Islamic Finance
Analysis
General Council for Islamic
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Banks And Financial Institutions
General Council for Islamic
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General Council for Islamic
Banks And Financial Institutions
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Information and Financial Analysis
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Islamic Finance
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Information and Financial Analysis Center
Report published by the Information and Financial Analysis
Center
Islamic Finance
Analysis
General Council for Islamic Banks and Finanacial Institutions
Islamic Finance in The GCC
Islamic Banks, Investment & Financial Companies
Indicators and Analysis of the Islamic Financial Industry
In The GCC
Contents
1. Number of IFIs in GCC.... 4
2. Assets Highlights ............. 7
3. Assets Repartition .............8
4. Assets Highlights ............. 9
5. IFIs in the total sector ......10
6. Assets Composition .........10
7. GCC IFIs Assets Top 50...12
8. Top 15 Growth ................ 13
9. Income Highlights ........... 14
10. GCC IFIs Income Top 30...16
Secretary General
Dr.Ezzedine Khoja
Editor
Ahmed Fakih
Editorial Assistant
Mona A.Rahman
Eman Al-Dhaen
Design & Layout
Jihen M.Ben Brahim
Mariam Ali Al-daqqaq
Editorial
In its third edition, the IF GCC report has
focused on financial data of 79 Islamic
banks , investment and financial companies
(herein called Islamic Financial Institutions
or IFIs) implemented in the GCC countries
(Saudi Arabia, Kuwait, Bahrain, Qatar and
UAE).
The year 2009 was one of the hardest years
in the gulf financial markets with defaults
of some big companies such as Saad and
Gosaibi Groups, and local crisis such as
Dubai’s crisis. In this tightening market,
IFIs as well as conventional financial
institutions has highly suffered from the
crisis.
Frozen liquidity market, the fall in the real
estate market where IFIs investments are
highly concentrated were the main reasons
behind the deterioration of assets value,
the increase in the provisions and thus poor
earnings and even losses.
After aggregating data from CIBAFI
database, total GCC assets for the year
2009
have reached USD 240.3 billion with
General Council for Islamic
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an increase ofBanks And Financial Institutions
3.1% over 2008. Aggregated
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income of IFIs gives a profit of USD 623.3
Million for 2009.
This edition consists of high level analysis
General Council for Islamic
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to
the most important financial indicators
Banks And Financial Institutions
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of IFIs during the period 2003 – 2008,SE’G á«dÉŸG äÉ
with the focus of the last year findings. We
add rankings of the financial institution in
term of assets and income.
A special thanks for General Council for Islamic
Mr. Ahmed Fakih who
conducted the analysis and converted
the
Banks And Financial Institutions
row data into valuable information.
Information and Financial
3
Dr. Ezzedine Khoja
∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG
Secretary
General
Analysis
Center
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Islamic Finance
Analysis
1. Number of Islamic Financial Institutions in the GCC
Total number of Islamic financial institutions (here after IFIs) in the GCC has reached 211
1. Number of Islamic Financial institutions in the GCC: institutions for the year 2009. This number counts only fully fledged Islamic companies
Total number of Islamic financial institutions (here after IFIs) in the GCC has reached 211 (Banks, investment and financing companies and Takaful companies). If we consider
institutions for the year 2009. This number counts only fully fledged Islamic companies Islamic windows
and investment institutionsand with
Islamic
activity and the Takaful numbercompanies). will be 248.
(Banks, financing companies If we consider Islamic windows and institutions with Islamic activity the number will be 248. Figure (1): Institutions by category: Figure 1: Institutions by category
Banks Islamic Windows; 32 Insurance Islamic Windows; 5 Banks; 52 Takaful Companies; 64 Financing and Investment Companies; 95 Financing and investment companies represent the biggest part of IFIs
in the GCC with
38% of the total
institutions,
nextrepresent we havethe Takaful
withconventional 26%, followed
Financial Institutions biggest companies
part of IFIs and banks by
with Islamic services in the GCC with 38% of the total institutions, next IFIs.
we have banks which count
forfinancial 21%. Finally
Islamic
windows
represent
15%
of the total
Takaful companies with 26%, followed by banks which count for 21%. Finally Islamic highest number of IFIs in the GCC with 74 institutions which represents
∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG Kuwait has thewindows represent 15% of the total IFIs. á«eÓ°SE’G á«dÉŸG äÉ°ù°SDƒ30%
ŸGh of the total GCC, mainly composed by Financing and investment companies (54
Kuwait has the highest number of IFIs and conventional banks with Islamic financial institutions from
a total
of 74
orwith 73%).
Saudi Arabia
follows
with30% 65 of institutions.
In
services in the GCC 74 institutions which represents total GCC Islamic Institutions, mainly composed Financing investment companies the third placefinancial we have
Bahrain which
representsby 21%
of theand total
GCC IFIs
with 52(54 institutions from a total of 74 or 73%). Saudi Arabia follows with 65 institutions. In the institutions; Bahrain has the highest number of Islamic banks with 27 Islamic Banks in
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third place we have Bahrain which represents 21% of the total GCC IFIs with 52 á«eÓ°SE’G á«dÉŸG äÉ°ù°SDƒŸGh2010 which represents
the
half of
banks in
the GCC.
