Arab british european banking & finance guide yudu by BLSmedia

‫‪ARAB BRITISH EUROPEAN‬‬ ‫‪BANKING & FINANCE GUIDE‬‬ ‫‪2014-2015‬‬

‫الدليل أ‬ ‫ال� ن‬ ‫يطا� للمصارف والبنوك والخدمات المرصفية‬ ‫العر�‬ ‫ورو�‬ ‫ال‬ ‫بي ب‬ ‫ي‬ ‫بي‬ ‫‪٢٠١٥ - ٢٠١٤‬‬ ‫‪www.abcc.org.uk‬‬

Contents FOREWORDS Alderman Fiona Woolf CBE The Rt Hon The Lord Mayor of the City of London

Rt Hon Baroness Symons of Vernham Dean, PC Chairman, Arab British Chamber of Commerce

Dr Afnan Al-Shuaiby Secretary General & Chief Executive Officer, Arab British Chamber of Commerce

Mr George Kanaan Chief Executive Officer, The Arab Bankers Association

EDITORIAL Banking on IT

Global Financial Centres

Asset Management

Professional Services

Sukuk

Islamic Finance

COUNTRY PROFILES Algeria 82 Bahrain 85 Comoros 90 Djibouti 92 Egypt 95 Iraq 98 Jordan 102 Kuwait 105 Lebanon 109 Libya 115 Mauritania 121 Morocco 125

Arab-British Chamber of Commerce 43 Upper Grosvenor Street London W1K 2NJ Tel: +44 (0) 20 7235 4363 Fax: +44 (0) 20 7245 6688 Website: www.abbc.org.uk While all due care and attention has been taken in the compilation and production of this publication and the statements contained herein are believed to be correct at the time of going to press, the publishers and promoters cannot accept responsibility for any perceived inaccuracies or anomalies. Reproduction of any part of this publication without obtaining permission is strictly prohibited. BLS Media and the A-BCC make no recommendation in respect of any of the advertisers found within these pages and no such recommendation can be implied by way of the presence of their advertisements.

Editorial Team: Abdeslam El-Idrissi (Chief Editor), Dr Yasmin Husein, Cliff Lawrence and David Morgan Contributor: Zeineb Lassoued

Oman 129 Palestine 132 Qatar 135 Saudi Arabia

139

Somalia

143

Sudan 146 Syria 149

Designed and Published by BLS Media Ltd Email: info@blsmedia.co.uk Website: www.blsmedia.co.uk

Tunisia 152 United Arab Emirates

155

Yemen 163 United Kingdom

165

Europe

173

BANK LISTINGS Arab Banks by Country

184

UK Banks

248

Arab and Islamic Banks in the UK

255

European Banks

257

European Stock Exchanges

264

A-BCC Members in Banking and Finance

265

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Arab British European Banking & Finance Guide

Foreword Alderman Fiona Woolf CBE The Rt Hon The Lord Mayor of the City of London 2014 is likely to be remembered as a year in

groups of senior business figures – keep the

which the international business community

relationships strong and close.

sought certainties and fixed points – against a backdrop of political instability in some areas of the world, fluctuating markets in bonds, equities, currencies and commodities, and varying levels of trade and investment. Last year my predecessor pointed to the strong

The Arab British Chamber of Commerce continues to have an essential role in developing and sustaining business links and strategic relationships. I am therefore delighted to contribute to this Guide and to send my best wishes to the Chamber and its members.

and enduring Arab banking and financial presence in London as one of those certainties, and I am delighted to be able to reinforce his

Alderman Fiona Woolf CBE

message.

The Rt Hon The Lord Mayor

Arab banks and other financial institutions, and the sovereign governments, corporates and households they serve, continue to be major players in the United Kingdom – which remains the most open among the major economies – and in the markets located here, serving the whole process of global trade and development. Some of the flow of funds is towards long term investment in property – residential, commercial, retail and agricultural. But significant amounts are being committed to the growth of new businesses – in high technology, healthcare, renewable energy – through portfolio investment, venture capital and private equity. Middle Eastern funding will also be a major element in the renewal and upgrading of Britain’s infrastructure. Shariah-compliant finance is also of growing importance here: Islamic banks, some owned or backed by GCC shareholders, continue to develop their product offering, and the first Shariah-compliant Lloyd’s underwriting agency has commenced business. Working with other centres in and outside the Islamic world, London will offer new opportunities not only to Muslims looking to engage with the global financial system in ways consistent with their faith, but to others for whom the “responsible finance” model is of interest. Meanwhile, the community of talented people from the Arab world continues to add value to London’s business, cultural and academic life. Visits to the MENA region – including those I made to the Gulf and North Africa, joined by

Arab British European Banking & Finance Guide

Foreword The Rt Hon Baroness Symons of Vernham Dean, PC

As the Chairman of the Arab British Chamber of Commerce, I welcome this guide as it offers significant insights into the dynamic and diverse Arab banking and financial services sector.

the Arab and British financial sectors. Banks are essential providers of access to the credit that is essential for smaller enterprises (SMEs) seeking to start up and expand their

I believe that the guide will prove invaluable in

businesses. Historically, the SME sector in the

assisting readers to identify key developments

Arab countries and elsewhere has encountered

within the banking and financial services

difficulties in accessing credit facilities but as

industry around the Arab world and the

banks begin to play a bigger part in supporting

potential for joint ventures with their British

businesses generally the smaller corporates

counterparts.

are receiving more attention. Fortunately,

The contents fully address the increasingly

today bank lending is growing and banks are

diverse and close connections between the

becoming more responsive to attracting SMEs

Arab and British financial services industries

with services designed specifically to assist them.

and their common pursuit of bilateral

Private equity funds are contributing towards

investment, project finance, regulatory reform,

Arab economic growth and globally. There

professional training and Islamic banking.

is evidence to suggest that private equity

There are huge opportunities for co-operation in

investment can have a positive impact on

banking and financial services taking advantage

businesses in the Arab region by enabling firms

of the historic relations between Britain and

to grow faster, become more efficient and

the Arab countries. Our respective financial

competitive on an international stage.

institutions play a strategic role in economic

The ambitious infrastructure projects under

development in terms of providing funding for new projects and helping businesses grow through making available credit facilities.

way and planned by Arab governments and the private sector are all in need of finance. On these initiatives, UK financial experts are

The established financial centres in the Arab

working closely with their Arab partners to

world, such as the Dubai International Financial

support their successful implementation.

Centre and the Bahrain Financial Harbour, have achieved important international profiles and other Arab countries are emulating their success to position themselves as global financial hubs.

Another key trend is the rapidly growing and youthful population across the Arab world which provides the customers for the retail banking sector that is flourishing in the region. New innovative services, such as

A developed financial sector is one that is

mobile banking, are being introduced to meet

founded on strong regulatory institutions and

the requirements of this growing market of

able to provide a solid base for the attraction

new customers.

of foreign capital flows, know-how, and new business, while opening up channels for local funds to make investments overseas.

I believe that readers will find a wealth of reliable information on trends in the banking and financial services industry within the pages

Meanwhile, Arab Sovereign Wealth Funds with

of this guide. I am pleased to see this latest

their large foreign assets are constantly looking

edition appear and would like to commend it

for new options to make investment. The UK

to investors and indeed to everyone who has

is extremely well placed to benefit from these

an interest in this vital sector of the economy.

trends through its strong partnership with the Arab countries. The growing Islamic banking market is receiving increasing attention internationally

The Rt Hon Baroness Symons of Vernham Dean, PC

and is widely recognised as offering rich

Chairman, Arab British Chamber

potential for increased cooperation between

of Commerce

Arab British European Banking & Finance Guide

Foreword Dr Afnan Al-Shuaiby Secretary General & Chief Executive Officer Arab British Chamber of Commerce Once again it gives me great pleasure to have the opportunity to introduce the new edition of the Chamber’s annual banking and finance publication.

between banking in the UK and Arab world. The Arab banking sector is a rapidly changing industry reflecting the dynamism and rising diversity of the local markets. Over the years

This year readers will notice that the publication

huge investments have been injected into the

has widened its ambitions and has been retitled

Arab banking sector with the aim of improving

as the Arab British European Banking and

its operational efficiency, developing innovative

Finance Guide in order to encompass the

products and strengthening the competitive

European banking and finance industries.

edge of local banks.

While this gives the volume a broader scope,

Innovation in the industry and the adoption

there has been no diminution in its coverage

of new technology have been driven by

of the Arab and British banking sectors, which

the need to meet the demands of the

naturally remain its prime focus.

increasingly sophisticated Arab customers for

The abundance of available data concerning the banking, financial services and insurance

new products and services such as the latest mobile banking apps.

industries in the Arab countries is a reflection

The success of the region’s top banks is

of the growing strengths of the region’s

indicated by the growth in profits of leading

economies and specifically the increasing

institutions listed on the regional stock

maturity of the banking sectors in the main

exchanges and their profitability is one clear

Arab markets.

indication of the important contributions that

A unique feature of this year’s guide is its comprehensive surveys of key developments

Arab banks are making towards financing economic activity in their respective countries.

within all the Arab countries which represent a

This volume is a testimony to the close

rich and immensely diverse group of economies,

interactions between the British and Arab

ranging in size from small developing nations

banking and finance industries whose countries

such as Djibouti and Comoros to the expanding

enjoy a key partnership that helps ensure

and dynamic markets of the Gulf and North

sustained mutual prosperity. The ABCC has a

Africa. There are inevitably huge differences

proud record in supporting and encouraging

between the levels of development of each

the two-way flow of investments, bilateral

of the banking sectors but they are unified

trading and the deepening of these vitally

by common factors including language and

important financial ties.

location as well as a common ambition to foster

The Chamber remains determined to provide

sustainable prosperity.

new enhanced services that are relevant to

Profiles of each country’s banking and financial

the business needs of its members as they

services sector are complemented by listings

seek to meet the challenges of an increasingly

of leading local banks and finance companies

competitive marketplace. I am pleased to

in each market. In addition, the scope of the

commend this guide to its readers in the firm

guide embraces the European markets as well

expectation that it satisfies an important need

as major Arab banks with a presence in the

in providing useful and accessible information

UK. Finally, the guide carries details of member

on a sector that has a central place in the

companies of the ABCC involved in banking

modern global economy.

and financial services. The guide takes full account of the increasingly global activities of institutions operating in banking and finance. Furthermore, it reflects the growing importance of Arab banks

Dr Afnan Al-Shuaiby Secretary General & Chief Executive Officer Arab British Chamber of Commerce

internationally and the strong cooperation

Arab British European Banking & Finance Guide

Foreword Mr George Kanaan The Arab Bankers Association

It is truly remarkable that Arab banking

for Arab banks, than for their counterparts

continues to be resilient and successful, given

elsewhere, to sharpen their not inconsiderable

all the political tumult that is engulfing the

skills in this area. As it happens, the Arab

Arab world.

world is in most need for development in this

Arab banks continue to feature among the safest in the world. They show no signs of retrenchment, quite the contrary, signs of vitality abound. Firstly, we observe the extensive managerial change that has taken place at the top of the biggest of the Arab banks over the past year. This change, which took place in an atmosphere of normality and harmony, was so uneventful and almost went unnoticed. It has brought to leadership positions, capable and experienced new blood, often young, who are taking over from long serving, very successful

sector of their economies. It is there that most employment, as well as the greatest creativity, should arise. Arab banks have had also to respond to further needs that are specific to their particular world. Womenâ&#x20AC;&#x2122;s banking services, for example, are being developed in response to long lasting traditions in Arab society. Far more extensive is the growth and development of Islamic banking. This has now crossed the threshold of the Islamic world, as witness, for example, the recent sovereign Sukuk issue for the UK government.

â&#x20AC;&#x153;foundingâ&#x20AC;? chief executives. Evidently, this

Arab banking in London, as I am happy to

is a mark of institutional maturity, good

report, continues its expansion in the local

governance and managerial depth and

market and beyond. The appetite for lending

continuity. It is also a sign of rude good health,

is strong, the number of services on offer is

and a portent of organisational renewal. Our

increasing, and staff levels are being bolstered.

banks, their boards, and their regulators should

We are even looking forward for new banks to

be congratulated in equal measure on this

open. A number of other financial institutions

achievement.

are also considering, either opening new

Accompanying this managerial change, a number of new strategic initiatives have been undertaken by many banks. Spurred by an

offices, or expanding existing ones. London continues to be the leading Arab financial centre.

ever increasing investment in technology, and

We at the Arab Bankers Association are proud

by competition, there is continuing growth

to be of service to the vibrant community of

and diversity in the menu of products and

Arab bankers and finance professionals, both

services on offer. More importantly, there is

in London and the Arab world. We continue to

an impressive and continuing, geographical diversification within the region, towards the East, and with Africa not far behind. Arab banks continue to do well in shouldering the ever more burdensome regulatory regimes. They are leaders when it comes to fighting financial crime. In this they are motivated, not only by regulatory compliance, but also by the

work towards the twin objectives of cementing the relationship between our member banks, and building bridges between them and their colleagues in the City of London and elsewhere. We continue to work closely with the Arab British Chamber of Commerce in the pursuance of these objectives.

need to manage in a difficult environment. Arab banks, by virtue of their history, and of

Mr George Kanaan

the economies in which they have risen, are

Chief Executive Officer,

particularly adept at lending to SMEs. This is fashionable now, with western banks having

The Arab Bankers Association

to make adjustments in order to down-shift into this market. It is in fact far more important

Arab British European Banking & Finance Guide

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Arab British European Banking & Finance Guide

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Arab British European Banking & Finance Guide

Editorial Banking on IT – How the Arab banking sector is being transformed by the growth of new technologies

he banking sector plays a crucial role in the development of the Arab economies. In line with global trends, banks across the region have been investing in innovative banking technologies and IT infrastructure with the aim of offering the latest and more convenient ways of banking to their customers. The process is also one of financial inclusion in that it is bringing banking services within the reach of many more customers. The Arab financial services industry is in the

more common across some Gulf countries. This

end of 2017, compared to just over 590 million

midst of an IT spending boom. According to

market is still far from mature, but it is already

in 2013. Users in the Middle East and Africa

market research firm IDC, IT spending in the

a good start and miles ahead compared to a

regions are expected to rise from some 20

Middle East is estimated to exceed $32 billion

decade ago,” D’Orazio said. Business process

million to 82.1 million users by 2017.

in 2014, and the financial services sector is one

outsourcing (BPO) is expected to have a strong

of the biggest drivers of this spending.

growth at 12.6% in 2014, while IT outsourcing

Banking and securities companies in the

is forecast to increase 8.5% in 2014 from the

region are expected to spend approximately

previous year.

$13.2bn on IT products and services in 2014,

Spending on telecom and IT in Saudi Arabia,

new technologies have to offer the banking

an increase of 2.7% over 2013, according

for example, is poised to grow by more than

sector. Fidor Bank, based in Germany, is the

to figures from US information technology

6% in 2014, according to Arab News, 15

research and advisory firm Gartner.

world’s first online-only bank that operates

August 2014. The report cited a study by

through the Internet and social media. This

The forecast, released in August 2014, includes

IDC which said that a growing number of IT

pioneering bank was prominently featured at

spending by banking organisations on internal

services were coming available to the public,

the Arabian Banking Technology Exhibition and

IT services, IT services, software, data centre

notably in the areas of e-government, banking

Conference, ABTEC 2014, held in Bahrain in

technologies, devices and telecom services,

and healthcare. All banks in the Kingdom were

April, an indication of the widespread interest in

Gartner said.

now linked up with government departments

innovative forms of banking in the Arab world.

According to a report in Arabian Industry, 11

to facilitate payment services, the study said.

August 2014, the research house predicted

In emerging markets, mobile devices provide access to financial services to previously under-banked populations. There is increasing interest around the Arab world in what these

A country such as Egypt where the possession

GROWTH IN MOBILE BANKING

of debit and credit cards among the population

segment in overall IT spending in the banking

One important innovation made possible by IT has been the growth of mobile banking

mobile banking services. Of the approximately

market, with MENA firms set to spend $5.7bn on telecoms in 2014 - an increase of 0.6%

which is reshaping the economies of many

compared to 2013.

developing countries by introducing the

that telecom services will be the largest

Meanwhile, software and IT services will be the fastest-growing segments, with growth expected to reach 9.2% and 8.4% respectively in 2014. This would largely be down to the expansion strategies of banks

financial services sector to millions of previously unbanked consumers. By so doing it is bringing more people into the orbit of the established financial system rather than being reliant on cash transactions. This increased accessibility

across the region, and the modernisation and

of banking services has the potential to

replacement projects banks are putting into

improve the efficiency of transactions, enhance

their back-office systems, Gartner said.

transparency and reduce the abuses commonly

“Software spending is being driven by the

associated with cash-based economies.

replacement trend of back-office systems,

Over the past few years countries around the

especially from the larger banks, while newer

world have experienced substantial growth in

banks are being created from the scratch

the adoption of mobile technology. Emerging

which opens a lot of new opportunities for

markets offer not only new possibilities for

IT vendors,” said Vittorio D’Orazio, research

traditional banking but major potential for

director at Gartner.

innovative banking services using the latest

Outsourcing is also picking up among banking

technologies.

is low could benefit from the introduction of 85 million people in the country, the World Bank estimates that only 5% have debit cards and 1% possess credit cards. Despite the fact that Egypt is the recipient of the highest remittances in the Middle East and the sixth highest in the world, only 1% of Egyptian recipients have bank accounts according to the World Bank, Magdy Hassan, Country Manager of MasterCard Egypt, said. In 2013, under the aegis of the Central Bank of Egypt, MasterCard teamed up with Egyptian Banks Company (EBC) to introduce the country’s Mobile Payment Gateway to enable financial inclusion through the power of mobile phones. With the launch of the mobile payment gateway and the ensuing mobile wallet solutions, more than 80 million mobile users in Egypt now have access to financial services that allow them to make bill payments,

firms in the MENA region. “The outsourcing of

According to one estimate, there is expected to

transfer funds and a withdraw cash, Magdy

IT, as well as business processes, have become

be over 1 billion mobile banking users by the

Hassan told Egypt Daily News, 23 July 2014.

Arab British European Banking & Finance Guide

Editorial Mobile banking is following a similar usage curve to online banking, with the UAE, China, and India leading in its adoption.

people from having access to banking. A survey conducted by the GSMA, an industry group that claims membership from some

The UAE ranks as one of the world’s top

800 mobile operators in 250 countries, found

three countries in adopting mobile banking,

that operators were offering 219 live services

according to a global SAP study on technology

in 84 countries at the end of 2013, up from

in banking released in July 2014. “The UAE’s

179 live services in 75 countries a year earlier.

impressive ranking as a global leader in mobile

A further 113 mobile money services are

banking adoption demonstrates the country’s

planned for launch, the GSMA said. Mobile

strong culture of innovation and early adoption

money services were rolled out in 2013 in

of mobile technology,” commented Sam

nine new markets – Bolivia, Brazil, Egypt,

Alkharrat, president, SAP MENA. “Mobile

Ethiopia, Guyana, Jamaica, Tajikistan and

banking enables seamless engagement

Togo, the GSMA added. The survey polled

between banks and customers, provides more

110 service providers in 56 countries.

efficient and new customer-centric features

Technology ﬁrms have also started to invest

and services, and enhances customer loyalty

in innovation in Africa, UNCTAD points

and rewards programmes. With smartphone

out in its 2014 World Investment Report.

penetration increasing across the Mena region,

The report highlights one example of the

we’re helping banks and businesses use

ﬁrst African research laboratory opened by

technology to unlock the next generation of

IBM in November 2013 on the outskirts of

mobile commerce.”

Nairobi, with an investment of more than

Mobile banking has become extremely

$10 million for the ﬁrst two years. The facility

popular in less developed countries where

reﬂected IBM’s interest in the African markets

the population is more likely to own a mobile

where smartphones are becoming more

phone than open a formal bank account.

commonplace, UNCTAD said. It added that

Millions of people in Africa have for years

Kenya has become a world leader in payment

been using mobile phones to pay bills, move

by mobile phone, stirring hope that Africa

money around and buy basic everyday items.

can use this technology to leapfrog more

institutions must move away from legacy

The trend transformed Africa into the fastest-

established economies.

systems in order to deliver more value to

growing mobile phone market in the world.

More than six out of 10 participants (65%)

the customer, while simultaneously meeting

Setting up a bank account on a mobile phone

in the global SAP study believed that mobile

regulatory requirements and managing new

is a relatively painless procedure that does not

banking would be the most important trend for

risks,” said Osama Al Khajah, founder and

demand a high level of literary. This simplicity

the future, followed by in-memory computing

president of Ebtikar Association, which was the

makes mobile banking an attractive option

(48%) and cloud (47%). Furthermore,

organiser of the Arabian Banking Technology

for many whose literacy skills are minimal. All

according to the study, in order to deliver

Exhibition and Conference held in Bahrain in

that needs to be done is to register with an

better services, participants thought that

April 2014.

approved agent, provide the phone, along with

institutions would need to enhance their back

some form of identification, and then deposit

office support systems to ensure customers

some cash onto the new account. The account

experience the same quality standard through

can then be used it to make payments and to

traditional or new communication channels.

receive salaries. While the individual amounts

Inevitably, there are several regulatory

International Marketing at Compass Plus,

of cash that are generally being transferred

challenges that have been thrown up by the

argued that: “Financial institutions in the

this way are often extremely small, the sheer

rapid increase in mobile banking. Questions

Middle East must ensure that they commit

volume of business more than compensates; in

for the industry and governments arise such

to providing a new generation of mobile

fact the level of use make the provision of such

as whether non-banks should be permitted to

solutions to their customers that highlight the

services are lucrative business.

provide what are essentially banking services

convenience of the channel and make for a

Mobile phone banking has attracted the

without the involvement of a bank as such and

satisfying user experience.”

support of organisations such as the Bill and Melinda Gates Foundation which has funded

which authority will regulate these electronic transactions. Will it be the established banking

Writing in The Banker Middle East, May 2014, on the growing trend for mobile banking and the expectations for its adoption within the Arab markets, Bethan Cowper, Head of

The increased use of mobile banking facilities will also have other benefits, market research

programmes to extend banking services to

regulators or telecom authorities, for instance?

the poor.

Moreover, how are central banks expected to

of Linz, Austria and Visa, claimed that there is a

It has been estimated that there are a billion

control the money supply and prevent money

strong inverse relationship between increasing

laundering which may be facilitated via

online payment transactions and the volume

people around the world who lack a normal bank account but who do own a mobile. It is also an estimated that there are 2.5 billion “unbanked” people in poorer countries who would benefit from access to banking services. Illiteracy, poverty, conflicts and lack of infrastructure all contribute to preventing

mobile banking? These and other important questions have emerged for the industry to address and the solutions will no doubt need to be dealt with at both the national and international levels. “In an increasingly digital world, financial

Arab British European Banking & Finance Guide

finds. One study carried out by the University

of the shadow economy. An increase in online payment transactions thus decreases the size of the informal economy. In addition, studies by the IMF have claimed that electronic payments systems also have a positive impact on a country’s success in tax collection.

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organisations the opportunity to earn, move and

by false-invoicing, over-invoicing and under-

store proceeds disguised as legitimate trade. On

invoicing commodities that are imported or

In this article, we will analyse how TBML

the other hand, due to TBML the multi-million

exported around the world.

patterns can be detected from early through

dollar trading relationship between the Arab

Underground

money

a case study example and also provide best

World and the Western World is constantly

service businesses, hawalas, etc., have all

practices guidance on how to address red flag

put a risk forcing investors and/or international

utilised trade to move value as settlement of a

indicators related to Trade Finance.

phenomenon

that

allows

banking,

unlicensed

TBML issues which have now become top priorities to eradicate criminal activities and improve the global economy.

Case Study: Mr Smith – Owner of Company X, Y and Z. UAE-based expatriate businessman, “Mr Smith”, fled the country without paying his debts. It took over two years and concerted action from regulators in over three countries to untangle the web of trade transactions and front companies that were created by Mr Smith. For all external purposes, he was a suave businessman who had built what appeared to be a highly profitable electronic goods trading business over a period of twenty years. Through his Dubai and Abu-Dhabi based firms-Company X, Company Y and Company Z-Mr Smith imported and exported electronic commodities. These entities regularly opened both export and import letters of credit with Middle Eastern banks. Mr Smith’s scheme was simple. He exploited both the import and export sector, through collusion with companies that he is alleged to have controlled. The UK’s Serious Fraud Office (SFO) investigated two of these London-based companies, S Ltd and F Ltd, which were run by two metal suppliers. This particular scheme can be depicted as follows:

Scheme 1: Over-Invoicing For Goods

In the normal course of business where importer and exporter are not distinct, unconnected parties, the importer would have refused payment for receipt of poor quality goods or non-receipt of goods. In this case, because there was collusion between importer and exporter, money was moved illegally to shell companies that traced their ownership directly or indirectly to Mr Smith. Yet another scheme purportedly used by Mr Smith was the use of the performance bond to claim funds. This is illustrated below:

Scheme 2: “U-Boat” Diversion Scheme

As highlighted in both schemes, it seems evident that the trade finance sector is vulnerable to money laundering activities and consequently it is vital that to monitor each FATF red flag indicator for TBML, as described below: •

Payments to vendor made in cash by unrelated third parties

•

Payments to vendor made via wire transfers from unrelated third parties

•

Payments to vendor made via checks, bank drafts or postal money orders from unrelated third parties

•

False reporting: such as commodity misclassification, commodity over or under valuation or under.

•

Carousel transactions: the repeated importation and exportation of the same high-value commodity

•

Commodities being traded do not match the business involved

•

Unusual shipping routes or transhipment points

•

Packaging inconsistent with commodity or shipping method

• Double-invoicing To mitigate reputational risk and improve the attractiveness of the Arab World, suggestions for effective actions to be undertaken by relevant entities include the following: n The international/regional sharing of trade data to identify glaring anomalies. n Cooperation between financial institutions, regulators, customs agencies, law enforcement agencies, and tax authorities. This would allow a quicker follow-up on suspected cases of money laundering. n Training trade finance staff to recognise patterns and trends in trade based money laundering and escalating suspicions to their supervisors, in which case the use of a dedicated platform might be useful. In summary, it is fair to say that using a collaborative approach between appropriate parties to combat Trade Based Money Laundering activities in the Middle East, would result in a more stable and scalable economy. This could then give birth to a much more attractive trading partnership with the Western World, from a “multi-million” to a “multibillion” dollars trading relationship. Accuity offers comprehensive suite of data, solutions and services that will help your organisation to reduce risk, increase operational efficiency and lower cost of AML compliance. Visit www.accuity.com/compliance for more information.

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Ace Software Solutions PELICAN CASE STUDY

WHY AREN’T YOUR PAYMENTS INTELLIGENT? Artificial intelligence (AI) has been around for decades in various forms, but what is it really?

– not to mention

customers’ expectations

for innovative services. Finally, commercial pressures have driven down the acceptable cost per transaction, which, together with increased competition (also from non-traditional players)

Two Global Financial Institutions’ Transaction Banks – New Revenue

It’s the ability to put information into context.

puts a strain on budgets that especially affects

Years ago, an internet search for “shoes”

areas like payments that are viewed as cost

would

centres. The diagram summarises the evolution

These global transaction banks were looking to increase process automation and STP rates for their USD and EUR payments businesses. They also neededways to flexibly introduce, adjust and manage pricing and fee charging for correspondent banks and other customers, especially for more complex cross-border and leg-in/ out transactions. Since introducing Pelican, they generate revenues of over $10 million annually, with an opportunity for more as they expand the solution to other businesses.

the search bar) got it down to fewer results.

yield

millions

hits,

including

everything from trainers to Jimmy Choo’s to horse shoes – there was little intelligence involved. Refining the search (using symbols in Now? We get an accurate listing by relevance, even based on our own search history and preferences. What changed? Context. When

understand

context

we can make more relevant and intelligent

‘Next Generation’ platforms approach the challenge differently – for example, by using AI-based ‘human’ general knowledge to read and understand payment messages the way a person would, and use context. This approach allows the platform to: n Provide Visibility and Control, to

decisions. For example, a search engine may

Repair, Route or Re-format a payment

know that you like running, so it starts by

based on context and client’s intentions, at

offering you trainers. If it knows your location,

the time;

it may suggest local shops. Context makes

n Make informed decisions on the

things relevant. Humans use context everyday

Quickest, Optimal or Least Cost

– it’s fundamental to our intelligence. We call it

route for the payment, to fully leverage

common sense or general knowledge.

your current infrastructure;

PAYMENTS FOR THE GOOGLE GENERATION

n Provide true Protection for compliance officers, and provide details about why a sanctions decision was made at a point in

Many financial institutions base their business on ‘first generation’ payments systems, which have

brought

improvements

straight-

through processing, especially compared with manual processes. However, that approach is rigid and unintelligent – to control risk, specifications (e.g. formats) must be followed precisely. Any deviation is rejected and handled manually, or returned to the sender, both at a cost. In addition, focus is placed on

and shows the possibilities.

time. AI capabilities can be used to handle payments ‘old style’ – but a next-gen system contains the architecture to allow financial institutions to

improve

their

payment

capabilities

incrementally by simply plugging in required components when required – for example, to manage liquidity much more effectively, with an on-going intra-day picture, via configurable

the individual payment, with little ability to see

dashboards and reports.

or understand the entirety of activity. There is

AI capabilities can be used to handle payments

very little scope for innovation – attention is

‘old style’ – but a next-gen system contains

directed to basic capabilities.

the architecture to allow financial institutions

People like to talk in natural language like

English, Arabic and French, whereas computers

incrementally by simply plugging in required

talk using codes in bits and bytes. But we can

components when required – for example, to

use technology to bridge this gap, and make

manage liquidity much more effectively, with

computers work a bit more like we do – by

an on-going intra-day picture, via configurable

giving them some common sense.

dashboards and reports.

‘First generation’ payment systems may be

A next-gen system will also provide the

well established, but they do not offer the

flexibility to use its capabilities without the

flexibility to easily fit the expectations of most

need to install, run or maintain software. The

people, especially the ‘google generation’. Nor

advantages of cloud computing are well-known

can they easily adapt to meet the challenges

– and SaaS is finding increasing appeal with

financial institutions.

globalisation

Arab British European Banking & Finance Guide

and

regulatory

change

improve

their

payment

capabilities

Similarly, a modern platform allows both

As a next-gen system, all the functionality of

Operations staff better identify, track and

corporate treasury and banking professionals to

Pelican is available on one extensible platform,

understand common mistakes or bad habits.

initiate, monitor and control transactions while

with no need to tie together or connect

on the move. A “mobile” interface has become

different pieces of software. Capabilities can

a requirement.

be added as needed, and the platform easily integrates with existing systems, allowing you

PELICAN™ FOR TRANSACTION BANKING

to build a comprehensive end-to-end solution.

For both Corporate and Correspondent Banking,

required for even global organisations with very

Pelican’s strengths start with simplifying and

large volumes.

automating

connectivity

–

Pelican is scalable and uses memory-based processing to guarantee the high throughput

matter. Organisations greatly benefit from using a standardised gateway that provides efficient and secure connections, and takes in payment messages from any source: banks, clearing

drastically increase capacity and reduce cost. Information in the payment itself can be utilised in combination with configurable rules. For example, if certain parameters in an ACH payment indicate it is urgent, the item could be re-routed as an RTGS payment to meet a deadline! Pelican provides both the intelligence and the flexibility to meet this kind

communication

protocols and the structure of the content don’t

Pelican’s intelligent repair and routing can

MORE SIR, I DEMAND MORE! There is almost always enough information in a faulty or incorrectly formatted financial message to fix it, to ensure it can go STP end-to-end –

of sophisticated requirements.

ITS NOT A “WE” GENERATION, IT’S THE “ME” GENERATION

directly to the ultimate beneficiary’s account. If

Aside from helping banks reduce costs, a

some information is in the wrong place, only a

next-gen platform using rules-based software

connection, an electronic banking server, and any

system that knows payment formats and also

engines gives product managers the flexibility to

other bank internal systems and communications

understands context and language can seek,

personalise value-added products and services.

channel. Using its ‘human’ knowledge, the

find and use that information to repair and

Specifically, products can be created based

system reads and understands all payment

complete the message. An intelligent payments

on positive and negative events, with product

formats without the need to convert them to a

platform should be able to fix faulty messages,

features for individual customers and segments.

common internal “universal” format like most

and keep a record of what it has done, so it

Banks can roll-out differentiated products and

payment processing systems do.

can also be used as a diagnostic tool to help

go to market faster, maintain and tweak (adjust)

systems, a SWIFT gateway, an FTP or other

The value-added services in Pelican encompass the ‘Six R’s’: 1. Reformatting (translation) 2. Repair (including validation and enrichment) 3. Routing (based on parameters that can be configured based on message content)

4. Reconciliation (using bank reporting, or other data sources) 5. Reporting (including configurable dashboards) 6. Recognition (to clearly distinguish black-list entities and vital payment data)

Arab British European Banking & Finance Guide

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products and features, and track the impact on revenue. In practical terms, banks can increase revenue by: n Fee charging (credit-deduct or bene-deduct); n Differentiated fees by entity, branch, geography, etc.; n FX, L/C and country of domicile pricing; n Charge for auto-repair or other process steps, with supporting reports and documentation; n Special charging e.g. student fees and donations; n New intelligent value-added product/ service. Pelican makes use of both the data and the contextual information in the entire message as the basis for designing new or enhancing existing products and services. With its flexible billing capability, banks can create profiles to be charged selectively against each of their customers, or as a blanket for all customers.

CONTEXT AND INTELLIGENCE IN SANCTIONS SCREENING

flagged. But what if the transaction content is: 57D:KIKOME BANK ...189 TEHERAN-RO BLVD

The focus on regulatory compliance in wholesale

…SEOUL, SOUTH KOREA

payments has grown significantly, even in the

Assumption:

last year. Governments are not only looking

IRAN is black-listed, thus principle cities are

more closely at sanctions compliance, but are

black-listed

looking in much more detail at how banks set

4200}: MRS. JANE OHARA

Heightened scrutiny has spotlighted the need

...189 MONROE STREET

to filter accurately, but business pressure means

…SANTA CLARA, CA, USA

there can be no loss in operational efficiency.

Assumption:

A truly effective screening tool understands

CUBA is black-listed, thus principle cities are

context, to minimise the “noise” of false

black-listed

readings – and can even play a role in building

up and execute their compliance programs.

competitive advantage. The ability to provide A skilled operator will need to determine why

detailed and complete information on all

each transaction was stopped. Against what

positive and negative decisions, demonstrates

list was it stopped? Was it the BIC, the name,

competence and builds confidence with both

an alias, country? There is huge advantage

regulators and clients.

in having an AI-based solution that not only understands why a transaction was stopped, but also highlights why – in the two examples above, respectively, because of the words TEHERAN (which is actually a street address in Seoul) and SANTA CLARA which could possibly

The Pelican platform’s intelligent approach

be a city in Cuba (not California). An AI-based

comes into its own in the world of sanctions

system acts on context and either only asks for

screening, where context is more important

approval to pass the transaction or authorises it

than rules: rules set limits or constraints whilst

based on pre-configured parameters.

context is something humans apply to a scenario or piece of information to make intelligent decisions.

Use

contextual

intelligence

drastically reduces false positive rates and significantly reduces the costs associated with reviewing false alerts.

Pelican also understands and records what it has done – and why. It provides explanations for all its actions – not only to the operators but also for compliance, auditors and regulators. In addition, using the experience of the decisions made by system users, Pelican has a self-learning

When sanctions systems are based only on rules,

capability, and can make

and the words ‘Teheran’ or ‘Santa Clara’ appear

time, to help both Compliance and Payment

anywhere in a transaction, the transaction is

Operations to operate more efficiently.

THE $8.5BN QUESTION? PRESSURE IS HIGH AND INCREASING

Arab British European Banking & Finance Guide

suggestions

over

THE RIGHT APPROACH The ability to put information into context and use it intelligently is at the heart of ‘next generation’ payment platforms like Pelican. Understanding context allows the technology to make more relevant and intelligent decisions, and frees humans to engage in higher valueadd activities. Modern next-gen platforms like Pelican are scalable, flexible and easy to integrate, and use contextual understanding to provide a range of value-add services that traditional systems don’t. It’s time to look at how you process and screen payment transactions, and how the right approach can reduce costs, create efficiency, and build understanding of your business. We call it common sense.

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Verisim is the leading provider of strategic simulation solutions to the Financial Services sector. Simulations are used to provide clients with training, prototypes & customer demonstrations. The company was set-up in 2001 and has recently established a partnership with the core banking software provider Temenos. In 2013 Verisim was awarded the Temenos Complementary Solutions Partner of the year. The Company is supported by Archangel Investment the biggest Angel group in Europe today and this has allowed it to grow into an international company that can work anywhere around the world from its base in Edinburgh, Scotland.

Andy Steel (CEO) discusses why Verisim can potentially help all banking organisations

Firstly Andy what is your own background? “I worked as a Fund Manager at a prestigious Fund Management Group for over 20 years where in the latter years I managed its Private Equity division. I initially got involved with Verisim as an investor in 2004, I then worked in various roles within Verisim before taking over as CEO in 2013.” Andy Steel

What exactly is a training simulation?

“A Verisim simulation looks and behaves like the client’s own system, presenting the users with screens and processes that they will use in their everyday roles. Meaningful scenarios and interactive input are used to enhance the learning experience throughout the users’ training plans. The data-set is consistent and managed from within the simulation, reducing any group IT involvement. It is a fast, cost-effective means of training staff on a new or improved system. Simulations are easy to deploy and can be accessed by users anywhere, anytime. There are flexible options for deployment, including a hosting service offered by Verisim. We can also include a comprehensive Management Information System via Verisim’s own software or by linking up with the client’s own SCORM compliant Learning Management System (LMS)”

Why choose a simulation? “A Verisim simulation solution is the best option for clients looking to train anywhere, anytime. It is cost-effective across diverse locations, time-zones and languages. The simulation can be accessed locally, via the internet or the organisation’s intranet. Travel costs and expenses are reduced as there is no need to bring groups of staff to one training Future proofing is integral to the training simulation as it offers a very scalable, long-term solution for any number of users, helping to secure the clients initial investment. Processes, screens, learning content and training plans can all be amended to take account of future changes in the client’s application. The training simulation solution can be used on an on-going basis for new starters and refresher training, ensuring that all staff are trained to a consistent standard. 24

Arab British European Banking & Finance Guide

Verisim can also include the client’s own collateral if required such as previously prepared courseware, slideware or documentation as additional elements within the simulation, so from the client’s perspective, all material required for effective training is in one environment. Around the world, clients are increasingly having to justify their project spend. By using the Verisim Management Information software, clients can access easily interpreted and comprehensive information relating to training progress and effectiveness, accessible on multiple devices, including tablets.”

Is there a typical Verisim client? “Not really! Any organisation can benefit from a Verisim simulation if they are introducing changes to applications or processes. We have been engaged by many of the world’s largest Financial Institutions to help deliver new projects crucial to their business strategies. Projects vary in size from small prototypes or customer demos through to large training simulations for sophisticated applications. The benefit of a simulation is that you can include the whole workflow if required or just part of a process without having to worry about all the environments and data that you may need to maintain it. The simulation takes care of these!”

What was the latest project Verisim delivered? “We have just completed the delivery of a Temenos T24 simulation for EastWest Bank based in the Philippines. It has thousands of users spread across the mainland and archipelago, so organising centralised training is challenging. The remote training capability that the simulation provides is a very effective solution - EastWest Bank’s Academy Team is now able to train anytime, anywhere whilst at the same time providing a consistent experience and standard for all users. All development work has been done remotely, so there has been no additional incurred travel or expense cost for the Bank. Verisim had access to EastWest Bank’s customised application via a secure link to ensure all country and client specific customisations would be included. This helped to reduce the time spent verifying queries or seeking clarification.”

How challenging is working across different time zones? “Time differences around the world can be challenging, however it can also work out well! EastWest’s Team was able to give feedback on the simulation overnight (UK time) meaning that Verisim could implement any required changes for the start of the next working day in the Philippines.”

What do you see as the next developments for the Verisim product? “Yes we are already working with clients who are considering Cloud/SaaS (Software as a Service) based application models. Our simulations are an excellent fit with these approaches for both the delivery model and training content itself. The Management Information can be provided in support of usage.”

Contact Details Andy Steel – CEO andy.steel@verisim.com +44 7771 980 626

Janis Morgan - Operations Director janis.morgan@verisim.com +44 131 338 7449

Kath Wallace, BDM kath.wallace@verisim.com +44 7715 121 434

@VerisimLtd Arab British European Banking & Finance Guide

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VIEWPOINT

CHALLENGES IN FINANCIAL SERVICES MARKET TODAY AND TOMORROW Like any other field related with information technologies, finance and banking market is very dynamic. More and more sophisticated technologies bring changes in social life and modify business format. Upcoming generation is interested in everything that is new and different. It demands everything what makes life simple, easy and comfortable. It wants to manage business quickly and fluently. This is the environment a financial institution has to adapt to, and make its services welcome, attractive and easy to use. Perhaps the most serious challenge a financial institution faces with today is multichannel service delivery. Necessity to make financial

all

are

different,

manage

our finances differently, we behave differently in our personal banking.

services available not only through web, self-

Possibility to arrange personal banking

service terminals, visiting a branch office, but

system

also through mobile devices such as smartphone

interface so that it was comfortable

or tablet, became actual in recent years due to

and friendly just for me will be greeted

widespread mobility growth. Mobile phone

for sure. This is a sensitive way to show

became not just a device to make a call or write

personal approach to your client, confirm

SMS, but an important tool in our daily life. We

that his choice, his mode of banking, his

game, read newspapers, use maps, book hotels,

individuality is respected.

pay bills, make money transfers, participate in social life with a smartphone or tablet in our hands. Mobile devices opened almost unlimited

myself,

customise

user

Any channel that could be exploited as a way to deliver financial services has different possibilities and limitations.

possibilities to get services you want or a product

Despite that, banking functions – as

you need in any place and in any time. This

many of them as possible – should

changed users’ habits, and business has to be

be accessible through any of them.

reorganised around them.

The power of functionality is vital for

I would like to share some ideas to make this

introducing multichannel services in the

process successful. These are just a few notes

market and getting new clients.

about what is important for bank’s clients today.

Acknowledging financial services acceptability

in multichannel environment in any time and

User has to find the same familiar and well known environment he is used to, no matter what device he uses or in what

competitive today and in the nearest future.

and turning your activity around the customer. The term ‘ecosystem’ is derived from two old Greek words: ‘oikos’, which means ‘home/ house’, and ‘systēma’, which means ‘whole compounded of several parts or members’. So ‘ecosystem’ is a kind of structure where all component parts relate with each other like family members living together in home, behave on the basis of mutual understanding and respect, and have firm interconnectivity as all in together they gain more than each of them separately. Business ecosystem functions under the same principles. Each component part of the structure – a bank, bank’s partner company and a customer – gives some input and gets output consequently. For example, bank and its partner company share information about their customers, as they manage different data. Put in together and analysed these data allow to create a full scale profile of a customer and meet his needs more effectively. As a result all parties get additional value out of this. Bank’s partner gains additional channel to contact with customers, bank gets

time he connects to the banking system.

Turning eyes to follow-up future challenges, the

additional opportunity to offer its services, client

Unified user experience is one of the

greatest concern of mine gains the fact that new

gets personal offers and services he is looking for

most important features to be taken into

players, offering financial services, are coming

through one provider and stays loyal.

consideration. Feeling secure is not the

into the market. Such companies like retailers,

only advantage the user is granted so

telecommunication providers or operators, start

far. Unified user experience sets user free

offering just a certain financial service, e.g.

from additional learning how to use the

payments, lease, etc. and so occupy a niche area

system on the other channel, thus saving

of the overall finance market. These companies

his time.

attract customers by flexibility and comfort to

While entering the digital platform easy of use becomes of great importance also. We have to recognise that bank‘s clients may have different knowledge and experience about working with e-banking.

any place your client wishes is a must to stay

Mr. Kęstutis Gardžiulis CEO

Technologies

progress

use a financial service (they achieve such quality much easier to compare with banks, which manage a big services portfolio). But it is not only about customers. Under such circumstances bank itself little by little loses the role of a central institution for financial services.

so rapidly, that sometimes it is quite

Is it possible to forestall this process? My advice

challenging to catch them. So ensured

– turn your competitors into collaborators. Join

simplicity in using financial services will

into business ecosystem. Network with your

prevent from impulsive rejection.

indirect competitors sharing data you both have

Arab British European Banking & Finance Guide

But the first place winner is financial institution – business ecosystem allows to keep concentrated financial services and preserve bank’s leading position in the financial market.

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CASE STUDY. BRAND NEW WAY TO BANK DNB Pank in Estonia, a member of the DNB Group, is a small financial institution providing banking, leasing and insurance brokerage services since 2006. The bank has operated as a local credit institution since September 2012, incorporating banking and leasing activities within one organization. Being a small financial institution with just two offices in Estonia and 10.000 clients and limited online services portfolio, DNB Pank in Estonia used to rely on phone services as the most common method for banking. This time consuming inconveniency was a major barrier for business growth. DNB Estonia decided to take rethink how to provide its clients with services in such a way that was never experienced before. There was a vision of easy, simple and smart banking. The solution had to be accessible anytime and in any place. It also had to be secure and feel familiar to users, no matter how, when or where they had entered it. The set of banking functions had to be transferred to a digital platform, constructed with an emphasis on improved usability, simplicity, speed, design and accessibility in order to better serve customers.

The initial feedback received from our customers has been surprisingly positive and encourages us to develop the internet bank further, perfecting the existing functionalities and adding new ones to the online banking platform throughout 2014,â&#x20AC;? says Maris Heinaru, head of Product Development and Marketing department at DNB Estonia. â&#x20AC;&#x153;We have found that customers appreciate the much improved user experience and the possibilities of customisation, which makes us believe that the importance of design and user-friendly interface cannot be underestimated.

DNB Estonia chose Etronikaâ&#x20AC;&#x2122;s e-banking solution Banktron, which is based on the newest

n Simplicity in using financial services.

technological innovations and ground-breaking

Integrated widgets and individually

interface can be customized individually

ideas. DNB Estonia needed the solution to be

added shortcuts allow faster

by choosing and arranging relevant

implemented as quickly as possible, so Etronika

information review and accelerate

widgets and shortcuts.

completed the deployment in just nine months.

performance of any action.

BANKTRON,

fresh

n Adaptive design, covering and unifying

technological innovations and groundbreaking

different channels. Responsive interface

ideas, was absolutely new and exclusive, and had

enables consistent experience no matter

the features the Bank was looking for:

what device the customer uses.

based

the

very

Arab British European Banking & Finance Guide

n Customization capabilities. User

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Branchless Bank Plugins – “A Next Step in Branchless Banking” Mr. Javed Mushtaq, CEO – AutoSoft Dynamics (Pvt.) Limited AutoSoft Branchless Banking ECO System

According to the research published by GSMA’s MMU it is estimated that in lower to middle income countries, approximately 2.5 Billion people are underserved or unbanked and around 1 Billion among those have access to a mobile phone. In this respect, Branchless Banking network is posed with a business opportunity to provide basic financial facilities to these underserved people via mobile phones and retail agents. Access to formal financial facilities to most people of rural areas are limited in most developing nations. The limited financial access to underserved people is due to the lack of reach, infrastructure and inadequate services. To address this gap, outgrowing the traditional customer

and

branch

model,

the

latest

innovation in the banking industry is the branchless banking network. Rather than a customer visiting the bank, the change revolves around establishing a virtual branch network that the customer can access on the fly. With a large majority of unbanked and underserved

the period of quarter (3 &4), 2013 and climbed

Hence, AutoSoft Plugins would be a milestone in

population still existing in developing countries,

up to 234 billion from PKR170 million in quarter

the Islamic, trade finance and SME’s sector in the

branchless banking network is designed for

(1), 2013. In Malaysia, there are 103,307

developing and developed nations.

providing financial services to people lacking

registered users with USD 26,310 transactions

access to physical bank branches with retail

at the end of Q1 2013. In Indonesia as of

agents as facilitators and communication

year 2012, the total registered accounts are

technology to conduct financial transaction.

0.4% and 8% of the total adult population is

To some extent, current phenomenon for Branchless Banking remove the hindrance of “reach” for financially secluded areas but still “need” is required in most of developing nations for Branchless Banking to serve in other financial areas to underserved communities. Current

branchless

banking

infrastructure

unregistered even though Branchless Banking started back in 2007. This indicates that there is a lot more potential in BB market for developing nations along with the developed ones.

AutoSoft’s product suite is implemented in several institutions across, Asia, Middle East and Africa. In addition to this, AutoSoft is a technology partner with leading technology solution providers including (Microsoft, Oracle, SAP, etc.) and a leading global solution provider of complete integrated and standalone banking solution. Furthermore, AutoSoft has in-depth

AUTOSOFT BRANCHLESS BANKING ECO SYSTEM

understanding distribution

GSM

networks

mobile operations,

(Agency Agreements)

as well as banking, to fill the financial gap

solution

between banked and unbanked communities.

Concept”

Capitalizing on all these possibilities and areas

bundled with the Islamic and conventional

to expand into, the branchless banking services

is being used to send money, to make cash

AutoSoft’s

deposits and withdrawals, mobile top-ups,

incorporates

utility bills payments etc. By keeping in view the need, AutoSoft have

banking plugins like deposits, credits, trade and

portfolio can be diversified by introducing

conceived a “Branchless Banking Echo system”

SME related services which will fill in the

new products to lessen the gap between

which can help in filling this gap between the

gap between the need and services currently

financially secluded

need and the services offered by Branchless

offered by branchless banking platforms.

served areas, so that all barriers could be

Banking. The eco system will cover Islamic

The most important plugin from branchless

removed and affordable accessible banking

banking, trade and SME related banking services

banking eco system is plugin for Islamic banking

to be provided through branchless banking

services. Islamic banking is growing rapidly

infrastructure to the unbanked communities in developing/developed nations.

Branchless a

“Digital

Banking Wallet

nowadays and the most promising Islamic banking markets are Qatar, Indonesia, KSA,

and

financially

well-

services can be provided, specifically to the unbanked communities. for

branchless banking

AutoSoft’s

plugins

enable

financial

organizations to look beyond the existing technology and to offer needed products and

On the other hand, Branchless Banking (BB)

Malaysia, UAE and Turkey with 9%, 4%, 43%

market is progressively becoming innovative

22%, 15% and 7% Islamic banking assets. On

and competitive. For instance, in Pakistan, the

the other hand, 60% Islamic banking assets

collective transactions for Branchless Banking

represent for the rest of the world. (World Islamic

For details please visit AutoSoft website

(BB) indicated a healthy growth i.e. 16% for

Banking

www.autosoftdynamics.com

competitiveness

report

2013-14).

services to underserved banking community through the branchless banking platform.

Arab British European Banking & Finance Guide

Editorial Measuring the Success of Global Financial Centres

global financial centre can be characterised as a global city that plays a central role in capital markets and attracts a large number of financial institutions with international profiles. Financial centres are often given the status of special economic zones or free zones in a bid to encourage business and financial firms to set up operations.

There are several established financial centres

European financial centres outside Switzerland

around the Arab World with more emerging.

should be questioning their strategies, the

In the UK, London is the pre-eminent global

GFCI said. Offshore centres also face enormous

financial centre while Edinburgh is a noted

problems. The centres in the Middle East seem

centre of finance in Scotland.

to be doing well despite changes in the energy

Global financial centres are moving ahead

industry, the index reported.

with innovation in areas such as international

Middle East based centres have continued

peer-to-peer systems, ﬁnancing cities, or

to rise in the index with Qatar remaining the

alternative crypto-currencies, which may give

leading Middle East centre ahead of Dubai.

levers to forward thinking centres, according

Riyadh was up 16 places, Bahrain up 12

to the Global Financial Centres Index (GFCI),

places and Abu Dhabi up 10 places. In 2014

released in March 2014. There may be

Casablanca Financial Centre entered the GFCI

competition looming among the top four

index for the ﬁrst time.

centres, New York, London, Hong Kong and

CONNECTIVITY This is the extent to which a centre is well known around the world, and how well nonresident professionals believe it is connected to other ﬁnancial centres.

DIVERSITY This measures the breadth of financial industry sectors that flourish within a particular financial centre.

SPECIALITY This concerns the depth within a ﬁnancial centre

Singapore, to attract Renminbi (RMB) business

MEASURING SUCCESS

at the traditional end of foreign exchange, or

The index judges the successful financial

management, banking, insurance, professional

alternative currencies at the innovative end.

centres by the following set of criteria:

services and government and regulatory.

of the following industry sectors: investment

Arab British European Banking & Finance Guide

Editorial The index found that the largest financial

Silicon Roundabout district, was linked to “ease

The financial sector is one of the main areas

organisations opted for London and New York.

of doing business”.

of the economy contributing some 25%

Hong Kong was most favoured by medium

London remains one of the leading European

enterprises while London along with Singapore

financial centres alongside Zurich and Geneva.

and New York also scored highly among smaller organisations.

LONDON

EDINBURGH As a global financial centre, Edinburgh ranks ahead of Dublin, Jakarta, Prague, Bahrain,

London has been a major trade and business

Moscow, Mumbai, Madrid, St Petersburg and

centre since the Middle Ages and today it

Budapest in the Global Financial Centres Index.

competes with the likes of New York City for the status of the world’s major financial centre. Indeed, it was only replaced in the top spot of the important GFCI index for the very first time in 2014 when New York assumed the accolade. Much of London’s financial industry is located in the “Square Mile” as the city is known, a historic business hub. The other major financial district is the far newer Canary Wharf area, located about 4km east of the city. Both these

to national GDP. Bahrain’s currency is fully convertible and stable. It also offers a tax free business environment, 100% foreign ownership and boasts mature and active capital markets.

QATAR In the less than ten years since its establishment in 2005, the Qatar Financial

The city, the capital of Scotland, is also one of

Centre has become an integral part of

the world’s top fund management hubs and

country’s economy achieving rapid growth

a major European centre for asset servicing.

reflecting the dynamism of the wider economy.

In banking and insurance, it is home to many

The QFC carried out its mandate to help

international headquarters and global brands.

build a world-class financial and business

More than half of the world’s top 20 financial organisations have substantial operations in Scotland, with a critical mass of activity in and around the city of Edinburgh.

environment in Qatar, providing a platform for domestic, regional and international financial activities. The QFC comprises four independent bodies: the QFC Authority; the QFC Regulatory Authority; the Civil and Commercial Court

financial districts continue to experience growth

Supporting this diverse industry, the city boasts

(First Instance and Appellate Divisions); and the

but limited space within the square mile means

a world-class community of professional

Regulatory Tribunal.

that Canary Wharf is becoming the most likely

advisors and suppliers including lawyers,

location for many new firms. It is estimated that

accountants, corporate financiers, brokers,

the UK financial services sector employs about

human resources and IT specialists.

315,200 people within this city area.

Edinburgh’s key assets in the financial sector

regulations and rules comprising the QFC’s

Apart from traditional banking activities and

are identified as its skills base, the critical

legal and tax environments; it is responsible

insurance, London also thrives as a centre for

mass of the workforce and its business base

for the administration of the Companies

foreign exchange and bond trading. The city

and global reputation for financial services. In

Registration, Employments Standards and

thrives with many trading facilities and trading

recent years Glasgow has been increasingly

Immigration Offices; and it is also responsible

hubs in foreign exchange, futures, global

competing with Edinburgh as a major financial

for the licensing of all firms applying to

insurance and bonds.

centre in Scotland.

conduct non-regulated permitted activities.

