10 Evergreen Tower Talaat Harb Street, Floor 15 Downtown Cairo Tel: 00 20 2 3579 3070 Website: http://www.egyptianbanks.com Regulatory and administrative bodies Egyptian Financial Supervisory Authority 5th Floor, 5A – 84 B Alex Desert Road Km 28 Alex Road, Smart Village


Egypt listings PO Box 12577 Cairo Tel: 00 20 2 3537 0040 Fax: 00 20 2 3537 0041 / 3534 5544 Email: info@efsa.gov.eg Website: www.efsa.gov.eg Regulatory and administrative bodies Egyptian Gulf Bank Ahmad Nasim Street, Al Orman, PO Box 56 Giza Tel: 00 20 2 3336 8357 / 8359 / 8361 Fax: 00 20 2 3349 0002/ 3360 6512 Email: egb@egbbank.com.eg Website: www.egbbank.com.eg Banking, asset management, investment banking and investment firms and funds Egyptian Housing Finance Company Building 4, 4 Syria Street Mohandessin Area Tel: 00 20 2 3748 8967 / 8932 Fax: 00 20 2 3748 8907 Website: www.ehfc.com.eg General financial services El Kahera El Watania Investment Al Tahrir Tower, 1st Floor 9 Al Tahrir Street, Dokki, PO Box 97 Giza Tel: 00 20 2 3336 1751 Fax: 00 20 2 3336 1759 Investment banking, asset management El Rashad Asset Management Giza El Fotouh Tower, 8th Floor 56 Gammat El Dewal El Arabia Street Mohandessin Area Cairo Tel: 00 20 2 3336 0275 Fax: 00 20 2 3337 7742 Email:elrashad@elrashad.com Website: www.elrashad.com Asset management

Tel: 00 20 2 2263 6740 / 6745 / 6762 Fax: 00 20 2 2263 6825 Email: ecge@ecgegypt.net Website: www.ecgegypt.net General financial services Export Development Bank of Egypt Export Development Bank of Egypt Building 108 Mohieddine Abu Al Ezz Street, Dokki Cairo 12311 Tel: 00 20 2 3761 9006 Fax: 0020 2 3338 5938 Email:info@edbebank.com Website: www.edbebank.com Banking, asset management, investment firms and funds FACT Financial Advice Corporate Transactions 52 Gameat El Dowal El Arabia Street Mohandessin Giza Tel: 00 20 2 3761 5185 Fax: 00 20 2 3761 5186 Email:fact@fact-eg.com Website: www.fact-eg.com Investment banking, business services Faisal Islamic Bank of Egypt 26th July Street, Dokki Area Cairo Tel: 00 20 2 2786 8939 / 8723 / 8724 Fax: 00 20 2 3762 1281 Email: cairo@faisalbank.com.eg Website: www.faisalbank.com.eg Banking and asset management Fincorp Investment Holding Fifth Floor , 71 Musadak Street, Dokki Giza Tel: 00 20 2 3749 5757 Fax: 00 20 2 3335 8978 Email:invest@fincorpinvestment.com Website: www.fincorpgroup.com Investment banking

Enmaa Financial Services Building Number 190, 7th Floor Nile Street, Agouza Area Giza Tel: 00 20 2 3347 1222 / 3344 8620 Fax: 00 20 2 3664 2405 Email:info@enmaafs.com Website: www.enmaafs.com Investment banking

Grand Investment Capital Building Number 8, 4th Floor 58 Gzeret Elarab Street, Mohandeseen Area Giza Tel: 00 20 2 3305 4742 / 4743 Fax: 00 20 2 3305 4749 Website: www.grandinvestmentcapital.com Investment banking, asset management, securities brokers and traders

Ernst and Young Egypt 10 A Building, Floor 6 and 7, Ring Road 37 El Ahrar Street, Kattamiya Area, PO Box 97 Cairo Tel: 00 20 2 2726 0260 Fax: 0020 2 2726 0100 Email:cairo.office@eg.ey.com Website: www.ey.com Investment banking, general financial services, business services

HC Securities and Investment Building B224-F15 Cairo Alexandria Desert Road Smart Village Area 12 PO Box 12577 Tel: 00 20 2 3535 5999 Fax: 00 20 2 3535 5998 Email:info@hc-si.com Website: www.hc-si.com Investment banking, asset management, investment firms and funds

Export Credit Guarantee Company of Egypt Real Estate Bank Building, 5 El Nasr Road Nasr City

Housing & Development Bank 12 Syria Street, Al Mohandessin

Giza Tel: 00 20 2 3749 2014 / 2015 Fax: 00 20 2 2736 1458 Email:hdbank@hdb-egy.com Website: www.hdb-egy.com Housing and financial services, corporate and personal banking HSBC Bank Egypt Building 306, Corniche Al Nil Street Maadi Area PO Box 124 Cairo Tel: 00 20 2 2529 8000 / 3535 9100 Fax: 00 20 2 2529 8080 Email: ibcegypt@hsbc.com Website: www.hsbc.com.eg Banking, asset management, investment banking Industrial Development & Workers Bank of Egypt 110 Al Galaa Street Cairo Tel: 00 20 2 577 2468 / 1509 Email: rch@idbe-egypt.com Website: www.idbe-egypt.com Integrated banking services to industrial sectors and commercial activities International Company for Leasing Building 9, Abdulmoniem Riad Street Al Mohandeseen Area Tel: 00 20 2 3336 6808 Fax: 00 20 2 3336 6801 Email: incolease@incolease.com Website: www.incolease.com General financial services Khodeir Consulting Khodeir Consulting Building 4th Floor Abdulaziz Street 16 Downtown Area PO Box 1155 Cairo Tel: 00 20 2 2393 7112 / 2391 6235 Email:info@khodeir-consulting.com Website: www.khodeir-consulting.com General financial services, investment banking, business services Marsh (Middle East) Limited Building 14, Wadi Al Nile Street Mohandiseen Area Giza Tel: 00 20 2 3305 3881 Fax: 00 20 2 3305 3882 Website: www.marsh.com Insurance Mazars Mostafa Shawki and Company Banque Misr Tower Mohammed Farid Street 153 Opera Square Area Tel: 00 20 2 2392 6400 Fax: 00 20 2 3393 9430 Email: webmail@mshawki.com Website: www.mazars.com.eg General financial services and securities brokers and traders

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Egypt listings Misr Financial Investments Company (MFIC) Mohandiseen Tower, 21st Floor 56 Gameat Al Dowal Al Arabia Street Mohandiseen, PO Box 259 Cairo 12311 Tel: 00 20 2 3335 4692 Fax: 00 20 2 3394 3374 Email:mfic@mfic-sae.com Website: www.mfic-sae.com Investment banking, asset management, securities brokers and traders Misr Iran Development Bank Nile Tower, Charles Degaulle Avenue 21, Orman Area Giza Tel: 00 20 2 3572 7311 Fax: 00 20 2 3570 3463 / 1185 Email:midb@midb.com.eg Website: www.midb.com.eg Finance and management of development projects; full range of investment and commercial banking services NAEEM Holding Investments Naeem Holding Building, Lebanon Street 40 Mohandessin Area Giza 12411 Tel: 00 20 2 3303 7766 Fax: 00 20 2 3303 4099 Email: naeemholding@naeem.eg Website: www.naeemholding.com Investment banking, asset management, investment firms and funds, securities brokers and traders Nasser Social Bank National Social Bank Building 35 Kasr Al Nil Street Cairo Tel: 00 20 2 2394 4484 / 2393 2113 / 2392 2126 Website: www.nsb.gov.eg Banking, industrialm agricultural and commercial investment National Bank of Egypt National Bank of Egypt Building Cornishe Al Nile Street Cairo Tel: 00 20 2 2594 5000 Fax: 00 20 2 2594 5819 Email: nbe@nbe.com.eg Website: www.nbe.com.eg Banking, asset management, investment banking and investment firms and funds National Bank of Greece 32, Haroun St, Mesaha Sq Dokki Giza Tel.: 00 20 2 33312400 Fax: 00 20 2 33370579 Website: www.nbg.com.eg Retail and corporate banking; trade finance National Investment Bank 18 Abdulmajid Al Remaly Street, Bab Al Louk Area Cairo Tel: 00 20 2 2794 1336 / 4903 Fax: 00 20 2 2796 2004 Investment firms and funds

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National Real Estate Bank for Development 5 A Building, Garnata Street, Roxy Area New Cairo Tel: 00 20 2 2259 4065/ 2257 4232 Fax: 00 20 2 2259 2770 Real estate management, construction and design National Societe Generale Bank (NSGB) Building No 5, Dar Champelion Street Down Town, PO Box 2664 Cairo 11111 Tel: 00 20 2 2770 7000 / 7777 Fax: 00 20 2 2770 7099 / 7799 Email: info@nsgb.com.eg Website: www.nsgb.com.eg Retail banking, asset management, SME services, corporate and investment banking Olympia Group for Financial Investments Olympic Group for Financial Investments Building Ramsis Street Extension Nasr City Tel: 00 20 2 2488 0880 Fax: 00 20 2 2488 0888 Email: info@og.com.eg Website: www.olympicgroup.com Investment firms and funds ORIX Leasing Egypt Cairo Center Building 2 Abdulkader Hamza Street, Garden City Area Tel: 00 20 2 2792 2757 / 2758 / 2759 Fax: 00 20 2 2792 2760 Email: info@orix-egypt.com Website: www.orix-egypt.com General financial services Pharos Holding for Financial Investments Building 4 A, 20th Floor Abu Aboalseta Street Zamalek Area Cairo 11211 Tel: 00 20 2 2737 3483 Fax: 00 20 2 2737 3482 Email: info@pharosholding.com Website: www.pharosholding.com Investment banking, asset management, securities brokers and traders Piraeus Bank Egypt Smart Village, Building B227 and B228 Cairo Alexandria Desert Road 6th of October City 12577 Tel: 00 20 2 3535 4000 Fax: 00 20 2 3535 4235 Email: info@piraeus.com.eg Website: www.piraeus.com.eg Banking, asset management Prime Capital Portfolio Managers Liberty Tower Building, 2 Wadi El Nil Street Mohandessin Area, PO Box 114549 Giza Tel: 00 20 2 3300 5770 Fax: 00 20 2 3338 1753 Email:primegroup@primegroup.org Website: www.primeegypt.com Investment banking and asset management