With
institutions,
institutions; Bahrain has the
the Islamic
highest number of Islamic banks with 35
27 Islamic Banks in UAE comes in2010 that is the half of the Islamic banks in the GCC. With 35 institutions, UAE comes in the fourth place followed finally by Qatar with 22 institutions or 9%.
the fourth place followed finally by Qatar with 22 institutions or 9%. neral Council for Islamic
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Information and Financial Analysis Center
Islamic Finance
Analysis
Table (1): Repartition of IFIs and conventional institutions with Islamic financial services: Table
1: Repartition of IFIs and conventional institutions with Islamic financial services
Islamic Banks Bahrain Saudi Arabia Kuwait Qatar UAE Total % Financing and Banks Takaful Insurance Total Investment Islamic Companies Islamic Companies Windows Windows 27 5 10 10 0 52 6 5 6 8 52 21% 21 54 5 10 95 38% 8 2 5 7 32 13% 28 12 4 10 64 26% % 21% 2 65 26% 1 74 30% 2 22 9% 0 35 14% 5 248 2% 100% The report covers 79 institutions based on the GCC countries (Saudi Arabia, Kuwait,
The report covers 79 institutions based on GCC countries Arabia, Qatar,
Bahrain
and United
Arab Emirates).
Thethe institutions
include(Saudi Islamic
banks,Kuwait, Islamic
Qatar, Bahrain and United Arab Emirates). The institutions include Islamic banks, Islamic Financing and Investment companies and Islamic windows. In the coming parts of the
Financing and considered
Investment only
companies Islamic windows In the coming parts of comthe report
we have
Islamic and banks
and Islamic
Financing
and Investment
report we have considered only Islamic banks and Islamic Financing and Investment panies. The following table details the complete list of the institutions.
companies. The following table details the complete list of the institutions. Table 2: List of the institutions studied in the report
Table (2): list of the institutions studied in the report: Nb. Institution Name Country Nb. Institution Name Country 1
ABC Islamic Bank
Bahrain
41
Beyoo Finance and
Investment Co.
Kuwait
2
Al Amin (2007 merged with Al
Baraka)
Bahrain
42
Al Ritaj Investment
Kuwait
3
Al Baraka Islamic Bank
Bahrain
43
Al Safat Investment Company
Kuwait
4
Al Salam Bank
Bahrain
44
Al-Manar Financing & Leasing
Company
Kuwait
5
Arcapita Bank B.S.C.
Bahrain
45
Al Madina for Finance &
Investment
Kuwait
6
Bahrain Islamic Bank
Bahrain
46
7
CAPIVEST
Bahrain
47
Al-Fanar Investment
Company
8
Citi Islamic
Bahrain
48
Rasameel
9
Elaf Bank
Bahrain
49
Ossoul
General Council for Islamic
Al Aman Investment
Kuwait
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Banks And Financial Institutions
Kuwait
Kuwait
Kuwait
General Council for Islamic
10
First Energy Bank
Bahrain
50
Banks And Financial Institutions
The International Leasing
Kuwait
company
11
First Investment Bank
Bahrain
51
Invest. Dar
Kuwait
12
Global Banking Corporation
Bahrain
52
Kuwait Finance House
Kuwait
13
Gulf Finance House
Bahrain
53
Kuwait International Bank
Kuwait
14
Inovest
Bahrain
54
Boubyan Islamic Bank
Kuwait
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General Council for Islamic
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Information and Financial Analysis
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Citi Islamic
Bahrain
48
Rasameel
Kuwait
9
Elaf Bank
Bahrain
49
Ossoul
Kuwait
10
First Energy Bank
Islamic
Finance
Bahrain
50
The International Leasing
company
Kuwait
Analysis
11
First Investment Bank
Bahrain
51
Invest. Dar
Kuwait
12
Global Banking Corporation
Bahrain
52
Kuwait Finance House
Kuwait
13
Gulf Finance House
Bahrain
53
Kuwait International Bank
Kuwait
14
Inovest
Bahrain
54
Boubyan Islamic Bank
Kuwait
15
International Investment Bank
Bahrain
55
Al Rajhi Bank
Saudi
Arabia
16
Investors Bank
Bahrain
56
Bank Al -Jazira
Saudi
Arabia
17
Khaleeji Commercial Bank
Bahrain
57
Bank Al Bilad
Saudi
Arabia
18
Kuwait Finance House
(Bahrain)
Bahrain
58
Al Inma Bank
Saudi
Arabia
19
Liquidity Management Centre
Bahrain
59
Al Tawfeek Co.