The foreign exchange market has a daily global

BAHRAIN

turnover of about £2.5 trillion. The Bank for

The QFC Authority is the commercial and strategic arm of the QFC which is responsible for developing and ensuring compliance with

The QFC continues to attract a broad range of leading regulated and non-regulated firms,

International Settlement estimates that London

The Bahrain Financial Centre is located in the

both domestic and international. QFC-licensed

generates £0.88 trillion or 46% of daily global

heart of the Bahrain Financial Harbour and

firms benefit from a secure environment which

revenue in the interest-rate derivative market.

has been developed exclusively to provide

operates to international standards, with a

a high-tech, sophisticated environment for

legal system based on English Common Law,

international and regional banking integrated

a regulatory environment which is risk and

with a major urban and retail complex. A

principles-based and a competitive tax regime.

distinctive new architectural landmark of

Business can be carried out in or from the QFC,

the region, the financial centre includes the

in local or foreign currencies. Uniquely, this

Harbour Towers, the Harbour Mall and the

allows businesses to operate both locally and

Harbour House.

cross-border. Finally, the QFC allows 100%

In the aforementioned index, London remained in top position with regards to its infrastructure. The influential index published by Qatar Financial Centre said that whilst ﬁnancial services employment was increasing in London, there was some evidence that jobs growth was in regulatory and compliance, including IT compliance jobs. Meanwhile

Bahrain has a strong regulatory framework

in May 2014, the British capital occupied

with the Central Bank of Bahrain (CBB) taking

the number one spot in PwC’s Cities of

the role of banking regulator since 1973. The

Opportunity index coming ahead of New York.

CBB has the responsibility for managing the

Stressing London’s growing reputation as a tech hub, PwC found the city “technologically on top of its game”, leaping from eighth place last year to joint first place with Seoul for technological readiness. The report ranks a centre according

entire financial sector and is globally recognised as one of the best central banks in the Middle East. As long ago as 2002 Bahrain became the first country in Arab world to move to a single regulator model.

ownership by foreign companies and all profits can be remitted outside of country.

UAE - DUBAI AND ABU DHABI The Dubai International Financial Centre (DIFC) started its operations in 2004 and is an onshore financial centre strategically located between east and west. It provides a secure and efficient platform for business and financial institutions to reach into and out of the emerging

to software and multimedia development and

The Kingdom has long been able to boast of a

markets of the region. The quality and range

design, broadband quality and internet access in

strong financial sector performance, a success

of DIFC’s independent regulation, common

schools. PwC said there was “no doubt” that

that is reflected in the over 400 financial

law framework, supportive infrastructure and

London’s growing digital reputation, following

institutions, domestic and international, that

tax-friendly regime make it the perfect base to

the influx of tech start-ups to east London’s

operate in the country.

take advantage of the region’s rapidly growing

Arab British European Banking & Finance Guide

Editorial demand for financial and business services. DIFC fills the time-zone gap for a global financial centre between the leading financial centres of London and New York in the west and Hong Kong and Tokyo in the east. Guided by its core values of integrity, transparency and efficiency, DIFC is playing a pivotal role in meeting the growing financial needs of the region. At the heart of the DIFC model is its independent regulator, the Dubai Financial Services Authority (DFSA), which grants licenses and regulates the activities of banking and financial institutions located in the centre. In recent years, Dubai has started to give more consideration to Islamic financial products and services, which could be worth as much as $2 trillion worldwide by 2015, according to some estimates. Plans to establish Dubai’s credentials as a centre for Islamic finance took a step forward in July 2013 with the opening of a new academic institution to train professionals for employment in the sector. There have since been several signs that the emirate has the potential to start attracting more global and regional businesses from the industry. For example, Bank of London and the Middle East, the UK’s largest Islamic bank and a leader of Islamic finance in Europe, chose to launch its IPO on NASDAQ Dubai in October 2013.

to operate within a world-class regulatory

financial centre that advances the development

framework with its own judicial system and

of the continent, specifically the countries of

legislative infrastructure. The centre is located

North, West and Central Africa.

in Abu Dhabi’s Central Business District on Al Maryah Island and supports the development of Abu Dhabi’s dynamic financial services sector, an important element of the Emirate’s Economic Vision 2030.

because it is considered a strategic market and a central hub for doing business in the region,

other regulators to ensure that the operational

Clifford Chance stated.

platform, regulatory framework and legal jurisdiction of the centre are all fully in line with international procedures. The ADGM is working with the UAE Central Bank to co-operate on regulatory supervisory issues. An MOU with the Central Bank was seen as an important milestone for the ADGM in establishing the regulation, registration process and legal jurisdiction that will provide a strong foundation for the future business of companies registered at the centre. The MOU, announced in April 2014, marked the first in a series of agreements with local and international regulators to ensure that the Global Market has a regulatory framework for financial services that is internationally accredited.

MOROCCO - CASABLANCA Casablanca has made its entry into the GFCI

existence of market infrastructure that is

in Africa, ahead of Mauritius.

Commodities Asset Management. When the UAE officially moved from “frontier” to “emerging” market on key index MSCI in June 2013, it meant a new era of both greater opportunity and closer scrutiny for the financial markets in Dubai. As a result capital markets in Dubai are starting to attract more foreign investors.

CFC aims to be an economic and financial hub and a bridging platform between north and south. It seeks to attract and encourage international institutions and investors to invest and operate in the region by choosing Casablanca as a gateway to access North African markets. It is focusing on attracting three business categories: financial companies, professional services providers and regional or international headquarters of multinationals.

OFFSHORE CENTRES An offshore financial centre is usually a small, low-tax jurisdiction that specialises in providing corporate and commercial services to nonresident offshore companies, and for the

ranked 62nd in the global ranking and second

commodities trading platform called Dubai

centre and pointed to its mature legal and

financial institutions, other financial centres and

companies and financial institutions are the

important step by launching a sharia-compliant

the many opportunities available in the finance institutional framework. The CFC is attractive

rankings for the first time in 2014. The city was

Commodities Centre (DMCC) took an

leading law firm Clifford Chance mentioned

Consultations have been conducted among

Key to Dubai’s ability to attract more Islamic

globally competitive. In 2013 Dubai Multi

Opening an office in Casablanca in 2012,

investment of offshore funds. Firms are attracted by the low burden of regulation as much as the minimal tax obligations. The term “offshore financial centre” first emerged in the 1980s but the practise of offshore finance has received increased attention since 2000. The April 2009

Casablanca Finance City was created under

G20 meeting saw the heads of state of the

Law No 44-10, December 2010. The law

world’s leading economies resolve to “take

created the legal concept of “CFC status”

action” against non-cooperative jurisdictions.

and also entrusted Casablanca Finance City Authority with the overall management responsibility for the centre and its institutional promotion. The enforcement decree of Law No 44-10, passed in September 2011, enacts the creation of a CFC Commission, the body responsible for the granting of CFC status to companies deemed eligible. CFC status gives companies access to an attractive package of

Most offshore centres saw their ratings improve in the GFCI index since 2013 but most experienced a decline in their position relative to other ﬁnancial centres; several losing more than ten places. Jersey retained its rating but was overtaken by 13 other centres and fell from 28th to 41st place. It nonetheless retained the top spot in the offshore group because Guernsey also lost six places to 42nd

Turning to Abu Dhabi, the capital of the

advantages including tax incentives, exchange

UAE, the Abu Dhabi Global Market is a

control facilitation measures as well as other

new international financial centre being

benefits for doing business.

established as a financial free zone to connect

While developed countries were witnessing an

Mauritius saw a rise of 40 points in the ratings

economic slowdown, the African continent has

and ﬁve places to 63rd, and the Bahamas

continued to stand out as a major source of

improved by 35 points and two places to 65th

global growth. CFC, which is fully aware of the

in the index.

the economies of the Middle East, Africa and South Asia with world markets. Following on from the success of Dubai in establishing the DIFC as a financial centre, Abu Dhabi announced plans to open its own financial services free zone, but unlike the DIFC, the centre will specialise in physical commodities.

while the Cayman Islands lost four places to 43rd. The British Virgin Islands entered the Top Five Offshore centres moving up four places.

continent’s huge assets, undertakes to support and sustain Africa’s development and growth through attracting foreign investment to the continent. The finance city, reflecting Morocco’s

The ADGM will allow registered companies

national ambition to position its finance sector

to transact business within a zero-tax

at the forefront of the regional and international

environment. Member companies will be able

financial services industries, is intended to be a

Arab British European Banking & Finance Guide

Advertorial

ANTIGUA… A Caribbean Home, A Global Market legal or practical impediment for rendering

modern and integrated processing platform

assistance where both countries criminalize the

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for the management of its international

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BANKING SUPERVISION The regulatory environment of banks providing international financial services is strongly supervised for the safe and ethical depository Brian Stuart-Young, Chairman & CEO

of foreign currencies and the delivery of wealth management solutions. The jurisdiction

Located in the Eastern Caribbean islands, Antigua represents a crossroad for financial services within the Caribbean, and its 32-year-old financial centre is conveniently time-zoned to provide international financial services. Although best known for its 365 white-sand beaches, Antigua enjoys a growing reputation as a trusted Caribbean destination for both tourism and international financial services. The new government, democratically elected in June 2014, is vigorously pursuing programmes to enhance and strengthen these two sectors as key pillars of the economy. As the world financial crisis gets repaired, there is a resurgence of business growth towards the Caribbean and Antigua in particular, demonstrating that the non-volatile, politically stable and sovereign jurisdictions are attracting clients seeking more personal attention for their wealth management portfolios. Antigua

undergoes regular peer evaluation by the Caribbean Financial Action Task Force as well as reviews by the World Bank and the IMF, all of which give enhanced scrutiny to

known as “SugaPay”, offering an innovative card and mobile payment solution. In today’s global village, geographic focus is less relevant to clients with an increasingly international perspective, and the use of modern technology will deliver a consistently high standard of service for customers to conduct secure banking business regardless of the proximity of the bank offices.

providing international financial services

WEALTH MANAGEMENT AND YOUR HOME AWAY FROM HOME

and tax-neutral accounts are licensed and

Antigua is increasingly attractive to international

the operations of the financial centre. Banks

regulated by the Financial Services Regulatory Commission (FSRC). Antigua’s Financial Centre is over 30 years old, and its oldest financial institution is Global Bank of Commerce, which was first licensed in 1983. The jurisdiction has been aggressively emulating the actions being taken worldwide to strengthen the

investors from Latin America, Europe and the Far East seeking private banking services and wishing to balance their portfolios with commercial and foreign exchange trading services, and who may also be interested in real estate investment in the jurisdiction.

regulatory oversight of all financial systems.

The introduction of new legislation allows

Annual financial audits are mandatory and

approved investors to take part in the

are conducted by resident offices of well-

Citizenship by Investment Programme (CIP).

recognized auditing firms including Grant

This provides for citizenship and an Antigua

Thornton, PKF and KPMG.

and Barbuda passport to be granted on the basis of approved persons and families who satisfy a high standard of due diligence

tourism destination for the more discriminating

A BUSINESS CENTRE WITH TECHNOLOGY-DRIVEN SERVICES

visitor and similarly appeals to client

Antigua provides ideal support for information

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technology services and Internet-driven

Global Bank of Commerce can provide CIP

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A REGULATORY ENVIRONMENT FOR INVESTMENT The jurisdiction strives to balance the client’s needs for confidentiality with the requirements of meeting all international financial standards. It has a robust mutual legal regime which facilitates a transparent process under which information may be exchanged. Mutual legal assistance in anti-money laundering and financing of terrorism matters is also provided for under the Mutual Assistance

business opportunities that demand more sophisticated financial services. The Antigua & Barbuda Investment Authority, established

requirements and qualify in respect of making personal investments in Antigua and Barbuda. information and assist in advising applicants.

A GLOBAL CENTRE

by the Government, assists the investment

Antigua’s international financial centre is

process and identifies related incentives for

redefining the role of international banking

certain investment categories. International

relationships and complimenting business

business companies (IBCs), Trusts and

opportunities that need technology-driven

Foundations will also benefit from the

solutions. The combination of well-regulated

tax-neutral business environment. There is

financial service providers and the ability to

a fully experienced and professional sector

offer modern financial services in a stable

comprised of attorneys-at-law and licensed

environment, including the benefit to qualify

company providers in the jurisdiction.

for citizenship, makes Antigua and Barbuda a premier location for doing global business.

in Criminal Matters Act. Mutual assistance

The government is also committed to operate as

exists for all countries that are members of

an e-government and has positioned Antigua to

By: Brian Stuart-Young

the British Commonwealth, the United States

become a leading Caribbean IT centre. Antigua

Chairman & CEO

of America and other countries with whom

can facilitate Electronic Financial Transactions

Global Bank of Commerce, Ltd.

Antigua and Barbuda has signed mutual

through its fully PCI DSS certified card processor,

Antigua, W.I.

legal assistance treaties (MLATs). There is no

Global Processing Centre, which operates a

www.globalbankofcommerce.com

Arab British European Banking & Finance Guide

Advertorial

Your International Business Partner By the BVI International Finance Centre

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BVI plays host to many fund managers and

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investment business are also popular for wealth

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commence business seven days later unless an

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Arab British European Banking & Finance Guide

Advertorial

Luxembourg, the European hub for Islamic finance Luxembourg has been a pioneer in the European Islamic finance sector, with a track record that stretches back to 1978 and the authorisation of the first Islamic finance institution to establish in a western country.

Since then, Luxembourg has continued to

the world1, reflecting a set of skills that have

Market rules and benefiting from established

lead from the front with the establishment of

attracted conventional fund promoters from

experience in this area.

the first European shariah compliant insurance

all over the world. Luxembourg is world

company in 1983 and the first listing of a

leader in the cross-border distribution of

sukuk on a European stock exchange 2002. The Banque Centrale de Luxembourg was the first European central bank to join the IFSB, in 2010, and subsequently became a founding member of the International Islamic Liquidity Management (IILM) facility, which established its issuing platform in the Grand Duchy.

investment funds2, which are accepted for sale

Meanwhile, Luxembourg started to attract

typically active in multiple geographies.

Islamic institutions - firstly as a domicile, then

A small handful of banks are also active at

as a physical base - from which to distribute

lead managing sukuk issues. Their placing

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institutional investors, including the 112 shariah

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to institutional and retail investors in some 70 jurisdictions worldwide. centres

the

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Grand Duchy, and from wealth managers and family offices. A first sovereign sukuk, later this year, should provide all target groups with a high grade AAA rated investment. The opening of a Freeport at Luxembourg airport, in September 2014, will add a facility for storing high value commodities, from

THE INDUSTRY FOUND FERTILE SOIL IN LUXEMBOURG. Today, Luxembourg is the third largest domicile for shariah compliant investment funds in

ancient manuscripts to precious metals. In the life assurance space, Luxembourg

takaful and Germany, taking advantage of the EU Single companies

contracts

have

started

cross-border

Arab British European Banking & Finance Guide

Islamic finance. However, 2014 may be notable for the launch of the financial centre’s first fully fledged Islamic bank, backed by a SaudiArabian led consortium.

Luxembourg is one of the leading wealth management

Luxembourg banks are active in all areas of

selling

into

France

Islamic finance in Luxembourg is growing slowly but surely, under the increasingly experienced eye of the regulators. It enjoys the full support of

the

Luxembourg

Government

and

professional partnership with in the central bank and the financial supervisory authority, CSSF, both of which have been at pains to prepare for this development.

1 Thomson Reuters - Lipper, global Islamic Asset Management Report 2014. 2 PwC Global Fund Distribution Chart 2014

Advertorial

Malta’s Individual Investor Programme – Gateway to New Opportunities Malta’s geographic location at the centre of the Mediterranean has been a key factor in the island’s economic prosperity. Malta became a Member State of the European Union in 2004. The Individual Investor Programme of the Republic of Malta is intended to enhance the attractiveness of the country for high net-worth individuals who can contribute to the economic and social development of Malta.

Malta’s natural Grand Harbour

MALTA: QUICK FACTS

Malta’s rich history is testimonial of Malta’s

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Land area: 316 km²

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economic

outperformed

applicant. During this one year of residency,

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DETAILS OF THE IIP The Individual Investor Programme is another initiative by the Government of Malta to foster the development of the Maltese economy and the quality of life of the Maltese people. The Programme is the first of its kind to be endorsed by the European Commission. Identity Malta was set up in 2013 to

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they

are

requested to make a €650,000 contribution to the National Development and Social Fund and invest in property which must be retained for at least five years. The property condition can be realized through the purchasing of a real estate property with a minimum value of €350,000 or the leasing of a residential Maltese property for at least €16,000 annually.

research, innovation, employment initiatives, the environment and public health. Prospective applicants of the IIP have to be represented either by the Concessionaire or one of the Accredited Agents licensed by Identity Malta. These facilitate the application process and deal with Identity Malta on behalf of their clients.

minimum of €150,000 in Malta Government

BENEFITS OF MALTESE CITIZENSHIP

Stocks to be held for a minimum of five years.

There exists a significant number of compelling

Maltese citizenship through naturalization. As

The National Development and Social Fund

benefits associated with Maltese citizenship,

part of the assessment process, the Agency

is being set up to receive the contributions

all of which are subject to the client’s own

undertakes extensive due diligence which

from the IIP. The funds will subsequently be

requirements associated with the acquisition of

guarantees that Maltese citizenship is only

used for the advancement of education and

another passport.

administer the Individual Investor Programme. It is responsible for accepting and processing applications of individuals who want to acquire

Applicants are also requested to invest a

Arab British European Banking & Finance Guide

CONTACT DETAILS: Mediterranean Conference Centre, Old Hospital Street, Valletta, VLT 1645, Malta iip@identitymalta.com

St Julian’s

together with other financial service providers licensed

the

Malta

Financial

Services

Authority, bolstered Malta’s resilience during the recent financial and economic global crisis.

Blue Lagoon, Comino Island

Malta offers unique opportunities for tax planning purposes and wealth management;

Malta is part of the Schengen Area, which

an English Language Teaching (ELT) destination,

it has been ranked as Europe’s favourite fund

allows free travel between most EU Member

with more than 80,000 students visiting Malta

domicile by the Hedge Fund Review in 2013.

States. Moreover, Maltese citizens enjoy Visa-

annually.

free travel to numerous countries in the world,

The Government of Malta is determined to

The quality of life in Malta is excellent. The

attract the world’s best talent to the island’s

Mediterranean weather makes it possible for

shores. Successful applicants are invited to

the island to be buzzing with cultural and

stimulate economic growth through their

outdoor activities all year round. Above all these

international links, their resources and their

considerations, Malta has one of the lowest

business expertise. Malta wants to drive the

The island’s internet infrastructure is supportive

crime rates in the world. Summed up together,

message home that the island offers unique

of the demands of the educational system, the

these benefits let the Good Country Index to

business

business environment and the community in

rank Malta in the 23rd place.

exceptional Mediterranean lifestyle.

including the United States of America. Malta is well-connected and travelling times to the major cities in Europe, North Africa and the Middle East are relatively short.

general, achieving full marks in the EU’s Digital Agenda Scoreboard in 2013.

Malta,

applicants

the

opportunities

together

with

Individual

Investor Programme can benefit from top-

English is an official language of Malta with

notch financial support services, with service

practically all Maltese being fluent in the

providers specializing in banking, insurance

language. The island has established itself as

and investments products. The Maltese banks,

Arab British European Banking & Finance Guide

Editorial Managing assets of the world’s elite

ealth management is a recent term which developed from the late 1980s.The arrival of new specialist market participants including the wealth management arms of investment banks, specialist brokers, insurers, legal services and retail banking premier account services, have grown rapidly to service the emergence of high net worth individuals and more recently ultra-high net worth individuals.

It is estimated that managed assets are expected

4,500 HNWIs, the 2014 report sheds light on

The global UHNWI market is characterised as a

to grow more than $100 trillion by the end of

topical themes, such as investment allocation,

population that continues to be dominated by

the decade. And huge opportunities exist for

trust and confidence and HNWI relationships

men, who form 88% of the total population

the management of these assets whose scale

with their companies. Philanthropic

in 2013; furthermore, “self-made” individuals

well exceeds that of the GDP of many countries.

investments and how asset management can

formed 65% of the world’s wealthiest individuals.

Some key market trends and developments in

assist were new themes in the 2014 report.

Looking at the regional distribution of this

the wealth management industry have been

The World Wealth report had defined an HNWI

wealthy population, the Middle East has shown

identified.

as someone with investable financial assets –

strong growth, with its UHNWI population

excluding “collectibles, consumables, consumer

and wealth growing by double digits – the

durables and primary residences” – in excess

highest growth out of all regions in the world,

of $1m (£600,000). Such assets would

according to the World Ultra Wealth report.

An ageing population demands its own specific investment products to meet their particular needs.

hardly purchase a small apartment in the less

The environment in which the industry

salubrious parts of town these days, so it is

operates will be an increasingly well regulated

naturally no longer viewed by the industry as

one with compliance and transparency

a yardstick of the extremely wealthy. By 2013

adopted as common standards.

the world became home to millions of HNWIs

There is a growing need for independent

making it a less exclusive social status.

financial advisors and diversified services to

The growth in the number of very wealthy

cater for the demands of the rising number of

individuals thus led to the identification of a

wealthy individuals worldwide.

new category – namely the Ultras. To qualify as

Finally, and significantly, the strong development and rising wealth of the economies in regions such as the Middle East and North Africa offers growing potential for the industry. One of the key trends is the recent emergence of the ultra-high net worth individual.

part of today’s Ultra-HNWI an individual must possess private liquid financial assets of $30m and above.

The Middle East’s rapid growth will gradually translate into moderate growth over the ﬁve years from 2014. Despite some disruptions and uncertainties in a few regional markets, the Middle East represents a huge growth area for asset management services. The Middle East in fact was the fastest growing region for both UHNW population and wealth in 2013 with growth of more than 15% in UHNWIs. Saudi Arabia has the largest number of UHNWIs and wealth at 1,360 individuals and $285bn respectively. The UAE, meanwhile,

A World Ultra Wealth report first appeared in

trails the Kingdom but its actual UHNWI

2013 and now provides an annual survey of

growth rate outpaced Saudi Arabia by 20.7%.

this very exclusive market.

The World Ultra Wealth report identifies

In spite of continuing uncertainties in the world

the key industries where UHNWIs are found

economy, the concentration of assets at the

headed by finance, banking and investment

high end of the wealth management market

at 20% of the total; industrial conglomerates

makes UHNWI clients increasingly attractive for

(6.3%); manufacturing sector (5.5%);

providers of ﬁnancial services.

real estate (4.8%); and construction and

with a plethora of professional advisors

The number of UHNWIs increased by 6% in

engineering (4.3%).

offering a range of services to manage the

2013 to 199,235 while their joint net worth grew by around $2trn – which roughly equals

In terms of the global distribution of UHNWIs,

wealth of these elite potential clients.

Once all the talk was about high net worth individuals (HNWI); nowadays these individuals are tending to be eclipsed by the rise of ultrahigh net worth individuals (UHNWI) as they command the attention of the finance industry

The UHNWI status has evolved from the HNWI, who as a group was originally identified in the

the GDP of India – to $27.7trn. This figure is approximately 40% of the world’s GDP.

the UK saw a 3.6% growth in its UHNW population and wealth totalling 10,910 individuals and $1.4trn. Many of the UHNWIs

mid-1990s when the first World Wealth report

The average wealth of an UHNWI individual

in London will be from the Arab countries. The

was produced. The World Wealth Report

increased to $139.4m in 2013, up $1.8m from

city attracts 58% of the country’s UHNWIs.

produced by Capgemini and RBC Wealth

the previous year.

To meet the rapid growth in UHNWIs new asset

Management is now seen as the industry’s

In addition, Wealth-X, which produces the

management services are constantly being

leading benchmark for tracking HNWIs,

World Ultra Wealth report, identiﬁed 2,170

designed, including specifically Islamic finance

their wealth, and the global and economic

billionaires globally, with a total net worth of

asset management which has been booming,

conditions that drive change in the industry.

$6.5trn, which is equal to 23% of the world’s

with countries in the Gulf spearheading its

Based on responses to a survey of more than

UHNWI total wealth.

worldwide growth.

Arab British European Banking & Finance Guide

Advertorial

Peter Hughes Interview Apex was one of the first fund administrators to launch in the Middle East eight years ago, its CEO and Founder talks about how Apex’s offices in Bahrain, Dubai and Abu Dhabi are supporting the increasing fund industry in the region and the growth of the private equity sector in Saudi Arabia. Peter Hughes is the Chief Executive and founder of Apex Fund Services Ltd., one of the world’s largest independent Fund and Private Equity Administration companies. Peter founded Apex over 10 years ago in September 2003 and his vision was to create a company that provides the full range of fund services enabling managers to grow and run their businesses more effectively and efficiently. Under his leadership Apex Fund Services has grown rapidly and today has assets under administration of c.$30 billion with 34 offices in 26 countries. Peter created the Apex Global Network which is at the heart of the Company’s strategy of being located alongside its clients. With its Global Reach, Local Presence, Apex is able to provide the highest levels of personalised fund administration services by being in the same jurisdictions as its clients. Peter has over 20 years of financial services experience having qualified as a chartered accountant in 1994. He is a fellow of the Institute of Chartered Accountants in England and Wales.

In Abu Dhabi, how have the recentlyintroduced ESCA requirements

affected the fund administration landscape?

Why did Apex decide to pursue an Abu Dhabi licence and what does it mean for your business going forward?

The requirements provide more clarity with

Apex took a strategic decision to apply for

regards to the onshore funds sector, including

an ESCA licence; we were already servicing a

the governance of marketing and distribution of all funds as opposed to just onshore funds, the requirements for service providers and protection mechanisms available should funds become distressed.

Will the new regulations be successful in giving investors greater security and

confidence?

would be interested in setting up local structures if they know that they have a regulator on their own doorstep to support them.

What can Apex offer clients that will make its services stand out from regional competitors?

number of onshore funds for large institutional investors, and to continue servicing those funds obliged Apex to pursue licensing.

Apex offers independence and global reach, world class standards and delivery, with a local

Additionally we recognised that having this

presence in the same time zones with the same

certification would affirm to our clients and

language capability.

the funds industry that our Apex protocols are rigorous and world class, and coupled with the independence aspect unique to Apex, this had to provide Apex with a significant marketing opportunity for existing and new onshore

Through Apex’s GCC coverage in Dubai, Bahrain and Abu Dhabi offices, we have the biggest fund servicing capability in the region, with 45 fund accountants. When we combine this

funds in the market. Fund managers now have

with our specialist Dubai based private equity

The new regulations set clear direction for

the comfort that they have an independent

team and specifically our eFront private equity

regular dealings with ESCA, clients, and

administrator servicing their funds to stringent

accounting platform, Apex offers an unrivalled

internally within the regulated entity (with

regulator requirements.

service level and coverage to all fund managers

regards to matters such as internal audit, code of conduct, and possessing the requisite technical

and

administrative

capabilities).

Additionally there are capital requirements and guarantees required to ensure continued

We are seeing a major shift in investor

2013 saw the DFM and ADX end the year as

momentum in this region, investors have the

numbers one and three respectively as the

compliance. The new regulations simplify and rationalise the existing anti-money laundering framework

in the region.

Do you expect to see more funds launch this year which are domiciled onshore in the UAE? If so, what type of asset manager/fund might be attracted to do this?

Do you sense a greater international interest in the region as a result of the upgrade of the UAE to an emerging market?

option of forming traditional offshore (Cayman

best performing country stock markets. The

and set responsibility for compliance in terms

or Luxembourg) structures, or, they can choose

announcement that the UAE will be upgraded

of counter terrorist financing. Transparency

to set up an onshore fund vehicle with the

to emerging market status of course played a

ensures compliance and penalties will be

knowledge that they have ESCA as the regulatory

part in this however we didn’t really witness

enforced for non-compliance.

body. Clearly local banks and fund managers

much inflow of new money into the region last

Arab British European Banking & Finance Guide

year. I believe that 2014 will build on the stock market performance of 2013 and the early signs are that international investors are starting to allocate money to the region.

What trends are you seeing amongst Shariah compliant funds in the region – and how do you assess the development of this aspect of the industry? Shariah compliant funds play an important role in the product offering of our region and

What type of investment funds are you seeing managers look to launch in Saudi Arabia? Are the conditions favourable for new launches?

offices, they are seeking new ways to gain further entry into the real estate market and would like the opportunity to diversify their investments. Apex being one of the strongest local admin players in the region - with offices in Dubai, Abu Dhabi and Bahrain - is able to

We are starting to see a major growth in the

service them in a sophisticated manner through

private equity space, specifically in real estate,

enhanced reporting, a local presence and by

healthcare and education. Many of the family

having Arabic speakers.

offices and local asset managers have seen

increased appetite for private equity funds, specifically real estate funds.

Has Saudi benefited from the international interest in the region which has followed the MSCI upgrades of UAE and Qatar? Or are further reforms needed before this can happen?

yet they have not been widely developed by

Real Estate investments are on the rise whether

the local and regional based conventional

they are investing locally in Saudi or globally.

asset managers. We have however seen

Also the market is increasingly seeing new Saudi

more and more PE fund structures adopting

domiciled funds.

a Shariah compliant form and this trend is set

We are seeing a major increase in the fund space

to strengthen in the short to medium term as

The regional markets have rallied behind

as clients and investors are becoming more

we continue to witness an increase in regional

the upgrade of UAE and Qatar and it is now

sophisticated in terms of their investments. They

investment projects.

becoming more attractive for investments

are broadening their scope, diversifying their

in equities.. There is a noticeable increase in

investments and implementing international

market participation and with the upgrade of

best practiced regulations in efforts to make

UAE and Qatar, a lot of the regional markets –

Saudi an investment area which people are

including North Africa – have begun to follow

attracted to.

suit in terms of regulation implementation and

What trends are you seeing amongst family offices in the region? How are their needs changing and what are the implications for your business?

attractiveness for foreign investment.

What level of demand are you seeing for your PE accounting platform? Are you seeing a drive among private equity funds in the region to meet higher professional standards? Traditionally

Apex

Dubai

had

built

Q its

reputation on servicing hedge fund and

PE services over the last 12 months. This

concentrating

increase in demand has been accompanied by

investments. These days what we are noticing

a drive to meet higher professional standards

is that family offices are becoming more

and Apex has invested in eFront, which is a

sophisticated and acting more as an investment

leading software in the alternative investment

company rather than a family office. We

space as well as growing our specialist PE

are seeing increased interests in equities,

team so that we may continue to stay ahead

derivatives, money markets, real estate, private

of the curve and provide a high quality service

equity, education and healthcare.

the

past

family on

offices

small

were

direct

mainly

of trading, reporting and investment. Of course,

portfolio

further reform maybe required but the prospect

means of getting such things done. From our perspective, Apex has a very diverse offering for family office services and middle offices in

we give them time to concentrate more on the

as well as Bahrain structures in the Middle

investments that they are mandated with.

and Guernsey.

We’ve always had our eye on opening up years ago we began

prefer not to worry about the operational

there are clients that look for UAE structures

Cayman, Ireland, Luxembourg, Malta, Jersey

Would Apex consider opening an office in Saudi Arabia?

in Saudi and the market there. About four

offices. We are their outsourced operations and

they need to raise assets such as the US,

opening up.

on an investment and the returns of that and

Our offerings complement each other as

local domiciles as well as the global options

is looking promising and Saudi is definitely

Family offices in Saudi mainly want to concentrate

which we act as an extension to those family

East. We can help them by covering all their

to see the benefit of having international transparency and more sophistication in terms

a definite increase in demand towards our

How do your offerings in Dubai, Abu Dhabi and Bahrain complement each other - and might you plan to establish a presence in any other Mena countries?

of funds and local sources, they are beginning investors come in to the market, through more

mutual fund clients, however we have seen

for our clients.

While the region is rich in its own resources

a process of opening

an office and had approval from the Saudi Arabian General Investment Authority (Sagia) – the regulator of foreign entities in Saudi – to set up an entity but we are just weighing up the benefits of actually having people on the ground in Saudi or whether in actual fact people in the region prefer to have their work done elsewhere.

Are real estate funds – as opposed to direct investment in real estate – gaining popularity and understanding amongst Saudi investors?

Also in the region clients in Abu Dhabi would prefer to be serviced locally than in Dubai and

Yes definitely. While those fund managers

clients in Saudi and Kuwait often prefer to be

and family offices may invest directly they will

serviced in Bahrain rather than Dubai.

also create investment funds to attract more

Where we locate is driven by client needs and we would consider operations in other Middle Eastern countries if there is client demand.

investors across the region and specifically in the Kingdom. Since not all the Saudi investors have family

Arab British European Banking & Finance Guide

Advertorial

1788 Capital Trust S.A. Geneva Why is Switzerland going to remain the first choice for high net worth individuals and families eager to protect and develop their assets in the long term? Guillaume d’Esneval, Managing Partner, 1788 Capital Trust S.A., an Independent Asset Management company based in Geneva, speaks to Euro Arab Banking and Finance Guide:

Why will Switzerland remain a first choice jurisdiction for Asset Management? First, the country’s characteristic strengths of political and economic stability as well as a business-friendly ecosystem. The Swiss economy has outperformed all Eurozone economies and its GDP grew by a healthy 3.9% during the global financial crisis between 2007 and 2012, while the unemployment rate is below 4% today. It remains one of the world’s strongest democratic political systems! Second,

Switzerland

has

demonstrated

through its long history of Banking and Asset Management a strong ability to evolve, adapt and keep the edge of financial innovation and we can observe it until today. Switzerland’s capacity to attract the finest and most talented wealth management professionals remains intact and unrivaled ensuring an UHNW individual or a family receives the highest quality of service, the best performance in Asset Management. For those reasons, an UHNW individual or a family, concerned with its conservation and growth, always include part of their wealth managed through a Swiss Asset Management company and have custody within a Swiss or an international bank. It is a logical component and a natural move! That is why we decided to have a 1788 Capital Trust main office in Geneva, Switzerland and to develop a strong network of best in class

Guillaume d’Esneval Managing Partner, 1788 Capital Trust S.A.

custodian Swiss banks. We identify 5 key trends today: one, the

What is your perspective on future performance and Alternative Investments?

How do you see the Asset Management industry today?

strong development of the South American,

adapted investment offers, third, an increasing

After five years of a positive trend, equities

The asset management industry has managed

regulation and compliance environment, fourth,

might be fairly valued and interest rates are

to come out of the crisis of 2008, and the future

a growing need of clients for fully independent

historically low. We believe the key question

looks good. According to one report worldwide

advisors and five, a service that requires more

for investors today is how to achieve superior

assets under management (AUM) will grow

than simple “technical” management of the

return, while maintaining good diversification

more that $100 trillion by end of this decade.

financial assets.

and strong risk mitigation.

Asian, African and Middle Eastern (SAAAME) economies, second, the ageing population in the world which requires specific and

Arab British European Banking & Finance Guide

Advertorial Alternative investments are probably a part of the answer, and adding Alternatives to a portfolio can on the medium term offer very

attractive

risk-return

combinations.

Alternatives have become more mainstream and we see a substantial growth and interest in this strategy compared to more traditional ones; this trend will continue to grow to reach 9% by 2020 valued at over $10 trillion, according to industry estimates. Yet one has to be cautious with alternative investments. The 2008 crisis has evidenced 3 pitfalls to avoid when choosing alternative

“A complete wealth management setup, concerned with its conservation and growth, should include part of wealth managed through a Swiss Asset Management company and have custody within a Swiss bank. It is a logical component and a natural move!”

products: too high correlation with equity and bonds, too high financial leverage, lack of liquidity. At 1788 Capital Trust, we believe fund and manager selection is absolutely key and we thus put in place a dedicated team of the best experts in Alternative Selection, who ensure the alternative products we select for our clients are equity and bond markets neutral, have controlled financial leverage and offer appropriate liquidity. Today, this expertise in Alternatives, combined with a diversified and highly disciplined equity and bond allocation strategy enables us to deliver superior performance, risk mitigation and innovative strategies to our clients.

How is your company, 1788 Capital Trust, positioned in this market of Asset Management and Multi-Family Office services? I believe we are uniquely positioned to answer the key trends of the industry. 1788 Capital Trust has a unique international team of accomplished professionals, who have a deep understanding of client needs in all major geographical areas. With clients coming from 30 different countries today, our team has over the years demonstrated an unrivaled ability to serve the needs of individuals and families on multi generational wealth management issues.

privacy are not antonymic and that compliance helps clients to protect assets in the long term! One of the key services of an independent asset manager like us is to assist clients in more complex and demanding banking relations.

profiles, a widely spread family, or are within a

1788 Capital Trust has until now delivered to its clients an outstanding track record of managing low volatile portfolios while taking a total return approach with a positive ALPHA.

grapple with the problems and offer pragmatic

But our core offer goes well beyond pure asset management: ranging from Multi-asset consolidation for families, to Charities or Art Foundations management or Relocation and Wealth Planning services, we rank today on the top of the list of what we call here a “MultiFamily office” in Geneva. And the Alternative expertise that I described earlier is without a doubt a key advantage for our clients.

clients as with partners, without any conflict of interests and help them make the best choices for the future. At 1788 Capital Trust S.A., we turn the compliance constraint into a strength by helping our clients understand the rationale. We have always believed that full transparency and

an insurance policy. From their fiscal situation to their business organization, we are able to analyze and solutions in the most cost-efficient way. Together with the client we sit and plan their and their family’s future, we agree on a custodian bank and an investment strategy ensuring that their financial ad hoc needs are met. We then implement an active relationship with the clients, providing monthly reporting or consolidated reporting in case of several accounts, in a readable and usable way, which allows our clients to see evolution of their assets in a grasp. Our spectrum goes from the most traditional and conservative to the most innovative and risk

What kind of custodian banks will a client have to deal with? Our clientele is global. We work both with the top ones in Switzerland, as well as with banks in Europe, Asia and major financial centers. Our expertise allows us to help clients define the ones most suitable for their needs and accompany them throughout the account opening process, with our in-house compliance team. This last aspect is probably one of the most rigorous ones and we are there to lighten that burden for our clients!

mitigated strategies, and also includes Shariahcompliant products. Furthermore, 1788 Capital Trust S.A. enjoys the finest networks in tax, legal and fiduciary areas including partners in specific domains such as charitable vehicles, financing, art, real estate.

What advice would you give an UHNWI? A

complete

wealth

management

set-up,

concerned with wealth preservation and growth, should include part of wealth managed through a Swiss Asset Management company and have custody within a Swiss or an international bank.

Our independence and an open-architecture approach, ensures we will work with our

trust, a multi-family office, a foundation, or in

How is your offering structured?

It is a logical component and a natural move!

Over the years we have developed an expertise in marrying appropriate global structures and the needs of the clients. We realize that clients will have multiple and different needs given the fact that they have international business

Asset Manager like 1788 Capital Trust is

Arab British European Banking & Finance Guide

To ensure his or her interests are well preserved in the long run, working with an independent paramount!

Advertorial

Arabesque – all round excellence Arabesque is a London based asset management firm offering socially responsible and Islamic investments that perform alongside the world’s best. The Arabesque story began in 2011, when a

“non-financial-information” leads to better

team of senior professionals at Barclays set

performing investment portfolios.

investment products that offer uncompromising

out to build an Islamic asset management service that could compete among the world’s leading financial firms in performance and sophistication.

Put

simply,

Arabesque

has

developed

technology that can identify from over 70,000 stocks the 1,200 superior companies in terms of performance and values, combining them

To achieve that objective, they had to find a

in a safe and transparent way for investors

way to integrate Islamic investment principles

seeking performance without compromising

with the most advanced quantitative portfolio

their believes.

technologies available in modern finance. Simple, one might think, if you can bring together some of the world’s leading academics in finance and ethics, risk managers, research firms, and auditors. Not to forget people from NASA to check your programming code — but that is exactly what they did. They also realized that by including commonly accepted values such as the UN Global Compact and the UN Principles for Responsible Investing into their analyses, they could offer a platform for Muslims and non-Muslims alike. Under the leadership of Omar Selim, head of Global Markets for Europe and the most senior Muslim at Barclays Capital, the team tasked itself with understanding why many existing socially responsible and Islamic investments underperform and cost more than ordinary investments. The team analysed every single one of the existing 540 Islamic and many ESG funds to understand the issue. As they widened their research to consult with a range of professors from leading universities such as Cambridge, Stanford, and Maastricht, they began to develop ideas of how they might address these issues. At the same time, it became ever clearer that their original understanding was correct: socially responsible investing and Islamic investing should inherently lead to stronger performance. To prove it, they built Arabesque. After establishing the funds in Luxembourg, Arabesque

concluded

ground-breaking

meta-study with Oxford University (September

The

Arabesque’s

range

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performance while respecting wider social values. They therefore suit the investor who cares not just how much money can be earned, but also precisely how it is earned. In the post-2008 financial world, the impact and consequences of widespread past irresponsible investing are all too evident, and Arabesque is founded on the core belief that things need to

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Oxford

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change. Arabesque’s products work on a modular basis. Underpinning all of them is the Arabesque

As a result of all their industry experience and

Prime League, a universe of approximately

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companies that have passed Arabesque’s

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wider social values, yet at the same time focus

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Arabesque’s rigid criteria for social responsibility

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Arabesque’s

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Arabesque Prime, which offers the returns

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of investing into the 1,200 equities in the

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Arabesque Prime League. This fund is

Environment; Professor Rob Bauer of Maastricht

intended to be a substitute for investing in any

University, a multiple award-winning and

of the world’s major global indices and aims to

leading expert in the field of socially responsible

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fully

investing; and Professor Michael Griebel, the

equities

entry

internationally

level

product

listed

the

targeting a 1% outperformance p.a. over the

director of Germany’s iconic Fraunhofer Institute,

medium to longer term.

who brings a profound expertise in algorithmic

The

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Fundamental. This uses tried and tested

the advisory board includes Colin Melvin, CEO

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Morningstar rating) to select approximately 350

personally tasked by Kofi Annan in 2006 with

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This group of 350 high performing equities aims

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the industry’s leading provider of socially

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responsible screening; and Mohamed Donia, CEO of IdealRatings, the industry’s leading provider of Islamic screening.

second

product

technology

the (with

Arabesque a

5-star

The third and most sophisticated product is the Arabesque Systematic. This is Arabesque’s flagship

fund.

uses

the

Fundamental

2014). Entitled From the Stockholder to the

The result of these wide-ranging collaborations

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Stakeholder, it demonstrates unambiguous

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Arabesque’s

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technologies to select up to 100 equities from

core belief that taking account of so called

international standards in sustainable investing,

the Arabesque Prime League, and adds on

rigorous

evidence

for

industry

Arab British European Banking & Finance Guide

and

academia,

Advertorial

top a systematic risk management overlay that controls allocations into the equities based on trend patterns, and in times of market stress de-allocates from the equities and into cash. Its core priority is strong performance protected by a sophisticated risk management system that minimizes losses in falling markets. In addition, it respects financial prudence by ensuring maximum diversification with no individual equity representing greater than 1% of the fund value, no leverage, and no short positions. The fund aims to deliver an average annual return of 10% with maximum high-to-low losses of less than 25%. This fund is specifically suited to investors for whom preservation of wealth is a key priority.

n Arabesque was developed by Barclays from 2011 to 2013 in cooperation with professors from the universities of Stanford, Oxford, Cambridge, Maastricht and the Fraunhofer Gesellschaft, a leading German, semigovernmental think-tank n Arabesque was established as an independent firm in June 2013 through a management buy-out n Arabesque is now an independent and privately held firm n Arabesque Asset Management Ltd is based in the UK and is regulated by the UK FCA n Arabesque (Deutschland) GmbH is based in Frankfurt and focuses on research, advisory, and distribution

Beyond these three funds, Arabesque also offers bespoke solutions to accommodate specific investor requirements or preferences. More information can be found at: www.arabesque.com. Arabesque can be contacted at: Arabesque Asset Management Ltd, 68 Brook Street, London W1K 5DZ, tel. +44 (0)20 427 3670,

n Arabesque offers a unique asset management service combining state of the art portfolio management technology with the values of the UN Global Compact, the UN Principles for Responsible Investments, and balance sheet and business activity screening based on AAOIFI rules n Arabesqueâ&#x20AC;&#x2122;s funds are socially responsible and Sharia compliant. They aim to be as good as or better than conventional asset management offerings

e-mail: info@arabesque.com This information is provided for informational and illustrative purposes only, and does not constitute, and should not be construed as, investment advice, or a recommendation or solicitation to buy, sell or otherwise transact in any investment.

Arab British European Banking & Finance Guide

Editorial Professional Services and the Financial Sector GENERAL VIEW OF FINANCIAL SERVICES The institutions, services and products that comprise the financial services sector vary from country to country, but generally they include:n The central bank n Depository organisations such as banks n Building societies or mortgage banks and companies n Credit unions or credit cooperatives n Insurance and pension funds n General financiers n Cash management firms; and other engaged in financial intermediation or asset management. Financial intermediaries may themselves include securitisers, investment firms, leasing

power of other organisations like insurance

• Providing growth capital for SMEs (finance of SMEs)

companies or post office savings institutions is increasing.

• Investing in public sector infrastructure (through Public Private Partnership “PPP”)

n The last decade also saw the spectacular rise of a financial infrastructure, entities and practices collectively referred to as a shadow banking system, comprising among others such businesses as hedge funds,

• Proving professional and supporting services (accounting & related professional bodies) ON A NATIONAL LEVEL

private equity funds, money market

Supporting employment and national growth by

funds and special investment vehicles.

facilitating the following:-

Many observers believe this shadow

• A leading employer (in the UK some 20

banking system, operating outside any

towns and cities each have over 10,000

national supervisory framework but closely

people employed in the sector)

interwoven with the regulated financial system, may have contributed significantly

• A significant contributor to the National economic output (in the UK financial &

to the onset of the global financial and

related professional services contributed

economic crisis that erupted in the last part

£17bn in the 2012)

of 2008. The professional services sub-sector comprises

• A large generator of tax receipts (in the UK, financial and related services contributed

companies, hire purchase and the provision of

individuals, partnerships, firms or corporations

personal and consumer credit. In some cases,

of contractors or consultants who provide such

a broader perspective of the financial services

services such as:

sector needs to incorporate not only the

n Accountancy

investment (in the UK, financial and related

n Public relations

professional services generated a trade

financial industry but also the business services that support its operation. The wider financial services sector in any country 1 Financial enterprises (such as banks) and

n Real estate agencies, etc…

FUNCTIONS & OBJECTIVES

bond, equities and currency markets) and

ON A PERSONAL LEVEL

their participants (issuers and investors), and

Facilitating people’s everyday lives by:

3 The payment system – cash, cheque and electronic means for payments – and its participants (for example, banks). The interaction of these parts enables funds for investment or consumption to be made available from savings in other parts of the national or, increasingly international economy. Financial institutions mainly engage in

• Protection against risks (insurance industry) • Safeguarding savings and managing investments for the future (personal & families savings and pensions)

businesses working by facilitating the following:-

n Banks in most countries are the largest deposit-takers and financial services providers, but the market shares and

http://ilo.org/global/industries-and-sectors/ financial-services-professional-services/lang-en/index.htm

• The City Bank

http://www.thecityuk.com/research/ our-work/reports-list/key-facts-about-ukfinancial-and-related-professional-services/

ON A BUSINESS LEVEL Providing finance and services that keep

MAIN BODIES FOR FINANCIAL SERVICES

• International Labour Organisation

products and services (home mortgages)

– for example, by taking deposits, borrowing cover, leasing and investing in financial assets.

Sources

• Providing broad access to financial services

intermediation and provision of financial services and lending, supplying all types of insurance

surplus of £55bn in 2012)

n Translation and interpretation n System analysis and design

2 The financial markets (for instance, the

of total UK tax receipts) generating a trade surplus and attracting foreign direct

has three overlapping components: regulatory authorities

£65bn in tax revenue in 2012/13, or 12%

• Bank lending (loans for businesses and SMEs) • Facilitating issues of shares and bonds by companies (shares in stock exchange & private equity) • Investing capital in companies (shares & bonds issues by companies)

Arab British European Banking & Finance Guide

Advertorial

What can Factoring do to help your business? Have you ever been in a situation where your business is growing and your personal finances are just not enough to accommodate business growth? Have you tried approaching banks and could not get the financing you want because you just cannot offer enough collateral, or because you’ve had too few years in business to provide them with enough comfort? There is a solution for a young, ambitious company with steep positive business growth, less tangible collateral but more cash flow generation ability. It is Factoring!

SO WHAT IS FACTORING AND HOW DOES IT WORK?

SUPPLIER

TRADER

BUYER

In the former case, the “Factor” would help the business make payments to new suppliers while paying back the “Factor” directly on the agreed due date, thereby enabling the business to open new relationships with suppliers while obtaining credit; this is something that could not normally have been negotiated by the business when starting a relationship with a new supplier. In the latter case, the “Factor” would help the business negotiate better credit terms (cash discounts, rebates, etc.) by virtue of the “Factor” paying the supplier immediately upon shipment while, again, collecting from the business in due course as agreed. Factoring can also be very useful for Corporate Businesses, as these can discount their receivables on a “non-recourse” basis, where the “Factor”, based on the quality of the receivables, can accept to take the risk of default of the buyers. Thus the corporate seller can offload its balance sheet and improve its cash flow and financial ratios. In more sophisticated structures, Normal factoring (Receivables Discounting) can be combined with supplier financing (Purchase/Reverse Factoring) to offer corporate businesses complete “Supply Chain” finance solutions, thereby making it easier for corporate business to focus on doing more business, while relying on their factoring partner to take care of the netting off and managing the cash flows from their business cycles. Menfactors has been a pioneer in the provision of specialized Value Chain Financing in the Middle East since 2009, where we have been consistently providing finance to Suppliers and Business agents/buyers of our business clients, thereby improving and accelerating the overall business flow.

Our Client Goods Flow Cash Flow

Factoring offers young, fast-growing companies, one of the most effective ways to obtain quick cash flows and be in a position to turn-over their working capital in order to generate more business activity. A young company wanting recognition and increased market share, would normally need to offer credit terms to its buyers, so as to make it attractive for them to do business. The problem faced by such businesses is that, by extending credit terms to their buyers, they would risk falling short of cash to pay their suppliers and finance their future operations. In Factoring, a business can approach a “Factor” to discount its receivables and obtain quick cash flow to further grow its business. The “Factor” would, in turn, rely on the quality of Receivables from quality buyers to discount and provide the cash flow to the business while collecting back from end-buyers on the due date.

Menafactors is a Category-2 licensed company based in the Dubai International Financial Centre (DIFC), and is fully regulated by the Dubai Financial Services Authority (DFSA), with offices spread across the UAE, Kuwait and Lebanon, offering a comprehensive coverage across the Middle East. The company is a member of the FIMBank Group, and we are one of the leading standalone providers of Factoring finance, with the ability to support businesses of every size. Furthermore, we are a member of the International Factors Group (IFG), a representative body of global factors and business groups with associated interests. We are strategically positioned to cover the Middle East through our partners, associates and group companies and offer a truly intra-regional product suite.

For more information or business enquiries, please contact:

SUPPLIER

TRADER

BUYER

Our Client Goods Flow Cash Flow

Factoring can also help businesses which are in the process of establishing new relations with suppliers or trying to obtain better terms from their existing suppliers, through what is known as Purchase/Reverse Factoring.

Arab British European Banking & Finance Guide

BASSAM AZAB REGIONAL HEAD OF BUSINESS DEVELOPMENT MENAFACTORS LIMITED (a member of the FIMBank Group) P.O. Box: 506849 ST 10-01 and ST 10-02, South Tower, Level 10 Emirates Financial Tower Dubai International Financial Center (DIFC) Dubai, United Arab Emirates Phone: +97145670108 Fax.: +9714327997 E-mail: bassam.azab@menafactors.com Website: www.menafactors.com

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All in the family Interview with: Simon Mabey, Partner, Smith & Williamson With capital in the billions, it can be difficult for wealthy individuals to find asset managers capable of protecting their vast fortunes. Interview with Simon Mabey of Smith & Williamson provides insight into its views on running a successful family office. We believe we are the only firm in the UK that can provide core family services under one

Simon Mabey Partner, Smith & Williamson

roof - private client tax, financial planning and investment management. We work closely together as a firm to provide clients with an

Simon has looked after the tax affairs of private clients, their families and business interests for over 30 years. He has advised many families, from ‘old money’ to highly successful entrepreneurs. He has extensive experience of succession planning within families, managing family disputes, appropriate arrangements for non domiciled individuals and advising on family businesses and philanthropic issues. simon.mabey@smith.williamson.co.uk www.sandwfamilyoffice.com

integrated service, and better articulating exactly what we have to offer is a key area of focus for us in 2014.

What are the key elements of your services which makes you so successful? Smith & Williamson provides a uniquely broad perspective to wealth management by bringing

Could you give us a bit of a history lesson in how you have seen the family office industry expand and maybe what are one or two drivers of that growth from your perspective?

together three core sets of skills – those of the property matters. Often, clients are looking for a

tax expert, financial planner and investment

‘one-stop shop’ to meet such needs.

manager. We have been advising wealthy

We think this trend will continue to grow and

families for over 100 years, and over that

the increase in number of wealthy individuals

time we have evolved the services available

will fuel the demand for more family office

proactively and by responding to specific needs.

type services.

Our investment management services cater for

a wide range of client requirements, including offshore and third party custody. An integrated tax and investment service is of particular benefit to non-UK domiciled clients. We can also provide bespoke pooled funds for families

As one of the leading independent private client houses, tell us more about your family office services?

with core funds in excess of £10m who might

making it important to seek professional advice

Smith & Williamson’s family office service was re-

offer assistance in strategic income tax, capital

to ensure that a family’s wealth and financial

launched in 2012 with a new website. Although

gains tax, ATED and inheritance tax advice.

affairs are managed effectively. I believe this

we have been providing the family office service

need is leading to the growth in family office

We also provide strategic and accounting advice

for a very long time; we simply hadn’t articulated

services for ultra-high net worth individuals.

to owner-managed businesses and operate

it to the market. As an example of how we are

a dedicated Entrepreneurs’ team, as well as

We are also seeing increasingly sophisticated

addressing this, we recently published a report

tax compliance and administration services,

clients. Wealthy families have become more

on family office issues entitled ‘Managing

and private banking and cash management

financially savvy and expect more from their

family dynamics’, following a survey we carried

facilities. All these services are available to all

advisors to meet specific needs, which could

out among ultra-high net worth families with

clients, who choose which services they would

cover, for example, tax issues, philanthropy and

wealth totalling over £1 billion.

like us to provide.

The key drivers of the family office industry in my view are a combination of rising personal wealth and increased client sophistication. As wealth grows, so does the need to protect it,

Arab British European Banking & Finance Guide

wish to establish a family unit trust or openended investment company. On the financial planning side, we advise on pensions, life assurance, cashflow modelling and tax-efficient investments, while our tax specialists

Our services are not ‘off the shelf’, but are

point in time. It also outlines inherent liabilities

driven by discussions with our clients, operating

on assets. We prepare a Blue Book for our

on a flexible ongoing basis as clients’ own and

family office clients and find that this assists

wider circumstances may dictate.

clients with overall wealth, inheritance and

Tell us more about your tax planning services. As well as tax returns and compliance matters, we assist with long-term planning and can assist with tax efficient organisation of family finances, the tax implications of proposed

capital gains tax planning across a family group. The Blue Book also provides a breakdown by asset class, so an investment adviser could work in conjunction with the tax adviser if it was felt that a family member (or the family as a whole) was over-exposed in any one asset class.

How do you deal with succession planning? In our experience of working with families from a Middle Eastern background, we recognise that such families often have more complicated issues and therefore a bespoke approach is needed.

In order to plan for succession, we would work with the family to set out a clear vision of what the family is trying to achieve. We see this as a key part of the family office role.

What is Smith & Williamson’s approach to family governance?