Arab British Banking & Finance Directory 2013/14

Pylon SAE – The Consultancy Group for Corporate Restructuring and Development, 1095 Corniche El Nil Cairo 11451 Tel: 00 20 2 2795 9834 Email:info@pylonholding.com Website: www.pylonholding.com Investment banking Rasmala Egypt Securities Building 225, 3rd Floor Masr Al Iskandariyah Desert Street, Smart Village Area Cairo 12411 Tel: 00 20 2 3537 0575 Fax: 00 20 2 3537 0570 Email:egypt@rasmala.com Website: www.rasmalaegypt.com Asset management and securities brokers and traders Scotiabank 3 Ibn Arhab Street, PO Box 656 Giza Tel: 00 20 2 3747 9800 / 9801 / 9802 Fax: 00 20 2 3747 9807 / 9808 Email:bns.cairo@scotiabank.com Website: www.scotiabank.com Broad range of trade finance and commercial services Sigma Capital Sigma Capital Building 37 Gameat El Dowal El Arabeya Street, Mohandessin Giza Area Cairo 12411 Tel: 00 20 2 3335 5353 Fax: 00 20 2 3335 0066 Email:securities@sigma-capital.com Website: www.sigma-capital.com Investment banking, asset management, securities brokers and traders Silk Invest 24 Iskandar Al Akbar Street Heliopolis Area Cairo Tel: 00 20 2 2417 6826 Website: www.silkinvest.com Asset management and investment firms and funds Societe Arabe International de Banque 56 Gamet El Dowal El Arabia Street Mohandessin, PO Box 124 56 Giza Tel: 00 20 2 3336 3875 Fax: 00 20 2 3748 8034 Emial: info@saib.com.eg Website: www.saib.com.eg Banking, asset management and investment banking Standard Chartered Egypt El Sheikha Fatma Street City Stars Office Buildings Star Capital 2 2nd Floor, Office 21/22 Heliopolis, Cairo  Tel: 00 20 2 248 011 50 Fax: 00 20 2 248 011 60  Website: www.standardchartered.com Banking


Egypt listings Suez Canal Bank 7-9 Abdulkader Hamza Street, Street Garden City Cairo Tel: 00 20 2 2794 3433 / 5394 Fax: 00 20 2 2799 5642 Email: info@scbank.com.eg Website: www.scbank.com.eg Commercial banking Tanami Financial Advisory Company First Floor, 15G Taha Hussein Street, Zamalek Cairo 11211 Tel: 00 20 2 2735 6306 Fax: 00 20 2 2736 6061 Email:info@tanamiegypt.com Website: www.tanamiegypt.com Advice on mergers, acquisitions divestitures and privatisation trnsactions equity: advice on capital raising, corporate restructuring and private placement Union National Bank – Egypt Evergreen Tower, 1st and 5th Floor 10 Talaat Harb Street, City Center Area Cairo Tel: 00 20 2 2578 0702 / 0704 / 0703 Fax: 00 20 2 2579 8515 Email: info@unb-egypt.com Website: www.unb-egypt.com Retail banking, loans including car, education and mortgage loans The United Bank Building Number 106 Kasr El Ein Street Downtown Cairo Tel: 00 20 2 2792 0146 / 0148 / 0147 Fax: 00 20 2 2792 0153 Website: www.theubeg.com Banking, investment banking, securities brokers and traders

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Iraq listings Abu Dhabi Islamic Bank (ADIB) (Baghdad Branch) Arsat lndian Main Street Replaced-929 Street-30/Building-20 Baghdad Email: alshahi@adib.ae www.adib.ae Personal, business and wholesale banking

Babylon Bank Building 22 91 Al Saadoon Street Mahla 101 Baghdad Tel: +964 1 717 3686 Fax: +964 1 7191014 Email: info@babylonbank-iq.com Website: www.babylonbank-iq.com Commercial projects, trade finance and personal banking

Agricultural Cooperation Bank Al Rasheed Al Senak St Baghdad 8164768 Tel: +964 1 8189081 Mobile: +964 07903593290 www.agriculturalbank.gov.iq Personal and commercial accounts; cash deposits from institutions, companies and individuals; on-order deposits; financing commercial activities

Bain Alnahrain Investment Company Building 132 Street 30 Arasat Al Hindiya Area Baghdad Tel: +964 1-778-4592 Email: info@bain-alnahrain.com Website: www.bain-alnahrain.com Asset management, corporate recapitalisation, mergers and acquisitions, corporate finance, IPOs and bond offerings

Ahlia Insurance Company Building 26 34 Street Al Jadiriya Area Baghdad Tel: +964 1 7789282 Email: info@aic-iraq.com Website: www.aic-iraq.com Insurance services Albilad Islamic Bank Al Houriya Square Al Karada Al Sharqiya Jadiriyah Area Baghdad Tel: +964 1 7780570 Fax: +964 1 7783456 Email: mainbranch@bilad-bank.com Website: www.bilad-bank.com Islamic banking and investment services Arab Banking Corporation (BSC) Al Saadon St Al Firdaws Square National Bank of Iraq Building Baghdad Tel: + 964 1 7173774 / 7173776/ 717 3779 Mob: +964 7903600518 Fax: +964 1 717 3364 webmaster@arabbanking.com www.arabbanking.com Retail, international wholesale and commercial banking, project finance, corporate banking, trade finance and treasury products 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: info@ashurbank.com website: www.ashurbank.com Retail, private, business, corporate, investment banking and real estate finance

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Bank of Baghdad Karrada Kharej Street Alwiya Area Tel: +964 1 717 5007 Fax: +964 1 717 5006 Email: mail@bankofbaghdad.org Website: www.bankofbaghdad.com Personal and commercial accounts; cash deposits from institutions, companies, bureaus and individuals; onorder deposits; financing commercial activities; Bank intermediation in selling and purchasing client checks Bank of Beirut and the Arab Countries (BBAC) 60 Meter St End of Iskan Tunnel Erbil Tel: + 964 66 2574300/400/500 Email: ziadhassan@bbac.com.lb www.bbac.com.lb Personal and business banking Bank of Huda Al-Karada Neighbourhood Alouhda Replaced-902/ Alley-12 Building-14 Baghdad info@alhudabank.com www.alhudabank.com Personal and commercial banking, current accounts and savings, letters of credit, credit facilities for foreign export, and money transfers Banque Libano Francaise Alkaradah Baghdad Email: info @eblf.com www.eblf.com Retail, SME, corporate and private banking, treasury and capital markets, investment Bank Med Karrada East Street Seven Palaces Baghdad

Arab British Banking & Finance Directory 2013/14

www.bankmed.com.lb Personal and business banking services; corporate, institutional and trade finance Bank Melli Iran Baghdad/ Arsat, Replaced-929/ Alley-27 House-111 Baghdad Tel: +964 1 7171722/7171723/7173697 Fax: +964 1 7170996 baghdadbr@bmi.ir www.bmi.ir Money transfers, import and export services, foreign exchange facilities Byblos Bank Street 60 Near Sport Stadium Erbil P O Box 34-0383 Tel: +964 66 2560017/9 – 964 66 2233457/8/9 Email: erbilbranch@byblosbank.com.lb www.byblosbank.com 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 5172 Fax: +964 1 816 6802 Email: cbi@cbi.iq Website: www.cbi.iq Managing currency, ensuring financial stability, issuing licenses, regulating and supervising the country’s banking sector Cihan Bank for Islamic Investment  & Finance Kirkuk Road Erbil PO Box 0116-17 Tel: +964 66 2262816/18/19 Fax +964 66 226 28 17 website: www.cihanbank.com Retail and corporate banking, current and savings accounts, letters of credit, letters of guarantee, foreign exchange Commercial Bank of Iraq PSC Al-Sadoon Street Baghdad Tel: +964 1 7405583 Fax: +964 1 7184312 Email: commerce_iraq@hotmail.com/ cbiraq@yahoo.com www.ahliunited.com Retail, corporate and private banking, wealth management and treasury Credit Bank of Iraq Al-Sadoun Building Al-Alwea Near Firdous Square Baghdad Tel: +964 1 718 2198 Fax: +964 1 717 0156 Email: cbi@nbk.com


Iraq listings www.creditbankofiraq.com Personal current and deposit accounts, foreign exchange, stock exchange, loans, financing projects, money transfers and credit Credit Libanais Street No 14 Selman Al Faek, 904, Credit Libanais Bldg. BP 81018, Abi Nawas Tel: +964 1 727 0020384 / 0020386 Mobile: +964 750 5000111 Fax: +964 1 717 0020385 Email: baghdad @creditlibanais.com.lb www.creditlibanais.com.lb/ Investment bank Dar Es Salaam Investment Bank Building 3, 41 Al Nidal Street 103 Al Saadoun Area P.O. Box 3067 Baghdad Tel: +964 1 717 7703 Email: info@desiraq.com website: www.desiraq.com Personal and corporate banking, account services, local and international payment services, trade services to support importers, financing business, share dealing services on the Iraqi stock exchange Dijlah and Furat Bank Development & Investment Building No 3 Salman Faiq St, locality 904, Al Wahda Area Baghdad Tel: +964 1 717 7839 Email: info@dfdi-bank.com Website: www.dfdi-bank.com Corporate banking, trade finance, mortgages, current accounts, project finance, SMEs services and business finance Economy Bank for Investment & Finance House-180, Street 17 14 Ramadan Hay Al-Andalus Area Baghdad Tel: +964 1 543 9937 Fax: +964 1 543 9939 Email: info@economybankiraq.com Website: www.economybankiraq.com  Personal and corporate banking, foreign exchange, letters of credit Elaf Islamic Bank Elaf Islamic Bank Building 14, Street 99 Hai Al Wehda Mahala 902 Tel: +964 1 7184601 Fax: +964 1 7183766 Email: info@elaf-islamic-bank.com website: www.elaf-islamic-bank.com Personal and commercial banking, current and savings accounts, letters of credit, loans and finance projects in line with Shariah principles, management of investment projects Erbil Bank for Investment & Finance Arasat Al Hindyia (Main Branch) Baghdad

Tel: +964 662235489 Email: Infob@erbilbank.com.iq Website: www.erbilbank.com.iq 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 Emerald Bank Sheikh Cholee Street Erbil Tel: +964 66 22 27557 / 23552 Mobile: +964 750 4749167 Email: info@emeraldbank.net   Website: www.emeraldbank.net Personal and corporate banking, foreign exchange and money transfers Gulf Commercial Bank Baghdad Building 95, Street 102 District 9 Karada Tel: +964 1 718-9848 / 963 Email: gulfbank@yahoo.com www.gulfbankiraq.com Commercial banking services International Development Bank for Investment & Islamic Finance Arasat Ave Karada Baghdad Tel: +964 1 7764349 Fax: +964 1 7789645 Email: info@idbiraq.com Website: www.idbiraq.com Personal and commercial banking, current and savings accounts, letters of credit, Shariah compliant loans and finance for business, management of investment projects Investment Bank of Iraq Al-Widha Area Near odp Al-Alwea Alley- 2 Building 27 Baghdad Tel: +964 1 7192094/7199042/7193010 Email: info@ibi-bankiraq.com www.ibi-bankiraq.com Corporate and personal banking services

accounts, letters of credit, Shariah compliant loans and finance for business, management of investment projects Iraqi Middle East Investment Bank Building 65, Street 30 Babylon Sector Baghdad Tel: +964 1 718 8943 Email: Main@iraqimdlestbank.com Website: www.imeib.com Credit facilities, short, medium and long term loans, credit loans for implementing projects and contracts, domestic and international bank guarantees Iraq Stock Exchange Iraq Stock Exchange Building Al Alawiyah Area Baghdad Tel: +964 1 7174484 / 7175022 Fax: +964 1 7174461 Email: info-isx@isx-iq.net website: www.isx-iq.net Securities markets Kurdistan International Bank (KIB) Abdulsalam Barzani Street Building 70 Al Wahda Area Erbil Tel: +44 20 36273428 /+44 20 36273429 Fax: +964 66 2531369 Email: erbil@kibid.com Website: www.kibid.com Personal, commercial and corporate banking, current and savings accounts, joint or private investment deposits and letters of credit Mansour Investment Bank Building 51, Street 14 District 904 Baghdad Tel: +964 1 717 5568 Fax: +964 1 717 5514 Email: info@mansourbank.com Website: www.masourbank.com Private and business banking, securities brokers and traders