Saudi
Arabia
20
Seera Investment Bank
Bahrain
60
Jadwa Investment
Saudi
Arabia
21
Ithmaar Bank (Merged with
Shamil bank of Bahrain)
Bahrain
61
Qatar Islamic Bank
Qatar
22
Unicorn Investment Bank
Bahrain
62
International Islamic
Qatar
23
Venture Capital Bank
Bahrain
63
Masraf Al Rayan
Qatar
24
Capital Management House
Bahrain
64
QInvest LLC
Qatar
25
Capinnova Investment Bank
Bahrain
65
First Finance
Qatar
26
Tadhamon Capital
Bahrain
66
Investment House
Qatar
27
The Securities House
Kuwait
67
The First Investor
Qatar
28
International Investment
Group
Kuwait
68
Qatar Finance House
Qatar
29
Al Imtiaz Investment
Kuwait
69
Al-Safa Islamic Banking
(Islamic window)
Qatar
30
Manafae Investment
Company
Kuwait
70
QNB Al Isalmi (Islamic
Window)
Qatar
31
Al Muthanna Investment
Company
Kuwait
71
Doha Islamic Bank (Islamic
Window)
Qatar
32
A'Ayan Leasing & Investment
Co
Kuwait
72
Abu Dhabi Islamic Bank
UAE
33
First Investment
Kuwait
73
Dubai Islamic Bank
UAE
Kuwait
74
Sharjah Islamic Bank
UAE
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DƒŸGh The International Investor
35
Orient Investment Company
Kuwait
75
Emirates Islamic Bank
UAE
36
Aref Investment Group
Kuwait
76
Dubai Bank
UAE
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37
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Gulf Investment House
Kuwait
77
Mawarid Finance
UAE
38
Al-Madar Financing and
Investment Co
Kuwait
78
Amlak Finance
UAE
39
Al Masar Leasing &
Investment
Kuwait
79
Tamweel
UAE
40
Sabaek Leasing &
Investment Company
Kuwait
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2. Assets highlights Information and Financial Analysis Center
Islamic Finance
Analysis
2. Assets Highlights
2. Assets highlights Figure 2: GCC IFIs Assets
Figure (2): GCC IFIs Assets: Unit (Million USD)
Total IFIs assets in the GCC have reached USD 240.3 billion for 2009 compared to USD 233.2 billion 2008. Despite a slowdown in the growth, assets have in creased in 2009 by 3.1%. This drop in the growth rate is due to the global crisis which has impacted many sectors and especially the real estate to which Islamic financial institutions are highly linked in their investments. In fact 39% of the institutions have registered a decrease in Total IFIs assets in the
GCC have reached USD 240.3 billion for 2009 compared to USD
their assets values with some institutions having reached more than 50% decrease. Gulf 233.2 billion 2008. finance house is one of the banks that have registered a big decrease in its assets value Despite a slowdown in the growth, assets have increased in 2009 by
to USD 1,642.3 million in 2009 compared to USD 3,485.1 million in 2008 a 53% decrease. 3.1%. This drop in In Qatar, Amlak finance has lost USD 435 millions in its assets value in 2009. In the other the growth rate is due to the global crisis which has impacted many
part, 61% have registered an increase in their assets such as Masraf Al Rayan which has sectors and especially
the real estate to which Islamic financial institutions are highly
registered an increase of 44.1% to USD 6,627.4 Million and Abu Dhabi Islamic Bank linked in their investments.
In fact
39%by of
institutions
have
registered
a decrease
which assets have increased USD the
3,514.1 Million in 2009 to reach USD 17,449.2 Million. in their assets values with some institutions having reached more than 50% decrease.
Gulf finance house is one of the banks that have registered General Council for Islamic
a big decrease in its assets
value to USD 1,642.3 million in 2009 compared to USD 3,485.1 million
in 2008 a 53%
Banks And Financial Institutions
decrease. In Qatar, Amlak finance has lost USD 435 millions in its assets value in 2009.
In the other part, 61% have registered an increase in their assets such as Masraf Al
General Council for Islamic
Rayan which has registered an increase of 44.1% to USD
6,627.4 Million and Abu
Banks And Financial Institutions
Dhabi Islamic Bank which assets have increased by USD 3,514.1 Million in 2009 to
reach USD 17,449.2 Million.
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General Council for Islamic
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Information and Financial Analysis
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Islamic Finance
Analysis
3. Assets Repartition by country
Kuwait, Saudi Arabia and UAE have almost 26.5% each in the total assets of the GCC.
Kuwait is still leading in term of assets size with USD 64.344 Million with a share of 26.8%
compared to 28.6% in 2008. In the fourth place we have Bahrain with 10.6%. Qatar has the
smallest part of Islamic assets in the GCC with only 9.9%.
Over the past three years, Kuwait had the highest share in GCC Islamic assets, followed by
UAE then Saudi Arabia. However this domination is shrinking due to the bad results of some
of its big financial institutions such as The Investment Dar and The International Leasing &
Investment Company. Qatar over the same period has almost doubled his share to reach 9.9%
in 2009 compared to 5.0% in 2005.
Figure 3: 2009 Assets Repartition
Figure 4: 2005-09 Assets Repartition
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Information and Financial Analysis Center
Islamic Finance
Analysis
4. Assets Highlights by country 4. Assets Highlights
by country
During theDuring the year 2009, Qatar has registered the highest increase in assets with a growth year 2009, Qatar has registered the highest increase in assets with a growth rate of 23.8% equal
rate of 23.8% equal to USD 4,564.9 Million, driven by Masraf Al Rayan and International to USD 4,564.9 Million, driven by Masraf Al Rayan and International Islamic with USD 2,028.8 Million
Islamic with USD 2,028. Million and USD 1,025.2 Million respectively. Even if this growth and USD 1,025.2
Million
respectively.
Even
if ( this
growth
rate is lower
than
years ( over
rate is lower than the preivous years over 60% avergae growth rate the
for preivous
the period 60% avergae
growthbut rateit for
thea period
2006-08),
it is still
a high market rate considerding
tightening
2006‐08), is still high rate considerding tightening conditions in 2009. market
conditions Saudi Arabia and UAE have also registered positive growths in their assets values with in 2009. Saudi Arabia and UAE have also registered positive growths in their assets values
an increase of and
5.4% 3.8%
and 3.8% respectively. The same decreasing trend trend
is obsreved in in these
with an increase
of 5.4%
respectively.