Succession planning is about the strength of the

Every family is unique, as is every individual

enough to bring them about.

within that family, and we ensure that

Changes span the inevitable marriages, deaths

everyone’s needs are addressed both as an

and divorces, as well as external factors such as

individual and as part of the wider family

reforms to tax and trust legislation. Inheritance

context.

and

tax is always a hot topic and there are often

responsibilities are captured in the form of a

complex and sometimes sensitive questions

Family Constitution, or similar document.

about the most efficient way to pass money to

The ‘Blue Book’ is a confidential personalised

While our services will draw on the skills of a

the next generation.

summary of all aspects of a family’s assets,

number of individuals with different areas of

Succession planning should follow as a natural

liabilities, commitments and future objectives

expertise, the client will have one lead partner

consequence of this ongoing relationship. If

designed to help them cut through complexity.

with whom they are in contact across all of

you have the trust of the family, it’s far easier

The Blue Book provides a central plan of the

the service lines. As part of this coordination,

to convince them of the merits of a particular

distribution of the family’s wealth over a 5 to

different generations or branches of a family

course of action that will benefit them over the

25 year time horizon. We are able to prepare a

will often be represented by different Smith &

longer term.

‘Blue Book’ for individuals, families or trustees

Williamson partners, so as to have their own

with complex financial affairs looking for an

advocate, and who may be more in tune with

overview of their affairs and possible tax and

their own particular requirements. However, we

investment planning opportunities.

ensure that there is full coordination with all

transactions, international tax planning for both individuals and trusts and the creation, winding up and administration of trusts.

What’s with your “Blue Book”?

What does the Blue Book include?

Increasingly,

these

rights

those involved in a family’s affairs.

client relationship allowing you to be flexible enough to anticipate changes, and trusted

Where a family has substantial business interests, it’s obviously important to implement structures ahead of time that will ensure a smooth transition of control and an appropriate exit plan for the older generation. This might involve buying out peripheral family members and having suitable incentives in place for new management, particularly if they’re being brought in from outside.

Explain the delivery of bespoke services.

Awards

stated worth of the family members and their

In our experience all families are different and

in accolades for Winner of Accountancy Team of

related family trust interests, both personal and

even within a family, each generation and each

the Year 2013/14 (STEP Private Client Awards),

charitable – and the liquidity of assets. It also

individual will have different requirements; nor is

Winner of Investment Team of the Year 2013/14

includes documentation of family wills, trusts

there a one-size-fits-all solution. We do not sell

(STEP Private Client Awards) and Best High Net

and available tax effective reliefs to help identify

products, but instead build bespoke portfolios

Worth Team 2012 (Lexis Nexis Taxation Awards).

further tax planning opportunities.

tailored to individual client needs and mandates.

The Blue Book includes a clear picture of the

The great importance we attach to the quality of our service to private clients has been recognised

When structuring a client’s portfolio, we would ensure we fully understand the client’s risk tolerance, time horizon, asset preference and any capital and income return requirements. It is also important to understand their tax circumstances

What are the benefits of your ‘Blue Book’?

to mitigate any tax impact.

The beauty of the Blue Book is that it gives a

greater assurance that their affairs are being

snapshot of family assets and liabilities at a set

managed in a uniquely holistic way.

Our combination of high quality investment advice and tax advisory services gives clients

Note: The value of investments and the income from them can fall as well as rise and you may not get back the original amount invested. Past performance is not a guide to future performance.

Arab British European Banking & Finance Guide

LUXURY TRAVEL SWITZERLAND The Exclusive Swiss Experience Exclusive – Personal – Individual – Limited – Unique The newly founded LUXURY TRAVEL SWITZERLAND LLC is the premium provider of luxury round trips within Switzerland. For LUXURY TRAVEL SWITZERLAND only the best is good enough: The most exclusive Hotels, the finest restaurants and the Managing Director being the personal escort, adviser and person in charge throughout the trip.

Patric Collet Managing Director “I look forward to showing you my beautiful country.”

ONLY THE BEST IS GOOD ENOUGH As a client of LUXURY TRAVEL SWITZERLAND you can expect a first class ten day round trip full of luxury and exclusivity: World famous cities such as Zurich and Geneva – prestigious destinations such as St. Moritz, Gstaad and Zermatt – wellknown sights such as the Jungfraujoch, the Chapel Bridge in Lucerne, the Jet d’Eau in Geneva and the famous Glacier Express.

EXCLUSIVE DAY TRIPS The spectacular daily excursions include among others a trip to the Jungfraujoch – Europe’s highest railway station at 3,454 meters above sea level – or the journey in a first class panorama wagon on the Glacier Express train (UNESCO World Heritage Status) through the Swiss mountains from Zermatt to St. Moritz. Not to be missed of course are highlights such as a helicopter flight around the majestic Matterhorn, a visit to one of the renowned Swiss watch manufacturers or a trip on a historic steam ship on one of the numerous crystal clear lakes.

OFF THE BEATEN TRACK There is also enough time for shopping, a romantic drive in a horse drawn carriage or dog sled as well as a leisurely stroll through one of the lovely old, historic Swiss town centres. Private ski or snowboard lessons are possible both in summer and winter thanks to the technical installations on glaciers. You can even make your own cheese during a trip with LUXURY TRAVEL SWITZERLAND – which as soon as it is ripe – will be sent to your home as a culinary souvenir.

TAILOR-MADE A round trip with LUXURY TRAVEL SWITZERLAND has been designed for two persons and promises to be an unforgettable experience – thereby offering plenty of private space, room and flexibility to be able to tailor the daily programme

to the individuals’ personal wishes. The summer

PRICE

tour will be offered from mid-June until midOctober. A winter round trip can be booked from mid-January until early April.

UNIQUENESS n Private lodging in some of the world’s finest hotels

n CHF 48 000.- for two persons in a double room deluxe n The set price includes full board, all day trips, snacks, charges and taxes – not included are alcoholic beverages

UPGRADES

n Intimate dining in gourmet restaurants n Chauffeured travel in a luxurious SUV n Spectacular daily trips to unique destinations n Personal & professional tour escort

HIGHLIGHTS n Rack climb onto Jungfraujoch – Europe’s highest railway station n Helicopter flight around the majestic Matterhorn n Visit to a famous Swiss watch manufacturer or chocolate factory n Train ride on the Glacier Express – world’s slowest fast train

DATES n The summer trip can be booked from midJune to mid-October n The winter trip can be booked from midJanuary to early April

n Junior Suite with at least 60 m2 CHF 10 000 per trip n Suite with at least 100 m2 CHF 25 000 per trip n Native language speaking tour guide CHF 10 000 per trip

DISCOUNTS n Book 2 or 3 trips and get a discount of 5% n Book more than 3 trips and get a discount of 10%

FURTHER INFORMATION To find out more please visit: www.lt-switzerland.com

Advertorial

Trading safely with the pearl of the Middle East Think of the United Arab Emirates and the first thing that springs to mind may be ‘oil’. But, before its discovery in the late 1950s and the enormous wealth that followed, the region’s main source of revenue had been pearl fishing. Whether thanks to pearls or oil, the UAE has at its foundation an economy built on trade rather than industry, and it’s that expertise in shrewd trading that continues to be its strength. worthiness. As Schuyler D’Souza, UAE Country Manager, Credit Insurance at Orient Insurance PJSC and GCC Head of Atradius Credit Insurance, explained in a recent webinar discussion hosted by Atradius: “While increasingly companies now see the value of transparency in declaring their financial strength, not least because bank lending criteria has become more stringent, some UAE companies are still unwilling to show the whole picture. However, organisations like Orient Insurance, in cooperation with Atradius, have the resources to delve deeper to achieve an accurate assessment of a company’s financial status”.

AVOIDING THE PITFALLS Atradius has recently published a report entitled ‘Trade successfully with the UAE’ to assist foreign companies seeking to get a The wealth that the UAE has accrued through

Worse still, the failure of a major customer

foothold in the UAE. As well as explaining the

oil has proved a cushion in recent years

to pay for goods or services supplied can be

value of credit insurance, the report highlights

against the effects of the global downturn

a devastating blow. And resolving a trade

a number of issues that those companies

that had such an impact on many other parts

dispute through legal action can be both a

should address before embarking on their

of the world: notably Europe and the US.

lengthy and expensive process: according to

venture. For instance, even though the UAE’s

While Dubai did find itself in dire straits, with

the World Bank’ ‘Doing Business 2014’ report,

population is made up largely of foreign ‘ex-

the help of its neighbour Abu Dhabi it soon

contract enforcement through the UAE courts

pats’, an appreciation of and respect for the

regained its composure. Indeed, the whole of

takes an average 524 days and costs 19.5% of

role of Islamic culture and tradition in every

the UAE’s economy has gained momentum

the value of the claim.

aspect of UAE life – both social and business – is essential. It can guide how foreign

since 2011, giving a boost to many of its demand for foreign products and services,

A SAFETY NET TO PROTECT YOUR CREDIT SALES

including luxury consumer goods, machinery

There is a solution that can allay foreign

construction projects, its tourist industry and

and transportation equipment, chemicals and food. Add to that the UAE’s many free

suppliers’ fears and provide total peace of mind. Atradius credit insurance guards against

companies should conduct themselves during negotiations and govern what is considered acceptable in product advertising. And the expense of lengthy court action to resolve disputes can be avoided by instead taking the problem to one of the UAE’s arbitration centres

zones and its openness to international trade

the risks of non-payment that due diligence

– it currently ranks 23rd in the World Bank’s

alone cannot avoid: a customer’s insolvency

‘Ease of doing business’ table – and the clear

or protracted default, or external factors

‘Trade successfully with the UAE’ can be

signal is that this rich nation holds a host of

beyond the customer’s control such as political

downloaded free at www.atradius.com,

opportunities for foreign companies seeking

decisions or natural disasters that prevent the

where you can also listen to the Atradius

new and fruitful export markets.

successful conclusion of the sale. What’s more,

webinar ‘The key to business success in the

Nevertheless, even in a country as affluent

once a supplier has the safety net of credit

UAE’.

as the UAE, there is always a level of

insurance, they can offer more competitive

unpredictability – and hence financial risk -

terms of payment, and concentrate their

in Dubai and Abu Dhabi.

CONTACT

when a supplier is selling on credit terms, as

efforts on future sales, not past debts.

is the norm in today’s commercial world. Late

The foundation of credit insurance is the

help your business, visit www.atradius.com

payment can derail cash flow expectations.

accurate assessment of a customer’s credit

or e-mail atradius.marketing@atradius.com

Arab British European Banking & Finance Guide

For further information on how Atradius could

Editorial Britain’s Sukuk Debut and Market Potential

slamic finance has recently emerged as one of the most lucrative segments of the global financial services industry. Several countries have expressed deep interest in incorporating Sharia-compliant financial structures and instruments within their economies in order to establish themselves as international hubs of Islamic finance. In this regard, London has acted quickly to affirm its pre-eminent role in the global capital markets. For over thirty years, the United Kingdom has been one of the first European states whose efforts to provide Islamic financial services led to the creation of a fiscal and regulatory framework that ensures the sustainable growth of Islamic finance. Today, the country accommodates six international banks that fully operate under Sharia-compliant standards, with leading British banks growing to become increasingly active in the global sukuk market.

Additionally, the rapid emergence of Islamic

interest. Although Sukuk is based on traditional

potential. The Islamic finance sector is currently

investments in the global economy greatly

Islamic finance, it was adapted to ensure

estimated to be worth about US$1.7 trillion

contributed to the growing importance of

that the treasury issued a gilt-like financial

(2013), with demand growing 50% faster

Islamic finance in the U.K. In October 2013, it

instrument that fell within the guidelines for

than conventional financing and investment

became the first non-Muslim country to host

alternative financial models in British economy.

models. This industry is one of the fastest

the World Islamic Economic Forum (WIEF),

It was further amended to fit within the tax

growing, charting a compound annual growth

attracting delegates from 120 countries. U.K

system so Islamic financial securities and

rate (CAGR) of 38.5% between 2004 and

Chancellor of the Exchequer, George Osborne,

investments are not at a disadvantage against

2011. The market potential is significantly

hailed the event as a testament to London’s

conventional banking alternatives in the

consequential as Muslims make up a quarter

ability to serve as an unparalleled centre for

country. Accordingly, any structure pertaining

of the world’s population, with an average

Islamic finance in the West. As a part of this

to a sukuk must be transaction-specific, and

annual growth rate of 1.5%. In consideration

economic plan, London issued a £200 million

defined in reference to tangible assets available

of shifting demographics and the subsequent

sukuk (US$339 million), the Islamic equivalent

to the obligor, and will depend on applicable

potential demand, British financial institutions

of a bond, which represents the first sovereign

jurisdictions in which these assets are located.

will be able to consolidate their status in the

sukuk to be raised by a non-Muslim country and European state.

UNDERSTANDING SUKUK

SUKUK MARKET POTENTIAL IN THE UK

sukuk market by offering an alternative source of funding to their Muslim customers. Additionally, the U.K’s need for capital in

In light of global financial challenges in the

ensuring and maintaining sustainable economic

Sukuk, from the plural sakk (cheque) in Arabic, encompasses a number of financial instruments which are governed by Islamic principles and investment standards that prohibit the charging or payment of interest, and shape the structure of any transaction in the Islamic financial markets. According to the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), a sukuk is defined as a “certificate of equal value representing undivided shares in the ownership of tangible assets, usufructs and services or (in the ownership of) the assets of particular projects or special investment activity.”

dominant market, the rapidly growing pool

growth after the global financial crisis made

of Sharia-compliant mechanisms and funds

it orient itself towards attracting capital from

has spurred interest from diverse sovereigns.

the Gulf, and such Islamic financial securities

In 2014, the U.K was not the only country

should further that plan. Investment from

to debut the global sukuk market. Ireland,

Saudi Arabia, Qatar, UAE, Kuwait, Bahrain and

South Africa, Tunisia, Oman, Senegal and

Oman in the U.K has reached £100 billion in

Mauritania now qualify as new key players in

2012. Today, London can already claim to be a

the eyes of investors. Nonetheless, the U.K’s

thriving Islamic financial hub to the point of its

participation is expected to trigger an increase

skyline. The Shard, the 2012 Olympic village,

in Sukuk issuance in the western hub over the

the property developments at Chelsea Barracks

foreseeable future.

and Battersea Power Station made use of

The British Sukuk sale demonstrated its

Islamic financial instruments. It is expected that

widespread demand in the financial markets,

Islamic finance will only fuel an increase in such

attracting £2.3 billion of orders from investors

investments that continue to invigorate the

The sovereign sukuk raised by HM treasury

based in the U.K, Middle-East and wider Asia.

British economy.

is the sukuk-al-ijara, a sale-and-leaseback

The country faces increasing competition

mechanism which entitles investors to

from other financial centres for such global

BENEFITS OF SUKUK

shares in the rental incomes of three central

Islamic investments—including Dubai and

With total assets of the global Islamic finance

government offices rather than conventional

Kuala Lumpur—due to its remarkable growth

industry expected to surpass US$2 trillion

Arab British European Banking & Finance Guide

Editorial

in 2014, the benefits that would arise from

benchmark indices. Sukuk may also serve

global services will play a decisive role in the

the establishment of an active, liquid market

as viable constituents in both Islamic and

expansion and contribution to long-term

for Sukuk are manifold. The sukuk market

conventional portfolios alike: in addition to

prospects in the sukuk market. It is becoming

provides investors with innovative structures

their compelling risk-return profiles, global

increasingly clear that Britain’s first Islamic

that broaden the range of asset classes that

Sukuk maintain low correlations with other

bond issuance will attract strong demands

can be used as a source of profit but not only.

major asset classes, providing investors with meaningful diversification benefits.

in the future. Although the sukuk market

It also serves as a safer alternative to financing since it accommodates lower levels of risks and

Fundamentally, the sukuk market serves as

the global outstanding Sukuk has reached

a new alternative means of funding with

US$272.96 billion in the first quarter of 2014.

The Islamic principles that underpin the

concrete effects on the real economy. Its

To further these efforts, it is likely that the

issuance of Sukuk foster prudential approaches

growth will increase the liquidity available

U.K will urge the Bank of England to join the

to financing through the promotion of

to originators and investors, subsequently

Islamic Financial Services Board (IFSB). Such

risk sharing, the curtailing of speculative

reducing the cost of alternative products available in the capital markets, ultimately

an initiative could pave the way to a deeper,

activities and inordinate risk taking (gharar). As such, thorough due diligence is required

maximizing the availability of funding to

to determine the economic viability of a

entrepreneurs.

predictable rates of return.

business prior to the extension of funding.

still is a small segment of the global world,

more efficient commitment to the country’s ambitions as it would become part of a crucial standard-setting body in a sector whose emergent growth shows no signs of abating.

Moreover, sukuk are backed by the value of

OVERVIEW

their underlying assets, thus ensuring greater

Notwithstanding the significant value which

Zeineb Lassoued

stability. Consequently, the global financial

Sukuk has delivered, the market continues to

Guest contributor for ABCC

crisis and current euro-zone debt crisis spurred

face challenges that hamper its progress. These

a renewed interest in Sukuk from conventional

challenges include the need for regulatory

Sources:

market participants.

clarity and cross-jurisdictional standardisation,

— U.K Islamic Finance Secretariat

Indeed, Sukuk have proven to be highly

foreign Islamic banks’ need for improved

— IFSB/IFSI Stability Report

operational efficiency, and highly developed

— Malaysia International Islamic Financial

attractive value propositions for investors, consistently outperforming conventional bonds by offering superior returns with considerably less volatility. The Dow Jones Sukuk index

exchanges. Adequately addressing these obstacles will prove to be decisive to the future outlook of the global sukuk market.

witnessed a 6% CAGR over the past four

Nonetheless, it is safe to expect that the

years, comfortably beating other competing

U.K’s breadth of knowledge, expertise and

Arab British European Banking & Finance Guide

Centre — Standard & Poor’s Islamic Outlook Report (January 2014) — EY World Islamic Banking Competitiveness Report 2013-14

Editorial Islamic Finance – a Global Phenomenon Looking back over the last three decades,

the growth of conventional financial sector

the concepts of Islamic finance and Islamic

in all segments of the market, ranging from

economics have gradually captured the

commercial banking, investment banking,

attention of markets and investors worldwide.

and fund management to insurance in

There is a growing market for transactions

several leading countries whose populations

that are compatible with Shariah principles in

are predominantly of the Moslem faith. The

development of Islamic finance in the non-

traditional markets and increasingly this is a

growth of Islamic finance has been driven

Islamic world. The presence of the sector has

global trend.

by the high demand for Shariah-compliant

been expanding in the UK.

In the five years to end 2013, global Islamic financial assets grew by a compound annual growth rate of 22.8% a year, reaching $1.8 trillion at the end of 2013, according to a report from Kuwait Finance House (KFH) issued

products, as well as the increasing liquidity in the Gulf region due to its high oil revenues. Following on from significant developments in its core markets, the world has been witnessing the “globalisation of Islamic finance”.

below its true potential. Recognising the growing importance of the Islamic financial sector, the British government has taken action to ensure that the UK and London remain at the forefront of the

As of 2014, nearly 30 higher education and professional institutions in the UK offer courses and qualifications in Islamic finance, which will play a vital part in expanding the sector in the country and internationally.

in June 2014. Of this total, $75.1bn is being

Significant interest in Islamic finance has

actively managed by Islamic funds – after a

emerged in the world’s leading conventional

4.9% rise in the first half of 2014 – while the

financial centres, including London, New York,

playing an essential role in helping individuals

number of such funds has grown from some

and Hong Kong, and Western investors are

and institutions engage with the financial

800 in 2008 to 1,069 as of mid-June.

increasingly considering investment in Islamic

system. It is estimated that activity in the sector

financial products.

has risen by around 150 per cent since 2007.

financial assets has grown by 15 to 20 percent

Although Islamic finance is one of the fastest

Islamic finance is increasingly an element in

a year since 1990, according to the World

growing areas of emerging global financial

major infrastructure projects in the UK and in

Bank. The growth of the Islamic financial sector

markets, leading organisations such as the

this regard mention can be made of the Shard

in the years 2006-10, for example, surpassed

World Bank believe that the market remains

and the 2012 Olympic Village. This shows

By some estimates, the total volume of Islamic

Islamic finance is one of the fastest growing areas in the global financial services market,

Arab British European Banking & Finance Guide

Advertorial

Creation and Birth of ITFC Since its inception in 1977 the overriding aim of the Islamic Development Bank has been to improve the lives of ordinary people across the Islamic world by eradicating poverty, raising economic standards, increasing prosperity and re-distributing wealth from rich to poor nations within the Organization of the Islamic Conference (OIC). The founders of the IDB recognized that this goal could only be achieved by advancing trade within the Islamic world and the development of intratrade between OIC member countries has been fundamental to this process. Finance

2005 (Jumadi Awal 1426) by the Board of

By providing funds for trade, ITFC enhances

Corporation (ITFC) is the culmination of a 30

Governors of the IDB Group at its 30th annual

the economic welfare of least developed and

year pioneering commitment by the Islamic

meeting in Malaysia. The corporation’s articles

credit deficient countries. By financing trade

Development Bank (IDB) to develop and

of agreement were signed the following year

projects that preserve jobs and create new

expand intra-trade between member countries

in Kuwait.

The ITFC became operational in

employment opportunities, the ITFC contributes

of the Organization of the Islamic Conference

2007 (1429) and integrated the activities and

to the alleviation of poverty. By providing skills

(OIC). This commitment began with the

operations of all the IDB Group’s various trade

transfers through training and education,

inauguration of the IDB in 1975 and evolved

finance programs into its overall operations. The

ITFC contributes to capacity building and the

over three decades through multiple programs

ITFC was formally inaugurated in June 2008 at

working environment of member countries.

and operations set up to facilitate and support

the IDB’s 33rd Annual Board of Governors

various aspects of the intra-trade process. The

Meeting held in Jeddah, Saudi Arabia.

The

International

Islamic

Trade

STRENGTHENING TIES BETWEEN MEMBER COUNTRIES

ITFC was established in response to calls for an increase and acceleration of intra-trade within a unified market-driven corporation operating autonomously under the IDB Group umbrella.

ADVANCING TRADE

As one of the specialized institutions within Finance

the Organisation of Islamic Conference, the

Corporation has been set up to advance

Islamic Development Bank has been dedicated

trade by contributing to the development

to building solidarity and unity among all the

of markets and trading capacities to help all

many diverse Muslim peoples and nations by

countries belonging to the Organization of

encouraging economic cooperation among

Islamic Conference (OIC) do business more

OIC member countries. The ITFC supports this

effectively with each other and the rest of

commitment to strengthen ties among member

the world. By identifying and nurturing trade

countries through all its multifarious programs

complementarities, by introducing new shariah-

and operations.

compliant products to the trading process, and

The

Over 90% of these trade finance and promotion

through the unparalleled economic strength

complementarities between member countries

had been carried out through the Import Trade

and influence of the Islamic Development

and streamlines the intra-trade process. The

Financing Operations Program (ITFO), which

Bank, ITFC acts as a catalyst to bring together

ITFC’s trade promotion arm was the first to

was established with the foundation of the

international, regional and local organizations

initiate the integration of Trade Promotion

IDB, the Export Financing Scheme (EFS) and a

to develop intra-trade. In least developed

Organisations

special trade finance program established in

countries ITFC can reassure markets, secure

into interactive networks based on skills and

cooperation with the Arab Bank for Economic

trade financing and ensure successful trade by

knowledge transfers that lead to genuine

Development in Africa (BADEA), to finance

assuming responsibility over the entire trade

capacity building. The ITFC’s trade finance arm

the exports of Arab League member countries

transaction cycle, from beginning to end.

has initiated first time trading partnerships

First formally proposed by the Custodian of the Two Holy Mosques at the 2003 OIC Summit in Malaysia and seconded the following year by the United Arab Emirates at an IDB Board of Governors Meeting in Iran, the ITFC was mandated

streamline

and

consolidate

operations within the IDB that had been carried out through multiple programs under the Bank’s Trade Finance and Promotion Department (TFPD).

The

International

Islamic

Trade

to non-Arab League member countries of the African Union. At the same time, the

IMPROVING LIVES

Development (IBP), the Unit Investment Fund

The

Development (ICD) and the Awqaf Properties Investment Fund (APIF) were also engaged in trade finance activities. All intra-trade finance programs operational within the IDB were to be incorporated into the proposed corporation. The creation of the ITFC was approved in June

identifies

(TPOs)

and

develops

Islamic

trade

countries

between member countries. By encouraging

Islamic Bank’s Portfolio for Investment & (UIF), the Islamic Corporation for Private Sector

ITFC

paramount

concern

direct

trade

between

member

countries,

the ITFC has been able to help eliminate of

the

Islamic

Development Bank has been to improve the

intermediaries and, as a result, reduce costs and trade distortions.

lives of ordinary people throughout the Islamic world, particularly in least developed countries, through economic development and trade. This

SETTING ETHICAL STANDARDS

humanitarian objective has been at the core of

The ITFC adheres to the principles set down in

ITFC’s formation, which means that ITFC puts

the charter of the Organisation of the Islamic

the welfare of people first.

Conference (OIC) which aims “to preserve and

Arab British European Banking & Finance Guide

promote…Islamic values of peace, compassion, tolerance, equality, justice and human dignity,” to ensure “sustainable development, progress and prosperity” for Muslims and “to enhance and strengthen the bond of unity and solidarity among the Muslim peoples…” The Islamic Development Bank was established “to foster economic development and social progress” throughout the Islamic world “in accordance with the principles of Shari’ah” (Islamic Law). The profoundly ethical underpinning of the Holy Qur’an informs all IDB trade operations and activities and distinguishes the ITFC from other international trade finance organisations. The Islamic Shariah puts the welfare of people before profit and exalts honesty, transparency and moral probity above material success. The primary objective of the ITFC is, therefore, to improve economic and living standards through honest trading practices and protect Muslims against profiteering, speculation and usury. As a champion of Shariah-compliant financing the ITFC continually seeks out innovative methods and tools for facilitating trade according to the principles of Shariah. The ITFC encourages

Finance Department will build on the thirty year

in addition to strengthening the private

financing based on real-value estimates, not

heritage and rich experience in trade finance that

sector’s competitiveness in the international

on speculation. And the ITFC acts as an honest

it has inherited from the TFPD. At the same time

market. Furthermore, the TC&PP has planned

broker to promote intra-trade among OIC

it will adopt a balanced approach to commercial

and implemented training courses for SMEs

member countries to strengthen the Muslim

trade finance in support of human development.

on exports and marketing, as well as focused

world.

The ITFC brings to this process a

on-job training programs for trade promotion

decades-long heritage of integrity and success.

organizations and Chambers of Commerce in

TRADE COOPERATION AND PROMOTION PROGRAM

TRADE FINANCE Trade Finance will assist, alone or in cooperation with other providers of funds, in the financing of trade for the Organization of Islamic Countries (OIC) and, in particular, business involving intratrade among the member countries.

Consistent with the ITFC objectives to be “a leader in fostering socio-economic development in member countries through trade”. The Trade Cooperation and Promotion Program (TC&PP), the second pillar of the ITFC, will enhance, promote intra-trade and trade cooperation

member countries. The TC&PP will collaborate with international organizations in undertaking technical studies that will help member countries develop their export capacity through the identification of strategic commodities and potential growth sectors in their respective countries. Moreover, the TC&PP assesses the current trade conditions in member countries in order to provide

The Trade Finance Division is market-driven,

among member countries through a four-

committed

and

point program that revolves around ‘Trade

empowered to apply independent decision-

Promotion’, ‘Trade Facilitation’ and ‘Capacity

In cooperation with strategic partners, the TC&PP,

making in rapid response to the fluctuating

Building’. In addition, the TC&PP, through its

will develop a ‘trade information facilitation

dynamics of the global business environment.

fourth axis, will help member countries identify

system’ that will combine all the trade-related

In the course of implementing its designated

and develop a basket of strategic commodities

function, the Trade Finance division will utilize

that will increase their export potential and

such financial instruments and mechanisms as

thus contribute to their economic growth and

the ITFC deems appropriate. In the process,

developmental well-being.

striving to be a leader in the development and

Moreover,

diversification of Shariah compliant financial

of the TC&PP include partaking in and

instruments and products for trade financing

logistics and transportation facilitation studies,

sponsoring buyer-seller meetings. Organizing

that add value and increase the IDB Group

which will help in identifying investment needs

and participating in general, sectoral trade

income base.

in order to improve the existing transportation

exhibitions and joint catalog exhibitions, in

infrastructure in order to facilitate intra-trade

Additional to its role as a provider of funds for

addition to supporting foreign trade bridging

among the member countries.

trade financing, the Trade Finance Division offers

programs. These activities will not only stimulate

advisory services to member institutions and

intra-trade and trade cooperation but will also

countries and their public and private enterprises

enable member countries to access and benefit

on matters relevant to the developmental

from the global trade market.

world-class

standards

objectives of the IDB Group.

the

trade

promotion

activities

solutions and overcome any constraints.

web sites of the OIC member countries under one cyber location. This will allow for the easier access and exchange of trade-related information, thus bringing immense benefit to countries and firms engaged in both intra and global trade. The TC&PP also plans to develop

Committed to the ITFC Brand Promise of Advancing Trade, Improving Lives, the TC&PP will continue to act as a catalyst and facilitator of trade finance related activities which will help

The TC&PP places a lot of emphasis on

in creating a comprehensive trade development

In keeping with the ITFC Brand Promise, which

‘Capacity Building’, which will enhance the

network, in order to promote and facilitate

is ‘Advancing Trade, Improving Lives’, the Trade

member countries trade support capabilities,

intra-trade among the member countries.

Arab British European Banking & Finance Guide

Editorial the scope that Islamic instruments have to

biggest markets for the takaful industry along

conditions and a young demographics structure.

transform infrastructure finance in the UK.

with Malaysia. The industry’s potential for

Meanwhile, of the 250 foreign banks located

replacing conventional insurance in other

The takaful industry remains largely

in London, 25 offer Islamic finance, and the UK

leading Islamic financial markets remains

has become the leading non-Moslem country

largely untapped, according to Ernst & Young

and Europe’s premier centre for Islamic finance,

in a 2013 report. In addition, key markets

with $19bn (£11.4bn) of reported assets.

that remain largely underinsured continue to

As the Lord Mayor of London is keen to point

offer growth prospects. Improvements in the

out, the city has always been at the forefront

regulatory environments are opening up new

of new market developments and Islamic

opportunities to tap demand.

finance seems poised to play a major role in

The growth in the GCC insurance market

the future. Furthermore, the UK has renewed

has been underpinned by government-driven

its efforts to attract inward investment from

mandates, in particular for medical insurance

strategic Gulf partners into new projects in

cover. As a result, entirely new markets

London and across the UK and ne key element

have emerged, creating an unprecedented

in this equation is Islamic finance which is

opportunity for insurers and takaful operators

one of the common areas of interest that the

alike.

country shares with the Arab countries.

E&Y has pointed out that Saudi Arabia’s insurers

Islamic finance asset management is booming

(including takaful) operate under a unique

globally, with countries in south-east Asia

cooperative model which differs from the pure

and the Gulf spearheading growth that

takaful model found in other countries.

is attributed to factors such as improved investor confidence, better regulations and infrastructure. Following a difficult couple of years, in which the poor performance of regional equity markets limited growth, the stage is set for a longer term resurgence of Islamic funds, according to The Banker magazine, August 2014. With global sukuk markets deepening as non-Islamic sovereigns enter the market, including the UK and Hong Kong, the potential for a broadening of the market is high. The worldwide growth in sukuk has indeed been

The Saudi Arabia Monetary Authority (SAMA) directed all operators in the Kingdom to align with the cooperative insurance model by the end of 2011. This meant that takaful operators have had to adjust their internal accounting structures amend product terms and conditions. Since the Kingdom is a huge Islamic insurance market, this move has had a significant impact on the whole industry. In Qatar, Islamic Finance Amendment Rules 2012 continued to permit takaful insurance by conventional firms.

a rapid one. Global Islamic bonds reached

Meanwhile, in 2013, the Dubai rulers’ vision

$117bn in 2013, spread over 811 issuances,

was unveiled signalling that Dubai aspired to

according to the Zawya news service. The

become the capital of global Islamic economy.

Islamic Development Bank, for example, issued

Dubai’s ambitious initiative includes a Shariah

$1bn in five-year sukuks in July 2014, following

Council to oversee standards in the industry

a $1.5bn sale in February and a $100m round

and there is to be an arbitration centre to

in April, and has plans for another issue of

resolve disputes in Islamic contracts.

about $500m in May 2015.

ISLAMIC INSURANCE INDUSTRY TAKAFUL The Islamic insurance industry has been

concentrated in specific markets and in limited segments and business lines. According to market analysts this suggests future opportunities to explore latent markets. Growth can be achieved once takaful operators do more to attract customers from the conventional insurance market across different product lines, says E&Y. Technology use is expected to be a key driver for engaging with new customers as well as reducing operational costs. The banking sector has led the way with alternative channels and takaful operators can replicate this success to achieve similar success. It is possible that retakaful capacity could resurface as an issue if the industry growth continues. Large retakaful operators should include “retrotakaful” options in their plans to provide necessary cover for mega risks across multiple retakaful operators. E&Y observes that takaful operators should be more innovative to reach target untapped customers. The “microtakaful” sector is one area ready for expansion. With the large low income and lower-middle income segments that characterise many countries, microtakaful products offer potential to be tapped. The precise role of regulators can differ between national markets, but their common goals include the protection of consumers and prevention of disruption. These goals are reflected in the basic obligations with which takaful operators comply. In the Gulf some countries are at an early stage in developing takaful specific regulations, though 2013 saw the introduction of progressive initiatives in some countries. The

It should be worth highlighting that in the UK,

key potential for growth looks set to remain

the takaful industry was first launched in 2008

within the areas of family takaful and medical

with the establishment of Salaam Insurance,

insurance in the major Gulf markets.

according to E&Y.

There is a potential for growth in the Saudi

Family and medical takaful are the major

Arabia market, says E&Y. “Given that

business lines across all markets. In recent years

Saudi Arabia’s population is under-insured

a strong area of growth for the industry has

by international standards (only 0.75%

been the development of the family takaful

penetration rate), with a population of 28

sector, which continues to show positive

million and a moderate annual GDP growth

growth momentum going forward.

rate of 4% between 2013 and 2015, there

years. The industry in the GCC is expected to

A recent driver of demand for services of

appears to be potential for modest growth,”

experience continued growth over the next five

the takaful industry in Gulf markets such

E&Y stated.

years, although competition from conventional

as Saudi Arabia, the UAE and Qatar has

The UAE’s takaful industry, meanwhile, remains

operators and a lack of qualified talent remain

been implementation of compulsory health

buoyant. “The health insurance segment

outstanding challenges, according to industry

insurance in those countries.

offers the potential for strong growth”, E&Y

experiencing continued strong double-digit growth despite being a market that it is still in its infancy. Global premiums are forecast to reach $20 billion in 2017 from a mere $4bn in 2007. Globally, the takaful sector is forecast to grow by 16 per cent annually in coming

experts, quoted by Gulf News, April 2014. Saudi Arabia and the UAE are two of the

In the near to medium term, traditional growth markets continue to ride on favourable market

Arab British European Banking & Finance Guide

observes.

Advertorial

Developments in Islamic finance Trevor Norman, Volaw’s Director of Islamic Finance and Fund Services Group, looks at recent developments in the products and services that Jersey offers to Muslims and Islamic Finance Institutions throughout the world. In October 2013, the 9th World Islamic

transactions or investment. Often the changes

Economic Forum (WIEF) was held at the London

to the laws of other countries derive from

ExCeL. This was the Forum’s first annual event in

having to determine the taxation treatment of

Europe and in a non-Muslim country. The links

financial contracts under Shari’a where interest

between Jersey and London are long established

is forbidden, and where the profits arising from

and many would argue interdependent. This

the Shari’a-compliant contract do not readily fit

article explores the synergy between Jersey as

within the countries’ tax laws. Jersey’s position

a centre for Islamic finance and the financial

as a tax-neutral jurisdiction means that no

residence in London, to the more complex

centres in the UK that are utilised by clients from

such amendments are necessary, but also our

the Middle East, and more recently those from

structures required by a family office.

other corporate laws and regulations are such

the Far East.

that I have yet to encounter a problem with a

At the opening of WIEF, the British Prime

structure or contract that Jersey’s laws could not

Minister David Cameron announced that the UK

accommodate.

is working on issuing a debut sovereign Sukuk

Recent examples of transactions Volaw has

in the wholesale Sterling market. He said: “For

worked on structured using Shari’a-compliant

years people have been talking about creating

vehicles established in Jersey include:

an Islamic bond – or Sukuk – outside the Islamic world. But it’s just never quite happened. Changing that is a question of pragmatism and political will. And here in Britain we’ve got both. This government wants Britain to become the first sovereign outside the Islamic world to issue an Islamic bond. So the Treasury is working on the practicalities of issuing a bond-like Sukuk worth around UK£200 million, and we very

Trevor Norman Director of Islamic Finance and Fund Services Group

There is a lot of empirical evidence of families from the Middle East purchasing property in Europe both as a means of diversifying their portfolio and a potential refuge in the event of political disturbance in their home country. Many have purchased substantial properties in the UK and a number are owned through

n Gatehouse Bank has issued two Sukuk

Jersey companies, which is in turn owned

through a Jersey Protected Cell Company,

through a trust established in order to maintain

secured by UK real estate assets-under-

confidentiality over the ownership of the

management, the

and

have

structured

property, and/or to eliminate any issues over

other

commercial

obtaining probate in the event of the death of

acquisition

properties including industrial, student accommodation and offices on behalf of clients;

the beneficial owner. Islamic Finance and Shari’a-compliant structures cover a wide variety of business needs from

much welcome the involvement of industry

n Alongside Sidra Capital, Gatehouse also

Collective Investment Funds, through Sukuk

in developing this initiative which we hope to

established the Sterling UK Real Estate

investment, to family offices and private

launch as early as next year.”

Fund (SURF) to invest in Shari’a-compliant

wealth holding vehicles. In almost twenty years

commercial real estate in the UK;

of working in Islamic finance, I have yet to

This has renewed interest in Islamic finance across business interests both in the UK and other

n Lembaga Tabung Haji of Malaysia have

encounter a structure or form of contract that

associated finance centres. These comments

invested in two substantial Central London

could not be accommodated within Jersey’s

did not go unnoticed in Jersey, particularly by

commercial properties and another in the

laws. Add to this the depth of knowledge,

practitioners at Volaw who worked on the first

Greater London area;

expertise and experience in Jersey relating

Sukuk based structure issued through a Jersey company and established in the Island in 2004.

n London Central Portfolio have established two Shari’a-compliant funds in Jersey

Mr Cameron continued: “Our ambition is

that invest in prime residential property in

to go further still, because I don’t just want

Central London.

London to be a great capital of Islamic Finance in the Western world, I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic Finance anywhere in the world.”

Whilst

the

activities

to establishing these structures in a Shari’acompliant manner, together with Jersey’s longstanding relationship with London and other financial centres, leads to an expectation that the Island will continue to grow and develop the

Islamic

Financial

Institutions are widely reported, the same cannot be said for private individuals, many of whom will be looking to benefit from the confidentiality of using trusts and other vehicles

Volaw has been providing services to Muslim

established in Jersey. There are many reasons

clients for many years. One of the main

why an individual may wish to establish such

advantages of Jersey is that it’s not had to make

an entity ranging from the simple creation of

changes to its laws to permit Islamic financial

a company to own, for example, a holiday

financial services offered to Muslims throughout the world. T: 01534 500420 E: tnorman@volaw.com

Arab British European Banking & Finance Guide

Advertorial

Second citizenship: Global Solutions to address Personal Concerns

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Residence programs which lead to citizenship: investing in your family’s future For investors wishing to relocate with their families and reside elsewhere, there are attractive residence programs which lead to citizenship. Residence programs are ideal for those in pursuit of greater opportunities for themselves and their families, with the exciting prospect of living in a new country. The favourable tax regimes offered in these countries are also advantageous to HNWI’s. The UK Investor Visa remains a solid choice for HNWI’s and their families, with its worldrenowned educational institutions remaining a key driver of its popularity. Under the UK Investor Visa, families may live and work freely in the UK and apply for British citizenship after a period of five years. This allows families to enrol their children into the British schooling system, whilst providing businessmen the opportunity to conduct business from one of the world’s most influential financial centres, London. Additionally, the Portugal Golden Residence Permit provides the ideal opportunity for applicants to obtain residence in Portugal with their families. Investors who wish to access the Schengen Region are provided with the opportunity to access these new and important markets, thus increasing their global business opportunities. Through the Portugal Golden Residence Permit, permanent residence may be granted after five years and citizenship after six.

Citizenship by Investment One program which is popular with international business leaders and their families, is the St Kitts and Nevis Citizenship by Investment Program. The program is the oldest of its kind in the world, maintaining its impeccable reputation due to its strict due diligence procedures. Offering visa-free access to more than 125 countries worldwide including the UK, the Schengen area, Canada, Singapore and Hong Kong, the program remains popular. Additionally, the discrete long-term financial security which this beautiful twin-island provides, comes as a result of their strict financial regulation. With a three month application processing time, this program remains very attractive to businessmen and their families. Additionally, a similarly attractive citizenship program with numerous opportunities is the Commonwealth of Dominica Citizenship by Investment Program. Providing excellent access to new markets such as the UK, Ireland, Hong Kong and Singapore, investors have the opportunity to conduct business in what are some of the world’s most vibrant business centres. All in all, the program offers visa-free travel to over 60 countries and highly attractive tax planning, similar to those of St Kitts and Nevis. The program is highly reputable, which in part is due to its entrenchment in the Dominican Constitution. There are no residency requirements in either St Kitts and Nevis or The Commonwealth of Dominica and dual citizenship is allowed.

Arab British European Banking & Finance Guide

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Global Takaful: Pausing for Breath? Is the global market for Shariah-compliant insurance and reinsurance – takaful and retakaful – pausing for breath? Ernst & Young (E&Y) thinks it may be. In its most recent update on the market, E&Y notes that having expanded at a compound annual growth rate (CAGR) of 22% between 2007 and 2011, growth decelerated to a more sustainable 16% in 2012. Industry participants have no misgivings about

in 2013 of operators such as Al Madina Takaful

the continued growth prospects of the global

and new entrant Takaful Oman. Competition is

Islamic financial services industry. As a recent

expected to be stiff, given that there are more

report published by The CityUK points out,

than 20 insurance companies in the market, but

while Muslims account for almost a quarter of

takaful companies are hopeful that they can

the global population, Sharia-compliant assets

capture a share of 5% to 10% of the market.

still make up only about 1% of the world’s total. This suggests there is still abundant room for expansion in an industry estimated by Standard & Poor’s (S&P) to be worth “upward of $1.4tr1.”

Beyond the Middle East, takaful has continued to increase its penetration in regions ranging from Africa and Asia to Europe. Nigeria, which aims to become a hub for Islamic finance in

Nor do analysts have any doubt as to the

Africa, issued guidelines for the centralised

compelling growth potential of the takaful

oversight

(mutual guarantee) and retakaful components

industry in 2013. In April, the vice chairman

of the Islamic financial services industry. As E&Y

of the Chartered Insurance Institute of Nigeria

observes in its most recent analysis, whereas the

(CIIN), was quoted as saying that takaful had

share of Islamic finance has reached 25% in the

now attained a 70% penetration level in the

GCC and 22% in Malaysia, the share of the

country’s insurance industry5.

takaful market in the two regions is still only 15% and 10% respectively. In other words, takaful has been slower to develop than other Islamic product areas. According to The CityUK’s report, “the global [takaful] market remains at an early stage of development with premiums estimated to have reached over $30bn in 2012. About a

its

fast-expanding

takaful

In the UK, meanwhile, the London-based Cobalt – which was set up in 2012 – has continued to promote the growth of takaful, announcing the development of a new shariah-compliant insurance platform using a syndication model to spread risk more efficiently6.

quarter of this was generated in Iran where To date, growth in the takaful sector has been

FORMIDABLE COMPETITIVE CHALLENGES

driven largely by a handful of countries, with

More diversified geographical penetration

four countries accounting for 90% of the total

of shariah-compliant insurance will support

global market3. Even in the GCC, however,

a continued rise in gross contributions in

which has been one of the fastest-growing

the takaful sector, with E&Y forecasting

regions for takaful in recent years, growth has

that gross contributions will rise to close to

been uneven. Usage has been high in Saudi

$17bn in 2015. The less positive feature of

Arabia, underpinned by compulsory medical

the sector’s growth, however is that concerns

insurance, but take-up has been relatively

have been rising about a lack of discipline in

modest in other GCC member countries4.

the takaful market. Foremost among these

takaful is the compulsory form of insurance2.”

misgivings are that intense competition within

EXPANDING INTO NEW MARKETS

the industry has eroded profitability relative to the conventional insurance sector. These

This is changing, and one conspicuous theme

competitive pressures have been exacerbated

of 2013 was the expansion in the takaful

by the number of newcomers to the fast-

sector outside its core markets. In the GCC, for

growing industry, many of them relying on

example, the growth potential of the industry in

aggressive and possibly uneconomic pricing

Oman has been illustrated by the successful IPOs

in order to challenge established conventional

Arab British European Banking & Finance Guide

Sohail Jaffer Partner and Head of International Business Development

insurers in a market where it is difficult to offer a differentiated product. Take, as an example, a relatively small market like Kuwait, where 11 of the country’s 23 national insurers are takaful companies. The result of this fragmentation, according to research published by A.M. Best, is that the largest of the Takaful specialists, National Takaful, had a market share of less than 4% in 20117. The UAE’s insurance industry is even more fragmented than Kuwait’s, with 61 registered insurers active in the market, according to the A.M. Best report. The most frequently identified threat to the longer term prospects of the takaful sector, however, has been regulatory fragmentation and the absence of standardisation in shariahcompliance globally. This has made cross-border expansion by the larger and more innovative operators prohibitively costly. That in turn has held back the economies of scale that could be generated by more effective internationalisation of the takaful industry. The combination of competition and overcapacity were the reasons given by Standard & Poor’s (S&P) in a report published in July 2013 for the financial weakness of the sector in the UAE. “Overall,” S&P noted, “takaful fund deficits are increasing, at least in the UAE and Kuwait, thereby eroding capital strength and ultimately weakening the sector’s financial strength.” Its relative financial weakness is one reason why an encouraging feature of the takaful sector in 2013 was the tightening of regulatory standards and capital and solvency requirements in a number of key markets, which industry analysts believe will allow the industry to

generate increased efficiencies. This in turn

local market and has rebranded the shariah-

will encourage more mergers in the industry,

compliant operation as Sun Life Malaysia

penetration rate of 54% at the end of 201214.

helping

shariah-compliant

Takaful, has ambitious growth plans. Through

Accelerated growth in the Malaysian takaful

national champions that are better equipped

the development of a new multiple distribution

market will be underpinned by initiatives such

to compete with the entrenched players on the

centre, the group is aiming to climb from 12th

as the One Malaysia Micro Protection Plan

conventional side of the insurance sector.

position in the ranking of Malaysian insurance

(1MMPP), which aims to give those on lower

companies to 8th by 201510.

incomes access to insurance cover.

operators in the takaful sector would allow

Industry analysts believe that the recent legislative

Another market that has been identified by

the shariah-compliant industry to play a

change in Malaysia will encourage more mergers.

some industry analysts as a potential hotspot

retail,

In December 2013, Fitch Ratings said it expects

for growth in Islamic finance in general and

motor insurance and small business markets.

to see further consolidation across the country’s

takaful in particular is Turkey, where gross

Takaful has yet to play a meaningful role in

life insurance, general insurance and takaful

insurance premiums are projected to grow

underwriting risks in big-ticket developments,

sectors due to the new regulations11.”

by 16% between 2013 and 201515. The

strengthen

The emergence of larger, better capitalised

prominent

role

beyond

the

such as the infrastructure projects that are planned throughout the Islamic world over the next decade. As one industry participant has said recently, “this situation calls for creation of larger re-takaful companies that have the capital size to cover larger size risks8.”

Elsewhere in Asia and the Middle East, similar legislative change is also expected to strengthen the takaful movement. In Indonesia, for example, which is the world’s most populous Muslim country, a new law is expected to be passed in 2014 which would require insurance

Aside from restricted the role played by shariah-

companies to spin off their shariah-compliant

compliant finance in supporting infrastructure

units. It is believed that this will lead to a wave

development, the relative small size of the

of consolidation among these units – of which

retakaful sector has limited opportunities for

there were 37 in late 2013 – as insurance

takaful insurers to lay off risks in other areas of

companies explore ways of ensuring that they

the economy.

meet tough minimum capital requirements. Although assets in Indonesia’s takaful sector expanded by almost 43% in 2002, the sector’s

CONSOLIDATION HELPS TO STRENGTHEN THE SECTOR

2.3% market share remains modest, suggesting there is still considerable room for growth . 12

Already, a process of consolidation has begun to gather momentum in Malaysia, which has been catalysed by the implementation of the Islamic Financial Services Act (IFSA) which came into force in July 2013. Among the comprehensive changes introduced in this Act is a requirement for all licensed insurers to split their businesses into separately licenced life and general units. According to a briefing published by the Singapore office of the international law firm, DAC Beachcroft, “the rationale for this requirement is that life and conventional

More broadly, industry analysts believe the under-development conventional

insurance

takaful will

relative

continue

underpin its long-term expansion, with a recent survey by Swiss Re finding that conventional insurance still accounts for about 83% of all premiums written in Muslim countries13. This growth will be supported by robust economic growth, favourable demographics and increased financial awareness about the benefits of insurance.

health of the industry if these risks are separated, particularly from a solvency perspective .” 9

government has taken the lead in promoting the growth of Shariah-compliant finance in Turkey, issuing a number of highly successful sukuk in the last two years, serving as benchmarks for other issuers and providing an acceptable investment alternative.

THE POTENTIAL OF FAMILY TAKAFUL Another likely trend in the continued evolution of the global takaful sector, think some analysts, will be the growing importance of its use as a savings vehicle through the growth of family takaful. This is a long-term savings and investment programme with a fixed maturity profile, while general takaful refers to protection for anything other than human life. The latest edition of the Milliman Global Family Takaful report forecasts that the family sector will outperform general takaful over the coming five years, expanding by 160% to $5.6bn from $2.2bn in 2011. Milliman, which advises that the underlying drivers of growth in family and general takaful are “markedly different”, notes that family takaful is posting especially rapid growth in Asia. “In the Middle East,” Milliman reports, “family takaful penetration has not been

insurance/takaful businesses have different risk profiles and it is thought better for the long term

insurance policy, which compares with a

as rapid, though the region has all the necessary

GOVERNMENT SUPPORT In some regions, growth will also be supported

ingredients to make family takaful more viable and profitable than general takaful16.”

by governments committed to promoting

In conclusion, takaful continues to face a

A notable recent example of consolidation in

more widespread insurance penetration and

number of formidable challenges as it seeks to

the Malaysian insurance sector has been the

to the growth of their shariah-compliant

compete more effectively with its conventional

acquisition by Canada’s Sun Life Financial and

financial services sectors. A striking objective

counterpart. However, its longer term prospects

Khazanah Nasional of a 98% holding in CIMB

of Malaysia’s Economic Transformation plan,

remain bright, given its importance within a

Aviva Assurance and CIMB Aviva Takaful for

for example, is that by 2020, 75% of the

broader Islamic financial services sector described

Rm1.8bn. Sun Life, which has a 2.7% of the

population will be covered by at least one

by S&P as still being “at a formative stage17”.

Standard & Poor’s, November 28 2013

9 www.dacbeachrcoft.com

2 TheCityUK, October 23 2013

10 www.sunlifemalaysia.com August 23 2013

The CityUK, ibid

11 The Star, Malaysia, December 10 2013

Gulf News, November 25 2013

12 Reuters, December 11 2013

The Nigerian Tribune, April 11 2013

13 Islamic Financial News (IFN), August 21 2013

Reuters, May 16 2013

14 www.takaful-malaysia.com.my

Islamic Finance News, August 28 2013

15 Islamic Financial News (IFN), October 30 2013

Fareed Lutfi, Secretary General, Emirates Insurance Association, Gulf News, November 25 2013

16 Milliman press release, April 15 2013 17 S&P, November 28 2013

Arab British European Banking & Finance Guide

Advertorial

FWU Group

FWU Group is an international financial services group. Its core activities include life insurance and long term savings, education and pension plans for both individual consumers and corporates (group pension plans). Distribution channels include banks, brokers, independent financial advisers and other financial intermediaries.

INNOVATIVE PRODUCT DESIGN FWU is recognised for its international leadership

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the Gulf Bond and Sukuk Association in Dubai, DIFC.

FWU is one of the leading global service providers for Family Takaful in Saudi Arabia,

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Arab British European Banking & Finance Guide

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Arab British European Banking & Finance Guide

Algeria Country Profile

Fact File Country Name: People’s Democratic Republic of Algeria Capital: Algiers Land area: 2,381,741 sq2 Population: 39,087,701 (April 2014 est) Currency: Algerian Dinar (DZD) Dialling code from the UK: +213 Main Industries: Petroleum, natural gas, light industries, mining, electrical, petrochemicals and food processing

lgeria has experienced steady economic growth through much of the past decade. On 27 May 2014 the country’s finance ministry told Reuters news agency that Algeria “sees economic growth at 4.5% this year compared with 3% in 2013”. The nonoil sector witnessed strong growth, averaging 6% in recent years. Algeria’s main challenge remains to ensure sustainable, diversified and private investment needed to stimulate growth, to create more job opportunities, especially for the youth, and to continue to make improvements in the standard of living. Algeria, with its population of more than

Algeria’s per capita GDP reached $5,458 in

39 million, vast oil resources, expanding

2013, exceeding its 2008 peak of $4,967. This

infrastructure, and growing demand for

is a result of the development in infrastructure

consumer goods, is attracting interest from

and agriculture, two large segments of

companies around the world. Foreign investors

the non-oil economy that become major

Import Partners: France, China, Italy, Spain, Germany and Turkey

continue to see Algeria an emerging and

contributors to the economic performance.

Imports: Capital goods, food stuffs and consumer goods

The economy will remain dependent upon

Algeria’s financial system, which remains

the energy sector which accounts for over

stable overall but thoroughly underdeveloped.

30% of GDP, 95% of exports, and more than

Pervasive exchange controls, widespread public

70% of fiscal revenues. Diversification is a

ownership, and an abundance of domestic

gradual process and other industries are being

funding have protected banks from external

developed. It is expected that the economy will

shocks. Financial sector reforms have been

grow by 3.4% in 2014-18 as the government

pushed to the backburner by the emergence

maintains infrastructure and social spending and

of global financial and regional political

additional oil and gas production comes on line.

turmoil, with privatisation of banks halted and

Export Partners: US, Italy, Spain, France, Canada, the Netherlands, Turkey Exports: Dominated by petroleum, natural gas and petroleum product

growing market.

The Algerian economy’s real growth reached

consumer lending suspended.

3% in 2013, driven mainly by domestic

Banking supervision was improved by

demand, including public investment. This

introducing a risk-based bank rating

growth performance was achieved with

system, and by tightening and adopting

inflation slowing to 3.3% thanks to the

internationally accepted prudential standards.

government’s efforts to control market liquidity,

In addition, the central bank has taken on

contain the expansion of demand for goods

additional responsibilities in the area of

and services and increase supply.

financial stability, and has published its first

Algeria is expected in 2014 to achieve a growth

The global crisis had virtually no impact on

financial stability report.

of 5% totally, and 5.3% outside the oil sector

Financial analysis suggests only moderate

and inflation in the range of 4%, while work

vulnerability of the financial system to shocks.

is done on its reduction to around 3% in the

Stress tests indicate that credit and specifically

context of the long term goals while working

loan concentration are the main banking

for a reduction in inflation to 3% by 2015.

sector risks, and that public banks are most

Arab British European Banking & Finance Guide

Algeria Country Profile vulnerable. In particular, the public banks are highly exposed to large state-owned enterprises involved in the manufacturing, construction, and commerce sectors, which leaves them exposed to firm- and sectorspecific shocks. However, Algeria’s external and fiscal buffers are substantial, owing to high oil prices, and past experience has illustrated that the state is able and prepared to provide a backstop to the banks. A number of important recommendations from the 2007 FSAP remain valid. Governance of public banks still needs to be enhanced, and the operations of the judicial system, including for extra-judicial procedures for debt workouts, requires further

photo: Vadim Karabekov

strengthening. There are 20 banks in Algeria including one branch of a foreign bank, HSBC, and eight other financial institutions operating in the market. There are also seven representative offices of foreign banks.