Iraqi Company for Bank Guarantees Baghdad Tel (mobile): +9647902 304007 Email: info@icbg-iq.com www.icbg-iq.com Provider of loan guarantees for SMEs in Iraq

Mosul Bank for Development & Investment Left Coast, Centre Road Mosul, PO Box 1299 Tel: +964 6081 3090 Fax: +964 6081 5411 Email: bankmosul@zarkanet.com www.mosulbank.com Current accounts and savings, deposits, credit and foreign remittances, letters of guarantee, management services, stocks and bonds and investment portfolios

Iraqi Islamic Bank for Investment  & Development Fliss Restaurant Building 14 Ramadan Street Al Mansour District Baghdad Tel: +964 1 543 4542 Fax: +964 1 543 4542 Email: info@iraqiislamicb.com website: www.iraqiislamicb.com Personal and commercial banking, current and savings

National Bank of Iraq National Bank of Iraq Building 66 Al Saadoun Street Saadoun Area Baghdad Tel: +964 1 718 0698 Email: info@nbirq.com website: www.nbirq.com Personal current and savings accounts, business accounts, trade finance, credit facilities, transfers, investment banking

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Iraq listings North Bank for Finance & Investment Al Fateh Square, Street 99, Karadah Area Baghdad Tel: +964 1 7178425 Fax: +964 1 7178424 Website: www.northbankiq.com 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. Northern Gulf Partners (NGP) Al Ameerat Street, Mansour Area Baghdad Tel: +964 78 14071147 Email: info@northerngp.com Website: www.northerngp.com Investment firms and funds and investment banking Parsian Bank Babylon Neighborhood Indian Street Arsat Replaced-929 /Street-30 Baghdad www.parsian-bank.com Islamic banking, deposits and foreign currency services Rafidain Bank Rafidain Bank Building, Al Rasheed Street Tel: +964 1 885 7183 Fax: +964 1 816 5035 www.rafidain-bank.gov.iq Commercial banking services, consumer and government lending, trade and project finance Rasheed Bank Rasheed Bank Building, Khulafa Street Tel: +964 1 8853411 / 8845287 Fax: +964 1 8826201 Email: rasheed@uruklink.net website: www.rasheedbank.net Personal and commercial accounts; cash deposits from institutions, companies, bureaus and individuals; financing commercial activities; bank intermediation Real Estate Bank Karada Outside, Replaced-905 /Alley-5, Building 1 Baghdad Email: info@reb-iraq.com www.reb-iraq.com Real estate loans, commercial banking and guarantee Regional Cooperation of the Islamic Bank for Development & Investment PO Box 11-2416, Riad El-Solh 1107 2210 Baghdad Tel: + +961 1 377800 / +961 1 364881/5/7 Fax: +961 1 364927/364952/5 Email: uab@uabonline.org www.uabonline.org/index.php Retail and corporate banking, investment management Sumer Commercial Bank Iraq, Baghdad, Hay Al-Riad Sec. 908, Street 16, Building No 13 PO Box 3876 Al-Alwiya Tel: +964 1 7196472/ +964 1 7195877 Tel/Fax: +964 1 7193557 Mobile: +964 7805 886 316

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Email: sumerbank99@hotmail.com Website: www.sumerbankiq.com Personal and corporate banking, letters of guarantees, issuing bills of exchange and money transfers TANA Outsourcing Villa 25, Italian City Qazi Mohamad Street Erbil Tel: +964 78 0733 1162 Email: info@tanaoutsourcing.com Website: www.tanaoutsourcing.com General financial services T.Cziraat Bank Asi AS Baghdad, Waziriya Replaced-301/ Alley-5 House-19 Tel: +964 7904181390 Email: international@ziraatbank.com.tr www.ziraat.com.tr Retail, SME and commercial banking services Trade Bank of Iraq 608 Al-Yarmouk District Street 1/Building 20 Baghdad Tel: +964 1 5433562 Fax: +964 1 5433560 Email: info@tbiraq.com website: www.tbiraq.com. Commercial projects and trade finance; personal banking Turkiy Is Bankas1 AS Erbil Branch www.isbank.com.tr International and expatriate banking and capital markets Union Bank of Iraq (formerly Union Bank of Industrial Investment) Building 11, Street 77, Al Karada Area Baghdad Tel: + 964 1 717 8572 Email: ubiq@ub-iq.com website: www.ubiraq.com Personal current and savings accounts, fixed deposits in Iraqi and foreign currencies, receiving and issuing foreign remittances United Bank for Investment Building 69, Al Wehda Street 14 Baghdad Tel: +964 1 7173090 / 4047 / 4093 Fax: +964 1 7172919 Email: unitedbank@unitedbank-iq.net Website: www.unitedbank-iq.net 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: yesur.meylani@vakifbank.com.tr www.vakifbank.com.tr Corporate, commercial and small-scale enterprise banking, also retail and private banking services

Arab British Banking & Finance Directory 2013/14

Warka Investment Bank for Investment and Finance Warka Bank for Investment and Finance Building 10th Floor, Khalani Square Baghdad Tel: +964 1 7178444 / 2828 Email: info@warka-bank-iq.com Personal current and savings accounts, commercial banking and investment


Jordan listings Al Alami Group (Holding) Al Alami Building Salman Al Quda Street Sweifiyeh Area Amman Tel: 00 962 7 7799 9797 Fax: 00 962 6 582 8792 Email: info@al-alamigroup.com Website: www.al-alamigroup.com Securities brokers, traders and general financial services Al Amal Financial Investment Housing Bank Complex, 2nd Floor Queen Noor Street Shmeisani Area, PO Box 961598 Amman 11196 Tel: 00 962 6 567 1485 Fax: 00 962 6 566 7993 Email: dmkdmk@go.com.jo Investment banking, securities brokers and traders Al Bilad Securities and Investment Company Al Rawshidi Centre Arrar Street Wadi Saqra Area Amman 11181 Tel: 00 962 6 553 1900 Fax: 00 962 6 551 8100 Email: info@biladcapital.com Website: www.biladcapital.com Securities brokers and traders and asset management Al-Hekma Financial Services Housing Bank Complex Queen Noor Street Shmeisani Area Amman Tel: 00 962 6 565 4046 Fax: 00 962 6 565 4049 Email: info@alhekma-fs.com Website: www.hekma-fs.com Securities brokers and traders Al-Nadwa for Financial Services and Investment Housing Bank Complex Queen Noor Street Shmeisani Area Amman Tel: 00 962 6 510 5213 Fax: 00 962 6 510 5217 Email: info@ndwa.com.jo Website: www.ndwa.com.jo Securities brokers and traders Al Samhouri Exchange Said Five Building Madena Street Waha Area Amman Tel: 00 962 6 554 4598 Fax: 00 962 6 554 4579 Email: info@alsamhouriexchange.com Website: www.alsamhouriexchange.com General financial services Al-Watanieh for Financial Services Royal Business Center Said Bin Abi Waqath Street Um Uthainah Area

Tel: 00 962 6 550 3800 Fax: 00 962 6 550 3802 Email: info@awraq.com Website: www.awraq.com Securities brokers and traders, asset management and investment banking AB INVEST (Al Arabi Investment Group Company) Building Number 1, Ground, 2nd Floor Abdullah Bin Rawaha Street Al Rabieh Area, PO Box 143156 Amman 11814 Tel: 00 962 6 552 2239 Fax: 00 962 6 551 9064 Email: info@ab-invest.net Website: www.ab-invest.net Investment banking, asset management, securities, brokerage and research Alami Jordan Exchange Company Khaled Ibn Alwaleed Street 201 Jabal Al Hussain Area Amman Tel: 00 962 6 553 4132 Fax: 00 962 6 553 2680 Email: info@al-alami.com Website: www.alamiexchange.com General financial services Amwal Invest Jordan Kuwait Bank Building, 14th Floor Al Sherif Nasser Ben Jamil Street Wadi Sakr PO Box 940988 Amman 11194 Tel: 00 962 6 500 0360 Fax: 00 962 6 500 0364 Email: info@amwalinvest.com Website: www.amwalinvest.com Investment banking, securities brokers and traders Arab Bank Arab Bank Building Shaker Bin Zeid Street Shmeisani Area PO Box 950545 Amman 11195 Tel: 00 962 6562 1980 / 560 7115 / 560 7231 Fax: 00 962 6560 6830 / 6793 Email: public@arabbank.com.jo Website: www.arabank.com.jo Commercial banking services Arab Banking Corporation Queen Noor Street Shmeisani Area PO Box 926691 Amman 11190 Tel: 00 962 6562 1801/ 6563 3500 / 6566 4183 Fax: 00 962 6568 6291 Email: info@arabbanking.com.jo Website: www.arabbanking.com.jo Commercial banking, corporate banking, investment and non-credit activities and services Arab Financial Investment Company Amwal Invest Building Queen Noor Street

Shmeisani Area Amman 11192 Tel: 00 962 6 500 2000 Fax: 00 962 6 569 2423 Email: info@arabinvestco.com Website: www.arabinvestco.com Securities brokers and traders, asset management and investment banking Arab Jordanian Insurance Group Arab Jordanian Insurance Group Building Wadi Saqra Street Al Rabieh Area Amman Tel: 00 962 6 566 6219 Fax: 00 962 6 566 9664 Email: insure@ajig.com Website: www.ajig.com Insurance Arab Jordan Investment Bank Thaqafah Street Shmeisani Commercial Area PO Box 8797 Amman 11121 Tel: 00 962 6560 7126 Fax: 00 962 6568 1482 Email: info@ajib.com Website: www.ajib.com Commercial banking, along with investment banking products, retail and corporate finance services Arab Orient Insurance Company Arab Orient Insurance Building Abdul Meniem Reyad Street Jabal Amman Area Amman Tel: 00 962 6 565 4550 Fax: 00 962 6 565 4551 Email: arabornt@araborient.com Website: www.araborient.com insurance Al Watanieh for Financial Services (also known as AWRAQ Investments) Royal Business Centre, Ground and 1st Floor Said Bin Abi Waqath Street Um Uthainah Area Tel: 00 962 6 550 3800 Fax: 00 962 6 550 3802 Email: info@awraq.com Website: www.awraq.com Investment arm of Cairo Amman Bank; activities include investment banking, asset management, equity, fund management, advisory service, securities brokers and traders Bank al Etihad Union Bank Building Abd Al Raheem Al Wakid Street Shemeisani PO Box 35104 Amman 11180 Tel: 00 962 6 560 7011 Fax: 00 962 6 566 6149 Email: info@bankaletihad.com Website: www.bankaletihad.com Personal and corporate banking, investment banking; 32 branches in Jordan and Palestine

