BEST ISLAMIC FINANCIAL INSTITUTIONS IN LEBANON (GLOBAL FINANCE 2008): Arab Finance House

Arab Finance House-Holding Company was foundedin Lebanon in 2003 with a capital of 60 million American dollars and a plan to raise that capital to 100 million American dollars within three years. The Company established two banks in Lebanon: the Arab Finance House commercial bank, and the Arab Finance House investment bank.

Under the decreenumber 9494 of the Central Bank of Lebanon dated26/12/2006, the two banks merged to become the Arab Finance HouseSAL(Islamic Bank) holding the number 125 on the list of Banks (commercial register #1002082).

The Arab Finance House is an Islamic bank, and subsequently all its investments and products are Shari’a compliant while remaining under the realm of Lebanese banking laws.
Arab Finance House operates in accordance to Islamic Shari’a but within Lebanese banking laws, including the “Credit Contracts” Law issued in 1996. The bank plays a prominent role in developing the national economy using the most advanced banking implements. Arab Finance House focuses on acquiring professionals with the highest qualifications.

Our vision stems from our structure as a comprehensive Islamic banking solution incorporated in the Levant, which allows us to; further enhance and advance the Islamic banking industry, contribute to the economies of our hosting countries, and become a leading regional quality institution.

Our mission is to create, under Shari’a principles, a dynamic banking environment characterized by the most advanced technology, innovations, and professionalism. This environment will allow us to maximize, in a balanced manner; the returns to our shareholders; the quality, efficiency, and competitive services to our clients and hosting economies without discrimination; and a sense of security and satisfaction to our employees.
QIB adopts a steady and clear strategy, which takes into consideration the continual modernization of banking and investment services using the latest banking technology. In this regard, the bank has recently completed a pioneering plan to modernize and automate all its branches using a developed computer network, which further satisfies the needs of their clients. QIB has also established Islamic investment funds (like Bader and Rayyan Real Estate Funds) that have been successful in achieving capital appreciation to investors.

Established as an Islamic investment bank in Bahrain in October 1999, Gulf Finance House (GFH) plays an active role in providing Shari’a-compliant products and services to a broad base of clients. The bank’s strong, diversified shareholder base ensures participation in profitable opportunities in selected markets, which is supplemented by opportunities derived through affiliations with reputed financial institutions in other markets. In 2004, GFH increased its capital and opened a retail commercial operation to become one of the leading universal Islamic banking operations in Bahrain. GFH’s primary aim is to move away from an excessive concentration on low-risk, short-term instruments through innovative products with higher risk/return benefits.

The Board of Directors of the Arab Finance House S.A.L. (Islamic Bank) is pleased to bring forward the achievements of the year 2007 and the Bank’s accomplishments, despite the difficult situation that Lebanon has undergone for quite a while now.

Despite the negative political atmosphere, the Bank has been able to achieve Net Profits of around USD 2 Million compared to USD 572.000 in the year 2006 which translates into a Profit Increase of around 250%.

The Total Assets amounted to around USD 203 Million in December 2007 versus USD 121 Million in December 2006, reflecting an increase of 70%.

The Customers’ Deposits have increased by around 90% proving the Bank’s capability of grabbing a bigger share of the Lebanese Banking Market.

The deposits of banks and financial institutions have increased dramatically to reach around USD 66 million in December 2007 compared to USD 22 Million in December 2006.

During the year 2007 the Bank has expanded, and opened, with the help of God, 2 new branches in Sidon and Tripoli. The Ashrafieh Branch was relocated to Solidere area, and we hope that new branches will open whenever the situation permits, in an attempt to meet the growing demand for Islamic Banking services in various Lebanese areas.

Also, the Head Quarter relocated from Achrafieh to the new AFH tower in Mazraa.

The tower has been equipped and prepared to better suit the bank’s needs, to better serve its growing clientele.