In May 2013 public banks agreed to finance the

accounting system has been introduced

building of more than 250,000 new homes in

and new prudential management ratios for

Algeria by the end of 2014 to the tune of E12

financial institutions. New regulations on

billion, according to APS news agency. Credit

investment flows introduced in 2009 now set

Populaire d’Algerie (CPA) was designated as

a 49% cap on international investor ownership

lead bank in the deal agreed with the National

for certain key ventures, stopping the takeover

The Algerian banking sector is dominated by

Company of Real Estate Promotion (ENPI).

of financial institutions by foreign banks, and

state-owned institutions: Banque Extérieure

Another agreement was inked at the end of

restricting the entry of new majority foreign

d’Algérie (BEA), Banque Nationale d’Algérie,

April with the National Agency for Housing

controlled banking institutions. Authorities also

Banque de l’Agriculture et du Développement

Improvement and Development (AADL) to

plan to establish a new bank rating system

Rural and Banque de Développement Local.

finance the building of 100,000 public housing

and central credit registry, assisting banks in

These large state-owned institutions control

units, APS said. The two agreements were

modernising their operations and means of

over 85% of the banking sector’s total assets;

described by CPA chairman Mohamed Djellab as

payment and facilitating the expansion bank

the BEA controls approximately 50% of the

“the biggest financing operation in the history

branch networks and the extension of credit to

sector’s total assets. Public banks are known

of Algeria.” Meanwhile, Housing Minister

smaller firms.

for adopting a highly cautious stance towards

Abdelmadjid Tebboune commented, “These

lending and as a result levels of lending to the

agreements... are aimed at changing the way

private sector have remained low. As a result,

construction is financed by getting public banks

the banking system retains a large quantity of

more involved.”

liquidity that could be driving growth in the private sector, where capital is much in need.

BOURSE D’ALGER (STOCK EXCHANGE) The Algerian stock exchange or Bourse d’Alger

Algeria’s more stable macro-economic framework and financial balances have helped

located in Algiers is probably one of the newest stock exchanges in the world. It was created as late as July 1999 but has been growing steadily

Public banks have not been privatised, and a

to implement reforms. Particular mention

well-defined yield-curve based on an interest

can be made of the law reforms of 1990 that

rate-centred monetary policy is still lacking.

opened up the banking sector to national

Even closer coordination between the BA and

and foreign private capital. In addition to

the MoF is needed to enable better liquidity

the introduction of universal banks, the law

In late 1998 it was decided that it was time for

management. And besides these measures,

introduced other financial institutions such as

Algeria to enjoy the services of a local stock

a broader reform strategy is needed to

investment banks and leasing companies.

market. This was not easy since there were not

better enable the financial system to support economic growth.

The tax regime is gradually being reformed in a bid to increase flexibility and transparency and

Foreign banks including France’s Société

to simplify the system. Foreign investors benefit

Générale, BNP Paribas, Natixis, and Crédit

from tax incentives, including five-year tax

Agricole (through Calyon Algérie) as well as

relief for companies investing in new projects,

the UK banking group, HSBC, are active and

but since the beginning of 2009 have had to

prominent in Algeria.

reinvest these benefits and pay a 15% tax on

A number of Middle Eastern banking groups

repatriated profits.

ever since. The main reason for this late opening is because of the slow progression of financial lending services and practices in Algeria.

that many companies able to be listed on the stock exchange at the time. In fact, there were only three different companies which were listed – a pharmaceutical company, a hotel and a food processing company. However, this was all that was needed to help get the Algerian Stock Exchange off the ground. The Stock Exchange was opened in July 1999. In October of the same year a fourth company – a national

have built majority-shareholdings in some

Recent changes have been made to banking

oil company – joined the ranks of those already

of the country’s banks including Bahrain’s

supervisory and regulatory frameworks,

registered. The stock exchange has certainly

Albaraka Banking Group (the main shareholder

to capital requirements and financial

served to boost the economy with the currency

of Banque Al-Baraka), Kuwait’s Burgan Bank

intermediation instruments. The introduction of

and demand deposits for 2001 reaching an

(via Gulf Bank) and Lebanon’s Fransabank (via

a new ratings system for banks is expected to

equivalent of $16.0 billion. The interest rate

Fransabank El Djazaïr).

boost confidence in the sector. A new banking

of the central bank was also decreased to 6%

Arab British European Banking & Finance Guide

Algeria Country Profile and the money market rate was 3.35%. The

in the EU are likely to increase domestic oil and

Stock Exchange has certainly proved to be a

gas consumption. Consequently, this should

worthwhile venture.

accelerate demand for marine, transit and

Listed companies are still small and activities

engineering insurance products.

Useful Contacts British Embassy Algiers 3 Chemin Capitaine Hocine Slimane Algiers Tel: +213 (0)770 085 000 Fax: +213 (0)770 085 099 Email: BritishEmbassy.Algiers@fco.gov.uk www.ukinalgeria.fco.gov.uk

remain at a low level making the capital market

The insurance industry is dominated by public

ripe for expansion for widening its base of

sector firms, an existing feature which is a

investors. Algeria is seeking to implement

legacy of the monopoly that prevailed over

reforms to incorporate small and medium-sized

nearly three decades until 1995. However,

enterprises. Foreign investors seeking to set

gradually more private sector firms are entering

up in the country can take part in the financial

the market. The private sector is therefore likely

markets, leaving at least 51% of capital share

to take on a more important role in terms of

in the hands of national shareholders.

developing new products and raising the levels

Embassy of Algeria

It is worth noting that the corporate bond

of service in the market.

market has expanded in recent years with the

Insurance is mandatory in areas such as third-

government issuing debt instruments with

party damage for drivers and natural disaster

varying maturities of up to fifteen years and

cover for properties. Other compulsory forms

private companies issuing corporate bonds.

of insurance are found in certain activities

54 Holland Park London W11 3RS Tel: 020 7589 6885 Fax: 020 7221 0448

The money market, for its part, is

and industries. The rates of these compulsory

predominantly focused on the treasury

insurance packages are laid down by the

bills market, with average interbank rates

authorities. The industry is regulated by the

and deposit facility interest rates serving as

Direction des Assurances (Directorate of

benchmark rates. The interbank weighted

Insurance) at the Ministry of Finance.

average rate remains fixed within a 3.1% to

The Algerian insurance industry is experiencing

3.6% band, while the Bank of Algeria regularly

change, with the globalisation of economic

intervenes on the interbank foreign-exchange

exchanges and its shift towards a market

market to correct any discrepancies between

economy. The industry recorded a CAGR of

the nominal and real effective exchange rates.

9.8% during the a forecast period 2012–2017,

Banque d’Algerie (Central Bank)

While all investors, including foreign investors,

according to a Timetric Insurance Report,

have equal access to primary and secondary

and this was primarily due to an improved

markets and can engage in market transactions

regulatory framework with more liberal

through any of the 13 authorised primary

polices relating to private participation, the

dealers, foreign participation remains small and

introduction of Bancassurance, and compulsory

commercial banks, mutual funds and insurance

third-party liability and natural disaster

companies represent the main investors in the

insurance provisions.

Immeuble Joly 38 Avenue Franklin Roosevelt Algiers Tel: 213-21 23 00 23 Fax: 213-21 23 03 71 Email: ba@bank-of-algeria www.bank-of-algeria.dz

market. The secondary market is rather liquid

In terms of gross written premium, Algeria has

but transaction volumes remain limited. The

the sixth-largest insurance industry in Africa

Algerian derivatives market currently features

and boasts the 67th-largest globally. The life

some offshore non-deliverable forwards, but

insurance segment was the ninth-largest in

offers no interest rate or cross currency swaps.

Africa in 2012, and the 83rd-largest in the

INSURANCE SECTOR The Algerian insurance industry is relatively small, and consequently has relatively little impact on the global insurance industry. As a percentage of GDP, gross written premiums stood at 0.6% in 2012. The penetration of

world. The industry is dominated by motor and property insurance. However, life insurance, which accounted for 4.8% of the total industry’s written premiums in 2012, is projected to attract large-scale investment.

insurance products is significantly lower than the average penetration rate of 1.5% recorded in other Maghreb countries, suggesting that there is an opportunity for growth. In addition, the Algerian government is continuing to plan and implement large-scale infrastructural investments which will require high-value insurance cover. This is likely to be the key driver of growth in the insurance industry over the period to 2017. Algeria is one of the largest oil and gas suppliers in the Maghreb region, and the leading supplier to Europe. Improving economic and business conditions

Arab British European Banking & Finance Guide

Bourse d’Alger (Stock Exchange) 27, Boulevard Colonel Amirouche Alger 16000 Algeria Tel: +213 21 63 47 99 / +213 21 63 48 45 Fax: +213 21 63 88 16 www.sgbv.dz Email: sgbv-email@sgbv.dz

UK Algeria Business Council (UKABC) Email: assoul@uk-algeria.org www.uk-algeria.org

Bahrain Country Profile

Fact File Country Name: Kingdom of Bahrain Capital: Manama Land area: 765.3 km2 Population: 1,317,827 (April 2014 est) Currency: Bahraini dinar Dialling code from the UK: + 973 + Local Number Main Industries: Petroleum, natural gas, financial services and banking, petrochemicals and aluminium Export Partners: Saudi Arabia, Qatar, China, India, USA, UK Exports: Dominated by petroleum, natural gas and petroleum product, aluminium Import Partners: Saudi Arabia, China, UAE, USA, Brazil, Japan and UK Imports: Capital goods, food stuffs and consumer goods

ahrain was the first Gulf state to discover oil. The state-owned Bahrain Petroleum Company refinery, built in 1935 and the first in the Gulf, has a capacity of about 260,000 b/d. As it was anticipated that Bahrain’s reserves would not to last forever, Bahrain has worked hard to diversify its economy over the past decade, including paying great attention to its financial services sector. Revenues from oil and natural gas currently account for approximately 25% of GDP yet currently provide about 76% of government income. The country’s proximity to major oil producers and affluent markets has contributed to its successful development as an acknowledged international banking and financial centre of excellence.

This is clear by the remarkable presence of

companies, investment firms, specialised

local, regional and major global financial

licensees and capital markets.

institutions, all of which have taken advantage of the opportunities for banking that exist in the Kingdom. The country hosts over 400 financial institutions undertaking various banking activities and represents a unique blend of local, regional and international names, as well as offering a diversity of financial services and products. Bahrain has also emerged as the world’s premier Islamic financial centre, with 26 Islamic banks and nine

The industry has been regulated by the Central Bank of Bahrain since 2002 and the legal framework is outlined in the Financial Institutions Law 2006. In 2013, bank regulators were focusing on new Basel III standards for banking which are set to be implemented in 2014. Bahrain is seeking to boost corporate governance by improving transparency and accountability.

Islamic insurance (Takaful) companies operating

Bahrain issued the first international sovereign

from the Kingdom.

sukuk in 2001, which drove the GCC Islamic

Bahrain had 76 licensed conventional banks as of March 2013 with 23 classified as retail and 53 wholesale. Three lenders dominate banking activity in the retail sector. Banking and financial services employs over 14,000 people, of which 66% are Bahraini nationals and one

capital market. It also hosts the largest concentration of Islamic finance institutions in the Gulf, making it a preeminent Islamic finance centre in the region. The Central Bank has played a leading role in the introduction of these innovative products. Alongside strong growth last year, the kingdom

third are women. The National Bank of Bahrain, BBK and Ahli United Bank are joined by two microfinance lenders, Ebdaa Bank and the Family Bank, which are both Shariah-compliant. Within

also developed a number of reforms to ensure that the regulatory framework continues to meet the sector’s needs and encourage longterm growth.

the wider financial services sector, there were

The CBB has brought in new directives on

405 licensees operating in six main categories:

banking remunerations and fees, updated

conventional banks, Islamic banks, insurance

directives on banks’ internal audit function in

Arab British European Banking & Finance Guide

Bahrain Country Profile

line with new Basel requirements and issued new rules that meant that all applications that are prepared in accordance with the Unified Standards issued by the GCC by Gulf issuers will be accepted in Bahrain, easing the integration of GCC securities markets.

banking assets in the GCC region are expected to surpass $130bn by end of the year.

INSURANCE SECTOR Growing demand for more sophisticated

Within the GCC, Bahrain has experienced

financial products and services helped drive

some of the most marked growth, with Islamic

growth in Bahrain’s financial sector during last

financial assets rising from $1.9bn in 2000 to

year, according to the Economic Development

$26.2bn as of August 2013 and the Kingdom

Board (EDB) and Central Bank, with the trend

The CBB also recently implemented new rules set to boost the takaful sector by addressing some issues around solvency, which have had the potential to hold back the rapidly expanding industry.

growing to become one of the leading

expected to continue into 2014 and beyond.

The takaful industry in Bahrain has experienced a remarkable growth in the last ten years - the industry grew by almost 22% in 2013 - and by continuing to evolve the takaful model, the kingdom will remain a leading jurisdiction for the sector. CBB Governor Rasheed Al Maraj said high quality regulatory standards lie at the heart of a successful financial sector and this is why Bahrain is determined to work at adapting and maintaining our framework in line with international standards. “The Islamic finance sector is also particularly important to Bahrain, so the CBB’s leadership in the development of Islamic finance will be maintained and enhanced through developing new initiatives and maintain an ongoing dialogue within the industry.”

international Islamic financial centres.

the number of registered financial services

account for more than 13% of total assets

firms swelling to 415 by the end of 2013,

as investors look to take advantage of

making it one of the largest financial centres in

opportunities within the Gulf market – an

the region.

economy worth more than $1.5trn.

Bahrain has the smallest but the most

The Economic Development Board (EDB)

developed insurance market in the Gulf.

noted that in addition to Islamic ‘windows’ in

It expanded at a CAGR of 6.0% between

conventional banking operations, the Bahrain

2008 and 2013 to reach $627 million, aided

financial sector had grown to include 24

by economic and infrastructure growth, a

Islamic financial institutions in the Kingdom of Bahrain, with aggregate assets under management of more than $26bn, while there were eight Islamic takaful and retakaful insurance companies in the Kingdom.

UK-BAHRAIN COOPERATION ON ISLAMIC FINANCE In 2014, Bahrain and the UK agreed a joint framework to enhance collaboration on Islamic finance. A memorandum of understanding

The growth in global Islamic finance looks set to continue, with global Islamic commercial banking assets forecast to pass $2trn by 2014, according to the World Islamic Economic Forum (WIFE-2014).

(MoU) was signed setting out plans to boost

WIEF said the strong growth in Islamic finance over the past decade had been driven by innovations in the number and range of Islamic financial products available across the Middle East, Europe and Asia, while increased interest in Shariah-compliant banking would also support this growth. It added that Islamic

Bahrain attracted a number of businesses, with

“In Bahrain, Islamic financial institutions

strong increase in the population base, higher consumer awareness, and increasing demand for certain non-life insurance lines. Among the businesses that established in Bahrain in 2013 were Cigna, a global health insurance and health services provider which launched its regional third party administration company employing 50 people in Bahrain, Julius Baer, the leading Swiss private banking business, and Takaud, the first specialist savings and pensions provider in the Mena region.

their cooperation through an education and

Bahrain has ambitions to become a regional

skills programme and the establishment

hub for insurance, which has real potential

of a joint working group devoted to the

for expansion given the low penetration of

development of Islamic finance-driven trade

insurance in the GCC and the growing need

and investment between the two countries.

for both individual and large scale project

This MoU was signed by HE Rasheed Al Maraj,

insurance. The insurance industry consists of

Governor of the Central Bank of Bahrain and

conventional and Islamic companies. In January

Baroness Sayeeda Warsi, Senior Minister of

2013, the Central Bank announced that it will

State at UK’s Foreign & Commonwealth Office,

issue new enhanced draft rules to improve the

during a UK-Bahrain Islamic Finance Summit

operational model of the entire takaful industry

held in London on 8 April 2014.

and make the country a preferred choice for

Arab British European Banking & Finance Guide

Bahrain Country Profile all takaful and retakaful companies worldwide,

two reinsurance firms, two retakaful firms and

Nader Al Mandeel, director of the Insurance

one captive, while overseas insurance firms

Supervision Directorate, said in an interview

consists of eight conventional insurance firms

with the Middle East Insurance Review.

and three reinsurance firms. In addition, there

The Kingdom has been relatively successful in terms of its insurance penetration rate, which stands at 2.5%, well above the Middle East

are a substantial number of firms restricted to carry out business outside Bahrain and insurance ancillary services.

and North Africa average of 1.5%, according

“The insurance sector in Bahrain holds

to a report issued in late May 2013 by

tremendous promise for growth, as

Switzerland-based Zurich Insurance Group.

demonstrated by the industry’s strong

The insurance industry is well served by a number of ancillary service providers such as brokers, actuaries, insurance consultants and loss adjusters. The industry has been growing steadily in recent years, mirroring the growth of Bahrain’s financial sector as a whole and the increased access to financial services and products has led to demand for insurance. A

performance not only during 2013 but also during the past five years,” said Abdul Rahman Al Baker, Executive Director, Financial Institutions Supervision, at the Central Bank. “Bahrain is fast becoming a hub for major regional and international reinsurance and retakaful firms as evidenced by the number of such firms that set up in the Kingdom,” said.

notable development in recent years has been

The gross premiums/contributions of the

international insurers developing their regional

reinsurance and retakaful firms reached

operations, many of whom have chosen Bahrain

BD336.57 million in 2013 compared to

as a regional base for their Gulf activities.

BD312.12 million in 2012, an increase of

The Bahrain insurance market posted an

around 8%.

annual growth during 2013, with gross

In the last few years the number of

premiums/contributions increased by around

conventional and Islamic reinsurance

8% over 2012 to register BD258.41 million

companies in Bahrain has been increasing, in

in 2013, the Central bank announced. A

line with expansion in the primary insurance

significant part of this increase was attributed

segment. At the end of 2013, seven

to a surge in motor insurance, which increased

reinsurance companies were operating in

from BD61.99 million in 2012 to BD68.05

the country. A strong reinsurance segment

million in 2013, showing an increase of around

is imperative for ensuring stability of a small

10%. Motor insurance is the largest in terms

insurance market like Bahrain, as small-

of gross premiums which represented around

sized primary insurers may find it difficult to

26% of the total premiums/contributions

underwrite large risks without having the

written in 2013.

cushion of reinsurance. However, due to a well-

Medical insurance increased from BD37.17

developed market and regulatory structure, the

million in 2012 to BD40.83 million in 2013, showing an increase of around 10% and representing almost 16% of the total premiums/contributions written in the insurance market in 2013. The takaful industry in Bahrain has experienced a growth in terms of gross contributions by around 7% to register BD57.22 million in 2013 compared to BD53.67 million in 2012. Gross contributions

country has one of the lowest cession rates in the Gulf.

Useful Contacts UKTI Bahrain British Embassy 21 Govt Avenue Manama Email: UKTIBahrain@fco.gov.uk Tel: +973 17 574 100 British Embassy 21 Government Avenue Manama 306 P O Box 114 Tel: +973 17574100; +973 17574167 (Travel); +973 1757 4100 (Emergency) www.ukinbahrain.fco.gov.uk/en/about-us/ Embassy of the Kingdom of Bahrain 30 Belgrave Square London SW1X 8QB Tel: 020 7201 9170 Email: information@bahrainembassy.co.uk Bahrain Economic Development Board Seef Tower PO Box 11299 Manama Tel: +973 17 58 99 99 Email: marketing@bahrainedb.com www.bahrainedb.com Central Bank of Bahrain PO Box 27 Manama Tel: +973 1754 7777 www.cbb.gov.bh Bahrain Bourse Bahrain Financial Harbour Harbour Mall PO Box 3203, Manama Tel: +973 17261260 Email: info@bahrainbourse.com.bh www.bahrainbourse.com

of takaful firms represent around 22% of the total gross premiums/contributions in 2013. The total assets of insurance and takaful firms in 2013 reached BD1,698.33 million compared to BD1,613.28 million in 2012, showing an increase of approximately 5%. By end of 2013, Bahrain’s domestic insurance market comprised of 25 locally incorporated firms and 11 overseas insurance firms (branches of foreign companies) carrying

Bahrain Association of Banks PO Box 1034 Manama Tel: +973 1782 3000 Email: admin@banksbahrain.org www.banksbahrain.org Ministry of Finance www.mof.gov.bh

out Insurance, reinsurance, takaful, retakaful and captives business in the Kingdom. The locally incorporated firms consisted of 14 conventional insurance firms, six takaful firms,

Arab British European Banking & Finance Guide

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Arab British European Banking & Finance Guide

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Comoros Country Profile

Fact File Country Name: Union of the Comoros Capital: Moroni Population: 766,865 (July 2014 est) Language: Comoran (mix of Swalhi and Arabic), Arabic and French Currency: Comoran Franc (CFA) GDP Growth: 3.5% (2013 est) Agriculture Products: Vanilla, cloves, ylang-ylang, perfume essences, copra, coconuts, bananas, cassava (tapioca) Key Industries: Fishing, tourism, perfume distillation Main Export Partners: France, Turkey, India, Greece, Brazil, Algeria, Singapore, Saudi Arabia Main Import Partners: Brazil, France, China, UAE, India, Italy, Pakistan, Singapore, Kenya

he Comoros has recorded positive growth in its economy since 2011. Growth was estimated at 3.6% in 2013, driven mainly by agriculture, which represented almost half of the country’s GDP, retail activities, tourism, construction (above 4.0%), with banking and other services at around 8.0%. The small banking system is overseen by the Central Bank of Comoros and the sector comprises six banking institutions: the Central Bank; the Banque pour l’Industrie et pour le Commerce-Comores (BIC-C), the Banque de Développement des Comores (BDC), the Banque Fédérale de Commerce (BFC), the Exim Bank Comores Ltd and the Société Nationale des Postes et des Services Financiers (SNPSF). In addition, there are two mutual savings banks (SANDUK and MECK). One of the key roles of the Central Bank is to

remaining above 12% of GDP. The services

approve the establishment of new banks on

sector, meanwhile, has declined since 2008

all three islands that constitute the Union of

and now accounts for less than 40% of GDP.

Comoros, namely Grande-Comore, Anjouan

The telecommunications sector has driven

and Mohéli.

countries. In the Comoros telecommunications

expansionary fiscal policy thanks to major

remains a state monopoly, but with support

multilateral external financing, and especially

from the World Bank, the authorities are

bilateral financing received from Arab countries.

expected to sell a second licence in the near

As a result the Comoros has been able to run

future and to open up the capital of Comores

fiscal surpluses since 2011, increasing the

Télécom to create a more competitive market.

surplus each year. A 5.6% surplus is projected

With the country’s population growing at a

for 2014 thanks to continuing grants and other

rate of 2.1% a year, the level of economic

programmes in the pipeline with the African

growth is too low to increase real per capita

Development Bank (AfDB), the World Bank and

income and reduce poverty and youth

the European Union.

unemployment. Poverty remains high,

Nevertheless, the country’s economic impetus

estimated at 45.6% in 2012, well above the

since 2011 has not led to structural changes

Millennium Development Goal (MDG) target

in the economy, according to an African

of 31.5% by 2015. The economic growth has

Economic Outlook report jointly produced by

done little to create jobs, with unemployment

the AfDB, the OECD Development Centre and

economic growth in many franc-zone

The return to growth was aided by an

estimated at 14.3% and youth unemployment

the United Nations Development Programme

(under 25s) at 44.5%.

(UNDP). The economy remains dominated by

As part of a strategy for accelerated growth

the agricultural sector which comprises forestry

and sustainable development (Stratégie de

and fisheries. The secondary sectors, including

croissance accélérée et de développement

construction, have grown slightly since 2010,

durable) currently being drawn up for the

Arab British European Banking & Finance Guide

Comoros Country Profile a budget of $60m will be invested over the 2014-2017 fiscal years to increase public sector capacity, boost growth and laying the foundation for diversified and sustainable economic growth. The joint World Bank/ International Finance Corporation (IFC) strategy aims to build on Comoros’s success in reaching the Heavily Indebted Poor Countries (HIPC) completion point in December 2012. “Comoros has reversed years of economic instability thanks to a more stable political environment, better economic management, and implementation of structural reforms, all backed by increased support from development partners,” said Mark Lundell, who is the World Bank Country Director for Comoros. “The challenge now will be to consolidate and build on these gains to period 2015-19, the government has set a

strengthen governance and promote private

growth objective of 6%, which will be driven

sector growth and job creation.”

by the development of basic infrastructure,

“As a fragile and developing island nation,

improvements to the business climate and

Comoros faces a number of difficult challenges

private sector financial support, the African

linked to its small size, geographic isolation

Economic Outlook report said.

and extreme vulnerability to natural disasters

The Comoros, officially known as the Union of

including cyclones, floods, and volcanic

the Comoros, consists of the islands of Grande

eruptions,” concluded Lundell. “The good

Comore, Anjouan and Moheli. The capital

news is that the partnership experience of

Moroni, located in Grande Comore, is the

other small island states such as Mauritius and

main business district of the country. Fishing,

Seychelles shows that it is possible for Comoros

agriculture, and forestry employ approximately

to reach middle income status, despite such

80% of the population and together contribute

challenges.”

over 40% of GDP. The Comoros is among

Current FDI inflows remain marginal despite

the world’s leading producers of the perfume

tax concessions and benefits offered by the

ingredient ylang-ylang, cloves, and vanilla. The

Comoros government, which is resolutely

limited number of products makes its economy

trying to improve the business climate and

extremely vulnerable to any rapid fluctuations

institutional stability, the international bank

in the global markets. The Comoros is highly

Santander observed. In 2012, the Comoros

dependent on foreign aid to support its

ratified The Convention Establishing the

economic development, along with remittances from Comoran nationals living abroad, which are another crucial source of income.

oil and gas code in February 2013, in the view

progress in financial management reform.

of future increase in production, was regarded

Following a country visit in March 2014, the

as a positive sign for foreign investors.

IMF urged Comoros to make renewed efforts

Santander observed that the country was

and capital spending, including infrastructure. Developments in the fourth quarter of 2013 were broadly as expected, the IMF stated, while fiscal revenues met expectations but capital expenses were somewhat higher than previously envisaged. The IMF welcomed Comoros’s new national strategy for accelerated growth and durable development (known as SCA2D) and

Union Des Comores Official government website (in French) www.beit-salam.km

to investors and foreign lenders against

assistance to the Comoros to help it achieve

order to create room to increase priority current

British High Commission Port Louis 7th floor, Cascades Building Edith Cavell Street PO Box 1063 Port Louis Mauritius Email bhc@intnet.mu Tel: +230 2029400

(MIGA), which is designed to give guarantees economic risks. The implementation of a new

and mobilise domestic budget resources, in

It is worth noting that UKTI does not have any presence in Comoros and is unable to undertake any bespoke research into the market on behalf of UK companies. Also there is no British Embassy or Honorary Consul in Comoros. A UK company with a market access issue in Comoros is advised to contact the British Embassy in Mauritius.

Multilateral Investment Guarantee Agency

The IMF is providing support and technical

to strengthen public financial management

Useful Contacts

unable to easily attract investors due to the poor quality of its infrastructures (ports and roads are in poor conditions), the limited size of its domestic market, frequent water and electricity shortages, the limited natural resources and its largely unskilled workforce. In 2013, Comoros received technical aid to promote FDI. The Comoros ranks 158th out of 189 countries in the World Bank 2014 Doing Business report.

looked forward to its completion. Meanwhile, under a Country Partnership Strategy between the World Bank and Comoros

Arab British European Banking & Finance Guide

Djibouti Country Profile

Fact File Country Name: Republic of Djibouti Capital: Djibouti City Land area: 23,200 km2 Population: 810,179 (July 2014 est) Language: French (official), Arabic (official), Somali, Afar Currency: Djibouti franc

jibouti occupies a strategic location at the intersection of the Red Sea and the Gulf of Aden and serves as an important shipping portal for goods entering and leaving the East African highlands and transshipments between Europe, the Middle East, and Asia. Djibouti’s economy is based on service activities connected with the country’s strategic location as a deepwater port on the Red Sea. Threefourths of Djibouti’s inhabitants live in the capital city.

Dialling code from the UK: +253 GDP Growth: 5% (2013 est) Main Export Partners: Ethiopia, the European Union, Somalia, Brazil and Qatar Main import Partners: European Union, United Arab Emirates, Saudi Arabia, Japan and Ethiopia

The country’s financial sector has grown rapidly

l’Industrie-Mer Rouge, the largest commercial

in recent years with new banks arriving into

bank. The government has acted to promote

the market. The sector accounted for 15% of

the integrity and efficiency of the banking

GDP in 2013. In 2013, there were 11 banks

sector and has adopted new banking laws.

operating in Djibouti up from only two in

Credit is allocated on market terms, but access

2006. The sector is very concentrated with two

to credit for entrepreneurial activity is still

banks holding around 85% of all deposits,

limited by high costs and the lack of other

according to the African Development

available financing instruments.

Bank. The introduction of Islamic financial instruments into the market by new Yemeni and Somali banks and the opening of account services for smaller savers has tapped into a reserve of savings that the banking system had previously been unable to access.

sea routes for trading oil and other goods, and aims to become a hub for commercial, logistical and financial services for countries in the Gulf of Aden. Djibouti’s location is the main economic asset of a country that lacks natural

More competition among banks in recent years

resources. The capital, Djibouti City, handles

with the arrival of newcomers brought interest

Ethiopian imports and exports. Its transport

rates down. Loans available from banks are

facilities are used by several landlocked African

mostly short term and consumer loans; while

countries to fly in their goods for re-export.

long term credit is now offered it is still a rarity.

Significant revenues for Djibouti are generated

The country boasts one of the most liberal

The country stands at the crossroads of major

by the vibrant port activities.

economic regimes in Africa, with almost

Djibouti is a free-trade zone and its main

unrestricted banking and commerce sectors.

economic activities are the Port of Djibouti,

It has been growing largely as a result of the

the banking sector, the airport, as well as

stable and freely convertible currency and

the operation of the Addis Ababa-Djibouti

absence of exchange controls. More banks,

railroad, in addition to its small tourist industry.

particularly foreign banks, have been entering

Djibouti’s geostrategic location in the Horn

the market. One majority French-owned

of Africa offers important opportunities for

bank and one fully French-owned bank

economic growth and development. Economic

together still dominate banking. Since 2006,

growth has accelerated in recent years, and

the central bank has permitted more foreign

the country possesses natural assets and

banks to operate. The government retains a

geographical advantages that could support

minority stake in Banque pour le Commerce et

more diversified growth in the future.

Arab British European Banking & Finance Guide

Djibouti Country Profile

Economic development is currently driven by

by raising money to build two ports as well as

a substantial transformation fostered by a

the country’s state-of-the-art port complex,

road corridors. A port of Tadjourah designed

surge in foreign direct investment—mainly

which is among the most sophisticated in the

to handle potassium exports from Ethiopia is

from the Gulf —into capital-intensive projects

world. Trade through Djibouti’s port is expected

expected to be ready by the end of 2014.

such as the port of Djibouti and in the

to grow rapidly in parallel with the expanding

Djibouti is seeking to diversify its economy

construction and tourism sectors. The main

economy of its main trading partner, Ethiopia.

and is endowed with natural assets for the

Djibouti provides services as both a transit

development of tourism, untapped marine

port for the region and an international

resources that could support growth in

transshipment and refuelling centre. Imports,

artisanal fishing, and a significant infrastructure

exports, and re-exports - primarily of Ethiopian

of undersea telecommunications cables on

coffee from its landlocked neighbour - represent

which it could draw to develop new service

70% of port activity at the container terminal.

industries. Energy trade could also be a source

The country has few natural resources and little industrial activity. As such it is heavily dependent on foreign assistance to help support its balance of payments and to finance development projects. High unemployment continues to be a major challenge. While

structural changes between 2004 and 2009 were the result of a huge influx of FDI from the Gulf, especially Dubai, and were focused on capital-intensive activities such as port infrastructure, roads, buildings and hotels. This also boosted economic growth through transport and related services. Rapid economic

of growth for the country. Harnessing the

growth around these sectors, however, has

country’s human and economic potential to

not been accompanied by a reduction in

reduce poverty and enhance shared prosperity

poverty or unemployment as high production

will require a new growth model, as current

costs, relating mainly to utilities and labour,

capital-intensive and public sector-dominated

have limited the benefits of FDI. Furthermore,

approaches are unsustainable.

extensive tax exemptions granted for FDI projects have undermined government revenue

inflation is not a concern, due to the fixed tie

In January 2014 Djibouti held talks with

of the Djiboutian franc to the US dollar, the

China, India, Russia, Brazil and Arab investors

artificially high value of the currency adversely

to finance infrastructure projects worth

affects Djibouti’s balance of payments. Djibouti

$5.9 billion, the head of the country’s ports

The central bank with the assistance of the

holds foreign reserves amounting to less than

authority stated. Flows of inward investment,

IMF works to strengthen commercial banking

six months of import coverage. Djibouti has

which had been held up with the 2008

supervision. Initiatives in 2012 focused on

experienced relatively minimal impact from the

financial crisis, are expected to sustain steady

implementation of the 2011 banking law

global economic downturn, but its reliance

economic growth into 2014. Djibouti has also

which deals with how credit houses register

on diesel-generated electricity and imported

drafted a long-term development strategy,

and are required to provide regular reporting of

food leave average consumers vulnerable to

Vision 2035, and a study is being carried out

their activities.

global price shocks. The country’s President

of the leading sectors which could diversify

The IMF said that “strengthening bank

in 2013 told international investors that

the sources of national growth and create

supervision and regulation will help address the

jobs. The government launched a $4.3 billion

challenges posed by the rapid development of

investment programme, and in 2012, funding

the financial sector. Structural reforms should

Djibouti’s development plan was to increase its prominence in financial and communication sectors. The country has potential to be a regional hub for trade, finance, and telecommunications. It is keen to capitalise more on its strategic location to make its port the biggest transshipment hub for the Common Market for Eastern and Southern Africa (COMESA) — a trade bloc grouping around 20 countries. In 2012 the government launched a programme to develop the transport and logistics sector

was obtained to build new port facilities for salt and potassium exports that are coming fully into operation in 2013 and 2014.

mobilisation efforts. Its financial sector has seen a rapid expansion.

aim at improving competitiveness and fostering private sector development. Reforming the state-owned energy company will lower energy

Djibouti achieved good ranking for ease of trade

costs and reduce government transfers.”

in the World Bank Doing Business 2013 report,

Djibouti’s authorities continue to develop the

although business growth remains hampered by procedures for registering property, enforcing contracts, starting a business, access to credit and protecting investors.

financial sector, passing new laws governing banking, such as stronger legislation regulating banks, and relating to financial co¬operatives and Islamic finance. Other structural reforms

During recent years, Djibouti has undergone

have been carried out, including an overhaul of

Arab British European Banking & Finance Guide

Djibouti Country Profile Useful Contacts UKTI There is no official services provided by UKTI in the country UKTI Ethiopia Dessalegn Yigzaw Trade Development Manager British Embassy Addis Ababa Ethiopia Email: dessalegn.yigzaw@fco.gov.uk Tel: +251 11 661 23 54 British Embassy Addis Ababa Comoros Street Addis Ababa 858 Ethiopia Email: Britishembassy.addisababa@fco.gov.uk; Addis.Consular@fco.gov.uk (Consular email) Tel: +251 11 661 2354

the investment code, legislation on companies and bankruptcies, and the overhaul of the labour code.

ISLAMIC FINANCE Islamic banking has potential for expansion in Djibouti and could assist its wider economic development. Experts and banking chiefs from across the continent have recommended that Africa make use of Islamic finance to close its development gap. A second annual Islamic Banking Summit Africa was held in November 2013 at the Djibouti Palace Kempinski Hotel, with over 350 senior figures from the international Islamic banking sector and governors of central banks from several countries in attendance. Djibouti’s Central Bank governor, Ahmed Osman, quoting estimates from the World Bank, said $93 billion per year would be needed to cater to Africa’s infrastructure needs by 2020, and there is a potential for Islamic banking to play a role to fulfill some of these needs. “The international Islamic finance industry is also seeking new markets with a high rate of growth to invest funds in, so the Islamic banking and finance industry on the continent has several key factors in its favour,” stated Amman Muhammad, who heads the Islamic banking division of First National Bank in South Africa.

Arab British European Banking & Finance Guide

British Honorary Consul PO Box 169 Rue de Djibouti Djibouti Tel: (00253) (3) 85007 Fax: (00253) (3) 52543 Email: alain.martinet-honcon@fconet.fco.gov.uk For travel advice see FCO www.gov.uk/foreign-travel-advice/djibouti The French Consulate General The representative of Djibouti in the UK Consulate of France 21 Cromwell Road London SW7 2 EN Tel: +44-207-073-1200 www.consulfrance-londres.org Central Bank of Djibouti (Banque Centrale de Djibouti) www.banque-centrale.dj

Egypt Country Profile

Fact File Country Name: Arab Republic of Egypt Capital: Cairo Population: 86,895,099 (July 2014 est) Land Area: 1,001,450 km

Currency: Egyptian Pound Dialling Code: +20 (00 20 from UK) GDP Growth: 3.1% (2013 est) Main Industries: Textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals and light manufactured goods Exports: Crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food Export Partners: US, Italy, Spain, India, Saudi Arabia, Syria, France, South Korea Imports: Machinery and equipment, foodstuffs, chemicals, wood products, fuels Import Partners: US, China, Germany, Italy, Turkey

gypt’s banking industry is among the oldest and largest in the MENA region. It comprises 57 commercial banks which includes 28 commercial banks, four of which are state-owned, 26 investment banks (11 joint venture banks and 15 branches of foreign banks), and three specialised banks. Private and joint venture banks are increasingly growing, but many remain relatively small with few branch networks. Monetary, credit and banking policies are regulated by the Central Bank of Egypt. The National Bank of Egypt (NBE) is the oldest commercial bank in the country established in 1898 with a capital of £1 million. Throughout its long history, NBE’s functions and roles have continually developed in line with the different economic phases in Egypt. Egypt’s banking sector witnessed throughout

The Central Bank of Egypt’s net international

2013 a healthy activity growth, with the

reserves bounced back during the ﬁrst eight

aggregated assets of banks operating in the

months of FY 2014 following contractions in

market rising by 16.9% in local currency terms

FY 2013, mainly buttressed by a $12 billion aid

in 2013 (6.9% in US Dollar terms due to local

package pledged by Saudi Arabia, the UAE and

currency depreciation during 2013) as per the

Kuwait in July 2013, with nearly $10.5 billion

latest available Central Bank statistics. Banks

disbursed during the ﬁrst half of FY 2014 ($6

operating in Egypt posted an activity growth

billion of which in the form of deposits at the

of 16.9% in local currency terms between

CBE). Within this context, the Central Bank’s

end-2012 and end-2013 (+6.9% in US$

net international reserves grew by circa $2.4

terms). Deposits and loans were up by 20.6%

billion during the ﬁrst eight months of FY 2014

and 6.5% respectively (+10.4% and -2.6%

to hit $17.3 billion at end-February 2014.

respectively in US$ terms).

The government also expects to receive $5.8

Higher inflows foster improvement in external accounts Egypt’s external accounts witnessed an overall improvement over the first nine months of 2013, as per the latest statistics of the Central Bank. Exports increased over the period while

billion in additional aid from Saudi Arabia and the UAE in the form of Central Bank deposits and petroleum products, which would provide further support to the CBE’s net international reserves.

imports slightly contracted, and the subsequent

Deposits in foreign currency increased by

improvement at the level of the trade balance

17.6% during 2013 compared to a growth

was coupled with higher official transfers to the

of 21.6% in local currency deposits over the

country and inflows in the form of subscription

same period, which shows that banks have

to bonds to result in an overall surplus of the

been witnessing conversions in favour of local

balance of payments. The latter moved from a

currency along with the appreciation in the

deficit of $3.8 billion in the first nine months of

Egyptian Pound recently. The aggregated net

calendar 2012 to a surplus of $4.5 billion over

proﬁts of eight listed banks of the sector rose

the corresponding 2013 period.

by 19.8% in US$ terms during the ﬁrst nine

Arab British European Banking & Finance Guide

Egypt Country Profile EGYPTIAN EXCHANGE The Egyptian Exchange (EXG) is one of the oldest stock markets in the Middle East and can trace its origins to 1883 when the Alexandria Stock Exchange was established, followed by the Cairo Stock Exchange in 1903. The EGX today comprises the two exchanges, Cairo and Alexandria, both of which are governed by the same board of directors and share the same trading, clearing and settlement systems. The EXG opened new administrative headquarters in the Smart Village business zone on the western edge of Cairo in April 2012. Meanwhile, in February 2013 the Lord Mayor of London visited the Exchange to discuss the potential for cooperation with the City of London. EGX is a member of the World Federation of months of 2013, suggesting a reinforcement of

already high exposure to government

banking sector proﬁtability at large.

securities, which reached 5.7 times their

Total bank assets reached the equivalent

shareholders’ equity as of September 2013.

of $242.2 billion at end-December 2013,

The government continues to rely on local

against $226.6 billion at end December

banks to fill the funding gap in the absence

2012. The growth was mainly favoured by

of foreign funding and continues to run

accrued funding on the back of rising deposits

high budget deficits. The high exposure to

and ensuing increased investments in local

sovereign paper is the major credit risk for

government securities amidst considerable

linking the banking system’s credit profile

public sector financing needs.

directly to that of the Egyptian sovereign.

The growth was mainly favoured by accrued liquidity on the back of rising deposits and

In addition, Moody’s expects asset quality metrics to further deteriorate on the back of

Exchanges (WFE) and presides over the African Securities Exchanges Association (ASEA). EGX is also a founder member of the Union of Arab Exchanges, a member of the Federation of Euro Asian Stock Exchanges and an affiliate member of the International Organisation of Securities Commissions (IOSCO). Significant rebound in equity and bond prices during the second half of 2013 and early 2014 Egypt’s capital markets saw a pick-up in prices during the second half of the year 2013, mainly supported by an aid package pledged by three GCC countries, an interest rate cut

ensuing increased investments in local

challenging operating conditions, and extensive

government securities amidst considerable

restructuring and rescheduling of loans during

public sector ﬁnancing needs. The banking

the economic turmoil.

sector’s deposits remain the cornerstone of

Moody’s also expects Egyptian banks to remain

Egyptian Exchange to close the year 2013

the local banking sector activity, accounting

well-funded because of their strong deposit

with significant price increases relative to the

for about three quarters of total balance

bases. Customer deposits accounted for more

previous year, while Egyptian debt papers

than three-quarters (76%) of banking assets as

registered yearly price declines in 2013 despite

of September 2013, supported by remittances

the significant rise in prices during the second

from Egyptians working abroad. The large pool

half of the year. Egypt’s stock market rose by

of deposits enables Egyptian banks to operate

42.7% in the second half of 2013, while its

with minimal reliance on riskier market and/or

5-year CDS spread contracted by 277 basis

sheets and thus constituting the main source of funding for Egyptian banks. Total deposits rose by 20.6% in local currency terms in 2013 (10.4% in US Dollars) to reach the equivalent of $189.2 billion at end-December. It is worth noting that the growth in local currency terms is more than twice higher than that registered during the previous year. The Central Bank recently attributed the banks’ rising deposit base to the increase in the conﬁdence of Egyptians in the economic

foreign funding. Financial reports released for the first half of 2013, showed a number of banks recording consistent profits despite prevailing economic challenges.

by the Central Bank of Egypt, and a stimulus package announced by the interim government to prop up the economy. This allowed the

points over the same period to close the year at 605 basis points.

INSURANCE SECTOR Egypt insurance industry started in the second half of the 19th century through acting as

outlook. Bank deposits are actually supported

HSBC has continued to list Egypt among its 20

agents for British and French companies. In

by remittances from Egyptians working abroad,

favoured markets. Bankers and investors note

1900, the National Insurance Company was

notably in the oil-rich Gulf region, noting that

that less than 15% of the population of nearly

established as the first Egyptian company. In

retail deposits account for the bulk (around

90 million holds bank accounts, highlighting

1933, “Al-Sharq Company” was formed and

70%) of sector deposits. The strength and

the sector’s potential for growth. HSBC reports

in 1934 “Misr for General Insurance” was

steadiness of the sector’s deposit base means

on its activities in Egypt also confirms that a

established.

that market funding reﬁnancing risks are quite

number of banks recording consistent profits

limited, especially as wholesale funding (bonds

Under Law No. 23 of 1957, insurance

despite prevailing economic challenges, and

and long-term loans) barely represent 1.7% of

companies working in Egypt were nationalised.

underlines that Egypt’s banks are also far more

By the Law No. 43 of 1975, all foreign

integrated into the global economy than many

capital was conformed to Egyptian insurance

of its non-Gulf state Arab counterparts.

companies. Today the Egyptian insurance

total balance sheets. Moody’s expects a further rise in the banks’

Arab British European Banking & Finance Guide

Egypt Country Profile market is regulated through Egyptian Financial

Reinsurance Companies (direct insurance

Supervisory Authority (EFSA) under Law No.

companies and reinsurance companies). 2)

10 of 1981 and Law No. 118 of 2008. Foreign

Cooperative Insurance Associations 3) Private

insurance companies began to set base in the

Insurance Funds 4) Government Insurance

market by establishing branches and agencies

Funds 5) and Insurance Pools.

which totalled more than 130.

The Central Bank is planning a new policy to

By the end of the 1970s, private sector

revive the countryâ&#x20AC;&#x2122;s insurance sector which

participation began in the insurance market.

is expected to have a large positive effect on

The Suez Canal Company for Insurance was

the industry within the coming months. Such

established in 1979, AlMohandes, 1980,

a policy will stimulate insurance companies to

and Delta for Insurance, 1981. With the

make new tools and products available to their

continuation of the economic development

domestic clients.

process, private insurance companies working

It is expected that the insurance industry,

in the market in the 1990s were nine, four of

and its various sub-sectors, will achieve 50%

them were public sector, three private sector,

growth over the next 5 years, in addition to

and two in the free zones.

yearly growth figures which have already

In the mid-90s, and in accordance with

begun to rise.

requirements of economic reform policies

In an interview with Al Borsa, El Hini, vice

and market liberalisation, Law No. 10 of

president, Insurance Holding Company (MIHC),

1981 was amended to allow 49% of foreign

with Daily News Egypt on 30 November 2013,

participation, which increased the number of

said the Egyptian insurance sector has been

insurance companies to twelve: four public

growing faster than the wider economy, in

sector, six private and two free zone. Then,

spite of an increase in payments on claims

it was amended per Law No. 156 of 1998 to

during the past few years. The sector is

allow 100% foreign participation. The number

expected to maintain its strong growth in the

of companies working in Egypt became

coming period, in spite of weak economy

seventeen: four public sector companies

because it is still new and the market

and 13 foreign capital companies. Finally,

unsaturated. The sector would even be one of

Law No.118/2008 that enforced Insurance

the drivers of economic growth when recovery

Companies that merge between insurance

begins, he said.

activities, life and non-life insurance. Egyptâ&#x20AC;&#x2122;s insurance sector constitutes a higher number of private insurance companies and private insurance funds, but the market share of public sector companies and government insurance funds is more than the market

Useful Contacts UK Trade & Investment Cairo British Embassy 7 Ahmed Rageb Street Garden City Egypt Email: commercial.cairo@fco.gov.uk Tel: +2 02 2791 6000 UK Trade & Investment Alexandria British Consulate General 3 Mina Street Kafr Abdou 21529 Roushdy Tel: +2 03 5467001/2 Egyptian Consulate General 2 Lowndes St London SW1X 9ET Tel: 020 7235 9777 Fax: 020 7235 5684 www.egyptianconsulate.co.uk Central Bank of Egypt 54 El-Gomhoreya Street 11511, Cairo info@cbe.org.eg www.cbe.org.eg/contactus.htm The Egyptian Exchange (EGX) 4A, El Sherifien St Postal Code 11513 PO Box 358 Mohamed Farid, Downtown, Cairo Tel: (202) 23928698 / 23921402 / 23921447 www.egyptse.com/English/contact.aspx

share of private sector companies and private insurance funds. The insurance industry plays a vital role in supporting the economy and growing national investments. It provides financial protection for individuals and projects against different risks. Furthermore, it is a main channel for collecting and using national savings to finance national investments and development plans, making available new job opportunities and alleviating the impact of inflation. Optional private pension funds provide complementary pension for subscribers. Within this framework, the insurance industry needs to invest its resources in medium- and long-term fields that go well with the nature of its obligations, thus creating demand for medium- and long-term finance. The Egyptian insurance market is subject to supervision and regulation per Law No. 10 of 1981 and its amendments, the last of which was Law No. 118 of 2008. Insurance companies operating in the Egyptian market include: 1) Insurance and

Arab British European Banking & Finance Guide

Iraq Country Profile

Fact File Country Name: Republic of Iraq

Dialling Code: +964 (00 964 from UK)

raq’s new National Investment Law contains provisions that would allow investors to realise enormous benefits including bank and transfer capital inside or outside of the country. The law also allows investors who hold an investment license to enjoy exemptions from taxes and fees for a period of 10 years. Institutions in the health and service sectors are granted additional exemptions from duties and taxes on imports of furniture and other furnishings. The exemption increases to 15 years if Iraqi investors own more than 50% of the project.

Main Industries: Oil, chemicals, textiles, leather, construction materials, food

Capital: Baghdad Land Area: 438,317 km2 Population: 32,585,692 (July 2014 est) Currency: Iraqi Dinar (ID) GDP Growth: 4.2% (2013 est)

Oil revenues and reconstruction efforts are

run by Russia’s Gazprom Neft, the oil arm of

Processing, fertilisers, metal fabrication/ processing

attracting banks and investors. Some estimate

Gazprom, is also set to come on line. “We

that the total bill for investments in oil and gas

expect a significant rise in production in year

Exports: Crude oil, crude materials excluding fuels, food and live animals

infrastructure, electricity, healthcare, sewage

2014,” said the senior oil technocrat.

and roads will total more than $500 billion in

Iraq was the first country in the region to

Export Partners: US, India, Italy, South Korea, Taiwan, China, Netherlands, Japan Imports: Food, medicine, manufactures Import Partners: Turkey, Syria, US, China, Jordan, Italy, Germany

the coming decades. Meanwhile, the planned listing of Iraq’s three phone companies could almost double the market’s size of the stock

was formed. In the years 1922-1964, Iraq established a series of privately and publicly

exchange (currently about $3.5bn) if they were

owned banks. In 1941, Rafidain Bank was

to go ahead.

created. In 1964, the country carried out the

After flatlining for decades due to wars and

nationalisation of its banking system. In 1992,

sanctions, Iraq’s output began to expand in

Iraq re-established and approved private sector

2010 after it secured service contracts with

banks. In 1992-2003, private sector banks

oil majors such as BP, Shell, Eni and Exxon

were restricted from international transactions.

Mobil. Today Iraq, OPEC’s second biggest

Since 2003, private banks were allowed to

oil producer, expects a robust return to

process international transactions, cross-border

growth 2013 as foreign companies at work

payments and letters of credit.

in its southern oilfields push output towards

Iraq’s Central Bank (CBI) is one of the oldest

the highest level ever. Production in 2013

central banks in the region. It was founded in

averaged more than 3 million bpd, a touch up

Baghdad in 1947 and has branches in Basra,

on 2012, but by the end of the year rates are

Mosul, and later Erbil, and Sulaymaniyah. The

likely to reach a level of 3.5 million bpd, said

bank’s goal is independence in the creation

the former oil minister.

and execution of its monetary policies and

Thamir Ghadhban, chairman of the advisory

in the carrying out of its other duties. Law

commission to Iraq’s Council of Ministers, said

establish banks, in 1890-1 when the first bank

No 56 from 2004 provides for its financial,

on 23 October 2013 that flows are set to rise

administrative, and legal independence.

by at least 500,000 barrels per day (bpd) to an

Banks in Iraq include seven state-owned banks

average 3.5 million bpd - as Majnoon - run by

(which own 479 branches, eight of which are

Royal Dutch Shell, Garraf - led by Malaysia’s

located abroad), as well as 47 private banks,

Petronas - and Halfaya, operated by PetroChina

which are divided into 23 commercial banks,

, ramp up. Farther north, the Badra oilfield,

12 Islamic banks, and 12 foreign banks. In

Arab British European Banking & Finance Guide

Iraq Country Profile

total, they own 515 branches, four of which

significant capital in the second half of the

With the exception of the central

are located abroad

2014, which will likely lead to rapid earnings

government’s deposits and deposits of an

As part of efforts to liberalise the economy, in

growth as that new capital is employed, as well

ongoing nature, in 2013 the deposits of

the first three months of 2014, the Central Bank

as the potential for dividends.

commercial banks amounted over 42.5 trillion

granted approval to 15 Arab and international

Iraqi banks have also been making moves to

banks to open branches in Baghdad, with

expand outside the country. In May 2013, the

additional branches expected to follow.

TBI revealed plans to open branches in Lebanon

International banks are permitted to enter Iraq

and Turkey, as well as expanding its domestic

as branches, subsidiaries, representative offices

reach. The TBI hoped that its expansion would

The limited role of banking within the overall

or through joint ventures with local banks.

allow it to become active in project finance,

economy makes it difficult to pursue any

Standard Chartered, HSBC, and the National

industrial and agricultural finance.

effective monetary policy. In general, banking

Bank of Kuwait received licenses to conduct

Statistics show that private banks’ capital

banking transactions in Iraq. In 2005, the World Bank’s International Finance Corporation joined the National Bank of Kuwait in buying a share of the Credit Bank of Iraq, representing a major infusion of money into the financial system. Iraq also has Islamic windows or separate organisations offering Shariahcompliant products.

rose to 5.9 trillion Iraqi dinar, a result of implementation of the Central Bank’s instructions to increase the banks’ capital. The private banks still possess the largest portion of the total capital, a percentage of 78.7%. Private banks’ capital is distributed as follows: 53.5% with traditional banks, 22.5% with Islamic banks, and 2.7% with branches of the

By November 2013, Standard Chartered had

foreign banks working in Iraq. The state-owned

become the first British bank to open a branch

banks represent 21.3% of the banking system’s

in Iraq since the 2003 war. The ribbon on the

total capital, and the banking system’s capital

multinational (British) bank’s new branch in

percentage of GDP reached 2.4% in 2012.

Baghdad was cut by the Iraqi Prime Minister Nouri Al-Maliki, and attended by dignitaries including Mark Bryson-Richardson, deputy head of mission at the British Embassy in Baghdad. The opening marked the arrival of the first of three Standard Chartered branches in the country, with another in Erbil to follow by the

Iraqi dinars. The banking system’s total bank deposits amounted to 245.2 trillion Iraqi dinars and accounted for 17.3% of the Gross Domestic Product.

services are limited to the processes of lending and simple financing. The Central Bank and the Ministry of Finance have committed themselves to setting up a Bank Reconciliation Unit (BRU) to deal with inherited past external liabilities of the two main public banks, with the goal of restructuring their balance sheets. The Central Bank has been carrying out a series of reforms that aim to establish a banking system capable of mobilising and allocating financial resources and improving capacity to serve economic activity in order to achieve continual high economic growth rates. This reform strengthens the banking sector by

This means that the banking system is still

bringing about major changes in the nature

modest in its structure and in the percentage

of the industry and restructuring it to mobilise

of its contribution to GDP. Despite the fact that

domestic savings, limit capital flight, and

private banks dominate a large percentage

attract foreign investment flows.

of the banking system’s total capital, the public sector has a complete monopoly over

For the banking reforms to be effective, they need to be part of a more comprehensive

end of 2014, then one in Basra the next year.

government financial transactions.