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Jordan listings Bank of Jordan Abdulhamid Sharaf Street Al Shmeisani Street, PO Box 2140 Amman 11181 Tel: 00 962 6569 6277 Fax: 00 962 6569 6291 Email: boj@bankofjordan.com.jo Website: www.bankofjordan.com.jo Retail, corporate services, SMEs, leasing and investment services Beit Al Mal Saving and Investment for Housing Jabal Amman Buhutri Street, PO Box 811666 Amman 11181 Tel: 00 962 6 464 1644 Fax: 00 962 6 464 4089 Email: amins@beitna.com.jo Website: www.beitna.com Financial services and investment facilities with the focus on real estate, housing and land development in accordance to Sharia principles Bindar Trading and Investment Company Saad Compound Building Madenah Monaoura Street Amman Tel: 00 962 6 551 8916 Fax: 00 962 6 551 8917 Email: info@bindar-jo.com Website: www.bindar-jo.com General financial services Cairo Amman Bank Cairo Amman Bank Building Wadi Saqra Street PO Box 950661 Amman 11195 Tel: 00 962 6 500 6000 Fax: 00 962 6 500 7100 / 7124 Email: info@cab.jo Website: www.cab.jo Commercial banking, loans, investment, online trading, money transfer Capital Bank of Jordan Capital Bank Building Issam Ajlouni Street Shmeisani Area PO Box 941283 Amman Shmeisani 11194 Tel: 00 962 6 510 0200 Fax: 00 962 6 569 2062 Email: info@capitalbank.jo Website: www.capitalbank.jo Commercial and investment banking services, fund management, personal banking service Capital Investments Building 45 Issam Ajluni Street Shmesani Area PO Box 940982 Amman 11194 Tel: 00 962 6 520 0330 Fax: 00 962 6 569 2872 Email: info@capitalinv.jo Website: www.capitalinv.jo Investment banking, asset management, securities brokerage, research, corporate financial services

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Central Bank of Jordan (CBJ) King Hussein Street, PO Box 37 Amman 11118 Tel: 00 962 6 463 0301/ 0302 / 0303 Fax: 00 962 6 463 8889 / 9730 Email: info@cbj.gov.jo Website: www.cbj.gov.jo Central banking supervisory authority which regulates the various financial institutions and money markets

Ejada for Financial Investments (FIFCO) Darkom Investments Company Building, 4th Floor Abdulrahim Al Waked Street Shmeisani Area, PO Box 962365 Amman 11196 Tel: 00 962 6 562 3116 / 561 3117 Fax: 00 962 6 562 3118 Email: fifco@fifco.com.jo Investment banking

Citibank – Jordan Citigroup Building, 29 Prince Shaker Bin Zeid Street Shmeisani Area, PO Box 5055 Amman 11183 Tel: 00 962 6 567 5100 Fax: 00 962 6 567 4888 Website: www.citibank.com Banking, investment banking

Ernst and Young Jordan Ernst & Young Jordan Building 300 King Abdulla Street Jabal Amman 8th Circle Area Amman Tel: 00 962 6 552 7666 Fax: 00 962 6 553 8300 Email: amman@jo.ey.com Website: www.ey.com Assurance, tax, advisory and transaction advisory services

Cities and Villages Development Bank 7 CVDB Building, Prince Zeid Bin Shaker Street Shmeisani Area, PO Box 1572 Amman 11118 Tel: 00 962 6 568 2690 / 566 8124 Fax: 00 962 6 566 8153 Email: cvdb@cvdb.gov.jo Website: www.cvdb.gov.jo Credit institution specialised in the development of cities and villages, studying projects and defining priorities Delta Insurance Company Delta Insurance Company Building Al Sharif Hussain Bin Ali Street Amman Tel: 00 962 6 463 7092 Fax: 00 962 6 465 4631 Email: info@delta-ins.com Website: www.delta-ins.com Insurance Dimensions Investments Abu Al Dahab Building, Mecca Street Jabal Al Husein Area, Amman Tel: 00 962 6 581 0196 Fax: 00 962 6 581 9787 Email: info@dimensions-inv.com Website: www.dimensions-inv.com Investment firms and funds EFG-Hermes Jordan Building 85, Al Sharif Nasser Bin Jameel Street Shmeisani Area Amman 11193 Tel: 00 962 6 554 3200 Fax: 00 962 6 554 3206 Email: jordan-info@efg-hermes.com Website: www.efg-hermes.com Securities brokers and traders Egyptian Arab Land Bank (Aqari Bank) Building 100, 94 Queen Noor Street Shmeisani Area, PO Box 6729 Amman 11118 Tel: 00 962 6 565 0180 / 0181 Fax: 00 962 6 565 0061 Email: ealb@aqaribank.com Website: www.aqaribank.com Commercial and personal banking activities and insurance products

Arab British Banking & Finance Directory 2013/14

Etar Consulting (Member of Integra International) 258 Al Madinah Al Monawarah St , Suite 407 Amman Tel: 00 962 6 573 6990 Fax: 00 962 6 573 6990 Email: info@etarconsulting.com Website: www.etarconsulting.com General financial services Excel for Financial Investment Company Building 95, Abdulhamid Sharaf Street, Shmeisani Area Amman 11194 Tel: 00 962 6 560 0923 Fax: 00 962 6 567 5951 Email: info@excelinvest.jo Website: www.excelinvest.jo 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 Tel: 00 962 6 567 1569 Fax: 00 962 6 569 9626 Email: info@fic.com.jo Website: www.fic.com.jo Securities brokers and traders First Finance First Finance Building, King Abdullah II Street Khaldah Area Amman Tel: 00 962 6 550 6740 Fax: 00 962 6 550 6745 Email: info@ffc.jo Website: www.ffc.jo General financial services First Jordan Investment Company Al Husseini Complex 141, Mecca Street, Mecca Area Amman Tel: 00 962 6 556 2130 Fax: 00 962 6 556 2129 Email: info@firstjordan.com.jo Website: www.firstjordan.com.jo Investments in Jordan, Palestine, Kuwait and the UK


Jordan listings Global Investment House – Jordan Global Investment House Building Al Sharif Abdulhamid Sharaf Street Al Shmeisani Area, PO Box 3268 Amman 11180 Tel: 00 962 6 500 5060 / 500 5050 Fax: 00 962 6 500 5066 Email: info@global.com.jo Website: www.globalinv.net Investment banking, asset management, wealth management, brokerage services Integrated Leadership Group Building 42, Canal Street, Tla’ Al Ali Area Tel: 00 962 6 516 9058 Fax: 00 962 6 516 9057 Email: info@ilgholding.com Website: www.ilgholding.com General financial services International Brokerage and Financial Markets International Building, 2nd and 3rd Floor Salman Al Qudah Street Safiya Area, PO Box 850757 Amman 11185 Tel: 00 962 6 550 3300 Fax: 00 962 6 585 5362 Email: info@ibfm.jo Website: www.ibfm.jo Investment banking, asset management, securities brokers and traders International Financial Advisors – Jordan Housing Bank Complex, 4th Floor Queen Noor Street Shmeisani Area, PO Box 930352 Amman 11193 Tel: 00 962 6 569 0977 / 0922 / 0933 Fax: 00 962 6 562 6665 Email: info@ifa-jo.com Website: www.ifa-jo.com Investment banking, securities brokers and traders Invest Bank Building 43 Abdulhamid Sharaf Street Shmeisani Area PO Box 950601 Amman 11195 Tel: 00 962 6 500 1500 Fax: 00 962 6 568 1410 / 568 1610 Email: info@investbank.jo Website: www.investbank.jo Banking, asset management, investment firms and funds, investment banking Investment House for Financial Services Park Plaza Building, 8th Floor Salah Al Shemat Street Al Souifiah Area PO Box 2520 Amman 11953 Tel: 00 962 6 568 5525 / 581 6913 / 581 6912 Fax: 00 962 6 568 5344 / 581 6935 Email: info@in-ho.com Website: www.in-ho.com Investment banking, investment firms and funds, securities brokers and traders

Islamic International Arab Bank Wasfi Al Tall Street, PO Box 925802 Amman 11190 Tel: 00 962 6 569 4901 Fax: 00 962 6 569 4914 Email: info@iiabank.com.jo Website: www.iiabank.com.jo Commercial banking according to the Sharia principles and Islam laws Istithmar Financial Services Tantash Building Ilya Abu Madi Street Shmeisani Area Tel: 00 962 6 500 7000 Fax: 00 962 6 561 0555 Email: info@istithmar.jo Website: www.istithmar.jo Securities brokers and traders Ithmar Invest Square Anshassi Building, 1st Floor 28 State Al Hussari Street Shmeisani Area, PO Box 17417 Amman 11195 Tel: 00 962 6 500 1144 Fax: 00 962 6 500 1133 Email: info@ithmarinvest.com Website: www.ithmarinvest.com Investment banking Jordan Ahli Bank Queen Noor Street Shmeisani Area, PO Box 3103 Amman 11181 Tel: 00 962 6 563 8800 Fax: 00 962 6 562 2281 Email: info@ahlibank.com.jo Website: www.ahli.com Banking, asset management and investment banking Jordan Commercial Bank Building 384 8th Circle King Abdullah II Street Al-Rawnaq District PO Box 9989 Amman 11191 Tel: 00 962 6 520 3000 Fax: 00 962 6 566 4110 Email: jbc@jcbank.com.jo Website: www.jcbank.com.jo Commercial banking activities Jordan Dubai Capital 3B-Jordan Dubai Capital Building Airport Road, 7th Circle Amman Tel: 00 962 6 592 2900 Fax: 00 962 6 592 2940 Email: info@jdc.jo Website: www.jdc.jo Investment firms and funds and asset management Jordan Dubai Islamic Bank Islamic Scientific College Street Jabal Amman 2nd Circle , PO Box 1982 Amman 11118 Tel: 00 962 6 460 2200 / 2210

Fax: 00 962 6 464 7821 Email: info@jdib.jo Website: www.jdib.jo Islamic commercial bank offering personal, corporate, treasury, investment services and internet banking Jordan Emirates Insurance Company Sheikh Abdulhamid Sharaf Street Shemesani Area Amman Tel: 00 962 6 568 1444 Fax: 00 962 6 568 0599 Email: info@joemirates.com Website: www.joemirates.com Insurance Jordan French Insurance Company Sherif Abdulhamid Sharaf Street Amman Tel: 00 962 6 560 0200 Fax: 00 962 6 560 0210 Email: info@jofico.com Website: www.jofico.com Insurance Jordan Insurance Company Jordan Insurance Building Jabal Amman 3rd Circle Amman Tel: 00 962 6 463 4161 Fax: 00 962 6 463 7905 Email: jicjo@go.com.jo Website: www.jicjo.com Insurance Jordan Investment & Finance Bank Bldg 43, Abdul Hamid Sharaf Street Shmeisani, Amman PO Box 950601 Amman 11195 Tel: 00 962 6 500 1500 Fax: 00 962 6 568 1410 Email: info@investbank.jo Website: www.jifbank.com Commercial banking services, corporate and retail banking, investment banking activities, financial brokerage services, credit and finance services Jordan Investment Trust Abdulmoneim Riyad Street Jabal Amman Area, 3rd Circle, PO Box 911447 Amman 11191 Tel: 00 962 6 550 8888 Fax: 00 962 6 550 8899 Email: information@jordinvest.com.jo Website: www.jordinvest.com.jo Investment banking, asset management, investment firms and funds Jordan Islamic Bank (JIB) Jordan Islamic Bank Building 11 th August Street Shmeisani Area, PO Box 926225 Amman 11190 Tel: 00 962 6 567 7377/ 566 6325 / 562 9801 Fax: 00 962 6 566 6326 / 568 4755 / 560 6144 Email: jib@islamicbank.com.jo Website: www.jordanislamicbank.com Finance and investment service