Finally, it is worth mentioning that the Bank has placed great emphasis on developing the human element in various departments, especially the productive ones, and has given special attention to proper training of the personnel in Islamic Banking principles, both inside and outside the bank, reflecting the important role the bank is playing and intends to play in Lebanon.

In General, we can say that during the year 2007, the bank has implemented a clear path in the Islamic Banking sector in Lebanon, and we are confident that the Arab Finance House will grow beyond all expectations in the coming few years, God willing.

BEST ISLAMIC FINANCIAL INSTITUTIONS IN BAHRAIN (GLOBAL FINANCE 2008) : ABC Islamic Bank

Arab Banking Corporation (B.S.C.) ("ABC") was incorporated as a Bahrain joint stock company on 17th January 1980 by Amiri degree in Kingdom of Bahrain and was issued an Offshore Banking Unit license by the Bahrain Monetary Agency on April 7, 1980 beginning its operations that month with an authorized capital of US$1,000 million.

By April 1981, an amount of US$750 million was fully paid by ABC's original three shareholders: the Ministry of Finance of Kuwait (later transferred to the Kuwait Investment Authority), the Libyan Secretariat of Treasury (whose shares were later transferred to the Central Bank of Libya) and the Abu Dhabi Investment Authority.

Each of the three shareholding groups held one-third of ABC's share capital until 1990. At the end of 1989, ABC's authorized capital was increased to US$1,500 million. In 1990, ABC listed its shares on the Bahrain and Paris stock exchanges and increased its paid-up capital to US$1,000 million by a public offering in Bahrain and an international private placement.

ABC's strategy of diversified growth led to the development of its widespread network (the "ABC Group") of branches, representative offices, subsidiaries and affiliates in 21 countries around the world, including most principal international financial centers.

ABC Islamic Bank today announced the bank’s net profit for the year to September 2008 of US$23 million. This was an increase of 60% over the net profit for the comparable period last year and a record nine months profit in the history of the bank.

Total income reached US$27.30 million (2007: US$17.93 million), while fee income of US$4.88 million increased by 85% over the same period last year. Operating expenses of US$4.29 million increased only by 15% over the same period last year, attributable to an increase in the cost of living. The Bank’s cost-to-income ratio was 15.7%, lower than 20.8% for the same period last year.

ABC Islamic Bank’s total assets amounted to US$1,440 million (2007 year end: US$1,365 million) with an increase in Available-for-sale investments which stood at US$375 million (2007: US$329 million) mainly in Sukuks. Murabaha receivables and Ijara assets increased to US$1,048 million (2007: US$ 995 million) as the lending portfolio continued to grow to meet customer demand.

Commenting on the results, Mr. Naveed Khan, Managing Director, said, “Despite the turmoil in global markets we have managed to achieve record results for ABC Islamic Bank. These results are a testament to solid relationships developed with core customers and hard work put in by staff, coupled with the strong support we get from the parent group. We are hopeful of consolidating and building on these results for the full year 2008.”

Best Asset Management Company (Global Finance) : Saudi Joint Stock Company

SABB is a Saudi Joint Stock Company with a strong track record and a heritage that stretches back almost 30 years.

Established on 12 Safar 1398(H) (21 January 1978), SABB formally commenced activities on 26 Rajab 1398(H) (01 July 1978) when it took over the operations of The British Bank of the Middle East in the Kingdom of Saudi Arabia.
SABB is an Associated Company of the HSBC Group, one of the world’s largest banking and financial services organisations with over 10,000 offices in 83 countries and territories across Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. This association means that SABB customers not only have access to our own market-leading services and customer care, but can also tap into the HSBC Group’s global network, resources, skills, specialist knowledge and expertise

Assets
SAR 98.2 billion (US$26.2 billion) at 31 December 2007.
SAR 77.2 billion (US$20.6 billion) at 31 December 2006.