The enormous opportunity was highly evident,

At the end of 2013, the total balance of the

is embodied in the liberalisation process of

as the average three-year CAGR for loan

credit granted by banks exceeded 20.8 trillion

this sector, which is achieved by keeping pace

growth from 2009 to 2012 was 52%, with the

Iraqi dinars. Bank credit granted constituted

with developments in international banking.

highest individual bank’s CAGR at 163%. For

8.5% of the Gross Domestic Product, and the

These developments are primarily based upon

deposits, the average CAGR was 28%. The

credit provided to the private sector for the

freedom from constraints and restrictions, the

private sector banking industry is particularly

year 2012 reached 14.6 trillion Iraqi dinars,

creation of a suitable legislative environment,

well placed, as it will play a central role in

with a relative importance of 70.5% of the

increased competition between banks, the use

the economic resurgence and represents the

total credit granted, whereas the credit granted

of advanced information technology, and the

largest segment of the Iraqi Stock Exchange.

to the public sector was 5.3 trillion Iraqi dinars,

implementation of the Basel rules in order to

Further, private banks will finish raising

with a relative importance of 25.9%.

work according to the international standards

strategy of change and reform. The strategy

Arab British European Banking & Finance Guide

Iraq Country Profile

for banks, and thereby increase capacity to

by more than 25 exchanges globally, is capable

insurance markets. Students were able to

compete in the international arena.

of supporting multiple asset classes, although

undertake postgraduate research at Iraqi

the ISX concentrates mainly on cash equities.

universities and many practitioners in the

Iraq in 1993 with the establishment of the Iraqi

With 84 listed companies, the ISX has a

market ended up managing Arab insurance

Islamic Bank for Investment and Development.

market capitalisation of $9.5 billion to serve

This was followed by the establishment of a

a population of 30 million, an amount

of catching up to do.

number of Islamic banks after 2001. There are

substantially smaller than other oil-dependent

The operation of insurance is governed by the

currently 12 banks with Islamic business activity

markets in the Gulf, which range in size from

Insurance Business Regulation Act 2005. This

in Iraq, in addition to the fact that some

$208 billion in the UAE to $479 billion in

act applies to all industry participants who

state-owned banks have opened an “Islamic

Saudi Arabia.

wish to practice insurance business in Iraq. The

Meanwhile, Islamic banking activities began in

window”. Currently, Islamic banks work

companies. Today, however, the sector has a lot

2005 establishes an insurance regulator, called

according to the Banking Law No 94 from

INSURANCE SECTOR

2004, and regulations from the Central Bank.

Although the origins of insurance can be

as an independent body to set policies and

traced to Iraq’s ancient codes, the Hammurabi

procedures for the regulation of the insurance

Code being the most famous (circa 1760 BC),

industry. The objectives of the Diwan are to

The Iraq Stock Exchange (ISX), formally

the contemporary insurance sector has faced

regulate and oversee the sector, to assure

known as the Baghdad Stock Exchange, was

innumerable challenges over the past two

industry development, provide industry

incorporated and began operations in June

decades. The first privately owned insurance

transparency, protection of individuals and

2004 under the oversight of the Iraq Securities

company in the country was founded in 1946

property and the accumulation and growth of

Commission. Before the 2003 invasion, it

and this was followed in 1950 by the formation

national savings in order to support economic

operated under the Iraqi Ministry of Finance.

of the state owned National Insurance

development. The law follows international

Now it is a self-regulated organisation similar

Company. Prior to this, the market comprised

standards including the core principles

to the New York Stock Exchange, owns more

Arab and foreign insurance companies and

advocated by the International Association of

than 50 member brokerage. Foreign investors

agencies. In 1958, the second privately owned

Insurance Supervisors (IAIS).

are allowed to trade in shares and securities

insurance company was established. By 1964,

listed on the ISX. The authorities confirm

all insurance companies were nationalised and

that in practice there are no restrictions

reconstituted into three specialist companies:

on current-account or capital transactions

life, general and reinsurance.

• An Iraqi public company;

Historically Iraq’s insurance market has been

• An Iraqi private or mixed holding company;

a pioneering one in the Arab world. Though

• A branch of a foreign insurance company

STOCK EXCHANGE

involving currency exchange as long as the underlying transactions are supported by valid documentation.

state-owned, it had first-class insurance and

the Iraqi Insurance Diwan. The Diwan operates

In order to operate in Iraq, an insurer must be one of the following:

registered in Iraq;

ISX is currently in the process of upgrading

reinsurance professionals at management

to the latest Nasdaq trading platform after

level with a growing number of mid-tier

signing an agreement with Nasdaq OMX in

staff developed through regular training

Until 1997, the Iraqi insurance market was

June 2013. The new platform, currently used

programmes that also benefited other Arab

made up of three state-owned companies:

100

Arab British European Banking & Finance Guide

• Takaful and Retakaful insurance entities.

Iraq Country Profile Useful Contacts UKTI Iraq British Embassy International Zone Baghdad Tel: +964 (0)7901 927 915 Email: baghdad.commercial@fco.gov.uk Embassy of the Republic of Iraq 21 Queen’s Gate London SW7 5JE Tel: (+44) 02075907650 Fax: (+44) 02075907679 Email: lonemb@iraqmofamail.net www.mofamission.gov.iq

National Insurance Co (NIC), Iraq Life Insurance Co (ILIC) and Iraq Reinsurance Co (Iraq Re). The restriction of the activities of NIC to non-life business and ILIC to life business was ended in 1988 (ILIC’s name was changed to Iraq Insurance Co). Both companies were permitted to transact all classes of insurance thereby a measure of competition was introduced to the market. 1988 also witnessed

Central Bank of Iraq Al-Rashid Street PO Box 64 Baghdad Tel: +964 1 816 5170/ +964 1 816 5171 Fax: +964 1 816 6802 Email: cbi@cbi.iq www.cbi.iq Iraq Stock Exchange PO 3607 Al-Alwiya Tel: 07711211522/07270094594 Fax: 00964 1 7174461 Email: Info-isx@isx-iq.net www.isx-iq.net

the compulsory cession to Iraq Re. A year earlier, the State Insurance Organisation, the supervisory body, was abolished. Between 1988 and 1997 the companies were attached to the Ministry of Finance and the office of Insurance Supervisor was set up at the ministry A law to ‘commercialise’ the state-owned companies and permit the formation of private insurance companies was adopted in 1997. The first private insurance company was formed in 2000. Today, the market is made of the three public companies (including a specialist reinsurance company) and many smaller private companies. More companies are emerging on the market.

Arab British European Banking & Finance Guide

101

Jordan Country Profile

Fact File Country Name: Hashemite Kingdom of Jordan Capital: Amman Land Area: 92,300 km2 Population: 7,930,491 (July 2014 est) Currency: Jordanian Dinar (JD) GDP Growth: 3.3% (2013 est) Dialling Code: +962 (00 962 from UK) Main Industries: Clothing, fertilisers, potash, phosphate mining, pharmaceuticals, petroleum refining, cement, inorganic chemicals, light manufacturing and tourism Key Exports: Clothing, fertilisers, potash, phosphates, vegetables and pharmaceuticals Key Imports: Crude oil, machinery, transport equipment, iron, cereals

ordan is an upper middle-income country with a population of about 8 million and a per-capita income of $6,100. The population is around 80% urban and is one of the youngest among uppermiddle income countries with 38% under the age of 14. The country has limited natural resources, potash and phosphate are its main export commodities, limited agricultural land, and water is especially scarce. The national economy is dominated by the services sector with industries such as pharmaceuticals proving to be profitable and revenues from tourism growing. Services account for more than 70% of the

management that bolstered the level of the

gross domestic product (GDP) and more

official reserves cushion.

than 75% of employment. As one of the

GDP growth is expected to increase in 2014

most open economies in the MENA region, Jordan is well integrated with its neighbours through trade, remittances, foreign direct investment (FDI), and tourism, and has especially strong links to the Gulf economies.

regional instability, reliance on external sources for energy, scarce water supplies and serge in government spending. Yet the large fiscal expansion in response to the regional and

Jordanian policymakers aim to use the

national necessities may constitute a threat

demographic opportunity of a well-educated,

to the economic stability in a country which

population to build a dynamic, knowledge-

is heavily aid-dependent, debt-burdened and

based economy.

open economy.

Over the past 10 years, Jordan has pursued

Monetary conditions in Jordan were marked in

structural reforms in education, health,

2013 by a strong pick-up in the Central Bankâ&#x20AC;&#x2122;s

privatisation and liberalisation; and, as the

foreign currency reserves amidst increased

World Bank observed, these reforms have

appetite for JD-denominated assets and

progressed well. In addition, the government

noticeable de-dollarisation, while the money

has been working to improve the conditions

supply registered wider yearly expansion

for greater public private partnerships in

mainly supported by a significant growth in

infrastructure, and tax reforms.

JD deposits. Within this context, the Central

Despite a relatively difficult external

Bank of Jordan adopted an accommodative

environment, characterised by the spillover

monetary policy, cutting key interest rates

effects of the Syrian conflict on the Jordanian

twice in 2013, followed by an additional cut

economy, the Kingdomâ&#x20AC;&#x2122;s economic recovery managed to gain some steam, with real GDP growth improving from 2.7% in 2012 to 3.0% in 2013, while the 12-month inflation rate has dropped from 6.5% in 2012 to 3% in 2013, implying an average inflation of 5.6% within the context of a successful monetary

102

but the economy remains at risk from further

Arab British European Banking & Finance Guide

in early 2014. The CBJ managed to reverse the sharp drop in foreign exchange reserves observed over the year 2012, with the latter surging by a significant 63.7% in 2013 (the equivalent of $5.2 billion) to reach a record high of $13.3 billion. Jordanâ&#x20AC;&#x2122;s banking sector witnessed a healthy

Jordan Country Profile

activity growth during the year 2013, with

more difficult macroeconomic backdrop. The

construction sector, which accounted for 36%

total assets of banks operating in the Kingdom

2013 deposit increase in volume turned out

of total new credit facilities during the year,

growing by a yearly 9% in 2013 to reach $60.5

to be more than four times higher than that

followed by lending to the general trade,

billion at end-December 2013. The banks’

registered during 2012, within the context of

industry and mining sectors, among others. It is

activity growth picked up some pace last year,

improving domestic economic growth.

worth pointing out that the increase in lending

proving more than twice higher than that recorded during the previous year. While banks liquidity remains high, an increasing portion of it is invested in claims on the public sector, specifically government securities. But banks in Jordan remain adequately capitalised to face potential pressures on their own funds base. In parallel, asset quality and profitability metrics have shown further improvement last year. The Central Bank was established in 1964 as an independent corporate body replacing the Jordan Currency Board established in 1950. By the mid-1980s, Jordan was the only Arab country in which the value of banks’ assets exceeded its GDP. The Central Bank continues to exercise prudent regulation and supervision of the banking system. Jordan enjoys a very well developed banking sector by regional standards with a wide array of business, investment, and retail services. Both local and international banks are operational and growing in the market. As of 2013, there were 26 banks operating in Jordan with a total of 695 branches and 75 representative offices. The number of players in the market has been growing and the banking services that are available in the market are more than adequate to cater for a population of some 6.4 million. According to a Bank Audit Report, April 8 2014, the total deposits remained the main activity driver of banks in Jordan, accounting for close to two thirds of total balance sheets at end-December 2013. Total deposits progressed by 11% on a yearly basis to

An increase in resident private sector deposits can be mostly attributed to additional time deposits. Non-resident private sector deposits grew by 19.2% last year, which was reﬂected in its demand, saving and time components,

activity throughout 2013 was almost entirely to the beneﬁt of the resident private sector, as lending to the non-resident private sector and central government and public sector entities slightly contracted year-on-year.

to account for about a ﬁfth of total deposit

Sovereign exposure may be increasing

growth in Jordan. It is worth mentioning that

but banks in Jordan remain adequately

the resilient depositor base in Jordan is primarily

capitalised to face potential pressures on

retail oriented, with banks showing a more or

their own funds base. As a matter of fact,

less limited reliance on foreign funding.

the capital adequacy ratio as disclosed by

As foreign currency deposits, mostly those of the resident private sector, declined by 9.2% year-on year, the increase in the total deposit base during 2013 is attributed to local currency funds (+18.6%). Accordingly, the deposit dollarisation ratio retreated, moving from 29.1% at end-December 2012 to 23.9% at end-December 2013, amidst macro conditions relatively more favourable to the Jordanian Dinar than during 2012, Bank Audi reported.

the Central Bank reached 17.9% at endJune 2013 as per the latest available data, higher than the minimum requirement and comparing favourably to global averages. Close supervision of banks has contributed to ensuring that capital and liquidity levels on the overall remain comfortable despite the relatively tough domestic operating conditions, Bank Audi stated. Jordan’s stock market saw extended price falls in 2013 that have triggered further declines in

Bank Audi also stated that while banks boasted

market capitalisation and sustained weakness

higher deposits during 2013, lending activity

in turnover ratios. The ﬁxed income market, in

grew more or less satisfactorily but fell short of

parallel, witnessed domestic and global bond

that during the previous year. As a matter of

issues and further contractions in sovereign

fact, total credit facilities extended by banks in

spreads over the year, added to a credit rating

Jordan progressed by about 7% year-on-year

cut by Moody’s.

to reach $26.8 billion at end-December 2013.

The Amman Stock Exchange offers no taxes

Yet, the increase in volumes proved to be

on capital gains, no taxes on cash dividends,

44% lower than during 2012 despite the

free repatriation of investment and income,

improvement in macroeconomic conditions

no ceiling on foreign equity ownership and

in the Kingdom. The year 2012 had actually

privatisation. With a comprehensive legal

witnessed a signiﬁcant surge in total credit

infrastructure, internationally compliant

facilities mostly attributed to strong new lending

financial environment, and a modern and well

to the public services and utilities sector.

established stock market foreign investments

reach $39.0 billion at year-end 2013, after a

A rise in total credit facilities in 2013 was

sluggish growth in the previous year amidst a

mostly owed to higher lending to the

are bankable and profits can grow. Jordan shows great interest in issuing a

Arab British European Banking & Finance Guide

103

Jordan Country Profile Useful Contacts British Embassy Damascus Street PO Box 87 11118 Abdoun Email: uktiamman@fco.gov.uk Tel: +962 6 5909220

Embassy of the Hashemite Kingdom of Jordan

Eurobond or sukuk, and the government is considering putting in place new legislation that would clear the way for the issuance of sukuk, Shariah-compliant bonds backed by assets. Jordan’s interest in sukuk has increased, especially since Islamic banks were less affected by the global financial crisis than commercial banks.

INSURANCE SECTOR The insurance sector dates back to the Kingdom’s independence in 1946, when the Egyptian Orient Insurance Company affiliated itself with a local agency to provide insurance brokerage services. Five years later, the Jordan

premiums generated in 2013. Motor is the largest segment in the nonlife insurance market of Jordan with gross premiums in the year 2012, equivalent to 46.3% of the non-life gross premium underwritten in the country. Motor insurance market of Jordan is highly fragmented with

Amman Stock Exchange

segment include Arab Orient Insurance,

PO Box 212466 11121 Amman Tel: 00 962 6 5664109/ 00 962 6 5664081 Fax: 00 962 6 5664071 Email: info@ase.com.jo www.ase.com.jo

Jordan Insurance, Holy Land Insurance, Jordan Emirates Insurance and Arab Union International Insurance which together account over half of the gross premiums underwritten.

authorized capital of JD100, 000, marking the

segment and projected to grow robustly until

first step in the industry’s evolution.

2017 where the share of the segment in the

insurance business in Jordan. The sector is regulated by the Insurance Commission which

country’s non-life insurance market is estimated to reach 32% by 2017 from 28.1% in 2012. This will make medical insurance the largest segment in the insurance sector of the country.

regulates and supervises insurance supporting service providers in the country. These comprise of 514 agents, 98 brokers, 11 reinsurance brokers, 50 loss adjusters and surveyors, 13 actuaries, 22 consultants, one cover holder, 15 companies administrating insurance business and nine banks licensed to practice bancassurance. The insurance market is dominated by non-life insurance which has a share of 90.8% in the premiums written by the insurance providers in the country. Jordan’s non-life insurance market comprises of eight branches which include motor, medical, fire, marine, aviation, liability, credit and others. However, the market is largely driven by motor and medical insurance and these are the largest segments having contribution of around 46.3% and 28.1% respectively to the overall non-life insurance market of the country in terms of gross

104

PO Box 37 Amman, 11118 Tel: 00 962 6 4630301/10 Fax: 00 962 6 4638889 Email: info@cbj.gov.jo www.cbj.gov.jo

segment. The largest five players in this

Medical is the second largest non-life insurance

companies which are licensed to operate their

Central Bank of Jordan

large number of players present in this

Insurance Company was established with an

The sector presently is comprised of 28

6 Upper Phillimore Gardens London W8 7HA Tel: 0207 937 3685 Fax: 0207 937 8795 Email: london@fm.gov.jo www.jordanembassy.org.uk

Arab British European Banking & Finance Guide

Kuwait Country Profile

Fact File Country Name: State of Kuwait Capital: Kuwait City Land Area: 17,820km2 Population: 2,742,711 (July 2014) Currency: Kuwaiti Dinar (KD) GDP: 2.7% (2013) Language: Arabic; English is widely spoken Main Industries: Petroleum, petrochemicals, cement, shipbuilding and repair, water desalination, food processing and construction materials Exports: Oil and refined products, fertilisers Imports: Food, construction materials, vehicles and parts and clothing

he Kuwait banking sector is one of the strongest banking systems in the MENA region. The country has 11 domestic banks: five conventional, five Islamic and one specialised bank, according to the country’s central bank. There are also 11 branches of foreign banks, including top regional lenders such as National Bank of Abu Dhabi and Qatar National Bank, as well as major international players such as BNP Paribas, Citigroup and HSBC. International banks have been able to operate in the country since 2004. China’s biggest bank, Industrial and Commercial Bank of China, received final approval in May 2014 to open a branch in Kuwait, marking the bank’s fourth bank in the Gulf after Doha, Abu Dhabi and Dubai. The ICBC’s chairman said that the bank could become a “liaison” between Chinese companies and Kuwait, Reuters reported 19 May 2014.

The Central Bank of Kuwait (CBK) acts as

loans of 3.2 percent.” The IMF welcomed

the country’s supervisory institution for the

recent macro-prudential regulations on loan-

sector and also has the role of a financial

to-value ratios for the residential sector and

advisory to the government. In March 2014,

the ongoing strengthening of banks’ capital,

the CBK announced an important change

which it said would contribute to further

that will allow foreign banks to open multiple

strengthening financial stability.

branches in the country. “The new rules will

Banks in Kuwait have high credit exposure

have a positive impact on the local market as

in two sectors, real estate and investment

they enrich the type of services being offered,

companies. The sector is characterised by

create new jobs and ultimately result in the

a high level of competition among Kuwait

economic and social growth of the country,”

domestic banks. Observers believe that the

the bank said in a statement. Previously, each

banking sector will remain strongly protected

foreign bank operating in Kuwait was limited

by the CBK despite the growing presence of

to opening one branch; that restriction has

foreign banks into the market. NBK is the

now been removed with the CBK approving

largest bank in Kuwait and recognised as “the

new branches on a case-by-case basis. The

best trade finance bank of Kuwait, 2014”. The

new rules also allow foreign lenders to open

outlook for the Kuwaiti banking sector has

representative offices in Kuwait, the CBK stated

remained stable since 2011.

on its website.

Due to the heavy dependence on oil and public

As the IMF commented following a country

spending, profitable investment opportunities

visit to Kuwait in May 2014, “The banking

in the economy tend to be concentrated in real

system remains amply capitalised. The

estate, trade and stock market activities. As a

capitalisation and asset quality of banks

result, the major lending activities of Kuwait’s

continued to show significant improvements

banks are in consumer loans, real estate,

with a combined capital adequacy ratio of

construction and trade. Some banking activities

almost 19 percent and gross non-performing

are limited for foreigners.

Arab British European Banking & Finance Guide

105

Kuwait Country Profile

The CBK conducts both onsite and offsite supervision of the banking sector. Onsite supervision includes internal control of banks, whereas offsite includes review of financial statement periodically for the financial position of banks. There are strict regulatory standards for banks, non-compliance of which will result in penalties. The CBK has also maintained restrictions on foreign banks from entering into the retail banking segment.

BANKING SERVICES

Kuwait seeks to be in the forefront of countries applying the best international banking control standards and banks are well prepared for the implementation of Basel III, which will add to the prestige and stability of the sector internationally. Kuwait has implemented the new Basel III banking standards introduced by global regulators to increase the size of capital reserves. Basel III aims to provide greater resilience at individual bank level in order to reduce the risk of system-wide shocks. The CBK approved instructions of Basel III Capital Adequacy Standard in its final format for both conventional and Islamic banks, KUNA news agency reported, 25 June 2014. “Kuwait’s initiative to be one of the first countries to implement Basel II was welcomed and appreciated by global institutions, and served as a boost to the reputation of the CBK’s supervisory authority and the Kuwaiti banking sector on a global level, including global credit rating agencies as reflected in an upgrade in the credit rating of the Kuwaiti banks,” stated CBK Governor Dr Mohammad Al-Hashel. “In July and August 2013 the draft Basel III instructions have been issued to conventional and Islamic banks to implement these instructions in parallel with Basel II instructions and, accordingly, such banks shall provide CBK with Basel II capital adequacy statements on a quarterly basis along with Basel III statements until Dec 31, 2014,” Dr Al-Hashel said.

106

All modern banking facilities are available in the market. There were 1408 ATMs and 27,556 POS terminals in Kuwait at the end of November 2012, according to HSBC. All ATM and POS terminals are interconnected via KNET. KNET connects the country’s ATM network to the ATM

170 branches in several Arab as well as foreign cities such as London, New York and Paris.

ISLAMIC FINANCE Kuwait’s five Islamic banks are Kuwait Finance House, Boubyan Bank, Al Ahli United Bank, Kuwait International Bank and Warba Bank,

networks of neighbouring GCC member states

the latter established in 2010. “Kuwait was

via the GCCNet ATM network. Electronic money

in the forefront of countries which launched

schemes are readily available in the form of

the Islamic financial industry. Kuwait now has

reloadable pre-paid cards. In 2010, the Kuwaiti

five Islamic banks, a non-Kuwaiti Islamic bank

authorities launched its e-payment system

branch and 51 Islamic investment firms,” the

Tasdeed. This is an online portal incorporating

CBK Governor has said. The CBK has been

facilities to pay utility bills, legal and traffic fees

seeking to revamp mechanisms in the Islamic

via payment card and/or online.

finance sector by setting up a legal entity

Kuwait announced plans to introduce plastic currency on 29 June 2014, making it one of

to develop auditing and supervision, CBK Governor has said.

only a handful of countries worldwide to adopt

Addressing a conference on Islamic finance

these more durable banknotes. According

held in Kuwait, December 2013, the governor

the Arabian Business, 5 May 2014, the CBK

cautioned against risks like the shortage

received its first shipment of what will be KD5bn

of Shariah-compliant hedging tools. “It is

($17.8bn) worth of notes from British currency

necessary to go ahead with putting in place

printing agency De La Rue. The plastic notes are

programmes to improve governance and

the sixth new release of banknotes since the

develop financial markets that can absorb a

Kuwaiti dinar came into circulation in 1961.

set of Islamic financial tools,” he said, adding

The country’s largest lender, the National Bank of Kuwait (NBK), participated in financing Kuwait Petroleum International’s (KPI) acquisition of Shell’s Italian assets. NBK was the only Arab and Kuwaiti bank participating in this financing, said a statement. On signing a loan agreement at KPI’s headquarters in Kuwait, Shaikha Al Bahar, NBK’s deputy

that efforts need to be exerted to innovate and develop appropriate hedging mechanisms. Shariah-compliant control methods act as the main determinant of the general framework for regulative plans and auditing mechanisms, he said, adding that the concept of control at financial institutions is different from that in Islamic financial bodies.

group chief executive officer, commented:

The Commercial Bank of Kuwait, the country’s

“Our participation in financing this

fifth-largest lender by assets, received

acquisition reflects NBK’s strong reputation,

regulatory approval to issue up to KD120

professionalism and track-record in financing

million ($425.8 million) of bonds, as the bank

mega deals,” Trade Arabia reported 14 July

prepares to convert into an Islamic bank. In

2014. The NBK’s assets grew by 11.7 percent

April 2014, CBK shareholders approved both

as on 30 June 2014 to $71.1 billion from a

the issuance of the bonds and plans to convert

year earlier, while shareholders’ equity rose

the lender into a fully-fledged Islamic bank,

5.3 percent to $8.9 billion. NBK has around

making it the sixth in Kuwait to follow Islamic

Arab British European Banking & Finance Guide

Kuwait Country Profile Useful Contacts British Embassy PO Box 2, Safat 13001 Kuwait Tel: +965 2259 4320 Fax (trade & investment): +965 2259 4368 Email: kuwait.generalenquiries@fco.gov.uk

principles. The bonds comply with Basel-III

regulated by the Insurance Department, a unit

rules, which are being phased in over the next

of the Ministry of Commerce and Industry.

several years. Kuwait’s central bank issued final guidance on capital adequacy requirements at the end of June. While CBK said its conversion would not be immediate, it would leave Kuwait with only four local conventional banks and could help tip the Islamic banking industry’s market share above an estimated 40 percent.

Kuwait is one of the smaller insurance markets in the GCC region, both in terms of gross written premiums (GWP) and penetration. Activity tends to be driven by coverage for state spending on infrastructure, motor and medical care. Despite the compulsory nature of some insurance products and higher-than-

The CBK is not the first to convert into an

average coverage in the life segment, total

Islamic bank, but follows Boubyan and Al

penetration in Kuwait, as measured by the

Ahli as the industry becomes more attractive

ratio of GWP to GDP, remains low compared

with growth in Islamic banks continuing to

with the Gulf average, according to Oxford

outpace that of conventional ones, according

Business Group.

to Reuters, 9 July 2014.

In common with other GCC member states,

As part of a five-year strategy began in 2010,

Kuwait has seen regulatory changes taking

Boubyan Bank remains on track to open up to

shape in the insurance industry which are

12 new branches. Bank deputy CEO, Abdulla

expected to strengthen the fundamentals

Al Najran Al Tuwaijri stated that the bank

of the industry. Its size has nearly tripled

had 25 branches around the country as of September 2013, but was seeking to boost its presence in the market. The bank was established in 2004 and is publicly listed on the Kuwait Stock Exchange. “We expect to end up having 35 branches by the end of 2015,” he said. “Around 10 to 12 (new) branches in the next 18 months,” he said, as reported by Arabian Business 23 September 2013. Al Tuwaijri said the Kuwait banking sector was performing well in what was a very competitive market. “We are now 50-50 Islamic versus conventional. We have 10 banks now in Kuwait and that’s a big shift from a couple of years back when most of the banks were conventional and only one bank was Islamic,”

through 2006-13, with insurance premiums increasing to $18.4 billion from $6.4 billion, according to global credit rating agency Moody’s. In response to the rapid growth rate and boom in the region’s insurance sector, a range of regulatory measures are being introduced within the insurance industry. “These regulatory changes will improve the credit profile of the region’s insurance market and aid market stability and transparency by strengthening several aspects such as capital requirements, asset quality and reserve adequacy,” said Mohammad Ali Londe, an analyst at Moody’s, Gulf New reported, 13 July 2014.

he concluded.

INSURANCE

Some of Kuwait’s leading banks have long

There are 35 insurers in Kuwait, of which around two-thirds are local firms. About 60% of business is accounted for by five major providers. A large number of smaller operations compete at the lower end of the market, where less well-capitalised operators often engage in price cutting to attract more

had a presence in the UK market. NBK set up its branch in London in 1983 as part of an initial strategy to capture investment and trade flows with Kuwait and to provide a service to Kuwaiti customers whether for expenses when travelling in Europe or for longer-term investment security.

clients. The Kuwait insurance industry is

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Arab British European Banking & Finance Guide

UKTI UKTI Kuwait Commercial Team Tel: +965 2259 4320 Email: ukti.kuwait@fco.gov.uk Kuwait Embassy 2 Albert Gate London SW1X 7JU Tel: 020 7590 3400 (020) 7606 8080 (Investment Office) Fax: 0207 823 1712 Central Bank of Kuwait Tel: + 965 1814444 Fax: + 965 22443354 Email: cbk@cbk.gov.kw www.cbk.gov.kw/WWW/index.html Kuwait Stock Exchange www.kuwaitse.com/PORTAL/Default.aspx Kuwait Foreign Investment Bureau PO Box 3690, Safat 13037 Kuwait Tel: +965 2224 0700 Email: info@kfib.com.kw www.kfib.com.kw

Lebanon Country Profile

Fact File Country Name: Republic of Lebanon Capital: Beirut Land Area: 10,452 km2 Coastal Length: 210km Population: 5,882,562 (July 2014 est) Currency: Lebanese Lira (LL) GDP Growth: 2% (2014 IMF est) Main Industries: Banking, tourism, food processing, wine, jewellery, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating Exports: Jewellery, base metals, chemicals, miscellaneous consumer goods, fruit and vegetables, tobacco, construction minerals, electric power machinery and switchgear, textile fibres, paper Imports: Petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco, electrical machinery and equipment and chemicals

conomic growth in Lebanon is likely to remain at around 2% in 2014 and rise to 4% in the medium term, reflecting significant domestic and regional risks, the IMF said. Traditional drivers of growth in Lebanon such as real estate-related activity, construction and tourism are have been impacted by increasing uncertainty. Nevertheless several indicators point to confidence in the Lebanese economy: the balance of payments until the end of last April registered a surplus of $788 million while deposits in the private sector grew between 5% and 6%; the currency market remained stable; and the Central Bank of Lebanon, the Banque du Liban (BdL), is committed to providing liquidity in all currencies, ensuring that the government has sufficient cash. Fitch Ratings agency has praised the resilience

to increase the provisions in the countries

of the country’s banking sector, which has

with increased risks,” Riad Salameh said. He

demonstrated a strong commitment to

added that the banks would either record the

supporting the economy. According to a Fitch

same growth in profits or see a slight rise in

statement on 13 June 2014 the banking

net earnings, claiming that growth in deposits

sector’s main strengths stem from its ample

would not lose momentum.

liquidity buffers, added to the strong regulatory environment set forth by the Central Bank. More particularly, total deposits within the banking sector rose by 7.9% year-on-year as of the end of April 2014, encouraging local banks to increase their participation in the country’s sovereign debt. Moreover, Fitch highlighted the success of the Central Bank in defending the peg of the Lebanese pound to the US Dollar

The Central Bank has been seeking to maintain stability and has continued to finance the government and accumulate reserves—gross international reserves stood at a comfortable $35bn at end-February 2014, the IMF said. The bank has also supported credit to the private sector by providing low-cost funds to banks to lend on to specific sectors.

amid the growing foreign currency reserves

Foreign exchange and financial markets have

accumulated by the central bank and the

been largely resilient. Deposits have continued

relative stability of the dollarisation rate.

to grow at 7-8% a year, while Eurobond

Modest growth in profits of Lebanese banks in 2014 is predicted despite the difficult economic conditions, the Central Bank Governor Riad Salameh told Al-Mustaqbal newspaper. “The banking sector was and is still sound. The banks’ assets up to March 2014 have exceeded

spreads have moved in line with regional averages, and now stand at levels similar to end-2011. A successful Eurobond rollover/ exchange was concluded in April 2014. Standard & Poors has upgraded outlook for the country from negative to stable.

$166 billion while customer deposits in

The currency has been protected by sound

2013 have grown by more than 8% to reach

monetary policies, the Central Bank stated.

$143bn. The reason why the banks did not

Sound monetary policies adopted over the past

make higher profits is because we asked them

few years have contributed to protecting the

Arab British European Banking & Finance Guide

109

Lebanon Country Profile

Lebanese pound and widening its circulation

governance and transparency in public sector

financial sector – and beyond that, the

through stabilising its purchasing power.

projects. In particular, in the IMF’s view,

Lebanese economy in general – presents good

“We have passed several tests to maintain

telecommunications, transportation and water

investment opportunities. It’s a clear signal that

the stability [of the Lebanese Pound] through

were promising sectors for PPPs.

the EIB believes in the current dynamic and the

The government in Beirut has vowed to enact

success of the Lebanese financial sector.”

a law for partnership between the private

Byblos Bank and Fransabank each received

and public sectors in order to create a legal

loans worth £45 million from the EIB. The First

framework to attract investments.

National Bank of Lebanon will receive an equity

increasing the value of foreign exchange reserves which have exceeded $36bn and also through our gold holdings which we consider a safety valve,” the governor said. Banks should maintain large liquidity and

injection of €11 million from the EIB in the form

strengthen capital buffers, according to

BANK CONSOLIDATION

the IMF. Banks have been largely resilient

Bank consolidation among Lebanese banks

Euromena III will receive €20 million. Byblos and

despite the difficult environment. Regional

has been officially encouraged in order to

Fransabank are to repay the loans in 12 years.

instability has halted their expansion in

reduce the number of lenders in the country.

neighbouring countries, and opportunities

De Fontaine Vive said the EIB was encouraged

Some foreign-owned banks, such as HSBC,

for credit to the private sector are currently

by how Lebanese SMEs had weathered the

have either sold their operations or reduced

limited. Nonperforming loans have marginally

economic crisis and regional instability. “I’m

the number of branches they operate in the

increased and profitability ratios have

impressed by the capacity of the SMEs and the

country. In May 2014 Fransabank acquired

declined. Still, liquidity buffers remain large

banking sector here in Lebanon to go through

Amman-based Ahli International Bank for more

and the quality of capital is high. Capital

the crisis without disruption,” he said. “For the

than $105 million.

time being, there is a need for the SMEs to be

Meanwhile, Standard Chartered, with customer

supported because there is lot of uncertainties

deposits of less than $100 million, decided

in the market.” He added that all the EIB’s

to sell its retail business in Lebanon. Its assets

clients in Lebanon, both private banks and the

are to be acquired by Cedrus Invest Bank, the

Lebanese government, repaid their loans on

Daily Star reported 18 June 2014. Founded in

time. The EIB insists that the loan recipients

2011 in Beirut by Lebanese bankers Fadi Assali

practice good governance and ensure that

The IMF has welcomed preliminary steps to

and Raed Khoury Cedrus Invest Bank is now

they adhere strictly to international standards.

develop capital markets. The newly established

the country’s largest specialised bank in terms

“The Lebanese banks and the governor of the

Capital Market Authority (CMA) issued its

of capitalisation, with paid-up capital of $52

Central Bank know how crucial the financial

first regulations in 2013, and the transfer of

million and more than $400 million in assets.

credibility is for Lebanon.”

FUNDING FOR SMES

INSURANCE

The Lebanese banking and financial sector is

More than 50 insurance firms exist in Lebanon

seen by international institutions as offering

but 10, mainly owned by local banks, control

secure investment opportunities. As a vote of

around 80% of the market. The insurance

confidence, the European Investment Bank

sector posted flat results in the first quarter

The IMF believes that there is scope for

(EIB) signed four loans worth €121 million

of 2014 compared with the same period last

private sector participation in infrastructure

($163.7 million) during a visit to Beirut by EIB

year, the Lebanese Insurance Association told

investment by enacting a framework law

Vice President Philippe de Fontaine Vive in

The Daily Star. The Lebanese insurance market

for Public Private Partnerships (PPPs)—which

June 2014. Expressing strong faith in Lebanese

is considered relatively saturated compared

was awaiting parliamentary approval. The

banking and financial institutions, he said:

to other Arab markets, with premiums of less

adoption of the law would clarify the legal

“We came together in Lebanon during this

than $1.2 billion per year being shared among

framework and pave the way for improving

difficult period ... to show that the Lebanese

50 insurance firms.

buffers should be re-assessed in relation to the large exposure to the sovereign in accordance with Basel III. The central bank requires by end-2015 an additional capital buffer of 1.5% on top of the Basel III minimum plus the 2.5% conservation buffer.

of preferred shares, and the private equity fund

supervision from the Central Bank to the CMA is under way. Developing capital markets to complement the banking sector could promote growth, but proper regulation and tight supervision of the financial system are essential to avoid excessive risk taking.

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Lebanon Country Profile

Arab British European Banking & Finance Guide

111

Lebanon Country Profile Several factors have been encouraging the

the investment confidence in Lebanon and

consolidation of the sector with major reasons

the economy,” Mahmassani added. Finance

being improved scrutiny by the country’s

Minister Ali Hassan Khalil hailed the step,

Economy Ministry, which is responsible

saying “We had the best financial market in

for regulating the sector, and increased

the 1950s, and 50 companies were listed on

awareness among clients of the status of each

the bourse then. However, we only have 11

company, according to industry observers. As

listed companies on the bourse now.” The

a result of closer media scrutiny of insurers in

minister also noted that traditional family-

the market, it is becoming more difficult for

owned businesses tend to seek loans from

companies with a ‘’bad portfolio to survive

commercial banks instead of listing their shares

in the market,” an industry source told The

on the BSE.

Daily Star, 31 March 2014. More mergers are looking to acquire smaller firms that enjoy a

LISTED BANKS’ PROFITS RISE IN FIRST HALF 2014

healthy portfolio.

Lebanon’s six listed banks posted combined

The Insurance Control Commission (ICC)

profits of nearly half a billion US dollars in the

is the regulatory body in the Ministry of

first half of 2014, an increase of 3.1 percent

Economy mandated to monitor and regulate

compared to the same period of 2013, despite

the insurance sector in order to protect

the country’s adverse conditions. The combined

the interests of policy holders, subscribers

profits of Bank Audi, BLOM Bank, Byblos, Bank

and beneficiaries against any unfair market

of Beirut, BLC Bank and BEMO Bank stood at

practices. The ICC promotes the maintenance

around $545.64mn at the end of the first half,

of an efficient fair, safe and stable Insurance

up from $529.21mn a year earlier, according

market that would enhance public confidence

to Credit Libanais. Consolidated assets rose

in the sector.

5.11 percent to reach $106.24bn, while

anticipated with big insurance companies

BEIRUT STOCK EXCHANGE

deposits and the net loans’ portfolio increased respectively 5.40 percent and 6.79 percent to

The central bank governor called for the

reach $88.85bn and $34.20bn.

privatisation of the Beirut Stock Exchange

Bank of Beirut led the listed banks in terms of

arguing that such a move would improve

the growth in lending to the private sector,

performance and boost the financing of the

with an increase of 18.52 in net loans in

private sector, the Daily Star reported 19 June

the first half of the year, while Bank Audi

2014. “The privatisation of the BSE would be a

maintained the highest share of net profits.

new initiative in the framework of encouraging

Bank Audi’s share of combined profits in the

the private sector to transform private

first half stood at 34.78 percent, with net

companies into public companies so that

profits of $189.76mn compared to $188.03mn

people can have a stake in these firms. It would

during the same period of 2013. BLOM Bank

also help in securitising consumption loans

followed, with net profits of $179.22mn,

under the supervision of financial authorities

representing a share of 32.85 percent of

to avoid negative repercussions,” the governor

combined profits, followed by Bank of Beirut at

told an Arab Economic Forum in Beirut which

14.27 percent, Byblos Bank at 12.74 percent,

was attended by the country’s Prime Minister

BLC Bank at 4.26 percent and BEMO Bank at

and international delegates.

1.10 percent.

The country’s Finance Minister has highlighted

Consolidated assets rose 5.11 percent to

the importance of listing more companies on

reach $106.24bn at the end of the first half

the bourse in order to stimulate the national

of 2014, up from around $101.08bn at end

economy. The BSE is to launch an advanced

of 2013. Bank Audi’s assets accounted for

electronic trading system in collaboration

36.96 percent of the combined assets of all

with NYSE-EURONEXT International. It will be

six banks, followed by BLOM Bank at 25.76

one of the most advanced electronic trading

percent, Byblos Bank at 17.54 percent, and

systems in the world and “will contribute

Bank of Beirut at 13.16 percent. The increase

to the credibility of the Lebanese financial market for investors,” acting BSE Chairman Ghaleb Mahmassani said at an event to launch the new trading system. Its purpose was to encourage the listing of sukuk (Islamic bonds) on the bourse and attract financing through financial markets as well as the banking

in assets was buoyed by a 6.79 percent rise in the net loans’ portfolio to $34.20bn, while consolidated deposits were up 5.40 percent to reach around $88.85bn at the end of the first half of 2014 compared to $84.30bn at the end of 2013.

sector. “This system will also increase the supply and demand movement and buttress

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Useful Contacts British Embassy Embassies Complex Armies Street, Zkak Al-Blat Serail Hill, PO Box 11-471 Beirut Tel: + 961 (1) 960800 UKTI Lebanon Commercial Team Tel: +961 (0)1 960800 Email: ukti.beirut@fco.gov.uk Lebanese Embassy 15 Palace Garden Mews London W8 4RA Tel: 020 7229 7265 Fax: 020 7243 1699 www.ebaneseembassyuk.org Banque du Liban – Central Bank of Lebanon Masraf Lubnan St, PO Box 11-5544 Beirut Lebanon Tel: + 961 1 750000 www.bdl.gov.lb/bdl/Contact.htm Beirut Stock Exchange Al Bachura, Azarieh St Azarieh Bldg. Block 01 - 4th floor PO Box 11-3552 Tel: + 961 1 993555 Fax: + 961 1 993444 Email: bse@bse.com.lb www.bse.com.lb Insurance Control Commission www.isc.gov.lb/Insurance_Companies.html Council for Development and Reconstruction Tallet Al Serail – Riad El Solh Beirut – Lebanon 20239201 PO Box 3170/11 Fax: (961-1) 981252 – 981253 - 981381 Tel: (961-1) 980096 Email: infocenter@cdr.gov.lb www.cdr.gov.lb/eng/contactus.asp Lebanese Government portal: www.informs.gov.lb Lebanese Ministry of Economy and Trade www.economy.gov.lb

Libya Country Profile

Fact File Country Name: Libya Capital: Tripoli Land Area: 1.8 million km2 Population: 6,244,174 (July 2014 est) Currency: Libyan Dinar GDP Purchasing Power: $73.6 billion (2013 est) GDP Growth: -5.1% (2013 est.) Dialling Code: +218 (00 218 from UK)

ibya is one of the world’s leading oil exporting countries and as such its economy is structured primarily around the energy sector. According to the International Monetary Fund, oil and natural gas account for nearly 96% of total government revenue and 98% of export revenue in 2012. According to the Oil and Gas Journal, Libya had proved crude oil reserves of 48 billion barrels as of January 2013– the largest endowment in Africa, accounting for 38% for the continent’s total, and the ninth largest amount globally. The Libyan Investment Authority, which is

investment, including foreign investment, as

one of the key state bodies involved in the

Libya endeavoured to exploit its hydrocarbons

reorganisation of the economy, estimates

potential and overhaul its infrastructure. The

Libya’s sovereign wealth fund to be around $65

current account was expected to remain

Key Exports: Crude oil, refined petroleum products, natural gas and chemicals

billion. Substantial revenues coupled with a

comfortably in surplus throughout the coming

small population give Libya one of the highest

few years owing to reasonably high oil prices.

Key Imports: Machinery, semi-finished goods, food, transport equipment, consumer products

per capita GDPs in the MENA region, estimated

The fiscal surplus was expected to hit record

at $12,300 in 2012. The economy recovered

surpluses in 2010-14.

Main Industries: Oil, petrochemicals, aluminium, iron and steel, food processing, textiles, handicrafts, cement

rapidly from the 2011 downturn to become one of the fastest-growing economies in the world, recording a real GDP growth rate of 121.9% in 2012. The resumption of oil production has been the primary source of this recovery.

Libya’s financial system remains highly centralised and continues to be dominated by the public sector, which still accounts for more than 90% of activity. All the country’s banks were nationalised in 1970, but in the

Libyan oil and gas licensing rounds have

last few years banking laws have been eased

attracted high international interest with the

to allow financial liberalisation and banking

new government setting a goal of nearly

privatisation. Libya is on track to further open

doubling oil production to 3 million bbl/d

up its banking sector to foreign investment

in 2013. However, Libya faces a long road

with opportunities for both foreign and

ahead in liberalising its economy, but the

domestic investors.

changes in the country are likely to offer more opportunities for entrepreneurial activity. The service and construction sectors, which account for roughly 20% of GDP, are expected to expand over the coming five years and could become a larger share of GDP after the volatility subsides.

The country is at a critical juncture in its transition and there is a widespread feeling that its government needs to focus on enacting institutional reforms including opening up the domestic financial system to enable it to unlock the wealth of its own resources and maximise the potential opportunities. Since

Immediately before the transition, the Economist

the removal of international sanctions in 2003,

Intelligence Unit (EIU) had forecast continued

Libya moved forward with a broad spectrum

economic growth for the period 2010-14, with

of reform initiatives aimed at achieving greater

the slow development of the hydrocarbons

openness and gradual liberalisation of the

sector. Growth was expected to increase

financial system.

Arab British European Banking & Finance Guide

115

Libya Country Profile

Nevertheless, in spite of the privatisation of

and marketing culture. At the same time,

department at the central bank. Elkaber cited

two state-owned banks, the banking sector

the emergence of Libya’s capital markets

Libya’s oil-generated cash resources for the

remains predominantly in the hands of the

and rising demand for insurance products

decision not to tap global sukuk markets in the

public sector and operates under extensive

increased the need for the experience,

short term, even as borrowing costs decline.

controls of the government. Furthermore,

expertise and good practices that came with

“We don’t have a problem with liquidity”, the

specialised credit institutions continue to

international participation.

governor was quoted as saying. “We want to

Libya remains a largely cash-based economy and

employ the liquidity properly”.

credit cards are not widely used, although Visa

On January 2014, a high Libyan official

and MasterCard are starting to be accepted in

told Reuters that Libya would transform its

some outlets. There are a few reliable ATMs in

banking and economic system to comply fully

While the banks remain in government

Tripoli. There are commercial money transfer

with Islamic law that bans interest payments.

hands, it is even more essential that they

services available at Tripoli International Airport

be seen as tools of macroeconomic policy

and in Tripoli itself. Money transfers can also be

STOCK MARKET

implementation – first and foremost, to boost

arranged through some banks.

Under the previous regime, the Stock Market

Recent legislation has sought to promote

was dominated by a dozen or so state-owned

The Central Bank of Libya (CBL) oversees sixteen

Shariah-compliant finance in order to integrate

enterprises, mainly banks and insurance

operating banks, including five majority state-

Islamic banks into the financial system.

companies. Its new head, Ahmed Karoud,

owned commercial banks, which are mostly

It should be noted that under Muammar

says he is optimistic that it will attract foreign

conventional banks, with a domestic focus.

Gaddafi, who was overthrown in 2011, the

investors as it slowly develops. The re-opening

growth of Islamic banking was not encouraged

of the Stock Market comes as Libya awaits the

and four state-controlled institutions

release of its record 2012 budget of LD68.5

dominated the relatively undeveloped financial

($55) billion.

sector in the country.

The Libya Stock Market (LSM) is located in

the government continues to own a majority

Central Bank Governor Saddek Elkaber said in

the fashionable Hay Al-Andalus district of

or total stakes in the banks. Having sold stakes

May 2013 that the regulator initially wanted

the capital Tripoli. The exchange is privately-

in Sahara Bank (to France’s BNP Paribas in

to promote Islamic lenders alongside so-called

owned by individual and institutional investors

2007) and in Wahda Bank (to Jordan’s Arab

conventional banks. The General National

with the government controlling a 30% stake

Bank in 2010), the former Libyan regime

Congress chose to ban non-Islamic banking

through its investment fund. The exchange

had begun transforming the sector through

outright in response to public demand, he

has been functioning since 2007, but closed

privatisation, mergers, IPOs and increasing

indicated, adding that the law does not apply

during the transition of 2011 to reopen in

foreign ownership.

to institutions.

March 2012.

The creation of new banks with international

Also, in May 2013, the Central Bank revealed

The total number of traded securities on the

backing challenged the established institutions

plans to award licenses for domestic Islamic

exchange currently stands at 13, while the total

in Libya and encouraged the process of

banks, Elkaber told Bloomberg. The minimum

number of listed but not tradable securities is

modernisation with the introduction of new

capital requirement would be 250 million

39. Most of the shares traded are of companies

ICT systems, the launch of new products

Libyan dinars ($196 million), according to Ali

in the financial sector, including private banks

and services, and the development of a sales

Shambesh, director of statistics and planning

and insurance firms. As stability returns to

function as an extension of the government in providing support to certain sectors such as agriculture, real estate, and manufacturing, through heavily subsidised credit facilities.

youth employment.

The broader financial sector includes the LIA and its subsidiaries, the Libyan Stock Exchange and an emerging insurance industry. Despite a series of partial privatisation measures in 2007,

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Arab British European Banking & Finance Guide

Advertorial

Chairman’s Message Cautiousness and prudence significantly influence our actions as we continuously endeavor to ensure stability and tranquility in the course of our lives. It is evident that this cannot be possible except in a precise system of cooperation and coordination between individuals and groups. We at Sahara Insurance Company understand the importance of these concerns and the anxiety, fear, and disorder they cause in social and economic relations. Sahara Insurance Company has adopted a clear strategy based on transparency and credibility with clients, shareholders, and reinsurers to preserve the rights of all parties without discrimination. Out of this strategy, policies emanated which take into consideration the needs of the clients and provide them with the methods of preventing, minimizing or compensating for losses in a manner which ensures that assets are not lost or ruined. Therefore, the first concern of Sahara Insurance Company is to serve our clients to the best of our ability, committing ourselves to professional ethics and achieving the goals of our clients and the company by leading the way to peace and security. The role of Sahara Insurance Company is not restricted to just our relationship with our clients. It goes further to our effective participation in numerous economic projects and our active contribution to social projects, sports and artistic activities. These activities are a means of spreading awareness of the importance of insurance and the role which it plays in savings which helps push the wheel of the economy towards growth, progress and prosperity as well as coping with the current challenges. The most important of which, are human development, modernization and the improvement of work mechanisms, which have been imposed by the revolution of information technology and globalization. Chairman of Board Mr. Ibrahim Felfel

Executive Management’s Message It is our pleasure to present to you, Sahara Insurance Company, a pioneer company working in the field of insurance and characterized by modernity, innovation and expertise. It offers a variety of insurance programs designed at the highest levels of professionalism and quality. We have started with you and are working for you. We are glad to extend our thanks, appreciation and respect to our generous clients for their trust granted to us in dealing with our company. We would not have been able to reach our present position without establishing durable relations with them. Our accumulative experience and understanding of the market needs have taught us that the possession of faithful determination and clear vision of the target throughout the different phases and thereafter leads to success in developing the company and achieving its required goals. Today we can be proud of the outcomes achieved during the past years, which have surpassed all expectations. Sahara Insurance Company offers a wide variety of innovative solutions and insurance services through its technical equipment that helps in quickly responding to your needs. Adoption of professionalism and transparency ensures mutual trust and respect between us. We recognize our responsibility and obligations towards the society. Social responsibility forms a great part of our operations, helping us in achieving continuous success. We diligently endeavor to achieve excellence in our services and products and are committed to remaining in the forefront of the companies that participate in the society’s welfare, as well as ensuring the provision of the best services and guaranteeing the society’s security and stability. We welcome you and commit ourselves to provide you with our best specialized insurance services. Further, we offer more programs which meet your requirements and continue to establish firm strategic relations with you. Our motto is to drive those relations towards new ideas and wider horizons, with the hope to advance with you towards more and more success and good fortune.

Company Profile Sahara Insurance Company was founded in 2004 with a capital of $15 million Libyan dinars. Today, we are one of the leading companies in the insurance field in Libya, providing a full range of insurance services delivering life, health, fire, burglary, engineering, third-party liability, general accident and auto insurance as well as marine, aviation and travel insurance. The company has been in compliance with the 2005 Law of Supervision and Control No. 3 and Libyan commercial law since 2007. From the beginning, Sahara Insurance Company has been devoted to quality and excellence in all levels of our business to satisfy the needs of our clients and achieve higher revenue for our shareholders. We are also committed to being innovative in our solutions, so our products and services are in accordance with the latest developments in the industry and global in scope. Towards that end, we are keen to deal with the largest and most well-known and respected reinsurers in the world in order to distribute the risk and protect the interests of our clients.

Who We Are

Our Partnerships

Sahara Insurance Company is one of the leading Libyan local insurance companies in a privileged position to offer high quality services from a dedicated, highly qualified team in addition to excellent policies that keep pace with the requirements and needs of the market, such as:

Sahara Insurance Company is devoted to always meeting the insurance needs of our clients, allowing them to focus on the prosperity of their business. In addition to our programs being up-to-date and global in scope, we continuously work to create innovative insurance solutions and provide high quality services to match changing market demands.

n Marine and Aviation Insurance We provide insurance for the protection of goods in transport, whether by sea, air or land. We also provide insurance coverage for the hulls of ships, aircraft and responsibilities thereto. n Vehicle Insurance We deliver insurance protection for damages and losses resulting from traffic accidents, theft or fire. n Insurance for People We have insurance programs that meet all the needs of individuals including health and personal accident insurance as well as life and travel insurance.

To achieve this we are keen to deal with reputable insurance companies and leading international reinsurance agencies which can provide us with all the technical expertise to provide insurance services that are in accordance with international standards. We recently formed a successful partnership with Bupa International Insurance which is one of the main suppliers of health insurance in the world and has experience spanning over forty years. Bupa has an expansive network of over 800,000 members in 190 countries.

n Property Insurance We provide protection for public and private property from the dangers of exposure to the elements of nature and the dangers of fire, burglary and other related risks.

Reinsurance Sahara Insurance Company is keen to provide sufficient protection for the benefit of policyholders through partnerships with reputable reinsurance organizations. Reinsurance is an essential tool for managing risk and reinsurance organizations provide valuable expertise that allows us to better protect the interests of our clients and better utilize our own resources. In this sense, Sahara Insurance Company has contracted with some of the largest global reinsurance companies with classifications ranging from AA to B+ with large financial centers and extensive international experience in this area. We have entered into reinsurance agreements with a number of these companies for the following: n n n n

Fire agreement for excess surplus. Accident agreement variety surplus. Engineering agreement surplus. Nautical agreement goods surplus Post

We have also entered into agreements with a number of reinsurance companies for a loss exceeded caps to protect the company as follows: n cover loss exceeded marine and non-marine. n cover loss exceeded cars.

Headquarter and Branches The company aims to expand rapidly, both locally and regionally, in line with our strategy for expansion. The company’s head office is currently in Tripoli and with branches in Misurata, Benghazi and Zawiya. Head Office Location

Phone

Fax

Ahmed Swayhlee Street, Tripoli, Libya 00218217131115 00218214444160 00218217131117 00218214449161 00218213343171 Benghazi Branch Location

Phone

Islamic Call Building, Algeria Street, Benghazi, Libya 00218619082132 00218619080637

Email Website headquarter@sic.ly

www.sic.ly

Fax

Email Website

00218619082134

benghazi@sic.ly

www.sic.ly

Misurata Branch Location

Phone

Fax

Email Website

Swayhlee Investment, Club Building, Ramadan Swayhlee Street, Misurata, Libya

00218512622641 00218512622642

00218512622643

misurata@sic.ly

Zawiya Branch Location

Phone

Fax

Email Website

00218237631695

zawiya@sic.ly

Ukba Ben Nafae Street, Zawiya, Libya 00218237631696 00218237631697 00218237631698

www.sic.ly

Libya Country Profile Useful Contacts UKTI British Embassy 24th Floor Tripoli Towers (formerly Bourj al Fateh) Tripoli Email:trade.libya@fco.gov.uk Libyan Embassy UK 15 Knightsbridge London SW1X 7LY Tel: 020 7201 8280 Fax: 020 7245 0588 www.english.libyanembassy.org

the country and business activity gradually

As a long trusted friend and close trading

increases, the exchange is expecting to grow.

partner of Libya, the UK has played an

It has been reported that two real estate funds will be listed on the exchange in 2014. These will be privately-owned entities acting as REITs and operating under the principles of Islamic finance. Furthermore, Libyan mobile phone companies Libyan and Al Madar are likely to be floated on the exchange in the second quarter 2014, according to Faisel Gergab, chairman of government owned holding company Libyan

important role in assisting its development, particularly during its recent transition. With its dynamic and fast changing market, new commercial opportunities are constantly emerging in Libya for British companies and professionals with relevant expertise to contribute to the next stage of growth in the country. The banking and financial sector is no exception.

