Basic HTML Version
subsidiary, Gulf Investors Company
for Asset Management (GIAM), a
closed Saudi joint stock company in
which it owns a 73.3% interest.
We are pleased to now report
that the company has become
operational as of September 2011.
It is expected that GIAM will enhance
DMI’s Group operations in the
Kingdom of Saudi Arabia through
fostering new business development
and spearheading future growth
opportunities. IICG welcomes the
support GIAM will provide to its
asset management and investment
businesses and looks forward to a
fruitful collaboration in the future.
Faisal Islamic Bank of Egypt, of
which DMI owns 49% presented
profitable results, despite a very
challenging 2011, attaining a net
profit of EGP 187 million ($31
million). FIBE not only showed
continued growth in the Egyptian
Islamic banking market but also
improved its position in the Islamic
banking world. Its total assets
increased by 11% to EGP 35,070
million ($6 billion) at 31 December
2011 and total equity amounted to
EGP 2,039 million ($338 million).
Geographically reaching out to its
customer base through 27 branch
offices and 71 ATMs the Bank
presently enjoys approximately one
million account holders. Through
its diversified product portfolio,
offering customers local and foreign
currencies at competitive rates, FIBE
achieved a 12% increase in its
savings accounts and certificates
amounting to EGP 32 billion as well
as 10% gain in net investment
accounts amounting to EGP 31.0
billion. Internally the Bank has
committed itself to improve and
enhance the areas of corporate
governance and risk management
by restructuring its organisation
and administrative tasks and
procedures, with the aim of greater
transparency in its operations within
the bank and better identification
and control of its risks. As one of
DMI’s oldest and more profitable
investments, FIBE is confident that
in the coming years it will achieve
more growth and be able to further
increase profits to the benefit of its
shareholders.
On behalf of the Board of
Supervisors, I would like to thank
our participants for their support
during the past year. I would also
like to take the opportunity to thank
the Religious Board for its counsel
and guidance and the staff for their
commitment and dedication.
Allah is the purveyor of success.
Mohamed Al Faisal Al Saud
6
6
Dar Al-Maal Al-Islami Trust
Annual Report 2011