Profit
SAR 2,607 million (US$695 million) at 31 December 2007.
SAR 3,040 million (US$811 million) at 31 December 2006.

Capital Strength:
SABB paid up capital is SAR 6,000 million with share capital ownership split as follows:60% Saudi Nationals and 40% HSBC Holdings BV (a wholly owned subsidiary of HSBC Holdings plc)

Network
SABB operates through a network of 75 branches, including 12 exclusive Ladies’ branches, with a team of 2865 employees of whom 85.5% are Saudi nationals as at 30 September 2007.

Products and Services
Enhanced levels of service for all our customers – that’s what we at SABB consistently strive for. Our range of banking services includes Personal, Commercial, Corporate, Private and Islamic Banking; Investment, Treasury and Trade Services, and Credit and ATM Cards that are welcomed in more than 18 million commercial outlets within the Kingdom and around the world. In addition SABB ATM and credit cards can access more than 350,000 ATMs in the Kingdom and around the world. Our Electronic, Internet and Telephone Banking facilities allow customers to conduct banking business from the comfort of their own homes or offices and our information delivery channels now include mobile telephone technology and Short Message Services (SMS).

Arabia Desert

Arabia Desert inhabited by nomadic tribes in Akkadian called Aribi, often invade neighboring countries, such as Arabia Felix and Mesopotamia, which they sometimes gain victory. To understand the isolation that is known as a person without a history of hard work is required, however they are known as a camel rider in the century to the ninth or ten before Christ (BC). In 250 BC the various tribes of Arabia began to move toward Levant. Tribe noted that the tribe is Qedar and Nabatu the road to the area Edomit, Moabite and Jews. In the Parthian and the Roman period, several dynastic grip on the city in Arabia Syam (France) and Iraq. The city is among other Palmyra, Emesa, Edessa, Hatra, Chacene and Gerrha. Meanwhile, modern people generally think that the population of Arabia as the Arab Peninsula, experts in ancient history often refer people with the name of their tribe directly. This merupakjan which is very important to find people who are indeed Arab.
Petra Arabs living between Egypt and Mesopotamia, which finally set the odyssey of them as a way of life, build some of the city. The main people in this region and the Nabasia people are Petra as their capital. The oldest reference to the Arab people can be found in the Book of Genesis Gospel, where Arab traders buy and sell children with Josep Jacob. References in the report found other war King Assyirian Salmanasser in 853 BC and a report about a kingdom called Aribi, mentioned from Tiglath-Pileser III (745 - 727 BC) to the front and the followers of Asssyrian to mid-second century ketujuah. Then, by Arab kings Babilonia be caused to bow Nabonidus, which create a relaxing oasis theme, and reached the capital Yatribu (Medina). According to Greek researchers, Herodotus, the Persian king Cambyses is not occupying the Arab attack on Egypt 525 BC. Its successor, Darius I did not mention in the Arabic inscription Behistun from the first year of reign, but note them in the end. This shows that Darius is only part of the area subjected Arabia. There are no instructions that indicate loyal or not loyal to the king of Persia. After the Macedonian king Alexander the Great conquered the Persian Empire between 335 to 323 BC, part of Arabia which left more or less autonomy for centuries. In 106 CE (M), the Jordan Arabia related to the province as the Roman empire under the power of Trajan. There are few cities in this province from north to the medical, Adraa (dara '), Dion, Gerasa (Jerash), Philadelphia (Amman) and Aila (Aqaba). During the Roman period, and the historian Josephus Strabo with the free use of the word jumble Nabasia with the Arab kings and vice versa Nabasia known as the king of the Arab kingdom and they are known as Arabia. But this is only the suitability to become the Province of the Kingdom of Nabasia Arabia, which include the Empire Rowawi. Although, the control of sea routes by Himyar very convincing. At the end of the third century, the king Samir Yuhar unify Yemen. He was considered important enough to negotiate with the king kestaraan in the Persian Empire.