However,
the same
decreasing
is observed
these countries where the growth rates in 2008 were 35.2% in Saudi Arabia and 21.5% countries where
the growth rates in 2008 were 35.2% in Saudi Arabia and 21.5% in the UAE.
in the United Arab Emirates. But the highest decreases were observed in Bahrain and But the highest
decreases were observed in Bahrain and Kuwait where assets have switched from their
Kuwait where assets have switched from their increasing trend to a decrease in assets increasing value. trend to
a decrease
assets
2009, assets
in Kuwait
have decreased
During 2009, in
assets in value.
Kuwait During
have decreased to USD 64.3 billion compared to
to USD 64.3
65.6 billion in 2008. most Kuwaiti have witnessed drop in a drop in
billion compared
to 65.6
billionIn infact 2008.
In of factthe most
of theinstitutions Kuwaiti institutions
have a witnessed
value excpet for Kuwaiti Islamic banks Finance
(Kuwait Hosue,
Finance Boubyan
Hosue, Boubyan their assetstheir valueassets excpet
for Kuwaiti
Islamic
banks
(Kuwait
Islamic Bank and
Islamic Bank and Kuwait International Bank) and some financing companies. Bahrain Kuwait International Bank) and some financing companies. Bahrain also has registered a difficult year
also has registered a difficult year 2009, where its Islamic assets have decreased by 2009, where its Islamic assets have decreased by 6.4% or USD 1.7 billion. This drop was mainly due to
6.4% or USD 1.7 billion. This drop was mainly due to Gulf Financial House bad results in Gulf Financial
House bad results in 2009. In fact GFH assets have decreased by 53% and lost USD 1,8
2009. In fact GFH assets have decreased by 53% and lost USD 1,8 billion in value. billion in value.
Figure (5): Assets repartition by country: Figure 5: Assets
Repartition by country
General Council for Islamic
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Banks And Financial Institutions
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Banks And Financial Institutions
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General Council for Islamic
Banks And Financial Institutions
Source: CIBAFI
Unit (Million USD)
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Information and Financial Analysis
Center
á«eÓ°SE’G á«dÉŸG
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9
Islamic Finance
Analysis
5. Islamic Banking in the total sector
With a share of 16.8%, Islamic banking assets in the total sector during 2009 has not varied
from 2008 level. Kuwait has the highest part of Islamic assets in its banking sector with
33.2%, followed by Qatar with 17.9%. Saudian Islamic banks represent 17.2% of the country
5.5. Islamic banking in the total sector Islamic banking in the total sector sector. In the fourth position we have UAE which 13.6% of its banking assets come from
With 16.8% part of Islamic banking assets in the total sector during 2009 has not varied With 16.8% part of Islamic banking assets in the total sector during 2009 has not varied Islamic banks.
Finally, Bahraini Islamic banks rpresent 11.2% from the total sector, despite
from 2008 level. Kuwait has the highest part of Islmaic assets in its banking sector with from 2008 level. Kuwait has the highest part of Islmaic assets in its banking sector with by with 17.9%. banks represent 17.2% of of the the the high 33.2%, number
of Islamic
banks
incorporated
inIslamic the country.
33.2%, followed followed by Qatar Qatar with 17.9%. Saudian Saudian country assets country sector. sector. In In the the fourth fourth position position we we have have UAE UAE which 13.6% of its banking assets part come from Islamic banks. Finally, Bahraini islamic banks rpresent 11.2% from the total of
Islamic banks in the total sector is expected to increase in the coming
come from Islamic banks. Finally, Bahraini islamic banks rpresent 11.2% from the total sector, despite the high number of Islamic banks incorporated in the country. sector, despite the high number of Islamic banks incorporated in the country. The
years. In
fact the growth of Islamic assets is higher than conventional ones. We can see in the figure (7)
The part of Islamic banks in the total sector is expected to increase in the coming years. The part of Islamic banks in the total sector is expected to increase in the coming years. that except
for Bahrain, Islamic banks asssets are growing faster than the total sector growth.
In fact the growth of Islamic assets is higher than conventional ones. We can see in the In fact the growth of Islamic assets is higher than conventional ones. We can see in the figure (7) that except for Bahrain, Islmaic banks asssets are growing faster than the total figure (7) that except for Bahrain, Islmaic banks asssets are growing faster than the total sector growth. sector growth. Figure 6: Part of Islamic Assets in the
Figure (6): Part of Islamic Assets in the Total Banking Sector: Figure (6): Part of Islamic Assets in the Total Banking Sector: Total Banking Sector
Figure 7: Growth of Islamic Banks Assets
Figure (7): Growth of Islamic Banks Assets: Figure (7): Growth of Islamic Banks Assets: ∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG
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Assets Composition 6.6. Assets Composition 6. Assets Composition
Assets are are mainly mainly composed composed by by the the financing financing activities activities which which count count for Assets for 63.7% 63.7% of of the the total assets with a total of USD 146 billion. Then 20.0% of the assets are composed by total assets with a total of USD 146 billion. Then 20.0% of the assets are composed by Assets areinvestment activities. The remaing 16.4% are composed by cash, fixed / other assets and mainly composed by the financing activities which count for 63.7% of the total
investment activities. The remaing 16.4% are composed by cash, fixed / other assets and due from banks. banks. Financing activities Then
are composed composed in the
their major are
part by assets with
a from total
of
USD
146.0 billion.
