Tadhamun Islamic bank achieves record profit in FY 2007 [Archives:2008/1123/Business & Economy]
The Tadhamun International Islamic Bank has announced record financial results for the year 2007, which have strengthened the bank's leadership position in Yemen's banking sector. Mr. AbdulJabar Hayel Saeed Anam, chairman, stated that total income in 2007 amounted to 16,383 billion Yemeni riyals, compared to 12,857 billion Riyals in 2006 and a growth rate of 27%. The bank also increased its financial position from 190,538 billion in 2006, to 236,115 billion riyals in 2007 with a growth rate of 24%.
The Bank's domestic investments have increased from 76,554 billion Riyals in 2006 to 148,675 billion riyals in 2007, with a growth rate of 94%.
Deposits have also seen a strong growth rate of 20% in 2007, reaching 190 billion Yemeni riyals, while depositors' profits in 2007 reached 14.23% of deposits in local currency and 6% of deposits in the U.S. dollar. This is the highest profit rate ever achieved by the bank, and the strong performance is a reflection of the growing confidence of depositors in the bank.
The Chairman of the board of directors stated that the bank had developed an ambitious plan to increase expansion in Yemen and overseas, adding that 3 new branches in Yemen will be opened in 2008, bringing the total number of branches by the end of 2008 to 24 branches in Yemen. The bank has also regional expansion plans through the opening of new foreign offices; the bank also has several shares and significant contributions in a number of Islamic banks in Malaysia, Singapore, Bahrain, Syria, Sudan and Algeria.
Mr. Abduljabar added that the bank is working towards obtaining the best banking systems, software, in compliance to the regulations of the Central Bank of Yemen. He added that a new agreement will be signed to provide the latest global banking systems, in an effort to keep pace with global developments and modern banking in line with Islamic law.
The board chairman emphasized that the bank and its clients are proud of the successes achieved and accomplishments at the level of Islamic banking, and the overall banking market in the whole of Yemen, and that the bank's market leadership would not have been possible but for the conciliation of God Almighty and the efforts of the bank's affiliates and the confidence and the support of loyal customers.
——
[archive-e:1123-v:15-y:2008-d:2008-01-24-p:b&e]