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Jordan listings Jordan Kuwait Bank Building 62 Umayya Bin Abdulshams Street Abdali Area, PO Box 9776 Amman 11191 Tel: 00 962 6 562 9400 Fax: 00 962 6 569 5604 / 568 7452 Email: webmaster@jkbank.com.jo Website: www.jordan-kuwait-bank.com Bank assurance, individual, corporate and private banking; treasury operations Jordan Loan Guarantee Corporation Chamber of Commerce Building Prince Shaker Bin Zaid Street, Shmeisani Area Amman Tel: 00 962 6 562 5400 Fax: 00 962 6 562 5408 Email: mail@jlgc.com Website: www.jlgc.com General financial services Jordan Mortgage Refinance Company Jordan Mortgage Refinance Company Building 15 Al Mahdi Bin Baraka Street, Shmeisani Area Amman 940743 Tel: 00 962 6 560 1417 Fax: 00 962 6 560 1542 Email: jmrc@go.com.jo Website: www.jmrc.com.jo General financial services and banking Jordan Trade Facilities Company Al Haddad Building Abdullah Bin Masoud Street, Shmeisani Amman Tel: 00 962 6 567 1720 Fax: 00 962 6 567 2255 Email: info@jtf.com.jo Website: www.jtf.com.jo General financial services Kuwait and Middle East Financial Investment Company Al Rabia Tower Abdullah Bin Rawaha Street Al Rabia Area Tel: 00 962 6 550 2929 Fax: 00 962 6 553 1642 Email: kmefic@kmefic.com.jo Website: www.kmefic.com.jo Securities brokers and traders, asset management and investment banking Mubadala Financial Investment Emaar Towers C Building Zahran Street Umm Uthaina Area Amman Tel: 00 962 6 592 5252 Fax: 00 962 6 592 7146 Email: info@mubadala.com.jo Website: www.mubadala.com.jo Securities brokers and traders National Microfinance Bank Blom Bank Building Jubaiha Street

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Al Jubaha Area Amman Tel: 00 962 6 535 8008 Fax: 00 962 6 535 8004 Email: info@nmb.com.jo Website: www.nmb.com.jo Loans for education, health, home improvement and support for SMEs

Email: info@arabassurers.jo Website: www.arabassurers.jo Insurance services for marine, accident, medical, travel, motor and credit

National Bank of Kuwait Abdul Rahim Al Hajj Mohd Street Hijazi Plaza, Building 70, PO Box 941297 Amman 11194 Tel: 00 962 6 580 04 00 Fax: 00 962 6 580 04 41 Website: www.nbk.com Commercial and investment banking activities

The Housing Bank for Trade and Finance Parliament Street Abdali Area, PO Box 7693 Amman 11118 Tel: 00 962 6 500 5555 Fax: 00 962 6 569 0207 Email: info@hbtf.com.jo Website: www.hbtf.com Commercial banking services, credit operations, corporate finance, treasury and investment banking, retail banking services, electronic banking products and mortgage loans

PriceWaterhouseCoopers (Jordan) 14 Hazza Al Majali Street 3rd Circle, Jabal Amman PO Box 5175 Amman 11183 Tel: 00 962 6 500 1300 Fax: 00 962 6 461 0880 Email: amman@jo.pwc.com Website: www.pwc.com General financial services

Umniah for Financial Investments Housing Bank Complex Queen Noor Street Shmeisani Area Amman Tel: 00 962 6 569 9925 Fax: 00 962 6 569 9924 Email: info@umniahinvest.com Website: www.umniahinvest.com Securities brokers and traders

Shua’a for Securities Trading and Investment Housing Bank Complex Queen Noor Street Shmeisani Area Amman 11190 Tel: 00 962 6 562 3007 Fax: 00 962 6 562 3004 Email: info@shuaa-brokerserv.com Website: www.shuaa-brokerserv.com Securities brokers and traders

United Financial Investments Company United Financial Investments Company Building Abdulaziz Al Saalibi Street Shmeisani Area Amman Tel: 00 962 6 510 5111 Fax: 00 962 6 569 4026 Email: info@ufico.com Website: www.ufico.com Securities brokers and traders, asset management, general financial services and investment banking

Société Générale de Banque Jordanie (SGBJ) Building 30 30 Prince Shaker Bin Zeid Street Shmaisani Area, PO Box 560 Amman 11118 Tel: 00 962 6 560 0300 / 569 5470 Fax: 00 962 6 569 3410 Email: sgbj.webmaster@socgen.com.jo Website: www.sgbj.com.jo Banking, asset management, individual, corporate and private banking services Standard Chartered Bank Jordan Al-Thaqafa Street Building 2 PO Box 926190 Amman 11110 Tel: 00 962 6 5607201 Fax: 00 962 6 5654239 Website: www.standardchartered.com.jo Banking The Arab Assurers (ARAS) Building 32 Queen Rania Al Abdullah Street Al Shmeisani Area, PO Box 926269 Amman 11110 Tel: 00 962 6 510 0081 Fax: 00 962 6 510 0082

Arab British Banking & Finance Directory 2013/14

Union Investment Corporation Nebal Building Al Sakafi Street Shemeyssani, PO Box 144064 Amman 11814 Tel: 00 962 6 585 8444 Fax: 00 962 6 582 8040 Email: uic@firstnet.com.jo Website: www.unioninvestco.com Investments in projects and securities United Insurance Company United Insurance Company Building 35 King Hussein Street Down Town Amman Tel: 00 962 6 462 5828 Fax: 00 962 6 462 9417 Email: uic@united.com.jo Website: www.united.com.jo Insurance


Kuwait listings Ahli United Bank – Kuwait Joint Banking Complex, East Tower Mubarak Al Kabir Street Darwazat Abdulrazzak Commercial Area 9, PO Box 71 Kuwait Safat 12168 Tel: 00 965 2231 2000 Email: aubkw@ahliunited.com Website: www.ahliunited.com.kw Banking, asset management, securities brokers and traders Al Ahli Bank of Kuwait (ABK) Ahmed Al Jaber Street, Safat Square Area, PO Box 1387 Kuwait Safat 13014 Tel: 00 965 241 1100 / 240 0900 Fax: 00 965 242 4557 / 2241 7284 Email: headoffice@abkuwait.com Website: www.eahli.com Commercial banking and financial services and facilities Al Aman Investment Company Al Dhow Towers, 11th-13th Floor Khaled Bin Waleed Street, Sharq Area, PO Box 12466 Kuwait Shamiya 71655 Tel: 00 965 1 822626 Fax: 00 965 2 2497962 Email: info@alaman.com.kw Website: www.alaman.com.kw Investment banking, asset management, investment firms and funds services, securities brokers and traders Al Bareeq Holding Al Deera Tower, 10th-12th Floor, Ahmad Al Jaber Street Sharq Area, Kuwait City Safat 13079 Tel: 00 965 2 573 2770 Fax: 00 965 2 240 8097 Email: info@bareeqholding.com Website: www.bareeqholding.com Investment firms and fund services, as well as costumer services Al Dar Asset Management Company Arraya Centre, 30th Floor, Al Shuhada Street Al Sharq Area, PO Box 27965 Kuwait Safat 13140 Tel: 00 965 1 807666 / 188 8866 Fax: 00 965 2 2324321 Email: adam-asset@adamco.com Website: www.adamco.com Investment banking, asset management, investment firms and funds services Al Fawares Holding Darwaza Tower 51, Mubarak Al Kabir Street Al Sharq Area, PO Box 2283 Kuwait Safat 13023 Tel: 00 965 1 845854 Fax: 00 965 2 4817300 Email: alfawares@alfawares.com.kw Website: www.alfawares.com.kw Private equity group with a focus on IT & telecom, real estate, media & publishing and aviation Alghanim Easy Credit Alghanim Industries Building, Al Sahafa Street Shuwaikh Industrial Area Safat 13003 Tel: 00 965 1 866669 Fax: 00 965 2 4846592 Email: credit@alghanim.com Website: www.easycredit.com.kw General financial services

Al Masar Leasing and Investment Company Bourj Bayteck Safat 13050 Tel: 00 965 2 2257833 Fax: 00 965 2 2257834 Email: info@masarinvest.com Website: www.masarinvest.com General financial services, asset management, investment banking, investment firms and funds and securities brokers and traders Al Safat Takaful Insurance Company Khaled Tower, 8th Floor Abdulaziz Al Saker Street, Qibla Area, PO Box 24246 Kuwait Safat 13103 Tel: 00 965 2 224 5622 Fax: 00 965 2 224 5611 Email: admin@alsafatakaful.com Website: www.alsafatakaful.com Insurance services Ajal Finance and Investment Company Racan Towers, Al Murqab Area Safat 13160 Tel: 00 965 1 822228 Fax: 00 965 2 2468860 Email: info@ajalfinance.com Website: www.ajalfinance.com General financial services and investment firms and funds Arab Investment Company Al Emad Commercial Centre, 4th and 5th Floor Ahmad Al Jaber Street, Sharq Area, PO Box 26630 Kuwait Safat 13127 Tel: 00 965 2 2249999 Fax: 00 965 2 2246887 Email: info@arabinv.com Website: www.arabinv.com Investment banking and asset management Bahrain Exchange Company Al Hajeri Building, Al Shuhada Street Murgab Area Safat 13152 Tel: 00 965 1 824000 Fax: 00 965 2 2401859 Email: infocust@bec.com.kw Website: www.bec.com.kw General financial services Baker Tilly Kuwait 1486 Safat Tel: 00 965 2 2442333 Fax: 00 965 2 2461225 Email: info@bakertillykuwait.com Website: www.bakertillykuwait.com General financial services

BNP Paribas Kuwait Dar Al Awadi Complex, 25th floor Ahmed Al Jaber Street, Sharq, PO Box 21188 Safat 13072 Tel: 00 965 2298 7600 Fax: 00 965 2298 7644 Website: www.me.bnpparibas.com 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: 00 965 2 232 5000 Fax: 00 965 2 245 4263 Email: info@bankboubyan.com Website: www.bankboubyan.com Asset management, investment banking, personal and corporate banking services, e-banking, travel insurance Burgan Bank Burgan Tower, 32nd Floor, Abdullah Al Hamad Street Sharq Area, PO Box 5389 Kuwait Safat 12170 Tel: 00 965 2298 8000 / 180 4080 Fax: 00 965 2298 8463 / 8093 / 8091 Email: info@burgan.com Website: www.burgan.com All activities related to the commercial banking and investment sector 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: 00 965 2292 5300 Fax: 00 965 2292 5301 Email: info@capcorp.com.kw Website: www.capcorp.com.kw Investment firms and funds, asset management, investment banking Central Bank of Kuwait Central Bank of Kuwait Building Al Khaleej Al Arabi Street Sharq Area, PO Box 526 Kuwait Safat 13006 Tel: 00 965 2 244 9200 / 181 4444 Fax: 00 965 2 244 0887 / 3354 Email: cbk@cbk.gov.kw Website: www.cbk.gov.kw Central bank and monetary authority; control of the banking system

BankMuscat Al Safat Centre, Al Shuhada Street PO Box 866 Souk Dakhili 15259 Tel: 00 965 2 2921133 Fax: 00 965 2 2921112 Website: www.bankmuscat.com Banking, asset management, investment firms and funds and securities brokers and traders

Citibank – Kuwait Ahmed Tower, Building 1 Intersection of Arabian Gulf Street and Al Mulla Street Al Sharq Area, Safat 13121 Kuwait City Tel: 00 965 2 259 4000 Fax: 00 965 2 259 4006 Website: www.citigroup.com Investment banking and asset management