Post Telecommunications and Information Technology Company (LPTIC) which owns both businesses. The exchange reached an agreement with Bloomberg for it to begin offering market data through its terminals.

INSURANCE SECTOR The Libyan insurance industry is small compared to other countries in the region. In terms of gross written premium, the insurance industry grew between 2008 and 2011 in spite of the global financial crisis but its growth was halted by the disruptions during the transition. It is expected that the industry will grow at an average of 6.1% over coming years as stability returns to the market. Compared to its North African neighbours, Libya has been late to deregulate its insurance sector. State-owned Libya Insurance Company accounts for about 40% of the market while other insurers are all owned by, or have very strong commercial links, to state-owned enterprises. The law requires that Libyan nationals hold a majority of the shareholding of insurers. Currently, there are seven insurance companies active in the market.

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The Libyan British Business Council (LBBC) 50 Broadway St Jamesâ&#x20AC;&#x2122;s Park London SW1H 0RG Tel: +44 (0) 20 7152 4051 Fax: +44 (0) 1306 88 1046 Email: secretariat@lbbc.org.uk www.lbbc.org.uk

Mauritania Country Profile

Fact File Country Name: Islamic Republic of Mauritania Land area: 1 million km2 Population: 3,516,806 (July 2014 est) GDP growth: 6.4% (2013 est) Language: Arabic (official), French, others Currency: Mauritanian Ougiya (MRO) Major cities: Nouakchott (capital), Nouadhibou, Kaedi, Zouérat Exports: iron ore, fish and fish products, gold, copper, petroleum Imports: machinery and equipment, petroleum products, capital goods, foodstuffs, consumer goods

auritania has important mineral reserves and is encouraging exploration in its offshore oil and gas sector. The country is Africa’s second-biggest exporter of iron ore after South Africa and also mines gold and copper, with leading companies such as Kinross Gold Corp and First Quantum Minerals Ltd having operations in the country. Real GDP growth is expected to reach 5.4% in 2014, after an estimated 5.6% in 2013, according to an Economist Intelligence Unit report. The IMF has commended Mauritania for

Mauritania is committed to improving the

improving the liquidity conditions in its banking

management of its public finances in order

system, while elaborating prudential measures

to carry out its development programme.

aimed at limiting excessive consumer credit

Reforms aim to control spending and increase

growth. “For 2014, economic growth will

public income; decentralise the functions of

maintain its momentum, in spite of global

payment scheduling and financial monitoring

demand that remains subdued. Accordingly,

with a view to improving management

the rate of growth in real GDP is expected

capacities; and computerise the public

to turn out at about 6.5%, driven by strong

expenditure and state accounting chains to

performance in the mining sector, agriculture,

improve absorption capacity.

services, and construction and public works.

The banking and financial system remains

Inflation will be contained at about 5%

rudimentary and undiversified, and it is

year-on-year. The current account deficit will

characterised by a manual payment system.

remain sizable but will improve to about 23%

The use of electronic payment instruments is

of GDP, in view of strong mining exports paired

evolving. Consequently, the sector plays only

with lower imports associated with mining and

a marginal role in the country’s economic

infrastructure projects. The current account

development. The sector includes eleven

will be mostly financed by foreign direct

retail and commercial banks, most of which

investment. Official reserves will be maintained

began as joint ventures between the state

at a level equivalent of about 7 months of

and foreign or domestic investors, and were

imports at end-2014,” the IMF observed.

progressively privatised.

Mauritania is a developing economy many

The banking system remains ripe for

of whose largest challenges relate to the

development and poised for growth with

level and quality of its physical infrastructure,

investors increasingly coming to recognise

which needs to be substantially improved

the opportunities for growth. The arrival of

if the economy is to achieve sustainable

more international players reflects the greater

growth. It is seeking to improve public service

attractiveness of the sector.

efficiencies and equip its financial sector

Mauritania has 10 banks, two financial

better to support economic growth. In some

establishments and a guarantee fund but has

cases, such challenges pose opportunities for

very few links with the international financial

private equity investment.

system. Banks are used by only about 4% of

Arab British European Banking & Finance Guide

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Mauritania Country Profile

the local population at present and they have many non-performing loans. The sector is not especially competitive, despite the presence of foreign banks such as Société générale, Qatar National Bank and Morocco’s Attijari Bank.

ISLAMIC FINANCE With a banking rate of just 20% of its

financial instruments, including Islamic bonds, Raiss added.

workforce, Mauritania needs to develop

“One of the main obstacles to private

alternative services such as Islamic finance

sector development is the scarcity of long-

to improve access to credit for its citizens.

term financial resources.” Local banks have

The absence of refinancing markets forces

According to Info Noor, this method of

struggled to support the economy with

banks to offer only short-term loans backed

financing is still in its infancy in Mauritania,

adequate levels of long-term funding, Raiss

by overnight deposits. To get around this

representing only one percent of total

said. In the first half of 2013, 79.3% of all

and meet customer needs for medium and

banking assets in the country. An executive

bank credit was in the form of short-term loans

long-term loans, banks use credit lines from

of a commercial bank in Mauritania told the

of one year or below, deteriorating from 76%

international institutions, according to a report

news source that he believed that the low

in 2012.

African Economic Outlook 2012: Mauritania.

penetration was due to “excessive cost of financial products” and added that even if the

In 2013 two new Islamic lenders were

In 2013 many banks increased their capital to comply with the central bank’s new requirement of a minimum $18 million. A new

bank does not apply any interest on a loan, “it pays itself directly through a commission

launched in Mauritania: Banque Al Muamalat As Sahiha and Maurisbank. Banque Islamique de Mauritanie started operations in 2011; it

bank, the Banque Islamique de Mauritania,

established in advance with the client.”

with capital of $22 million, opened in

In April 2012, the governor of the Central

Development Bank and 40% by Turkey’s Bank

November 2011, 60% owned by the Islamic

Bank of Mauritania, Sid’Ahmed Ould Rais,

Asya.

Corporation for the Development of the

announced the introduction of reforms to

Private Sector, which itself is part of the Islamic

provide a new legal framework specific to

Development Bank (IDB) and 40% by the

Islamic finance products. He stressed that

Turkish bank Asya.

Islamic finance had the potential to widen the

It was reported in May 2013 that a new

access to banking services in the country “as

financial institution, Mouamalat Assahiha

the Mauritanian Moslem mentality is resistant

is 60% owned by the Jeddah-based Islamic

The governor of the central banks has pledged to “continue to combine a prudent monetary policy with a flexible exchange rate to reinforce the competitiveness of the national economy,” Bloomberg reported. The economy is forecast to expand more than 6% for a third

Bank, had been established in Mauritania set

to speculation”.

up to operate exclusively according on Islamic

The central bank is seeking to develop Islamic

its first stock exchange and reduce borrowing,

principles. “The new bank, with a $20 billion

finance as part of efforts to modernise the

according to the central bank. The 6.5%

capital, was set up by young and successful

country’s banking system and, in particular, to

growth expected in 2014 compares with 6.4%

Mauritanian business people,’ according to

make long-term loans available to companies.

in 2013 and 6.9% in the previous year, the

a statement issued by the new bank. The

“A strategy for the development of Islamic

governor said. Inflation averaged 5% in 2013.

bank is seeking to target both individuals

finance is currently being prepared. It will

and corporate organisations, and will base its

identify the key levers to promote and revitalise

INVESTMENT CODE

operations on the highest ethics and standards

the sector to its full potential,” the governor

of the country’s financial industry.

of the country’s central bank, Sid’Ahmed Ould

The Mauritanian investment code ensures

In July 2012 news agencies reported plans to

Raiss, stated in a speech in January 2014, as

consecutive year in 2014, enabling it to create

a favourable business climate. Factors vital for foreign investment and doing business

open a second Islamic bank in Nouakchott.

reported by Reuters.

The Central Bank of Mauritania gave approval

Plans to modernise the financial system are to

entrepreneurship, protection of Intellectual

to the Ould Ebnou Liman group to create

be rolled out over a five-year period, starting

Property, equal treatment of national and

the Islamic People’s Bank (BPI), a year after

in the first quarter of 2014, the governor said.

foreign investors, a system of arbitration in

the Bank of Mauritania came into service in

The planned creation of a securities exchange

disputes relating to investments, incentives for

the region, according to a report from Ecofin

in Mauritania would allow the issuance and

investors, special economic zones, as well as

news agency.

trading of both conventional and Islamic

legal and judicial measures for the promotion

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Arab British European Banking & Finance Guide

have been promoted key factors relating to

Mauritania Country Profile Useful Contacts Embassy of the Islamic Republic of Mauritania Carlyle House 235-237 Vauxhall Bridge Road London SW1V 1EJ Tel: 020 7233 6158 www.mauritanianembassy.org.uk British Embassy in Morocco Responsible for dealing with Mauritania British Embassy Rabat 28 avenue SAR Sidi Mohammed Souissi Rabat Tel: +212 37 63 33 33 Email: british@mtds.com Travel Advice FCO travel advice: www.gov.uk/foreign-travel-advice/mauritania Central Bank of Mauritania - Banque Centrale de Mauritanie (BCM) BP 623 Nouakchott Mauritania Tel: + 222 25 22 06/25 28 88 Email: info@bcm.mr www.bcm.mr/Contacts/Pages/default.aspx and protection of private investments.

sector. The establishment of a facility designed

Since the discovery and exploitation of oil

to improve the management of extractive

and gas, foreign direct investment flows

industry revenues will enhance the resilience

into Mauritania have been steadily growing.

of the Mauritanian economy to external

Mauritania also has a huge potential for

shocks, support economic growth, and ensure

investment outside the mining sector, which

fairness,” the IMF concluded.

remains largely untapped in economic

Improvements in telecommunications will no

activities such as the agri-food business, the manufacturing of products derived from livestock, oil derived products as well as trade in general.

doubt help facilitate the growth of banking services in the country. In June 2013, the World Bank approved credit to support efforts to strengthen telecommunications connectivity

To allow the use of this potential and put an

through fiber-optic broadband network

end to the recurring problems that impede

expansion in Mauritania.

economic development, the Mauritanian government’s policies initiated since 2009 have been aimed primarily at strengthening the strategic sectors.

REFORMS The IMF has noted significant progress in implementing reforms to modernise the tax administration, reorganise public expenditure management, prepare a new investment code, and develop a new social protection strategy. “Furthermore, the mission welcomed the authorities’ determination to ensure transparency in developing and utilising the financial resources generated by the mining

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Morocco Country Profile

Fact File Country Name: Kingdom of Morocco Capital: Rabat GDP Growth: 5.1% (2013) Land Area: 446,550km

Population: 32,987,206 (July 2014 est) Currency: Moroccan Dirham (MAD) Languages: Arabic, French and Berber Main Exports: Clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilisers (including phosphates), petroleum products, citrus fruits, vegetables and fish Main Imports: Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors and plastics

anks in Morocco have seen total assets triple while shareholders’ equity has quadrupled over the past decade. Resources have grown by 123% and loans to the economy have risen by 225% over the same period. The country’s net banking income has doubled against a backdrop of improved risk management with the nonperforming loan ratio declining by 14.2% points.

Another indicator underlining the banking

as a responsible lender to the economy as well

system’s role is the proportion of loans to

as funding the country’s reforms and structural

the economy in the GDP, which is currently

projects, providing support to large companies

standing at 87%, having risen by more than

and SMEs. The banking sector is an important

30% points in just five years from 56%.

contributor to wider economic prosperity.

The national banking system continues to demonstrate its strong fundamentals. In the first half of 2013, banking institutions listed on the Casablanca Stock Exchange saw their consolidated net income rise by six percentage to $702m.

Over the medium term, the future development of the banking sector lies in its expansion into neighbouring African countries. Already in 2012, the continent contributed almost 16% to the net income attributable to ordinary shareholders of Morocco’s three leading banks.

The search for profitability has not been

The latter themselves account for two-thirds of

undertaken at the expense of risk provisioning.

the deposits and loans of Morocco’s banking

In the first half of 2013, loan loss provisions

system, according to BMCE Bank.

rose by 16% to $380m. At the same time, the non-performing loan ratio of 5.4% in June 2013 is altogether manageable given Morocco’s economic potential. Similarly, banks have continued to expand their branch networks across the entire kingdom with more

The country’s banking sector benefits from prudent regulation of the central bank and has been able to avoid much of the uncertainty in global markets of recent years. This has ensured that the sector has continued to

than 1,750 new branches being established.

demonstrate resilience. A conservative

The percentage of citizens with a bank account

exchange rate and steady expansion into

currently stands at 55% versus 24% in 2002.

African markets has helped steady the balance

Morocco’s economy has been performing relatively well with an average growth rate of 5% over the past few years, despite successive external shocks due notably to the Eurozone crisis and a highly volatile global market, the World Bank observed. This economic growth has greatly contributed to boosting shared prosperity. In the long term, Morocco is seeking to achieve higher growth rates leading

sheets of Moroccan banks. A banking law was passed in 2006, strengthening the supervisory power of the central bank and improving risk management practices. Morocco has generally completed the adoption of Basel II capital adequacy and risk management guidelines in order to improve financial stability and it has adopted International Accounting Standards intended to enhance transparency.

to sustainable job creation and generate

Another important indicator of a healthy

wealth. Morocco’s banking sector fulfils its role

banking sector is the fact that Morocco’s

Arab British European Banking & Finance Guide

125

Morocco Country Profile

central bank, Bank Al-Maghrib, has strongly

increasingly bear fruit and, in contributing to

Islamic banks will be permitted to operate in the

encouraged credit institutions to implement

a reduction in the balance of payments deficit,

country for the first time. Conventional banks

the new international capital adequacy

further boost the Moroccan economy.

will also be able to offer Islamic banking and

requirements under Basel III. The deadline for implementing measures that included raising the required level of shareholders’ equity and complying with short-term liquidity ratios was the second half of 2013. In order to measure the impact from implementing the Basel III regulatory measures, banks have already conducted impact studies in association with the central bank, which show that they are already capable of implementing these new measures. The required solvency ratios, nine

In 2014, additional measures are likely to be adopted and aimed at enhancing the ability of the Casablanca Finance City to attract and capture new foreign investment. This multisector investment hub will be a catalyst for the further development of Morocco’s capital

asset finance products, including murabaha, a sharia-compliant type of credit sale, musharaka, a joint enterprise or partnership agreement used commonly in Islamic finance, and ijara, the provision of a service or product based on an Islamic rental or lease contract. According to

markets.

The Banker magazine, 1 July 2014, there will

ISLAMIC FINANCE

institutions can apply for a licence to provide

BMCE Bank and BCP are set to introduce

not be any formal restrictions on what type of these products.

Islamic subsidiaries following Attijariwafa

Morocco’s central bank has been negotiating

bank which was the first Moroccan bank to

with Islamic scholars to launch a new central

create an Islamic subsidiary. In 2010, Morocco

sharia board, which will regulate the industry

In economic terms, Morocco benefited from

began allowing conventional banks to offer

and authenticate Islamic products on the

the state’s ability to respond immediately

a limited set of Islamic financial services. The

market. These moves follow the introduction of

to its need for inclusive and balanced social

central bank entered into discussions with

law number 119-12 in September 2013, which

development. Stability in Morocco – which is

Islamic scholars with a view to establishing a

allows sovereign and corporate bodies to issue

highly valued by the investment community

central Shariah board to oversee the country’s

sukuk. Market observers believe that the law

in a region characterised by recent upheavals

developing Islamic finance industry.

will be adopted in the third quarter of 2014.

In May 2014, Thomson Reuters released a

There are already signs that Morocco’s biggest

country report on Islamic Finance in Morocco

banks are preparing to take advantage of the

in collaboration with the Islamic Research and

legal changes. Banque Populaire has revealed

Training Institute (IRTI) and the General Council

its plans to establish an Islamic subsidiary

for Islamic Banks and Financial Institutions

bank after the bill is written into law. The

The economy continues to grow in line with

(CIBAFI). Based on exclusive retail consumer

bank claims that it has a potential partner

the trend established over the last 10 years, at

and corporate surveys, a report estimated

with technical experience in the realm of

an average annual rate of more than 4.6%.

that Islamic banking assets could potentially

Islamic finance, a name and brand for its new

By implementing a series of sector-based plans

reach $8.6 billion by 2018, with a profit pool

subsidiary, as well as a distribution channel.

in agriculture, industry, renewable energies,

of between $67 million and $112 million for

Its Islamic bank plans to open 60 big branches

tourism and offshoring, and by increasingly

Islamic finance providers. The national retail

over the space of four to five years and will

diversifying its trading partners to include

consumer survey indicated that Moroccan

concentrate on pushing Islamic products for

emerging countries, the Moroccan economy

Islamic banking assets could potentially reach

individuals rather than enterprises.

continued to deliver robust growth and

up to 5% of total banking assets by 2018.

Attijariwafa Bank, which is the biggest bank

As of July 2014 Morocco’s parliament is

in Morocco and the third largest in Africa,

considering a bill to regulate Islamic finance

has also said that it plans to create an Islamic

One of the government’s longer-term

in the country. The bill, which was first tabled

bank after the bill is passed. Reuters in March

objectives is to progressively reduce the budget

in January 2014, is the final step before the

reported that the bank’s managing director,

deficit to below three percent of GDP by 2016.

introduction of a fully-fledged Islamic banking

Ismail Douiri, said that his bank will need

The country’s various sector plans should

industry in Morocco. If it is passed into law,

to increase the capital of its existing Islamic

percent for Tier One capital and 12% for the total solvency ratio, have already been met.

– has underlined the country’s attractiveness. Initial data for 2013 suggests that Morocco is once again the leading recipient of foreign direct investment into North Africa, observed BMCE Bank.

increasingly diversifying its trading partners to include emerging countries.

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Arab British European Banking & Finance Guide

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Morocco Country Profile finance product line, Dar Assafaa, by Dh150m

according to the Forbes Top 500 in 2014, there

($18.1m) to turn it into a fully fledged bank.

were 31 insurance firms listed and among

Reuters also reported that two more of the

these Morocco’s Wafa Assurance ranked

country’s large banks, BMCE and BCP, intend to

number one with assets of $3.6 billion, profits

launch Islamic subsidiaries, citing anonymous

of $95.8 million and market value of $1.4

sources from both institutions.

billion. Over recent years the insurance market

“As two of Morocco’s biggest banks, both

in Morocco has been developing at around

BMCE and BCP have shown genuine interest

8-9% per annum which is a higher rate than

in tapping the Islamic finance market,” stated

the local economy as a whole.

Sayd Farook, global head of Islamic capital

Main drivers for the development of

markets at media agency Thomson Reuters.

opportunities in the insurance market include

“Market players in Morocco realise the high

the economic growth rate in Morocco. There is

potential that the country holds for Islamic

a market for coverage of independent workers

financial products, and are strategically

and small businesses to cover professional

positioning themselves to capture the demand

liability and health insurance. Mandatory

should the law be finalised,” he said.

insurance policies are under discussion and

Islamic banking products were first introduced

may include mandatory health insurance, home

into the market after parliament passed the

insurance, builders risk insurance, decennial

Participative Banking Act in 2007. As a result,

civil liability, civil liability insurance policy

some conventional banks and institutions

for establishments open to the public and

launched ijara, musharaka and murabaha

catastrophic risks.

Islamic banking products. By 2011, the

The young population and rising life

sector was worth little more than Dh1bn

expectancy also offer potential new

and Attijariwafa was the only bank currently

opportunities for the insurance industry along

offering murabaha products.

with the increase in the urbanisation rate.

Now Morocco is looking at Islamic banking

Morocco’s closer links with Africa is opening

once again. At 40% to 45% banking

up additional growth opportunities. Off-shore

penetration, there is a big market that remains

insurance is also available to cover certain risks.

untapped. As many Moroccans choose not to take out loans or open savings accounts for

CASABLANCA STOCK EXCHANGE

religious reasons, there is a gap in the market

The Casablanca Stock Exchange, founded in

that could be filled by more Islamic banking

1929, became a private institution in 1993

services. Furthermore, it is possible that

and is one of the few regional exchanges with

Morocco could attract more inward investment

no restrictions on foreign participation. The

from the Gulf by issuing sukuk, according to

exchange is the second largest stock exchange

ratings agency Standard & Poor’s.

in Africa and aims to become a regional

According to an opinion survey there appears

hub for raising finance. Moroccan banks are

to be a healthy demand for Islamic banking in

expanding throughout West Africa, including

the country. In April 2014, Reuters published

through purchase of privatised local banks.

its Morocco Islamic finance country report,

Morocco launched its regional financial services

which included a survey of 813 Moroccans

centre, Casablanca Finance City, in 2012 in

from different socio-economic backgrounds

collaboration with Singapore.

and found interest in Islamic banking services among 98% of respondents, while 88% of retail consumers expressed an interest in Islamic banking and 87% said they would switch to Islamic banking within two years.

INSURANCE Morocco is the leading market for lifeinsurance within the Arab world and the third largest insurance market after the UAE and Saudi Arabia. The insurance penetration rate is now approximately 3.1% of GDP (compared with 8% in developed countries, according to lawyers Linklaters. There are 17 insurance companies in the market and one reinsurance company that are licensed to operate. Among the top companies in the Arab world,

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Arab British European Banking & Finance Guide

Useful Contacts British Embassy 28 Avenue Sidi Mohamed Souissi – Rabat PO Box 45 Tel: +212 (0) 537 63 33 33 Fax: +212 (0) 537 75 87 09 Email: commercial.morocco@fco.gov.uk; rabat.consular@fco.gov.uk www.ukinmorocco.fco.gov.uk British Honorary Consulates can also be found in Agadir, Casablanca, Marrakech and Tangier Embassy of the Kingdom of Morocco 49, Queens Gate Gardens London SW7 5NE Tel: 0207 581 5001-4 Fax: 0207 225 3862 Email: ambalondres@maec.gov.ma www.moroccanembassylondon.org.uk British Chamber of Commerce for Morocco (BCCM) Tel: +212 (0) 522 44 88 60 Fax: +212 (0) 522 44 88 68 Email: britcham@menara.ma www.bccm.co.ma Casablanca Stock Exchange Email: contact@casablanca-bourse.com www.casablanca-bourse.com Bank Al-Maghrib Tel: + (212) (0) 5 37 70 26 26 Fax: + (212) (0) 5 37 70 66 67 www.bkam.ma

Oman Country Profile

Fact File Country Name: Sultanate of Oman Capital: Muscat Land Area: 309,500km2 Population: 3,219,775 (2014) Currency: Omani Rial (OR) GDP: 5.5% (2013) Main Industries: Crude oil production and refining, natural and liquefied natural gas (LNG) production; construction, cement, copper, steel, chemicals, and optic fibre Key Exports: Petroleum, re-export goods, fish, metals and textiles Export Partners: China, South Korea, Japan, UAE and Thailand Key Import: Machinery and transport equipment, manufactured goods, food, livestock and lubricants Import Partners: UAE, Japan, US, China, India, France and South Korea

man operates a profitable and stable banking system. According to the Central Bank Oman (CBO), the banking sector in Oman continues its positive growth trend with major accretion to bank deposits and strong growth in loans and advances. “Considerable progress has been achieved in the recent period in strengthening the regulatory and supervisory norms with an emphasis on risk management, financial stability, capital adequacy and asset quality”, the banking regulator said in its bulletin, reported Oman Observer 25 June 2014.

The banking system remains profitable

maintain non-hydrocarbon growth around

and stable, with an average return on

5.0% over the medium term.

assets of 1.6%, return of equity of 11%,

The CBO oversees seven local universal banks

capital adequacy ratio of 16.2%, and gross

and nine foreign banks. The largest local

nonperforming loans of 2.1% as of December

bank in the market is Bank Muscat, followed

2013, the IMF stated. Earlier ratings agency

by Bank Dhofar and Bank Sohar. These two

Moody’s also concluded that the outlook for

banks have been taking steps towards a

Oman’s banking system remained stable, as it

merger of their two entities. Their merger

has been since 2007. Net profits of commercial

would create Oman’s second biggest bank

banks operating in Oman rose 15.1% to RO

by asset value, with assets worth around

351.3mn, after provisions and taxes, in 2013

RO4.78bn ($12.42bn), according to first-

from RO 305.3mn in 2012. Of the total profits,

quarter financial statements. Oman has seen

local banks share stood at RO 337.8mn at

one bank tie-up in recent years when HSBC

96.2%, while that of foreign banks amounted

Holdings merged its Omani assets with Oman

to RO 13.5mn at 3.8%. “Commercial banks in

International Bank in June 2012 to create

Oman have improved their performance over

HSBC Bank Oman, currently the fourth-largest

the years through consolidation, diversification

lender in the country.

of banking activities and rational lending

The banking sector is well represented on the

policies”, the CBO said in its Annual Report

Muscat Securities Market accounting for about

2013 published 1 July 2014.

40% of its market capitalisation. The last of

Oman’s economic performance was robust in

Oman’s commercial banks not so far publicly

2013, the IMF reported. Real non-hydrocarbon

traded is Oman Arab Bank (OAB), which has

sector is estimated to have grown by 5 ½% in

announced plans for a listing in 2014.

2013 and its continued growth is projected in

Oman has two licensed non-commercial banks

2014. Fiscal and external sectors are estimated

namely Oman Housing Bank and the Oman

to have posted surpluses in 2013 at over 5½%

Development Bank. In addition, present in

and around 10% of GDP, respectively. Fiscal

the sector is a group of six non-bank financial

and external surpluses are expected as well in

services providers or leasing companies,

2014, though of lower magnitude. The public

which are also regulated by the CBO. The

investment programme is expected to help

most recent entrants into the sector are two

Arab British European Banking & Finance Guide

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Oman Country Profile

Islamic institutions providing sharia-compliant services, Bank Nizwa and Alizz Islamic Bank, which respectively began operations at the end of 2012 and later 2013. The development of Islamic finance is expected to be a major growth area in coming years. Alizz Islamic Bank is aiming to be the country’s leading Islamic bank with a comprehensive offering of commercial and retail banking solutions. The bank’s stated aims are to facilitate commerce and development in the country by using transparent processes and innovative products and solutions based on Sharia principles. The bank has invested in human capital and new technology to ensure the delivery of exceptional customer service. Commercial banks in the Sultanate disbursed credit amounting to around RO15.8bn as of April 2014, a rise of 10.6% on transactions conducted during the same period the year before. While credit to the government declined by 39.8%, to the private sector and public enterprises it increased by 10.5% and 11% respectively. The combined balance sheet of Oman’s commercial banks recorded positive growth in all major banking aggregates. Total assets of commercial banks grew by 12% to RO24.2bn in April 2014 compared to RO 21.6bn a year ago. According to the CBO report, the gross domestic product at current prices rose by 2.8% to RO30.6bn during 2013. On the price front, inflation has been well contained with the average annual inflation based on the CPI for the Sultanate at 1.0% in April 2014. Government deposits with commercial banks increased by 17.8% to RO5.1bn, while deposits of public enterprises increased by 12.8% to RO 1.1bn during the same period. In May 2014 the CBO published a financial stability report which concluded that Oman’s banks had enough capital. “Thanks to the

130

comfortable capital levels in the banking sector in Oman, even after the application of severe shocks, the system as a whole appeared quite resilient,” the central bank said. Commercial banks’ overall investments in securities increased by 27.2% to RO3.3bn as at the end of April 2014 from RO2.6bn a year ago. According to the bulletin, of the total investments, CBO certificates of deposits stood at RO1.9bn while investment in government development bonds stood at RO569.2mn as at the end of April 2014. Private sector deposits, which constituted 62% of total deposits with commercial banks, increased by 13% to RO10.4bn in April 2014 from RO9.2bn a year ago. The central bank is taking action to encourage greater lending to the country’s SMEs. It issued a new law that stipulated that loans from commercial banks to small and medium-sized firms must account for at least 5% of their total loans, giving a deadline of December 2014. “The lending of a licensed bank to SMEs shall not at any time fall below 5% of its total credit portfolio,” Reuters quoted the central bank as stating in May 2013. “Banks shall achieve this target before the end of December 2014, planning for systematic progress. Banks, which have more than the stipulated share, shall not slip back and shall increase their credit further.” The minimum is expected to be increased to 10% in due course, OBG said. Details of the country’s banking law can be found on the website of the CBO. Bank Muscat, Oman’s biggest bank, anticipates a credit growth of 9% in 2014, which is against the projected banking industry growth in the region of 8-10%, said a top bank official. The flagship bank exceeded 93% Omanisation, giving priority for Omanis to occupy important positions in the bank. Its women empowerment strategy has enabled the number of women employees to reach

Arab British European Banking & Finance Guide

42% at various levels, including senior management. Bank Muscat remains committed to developing its leadership pool from among talented young Omanis. Bank Muscat’s net loans and advances and Islamic finance in 2013 grew by 9.7 % to touch RO6,143 million from RO5,601 million for the same period of previous year; anticipated credit growth this year could be around RO553 million, against incremental loan growth of RO542 million posted in 2013. “I think the higher spending of the government will provide opportunities for banks (to extend credit). Some of the projects that were awarded in the recent past will definitely require finance this year,” said Ahmed M Al Abri, chief operating officer of Bank Muscat, the Times of Oman reported 3 February 2014. State-owned companies such as Oman Refineries and Petroleum Industries Company (Orpic) would be looking for project finance, which will enable banks to achieve better growth in their loan book. Orpic is planning to raise as much as $3bn for its refinery expansion and to repay some its earlier loans. Young Omanis joining the workforce and salary hike are other factors that should drive demand for consumer loans. “Those who joined (the workforce) last year will borrow from banks this year. The next growth will come from increase in salaries,” Al Abri added. Meanwhile, AbdulRazak Ali Issa, chief executive of Bank Muscat, commented that the Oman budget would support growth and stimulate the private sector. “The banking sector will benefit from the government’s policy aimed at balancing the economic and social development. Islamic banking operations will also contribute to the socio-economic development of Oman. The banking sector is expected to post positive results in 2014 in line with the overall economic activity in the country,” he noted.

Oman Country Profile

MORTGAGE FINANCE

practice known as bancatakaful.

Bank Muscat, which posted a 9.3% growth in

Two new firms look set to follow in Al Madina’s

net profit at RO152.2 million in 2013, said its

footsteps. One is Takaful Oman Insurance IPO-

mortgage finance portfolio by end-2013 was

TKOS.OM, which completed an initial public

6% of total loans (against a 15% ceiling) and

offer of shares last month, backed by investors

personal loan ratio is 33% (against a ceiling of

including Kuwait’s T’azur Takaful Insurance.

35%). Meanwhile, Bank Muscat’s Bahrain joint

Takaful Oman projects reaching a 4% share

venture – Bank Muscat International –merged

of the overall insurance market within five

with Al Salam Bank giving Bank Muscat a stake of 14.7%.

INSURANCE SECTOR Licensed operators in the country’s insurance sector include 21 insurers, 29 brokers and one

years of starting operations, its IPO prospectus shows. Meanwhile, in February 2013, Oman United Insurance obtained board approval to incorporate a takaful firm of its own, but it has not provided further details of its plans.

reinsurer. The introduction of takaful products

Industry experts feel a crowded market could

is expected to add to market competition

put pressures on profitability. “Considerable

as new licenses are awarded. Oman saw

over-capacity in the Oman insurance industry

the emergence of its first Islamic insurance

depresses the market’s overall performance,”

(takaful) firm in 2014 when the country’s

said a Moody’s analyst. “The Omani insurance

eighth largest insurer, Al Madina Takaful,

market is fragmented and highly competitive,

converted itself from a conventional insurer to

albeit price competition is arguably less than

a takaful company. Two other Islamic insurers

that witnessed in Kuwait or the UAE.”

were preparing to enter the market, hoping to gain an edge in the crowded insurance sector, according to Reuters, 21 January 2014. Set up in 2006, Al Madina accumulated a 5% share of the insurance market but hopes its switch to takaful will attract more clients who may have shied away from financial

Useful Contacts British Embassy PO Box 185, Mina Al Fahal Postal Code 116, Sultanate of Oman Tel: (+968) 2460 9000 (Emergency); (+968) 2460 9002 (Commercial); (+968) 2460 9251 (Consular) Embassy of the Sultanate of Oman 167 Queen’s Gate London SW7 5HE Tel: 020 7225 0001 Fax: 020 7589 2505 Email: theembassy@omanembassy.org.uk Central Bank of Oman PO Box 1161, Postal Code 112 Ruwi Email: cboccr@omantel.net.om Tel: (+968) 24 777 777 (Head Office) Fax: (+968) 24 788 995 http://www.cbo-oman.org/ Capital Market Authority Tel: +968 2-482-3100 Fax: +968 2-481-6691 Email: info@cma.gov.om www.cma.gov.om

products for religious reasons. This could prove important in a market where the top seven firms, out of 23, account for as much as 70% of total gross written premiums. In the next two years, the firm said that it plans to add up to seven new branches to its network of three,

Oman Ministry of Finance Tel: +968 24-744300 Fax: +968 24-738138 Email: info@mof.gov.om www.mof.gov.om

and distribute products via Islamic banks, a

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Palestine Country Profile

Fact File Country Name: Palestine (West Bank & Gaza) Current Capital: Ramallah East Jerusalem is the preferred capital of a future independent State of Palestine Largest City: Gaza

he financial services and banking sector constitutes a major asset of the Palestinian economy and has grown significantly in the past few years. The sector includes banking services, securities and capital markets, insurance, mortgage financing, leasing, and microfinance among other services. The two key players in the sector are banking and securities services.

Official language: Arabic Population: 4.5 million Agricultural Produce: Olives, fruit, vegetables, flowers; beef, dairy produce Main Industries: Textiles and food processing Imports: Food and consumer goods

Responsibility for financial regulation and supervision is shared between the Palestine Monetary Authority (PMA) and the Palestine Capital Market Authority (PCMA). While the PMA overseas and regulates the banks, money changers and microfinance institutions, the PCMA takes responsibility for the securities market, insurance companies and real estate institutions.

“Economic activity in 2013 has been weaker than expected and fiscal strains have continued. We estimate that real GDP rose by just 1½%, reflecting the impact of uncertainty regarding the Israeli-Palestinian peace process and a sharp deterioration of economic conditions in Gaza,” the IMF said in

Palestine’s attractiveness for investment

February 2014 following discussions held with

has gradually been improving since 1996;

Palestinian officials.

several major Palestinian companies with international reach have been established and are successfully operating in various sectors including notably telecommunications, real estate, banking, insurance, pharmaceuticals and tourism. The Palestinian economy continues to demonstrate exceptional endurance and adaptation capabilities and resilience despite political challenges, according to Mr Ahmad Aweidah, CEO of Palestine Securities Exchange (PEX), interviewed in Economic Focus, in the first quarter 2014. “Palestine has a strong and vibrant private sector which is a major driver of economic growth; it also has a well regulated and sophisticated financial system and a

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ECONOMIC AND FINANCIAL OUTLOOK

The Palestinian Authority reduced the outstanding stock of debt to commercial banks. The overall deficit, including development spending, is estimated at 13.7% of GDP, nearly 3% points lower than in 2012, helped by improved revenue performance and some commendable efforts to contain spending. “The economic outlook for 2014 and beyond depends heavily on the outcome of the peace talks. Under the status quo, where peace talks are ongoing and their result is not yet known, we project growth of around 2½% this year, and similar subpar growth performance over the medium term, with rising unemployment,” the IMF observed.

modern capital market. Economic growth was

“A breakthrough in the peace talks could

mainly driven by the PA’s spending which was

launch major donor initiatives, such as the

financed through substantial donor assistance

Economic Initiative for Palestine, which could

and a relative easing of Israeli restrictions on

boost average annual real GDP growth to

trade and people as well as private sector

about 6½% in 2014-19. On the other hand,

investments that were mainly confined to the

failure of the peace negotiations could trigger

real estate sector,” Mr Aweidah said.

a political and security crisis that would lead to

Arab British European Banking & Finance Guide

Palestine Country Profile

INSURANCE SECTOR

accelerated arrears accumulation and economic

system, testing the ability of banks to withstand

contraction, especially if donors signal scaling

the collapse of one bank, and analysis of risks

back their support.

associated with “financial infection”.

“The 2014 budget envisages modest further

Banking is seen as the backbone of the

packages for commercial customers and

progress in fiscal consolidation but still leaves a

Palestinian financial system, and as the

individuals, including:

sizable financing gap.”

sector most exposed to risks. In comparison,

FINANCIAL STABILITY

the non-banking financial sector is still in

The insurance industry in Palestine provides a wide range of insurance coverage and

• Credit and mortgage insurance

its development phase, despite significant

• Fidelity bonds

In October 2013, the Palestine Monetary

improvements in some of its institutions,

• Health insurance

Authority issued a Financial Stability Report

particularly in the areas of securities and

for 2012. The report highlighted the situation

insurance, the PMA said. The sector requires

regarding financial stability, developments in

greater emphasis on monitoring and follow-up

various aspects of the financial system during

on risks to the system.

the year, the amount of risk caused by instability, and the means and measures that have been used to reduce the effects of these risks.

FINANCIAL INCLUSION Palestinian government officials in February

• Liability insurance; employer, public, product, professional • Life insurance • Marine cargo insurance • Money insurance • Motor vehicle insurance

Dr Jihad Al Wazir, Governor of the PMA,

2014 announced plans to create a national

stated that the purpose of the report was

financial inclusion strategy, an initiative that

• Personal accident

to enhance transparency, in particular to

would make it one of two countries in the

assist organisations and individuals who deal

• Property and business interruption

Middle East and North Africa to have adopted

with the financial system’s institutions. The report dealt with Palestine’s financial system’s stability with its various inherent risks; analysis of the risks facing banking; risks associated with non-bank financial institutions; and global and regional economic developments, including developments regional economies

a nationwide, government-led inclusion plan; the other is Morocco. The PMA and the PCMA, the country’s central bank and a national regulating body, are jointly leading the project along with support from public and private sector groups.

and the implications for financial stability and

The policies and guidelines of the strategy aim

the local economy.

to facilitate greater access, improve awareness

insurance. The insurance sector is supervised by the Palestinian National Authority which grants licenses to insurers and insurance agents and supervises their activities. It has been supervising the sector since 1993. Local insurance companies cooperate with international insurance companies to reinsure large-risk projects and establishments,

and financial education, and reinforce client

whereby both parties would share claim costs

protection. An area inviting particular attention

according to a prearranged agreement. The

has been access to credit for both individuals

cost of insurance differs from one company

and SMEs where it remains low. The strategy

to another according to the type of insurance

and developments in banking regulations.

builds on inclusion principles endorsed by the

and the packages presented by each company.

The report also included a full analysis of the

G20, World Bank, AFI, and the OECD Principles

Vehicle insurance, though, has fixed premium

performance of the banking sector based on

on National Strategy for Financial Education.

amounts determined by the union of insurance

internationally recognised financial soundness

It is estimated that the strategy will take two

companies, and the companies can offer

indicators, and a comprehensive analysis of

years to create, and be comprised of two rollout

different payment options.

credit risk in the banking sector.

phases. The first, lasting five years, will target

Establishing relationships is important in this

The report was distinguished by covering “stress

financial sectors supervised by the PMA and the

sector. It is advisable for first-time insurance

tests”, which for the first time focused on the

PCMA. The second, implemented over three

buyers to rely on assistance from personal

macroeconomic stress tests for the banking

years, will target the remaining services sectors.

contacts or to take the time to shop around

In addition, the report addressed the infrastructural aspects of the financial sector; indicators of development in this sector, including the legal and regulatory framework;

Arab British European Banking & Finance Guide

133

Palestine Country Profile Useful Contacts Palestine Monetary Authority www.pma.ps Paltrade Palestine Trade Centre www.paltrade.org Palestine Exchange (PEX) PO Box 128 Nablus Email: pse@p-s-e.com www.p-s-e.com Palestine Capital Market Authority Palestine â&#x20AC;&#x201C; el-Bireh PO Box 4041 Tel: +970 2 2973334 Fax: +972 2 2973563 Email: info@pcma.ps www.pcma.ps Palestine Monetary Authority (PMA) Nablus Street Al-Bireh, Ramallah 452 Palestine Email: info@pma.ps Tel: +970 2 241 5251 www.pma.ps and request bids from several insurance companies, according to the Palestinian Investment and Promotion Agency.

PMA The role of the PMA is to ensure monetary stability and keep inflation under control, by issuing and managing national currency and implementing a sound monetary policy to create an environment appropriate to achieving

sound, and well capitalised to maintain a steady business environment in a volatile world. The PEX is supervised by the Palestine Capital Market Authority (PCMA), which was established in 2005, through modern laws and regulations. The PCMA regulates the investment environment by achieving capital stability and growth as well as organising, developing and monitoring the capital market in Palestine while protecting the rights of investors.

price stability. It also contributes to maintaining financial stability, through providing a safe, sound and secure banking system and national payment system, along with exercising the role of economic and financial advisor to the Palestinian government. To these ends, the PMA implements effective policies through

Palestine Investment Promotion Agency (PIPA) PO Box 1984 Email: info@pipa.gov.ps www.pipa.gov.ps Dr Alastair McPhail CMG OBE British Consul General Jerusalem 19 Nashashibi Street Sheikh Jarrah Quarter PO Box 19690 East Jerusalem 97200 Tel: 972 (02) 541 4100 (24 hour); 972 (02) 532 8459/540 0451 (Development); 972 (02) 628 2545 (British Council) Email: britain.jerusalem@fco.gov.uk www.britishconsulate.org/

its financial, human resources, and technical capabilities.

PALESTINE SECURITIES EXCHANGE Palestine Securities Exchange (PEX) is the national stock exchange in Palestine. It aims to provide an enabling environment for trading that is characterised by equity, transparency and competence, serving and maintaining the interest of investors. The PEX is strong in terms of market capitalisation; it is financially

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Palestine Embassy, UK 5 Galena Road Hammersmith London W6 0LT Tel: 020 8563 0008 Fax: 020 8563 0058 Email: palestinianUK@btconnect.com

Qatar Country Profile

Fact File Country Name: State of Qatar Capital: Doha Land Area: 11,586 km2 GDP Growth: 6.5% (2013) Currency: Qatari Riyal (QAR) Language: Arabic with English widely used as a second language Population: 2,174,035 (May 2014) Main Industries: liquefied natural gas (LNG), crude oil, ammonia, fertilisers, petrochemicals, steel reinforced bars, cement and commercial ship repair, agriculture

atar’s banking sector is one of the most competitive in the region. Banks have been benefiting from the resilience and expansion of the country’s economy especially as investment is boosted by preparations for hosting the FIFA World Cup in 2022. The industry witnessed an 11% surge in total assets to QR910bn in 2013 and is expected to fare well in 2014 with a balance sheet to grow in double-digits. Qatar registered nine entries out of a total of 101 banks listed in the ranking of the Forbes Top 500 Companies in the Arab World, unveiled in June 2014, headed by Qatar National Bank (QNB). The QNB took leading position in terms of revenues ($5.4bn), assets ($121.8bn), profits ($2.6bn) and market value ($37.1bn), Forbes reported.

Key Exports: Liquefied natural gas, petroleum products, ethylene polymers, fertilisers and raw aluminium

There are a total of 18 banks in Qatar out of

the banks’ loan book grew by 23% year-

which 11 are locally owned and the remaining

on-year, the highest among GCC nations,

seven are branches of international banks or

according to Global Investment House’s GCC

Export Partners: Japan, South Korea, UK, Singapore and India

subsidiaries. In addition, there are some 20

Banking Quarterly report. “Qatar-based banks

licensed banks that operate from the Qatar

maintained their loan growth momentum

Financial Centre, which has its own regulatory

due to increase in public sector spending.

environment. Local banks are well capitalised

Acquisition made by QNB and Commercial

and poised to expand internationally which is

Bank of Qatar during the year also propelled

seen as the obvious course of expansion given

loans growth considerably. Among Qatar-

the natural limits of the domestic market. The

based banks, Commercial Bank of Qatar, Qatar

sector is well regulated by the central bank

Islamic Bank and Doha Bank registered higher

which has adopted some key reforms over

growth in loan book of 33.6%, 30.1% and

recent years to achieve banking stability and

26.1% YoY respectively,” the report issued in

ensure confidence in the market.

June 2014 said.

Qatar banks compete with international

Total customer deposits grew by a healthy

players in the domestic market such as HSBC,

20% to QR548bn, while credit portfolio grew

Standard Chartered and BNP Paribas, although

by 11% to QR533bn, which is seen as a

the role of foreign banks remains relatively

success for strategies adopted by the central

small accounting for just over 4% of total

bank to ensure financial stability. The non-

assets as of December 2013, according to

performing loans were just 1.9% of total loans

Oxford Business Group. The five local lenders

in 2013, indicating the quality of assets in the

dominant in the market account for nearly

commercial banks in the country.

Key Imports: Transport machinery and vehicles, jewellery, iron ore and gas turbines Import Partners: UK, US, Germany, China, Italy, UAE and Saudi Arabia

85% of total assets.

A key feature of banking in Qatar is the

Qatar-based banks witnessed the highest

high level of government support enjoyed

increase in their loan book growth in the

by local banks, a fact that has been often

GCC during the first quarter of 2014 when

acknowledged in the reports of major ratings

Arab British European Banking & Finance Guide

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Qatar Country Profile

ISLAMIC FINANCE

lenders as bright for the coming two years.

Qatar and Britain believe that the two countries

The S&P report suggests that the search for

can work closer together to strengthen the

growth could lead to Qatar’s Islamic lenders

In a move aimed at establishing a single

foundation of the Islamic finance sector.

following in the footsteps of conventional

financial regulatory body, the powers of the

An important role is played by Qatar in the

banks by tapping opportunities for growth

Qatar Central Bank were extended with the

global Islamic financial sector including in

abroad. Islamic lenders are looking for new

adoption of Law No 13 of 2012 to enable it to

Britain where the Qatar International Islamic

ways of expanding. For example, in January

become the highest authority for the country’s

Bank (QIIB) was the first Islamic Bank to be

2014, Masraf Al Rayan, ranked second in the

financial service providers.

established. The UK has one of the largest

segment by assets, acquired the Islamic Bank of

Muslim communities in Europe providing a

Britain, formerly majority-owned by the QIIB.

basis for expansion and furthermore the UK

Qatar regulators have sought to establish a

government has restated its commitment to

deposit insurance framework that will include

developing the country’s activities in the sector.

a sharia-compliant scheme, one of several

Globally Islamic financial services are growing

reforms aimed at modernising the financial

with Ernst & Young expecting global Islamic

sector. The scheme is part of a strategic plan

banking assets with commercial banks to be on

for Qatar’s financial sector developed by the

course to exceed $3.4 trillion by 2018.

country’s three regulatory bodies, which they

Islamic banks now hold over a third of

aim to implement by the year 2016.

total banking assets in Qatar and were

The plan calls for developing a sharia-

outperforming their conventional counterparts

compliant equivalent to deposit insurance

in many areas during 2013. The country has

deemed necessary by regulators as Islamic

four fully fledged Islamic banks: Qatar Islamic

banks now hold over a third of total banking

Bank, Masraf Al Rayan, Qatar International

markets. The public sector accounts for over

assets in Qatar. Strengthening the regulation

Islamic Bank and Barwa Bank IPO-BABK.QA.

40% of deposits in the banking system.

of Islamic finance institutions should further

Data issued by the Central Bank showed that

develop the sector.

agencies. This support is seen in the public ownership stakes in banks through the Qatar Investment Authority.

Qatar has been speeding up efforts to enhance infrastructure such as metro, port, industrial zones for small and medium enterprises, expanding network of drainage and water in preparation to host the World Cup. All this increased activity has boosted demand for a whole range of banking and financial services. In recent years, the country’s banks have started to renew their business models placing greater emphasis on developing more diverse investment strategies. Banks benefit from the strong economy and favourable ratings which allow them access to international bond

QATAR FINANCIAL CENTRE Domestic firms are increasingly using the Qatar

combined assets of the four Islamic banks topped $56bn by the end of September 2013.

“The three regulatory authorities will develop a common approach to legal issues

Year-end results for 2013 released in January

and harmonise regulatory and supervisory

2014 indicated strong performances. Segment

practices,” the central bank’s strategy plan

leader, Qatar Islamic Bank, posted a 7.6%

said. Initiatives include enhancing licensing

increase in net profits over the year, taking its

2013, the QFC had 144 active licensed firms; of

criteria for Islamic banks, tightening corporate

total to $368m. Masraf Al Rayan fared even

which 65 were regulated and 79 non-regulated.

governance standards and those for the sharia

better, with profits hitting $466m, up 13.2% on

Domestic firms make up 24% of active licensed

boards that oversee their operations.

its 2012 results, while Qatar International Islamic

firms at QFC (Authority) and in 2013, 29%

Bank (QIIB) pushed up profits 10.5% to $206m.

SUPPORT FOR SMES

A report issued by ratings agency Standard

The SME sector in Qatar has huge potential

& Poor’s (S&P) in January 2014 said Qatar’s

and is expected to grow rapidly to play an

Islamic banks would build on their already

important part in overall growth. In response,

By the end of 2013, 181 firms had been

sizeable base and further increase their market

banks have started to launch new services

licensed to operate within the QFC since its

share. In its Islamic finance outlook for 2014,

tailored to meet the specific requirements of

inception in 2005, The Peninsula newspaper

S&P described prospects for both the sharia-

SMS. For example, the Qatar Islamic Bank (QIB)

reported 1 July 2014.

compliant banking sector and conventional

in March 2014 reported considerable growth

Financial Centre’s world-class platform to take advantage of business opportunities outside Qatar, QFC Authority has said. At the end of

of firms which received QFC licences were domestic firms, the QFC stated. During 2013, 14 new firms were licensed in total.

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Arab British European Banking & Finance Guide

Qatar Country Profile in its SME financing operations during the past

Insurance, American Life, MedGulf Allianz

year, which grew by an impressive 170%. The

Takaful and AXA.

QIB, which is regularly named ‘best Islamic bank’ in Qatar, spoke of the “extraordinary performance” after the first year of the launch of its SME-dedicated Aamaly programme. The programme provides financial incentives to customers in a sector seen as vital for the economy and which embraces manufacturing, trades and services as well as contracting. Qatar Development Bank (QDB) and the Supreme Education Council (SEC) joined up to launch new loans to support the education sector in June 2014, which will see QDB offering direct loans and competitive financing for private firms involved in education projects such as preschools, primary and secondary schools.

Useful Contacts

A new law gave the QCB additional powers to supervise and regulate insurance and reinsurance sectors. The insurance industry in the GCC is expected to grow at a compound annual growth rate of 18% in the five years leading up to 2017.

UKTI Doha British Embassy, PO Box 3 Tel: +974 4496 2000 Fax: +974 4493 3091 Email: ukti.doha@fco.gov.uk

Qatar’s insurance industry was worth $1.3bn (QR4.7bn) in 2012, much of this driven by non-life, a general trend in the MENA region.

Qatar British Business Forum www.qbbf.com

The economic growth, increase in population and insurance regulation is further expected to grow the non-life sector in Qatar. It is, however, not without its challenges. Excess capacity creating fierce competition in the industry has been a feature of the region’s

Qatar Embassy 1 South Audley Street, London W1K 1NB Tel: 020 7493 2200 Fax: 020 7493 2819 www.qatarembassy.info

insurance sector.

QATAR EXCHANGE Qatar Exchange (former the Doha Securities Market) was established by Law No 14 for 1995 and started operations on 26 May 1997. On 14 September 2005, Law No 33 for 2005 amended by law #14 for 2007 establishing Qatar Financial Markets Authority and Doha Securities Market was issued. The market entered a new phase with the issuance of Law No 33 for 2009, which led to the transformation of Doha Securities Market into a joint stock company under the name of Qatar Exchange.

In QFC’s MENA Reinsurance Barometer from 2013, most interviewees identified the low penetration of insurance in the MENA markets as the biggest opportunity. The region’s premiums, which account for 1.3% of GDP is a fifth of the global average, even though the MENA GDP per capita matches the global average, states the report, making it the number one market opportunity, replacing infrastructure projects. “This penetration gap is believed to be a major long-term and structural driver of insurance and reinsurance market growth in the region,” said the report.

INSURANCE SECTOR

Private sector firms are not yet expected to

There are presently 22 insurance companies

benefit from one large section of personal

operating in the market, according to the QCB,

line growth, namely medical insurance, as the

and it is divided into two distinct subsectors:

market currently stands. It was predicted to be

there are those insurers that operate within

among the fastest-growing lines of business

the QFC and those that are operating outside

in the region, promoted by government–

it. The latter are dominated by five national

mandated programmes to cover everyone

insurers: Qatar Insurance Company, Qatar

under healthcare. Qatar is in the midst of

General Insurance and Reinsurance Company,

rolling out its social health insurance scheme

Doha Insurance Company, Al Khaleej and

which should expand the medical insurance

Qatar Islamic Insurance Company. Of these,

market significantly. However, private

QIC is the largest with a market share of over

companies are not expected to benefit because

50% and thus occupies the dominant position

at present the basic cover for insurance is

within the insurance sector equivalent to

purchased through the government National

that occupied by the Qatar National Bank in

Health Insurance Company (NHIC).

banking. Of the total of 31 companies from the insurance sector that feature on the Forbes Top 500 Companies in the Arab World for

Qatar Exchange Tel: +974 44333666 Fax: +974 44319233 Email: info@qe.qa www.qe.com.qa Qatar Financial Centre Authority (QFC) PO Box 23245, Doha Tel: +974 4496 7777 Fax: +974 4496 7676 Email: info@qfc.com.qa www.qfc.com.qa/en-US/ContactUs.aspx Qatar Investment Authority (QIA) PO Box 23224, Doha Tel: +974 44995900/+974 44995859 Fax: +974 4995991 Email: info@qia.qa www.qia.qa Qatar Central Bank PO Box 1234 , Doha Tel: + 974 4445 6456 Email: webmaster@qcb.gov.qa www.qcb.gov.qa Qatar National Bank (QNB) Al Corniche Street 1000 Doha Tel: +974 4440 7777 www.qnb.com.qa/english

2014, Qatar Insurance boasted the largest market value at $2.2 bn. There are a small number of foreign players in the market operating outside the QFC such as Libano-Suisse, Arabia Insurance, Arab Orient and Capital Insurance Brokers, but the majority of foreign insurers can be found within the QFC where they can take advantages of incentives including a 100% foreign ownership rule. These operators here include Zurich

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Qatar Chamber of Commerce & Industry PO Box 402 Doha Tel: +974 44559111 Email: qcci@qatar.net.qa www.qcci.org/English

Saudi Arabia Country Profile

Fact File Country Name: Kingdom of Saudi Arabia Capital: Riyadh Population: 27,345,986 Language: Arabic Land Area: 2,149,690 km2 Currency: Riyal GDP Growth: 4.6% (2014 est) Main Exports: Petroleum and petroleum products Export Partners: Japan, South Korea, US, China, India, Taiwan, Singapore Main Imports: Machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles Imports Partners: US, China, Germany, Japan, South Korea, India, UK, France

audi Arabia has been one of the best performing G20 economies in recent years, and has supported the global economy through its stabilising role in the global oil market. The economy grew strongly by 4 percent in 2013, owing to robust growth in the nonoil private sector. The IMF observed that the economy has not been affected by global financial market volatility, and the banking system is well-capitalised and profitable. High oil prices and output have led to large fiscal and external surpluses and international reserves have increased. Consistent with the exchange rate peg, monetary policy settings have remained unchanged. Growth is projected to pick up to 4.6 percent in 2014. Private sector growth is expected to remain strong, and oil production is expected to be little changed from 2013. Large scale infrastructure projects and spending on housing continue to drive non-oil sector growth.

