Annual Report 2024

Dar Al-Maal Al-Islami Trust from funds under management which increased by 10% from $ 100 million in 2023 to $ 110 million in 2024. IICG’s Modarabas (Funds Under Management) amounted to $ 1.62 billion in December 2024, a marginal decrease from $ 1.65 billion in 2024, due to partial redemptions to the investors. IICG has continued its efforts to liquidate its Modarabas. All such Modaraba assets are under liquidation to be distributed to the investors proportionately. So far, a total distribution of 15% of investors’ equity has been made since the inception of liquidation process. As the liquidation of the assets progresses, further repayments of Modarabas capital will be made to the investors when more assets are liquidated. The overall Group risk in respect of Funds Under Management is under close monitoring of the Board of Supervisors. IICG’s 73.3% owned subsidiary, Gulf Investors Asset Management Company (“GIAMCO”), a Saudi closed joint stock company registered in the Kingdom of Saudi Arabia, recorded a net loss of 0.5 million in 2024 compared to a net loss of $ 0.4 million in 2023. Total Funds Under Management of GIAMCO as of December 31, 2023, amounted to $ 44 million, the same as of 2023. In line with the soft liquidation plan of GIAMCO’s Modarabas, the Board decided to fully-liquidate the remainder of GIAMCO’s two real estate funds by the end of 2025 depending on market conditions. Faisal Islamic Bank of Egypt (“FIBE”), 44.9% owned primarily, by Group’s managed funds, has continued its journey in delivering superior performance at all levels. As of December 31, 2024, the exchange rate was US$1 = L.E. 50.84 compared with L.E. 30.85 in 2023. FIBE has continued to maintain its leadership in Islamic banking activities within the Egyptian market and strengthened its competitive position on local and regional levels. The branch network expanded to forty-two branches during 2024. During 2025, the Bank is planning to open three branches in different cities. Similarly, the number of cash machine’s network expanded to 565 by December 2024. FIBE has continued its policy of strengthening its capital base and mitigating the risks related to its activities. At December 2024, the Capital Adequacy Ratio (“CAR”) for FIBE amounted to 22.6 % (2023: 23%) as compared with a regulatory minimum requirement of 12.5%. FIBE’s net profit after tax in 2024 amounted to L.E. 11,739 million ($ 264 million) compared with L.E. 4,056 million ($ 134 million) in 2023, the significant increase of 193% in the bottom line was a result of increase in Return on Musharaka, Murabaha, Mudaraba and similar revenues which increased from L.E. 16,292 million to L.E. 23,709 million, in line with growth in bank’s financial investments in particular treasury bills. Total assets in 2024 amounted to L.E. 240 billion ($ 4.7 billion) represent an increase of 36% over December 2023 of L.E.177 billion ($5.7 billion). Shareholders’ equity in 2024 amounted to L.E. 39 billion ($ 768 million) compared to L.E. 24.8 billion ($ 805 million) for the previous year, an increase of 57 % in local currency terms. The most important source of funds for FIBE‘s savings pools and investment certificates (Funds Under Management) increased by 5.5%, from L.E. 130.4 billion ($ 4.2 billion) in 2023 to L.E. 177 billion ($ 3.5 million) in 2024. For 2024, the shareholders have approved a 6% dividend pay-out (2023: 6%). FIBE will continue its journey in playing a leading role in the development and flourishing of Islamic