Bawabet Al Kuwait Holding Company Khalijiah Tower Safat 13117 Tel: 00 965 2 2458781 Fax: 00 965 2 2426163 Email: info@bakholding.com Website: www.bakholding.com Investment firms and funds

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: mail@cbk.com Website: www.cbk.com Retail and corporate banking services

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Kuwait listings Commercial Facilities Company Commercial Facilities Company Building Abdullah Al Ahmad Street, Al Sharq Area Safat 13103 Tel: 00 965 1 833232 Fax: 00 965 2 2455275 Email: info@cfc-kw.com Website: www.cfc-kw.com General financial services Credit Information Network Company Mobbin Building Bldg – 1, Qibla Ali Salem Street Safat 13062 Tel: 00 965 2 2431540 Fax: 00 965 2 2492653 Email: cinet@cinet.com.kw Website: www.cinet.com.kw General financial services Credit Rating and Collection Company Al Awadi Tower 3, Ahmad Al Jaber Street Safat 13015 Tel: 00 965 2 2421255 Fax: 00 965 2 2452590 Email: info@crckt.com Website: www.crckt.com General financial services Deloitte Consulting Company Dar Alwadi Complex Ahmed Al-Jaber Street, Sharq Area Safat 13062 Tel: 00 965 2 2408844 Fax: 00 65 2 2408855 Email: kuwait@deloitte.com Website: www.deloitte.com General financial services Efad Holding Dasman Complex, 10th Floor Ahmad Al Jaber Street, PO Box 616 Kuwait Safat 13007 Tel: 00 965 2241 4536 / 2244 3221 / 2242 7060 Fax: 00 965 241 4535 Email: info@efadholding.com Website: www.efadholding.com Investment banking, asset management, investment firms and funds services Global Consultants Financial and Management Advisory and Training Services Block 5, Shawfat Building Omar Bin Khattab Street, Sharq Area Safat 13158 Tel: 00 965 2 1828283 Fax: 00 965 2 2426532 Email: info@gckw.com Website: www.gckw.com General financial services Global Investment House Global Tower, Al Shuhada Street Sharq Area, PO Box 28807 Kuwait Safat 13149 Tel: 00 965 2295 1000 Fax: 00 965 2295 1005 Email: global@global.com.kw Website: www.globalinv.net Investment banking, asset management, investment firms and funds services, securities brokers and traders Gulf Bank Mubarak Al Kabir Street, PO Box 3200 Kuwait Safat 13032 Tel: 00 965 2244 9501 / 188 5588

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Fax: 00 965 2243 5212 / 22439216 Email: corporatebanking@gulfbank.com.kw Website: www.gulfbank.com.kw Retail banking, corporate banking, treasury and investment management services Gulf Custody Company Zaid Al Kazemi Building Sharq Mubarak Al Kabeer Street Sharq Area Tel: 00 965 2 2250600 Fax: 00 965 2 2416289 Email: fundadmin@gulfcustody.com Website: www.gulfcustody.com General financial services Gulf Insurance Company Gulf Insurance Building, Ahmed Al Jaber Street Al Sharq Area, PO Box 1040 Kuwait Safat 13011 Tel: 00 965 180 2080 / 2296 1999 Fax: 00 965 2296 1998 Email: contacts@gulfins.com.kw Website: www.gulfins.com.kw Health and life insurance, property, motor, marine and aviation and Takaful insurance Gulf Investment Corporation Gulf Investment Corporation Building Jaber Al Mubarak Street Al Sharq Area, PO Box 3402 Kuwait Safat 13035 Tel: 00 965 2 222 5000 / 2243 1911 Fax: 00 965 2 222 5010 / 2244 8894 / 2240 8006 Email: info@gic.com.kw Website: www.gic.com.kw Asset management; diversified investment portfolio and treasury services; corporate finance and advisory services Gulf Investment House Dar Al Awadi Tower, 29th and 30th Floor Ahmad Al Jaber Street, Al Sharq Area PO Box 28808 Kuwait Safat 13149 Tel: 00 965 1 844488 Fax: 00 965 2 2406906 / 2245 3715 Email: gih@gih.com.kw Website: www.gih.com.kw Investment banking and asset management; Islamic finance and leasing solutions for all types of real estate activities

Housing Finance Company Balaasem Tower, Building 7 Bloc 10, Ahmad Al Jaber Street, Sharq Area Safat 13021 Tel: 00 965 2 226 1444 Fax: 00 965 2 226 1330 / 1460 / 1414 Email: info@iskan.com.kw Website: www.iskan.com.kw General financial services, asset management and investment firms and funds HSBC Bank Middle East – Kuwait Al Kharafi Tower, Ground – 2nd Floor Hamad Al Saqr Street, Qibla Area, PO Box 1683 Kuwait Ciry 13017 Tel: 00 965 2 223 0722 Fax: 00 965 2 223 0733 Email: kuwait.info@hsbc.com Website: www.hsbc.com.kw Banking, asset management and investment Ijara House Holding Company Kuwait Chamber of Commerce and Industry Building Al Shuhada Street Safat 13106 Tel: 00 965 2 2407800 Fax: 00 965 2 2407500 Email: info@ijarahouse.com Website: www.ijarahouse.com General financial services and investment firms and funds Industrial Bank of Kuwait Ahmad Al Jaber Street, Sharq Area 13032, PO Box 3146 Kuwait Safat Tel: 00 965 2 245 7661 / 184 4446 Fax: 00 965 2 246 2057 / 2240 6592 Email: ibk@ibkuwt.com Website: www.ibkuwt.com Banking activities for the industrial and related services sector; undertaking investments related to its activites International Financial Advisors Salhiya Commercial Complex Gate 1 Building 5th Floor, PO Box 4694 Kuwait Safat 13047 Tel: 00 965 2 245 5363 /5636 Fax: 00 965 2 240 4964 /245 9631 Email: info@ifakuwait.com Website: www.ifakuwait.com Investment banking, asset management, investment firms and funds services, securities brokers and traders

Horwath Al Muhanna and Company Madeena Tower 1, Fahed Al Salem Street Safat 13122 Tel: 00 965 2 2452548 / 2547 / 2546 Fax: 00 965 2 2452549 Email: mail@crowehorwath.net Website: www.crowehorwath.net General financial services

International Investment Group Panasonic Tower, Block 14 Fahad Al Salem Street Al Qibla Area, PO Box 29448 Kuwait Safat 13155 Tel: 00 965 2 242 9010 Fax: 00 965 2 242 9020 Email: info@iigkw.com Website: www.iigkw.com Investment banking, asset management, innovative Shariah compliant investment

GulfMerger Al Bahar Tower, Ahmad Al Jaber Street Sharq Area, PO Box 15452 Kuwait Basman 197 Tel: 00 965 2 245 4804 Fax: 00 965 2 245 4802 Email: services@gulfmerger.com Website: www.gulfmerger.com Strategic investments for sustainable growth

International Leasing and Investment Company The Kuwait Real Estate Investment Group Building Fahad Al Salem Street, Al Mirqab Safat 13038 Tel: 00 965 2 2245800 Fax: 00 965 2 2245799 / 5811 Email: lease@ilic.net Website: www.ilic.net General financial services, asset management and investment banking

Arab British Banking & Finance Directory 2013/14


Kuwait listings KGL Investment Company Sharq, Mubarak Al Kabir St Mubarak Al Kabir Tower, 10th Floor Kuwait Tel: 00 965 224 62444 Fax: 00 965 224 61633 Email: info@kglinvest.com Website: www.kglinvest.com Investment banking services for fast growing asset based companies; corporate partnerships and industry consolidations; turnaround opportunities and investments; minority investments KPMG Safi Al-Mutawa Rakan Tower, Fahad Al Salem Street Safat 13001 Tel: 00 965 2 2492702 / 2703 Fax: 00 965 2 2492704 Email: kw-kuwait@kpmg.com Website: www.kpmg.com.kw General financial services Kuwait and Middle East Financial Investment Company Burj Al Jassem Building, Al Soor Street Al Mirqab Area, PO Box 819 Kuwait Safat 13009 Tel: 00 965 2 225 5000 / 5555 Fax: 00 965 2 225 2558 Email: info@kmefic.com.kw Website: www.kmefic.com.kw Portfolio management & advisory services, investment funds, brokerage, corporate finance and research; wealth management, private and institutional clients

Website: www.maqasa.com Investment banking, general financial services Kuwait Finance and Investment Company Al Arabia Tower, Building 21 Ahmad Al Jaber Street, Block 5 Al Sharq Area, PO Box 21521 Tel: 00 965 1 88 9000 Fax: 00 965 2 242 0174 Email: kfic@kfic-kw.com Website: www.kfic-kw.com 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 KFH Building, Abdullah Al Mabarak Street Murqab Area, PO Box 24989, Kuwait Safat 13110 Tel: 00 965 2 445050 Fax: 00 965 2 2469756 / 245 5135 / 2409414 Email: corp@kfh.com Website: www.kfh.com/en/ Banking, asset management, investment firms and funds Kuwait Financial Centre “Markaz” Duaij Building, Mubarak Al-Kabeer St, Al Qiblah, Kuwait Tel: +965 22248000 Fax: +965 22425828 Email: info@markaz.com Web: www.markaz.com Kuwait Financial Centre ‘Markaz’ was established in 1974, offering full-fledged services in asset management and investment banking

Kuwait Asia Brokerage Al-Arabeya Tower, Ahmed Al Jaber Street, Sharq Tel: 00 965 2 2267345 / 7340 Fax: 00 965 2 2267341 Email: info@kuwait-asia.com Website: www.kuwait-asia.com Securities brokers and traders, asset management and investment banking

Kuwait Insurance Company Kuwait Insurance Company Building Abdullah Al Salem Street, Safat Area 13008 Tel: 00 965 2 2420135 / 0021 Fax: 00 965 2 2428530 Email: info@kic-kw.com Website: www.kic-kw.com Insurance

Kuwait Bahrain International Exchange Company Issa Abdullah Al Othman Building Al Shuhada Street, Al Mirqab Area, PO Box 26926 Kuwait Safat 13130 Tel: 00 965 2 2421971 / 1973 Fax: 00 965 2 2431000 / 2242 1852 Email: info@kbe.com.kw Website: www.kbe.com.kw Money exchange and transfer, draft insurance services

Kuwait International Bank Joint Banking Centre, West Tower, Al Abdulrazzak Square PO Box 22822, Kuwait Safat 13089 Tel: 00 965 2 2458177 Fax: 00 965 2 2456638 Email: contact@kib.com.kw Website: www.kib.com.kw Real estate management, personal and commercial banking, Islamic finance, investments

Kuwait China Investment Company Kuwait Projects Company (Holding) Tower Khalid Bin Al Walid Street, Sharq Area Safat 13122 Tel: 00 965 2 2971300 Fax: 00 965 2 2971310 Email: info@kcic-asia.com Website: www.kcic-asia.com Investment firms and funds and investment banking Kuwait Clearing Company Stock Exchange Building, 6th Floor Ahmad Al Jaber Street, PO Box 22077 Kuwait Safat 13081 Tel: 00 965 1 841111 / 00 965 2246 5696 Fax: 00 965 2 2469457 Email: info@maqasa.com