Saudi Arabia has a modern banking industry

The financial sector is regulated and

with banks providing retail and corporate

controlled by the Saudi Arabian Monetary

banking, investment services, brokerage

Agency (SAMA), the central bank, which was

facilities, and derivative transactions in addition

established in 1952. Policies on financing and

to credit cards, ATMs and point-of-sale

terms of payment aim to facilitate the free flow

transactions. The total assets of banks operating

of financial resources. Investors in the Kingdom

in the Kingdom rose by 9.2% in 2013 and by a

have access to both debt and equity financing

further 5.1% in the first three months of 2014.

from the Saudi financial sector. Financing is

The Kingdomâ&#x20AC;&#x2122;s banks benefit from an adequate

available to Saudi and non-Saudi businesses

liquidity stance, with primary liquidity of 19%

and entities.

of their total deposits at end-March 2014. Profitability ratios remain comfortable, with the annualised return on average assets ratio at 2.1% and the annualised return on equity ratio

Local commercial banks can provide credit and project financing to businesses in the Kingdom. The private sector also has access

at 15.8% in the first quarter of 2014. The sector

to a variety of credit instruments. Credit from

remains well capitalised despite strong asset

the commercial banks is allocated on market

growth, with regulatory capital to risk-weighted

terms, and foreign investors can obtain credit

assets ratio of 17.9% at end-December 2013.

on the local market. Major commercial

In parallel, banks continue to enjoy strong asset

banks in Saudi Arabia include: Arab National

quality metrics, with non-performing loans to

Bank, Al Jazira Bank, Al Rajhi Banking and

total gross loans ratio reaching a post-global

Investment Corporation, Bank AlBilad,

crisis low of 1.3% at end-December 2013,

National Commercial Bank, Riyadh Bank, Saudi

depicting a steady yearly decline over the past

American Bank, Saudi British Bank, Saudi

few years, Bank Audi observed in a report, 4

Fransi Bank, Saudi Hollandi Bank and Saudi

June 2014.

Investment Bank.

Arab British European Banking & Finance Guide

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Saudi Arabia Country Profile

The outlook for the Saudi Arabian banking

early March 2014 by Ernst & Young, 53% of

in 17 months. Meanwhile, in March, the

system remains stable, said Moody’s Investors

Saudi customers have complete trust in their

governor of SAMA, HE Fahad Al Mubarak, said

Service in a report that it issued October 2013.

primary financial service providers, far above

that an IMF inflation forecast for the Kingdom

The outlook, which has been stable since

the global average of 44%. Respondents to

of 3% 2014 was “reasonable”. Al Mubarak

September 2009, reflects the benign operating

the survey said issues such as confidentiality,

said he did not see any major risks for the

environment, Moody’s observed. The ratings

reputation and pricing of services were among

Saudi economy in the coming year, with its low

agency expected Saudi Arabia’s banking system

the key factors in building confidence. Nearly

interest rates likely to remain in place for some

to continue to benefit from expansionary

70% said their trust in banks had improved

time to come. SAMA has kept its repo rate

fiscal policy over a 12-18 month period and

since 2012, when E&Y’s last study was

at 2% since the beginning of 2009, Oxford

anticipated that the non-oil sector, where most

conducted.

Business Group pointed out.

2013 was a strong year for Saudi banks with

In April 2014, rating agency Standard & Poor’s

the 12 major lenders seeing profits rise by

said that it expected “the Saudi banking system

7.18%, while combined assets expanded

to remain among the top tier by international

by more than 9%, to total $498.7bn, and

standards in terms of profitability.” Lending

deposits increased by 10% to $389.3bn. Credit

volume and higher fees were expected to be the

growth was robust, with loans up 12.41%

main generators of profitability. “Throughout

over the previous year. Despite the increase

the financial crisis, banks in Saudi Arabia fared

in lending activity, asset quality remains high,

better than most of their peers in developed

Fitch ratings agency wrote in an early 2014

markets, thanks to consistently strong

report, attributing this to better underwriting

profitability and a low risk profile. Saudi banks

standards, a stable operating environment,

have notably absorbed the impact of prolonged

and new loans directed mainly towards

low interest rates since 2008 and the spike in

government-related projects. On the funding

the cost of risk without impairing capitalisation.

side, Fitch said Saudi banks benefit from easy

Such resilience underpins Standard & Poor’s

access to low-cost deposits, alleviating margin

Ratings Services’ expectation that the ratings on

pressures and given the increase in long-

Saudi banks should remain high and relatively

term lending, banks may well benefit from

stable over the coming 24 months,” Standard &

alternative sources of funding to alleviate any

Poor’s added.

bank lending is extended, would continue to expand, growing by just over 5% in 2014. Furthermore, Moody’s expected Saudi banks to sustain their strong pre-provision profitability, with the prevalence of low-cost funding, strong operational efficiency, lower loan loss provisioning expenses and continued growth in business activity balancing the margin pressures caused by increasing competition and the low interest-rate environment. As such, Saudi banks’ high profitability will continue to drive robust internal capital-generation and substantial loss-absorption capacity. The rating agency also expected the banking system to maintain a solid deposit base, reflecting strong funding dynamics, underpinned by a cash-rich Saudi government, a growing population and the banks’ well-established deposit franchises. High levels of client confidence and strong economic growth are expected to drive banking sector expansion in Saudi Arabia in 2014 and beyond, with lending activity projected to rise to match increasing demand from both consumers and businesses. According to results of a survey released in

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asset-liability maturity mismatches.

The agency concluded: “Prospects remain

Moody’s said credit growth could reach up

sound in both the corporate and retail

to 15% in 2014 and the increase in lending

segment given the Kingdom’s need to address

would help stimulate economic development.

the demands of a young and fast growing

The risks of inflation were small. Indeed, the

population. But we forecast that lending

pace of consumer inflation eased in February

growth won’t markedly exceed 10 percent

2014 to 2.8% year-on-year, the lowest rate

yearly over 2014-2015. Government spending

Arab British European Banking & Finance Guide

Saudi Arabia Country Profile is likely to remain stable, and we expect the

approved to participate in the Tadawul through

banking system and the regulators to focus

mutual funds since 1997.

on a steadier approach to growth to maintain current financial profiles. Generating fees will be a prime component of all banks’ strategies: Competition will therefore be fierce.”

Project financing is available from specialised credit institutions in the Kingdom that have been set up to provide long-term loans to vital sectors of the economy such as Saudi

MORTGAGE LAW

Industrial Development Fund, the Real Estate

In March 2013 the Kingdom’s long-awaited

Agricultural Bank.

Development Fund and the Saudi Arabian

mortgage banking law was promulgated to provide, among other things, a procedure for banks and other institutions to become licensed to offer mortgage finance, and a maximum loan-to-value ratio of 70 per cent. Among the issues either to be decided or to be tested in practice are those of foreclosure and liquidity.

MONETARY ISSUES At the monetary level, the Saudi Riyal’s peg to the US dollar, which has been in place since 1986, is almost certain to remain unchanged at SR3.75/US$ within the context of the strong ﬁscal and current account surpluses, Bank

capitalise on the expanding mortgage market

Audi stated in its report of June 2014. Equally,

through its 40 per cent ownership of Saudi

the long proposed single GCC country in not

Home Loan Company. The affiliate provides

expected to be set up in the next few years and

home and real estate financing on a Shari’a-

as a result, the riyal will track movements in the

compliant basis.

US currency, which is expected to strengthen

In 2012, Riyad Bank continued to expand

steadily over the years to come as the Federal

its retail business, with positive effects on its

Reserve tightens its monetary stance.

its loan book, Gulf Business reported February

INSURANCE

2014. Net profit, rose modestly in 2012 and

The Saudi Arabian insurance market remains

also in the first half 2013, the result of a strong

dominated by compulsory products, with

jump in operating profit but dampened by the

medical and automotive insurance accounting

increased need for loan-loss provisions. NPLs

for well over 75 percent of all gross written

increased in absolute terms last year, and the

premiums. Other products such as personal

rise in the NPL ratio ran contrary to the trend

health or life coverage make up only a

in the peer group. The bank will continue to

fraction of total policies issued and premiums

grow its retail business, as the results of recent

written. The crowded insurance sector is set

branch expansion begin to bear fruit. With

for consolidation amid low penetration rates

the bulk of the costs related to that expansion

and rising costs, highlighting the difficulties for

now behind it, costs are not likely to be an

smaller firms in the industry to maintain market

impediment to operating profitability.

share or grow their business, Oxford Business

One of the key products on offer, which Riyad

Group reported.

Bank is continually developing and improving,

Competition is keen in many segments of the

is mortgage finance – a product in great

sector while penetration rates are well below

demand in Saudi Arabia. Other products

international averages. Per capita spending

include personal loans, auto leasing and credit

on insurance products last year totalled only

and debit cards. Personal loans, virtually all

$218, just a third of the global average, while

of which are secured by salary assignments,

penetration rates were around 1 percent at the

continue to grow and increase market share;

end of 2013, compared to the global rate of

moreover, pricing discipline has served to

6.5 percent, by Albilad Capital report said.

increase margins on the product.

While industry penetration is still far below

STOCK MARKET

the potential levels, a stronger economic

SAMA and the Capital Markets Authority

in the region may lead to greater take-up

(CMA) supervise the Saudi stock market, which is known as the Tadawul. This has grown significantly over the past 20 years and is now the largest stock market in the Arab world. The number of Joint Stock Companies that trade in the stock market has increased steadily, with

performance in the Kingdom and elsewhere of insurance. Penetration rates across GCC member states could double by 2017 thanks to longer life expectancies and compulsory health insurance programmes, according to investment bank Alpen Capital.

approximately 127 firms now listed on the exchange. International investors have been

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UKTI British Embassy PO Box 94351 Riyadh 11693 Email: commercial.riyadh@fco.gov.uk Tel: +966 (0) 11 4819 100 Royal Embassy of Saudi Arabia 30 Charles Street, W1J 5DZ Tel: +44 (0)20 7917 3000 Email: ukemb@mofa.gov.sa www.saudiembassy.org.uk

foreign assets of the Kingdom and sustained

Arab National Bank is in a good position to

funding mix as well as on the concentration in

Useful Contacts

Arab British European Banking & Finance Guide

Saudi Arabian Monetary Agency (SAMA) PO Box 2992 Riyadh 11169 Email: info@sama.gov.sa Tel: +966 1 463 3000 www.sama.gov.sa Saudi Stock Exchange (Tadawul) NCCI building, North Tower King Fahd Rd PO Box 60612, Riyadh 11555 Tel: + 966 1 218 9999 Email: webinfo@tadawul.com.sa www.tadawul.com.sa Saudi Arabia General Investment Authority (SAGIA) Headquarters PO Box 5927 Riyadh 11432 Tel: +966 1 203 5555 Fax: +966 1 263 2894 Email: Info@sagia.gov.sa www.sagia.gov.sa Saudi National E-Government Portal www.saudi.gov.sa

Somalia Country Profile

Fact File Country Name: Federal Republic of Somalia Capital City: Mogadishu Population: 10,428,043 (August 2014 est) Land Area: 637,657 sq2 Languages: Somali and Arabic; Italian and English are common foreign languages in use Currency: Somali Shilling Agricultural Products: Bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats and fish

n the absence of licensed commercial banks, a number of informal financial institutions have evolved in Somalia, most of which provide shadow banking services on a nationwide basis and deal in money transfer operations. In particular, money transfer companies have spread rapidly throughout the country, and are now estimated to handle more than $2 billion in remittances and considerable more in commercial trade. There is very active private sector in the services industry, driven mainly by a return of diaspora Somalis—notably in the communications, construction, and money transfer sectors. Since banks do not yet offer electronic transfers, all financial transactions are made in cash. The relative peace in the greater Mogadishu

market offers a variety of goods from food to

Key Industries: Light industries, including sugar refining, textiles and wireless communication

and elsewhere has led to development of

electronic gadgets. Hotels continue to operate.

construction of shopping centres, supermarkets

Somalia’s government has lacked the ability to

and housing. Economic activity has also

collect sufficient domestic revenue, and arrears

Exports: Livestock, bananas, hides, fish, charcoal, scrap metal

benefited from increased foreign aid flows

to the IMF have continued to grow. Capital

from Somalia international partners following

city Mogadishu witnessed the development of

their recognition of the Federal Government of

the city’s first gas stations, supermarkets, and

Somalia as the government of Somalia.

flights to Europe. Economic growth has yet to

Imports: Manufactures, petroleum products, foodstuffs and construction materials

During the lack of effective national

expand outside of Mogadishu.

governance, Somalia maintained an informal

The International Monetary Fund officially

economy largely based on livestock, money

recognised the Somali government in April

transfer companies and telecommunications

2013, ending a 22-year hiatus, and has offered

service providers. Agriculture is the most

technical support and advice as a first step in

important sector with livestock normally

efforts to secure debt relief for the country.

accounting for about 40% of GDP and more

Somalia is one of the poorest countries in the

than 50% of export earnings. Nomadic farmers

world. Its long history of internal wars has

and semi-pastoralists are dependent upon

taken a toll on the country’s infrastructure and

livestock for their livelihoods and make up a

human capital, with many Somalis having fled

large portion of the country’s population.

the country to live and study abroad.

Livestock, hides, fish, charcoal, and bananas

The economy is still held back in its

are Somalia’s principal exports, while sugar,

development by the fractured nature of

sorghum, corn and machined goods are

the country and the poorly developed

some of the principal imports. Somalia’s small

infrastructure. According to the IMF, Somalia’s

industrial sector was based on the processing

immediate priorities are to restore security and

of agricultural products. Telecommunications

address the vast needs of its population that

firms provide wireless services in most major

has suffered through the period of protracted

cities and offer inexpensive international call

conflict. The country’s humanitarian needs

rates on the continent. Mogadishu’s main

are considerable. A priority is to build public

Arab British European Banking & Finance Guide

143

Somalia Country Profile

institutions to deliver economic and social

to consider introducing the new currency at a

global development banks and its East African

services. In the immediate future, Somalia

later stage, as it would require time because

neighbours, who hope that a stable Somalia

will require assistance from its international

of technical considerations (design, printing,

can contribute towards transforming the entire

partners to provide humanitarian aid—such

and most important needed legislation, etc.)

region into an investment hub.

as food, medicine, and shelter—to its citizens,

and even more important, because of the

even as it builds the capacity to stand on

need to establish sound and credible financial

Mogadishu’s main market offers a variety of

its own feet. The IMF’s recognition of the

policies and an adequate institutional and legal

government was an important step that will

framework to support the value of the new

provide confidence to international partners to

currency.

working with the Somali authorities. The IMF

goods from food to the newest electronic gadgets. Hotels continue to operate. Since the end 2011, Mogadishu has witnessed the development of its first gas stations,

The Central Bank published its first annual

supermarkets, and flights between Europe

report in April 2013 since 1991, putting total

(Istanbul-Mogadishu) since the collapse of

debt at $3.2 billion. To receive debt relief

central authority in 1991. Economic growth

from international institutions, Somalia is

has yet to expand much beyond the capital.

Given the vast needs of the country, efforts of

required to draw up a programme of financial

the IMF are closely coordinating with Somalia’s

The emergence of a modern and reliable

management. Bashir Issa Ali was confirmed

other development partners, including the

financial services sector in the country will be

as the governor of the Somalia central bank

World Bank, the African Development Bank,

dependent on a sound legal and regulatory

in April 2014. The new governor is tasked

and the European Union, as well as a number

framework and the ability of the central

with turning around the bank which was

of traditional donors (Japan, Norway, the

bank to provide the necessary support and

embroiled in graft allegations against the

United States, and the United Kingdom) and

supervisory functions. Without a clear legal

government. Donor countries, responsible

“non-traditional” donors (such as China, Qatar,

framework enforced by a functional regulator,

for funding Somalia’s recovery, see fixing the

Saudi Arabia, Turkey, and the UAE).

there is little scope for attracting private sector

bank as a core condition for receiving aid,

investors to set up banks and other financial

In the absence of licensed commercial banks, a

according to Reuters. “The Central Bank is

institutions in Somalia. The international

number of informal financial institutions have

essential to managing government revenue

community can support Somalia as it seeks

evolved in Somalia, most of which provide

in a transparent manner, and I expect the

to establish the necessary legal framework

shadow banking services on a nationwide

government’s plan to create trustworthy and

and build the capacity of the central banking

basis and deal in money transfer operations.

effective economic institutions will boost

structure. Investors have a great interest in

In particular, money transfer companies have

Somalia’s efforts to regain its status,” Somali

seeing the establishment of formal banking

spread rapidly throughout the country, and

Prime Minister Abdiweli Sheikh Ahmed said

operations in Somalia and have been

are now estimated to handle more than $2

in a statement. Maryam Abdullahi Yusuf was

constrained by the absence of a sound legal

billion in remittances and considerable more in

appointed as deputy governor. Ali, a respected

and regulatory framework, property rights,

commercial trade.

veteran banker who held a top job in Somalia’s

enforceable collateral contracts, accessible

commercial banking sector before 1991 and

credit information systems and related financial

was central bank governor under an earlier

infrastructure. At present, the Somali financial

transitional government, was asked to take

sector remains underdeveloped, informal and

up the post on an interim basis in November

unsupervised, with limited access to credit and

2013. His appointment came amid strained

savings, and no protection for consumers and

relations between Somalia and donors.

financial institutions.

20 years. The Central Bank has not issued

The country embarked on a process

Somalia acquired a notional central bank

new bank notes since 1990 and all the new

of reconstruction to offer hope for the

in 2011 under the remit of the Transitional

bank notes that have been in circulation are

future after decades of uncertainties. In its

Federal Government. But, as The Economist

non-official. The IMF advised the authorities

reconstruction, Somalia will be assisted by

reported, the authority did not extend far

is now providing a framework under which international assistance can be coordinated and prioritised.

A reform of the national currency is a high political priority of Somalia. There is pressure on the Central Bank of Somalia for an early issuance of a new national currency to replace the bank notes of the Somali shilling that have been in circulation for more than

144

Arab British European Banking & Finance Guide

Somalia Country Profile Useful Contacts British Embassy Mogadishu British High Commission Upper Hill Road PO Box 30465-00100 Nairobi Kenya Email: Nairobi.Enquiries@fco.gov.uk Tel +254 (20) 2844 000, +254 (20) 2873 000 Fax (DFID): +254 (20) 2844 102 Foreign & Commonwealth Office (FCO) www.gov.uk/foreign-travel-advice/somalia

beyond the capital, Mogadishu. A functioning

development in the country. â&#x20AC;&#x153;Provisional

central bank is essential to execute monetary

licencesâ&#x20AC;? were issued to enable commercial

policy, act as a financial agent of the

banks to get ready to comply with regulations

government, and support financial sector

that must be met when full licences are issued.

development that will enable longer-term investments and private sector led growth and development. In the longer run, a central bank will also be important to enabling Somalia to take the necessary steps to access international financial markets by settling arrears with creditors and then building a track record of

Dahabshiil, a Somali money transfer firm with an Islamic bank in Djibouti, offers Islamic banking services in Somalia under a licence issued by a past regime, though its management stated that it would comply with any new code that is likely to be adopted in

public financial management over time that

future.

would warrant eventual debt relief.

Sorting out the currency is just one of the

Apart from limited banking services offered by

measures needed to enable Somalia to make

the Central Bank, the main players in Somaliaâ&#x20AC;&#x2122;s

the most of new investor interest in the

financial sector are remittance companies,

country. In addition, the Central Bank aims to

which have extensive networks of agents that

build the standard electronic payment systems

service all towns and villages, as well as major

currently lacking. The governor hopes to

locations where Somali communities are living

secure so-called Swift codes for commercial

abroad. The limited functioning of the Central

banks looking to enter the country, so

Bank also constrains private sector expansion

businesses can send and receive money from

as it constitutes a serious risk factor to the

major banks abroad.

DFID Somalia British Office for Somalia British High Commission Upper Hill Road PO Box 30465 Nairobi 00100 Kenya Email: enquiry@dfid.gov.uk Tel +254 (0)20 287 3000 Fax +254 (0)20 287 3102 Somali Chamber of Commerce & Industry Tel: +252 62 271025 Email: mgabayre@somalichamber.so www.somalichamber.so/

investment climate for businesses operating in the country. Demand for financial services from both individuals and small-medium enterprises remains unsatisfied. Remittances currently finance many private sector activities in Somalia, providing some basic social services and other services such as electricity, telecommunications, domestic water supply and urban waste disposal. Whether invested or consumed, remittances have important macroeconomic impacts. The Central Bank was aiming to issue licences to commercial banks by the end of 2013, Reuters reported 17 May 2013. The absence of commercial banks is regarded as a major hindrance to reconstruction and economic

Arab British European Banking & Finance Guide

145

Sudan Country Profile

Fact File Country Name: Republic of Sudan Capital: Khartoum Currency: Sudanese Pound (SDG) Population: 35,482,233 (July 2014 est) Language: Arabic is the official language but English is widely used in business Agriculture Products: Cotton, groundnuts (peanuts), sorghum, millet, wheat, gum arabic, sugarcane, cassava (tapioca), mangos, papaya, bananas, sweet potatoes, sesame; sheep, livestock Key Industries: Oil, cotton ginning, textiles, cement, edible oils, sugar, soap distilling, shoes, petroleum refining, pharmaceuticals, armaments, automobile/light truck assembly Main Exports: Oil and petroleum products; cotton, sesame, livestock, groundnuts, gum arabic and sugar Main Export Partners: China, Japan, Indonesia and India Main Imports: Foodstuffs, manufactured goods, refinery and transport equipment, medicines and chemicals, textiles, wheat Main Import Partners: China, Saudi Arabia, Egypt, India and the UAE

udan’s real gross domestic product (GDP) grew by 3.6% in 2013, up from 1.4% in 2012, driven by agriculture and mining as well as inflows from oil transit fees and the Transitional Financial Arrangement with South Sudan. However, inflation has remained high reflecting the combined effect of inflationary financing, the devaluation of the currency and high energy prices. It is estimated that real growth will recede slightly in 2014 to 2.7% and is projected at 3.8% in 2015, according to the African Development Bank. Inflation is estimated to drop by 9.4 percentage points in 2014, and projected at 23.2% for 2015. The repercussions of the July 2011 secession of South Sudan continue to aggravate the challenges of economic management. The resulting high external and internal deficits, coupled with security concerns, continue to threaten macroeconomic stability, the outlook for 2014 and medium-term growth. Austerity measures were introduced to supplement the 2013 budget, including the devaluation of the currency by 29% and removal of fuel subsidies worth SDG 3.6 billion (Sudanese pounds) about 1.2% of GDP. The 2014 budget is a continuation of fiscal consolidation to maintain macroeconomic stability, with the implementation of well-designed social safety nets

Commercial banks dominate Sudan’s ﬁnancial

need to enhance ﬁnancial intermediation to

sector (97% in terms of total assets) with

broaden access to banking services and reform

a small microﬁnance sub-sector. Non-bank

the sector to support private sector investment.

ﬁnancial institutions are dominated by

Between the end of 2012 and June 2013 the

insurance. Although the number of commercial

capital adequacy ratio increased to 14.9%,

bank branches grew by 6% in 2012, up from

up from 12%, while bank liquidity dropped

593 in 2011, the bank per square kilometre

to 39.8% from 41.7%. Despite the decline in

ratio remains very low (0.26 in 2011) compared

the ratio of gross nonperforming loans to total

with 0.90 for countries in sub-Saharan Africa.

gross loans (10.4% in June 2013 compared

Financial intermediation (proxied by the ratio

with 11.8% at the end of 2012), the pre-tax

of M2 to GDP) is small (26.3% of GDP in 2012

return on assets decreased by 3.1 percentage

compared with 48% average for the LICs),

points, down from 4.4% in 2012.

and is estimated at 22% for 2013. The ratio of currency outside banks is high (28% in 2012) and expected to increase to 32% in 2013.

146

The lack of short-term liquidity products under the interest-free banking in Sudan limits the inter-bank market. In order to boost lending to

Following the results of the IMF pilot case

the private sector, the Bank of Sudan limited

study for enhancing bilateral ﬁnancial sector

banks’ investments in the GMCs to 20% of

surveillance in 2012, Sudan acknowledged the

their loanable funds, down from 25% in 2012.

Arab British European Banking & Finance Guide

Sudan Country Profile

However, trading in government securities

security funds, insurance companies and

a former president of the Microfinance Unit at

continues to dominate the Khartoum stock

foreign exchange bureaus. There were more

the CBOS. Other products include murabaha, a

exchange market and the small amount of

than 15 insurance companies operating in

cost-plus-markup contract on working capital

equity trading is dominated by a few ﬁrms.

the country investing their funds in securities,

goods, and istisna’, which defers delivery of

The penetration of the insurance market is

sukuks and real estate. The KSE, the primary

mainly manufacturing supplies until clients

securities market in Sudan, was established

have paid off the assets in fixed instalments. In

in 1994 to operate the capital market and

2008, the Sudan Microfinance Development

with 3.7% for Africa) and is dominated by

increase the flow of foreign direct investment.

Facility was established as the first apex

car insurance (40%). The 2011 World Bank

The first Sharia-compliant bank in Sudan

institution in Sudan, funded by the CBOS

Financial Sector Review indicated that

was established in 1978, since which time

Sudan’s Insurance Supervision Act needs to

Islamic finance has developed continuously.

extremely low with a ratio of 0.4% of total premium revenues to GDP in 2012 (compared

incorporate an updated supervision system.

Indeed, the financial system of Sudan has long

and multi-donors trust fund, and committed to providing equity participation, wholesale lending, and technical assistance.

Sudan is continuing with efforts, with IMF

operated in complete conformity with Islamic

technical support, to improve the country’s

principles. The country’s banking system went

bank supervision, inspection and enforcement

fully Islamic in the 1980s, adopting Sharia

Incentives offered by Sudan include tax

as well as updating and ﬁnalising the

principles on issues such as risk-sharing,

breaks, reduced tariffs on imported inputs,

legislative and regulatory framework for the

leasing, and interest-free loans.

and guarantees against confiscation. Foreign

securities markets.

In 2007, the Central Bank of Sudan (CBOS)

A framework agreement for “cooperation on

established a dedicated microfinance unit

central banking issues” between the Republic

tasked with implementing a conducive policy

of Sudan and the Republic of South Sudan was

environment, a regulatory framework geared

signed in Addis Ababa in September 2012.

toward market-driven financial services, and

In this agreement the two countries pledged

the intellectual, human, and financial capital

to maintain an environment that is mutually

to provide those services effectively. Although

beneficial for their economies. The agreement

much of Islamic banking has revolved around

recognised the need for cooperation in the

consumer lending, policymakers in Sudan

management of monetary and fiscal policy

recognised that microfinance clients, many of

in order to maintain confidence, control

whom lack collateral or even a steady income,

inflation and avoid destabilising exchange rate

needed products that would help them kick-

fluctuations. They also pledged to adhere to

start or sustain income-generating activity. The

international finance and banking standards.

CBOS focused on two profit- and loss-sharing

The Investment Act passed in 1999 covers

The agreement proposed the establishment

schemes: musharaka and mudaraba. In the

investment through joint ventures, limited

of a joint central banks committee to support

first, the financier provides equity financing

liability companies and partnerships and

financial stability and sound banking policies in

to a project while in the second, the financier

governs “inland investments”, essentially

the two countries.

provides all the funds for an entrepreneurial

domestic investment projects and investment

activity while expecting the client to provide

in free zones, which are treated as being

managerial expertise.

outside the domestic economy for purposes of

Sudan’s banking and financial sector is small, comprising 33 banks, including five foreign and

INVESTMENT LAWS

investment is managed by the Sudan Ministry of Investment, and Sudan Free Zones, whose role has gradually shifted from investment regulation to investment promotion and facilitation. The Sudan Ministry of Investment applying measures aimed at streamlining bureaucratic procedures for investments, with the aim of upgrading the business environment and introducing further deregulation. Foreign companies can invest under legislation governing investment guarantees and incentives, depending on the advantages they wish to obtain and the field of activity.

taxation, customs and trade.

four publicly owned lenders before secession.

For potential clients who were already

Most banks are concentrated in Khartoum

engaged in income-generating activity—mainly

The Investment Act applies to investment in

and a few other cities. The financial sector

farmers—the CBOS set out to provide ‘salam

certain specified activities or sectors and grants

also includes non-banking entities such as the

financing’, which essentially provides advance

investors additional privileges and longer tax

Khartoum Stock Exchange (KSE), bank deposit

payment against future delivery, according to

holidays if their projects are among those that

Arab British European Banking & Finance Guide

147

Sudan Country Profile Useful Contacts Embassy of the Republic of the Sudan 3 Cleveland Row St. Jamesâ&#x20AC;&#x2122;s London SW1A 1DD Tel: 020 7839 8080 Fax: 020 7839 7560 www.sudan-embassy.co.uk British Embassy off Sharia Al Baladia Khartoum East PO Box No 801 Email: information.khartoum@fco.gov.uk Central Bank of Sudan Gamhoria Street Almogran PO Box 313 Khartoum www.cbos.gov.sd/en Khartoum Stock Exchange Email: ksetendors@gmail.com www.kse.com.sd/

realise the objectives of national development. The first automated self-service banking branch in Sudan was launched in April 2013 by the Faisal Islamic Bank (Sudan), according to Global Newswire, 15 April 2013. Officials of the bank said the new branch has deployed the Self-service Payment Kiosk K20 from GRGBanking, an ATM manufacturer in China. K20 is an innovative cross-functional self-

The outside world wants to do business with Sudan as it is a country with significant potential. It is a fertile country where an estimated 57% of total land is suitable for agricultural development, but only less than 10% is currently under cultivation. The European Union as a group is an important trade partner for Sudan. Nevertheless, it remains a challenging market for British companies.

service payment machine that revolutionizes traditional payment transactions. It allows all the local unbanked clients to enjoy the benefits of self-service banking like electricity payment, balance charging, bill payments including even all e-government applications. It should be noted that there are some restrictions on dealing with the banking and financial sector in Sudan. UK regulations permit British companies to trade legally with Sudan except for specific prohibited areas. However, Sudan is on a list of restricted countries compiled by the Office of Foreign Asset Control, a branch of the United States Treasury, and this policy can have an impact in the market. As a result companies and investors remain cautious about doing business.

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Arab British European Banking & Finance Guide

Syria Country Profile

Fact File Country Name: Syrian Arab Republic Capital: Damascus Languages: Arabic, with both English and French widely spoken Currency: Syrian Pound (SYP) Population: 22,457,336 (July 2013 est) Main industries: Petroleum, textiles, food processing, beverages, tobacco, phosphate rock mining, cement, oil seeds crushing and car assembly Main agricultural products: Wheat, barley, cotton, lentils, chickpeas, olives, sugar beets; beef, mutton, eggs, poultry and milk

he banking sector in Syria operates under the joint supervision of the Central Bank of Syria (CBS) and the Ministry of Economy and Foreign Trade. The main banks are the Commercial Bank of Syria, the Agriculture Co-operative Bank, the Popular Credit Bank, the Real Estate Bank and the Industrial Bank. The General Establishment of the Post Office Fund acts as a facility for small private depositors. The Commercial Bank of Syria is the country’s largest and most important bank whose responsibilities include domestic and international trade finance, foreign exchange and the provision of hard currency accounts.

In total there are 20 banks in Syria (11 private

on a satisfactory resolution and normalisation

banks, six public banks, and three Islamic

of the conflict and the scope of political and

banks) and prior to the conflict there were

economic reform that will follow.

some 536 branches, of which 172 were in the capital Damascus and its suburbs, 80 in Aleppo, 39 in Tartous, 38 in Homs, 37 in Lattakia, 36 in Hama, and 34 in Al-Hasaka. The situation at present is hard to determine as normal business activities are severely interrupted by the continuing unrest. Lebanese banks have traditionally played an important part in the Syrian banking sector. Prior to the difficulties, Syria’s economic reform efforts had helped strengthen growth, although external and domestic shocks, and particularly the impact of the global financial crisis and prolonged droughts, had adversely affected

A huge programme of reconstruction will be essential which will inevitably need to include the banking sector. Once the overall situation is stabilised, the World Bank believes that Syria will have to grapple with immediate economic challenges including: output and generating employment in the trade sector; accelerated exchange rate depreciation in the parallel market; likely foreign exchange reserve losses; rising inflation; and legal and financial issues associated with frozen assets. In the medium to long term, Syria would still need to push its unfinished structural reform agenda, with

Syria’s macroeconomic performance, the World

the twin goals of creating the conditions

Bank stated in March 2014.

for strong economic growth by developing

Syria’s GDP had remained dependent on the oil and agriculture sectors, both sectors of which are subject to fluctuating oil prices on global markets and weather. Oil exports, exports of services, and foreign transfers of income and remittances, were the main

non-oil sectors to cope with the decline in oil production and the need for job creation, and maintaining fiscal sustainability while providing social protection to a growing number of young unemployed, and to regions affected by climate change.

sources of the country’s foreign earnings, but

In order to achieve these goals, Syria will need

all these sources have been seriously curtailed

to further diversify its economy and improve

in recent years. Over the short and medium

private sector development and exports. Syria

term, Syria’s recovery will ultimately depend

will also need to increase its productivity

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Syria Country Profile

by raising the skills of its labour force and

“The state-owned banks can continue to

valuation profits were not being included in

improving its technological base. The banks

support local industries, providing loans and

consolidated results of banks.

will have a vital role to play in the economic

not calling-in bad debts. They will be able to do

upgrade by providing credit to companies.

this because the Central Bank will not enforce

The IMF’s most recent Article IV report on

its own regulations. And because state-owned

Syria was dated 2009 and estimated that 5.9

banks account for such a large part of the

percent of the loans of state-owned banks

banking system, a significant part of the

were not performing. Once the situation in the

economy will be able to continue to operate

country is stabilised, Syrian banks will need to

as if all is well and everyone is paying everyone

play a strong role in rebuilding the country’s

else on time,” stated one market observer.

infrastructure. Banks will also need to provide

The aggregate net interest income of the seven banks was down 31.2 percent to 2.3 billion Syrian pounds, in the first half of 2013. Net fees and commission income increased 36.8 percent to 1.4 billion pounds. The seven banks’ assets increased 56 percent to reach 483.8 billion pounds at the end of June 2013. Total customer deposits reached 330 billon Syrian pounds at the end of June 2013, increasing by

large amounts of money to fund reconstruction

LEBANESE BANKS IN SYRIA

projects and help facilitate new businesses to

The Lebanese banking industry has traditionally

be established. Bank lending in the Middle East

had close links with the Syrian market and

generally is equivalent to about 55 percent of a

banks from Lebanon have continued to

country’s GDP, according to the IMF. For Syrian

operate in the country over the recent difficult

banks to reach that level, based on its 2010

period. In August 2013, net profits of the

The second quarter 2013 profits of Lebanese

GDP, their loan portfolios would have to total

seven Lebanese banks operating in Syria

banks operating in Syria fell by 98.2 percent

about $40bn, with about three quarters of this

reportedly grew by around 591 percent to 13.1

to $640,000 from $49.8 million in the

billion Syrian pounds. The surge in net income

same period of 2012. However, despite the

At the end of 2010, public sector banks in

was chiefly attributed to sharp increases in

increasingly challenging operating conditions

Syria had loans of $20,657mn, according to

unrealised net foreign exchange gains from 3.7

in Syria, Lebanese bankers are unlikely

the Central Bank of Syria (on an exchange rate

billion Syrian pounds in the first half of 2012 to

to withdraw from the market, The Daily

of $1=S£45.8). According to estimates the sum

31.4 billion in same period in 2013, according

Star reported. Nevertheless, neighbouring

of the current capital deficit and the future

to data compiled by Byblos Bank.

Lebanon’s general economic situation

capital requirement will need several billions to

Excluding gains from foreign exchange, the

extended by state-owned banks.

recapitalise the banking system.

seven banks would switch into a loss of

45.6 percent from the end of 2012. The ratio of the banks’ loans-to-customer deposits stood at 29.2 percent at end-June 2013 compared to 47.9 percent at the end of 2012.

continued to be adversely impacted by the protracted uncertainties in the Syrian market, the IMF warned in a report released on 31

The 12 banks that are listed on the stock

18.3 billion Syrian pounds, the bank argued

exchange account for about a quarter of

in a weekly newsletter. “There is no actual

banking assets and liabilities in Syria. The

improvement and the only reason that there

state-owned banks dominate the system but

is such an increase in profits is the fluctuation

their financial statements for recent years are

of foreign exchange rates and the fact that

unavailable. The Central Bank’s public disclosure

these banks report their profits in Syrian

The Damascus Securities Exchange (DSE)

of aggregate banking statistics ceases in

pounds,” Nassib Ghobril, chief economist

was started on March 2009 following the

early 2011. Statistics for year-end 2010 show

at Byblos Bank told The Daily Star, August

Presidential Decree no. 55 (Stock Exchange

aggregated assets for the 20 banks at $47.7bn

2013. Meanwile, Joe Sarrouh, adviser to

Act) issued on January 10, 2006 to establish

(converting the Central Bank’s Syrian pound

the chairman of Fransabank, added that the

a securities trading market. The decree

figures into dollars at a rate of $1=S£45.79).

surge was due to the fact that foreign banks

was aimed at facilitating the investment of

State banks account for 71% of this. Note that

in Syria were required to have 40 percent

financial resources to secure capital required to

not all private sector banks are listed on the DSE

of their capital in foreign currencies. The

expand economic activities by implementing

– such as Cham Bank and al-Baraka Syria.

Fransabank official also said that the currency

an appropriate trading environment for the

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July 2014.

DAMASCUS SECURITIES EXCHANGE

Syria Country Profile Useful Contacts Central Bank of Syria Altjreda al Maghrebeh Square PO Box 2254 Damascus Tel: 00 963 11 2216802 Fax: 00 963 11 2220550 Email: Info@bcs.gov.sy www.banquecentrale.gov.sy Damascus Securities Exchange (DSE) www.dse.sy/index.php?lang=en UKTI UKTI states: “With a number of embargoes and sanctions placed against the Syrian Arab Republic, Her Majesty’s Government does not encourage trade with, or investment within the country. Consequently, UKTI has ceased all commercial work.” British companies with established business in Syria and those experiencing difficulties, are advised to contact the Export Control Organisation +44 (0) 20 7215 4594. trading of securities. As of 2013 twenty stocks were listed on the DSE, 12 of them banks, with the rest from the insurance, services, industrial and agriculture sectors. The total market capitalization of the listed companies was around SYP 100 billion. Trading takes place at the DSE on Sundays through Thursdays from 10:30 a.m. to 1:15 p.m. but the window will be increased once the market is able to develop. Trading in equities will be carried out by continuous auction whereas exchange in equities will be order-driven and the governmental bonds market will be quote-driven. Margin trading, future contracts and short selling are forbidden in the exchange for now. All trading activities are conducted on a central trading floor in Damascus and remote order entries from brokers’ offices are also available. The Exchange uses the Central Bank as the single settlement bank through which all brokers are required to settle the net position of their transactions, Bank Audi explained. Trading activity has surged as investors buy into shares to hedge against the country’s plummeting currency. In September 2013, it was reported that the bourse was taking action to ensure its continued operations in the event of a worsening of the crisis. It acquired new IT infrastructure to operate and back up investor and market data.

Arab British European Banking & Finance Guide

151

Tunisia Country Profile

Fact File Country Name: Tunisian Republic Capital: Tunis Land Area: 155,360km2 Currency: Tunisian Dinar (TND) Population: 10,937,521 (July 2014 est) GDP Growth: 2.8% (2014 est) Languages: Arabic and French for business; English is widely spoken Agricultural Products: Olives, olive oil, grain, tomatoes, citrus fruit, sugar beets, dates, almonds; beef and dairy products Main Industries: Petroleum, mining of phosphate and iron ore, tourism, textiles, footwear, agribusiness and beverages Key Exports: Clothing, semi-finished goods and textiles, agricultural products, mechanical goods, phosphates and chemicals, hydrocarbons and electrical equipment

unisia has a diverse, market-oriented economy, with important agricultural, mining, tourism, and manufacturing sectors but faces numerous challenges following the recent period of great changes. The country’s key exports include textiles and apparel, food products, petroleum products, chemicals, and phosphates, with about 80% of the total destined for markets in the European Union.

Tunisia’s reform programme is on track,

In addition to the traditional banking system,

according to the IMF which has praised the

Tunisia has started developing microﬁnance. In

country for the important steps that have been

November 2011, Tunisia issued a decree law No

taken to strengthen reforms, particularly in the

117 that aims at upgrading microﬁnance activity

banking sector. “A banking strategy has been

in Tunisia through the setting of microﬁnance

designed, restructuring plans for public banks

institutions that comply with international

are being finalised in line with international

standards. The mentioned law targets primarily

best practices, and plans for creating an asset

regional development by providing lower

management company are advancing,” the

income populations with easy access to ﬁnancial

IMF said following a country visit in June 2014.

services. Recent measures include actions to

“Reducing the vulnerabilities of the Tunisian economy and fostering more inclusive growth would also require rapid implementation of structural reforms, including creating a level playing field for investors and the rapid adoption of key legislation on bankruptcy, competition law, and public-private partnerships,” it concluded. Tunisia hosts 29 banks, of which 18 are universal banks (that are both commercial and investment banks), eight are offshore, two are business banks, and one is an Islamic bank. The banking system is considered generally sound and is improving, as the

152

strengthen the reliability of ﬁnancial statements, enhance bank credit risk management, and improve creditors’ rights. Revisions to banking laws tightened the rules on investments and bank licensing, and increased the minimum capital requirement. The required minimum risk-weighted capital/asset ratio has been raised to 8%, consistent with the Basel Committee capital adequacy recommendations. Despite the strict new requirements, many banks still have substantial amounts of non-performing or delinquent debt in their portfolios. The Government has established debt recovery entities to buy the nonperforming loans (NPLs) of commercial banks.

Central Bank has begun to enforce adherence

According to ofﬁcial ﬁgures, the sharp increase

to international norms for reserves and debt.

in nonperforming loans (NPLs) in 2010, along

Due to its relative insulation from international

with the events that took place in Tunisia in

markets, the banking sector actually weathered

2011 after closing the ﬁnancial year, were

the international economic crisis and resisted

reﬂected in the quality of banks’ portfolio. In

serious adverse effects visible in other

effect, the outstanding balance of NPLs went

countries. The impact of recent events which

up in 2010 by 17.2 percent or TND 927 million

have witnessed a change of government on

(approximately $647 million), 49 percent

the country’s banking sector has been minimal.

of which was attributable to classiﬁcation

Arab British European Banking & Finance Guide

Tunisia Country Profile

of businesses tied to the former regime.

headline inflation is on the rise, reaching 5.7

in international trade. Marie-Alexandra

Nonetheless, because of the sharp increase in

percent at end-June 2014, driven mainly by

Veilleux, EBRD Head of Office in Tunisia,

loans, NPL’s ratio fell to 13 percentage.

higher food prices. Tunisia’s external imbalances

said: “Under the trade finance facility, the

have been widening, putting pressures on gross

EBRD will enhance the capacity of Amen

foreign reserves and the exchange rate, which

Bank to support more Tunisian exporters

has been depreciating,” the IMF said. “Fiscal

and importers and increase the volume of

performance was stronger than-expected

trade between Tunisia and other countries.

during the first five months of the year, thanks

This is essential at a time when Tunisia needs

to considerable revenue mobilisation. The

trade finance in order to pursue export-led

ongoing reduction in energy subsidies is a

growth for its economic advancement. Such

welcome development and is necessary to lower

transactions underline our commitment to

energy consumption and create fiscal space

Tunisia.”

In recent years regulatory and accounting systems have been brought more in line with required international standards. Most of the major global accounting firms are represented in Tunisia. Tunisian firms listed on the stock exchange are required to publish semi-annual corporate reports audited by a certified public accountant. The IMF “welcomed the Central Bank of Tunisia’s decision to increase the policy rate in view of possible inflationary pressures arising from recent minimum wage increases, electricity tariff increases, and a depreciating exchange rate. The mission recognizes the authorities’ readiness to increase the policy rate further if core inflation rises rapidly or if depreciation pressures persist. The mission urged the authorities to continue rebuilding foreign exchange reserves, including through further exchange rate flexibility.” Tunisia achieved four decades of steady 4-5% annual GDP growth. The country’s new government is working to stabilise the economy, to reassure businesses and investors, to control the budget and current account deficits, to strengthen the financial system, to reduce unemployment and economic disparities.

for priority spending on health and education. The [IMF] mission welcomed steps taken to combat tax evasion, simplify the presumptive tax system, modernise tax administration, and strengthen the public enterprise monitoring and governance framework,” the IMF stressed.

At the end of 2013, Amen Bank had total assets of TND 7.2 billion, TND 4.9 billion in deposits, 143 branches and six majority-owned subsidiaries involved in various areas of finance. The bank is a leader in several market niches such as trade finance, FX transactions, project

TRADE FINANCE

and company finance and internet banking.

It was announced on 30 May 2014, that

INVESTMENT

the European Bank for Reconstruction and Development (EBRD) and Amen Bank, Tunisia’s second largest private bank, had signed two trade finance agreements that will enable the bank to help local companies increase international trade. By this action Amen Bank became the first financial institution in Tunisia to join the EBRD’s Trade Facilitation Programme (TFP), which promotes and facilitates international trade.

Foreign investment in Tunisia is regulated by Investment Code (Law 1993-120) which was last amended on January 26, 2009. The law covers investment in all major sectors of economic activity except mining, energy, the ﬁnancial sector and domestic trade. The Investment Code and subsequent amendments provide a broad range of incentives for foreign investors, which include tax relief on reinvested revenues and proﬁts

“Economic activity remains modest. Growth

Under the agreements, the EBRD is providing

estimates for 2013 have been revised down to

guarantees to international commercial banks

2.3 percent. GDP will expand by 2.8 percent

thereby covering the political and commercial

in 2014, with the good performance of the

payment risk of transactions undertaken by

Government ofﬁcials have initiated a review

agricultural sector helping offset weaker than

Amen Bank, as well as offering short-term

of the Investment Code, with an aim to foster

expected activity in the tourism sector. After

trade finance cash advances for on-lending

job creation and develop infrastructure in the

having declined to 5 percent at end-March,

to clients of Amen Bank who are involved

south-central regions of the country. These

and limitations on the value-added tax on many imported capital goods.

Arab British European Banking & Finance Guide

153

Tunisia Country Profile reforms may liberalise the onshore sector and

Concerning ﬁnancial service providers, the

relax requirements for foreign investors wishing

code established two categories regarding of

to serve the Tunisian market.

activities: banking (deposits, loans, payments

The Tunisian Investment Code divides potential

and exchange operations, acquisition of

investments into two categories: • Offshore, in which foreign capital accounts for at least 66% of equity and at least 70% of production is destined for the export market (with some exceptions for the agricultural sector); • Onshore, in which foreign equity is limited to 49% in most nonindustrial projects. Onshore industrial investment can have up to 100% foreign equity.

capital in operating companies or companies in current creation) and investment services (reception, transmission, order execution; and portfolio management). Non-resident ﬁnancial entities, namely lending institutions authorised to act as banks, investment companies and portfolio management companies, are considered by the code non-resident investment service providers. Tunisia’s stock market “Bourse de Tunis” is under the control of the state-run Financial

FINANCIAL SERVICES

Market Council and lists 57 companies. Tunisia

Tunisia passed legislation to addressing access

companies to join the exchange, and expansion

to financial services for non-residents (Law 2009-64) in June 2009. Financial authorities aimed essentially to address regulatory gaps in the existing system by giving an appropriate framework for financial transactions between non-residents, introducing new financial tools attractive to foreign investors, defining new rules for monitoring and supporting the creation of the Tunis Financial Harbour (TFH). On 10 March 2014 Reuters reported that Bahrain’s Gulf Finance House, an Islamic investment bank, was to start building the $3 billion financial park and real estate development north of Tunis, after the project had been suspended for five years. The project is one of the largest private foreign investments in the country. The TFH was originally scheduled to begin in 2009, but financial difficulties and the 2011 uprising intervened. The site will contain a corporate centre, investment banking and advisory centre and an insurance area. It will also include homes, offices, a golf course, a business school

offers substantial tax incentives to encourage

British Embassy Rue du Lac Windermere Les Berges du Lac Tunis 1053 Email: BritishEmbassyTunis@fco.gov.uk Tel: +216 71 108 700 Fax (Commercial): +216 71 108 749 Embassy of Tunisia 29 Prince’s Gate London SW7 1QG Tel: + 44 (0) 207 584 8117 Fax: +44 (0) 207 584 3205 Email: London@tunisianembassy.co.uk

has been occurring. Foreign investors are permitted to purchase shares in resident ﬁrms (through authorised brokers) or to purchase indirect investments through established mutual funds.

Central Bank of Tunisia (Banque Centrale de Tunisie) Tel: +216 71 122 000 Email: boc@bct.gov.tn www.bct.gov.tn

ISLAMIC FINANCE Tunisia’s fledgling Islamic finance industry could take a 25 to 40 percent share of the country’s financial sector in future years if necessary rules, consumer education and private investment plans materialize, according to a Thomson Reuters study. Sharia-compliant business accounted for just 2.5 percent of the Tunisian financial sector as of 2013. The study estimates that Islamic financial assets in Tunisia could reach $17.8-$28.5 billion by 2018, up from $1.4 billion at present. One boost for Islamic finance would be issuance of the country’s first sukuk, which the government is planning. The Islamic Development Bank has given Tunisia a financial guarantee to issue

and trade centres. Tunis Financial Harbour is

a sukuk worth $600 million. The IDB also

billed as the first financial park in North Africa

extended $1.2 billion in funding for industrial,

and set to cover 450 hectares in the Raoued

agricultural and trade projects.

suburb of Tunis. On completion, the prestigious

The Tunisian government is studying the

project is expected to boost foreign investment

possibility to present cash collateral highways,

considerably and lead to a modernisation of

for the issue of Islamic sukuk so as to mobilise

the country’s banking system.

funding from 180 to 300 MTD in 2014,

Tunisian legislation allows non-resident

according to Ministry of Economy and Finance.

individuals or companies to use ﬁnancial

The Minister underlined the difficulties on the

products and services as well as perform other

level of issuing sukuk because of the obligation

relevant ﬁnancial operations. Non-resident

to present cash collateral. He revealed during a

ﬁnancial service providers may, in some cases

hearing session devoted to the examination of

and under certain conditions, provide services

the complementary finance law for 2014, that

to residents. Regarding ﬁnancial products,

negotiations with the IDB reached an advanced

the code distinguishes between two types:

stage, Zawya reported 10 July 2014.

securities and ﬁnancial contracts. Both must be issued in Tunisia or negotiated on a foreignregulated market member of the International Securities Commissions Organisation.

154

Useful Contacts

Arab British European Banking & Finance Guide

Tunisian Stock Exchange (Bourse de Tunis) Centre Babel, Bloc E, Montplaisir 1073 Tunis Tunisia Tel: +216 71 197 910 Fax: +216 71 197 903 Email: info@bvmt.com.tn www.bvmt.com.tn Conseil du Marché Financier (CMF) 08, Rue du Mexique 1002 Tunis Tunisia Tel: +216 71 84 45 00 Fax: +216 71 84 80 01 Email: cmf@cmf.org.tn www.cmf.org.tn Association Professionnelle Tunisienne des Banques et des Etablissements Financiers (APTBEF) 13, Rue Omar Ibn Kaddeh Montplaisir, 1073 Tunis B.P 45 Tunis – Belvédère Tunisia Tel: (216) 71 904 423 Fax: (216) 71 903 846 Email: info@apbt.org.tn www.apbt.org.tn

UAE Country Profile

Fact File Country Name: United Arab Emirates A federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Quwain, Ras al-Khaimah and Fujairah Capital: Abu Dhabi GDP Growth: 5% (2013) Currency: Dirham (AED) Languages: Arabic (official), English (business) Area: 83,600 km2 Population: 5,628,805 (July 2014 est) Key Industries: Petroleum and petrochemicals; fishing, aluminium, cement, fertilisers, commercial ship repair, construction materials, boat building, handicrafts and textiles Main Exports: Crude oil 45%, natural gas, re-exports, dried fish and dates Main Imports: Machinery and transport equipment, chemicals and food

ccording to Central Bank statistics, the number of national banks remained at 23 at the end of 2013. However, their branches grew from 805 in 2012 to 841 in 2013. At the same time, the branches of the 28 foreign banks operating in the local market increased from 85 in 2012 to 87 at the end of 2013. In addition, the number of ATMs linked to UAESWITCH amounted to 4,664 at the end of December 2013, compared to 4,492 ATMs at the end of December 2012.

While growth in oil production moderated in

substantial loan concentration. Non-performing

2013, ongoing public projects in Abu Dhabi

loans are declining but remain high among

and buoyant growth in Dubai’s services sectors

Dubai banks. The banking system remains

continued to underpin growth in the UAE

amply capitalised (capital adequacy ratio of

economy, the IMF said. With a strengthening

18.5% as of March 2014), and stress tests

economic cycle, also supported by the

conducted by the Central Bank show that the

UAE’s perceived status as a safe haven amid

domestic banking system can absorb significant

regional instability, overall economic growth is

capital and liquidity shocks.

estimated to have reached 5% in 2013. The current account surplus declined to 16% of GDP (from 18½% in 2012), reflecting buoyant imports. The real estate sector has been

The UAE’s economic prospects are looking good and the country is expecting 5% growth in 2014.

recovering at a fast pace in some segments,

The Abu Dhabi Department of Economic

especially in the Dubai residential market,

Development revealed projections for the

where prices increased on average by 30%

production of 2.8 million barrels of oil per day in

year-on-year in March 2014. With this only

the UAE during 2014. The non-oil sector is also

gradually feeding into higher average rents,

expanding and the UAE is set to become the

headline inflation increased to 1.9% year-on-

world’s largest producer of aluminium within

year in March 2014 (from 1% a year ago).

the next five years. The tourism and aviation

Amid ample liquidity in the banking system, private sector credit began to recover, the IMF observed in a May 2014 report. Deposit growth has substantially strengthened, boosting liquidity in the banking system. Following years of credit-less recovery, lending to the private sector has begun to rebound (8.2% year-onyear growth in 2013, and further accelerating

sectors are also expected to excel, especially now that Dubai has won the bid to host Expo 2020. The UAE expects to achieve a general surplus of 9% of GDP, which is twice the figure achieved in 2012. Growth rates of 4.5 to 5% are expected to continue to the period between 2015 and 2018. The GDP is expected to reach approximately Dh1.7 trillion in 2018.

in the first quarter of 2014). Banks continued

The IMF expects real GDP growth to remain

to increase their exposure to government and

firm at 4½% in 2014, driven by the ongoing

public enterprises, by AED15 billion (equivalent

momentum in the non-oil economy. It also

to 6% of bank capital) during 2013, in

reported that newly implemented regulations

some cases further increasing their already

on loan concentration and real estate

Arab British European Banking & Finance Guide

155

UAE Country Profile

ASSETS

exposure for banks would help protect the

While the 2013 full-year results showed the

soundness of the banking system, which has

UAE banks posting an average year-on-year net

remained amply capitalised. The new loan

profit increase of 14%, the largest eight banks,

concentration limits will help contain risks to

which account for more than 80% of the total

banks’ balance sheets in the context of the

assets of the banking system, recorded 21%

newly planned mega projects.

growth in the first quarter of 2014.