20.0% ofin assets
composed
by investment
due Financing activities are their major part by Murabaha Murabaha which represents 58% of the financing activities and 36.5% from total assets. which represents 58% of the financing activities and 36.5% from total assets. ∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG activities. The remaing 16.4% are composed by cash, fixed / other assets and due from banks.
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Investment actvities are composed mainly by investment in securities for 28%, Financing
activitiesactvities are composed
in theirmainly majorby part
by Murabaha
whichfor represents
58% of
Investment are composed investment in securities 28%, investment in real estate for 21% and Investments in companies for 17% investment in real estate for 21% and Investments in companies for 17% the financing
activities and 36.5% from total assets.
neral Council for Islamic
nks And Financial Institutions
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Investment actvities are composed mainly by investment in securities for 28%, investment in
real estate for 21% and Investments in companies for 17%.
10
Information and Financial Analysis Center
Islamic Finance
Analysis
Figure (8): Assets composition: Figure 8: IFIs Assets Composition
Source: CIBAFI
If we analyze the strategies adopted by the Islamic banks to use their resources to the
If we analyze the strategies adopted by the Islamic banks to provide resources to the operations
over the period 2000-09, we can see that during the first years, Islamic banks have
operations over the period 2000‐09 we can see that during the first years, Islamic banks have focused on financing activities by concentrating mainly on Murabaha contracts. In focused on
financing activities by concentrating mainly on Murabaha contracts. In a second
a second phase, Investment activities part in the total assets composition has gradually phase, Investment
activities part in the total assets composition has gradually increased (from
increased (from 2003 to 2007). But with the financial crisis, banks returned to their basic 2003 to 2007).
But with the financial crisis, banks returned to their basic strategies. In fact
strategies. In fact during 2008 and 2009, financing activities have renewed with their high part in the assets composition. They have reached 76.2% and 70.4% in 2009 and during 2008 and 2009, financing activities have renewed with their high part in the assets
2008 respectively compared to 47.9% in 2007 and 54.7% in 2006. composition, and have reached 76.2% and 70.4% in 2009 and 2008 respectively compared
Figure (9): Financing and Investment activities growth: to 47.9% in 2007 and 54.7% in 2006.
Figure 9: Financing and Investment activities growth
General Council for Islamic
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Banks And Financial Institutions
General Council for Islamic
Banks And Financial Institutions
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Banks And Financial Institutions
Source: CIBAFI
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7. GCC IFIs Assets Top 50
Table
3: IFIs Assets Top 50
Country ù∏éŸG
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2008 2007 Al Rajhi Bank 45,527,928 43,901,673 33,194,627 2 Kuwait Kuwait Finance House 39,241,951 37,867,271 32,062,377 3 UAE Dubai Islamic Bank 22,954,929 23,138,410 22,791,018 4 UAE Abu Dhabi Islamic Bank 17,449,220 13,935,126 11,986,876 5 Qatar Qatar Islamic Bank 10,789,203 9,198,576 5,845,224 6 Saudi Arabia Bank Al ‐Jazira 7,993,761 7,325,305 5,731,673 7 UAE Emirates Islamic Bank 6,886,031 7,184,011 4,614,313 8 Qatar Masraf Al Rayan 6,627,418 4,598,602 2,792,092 9 Qatar QNB Al Isalmi 6,037,448 3,563,903 1,963,757 10 UAE Dubai Bank 4,736,473 5,032,387 2,971,347 11 Saudi Arabia Bank Al Bilad 4,642,985 4,272,729 4,421,779 12 Saudi Arabia Al Inma Bank 4,615,038 4,140,861 0 13 Qatar International Islamic 4,546,963 3,521,803 2,726,284 14 Bahrain Arcapita Bank B.S.C. 4,372,288 5,137,355 3,805,486 15 UAE Sharjah Islamic Bank 4,349,656 4,227,577 2,962,144 16 Kuwait Kuwait International Bank 3,963,353 3,888,831 3,453,678 17 UAE Amlak Finance 3,876,463 4,312,092 2,575,693 18 Kuwait The Investment Dar* 3,725,812 4,172,569 4,672,895 19 Bahrain Kuwait Finance House (Bahrain) 3,652,604 3,378,945 1,922,329 20 Kuwait Boubyan Islamic Bank 3,353,187 3,018,355 2,718,397 21 UAE Tamweel 3,166,838 3,230,949 2,317,165 22 Bahrain Shamil bank of Bahrain 2,761,957 2,884,923 2,045,691 23 Bahrain Bahrain Islamic Bank 2,425,399 2,298,703 1,722,795 24 Kuwait Aref Investment Group 2,285,011 2,698,161 1,716,730 Al Imtiaz Investment 2,192,675 2,364,670 1,851,912 26 Bahrain Al Salam Bank 2,090,251 1,458,392 1,039,937 27 Kuwait A'Ayan Leasing & Investment Co* Gulf Finance House 1,866,053 2,153,217 2,031,514 1,642,336 3,485,047 2,245,067 ABC Islamic Bank 1,318,402 1,461,345 1,364,882 30 Bahrain Khaleeji Commercial Bank 1,259,585 1,223,022 704,604 31 Bahrain First Energy Bank 1,233,919 1,021,191 0 32 Kuwait 1,144,215 1,484,141 682,955 33 Qatar The International Leasing & Investment Company* QInvest LLC 1,045,726 988,398 934,214 34 Bahrain Unicorn Investment Bank 1,033,619 978,770 446,669 28 Bahrain ∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG
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nks And Financial Institutions
2009 1 Saudi Arabia ∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG
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35 35 Qatar Qatar 36 36 Bahrain Bahrain 37 37 Kuwait Kuwait 38 38 Qatar Qatar 39 39 Kuwait Kuwait 40 Kuwait 40 Kuwait 41 41 42 42 Qatar Qatar Kuwait Kuwait 43 43 Kuwait Kuwait 44 44 Kuwait Kuwait 45 45 46 46 Bahrain Bahrain Kuwait Kuwait 47 47 48 48 Kuwait Kuwait Kuwait Kuwait 49 49 50 50 Kuwait Kuwait Bahrain Bahrain Al‐Safa Islamic Banking Al‐Safa Islamic Banking Al Baraka Islamic Bank Al Baraka Islamic Bank The Securities House The Securities House Doha Islamic Bank Doha Islamic Bank 970,443 970,443 1,114,896 1,114,896 465,307 465,307 932,367 932,367 1,001,461 1,001,461 1,045,430 1,045,430 834,208 834,208 1,133,803 1,133,803 1,030,909 1,030,909 826,146 903,625 826,146 903,625 641,344 641,344 First Investment First Investment Al Safat Investment Company* Al Safat Investment Company* 807,664 807,664 647,953 647,953 899,813 899,813 749,366 749,366 785,730 785,730 676,921 676,921 First Finance First Finance Al Madina for Finance & Al Madina for Finance & Investment Investment Al Muthanna Investment Al Muthanna Investment Company* Company* Al‐Madar Financing and Al‐Madar Financing and Investment Co Investment Co Inovest Inovest 574,439 574,439 568,424 568,424 720,155 720,155 865,989 865,989 463,142 463,142 756,585 756,585 550,567 550,567 476,269 476,269 386,737 386,737 439,634 439,634 554,893 554,893 622,456 622,456 428,520 428,520 404,297 404,297 527,572 527,572 424,682 424,682 209,461 209,461 406,341 406,341 383,802 383,802 372,087 372,087 519,022 519,022 541,218 541,218 689,193 689,193 632,107 632,107 361,774 361,774 356,001 356,001 436,287 436,287 243,595 243,595 376,218 376,218 222,006 222,006 Al‐Manar Financing & Leasing Al‐Manar Financing & Leasing Company* Company* The International Investor The International Investor International Investment International Investment Group* Group* Gulf Investment House Gulf Investment House Venture Capital Bank Venture Capital Bank Source : CIBAFI Source : CIBAFI * Estimated * Estimated Unit (000’s USD) Unit (000’s USD) 8. Top 15 Growth
Over
the top 15 financial institutions in term of assets, 4 have registered a decrease for the
Top 15 Growth year 8.2009.
Arcapita has the highest decrease with -14.9%. In the other side, QNB Alislami
8. Top 15 Growth the
Islamic window of Qatar National Bank has registered the highest growth with 69.4%
Over the top 15 financial institutions in term of assets, 4 have registered a decrease in General Council for Islamic
Over the top 15 financial institutions in term of assets, 4 have registered a decrease in increase
in 2009.
their assets for the year 2009. Arcapita has the highest decrease with ‐14.9%. In the Banks And Financial Institutions
their assets for the year 2009. Arcapita has the highest decrease with ‐14.9%. In the other side, QNB Alislami the Islamic window of Qatar National Bank has registered the Inhighest growth with 69.4% increase in 2009. general, it appears from the figure (10) that, except 2 institutions, the growth in assets for
other side, QNB Alislami the Islamic window of Qatar National Bank has registered the highest growth with 69.4% increase in 2009. the
top 15 IFIs has decreased in the year 2009. But it is still a positive YoY variation.
In general, it appears from the figure (10) that except 2 institutions that the growth in General Council for Islamic
In general, it appears from the figure (10) that except 2 institutions that the growth in assets for the top 15 IFIs has decreased in the year 2009. But it is still a positive YoY Banks And Financial Institutions
assets for the top 15 IFIs has decreased in the year 2009. But it is still a positive YoY variation. variation. Figure (10): Top 15 Assets Growth: Figure (10): Top 15 Assets Growth: ∑ƒæÑ∏d ΩÉ©dG ¢ù∏é
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Figure 10: Top 15 Assets Growth
Source: CIBAFI
9. Income Highlights 9. Income Highlights
Figure (11): GCC IFIs Income: Figure 11: GCC IFIs Income
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year 2009 has registered a huge fall in IFIs income due to the global crisis. The difficult ∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG
Year 2009 has registered
a the huge
fall into IFIs
income
duethe topoor the
global in crisis. The difficult
credit market, high exposure the real estate market, diversification á«eÓ°SE’G á«dÉŸG äÉ°ù°SDƒŸGh
investment portfolios lead to deterioration in the value of assets. Consequently many neral Council for Islamic
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credit market, thebanks have significantly increased their provisions or have made fair value adjustments. high exposure to the real estate market, the poor diversification in
For two to
years 2008 and 2009, provisions increased by 133.9% and 37.1% investment portfoliosthe lead
deterioration
in the have value
of assets.