Kuwait International Investment Company Ahmed El Jaber Street, Sharq Area, PO Box 22792 Kuwait Safat 13088 Tel: 00 965 2 2438273 / 8274 Fax: 00 965 2 2454931 Email: info@kiic.com.kw Website: ww.kiic.com.kw Investment banking Kuwait Investment Authority Ministries Complex, Al Murqab Area Safat 13001 Tel: 00 965 2 2485600 Fax: 00 965 2 2454059 Email: information@kia.gov.kw Website: www.kia.gov.kw Investment firms and funds Kuwait Investment Company Souk Al Manakh Building, 5th Floor

Mubarak Al Kabeer Street, Al Sharq Area, PO Box 1005 Kuwait Safat 13011 Tel: 00 965 2 296 7000 Fax: 00 965 2 244 4896 Email: info@kic.com.kw Website: www.kic.com.kw Asset management, treasury and corporate finance Kuwait Projects Company (Holding) Al Shaheed Tower, Khaled Bin Al Walid Street Al Sharq Area, Safat 13100 Tel: 00 965 1 805885 Fax: 00 965 2 2435790 Email: kipco@kipco.com Website: www.kipco.com Investment firms and funds Kuwait Real Estate Holding Company Al Kharafi Tower, Oussama Bin Al Monkiz Street PO Box 26371 Kuwait Safat 13124 Tel: 00 965 2 2323232 Fax: 00 965 2 2323233 Email: info@alaqaria.com.kw Website: www.alaqaria.com 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: 00 965 2 243 2011 Fax: 00 965 2 242 7823 Email: kuwaitre@kuwaitre.com Website: www.kuwaitre.com Insurance services for property, accident and life, marine Kuwait Stock Exchange Kuwait Stock Exchange Building, Mubarak Al Kabir Street Safat 13083 Tel: 00 965 2 2423130 / 3139 Fax: 00 965 2 2413538 Email: webmaster@kuwaitse.com Website: www.kuwaitse.com Securities Markets Kuwait Syrian Holding Company Rakan Tower, Fahed Al Salem Street, Salhiyya Area Safat 13159 Tel: 00 965 2 2901541 Fax: 00 965 2 2901540 Email: mail@ksh.com.kw Website: www.ksh.com.kw Investment firms and funds Liquidity Management House for Investment Company Baitak Tower, Ahmed Al Jaber Street Safat Square, PO Box 2650 Kuwait Mishref 40177 Tel: 00 965 2 225 7600 Fax: 00 965 2 225 7618 / 7619 Email: info@liquidityhouse.com Website: www.liquidityhouse.com Investment banking, asset management, Sukuk, structured finance, project finance, securitisation, Islamic treasury services and direct investments

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Kuwait listings National Bank of Kuwait Abdullah Al Ahmadi Street, PO Box 95 Kuwait Safat 13001 Tel: 00 965 2 242 2011 Fax: 00 965 2 246 2469 Email: webmaster@nbk.com Website: www.nbk.com Commercial and investment banking activities National Investment Company Al Khaleejia Building, 20th Floor, Al Mutanabi Street Sharq Area, PO Box 25667 Kuwait Safat 13117 Tel: 00 965 2 226 6688 /242 6666 /226 6666 Fax: 00 965 2 242 6163 Email: nic@nic.com.kw Website: www.nic.com.kw Investment firms and funds, asset management, investment banking, securities, brokers and traders services Nazar and Partners Muthana Complex, Fahed Al Salem Street Safat 13137 Tel: 00 965 2 2424661 Fax: 00 965 2 2402690 Email: info@nazarnexia.com Website: nazarnexia.com General financial services Neshami Kuwait for General Trading and Contracting Souk Al Dawliya Building, Al Salhiya Safat 13014 Tel: 00 965 2 2490880 Fax: 00 965 2 2478626 Email: info@neshami.com Website: www.neshami.com Insurance Noor Capital Markets Dar al Awadi, 27th Floor, Ahmad al Jaber Str., Sharq, PO Box 26489, Safat 13125, Kuwait Tel: 00 965 2 2253888 Fax: 00 965 2226 6901/09 Email: dealingdesk@noorcm.com Website: www.noorcm.com General financial services, securities brokers and traders and securities markets Noor Financial Investment Company Noor Building, Intersection of Jahra Street and Airport Road, Shuwaikh Area PO Box 3311 Kuwait Safat 13034 Tel: 00 965 1 81 8080 / 2 464 5666 Fax: 00 965 2 492 9561 Email: info@noorinvestment.com Website: www.noorinvestment.com Investment banking, asset management, investment firms and funds services Osoul Investment Company Al Raya Building, 27th Floor, Al Shuhada Street Al Sharq Area, PO Box 3880 Kuwait Safat 13039 Tel: 00 965 2 299 7877 Fax: 00 965 2 299 7720 / 2 225 3650 / 2 225 3630 Email: osoul@osoulnet.com

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Website: www.osoulnet.com General financial and investment services

Website: www.sg.com.kw Asset management, investment banking services

Qatar National Bank Kuwait Al-Arabia Tower, Bld4, Ahmad Al-Jaber Street Sharq Area, PO Box 583 Dasman 15456 Tel: 00 965 2 226 7000/7023 Fax: +965 22267046 Email: QNBKuwait@qnb.com.qa Website: www.qnb.com.qa Branch of QNB

Strategia Investment Company Al Nassar Tower, 17th and 18th Floor Fahd Al Salam Street, Qibla Area, PO Box 1346 Kuwait Dasman 15464 Tel: 00 965 2 225 1200 Fax: 00 965 2 225 1204 Email: info@strategia.com.kw Website: www.strategia.com.kw Investment banking, asset management, diversified international and local investment funds, international and local managed portfolios

Rasameel Structured Finance Company Ahmad Tower, 13th Floor, Gulf Road Dasma Sharq Area, PO Box 4915 Kuwait Safat 13050 Tel: 00 965 2 247 8800 Fax: 00 965 2 247 6600 Email: info@rasameel.com Website: www.rasameel.com Structured finance and investment banking RSM Albazie and Company Kuwait Airways Building, Al Shuhada Street Safat 13022 Tel: 00 965 2 2961000 Fax: 00 965 2 2412761 Email: mail@albazie.com Website: www.albazie.com General financial services, asset management and investment banking Ryada Capital Investment Company Sama Tower, 16th Floor, Al-Qibla Area, PO Box 29086 Kuwait Safat 1315 Tel: 00 965 2 221 0616 Fax: 00 965 2 221 0619 Email: info@ryadacapital.com Website: www.ryadacapital.com Investment banking and asset management Sabaek Leasing and Investment Company Marzouk Tower, 17-18th Floor Abu Bakr Al Siddiq Street, Al Quba Area, PO Box 2832 Kuwait Safat 13029 Tel: 00 965 2 225 0555 Fax: 00 965 2 225 0550 Email: info@sabaek.com Website: www.sabaek.com Lease services, operational leasing and financial leasing (lease-to-own), various categories of Islamic financing Savings and Credit Bank Savings and Credit Bank Building, Al Shuhada Street Al Salhiya Area, PO Box 1454 Kuwait Safat 13015 Tel: 00 965 2 241 1301 / 1302 Fax: 00 965 2 242 5516 Website: www.scb.gov.kw General financial services, loans, real estate loans Securities Group Company Securities Group Building, Ahmed Al Jaber Street Al Sharq Area, PO Box 26953 Kuwait Safat 13130 Tel: 00 965 2 299 0299 Fax: 00 965 2 245 7296 Email: info@sg.com.kw

Arab British Banking & Finance Directory 2013/14

The International Investor Company Wafra Real Estate Building, Ahmad Al Jaber Street Al Sharq Area Safat 13153 Tel: 00 965 2 2437070 Fax: 00 965 2 2428080 Email: info@tii.com Website: www.tii.com Investment banking activities UAE Exchange Centre Kuwait PO Box 26155, Safat 13122 Tel: 00 965 1 808800 Fax: 00 965 2 2459419 Email: customer.care@uaeexchange.com.kw Website: www.uaeexchangekuwait.com General financial services Union Securities Brokerage Company Al Enizi Tower Moubarak Al Kibir Street Sharq Area PO Box 25879 Kuwait Safat 13119 Tel: 00 965 2 290 1818 / 2 290 1817 Fax: 00 965 2 247 6518 Email: mail@usbc.com.kw Website: www.usbc.com.kw Securities, brokers and traders services Warba Bank Sanabil Tower, 26th Floor Abdullah Al Ahmad Street Sharq Area PO Box 1220 Kuwait Safat 13013 Tel: 00 965 2 228 8800 Fax: 00 965 2 228 8701 Email: info@warbabank.com Website: www.warbabank.com Islamic banking products Wared Lease and Finance Company 4th Ring Road Shuwaikh Area Safat 13060 Tel: 00 965 1 807888 Fax: 00 965 2 2324032 Email: ahmedm@inv-dar.com Website: www.waredco.com General financial services, asset management and insurance


Lebanon listings Adonis Insurance and Reinsurance Aya Commercial Centre, 1st and 2nd Floor Dora Highway, PO Box 90-1446 Matn Tel: 00 961 1 256 290 / 291 / 292 Fax: 00 961 1 256 293 Email: adir@info.com.lb Website: www.adirinsurance.com General insurance services Ahli International Bank Ahli International Bank Building Omar Daouk Street Bad Idris Beirut Central District Area PO Box 11-5556 Beirut 1107-2200 Tel: 00 961 1 970 920 Fax: 00 961 1 970 939 Email: gm@ahli.com.lb Website: www.ahli.com.lb Commercial banking activities Al Aman Takaful Insurance Saab Building, 3rd Floor, Rachid Karam Street Verdun Area, PO Box 5010-114 Beirut Tel: 00 961 1 749 444 Fax: 00 961 1 749 444 Email: info@ati.com.lb Website: www.ati.com.lb Islamic life and non-life insurance Al Baraka Bank Lebanon Verdun 2000 Centre, Rashid Karami Street PO Box 113-5683 Beirut Tel: 00 961 1 808 008 Fax: 00 961 1 806 499 Email: info@al-baraka.com Website: www.al-baraka.com Commercial banking in accordance to Islamic principles Al Mashrek Insurance and Reinsurance Company Rabieh Main Street, Antelias Area, PO Box 166154 Beirut Tel: 00 961 4 408666 Fax: 00 961 4 417688 Email: almashrek@almashrek.com.lb Website: www.almashrek.com.lb Insurance services

Website: www.amanacapital.com General financial services and securities markets American Life Insurance Company JM Plaza Building, Concord Square Street Verdun Area Tel: 00 961 1 753111 Fax: 00 961 1 756300 Email: service-lebanon@metlifealico.com Website: www.metlifealico.com.lb Insurance Arab Bank – Lebanon Commercial Buildings Company Building, Ground – 6th Floor Massaref Street Riad Al Solh Area, PO Box 11-1015 Beirut Tel: 00 961 1 981 155 / 980 246 Fax: 00 961 1 980 803 / 980 299 Email: info@arabbank.com.lb General banking services Arab Banking Corporation Berytus Parks, Block B, 2nd Floor Minet El Hosn, Solidere, PO Box 11-5225 Beirut Tel:  00 961 1 970770 / 970432 Fax:  00 961 1 985809 Website: www.arabbanking.com Commercial banking services, treasury products, investment banking, securities trading, underwriting and placement, portfolio management, advisory services, mergers and acquisitions and Islamic banking

