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Dear Participants,
May the peace, blessings and
mercy of Allah be upon you.
On behalf of the Board of Supervisors,
I am pleased to present the thirtieth
annual report of Dar Al-Maal Al-Islami
Trust for the financial year ended
31 December 2011.
The global banking and financial
services industry commenced the
year with an optimistic view for
recovery from the extremely difficult
years following the 2008 economic
downturn. However, those hopes
were soon dampened when world-
wide turbulence continued in the
financial markets brought on by
the ever present debt and deficit
crisis in Europe and North America
and the socio-political unrest in the
Middle East and North Africa.
Several of the world’s economies
finding themselves in the depths of
recession at the end of the year are
continuing to search for solutions,
albeit some signs of recovery are
starting to emerge.
The DMI Group, impacted by the
general malaise of the world
economy, has focused this year on
maximising synergies in the Group
where possible, promoting cost
effective operations and continuing
to seek new business opportunities.
These actions revealed positive
results by stabilising the Group’s
liquidity in 2011 and we anticipate
further improvements in these areas
in 2012.
As a direct consequence of the
financial crisis, the Group incurred a
net loss in 2011 of $29.6 million
compared to a net profit of $130.2
million for 2010. As a result the
Trust capital has decreased to
$461.5 million at 31 December
2011 from $524.4 million at the
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Dar Al-Maal Al-Islami Trust
Annual Report 2011
Chairman’s
Message