Consequently
many banks
respectively. have significantly increased
their provisions or have made fair value adjustments. For the two
As a result, total income for IFIs in the GCC has decreased by 89.2% in 2009 to reach USD 623 million profit in 2009 compared to a profit of USD 5,761 Million in 2008. Islamic years 2008 and 2009, provisions have increased by 133.9% and 37.1% respectively.
financial institutions in Kuwait are the highest impacted by the crisis. In fact the Islamic financial sector in Kuwait has registered a net loss of USD 1,857 Million in 2009. Most of the companies have net losses; others are under restructuring and have not yet published their results. Only few companies have escaped the downturn such as Kuwait Finance House which has registered a profit of USD 249.6 Million during 2009. Information andAlso with a negative aggregated income for 2009, Bahrain has registered a loss of USD Financial Analysis Center
921.9 Million, a 180% decrease. The loss is mainly related to Gulf Financial House results which represents 79% from the total country loss. GFH result was due to the Islamic Finance
Analysis
As a result, total income for IFIs in the GCC has decreased by 89.2% in 2009 to reach USD
623.3 million profit in 2009 compared to a profit of USD 5,761.0 Million in 2008. Islamic
financial institutions in Kuwait are the highest impacted by the crisis. In fact the Islamic
financial sector in Kuwait has registered a net loss of USD 1,857 Million in 2009. Most of
the companies have net losses; others are under restructuring and have not yet published
their results. Only few companies have escaped the downturn such as Kuwait Finance House
which has registered a profit of USD 249.6 Million during 2009.
Also with a negative aggregated income for 2009, Bahrain has registered a loss of USD 921.9
Million, a 180% decrease. The loss is mainly related to Gulf Financial House results which
represents 79% from the total country loss. GFH bad result was due to the deterioration of
it assets value. Arcapita has the second highest loss in Bahrain with a result of USD -87.9
Million.
In the other part, Saudi Arabia and Qatar have aggregated profit of USD 1,916.6 Million
deterioration of it assets value. Arcapita has the second highest loss in Bahrain with a deterioration of it assets value. Arcapita has the second highest loss in Bahrain with a and USD
1,178.3 Million respectively. In Saudi Arabia, Al Rajhi is the leading institution by
result of USD (87.9) Million, followed by Bahrain Islamic Bank with a loss of USD (51.6) result of USD (87.9) Million, followed by Bahrain Islamic Bank with a loss of USD (51.6) excellence
with a profit of USD 1,804.6 which represents 94% from the country total income.
Million. Million. In Qatar, In the other part, Saudi Arabia and Qatar have aggregated profit of USD 1,916.6 Million banks such Qatar Islamic Bank and Masraf Al Rayyan are pulling the country to a
In the other part, Saudi Arabia and Qatar have aggregated profit of USD 1,916.6 Million and USD 1,178.3 Million respectively. In Saudi Arabia, Al Rajhi is the leading institution positive
result
with USD 495.9 Million and USD 214.9 Million profit respectively.
and USD 1,178.3 Million respectively. In Saudi Arabia, Al Rajhi is the leading institution by excellence with a profit of USD 1,804.6 which represents 94% from the country total by excellence with a profit of USD 1,804.6 which represents 94% from the country total income. In Qatar, bans such Qatar Islamic and Al Rayyan are In Qatar, bans such Qatar Islamic and Bank Masraf Al Masraf Rayyan are pulling the In theincome. UAE,
the
total
result
for
2009
isBank USD
307.4
Million
compared
topulling USD the 1,125.3 Million
country to a positive result with USD 495.9 and Million and USD 214.9 Million profit country to a positive result with USD 495.9 Million USD 214.9 Million profit in 2008. While
banks have registered profits in the country such as Dubai Islamic Bank and
respectively. respectively. Sharjah Islamic Bank (USD 330.1 Million and USD 70.8 Million profit respectively) Islamic
In UAE, the UAE, the result total for result for is USD 307.4 Million compared to USD 1,125.3 In the the total 2009 is 2009 USD 307.4 Million compared to USD 1,125.3 financing
compnies
have
registered
losses
such
as
Amlak
Finance
Million in 2008. While banks have registered profits in the country such as Dubai Islamic Million in 2008. While banks have registered profits in the country such as Dubai Islamic and Mawarid Finance
Bank and Sharjah Islamic Bank (USD Million 330.1 Million 70.8 Million profit and Sharjah Islamic Bank 14.1
(USD 330.1 USD and 70.8 USD Million profit (USDBank 42.4
Million
and
USD
Million
lossand respectively).