Email: arope@arope.com Website: www.arope.com Life and non-life insurance services Audi Saradar Investment Bank Bank Audi Plaza Building, Block D, France Street Bab Idriss Area, PO Box 16-5110 Beirut 2021-8102 Tel: 00 961 1 994 000 Fax: 00 961 1 999 406 Email: contactus@asib.com Website: www.asib.com Investment banking services Audi Saradar Private Bank Clover Building, Charles Malek Avenue Achrafieh Area, PO Box 1107 2805 Beirut Tel: 00 961 1 205 400 / 208 400 / 200 260 Fax: 00 961 205 480 / 200 265 Email:contactus@audisaradarpb.com Website: www.audisaradarpb.com Private banking, bancassurance, internet banking, personalised banking, investment banking, real estate banking, portfolio management services and products Axa Middle East Jal El Dib Highway, Jal El Dib Area, PO Box 11-550 Beirut Tel: 00 961 4 716 555 Fax: 00 961 4 716 563 Email: mail@axa-middleeast.com.lb Website: www.axa-middleeast.com.lb Life and non-life insurance services

Arab Finance House Arab Finance House Tower, Saeb Salam Boulevard Corniche El Mazraa Area, PO Box 11-273 Beirut 1107-2020 Tel: 00 961 1 706 680 / 309 777 Fax: 00 961 1 706 684 Email: info@arabfinancehouse.com Website: www.arabfinancehouse.com Banking, asset management and investment banking

Bank Audi Bank Audi Plaza Building, Omar Daouk Street Bab Idriss Area, PO Box 11-2560 Beirut 20218102 Tel: 00 961 1 994 4000 Fax: 00 961 1 990 555 Email: contactus@banqueaudi.com Website: www.banqueaudi.com Commercial banking services

Arab Lebanese Insurance Group Hazmieh Area, PO Box 11-1555 Beirut Tel: 00 961 5 452777 Email: alig@alig.com.lb Website: www.alig.com.lb Non-life and life insurance services

Bank of Beirut Bank of Beirut Building, Foch Street Beirut Central District, PO Box 11-7354 Beirut Tel: 00 961 1 972 972 / 983 999 Fax: 00 961 1 983 999 / 972 972 Email: contactus@bankofbeirut.com Website: www.bankofbeirut.com.lb Commercial banking, investment, retail, private and corporate banking, mortgage, Islamic and Sharia principles banking, asset management, capital markets and corporate finance

Al Mawarid Bank Yared Building, Abdulaziz Street Hamra, PO Box 113-6260 Beirut 1103-2110 Tel: 00 961 1 734 040 / 340 140 Fax: 00 961 1 734 041 Email: mail@almawarid.com Website: www.almawarid.com Commercial banking, risk management, private banking, corporate finance along with international banking

Arab Reinsurance Company Maarad Street, Beirut Central District PO Box 11-9060 Beirut Tel: 00 961 1 989 500/ 983 931 / 983 932 Fax: 00 961 1 985 154 / 985 155 Email: arabre@arabre.com.lb Website: www.arabre.com.lb General reinsurance services

Amana Capital Weavers Centre, Clemenceau Street Clemenceau Area Tel: 00 961 1 360930 Fax: 00 961 1 370930 Email: info@amanacapital.com

Arope Insurance BLOM Bank Building, Rachid Karami Street Verdun Area, PO Box 113-5686 Beirut 1103-2060 Tel: 00 961 1 759 999 Fax: 00 961 1 344 012

Bankers Assurance Capitole Building, Emir Bachir Street Riad El Solh Square Central District Area PO Box 11-4293 Beirut Tel: 00 961 1 988 777/ 988 111 / 988 333 Fax: 00 961 1 984 004 Email: mail@bankers-assurance.com Website: www.bankers-assurance.com All insurance and reinsurance services

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Lebanon listings Bank of Beirut and Arab Countries (BBAC) BBAC Building, 250 Clemenceau Road Riad El Solh, PO Box 11-1536 Beirut 1107 2080 Tel: 00 961 1 366630 / 360460 Fax: 00 961 1 365201 / 365202 Email: contactus@bbac.com.lb Website: www.bbacbank.com Banking, investment banking BankMed BankMed Centre, 482 Clememceau Street PO Box 11-348, Riad El Solh Beirut Tel: 00 961 1 373 937 Fax: 00 961 1 362 806 Website: www.bankmed.com.lb Commercial banking, risk management, private banking, corporate finance, international banking along with economic research activities Banque Bemo BEMO Building, Elias Sarkis Avenue Ashrafieh Area, PO Box 16-6353 Tel: 00 961 1 200 505 / 203 240 Fax: 00 961 1 217 860 / 983 368 Email: bemo@bemobank.com Website: www.bemobank.com Corporate and private banking services Banque de L’Industrie et du Travail BIT Bank Building, Banque de L’Industrie et du Travail PO Box 11-3948 Beirut 1107-2150 Tel: 00 961 1 985 680 Fax: 00 961 1 985 681 Email: info@bitbank.com.lb Website: www.bitbank.com.lb Commercial retail, and private banking including deposits and loans 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: 00 961 1 980 080 Fax: 00 961 1 980 991 Email: info@bsl.com.lb Website: www.bsl.com.lb Commercial banking services including deposits and loans Banque du Liban BDL Building, Masref Lubnan Street Hamra Area, PO Box 11-5544 Beirut Tel: 00 961 1 750 031/750 000 Fax: 00 961 1 747 600 Email: bdlg0@bdl.gov.lb Website: www.bdl.gov.lb Monetary stability safeguarding services Banque Libano-Francaise Beirut Liberty Plaza, 5 Rue de Rome Hamra Area, PO Box 11-0808 Beirut Tel: 00 961 1 791 332 / 340 350 Fax: 00 961 1 791 332 Email: info@eblf.com

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Website: www.eblf.com Commercial, retail, investment and private banking services Banque Misr Liban Banque Misr Liban Building, Banks Street Riad El Solh Area, PO Box 11-7 Beirut 1107-2010 Tel: 00 961 1 987777 / 986666 Fax: 00 961 1 980604 / 964296 Email: mail@bml.com.lb Website: www.bml.com.lb Banking, asset management Banque Pharaon et Chiha Jazra Building, 1st and 8th Floor Abdulwahab Inglizi Street Riad Al Solh Area, PO Box 11-0001 Beirut 1107-2010 Tel: 00 961 1 200 160 / 425 280 Fax: 00 961 1-200164 Email: bpc@bpc.com.lb Commercial banking services Beirut Brokerage Corporation Diamond Building, 8th Floor Verdun Street, Unesco Area, PO Box 14/5771 Beirut Tel: 00 961 789 101/789 102 / 789 103 Fax: 00 961 1 789 105 Email: admin@bbcorp.com.lb Website: www.bbcorp.com.lb Brokerage services BEMO Securitisation Park Avenue Building, Park Avenue Street Beirut Central District, Minet El Hosn Area Beirut Tel: 00 961 1 997 998 Fax: 00 961 1 994 801 Email: contact@bsec-sa.com Website: www.bsec-sa.com Investment banking services BLC Bank BLC Bank Building, Adlieh Square PO Box 2064-5809 Beirut 11-1126 Tel: 00 961 1 387 000 / 1 429 000 Fax: 00 961 1 616 984 Email: info@blcbank.com Website: www.blcbank.com Commercial corporate, private banking services and real estate services BLC Finance Building 812, 1st Floor Charles Malek Avenue, Tabaris Area, PO Box 11-1126 Beirut Tel: 00 961 1 217451 / 217452 / 217453 Fax: 00 961 1 204821 Email: blcfinance@blcbank.com Investment banking, asset management, securities brokers and traders BLOM Bank BLOM Bank Building, Rachid Karami Street Verdun Area, PO Box 11-1912 Beirut 1107 2807

Arab British Banking & Finance Directory 2013/14

Tel: 00 961 1 743 300/1 738 938 Fax: 00 961 1 738 946 Email: blommai@blom.com.lb Website: www.blom.com.lb Commercial banking services including retail, corporate and treasury, internet banking and investment banking BLOM Development Bank Daher Building, 7th Floor Abdel Aziz Street, Hamra Area PO Box 11-1912 Beirut Tel: 00 961 1 751092 / 751093 Fax: 00 961 1 751094 Email: info@blomdevelopmentbank.com Website: www.blomdevelopmentbank.com Islamic finance, retail, corporate and bank assurance BoB Finance Yazbeck and Madi Building Baushrieh Street Jdeideh Area Tel: 00 961 1 879360 Fax: 00 961 1 879360 Email: info@bobfin.com Website: www.bankofbeirut.com General financial services and banking Burgan Insurance Company BAC Centre, Justinien Street Riad Al Soleh, Sanayeh Area Beirut 11072240 Tel: 00 961 1 751851 Fax: 00 961 1 742569 Email: burgan@burgan-ins.com Website: www.burgan-ins.com Insurance Byblos Bank Byblos Bank Tower, Elias Sarkis Avenue Achrafieh Area, PO Box 11-5605 Beirut Tel: 00 961 1 335 200 / 339 436 Fax: 00 961 1 334 554 Email: secretariate@byblosbank.com.lb Website: www.byblosbank.com.lb Commercial banking including retail, corporate, treasury and investment services Byblos Insurance Company Charles Malek Avenue, PO Box 16-6720 Beirut Tel: 00 961 1 204 270 / 204 279 / 204 275 Fax: 00 961 1 204 278 / 204 277 Email: info@byblosinsurance.com Website: www.byblosinsurance.com General insurance services Capital Finance Company Weavers Centre, 16th and 17th Floor Clememceau Street Hamra Area PO Box 113-6536 Beirut Tel: 00 961 1 371 102 Fax: 00 961 1 371 109 Email: customercare@groupcfc.com Website: www.groupcfc.com Consumer finance services


Lebanon listings Cedrus Invest Bank Sofil Centre, 7th Floor Charles Malek Avenue, Ashrafieh Area Beirut Tel: 00 961 1 333 887 Fax: 00 961 1 217 515 Email: info@cedrusinvestbank.com Website: www.cedrusinvestbank.com Investment banking and asset management

Credit Suisse (Lebanon) Finance Berytus Parks, 6th Floor, Bloc B, Park Avenue Street Beirut Central District, PO Box 11-966 / 1107 2060 Beirut Tel: 00 961 1 966333 Fax: 00 961 1 966339 Email: cs.lebanon@creditsuisse.com Website: www.credit-suisse.com Investment banking, asset management

Fajr Al Gulf Insurance and Reinsurance Company Olvetti Building, Adlieh Square Street, PO Box 116-5047 Beirut Tel: 00 961 1 423 323 Fax: 00 961 1 423 323 Email: info@fajralgulf.com Website: www.fajralgulf.com Insurance and reinsurance services

Citibank – Lebanon Berytus Parks Building, Park Avenue Beirut Central District Area Beirut Tel: 00 961 1 962440 Fax: 00 961 1 962444 Website: www.citigroup.com Banking and investment banking

CreditBank Freeway Centre, Sin El Fil Boulevard Street PO Box 165795, Beirut 1100-2802 Tel: 00 961 1 501 600 / 501 700 Fax: 00 961 1 485 245 Email: info@creditbank.com.lb Website: www.creditbank.com.lb Commercial, corpo