further includes Corporate Finance,
Valuation and Advisory Services for
Mergers and Acquisitions. In the
first year of its operations GIAMCO
has laid the necessary ground work
for the launch of two Saudi funds
pertaining to equity and liquidity,
concluded a memorandum of
understanding with a prominent
real estate developer and examined
potential projects, which included
promising private equity and real
estate opportunities. I am confident
that I will have the opportunity
to report further progress on its
activities next year.
Despite the direct economic
impact of significant social and
political challenges experienced
this year, Faisal Islamic Bank of
Egypt, of which DMI owns 49%,
observed unprecedented results.
FIBE recorded net profits of EGP
632.3 million ($104 million), more
than a three-fold increase over the
prior year, surpassing all planned
targets to increase profitability whilst
maintaining minimum risk levels.
Total assets increased by 17% to
EGP 41.1 billion ($6.5 billion)
at 31 December 2012 and total
equity amounted to EGP 2,642
million ($420 million). Affirming the
bank’s continued ability to attract
investor funds, FIBE realised a 16%
increase in its savings accounts
and certificates amounting to EGP
32 billion as well as a 10% gain in
net investment accounts amounting
to EGP 37.3 billion. Geographical
presence now includes a total of
29 branch offices and 102 ATMs
serving over one million account
holders. 2013 promises to bring the
addition of two additional branches
with further refurbishment of existing
offices. In keeping with the tradition
of providing high service levels
in retail banking, this year saw
the activation of new finance and
investment tools including leasing,
forward sale/advance payment
services and contract sale for
manufacture. FIBE is pleased with
the progress the bank has achieved
this year and remains committed to
increasing shareholder value now
and in the future.
With effect from 1 January 2013,
the International Accounting
Standards Board has adopted the
new accounting standard, IFRS 10.
IFRS 10 establishes principles for
the presentation and preparation of
consolidated financial statements
and further defines the principle
of control. As a direct result of
the implementation of IFRS 10 the
DMI Group is now required to fully
consolidate Faisal Islamic Bank of
Egypt as a group subsidiary, with
a 51% non-controlling interest in
its 2013 group accounts. DMI
has equity accounted for its 49%
interest in FIBE as an associated
company under IAS 28 up until now.
The projected impact on the 2013
DMI Group consolidated financial
statements, which will include a
restatement of 2012 comparatives,
can be found on page 19 of the
notes to the financial statements.
I would again, on behalf of the
Board of Supervisors, like to thank
our participants for their support
during the past year. I would also
like to take this 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 2012