respectively) Islamic financial institutions have registered losses such as Amlak Finance respectively) Islamic financial institutions have registered losses such as Amlak Finance and Mawarid Finance (USD 42.4 Million and USD 14.1 Million loss respectively). and Mawarid Finance (USD 42.4 Million and USD 14.1 Million loss respectively). General Council for Islamic
Figure
13: Income Growth
by country
Figure (13): Income Growth by Country: Figure (13): Income Growth by Country: Banks And Financial Institutions
2009 Income Repartition
12:
Figure (12): 2009 Income Repartition: Figure
Figure (12): 2009 Income Repartition: General Council for Islamic
Banks And Financial Institutions
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10. GCC IFIs Income top 30 10. GCC IFIs Income top 30 15
Country Country Company Name Company Name ∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG
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2009 2008 2007 1 Saudi Arabia Al Rajhi Bank 1 Saudi Arabia Al Rajhi Bank 2 Qatar Qatar Islamic Bank 2 Qatar Qatar Islamic Bank 2009 2008 1,804,594 1,804,594 1,736,745 495,901 495,901 574,069 1,714,308 1,736,745 343,935 574,069 2007 1,714,308 343,935 Islamic Finance
Analysis
10. GCC IFIs Income Top 30
4: IFIs Income Top 30
Table
Country Country Company Name Company Name 1 Saudi Arabia 1 Saudi Arabia Al Rajhi Bank Al Rajhi Bank 2 Qatar Qatar Islamic Bank 2 Qatar Qatar Islamic Bank 3 Qatar 3 Qatar 4 UAE 4 UAE Masraf Al Rayan Masraf Al Rayan Dubai Islamic Bank Dubai Islamic Bank 5 Kuwait 5 Kuwait 6 Qatar 6 Qatar Kuwait Finance House Kuwait Finance House International Islamic International Islamic 7 Saudi Arabia 7 Saudi Arabia Al Inma Bank Al Inma Bank 8 Qatar QNB Al Isalmi 8 Qatar QNB Al Isalmi 2009 2009 1,804,594 1,804,594 1,736,745 1,736,745 1,714,308 1,714,308 495,901 495,901 574,069 574,069 343,935 343,935 361,913 361,913 321,408 321,408 373,124 373,124 330,088 470,841 515,936 330,088 470,841 515,936 249,618 627,229 1,185,842 249,618 627,229 1,185,842 214,895 214,895 193,496 193,496 161,424 161,424 103,807 103,807 115,466 115,466 90,859 90,859 QInvest LLC QInvest LLC Sharjah Islamic Bank Sharjah Islamic Bank 11 11 Kuwait Kuwait 12 12 Qatar Qatar Al Imtiaz Investment Al Imtiaz Investment Al‐Safa Islamic Banking Al‐Safa Islamic Banking 13 13 Bahrain Bahrain 14 14 UAE UAE Al Salam Bank Al Salam Bank Emirates Islamic Bank Emirates Islamic Bank 15 15 Qatar Qatar 16 16 Bahrain Bahrain Doha Islamic Bank Doha Islamic Bank Tadhamon Capital Tadhamon Capital 17 17 UAE UAE 18 18 Bahrain Bahrain Abu Dhabi Islamic Bank Abu Dhabi Islamic Bank First Energy Bank First Energy Bank 19 19 Qatar Qatar 20 20 Bahrain Bahrain The First Investor The First Investor Inovest Inovest 21 21 Bahrain Bahrain 22 22 Kuwait Kuwait 23 23 Bahrain Bahrain Venture Capital Bank Venture Capital Bank Al Muthanna Investment Company Al Muthanna Investment Company 10,688 10,688 26,856 26,856 ABC Islamic Bank 10,114 ABC Islamic Bank 10,114 25,580 25,580 25 25 Bahrain Bahrain 26 26 Bahrain Bahrain 9,495 8,028 9,495 8,028 8,410 8,410 101,089 101,089 8,245 8,245 71,815 71,815 Kuwait Finance House (Bahrain) Kuwait Finance House (Bahrain) Khaleeji Commercial Bank Khaleeji Commercial Bank 27 27 Qatar First Finance Qatar First Finance 28 28 Saudi Arabia Saudi Arabia Bank Al ‐Jazira Bank Al ‐Jazira ∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG
29 29 Bahrain Bahrain á«eÓ°SE’G á«dÉŸG äÉ°ù°SDƒŸGh
30 30 Bahrain Bahrain Liquidity Management Centre Liquidity Management Centre Unicorn Investment Bank Unicorn Investment Bank 84,086 84,086 70,831 70,831 35,613 109,005 35,613 109,005 35,388 35,388 45,594 45,594 28,640 0 0 28,640 21,245 231,586 21,245 231,586 14,200 42 42 14,200 13,269 13,269 10,463 10,463 11,328 11,328 11,004 11,004 40,641 40,641 67,033 67,033 91,161 91,161 47,041 47,041 64,921 64,921 40,946 40,946 0 0 209,309 209,309 0 0 8,251 8,251 45,196 45,196 32,336 32,336 14,439 14,439 50,878 50,878 27,726 27,726 85,412 85,412 54,473 54,473 8,217 8,217 7,348 7,348 39,644 39,644 59,041 59,041 28,454 28,454 214,022 214,022 3,201 3,201 2,235 2,235 1,042 1,042 35,011 35,011 11,120 11,120 49,591 49,591 Source: CIBAFI
75,077 75,077 63,017 63,017 185,755 185,755 0 0 82,151 82,151 53,258 105,098 121,065 53,258 105,098 121,065 45,894 48,555 19,285 45,894 48,555 19,285 37,134 60,784 37,134 67,182 67,182 60,784 nks And Financial Institutions
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2007 2007 9 Qatar 9 Qatar 10 10 UAE UAE ∑ƒæÑ∏d ΩÉ©dG ¢ù∏éŸG
24 24 Saudi Arabia Saudi Arabia Jadwa Investment Jadwa Investment á«eÓ°SE’G á«dÉŸG äÉ°ù°SDƒŸGh
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2008 2008 16
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Unit (000’s USD) Unit (000’s USD) Islamic Finance
Analysis
General Council for Islamic
Banks And Financial Institutions
General Council for Islamic
Banks And Financial Institutions
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General Council for Islamic
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General Council for Islamic
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Banks And Financial Institutions
GENERAL COUNCIL FOR ISLAMIC BANKS
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AND FINANCIAL INSTITUTIONS
General Council for Islamic
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2886
Banks And Financial Institutions
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Tel: 00973 - 17357300 / Fax: 00973 – 17324902
email: [email protected] / [email protected]
Website: www.cibafi.org
General Council for Islamic
General Council
for Islamic Banks
And Financial Institutions
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