Credit-rating agency Moody’s Investors Service

The UAE banking sector is seen as highly liquid

having the largest banking sector in the region.

too has upgraded the UAE’s banking system

and, according to the report, in addition to the

The rise meant that the combined assets of the

from negative to stable. Its November 2013

shock absorption capacity provided by robust

UAE’s 23 national banks and 28 foreign bank

report also indicates a decline in difficult loan

capital metrics, Moody’s anticipates that the

branches remained the highest in the Arab

levels and a continual recovery of the local real

banking system will maintain its strong funding and liquidity profile.

world. According to Standard and Poor’s, the

estate market. Driven by UAE banks, net profits of GCC

The UAE Banks Federation stated in its 2013

during 2014, with a decline in non-performing

lenders jumped 9.3% year-on-year in the first

annual report that it took “pride in the

loan (NPL) ratios and improving coverage ratios

quarter 2014 to $5.1bn mostly due to higher

ambitious developments that are taking place

supported by asset and proﬁt growth.

net interest income and non-interest income.

in the UAE’s banking sector.” The federation,

Banks in the UAE were the best regional

seen as the voice of the country’s banking

performers in the first quarter by recording

industry, said that it regarded 2014 as a time to

13.6% net profit surge, followed by Qatar

“harvest all the seeds of effort that we have so

(10.7%), Kuwait (8.8%) and Saudi Arabia

steadily nurtured.”

(4.0%), Khaleej Times reported 2 July 2014.

Reviewing the performance in 2013, the

statistics report. The Central Bank report

Among UAE-based banks, First Gulf Bank

federation said, “An increase in total bank

suggests that deposits increased by 9.33% in

reported 27.2% year on year growth in net

assets, a decline in non-performing loans

2013, making it a pivotal aspect of the overall

profit backed by strong net interest income

and improving domestic liquidity allowed

growth that was witnessed.

growth and a whopping rise in non-interest

the UAE banking sector to stand in good

income. Emirates NBD reported a robust

stead. Winning the Expo 2020 bid and strong

24.5% surge in growth in its bottom-line

performances from sectors such as tourism,

during quarter, also driven by robust net

retail and trade added to a positive outlook.”

interest income growth and a big rise in non-

Bank lending in the UAE grew at 7.1% year-

and become the preferred choice for emerging

interest income. Abu Dhabi Commercial Bank

on-year in 2013, according to data from the

rapid growth markets.

reported a 14.9% growth in bottom-line due

UAE Central Bank. Bank loans grew at their

to a remarkable rise in its net-interest income

fastest pace since the fourth quarter of 2009

and a huge decline in provision expenses.

and the acceleration in credit growth (an

“One thing common among the UAE banks

average of 5.5% compared with an average

was the sharp rise in fee income. As a result

of 2.7% in 2012) provided further evidence

collective fee income rose by 26% year on year

of broader economic expansion in the UAE

and 23% quarter on quarter.” Washington

in 2013, experts say. Key monetary indicators

based Institute for International Finance (IIF)

show overall domestic liquidity continued to

a global association of financial institutions,

improve, with broad money supply (M2) up

According to Standard & Poor’s banks in the

observed that the UAE banking system had

22.5% for the full year. M1 (coins and notes in

UAE currently enjoy good prospects due to the

further improved in 2014 with strong growth

circulation and other liquid money equivalents)

country’s healthy economic growth and upbeat

in capitalisation, profitability and liquidity.

growth slowed to 26.9% in December 2013.

corporate sector. This growth looks set to

156

Arab British European Banking & Finance Guide

Total bank assets increased by 8.53% to reach Dh1945bn at the end of December 2013, according to the Central Bank. Combined assets of UAE banks stood at Dh1945mn at the end of 2013 to maintain the country’s position as

asset quality of UAE banks is set to improve

Confidence in the banking industry is improving and deposits grew to Dh1.27 trillion in 2013. Combined UAE bank assets reached the Dh1,945-billion mark in December 2013, according to the Central Bank’s monthly

The UAE banking sector has seen a number of trends in the past 12 months, including an increased interest in Islamic products. Islamic trade ﬁnance could provide new opportunities

Technology has been identiﬁed as a key sector for investment by the UAE government as part of its diversiﬁcation and development strategy, and it is driving much change in the banking sector. YouGov stated that 76% of UAE bank customers registered for online banking between December 2012 and May 2013.

UAE Country Profile

remain buoyant. Banks are expected to enjoy

regulated by the DFSA and boasts its own

another year of strong ﬁnancial performance.

court. After 10 years of strong growth, the

In the meantime, inﬂation levels are expected

DIFC is looking to companies from new

to stay in the 2 to 2.5% range, according

markets in the Far East to ensure its growth

to S&P. UAE banks will continue to work on

momentum continues. “In the next 10 years

customer service upgrade, transparency, loans

we will be looking to new geographical

and deposits concentrations.

frontiers in China and Africa,” Eisa Kazim, DIFC

INSURANCE

Governor, told Gulf News on the occasion of the DIFC’s 10 years of operations. “We are

DUBAI GOLD AND COMMODITIES EXCHANGE DGCX, an initiative of the Dubai Multi Commodities Centre (DMCC), Financial Technologies (India) Limited and the Multi Commodity Exchange of India Limited (MCX), commenced trading in 2005 as the region’s first commodity derivatives exchange and is now the leading derivatives exchange in the Middle East.

Regulatory measures to enhance the credit

encouraging more companies to come to

profile of the GCC’s insurance market and aid

Dubai and the DIFC from South East Asia and

market stability and transparency, are gradually

the Far East, including China, Korea, Japan

being rolled out, said Moody Investors Service

and India. Strategically speaking, we need to

The DME is the premier international energy

in its special comment “Evolution of the GCC

expand in new geographical areas outside our

futures and commodities exchange in the

Insurance Regulatory Landscape is Positive for

initial base of companies from Europe and

Middle East. It is a fully electronic exchange

Credit Quality,” published on 6 July 2014. It

North America,” he said in July 2014.

and its contracts are listed on CME Globex.

ABU DHABI SECURITIES EXCHANGE (ADX)

FTSE NASDAQ DUBAI

to ensure capital is more correlated to the

Established in 2000, ADX is a focal point for

comprises 20 stocks admitted to trading

risk undertaken. The GCC insurance industry

UAE-listed companies, investment funds and

on NASDAQ Dubai, the DFM and the ADX.

almost tripled through 2006-13, with insurance

debt instruments, providing investors with an

Futures based on the index are admitted for

premiums increasing to $18.4bn from $6.4bn,

opportunity to invest capital for the benefit of

trading on NASDAQ Dubai and are designed to

the agency estimates. Increasing mandatory

the national economy. ADX has impressive new offices in Sowwah Square on Al Maryah Island,

provide a hedging and investment mechanism

insurance covers, such as health, unemployment, motor third party and liability, have also increased

Abu Dhabi and also has branches in Fujairah,

market awareness and represent important

Ra’s al-Khaimah, Sharjah and Zayed City.

NASDAQ DUBAI

BORSE DUBAI

Opened in 2005, Nasdaq Dubai is an

said that the news measures would serve to strengthen several credit factors such as capital, by implementing risk-based capital measures

credit-positive product evolution for the market’s diversification, it added.

DUBAI INTERNATIONAL FINANCIAL CENTRE

Created in 2007, Borse Dubai is the holding company for DFM and NASDAQ Dubai. Borse Dubai consolidates Dubai’s two stock

Since its opening in 2004, the Dubai

exchanges as well as current investments in

International Financial Centre (DIFC) has

other exchanges.

acted as a platform for business and financial institutions by offering a legal system mostly

DUBAI FINANCIAL MARKET

consistent with English Common Law. Banks

Established in 2000, DFM operates as a

registered in the DIFC, which is the UAE’s

secondary market for trading of securities

first financial free zone, can be 100% foreign

issued by public joint-stock companies, bonds

owned. The DIFC is one of the Gulf’s leading

issued by the Federal Government or any of the

financial centres and home to the regional

Local Governments and public institutions in

headquarters for many of the world’s top

the country, units of investment funds and any

banks and financial institutions. The DIFC is

other financial instruments, local or foreign.

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Arab British European Banking & Finance Guide

DUBAI MERCANTILE EXCHANGE

The FTSE NASDAQ Dubai UAE 20 index

for GCC and international investors.

international stock exchange operating between Western Europe and East Asia offering trading in equities, derivatives, Dubai gold securities, Islamic securities, debt, funds, REITs, ETFs and structured products.

Advertorial

Friends Provident International in the Middle East – a Decade of Growth Built on Expertise

In 2014 Friends Provident International celebrates 10 years of operating in the Middle East and delivering a compelling proposition, built on technical expertise. Matthew Waterfield, General Manager, Middle East and Africa at Friends Provident International, looks at how the business has grown from its humble beginnings as a small sales office in the Dubai Airport Free Zone, to the full branch office - in federal UAE - that it has become today. WHERE IT ALL BEGAN

suburbs, and this looks set to continue for the

Friends Provident International opened its first

foreseeable future.

office in the Middle East, in the Dubai Airport

Friends Provident International’s business has

Free Zone (DAFZA), in 2004. From this base

grown steadily over the last 10 years. From our

- and with a team of just five people - we

DAFZA beginnings and our compliment of just

introduced advisers and banks in the region

five people, we have grown our team ten fold

to our range of wealth management and

with plans to increase this still further as we

protection products.

regionalise more head office functions into the

effectively with the local markets, and to then

Middle East.

develop propositions and services that can add

It is worth reflecting for a moment on how

real value to our customers and distributors.

things were in Dubai ten years ago. There were

Perhaps the most significant milestone on the

far fewer buildings of international renown

Friends Provident International roadmap for the

than there are today. There was no Dubai

Middle East in the last 10 years was when we

Marina, let alone the hundreds of skyscrapers

secured our UAE Insurance Authority licence,

that grace that part of Dubai today. Sheikh

in late 2007. This meant that for the first time

Zayed Road, the main thoroughfare, had just

we could operate outside of the free zone and

six lanes – compared with the 12 lanes it

offer our products in federal UAE. This in turn

has today – and the traffic was much more

means that our customers have the protection

‘challenging’. There were just a handful of

of the country’s regulators, who approve all our

hotels and high rise buildings on that particular

product offerings, as well as the Insurance and

route, compared to the hundreds located there

Pensions Authority (IPA) in the Isle of Man. In

today. There was no Burj Khalifa, Metro or

2008, Friends Provident International relocated

indicators are below the world average by a

Dubai Mall, and the Mall of the Emirates had

its operations to prestigious new offices in

considerable margin.

only just opened for business.

Emaar Square, Downtown Dubai where we are

The

based today.

illustrated by the very low levels of insurance

in the last 10 years and has bounced back

The business has grown organically over the

penetration (premiums as a percentage of GDP)

from the global financial slowdown.

The

last six years as we have increased the range

and density (premiums per capita) in the GCC.

astonishing pace of infrastructure development

of functions carried out in the region, rather

Industry forecasts show that by 2017 insurance

has continued unabated, and with Dubai

than at our head office in the Isle of Man. We

penetration is likely to be 2%*. While that is low

having been awarded Expo 2020, things have

are committed to executing the strategy to

compared with more developed economies, it

gone into overdrive, with new developments

bring expertise into the region. This allows us

is almost double the 2012 level of 1.1%. Over

springing up throughout the city and the

to better understand and to empathise more

the same time period, insurance density is

The UAE has indeed come a very long way

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Arab British European Banking & Finance Guide

THE OPPORTUNITY We see the Middle East region as a high-value market with enormous growth potential. While the region’s insurance industry has experienced steady growth on the back of economic development, population expansion, improved

regulatory

environments

and

increased awareness of the need for insurance, the market remains underdeveloped and key

region’s

potential

probably

best

forecast to more than double its 2012 level. It

within the region by operating an Enterprise

is likely this growth in penetration and density

Risk Management (ERM) culture at the centre

will be achieved mostly as a result of increased

of everything we do. We have developed an

awareness of the need for insurance.

ERM model to effectively manage these risks,

To further illustrate our commitment to the region, in addition to the regionalisation of certain key functions to our UAE branch, we have recently recruited industry leading distribution professionals who will enhance our business and help us to realise the enormous potential the region holds.

maintain the optimum risk-reward balance, and enhance shareholder value. Our ERM program helps to ensure that appropriate controls are in place to support the making of well-informed decisions. This has had considerable benefits for us, as we have been able to identify risks and key risk indicators, enabling us to mitigate the potential impact on our business. The growing

David Thompson has moved to Dubai from

intensity of natural, political, and economic risks

the UK to take up the role of Regional Sales

emphasises the importance of being equipped

Director for the Middle East and Africa. David

to effectively manage these uncertainties.

was formerly Friends Provident International’s Regional Sales Director for the UK and Europe.

A BRIGHT FUTURE

Another significant appointment is Jamie

As we enter our second decade of operating

McNish - formerly of Zurich and Swiss Life

in the Middle East, we are keen to bring our

in the Middle East - as Regional Director,

expertise to bear in the life insurance market

Partnership Distribution. Jamie has 12 years’

here in the region. We very much see it as

experience of the region, and of developing

the responsibility of the life insurance industry

successful Bancassurance partnerships.

and the financial advisory community to

This means that Friends Provident International now

has

the

most

experienced

sales

management team in the Middle East - these two gentlemen alone have more than 50 years’ sales management experience between them – which helps support Friends Provident International’s delivery of a market leading level of service and support to distribution partners.

educate the local population on the benefits of robust financial planning. For example we see it as vital that, in the absence of state benefit provision for the expatriate population of Middle East countries, people take personal responsibility for their financial future. We are working hard to educate communities, via our

life insurance for their savings needs and to protect the things they value the most. Having people based in the region gives us a clear perspective on the products, funds and services that are required at any given time. In a constantly evolving market this enables us to shape our proposition accordingly, align it with market trends and to maximise the opportunities available. The life sector in the region will continue to mature as we see more regulatory developments, and as life companies make efforts towards attaining greater operational scale and efficiency. The industry in the region continues to mature and the strength of the fundamental drivers suggests solid growth prospects. Friends Provident International is well placed to continue delivering compelling propositions to the expatriate market in the Middle East, backed by the regional technical expertise that we have built up over the last 10 years. I am excited by the opportunities the region holds for us and I am looking forward to helping the industry to develop still further, over the next 10 years and beyond. * Alpen Capital GCC Insurance Industry Report – 1 July 2013

distribution partners, on the benefits of using

THE EVOLUTION OF REGULATION As the UAE regulator continues to develop an ever more sophisticated and robust regulatory framework, we expect to see more attention given to insurance regulations. Insurers and distributors, who are able to work closely together and to adapt quickly to comply with changes in the regulatory environment, will gain a significant competitive advantage. Our Compliance team has closely examined the new broker regulations, that are due to come into effect in November 2014, to determine how Friends Provident International and our distribution partners can work together to ensure adherence to the new rules. The new regulations constitute the most significant change in UAE insurance industry regulation since 2006, and will impose additional burdens on our distribution partners in terms of capital adequacy requirements and how their businesses operate. We are now in a position to help our distributors understand how we can work together within the new framework, which ultimately means we are able to add even more value to their businesses.

MITIGATING RISK Friends

Provident

International

has

taken

a risk based approach to growing business

Arab British European Banking & Finance Guide 161

UAE Country Profile Useful Contacts Embassy of the UAE 30 Princes Gate London SW7 1PT Tel: +44 (0)2075811281 Fax: +44 (0)2075819616 Commercial & Economic Department commerceuk@mofa.gov.ae www.uaeembassyuk.net/ UK Trade & Investment Dubai British Embassy PO Box 65 Email: ukti.dubai@fco.gov.uk Tel: +971 (4) 309 4404 UK Trade & Investment Abu Dhabi British Embassy PO Box 248 Abu Dhabi Tel: +971 (2) 610 1111 Federation of UAE Chambers of Commerce Tel: +971 2 6214144 Fax: +971 2 6339210 Email: info@fcciuae.ae www.fcciuae.ae/en/contactus-en.php

Federal e-government www.government.ae/ Dubai e-government www.dubai.ae Federation of UAE Chambers of Commerce and Industry www.fcciuae.ae/ UAE Ministry of Economy www.moe.gov.ae UAE Central Bank www.centralbank.ae Abu Dhabi Investment Authority (ADIA) www.adia.ae Abu Dhabi Chamber of Commerce Online Services www.abudhabionlineservices.ae Abu Dhabi Department of Planning and Economy www.dpeportal.adeconomy.ae

Central Bank of the UAE www.centralbank.ae UAE Banks Federation www.uaebf.ae Abu Dhabi Securities Exchange (ADX) www.adx.ae Borse Dubai www.borsedubai.ae Dubai Financial Market www.dfm.ae Dubai Gold and Commodities Exchange www.dgcx.ae Dubai Mercantile Exchange www.dubaimerc.com FTSE NASDAQ Dubai www.nasdaqdubai.com/products/ftse.htm NASDAQ Dubai www.nasdaqdubai.com Dubai Financial Market www.dfm.ae

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Arab British European Banking & Finance Guide

Yemen Country Profile

Fact File Country Name: Republic of Yemen Capital City: Sana’a Population: 26,052,966 (July 2014 est) Area: 527,968 km

Major Languages: Arabic Currency: Rial

he banking sector in Yemen consists of the Central Bank of Yemen, 12 commercial banks (four private domestic banks, five private foreign banks, and three state banks), as well as four Islamic banks, one specialised state-owned development bank, and two microfinance banks, according to official data from the central bank. The sector is characterised by its very little

by Yemen’s external partners, in areas that

involvement in the business activity of the

include public financial management, financial

Internet Domain: .ye

economy. They essentially hold government

and capital market development, monetary

International Dialling code: 967

treasury bills in the order of up to 70% in

operations, banking supervision, payment

certain banks, extend short term lending to

systems, economic and financial statistics, the

a limited number of clients in the order of

IMF said.

Visa Requirements: Required

GDP Growth: 5.08% (2014 est) Agricultural Products: Grain, fruits, vegetables, pulses, qat, coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry and fish

29%, and hold balances with correspondent

Key Industries: Crude oil production and petroleum refining; small-scale production of cotton textiles and leather goods; food processing; handicrafts; small aluminium products factory; cement; commercial ship repair; natural gas production

and poverty reduction. The activities of Islamic

Key Export Partners: China, Thailand, India, South Africa, Japan and the UAE

awareness and trust in the banking system.

Main Imports: Food and live animals, machinery and equipment and chemicals Main Exports: Crude oil, coffee, dried and salted fish and liquefied natural gas

banks abroad. Accordingly, financial services do not play the full role they potentially could be able to play as important drivers of growth financial institutions have grown significantly over recent years and the sector would be holding half of the total banking sector’s assets, but it has the potential for expansion further. More than 70% of Yemen’s citizens live in the rural areas and as a result they have little Yemeni banks hold only 66% of the money supply but a large part of the economy still operates with cash transactions.

On 10 July 2014 Reuters quoted a Yemen government statement announcing a series of urgent measures to control public finances. “Joint private and public ventures and other economic entities owned by the state will be reviewed for economic feasibility.” Yemen earned just $671 million from exporting crude oil in January-May 2014, which was nearly 40 percent less than in the same period of the previous year, and the central bank’s foreign asset reserves have shrunk to $4.6 billion, the lowest level since end-2011. The government is to establish a military unit from its special forces to help combat tax and customs evasion, the statement said. At the same time, the finance

The key medium-term challenges for

ministry is to review the tax collection process

Yemen, according to the IMF, are to achieve

and resolve tax debts, Reuters reported.

high growth and job creation, diversify its production and export structure, and reduce public debt. In addition to the critical fiscal reforms, a new challenge is to adapt the fiscal structure. An improved business environment, and continued prudent monetary policy, will also be critical for the financing of job-creating private sector investment, including SMEs. In addition, further improvements are needed in

Meanwhile, the Arab Monetary Fund (AMF) said in June 2014 that it would provide a $168 million loan to Yemen to help support its reforms. Financial aid from abroad has become a lifeline for Yemen, where the economy and public finances have been hit hard by a unrest and exceptional conditions prevailing over the recent period.

governance and transparency. Implementing

The AMF loan, signed by Yemen’s finance

this agenda requires additional external budget

minister in Saudi Arabia, aims to support

support and further technical assistance

the country’s economic reform programme

Arab British European Banking & Finance Guide

163

Yemen Country Profile throughout 2014 and 2015, the AMF said in

does not have an effective internal audit

a statement. An agreement was also signed

system at present,” World Bank noted. “The

for Yemen to receive the second and final $57

additional financing would help in establishing

million tranche of a loan agreed in 2013. The

an appropriate system and procedures for

aid brings the total AMF support to Yemen to

internal audit, thus reducing the potential

$1.2 billion, the fund said. Yemen’s finances

fiduciary risks and leakages of public finance.”

have deteriorated as it attempts to protect oil

Money will also be allocated to building the

pipelines that provide up to 70 percent of its

capacity of the Ministry of Finance.

budget, and the country has faced power cuts and long queues at petrol stations.

INSURANCE

Yemen has been in protracted discussions with

The size of Yemen’s insurance industry

the IMF to secure a $550 million loan in 2014.

is relatively small compared to that of

It is thought this may in turn help it to secure

neighbouring MENA countries. Over 89%

more funds from foreign donors as well as help

of the country’s inhabitants do not possess

Yemen cover its expenditures. The IMF expects

any kind of insurance, despite the existence

Yemen’s budget deficit to shrink to 6.7 percent

of insurance services in the country for

of gross domestic product (GDP) in 2014 from

several decades. The main reasons for this

7.1 percent in 2013, which was the biggest

low penetration are a low level of awareness

gap since 2009.

of insurance products and the prevailing

The Friends of Yemen Group, which has been coordinating aid to the country, held a conference in London in April 2014 where it was announced that Saudi Arabia had given a loan of $1 billion to the central bank. The $1 billion loan came in addition to several other projects in Yemen funded by the Kingdom and its aid agencies, such as the Saudi Fund for Development (SFD). Early in 2014, the Kingdom donated $200 million to Yemen to build the world-class King Abdullah Medical City in Sana’a. $7.5bn has been pledged by international donors to Yemen with a large proportion from the GCC.

economic conditions in the country, Research and Markets said in a July 2013 report. The insurance industry registered positive growth at a compound annual growth rate CAGR of 6.2% during the period 2008 to 2012, despite uncertainties in economic conditions in the country. The personal accident and health segment registered the highest CAGR of 14.9%, while the life and non-life insurance segments recorded respective CAGRs of 6.1% and 3.8%. Large infrastructure projects and more favourable measures for economic development are expected to drive growth in the industry over the years to 2017. Demands for conventional insurance policies are

Yemen adopted a Public Finance Modernisation

expected to be driven by the low insurance

Project in January 2011 with $12m of World

penetration level and initiatives to encourage

Bank support with the country receiving a

overseas investors by opening up the economy.

further $5m in funding for the project in May 2013. The initiative, which runs through to 2015, aims to improve the efficiency, transparency and accountability of public finance management systems and institutions in Yemen. Wael Zakout, World Bank Yemen country manager, commented: “What Yemeni citizens want to see is their government spending the public’s money on services that deliver health, education, roads, social protection and all the other elements that will make up a better quality of life ‘The Ministry of Finance has showed real commitment to reforming the public financial management systems and this is especially important given the $7.5bn that international donors have pledged to the country.” The additional money will provide an ‘accountability upgrade’ by bringing the country’s outdated system of national accounts

Yemen is expected to gain membership to the World Trade Organisation (WTO) and the GCC,

British Embassy 938 Thahr Himyar Street PO Box 1287 East Ring Road, near Mövenpick Hotel Sana’a Email: britishembassysanaa@fco.gov.uk Fax +967 1 302454 Tel: +967 1 302 480/1/2/3/4/5 Embassy of the Republic of Yemen 57 Cromwell Rd London SW7 2ED Tel: 020 7584 6607 Yemen General Investment Authority PO Box 19022 26 Al-Quds Street Southern Al-Safia Sana’a Tel: (+967) 1 292-962/3 (general) Tel: (+967) 1 265-328 (investment related) Fax: (+967) 1 262-964 Email: info@investinyemen.gov.ye

steps which are likely to significantly attract foreign inward investments. Nevertheless, continuing security problems in the country remain an obstacle to progress in economic development. Improvements in internal security are therefore expected. Major companies involved in the country’s insurance sector are Al-Watania Insurance Company, Mareb Insurance Company, Trust Yemen Insurance and Reinsurance, United Insurance and Yemen Insurance Company. Islamic takaful began to gain momentum in Yemen in 2010 when the United Insurance Company, one of the country’s leading insurance firms, started a takaful service. The move introduced the idea of Islamic insurance into the country. Other insurance companies later introduced takaful insurance products.

up to international standards. It will also help to establish an internal audit system. “Yemen

164

Useful Contacts

Arab British European Banking & Finance Guide

Central Bank of Yemen www.centralbank.gov.ye

United Kingdom Country Profile

Fact File Country Name: United Kingdom of Great Britain and Northern Ireland Capital: London Land Area: 243,610 km2 Population: 64.1 million (2013 Census, ONS) Official languages: English with minority regional languages Welsh, Scottish Gaelic, Cornish, Irish, Scots and Ulster Scots

he UK’s banking and financial services industry is one of the country’s major employers. In total there are 2,058,500 employed nationally in “financial and professional services”, according to The CityUK; of this total 675,600 are based in London, which is 14.7% of the region’s employment. This compares with Scotland which has 177,000 jobs in the sector; the North West which has 212,100; the South West with 146,600; East of England with 144,600; the West Midlands with 135,800; and Yorkshire and the Humber with 128,600. In Wales the number is 51,900 while Northern Ireland it is 31,500.

Currency: Pound Sterling (GBP)

Figures from TheCityUK reveal that the UK’s

Today more than 300 banks and building

GDP: 0.8% (Q2 2014)

trade surplus in financial services was the

societies are licensed to accept deposits in the

Key Exports: Reactors, boilers, machinery and mechanical appliances; mineral fuels, mineral oils and products of distillation; vehicles and components; manufactured goods; food products; clothing; industrial supplies; and pharmaceuticals.

biggest in the world, more than two and

UK. However, the provision of retail banking

a half times bigger than the next largest

services is highly concentrated. Of the 16

surplus recorded by the US and three times

clearing banks present in 1960, 15 are now

higher than that of Luxembourg in third and

owned by the big four UK banking groups,

Switzerland fourth. The 2013 figures show

namely RBS, Barclays, HBSC and Lloyds. These

that the UK’s financial services trade surplus

banks, along with Santander and Nationwide,

was $71bn, up from $68bn in 2012. According

account for around 80% of the stock of UK

to TheCityUK, this demonstrates the huge

customer lending and deposits.

Export Countries: US, Germany, France, Netherlands and Irish Republic

competitive advantage the financial and related

Key Imports: Manufactured goods, machinery, fuels and foodstuffs

professional services industry brings to the

Import Countries: Germany, US, China, Netherlands and Norway (HMRC)

attracting international business activity which

country, and the importance of the industry in creates jobs and generates economic growth. Many of the world’s emerging financial centres regard the success of London as a model. The number of financial centres seeking international business has continued to grow with Asian centres such as Singapore and Hong Kong benefiting from shifting global trade patterns. In addition to the well-developed regional hubs, smaller centres such as Tokyo, Toronto, Moscow, Istanbul and Dubai are also developing alongside niche local centres such as Zurich, Sao Paulo, Johannesburg and Mumbai.

Meanwhile, the UK building society sector, which had seen continued expansion throughout the ‘80s and early ‘90s, underwent a sharp contraction in the latter half of the ‘90s when many building societies were allowed to demutualise and become banks. Over the past 50 years the number of building societies declined from over 700 in 1960 to 46 today. As the clearing banks have grown and consolidated, they have also taken on a broader range of functions. The largest banks have become universal banks with activities that encompass securities underwriting and trading, fund management, derivatives trading and general insurance.

Many of these financial centres have looked to

UK banks are well established as major players

London and based their systems and processes

in the global markets for securities, foreign

on how it is organised in the UK, according to

exchange and derivatives. Collectively, the

a report, The UK as an International Financial

balance sheets of UK banks have reached more

Centre published by TheCityUK.

than 500% of annual UK GDP in recent years.

Arab British European Banking & Finance Guide

165

Advertorial

United Kingdom citizenship by investment The UK continues to be a preferred destination for people who want the benefits of dual citizenship in the best possible location. It’s amazing to think that UK citizenship is a possibility for anyone with the funds to invest and the right kind of business background. But that is what the UK government is offering: full citizenship in just six years – even less depending on the size of your investment.

The benefits of holding a second passport that allows you to travel to Europe and other parts of the world at a moment’s notice – without the need for visas – are clear to anyone with business interests around the globe. When that passport is British, a whole other layer of possibilities opens up: the chance to do business from the world’s major financial centre; access to the markets of the European Union and Commonwealth countries; historical and business links to the United States, to name a few. You’ll enjoy many of those benefits as a resident of the UK, while fulfilling the requirements that will allow you to apply for that passport. For historical, cultural and linguistic reasons,

166

people from the Arab world find the UK a natural choice when looking to relocate with their families to a European country. The relative proximity of the UK to the Middle East ensures that you can continue to manage your interests in the Middle East. With the growing political uncertainty in the region, the UK is a safe country for your family to live in. There are excellent schools and universities, as well as an Arabic-speaking community and culture in London and the major cities. Arriving as an Investor or Entrepreneur, you can bring your wife or husband and children under 18 with you immediately.

Arab British European Banking & Finance Guide

THE TIER 1 INVESTOR PROGRAMME You will be eligible for this if you can meet the following basic requirements:  You have money under your control held in a regulated financial institution and disposable in the UK amounting to not less than £1 million  This includes money or assets belonging to your spouse or civil partner  There are no English language or maintenance requirements with this category of visa

THE TIER 1 ENTREPRENEUR PROGRAMME The Entrepreneur category has the following basic requirements:  A viable plan for a UK business  Access to not less than £200,000 held in one or more regulated financial institutions and disposable in the UK  Knowledge of the English language  The capacity to maintain oneself without recourse to public funds

THE PATH TO CITIZENSHIP As an Entrepreneur or Investor, your initial grant of leave will be for three years and four months. Assuming you remain within the terms of that grant of leave, you can then apply to have that extended. When you’ve completed five years’ lawful residence, you can apply for settlement in the UK. And a year after obtaining settlement status you can request naturalisation which, if granted, allows you to apply for your British passport. There are ways to accelerate this process. As an Investor, an application for settlement can

start date, and that this level of investment has

manufacturers or retailers who own their

been maintained for the length of your visa.

own premises;

be made after five years continuous residence

Investors are required to make their investment

 The funds must not be invested by using

for an investment of £1 million. If you are able to invest £5 million, then you can apply for settlement after just three years. That is reduced to two years for an investment of £10 million.

in the UK in the form of UK Government bonds,

deposits with a bank, building society or

share capital or loan capital. There are more

other enterprise whose normal course

specific rules as follows:

of business includes the acceptance of

 The funds must not be invested through

deposits.

As an Entrepreneur, if your business creates ten

an offshore company or trust, or be held in

or more new jobs in the UK or can show an

offshore custody. This is to ensure, among

income of at least £5 million during your first

other things, maximum tax benefit to the

three years, then you may apply for indefinite

UK – investment from offshore companies

leave to remain after three years.

is not deemed to be investment in the UK;  The funds must not be invested in open-

MINIMUM REQUIREMENTS

ended investment companies, investment trust companies or pooled investment

When considering an Investor’s application to

vehicles. This is because such investments

extend his stay, the Home Office will want to

cannot be guaranteed to be in the UK;

confirm that he is in compliance with a few basic rules.

 The funds must not be invested in companies mainly engaged in property

The remaining £250,000 is allowed to be used to purchase assets, meaning for example property in the UK, or it can be maintained on deposit in a UK regulated financial institution. When considering any requests for extension or settlement from Entrepreneurs, the Home Office will want to see that your business has been established and is active and trading, that the money has been invested, that it has created two or more jobs, and that the business is still a going concern in which you are involved day to day.

Within three months of your arrival you must

investment, property management or

have invested at least £750,000 of your capital

property development. This requirement

For

in the UK. You’ll need to provide a portfolio

prevents investment in companies whose

continuous lawful residence means being absent

report produced by a UK regulated financial

main function is to own or manage land or

for no more than 180 days in any 12 months,

institution that shows that you invested the

buildings. It does not prevent investment

which leaves plenty of scope for looking after

£750,000 within three months of your Investor

in, for example, construction firms,

your interests elsewhere in the world.

both

Entrepreneurs

and

Investors,

Arab British European Banking & Finance Guide

167

Advertorial

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HOW TO PROCEED

who have the relevant funding and who they

An Entrepreneur or Investor who wants to come

perceive to have the relevant knowledge and

and set up business in the UK should understand

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immigration lawyer is highly recommended.

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This is a complex area of law that is changing

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168

decisions regarding your immigration status or

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Arab British European Banking & Finance Guide

9 Dacre St, London SW1H 0DJ www.garthcoates.com Mr Coates travels to Dubai monthly to take meetings with clients and potential clients

United Kingdom Country Profile

Three of the four largest banks had assets in

technological advances, financial innovation

make banks more resilient to shocks and easier

excess of annual UK GDP. Relative to the size of

and the globalisation of markets. Until the era

to fix when they encounter difficulties, and also

the national economy, the UK banking system

of deregulation, institutional and regulatory

to reduce the severity of future financial crises.

is the second only to Switzerland among the

constraints had prevented banks from

G20 economies and the expansion of UK

responding to economic changes. At the same

BANKING STANDARDS

banking since the late 1990s far exceeds that

time, deregulation also introduced stronger

A new Banking Standards Review Council

in other national financial sectors.

competitive forces into the sector, encouraging

(BSRC) was established by the government,

In addition to these large banking groups, a

banks to expand into new markets offering

Bank of England and the leading banks to act

number of banking businesses are owned by

higher margins.

as an independent review body to oversee

retail groups, such as the Co-operative Bank

Over time technological advances have

the banking industry. Under the measures

which is owned by the Co-operative Group.

clearly transformed the economics of

announced in May 2014, the country’s main

Harrods Bank is owned by Harrods and has

banking in substantial ways. Automaton in

banks will deliver annual reports on their

operated from the Knightsbridge department

retail banking and innovation in both risk

behaviour and competence. The measures, set

store since 1893. Sainsbury’s Bank is 50%

management practices and the design of

out by Sir Richard Lambert, former Director-

financial products have all triggered changes

General of the CBI, include bankers’ training

in the provision of core financial services.

programmes. The work of the BSRC will be

Advances in information technology and

funded by the banking industry.

telecommunications in particular accelerated

Ratings agency Moody’s issued a report

the globalisation of finance.

in August 2014 that assessed the positive

The expansion of banking has given rise to

and negative factors facing the UK banking

owned by the supermarket of the same name and 50% owned by Lloyds. Tesco Bank is owned by the supermarket Tesco. M&S Bank is owned by Marks and Spencer and is operated through HSBC. While basic financial services are relatively timeless, the adoption of new technologies continues to transform the economics of banking and the services that it provides to customers. In terms of the UK’s banking sector, the deregulation of the 1980s and 1990s marked a major turning point by freeing banks to take advantage of new opportunities thrown up by globalisation and financial innovation.

banks with large balance sheets, significant functional and geographical diversity and complexity, a high level of leverage and extensive network interconnectivity. This led to the emergence of large institutions that were deemed to be ‘too important to fail’. Before the global financial crisis of 2008, it was observed that the structural changes had led to efficiency gains in the availability of credit

sector. The positive factors included stronger economic growth, improving profitability and fewer bad debts, but these were offset by the exposure to conduct and litigation charges which could hit profits and erode capital bases. According to Moody’s, the six largest UK banks – HSBC, Barclays, Santander, Nationwide, Lloyds Banking Group and the Royal Bank of Scotland - incurred £20bn costs for payment protection insurance mis-selling, £4bn for

The banking and financial sector provides

to both individual customers and businesses as

a range of functions that support the real

well as a broad range of risk insurance services.

economy. Three main types of financial

Following the crisis, the UK established an

as those related to Libor.

services are commonly identified as:

Independent Commission on Banking in order

Rebuilding public trust and confidence in the

to consider the case for structural reform of

banking sector following the financial crisis is

the banking sector. It was felt by policy makers

therefore seen as crucial to underpinning the

The major factors in the development of the

at HM Treasury that the structure of the UK

traditionally high reputation of the country’s

modern banking sector can be defined as

banking sector needed fundamental change to

banking industry. The sector has been

payment, settlement and transaction services; intermediation; and risk transfer and insurance.

interest rate swaps and £6.5bn for fines such

Arab British European Banking & Finance Guide

169

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United Kingdom Country Profile regarded as a well regulated, orderly market

The PRA was created by the Financial Services

where probity is the norm. Fortunately serious

Act and is also part of the Bank of England.

measures are now being taken to make the

It enjoys close working relations with other

operations of the industry more transparent

parts of the Bank, including the FPC and the

and to ensure that its reputation is preserved

Special Resolution Unit. The PRA) which forms

and, indeed, enhanced in the future.

part of the new regulatory structure of the UK

“Achieving sustained, demonstrable change requires long-term partnership between government, regulators and firms. Given that a firm’s culture is set from the top, by the Board

also works alongside the Financial Conduct Authority.

ROYAL MINT

and senior management, Sir Richard Lambert

The Royal Mint is responsible for making and

is addressing the issues in the right way, ”

distributing all UK coinage as well as supplying

commented Chris Cummings, Chief Executive

official medals. The company is the world’s

of TheCityUK.

leading export mint, making coins and medals for an average of 60 countries every year. The

BANK OF ENGLAND The Bank of England, the central bank of the UK, was founded in 1694 and nationalised in 1946. The Bank was given operational independence to set monetary policy in 1997.

Royal Mint is a government owned company and functions as a non-ministerial department of HM Treasury.

LONDON STOCK EXCHANGE

The financial crisis of 2008 had demonstrated

The London Stock Exchange, located in the

the need for a new approach to financial

City of London near to St Paul’s Cathedral, is

regulation and this led to some major changes

part of the London Stock Exchange Group.

to the Bank coming into force in April 2013.

The LSE Group has international exchange

The current governor, Mark Carney, took up his

operations and sits at the heart of the world’s

post in July 2013.

financial community. The Group can trace its

The Financial Services Act 2012 established an independent Financial Policy Committee (FPC), a new prudential regulator as a subsidiary of the Bank of England, and created new responsibilities for the supervision of financial market infrastructure providers. The FPC is charged with taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the country’s financial system. The FPC has a secondary objective to support the economic policy of the UK Government.

history back to 1801. The Group operates a broad range of international equity, bond and derivatives markets, including the MTS, Europe’s leading fixed income market; and the pan-European equities platform, Turquoise. Through its markets, the Group offers international business, and investors, access to Europe’s capital markets. Post trade and risk management services are a significant and growing part of the Group’s business operations. The Group offers its customers an extensive range of real-time and reference data products, including Sedol, Unavista, Proquote

regards to public finances is the UK Debt

and RNS, as well as access to over 200,000

Management Office (DMO) which is the

international equity, bond and alternative

executive agency responsible for carrying out

asset class indices, through the world leading

the UK Government’s debt management.

index provider, FTSE. The Group is also a

The DMO is a part of HM Treasury and was

leading developer of high performance trading

established in April 1998. Before the DMO was

platforms and capital markets software. In

created the management of government debt

addition to the Group’s own markets, over 30

was undertaken by the Bank of England.

other organisations and exchanges around

Authority (PRA) was made responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. In total the PRA regulates around 1,700 financial firms. The PRA’s role is defined in terms of

the world use the Group’s Millennium IT trading, surveillance and post trade technology. With its headquarters in Paternoster Row, London, the London Stock Exchange Group

Bank of England Threadneedle Street London EC2R 8AH Email: enquiries@bankofengland.co.uk Tel: +44 (0)20 7601 4878 www.bankofengland.co.uk The Royal Mint PO Box 500, Llantrisant Pontyclun CF72 8YT Tel: +44 (0)1443 222111 www.royalmint.com Financial Conduct Authority (FCA) 25 The North Colonnade, Canary Wharf London E14 5HS Tel (UK): 020 7066 1000; Abroad: +44 20 7066 1000 www.fca.org.uk UK Debt Management Office Eastcheap Court, 11 Philpot Lane London EC3M 8UD Tel: +44 (0)20 7862 6500) Fax: 020 7862 6509 Email: pressofficer@dmo.gsi.gov.uk policy@dmo.gsi.gov.uk research@dmo.gsi.gov.uk www.dmo.gov.uk London Stock Exchange 10 Paternoster Square London EC4M 7LS Tel: +44 (0) 20 7797 1000 www.londonstockexchange.com London Stock Exchange Group Head Office, 10 Paternoster Square London EC4M 7LS Tel: +44 (0) 20 7797 1000/3322 Email: irinfo@lseg.com www.lseg.com

also has significant operations in Italy, France, North America and Sri Lanka, and employs approximately 2,800 people internationally.

two statutory objectives to promote the safety and soundness of these firms and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders.

172

H M Treasury 1 Horse Guards Road (1HGR) Whitehall, London SW1A 2HQ Tel: 020 7270 5000 www.gov.uk/government/organisations/hmtreasury

London Stock Exchange; Borsa Italiana;

One other agency worth mentioning with

On 1 April 2013 the Prudential Regulation

Useful Contacts

Arab British European Banking & Finance Guide

British Bankers’ Association Pinners Hall, 105-108 Old Broad Street London EC2N 1EX Tel: 020 7216 8800 Email: info@bba.org.uk www.bba.org.uk

Europe Profile

Fact File Common Currency: Euro European Union Members (28): Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK

n terms of geography, Europe is a continent of over 50 countries the largest of which is Russia; as an economic, banking and financial zone, the European Union, currently numbering some 28 member states, is a common market. Operating in parallel with the EU is the much smaller European Free Trade Association (EFTA) whose member states are Iceland, Liechtenstein, Norway and Switzerland. EFTA was set up to promote free trade and economic integration.

The EU has established the Eurozone, which

responsibility of the European Central Bank (ECB)

Eurozone Members: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain

is officially called the “euro area”, as an

which is governed by a board made up of the

economic and monetary union. The Eurozone

heads of the European national central banks.

Leading European Financial Centres: London, Zurich, Geneva, Frankfurt, Luxembourg, Vienna, Munich, Oslo, Paris, Jersey, Guernsey, Milan, Rome, Brussels, Warsaw, Edinburgh, Dublin, Madrid, Helsinki, Moscow, Glasgow, Prague, Budapest, St Petersburg, Lisbon, Tallinn, Reykjavik and Athens, (Source: Global Financial Centres Index, March 2014)

consists of the member states that have adopted the euro as a common currency

BANKING REFORM

and as sole legal tender. At present there are

A reform of European bank rules was approved

18 member states in the Eurozone: Austria,

by the EU in an attempt to prevent crises such

Belgium, Cyprus, Estonia, Finland, France,

as those which hit Greece, Ireland and Cyprus

Germany, Greece, Ireland, Italy, Latvia,

during the 2012 Eurozone crisis and which led

Luxembourg, Malta, the Netherlands, Portugal,

to some banks being bailed out at huge cost

Slovakia, Slovenia, and Spain. Other EU states

to public finances. A new authority will have

will adopt the euro as their currency once

the power to close or restructure failing banks

they meet the relevant criteria. It is worth

known as the Single Resolution Mechanism

mentioning that there appears to be no

(SRM) and in future creditors and shareholders

mechanism to enable countries to leave the

will be first to finance any bank failures. All

euro once the currency has been adopted.

countries of the Eurozone will participate in

Ten EU member countries do not use the euro at present: Bulgaria, Croatia, the Czech Republic, Denmark, Hungary, Lithuania, Poland, Romania, Sweden, and the UK. Lithuania is scheduled to adopt the euro from 1 January 2015. The remaining EU countries are all obliged under their treaty obligations to join the euro at some stage in the future, although there is some debate about whether adoption of the euro is voluntary; the UK and Denmark negotiated opt outs. In addition, there are some countries that have adopted the euro currency who are not yet accepted as officially part of the Eurozone, such as Montenegro, which is a candidate member of the EU. Monetary policy within the Eurozone is the

the SRM. The European Commission proposed new rules to ensure financial stability in January 2014 that were described at the launch as “the final cogs in the wheel to complete the regulatory overhaul of the European banking system”. A principle aim was to stop the biggest and most complex banks from engaging in the risky activity of proprietary trading. The new rules would also give supervisors the power to require those banks to separate certain potentially risky trading activities from their deposit-taking business. Alongside this proposal, the Commission adopted accompanying measures aimed at increasing transparency of certain transactions in the shadow banking sector.

Arab British European Banking & Finance Guide

173

Europe Profile

The legislation deals with the small number

Slovenia, Hungary, Spain, the Czech Republic,

returns on equity were registered in Estonia,

of very large banks which otherwise might

the Netherlands, Denmark, and Belgium. The

Poland and the Czech Republic.

still be “too-big-to-fail, too-costly-to save,

French economy ended 2012 with zero growth

too-complex-to-resolve,” Michel Barnier,

and continued to deteriorate. Some of the

Commissioner for internal market and services,

fastest growing EU economies have been the

explained. The proposed measures will further

Baltic States, Slovakia and Poland. All EFTA

strengthen financial stability and ensure

countries registered steady positive growth of

that taxpayers are not forced to pay for the

between 1% and 3%. One of the key stabilising

mistakes of banks.

elements was the ECB’s pledge to “do whatever

These measures complement overarching

it takes” to preserve stability.

The banking sector across the Eurozone remains extremely diverse reflecting the different levels of development of the various national economies in the vast region that encompasses the highly developed economies of Western Europe and Scandinavia to the emerging market economies of central and Eastern Europe and the Mediterranean.

reforms previously undertaken to strengthen

Europe’s exporting strength has been a lifeline

the financial sector. In response to the

in the years since the global financial crisis

CYPRUS

financial crisis that began in 2008, the EU

erupted in 2008. In 2012, EU net exports were the sole component of demand to

The banking sector in Cyprus has traditionally

engaged in a fundamental overhaul of its bank regulation and supervision. Various reforms

make a positive contribution to GDP growth,

were introduced to reduce the impact of

contributing 1.1%, at a time when overall

potential bank failures with the objectives of

growth fell by -0.3%, according to an EU

creating a safer, sounder, more transparent

Commission Spring 2013 report. Merchandise

and responsible financial system that works

exports alone accounted for around a third of

for the economy and for society as a whole. To

the EU’s GDP.

increase the resilience of banks and to reduce

To ensure that exporters obtain the necessary

central bank from the end of July 2013, as part

the impact of potential bank failures, new rules

finance to compete on international export

on capital requirements and bank recovery and

of an agreed economic adjustment programme

markets, European governments generally

resolution have been adopted.

between Cyprus, the European Commission,

provide guarantees and insurance to cover the

the European Central Bank and the IMF. The

risks faced by financial intermediaries. Such

country’s domestic banking sector represented

services are channelled through the Export

some 550% of the country’s GDP. Two of the

Banking union is envisaged as completing the

Credit Agencies (ECAs), which play a vital role

major banks, Cyprus Popular Bank and Bank of

process of economic and monetary union. In

in supporting exporters.

Cyprus, have undergone restructuring, aimed

The banking industry in each of the EU member

at bringing down the size of the banking sector

states varies considerably. Banks in a number of

as a percentage of the country’s GDP to the EU

countries have been struggling with a negative

average by 2018.

BANKING UNION

June 2012, European governments agreed to create a banking union which would allow for the centralised application of EU-wide rules for banks in the Eurozone along with any noneuro member states that choose to join.

return on equity. This has been the case with Cyprus, Greece, Spain, Slovakia, Ireland,

been dominated by three major banks. The sector comprises two tiers: locally active commercial banks, subsidiaries and branches of foreign banks which are supervised by the Central Bank of Cyprus; and co-operative credit Institutions. These Cooperative Credit Societies came under the supervision of the

FRANCE

After a modest recovery in 2011, the European

Romania, Hungary and Portugal. Difficulties are

With more than 26,000 permanent bank

economy fell back into recession in 2012. Apart

related to such aspects as sector restructuring

branches, France has one of the strongest

from recession-hit Greece, Portugal and Cyprus,

and cost efficiency, as well as a lack of growth in

banking industries in Europe. Progress on

negative GDP growth was registered in Italy,

the real sector. On the other hand, double digit

European banking union has been offering

174

Arab British European Banking & Finance Guide

Europe Profile photo: Aurelien le Roch

hope to the French banking sector.

The main features of the French banking

the merger of a group of cooperative banks,

industry are diversification of the system,

Banque Populaire and IXIS - Caisse d’Epargne

along with a significant concentration, due to

group. The company deals with corporate

a decrease in the number of establishments.

and investment banking, asset management,

The principal banks hold most of the market

private equity and private banking.

share while banking institutions boast

BNP Paribas, whose roots date to 1869, is the

competitiveness and openness to foreign

largest commercial bank in the country with

investments and customers.

a nationwide retail network. Crédit Mutuel is

offering economies of scale,” the Wall Street

The banking system revolves around three

a mutual credit bank and the fourth largest

Journal, January 2014, stated.

major networks: the French Banking

banking institution in the country.

Association (AFB), the mutual and cooperative

HSBC France is the French division of the UK

banks, and the Treasury, including the French

bank HSBC, created in 2005 by the rebranding

Postal Services and the Caisse des Dépôts

of Crédit Commercial de France and its

et Consignations (the State bank manages

subsidiaries. It deals with corporate, investment

national savings and local community funds).

banking, markets, and private banking.

banking activities and the common profession

The main banking groups are: Société Générale,

Société Générale, founded in 1864, offers

of credit establishments.

Crédit Agricole, Natixis, BNP Paribas, and Crédit

mutual funds, investment funds, company

Mutuel. BNP Paribas and Crédit Agricole rank

savings plans, asset management, private

among the top ten on a global scale in view of

banking, both locally and internationally.

According to observers, French banks realise that “not only is banking union the only game in town, it is also a game that could prove to be to their benefit. Reducing costs is likely to become ever more important as banks face pressure on their returns. Consolidation is one way to achieve that by

Modern French banking law dates back to January 1984, further supplemented by the 1996 Law on the Modernisation of Financial Activities. The legislation is based on the principles of a single legal framework for all

In July 2013, France adopted a law on the separation and regulation of the country’s banking activities. This law makes banks’ regulatory obligations more complex and restricts their activities. Banking activities are controlled by the Committee for Banking and Financial Control and the Committee for Credit Establishments and Investment Firms, under the country’s Ministry of the Economy and Finances and the Banque de France, the central bank. The control of bank solvency is under the authority of the Banking Commission while the central bank is “Lender of Last Resort.”

176

total assets, Société Générale is the 3rd largest corporate and investment bank at the Eurozone

GERMANY

while the Natixis group provides financial data

Germany’s banking system comprises three

to the news channel Euronews. Crédit Lyonnais,

pillars—private commercial banks, public sector

Société Généraleare, BNB Paribas are the “three

banks, and cooperative banks—which are

old” banks of France. Since January 2006, in

distinguished by their legal form and ownership

addition to carrying the mail service of France,

structure. The privately owned commercial

La Poste offers banking services through its Bank

banks represent the largest segment by assets,

Postale and 17,000 post offices nationwide.

accounting for 39% of total assets in the

Crédit Agricole is the leading French bank by the size of assets. It is a semi cooperative bank. Natixis was created in November 2006 through

Arab British European Banking & Finance Guide

banking system. They include both big and small banks, banks operating worldwide and banks with a regional focus, universal banks and banks specialising in specific services. An

Europe Profile important feature of the private banks is that photo: Aurelien le Roch they compete keenly not only with banks in

other sectors of the industry, but also among

areas in a country where some 30% of the population still do not have bank accounts.

themselves. Private banks play a key role for

EUROPEAN CENTRAL BANK

German export economy and are involved in

As of November 2014, the ECB becomes the

80% of the country’s exports. The private banks

supervisor of all 6,000 banks in the Eurozone

maintain almost three quarters of the German

within the framework of the Single Supervisory

banking industry’s foreign network.

Mechanism. In this new environment the

The public banking sector comprises savings

ECB thus has the potential to become a

banks, Landesbanken and the DekaBank,

powerful single supervisor as it oversees the

which acts as the central asset manager of the

implementation of a tough clean-up of the

Savings Banks Finance Group and represents

region’s banks. One of the most important

28% of total banks’ assets. As of 2013, Germany had 426 savings banks. These are normally organised as public law corporations with local governments as their guarantors and owners. The basis for their activities is set out in the savings bank acts and savings bank regulations of Germany’s federal states. Their business is limited to the area controlled by local government. Other than this regional focus, their business does not differ in any way from that of the private commercial banks. As a result of the country’s “regional principle”, savings banks do not compete with one another.

immediate results of banking union is the introduction of an ambitious health check and stress test of bank balance sheets. Commenting, Thomas Huertas, EY, stated that the exercises “should ensure that banks enter the banking union in robust condition”. Meanwhile, Nicolas Véron, of the Peterson Institute, Washington, told the Financial Times, May 2014, that the clean-up of the European banking system was “the key to economic recovery in the euro area”.

EUROPEAN BANKING AUTHORITY The European Banking Authority (EBA) is an independent EU authority established in

Landesbanken were originally designed to

January 2011 and based in the city of London.

act as central banks for the savings banks.

It forms part of the European system of

In recent years, they have been increasingly

financial supervision. The EBA works to ensure

involved in wholesale funding, investment

effective and consistent prudential regulation

banking, and international business activities,

and supervision across the whole European

thus directly competing with commercial

banking sector. It seeks to maintain financial

banks. Landesbanken are owned by the

stability and safeguard the integrity, efficiency

federal states and the regional associations of

and orderly functioning of the region’s

the savings banks. During the financial crisis,

banking sector. The main task of the EBA is

several Landesbanken required state support.

to contribute to the creation of the European

POLAND

Single Rulebook in banking whose objective is to provide a single set of harmonised

Poland’s “banking system has become one

prudential rules for financial institutions

of Europe’s little-known star performers”,

throughout the EU.

according to the Economist, August 2014. PKO BP is the country’s biggest bank and

EUROPEAN BANKING FEDERATION

is partly state owned. But most of Poland’s

Established in 1960, the European Banking

banks are owned by foreign parents: for

Federation represents the voice of the

example, Bank Pekao is majority-owned by

European banking sector in the countries of

Italy’s UniCredit, while the third-biggest, Bank

the EU along with those of the European Free

Zachodni WBK, is owned by Santander. Foreign

Trade Association. The EBF seeks to articulate

ownership proved useful during the financial

the interests of around 4,500 banks, large and

crisis when banks provided liquidity to their

small, wholesale and retail, local and cross-

Polish subsidiaries.

border financial institutions.

In 2013 mBank was one of the few star performers among the operations of Commerzbank, a German group, and has been a pioneer of mobile banking. Poland’s banks have a reputation for innovative services and the country is the European leader in contactless payments. Alior, a new bank and one of the few without a majority foreign partner, has targeted customers in rural

178

Arab British European Banking & Finance Guide

Useful Contacts European Banking Authority Tower 42 (level 18) 25 Old Broad Street London EC2N 1HQ Tel: +44 (0)207 382 1776 Fax: +44 (0)207 382 1771 Email: info@eba.europa.eu Website: www.eba.europa.eu European Banking Federation 56 avenue des Arts, B-1000 Brussels Tel: +32(0)2 508 37 11 Fax: +32(0)2 511 23 28 Email: ebf@ebf-fbe.eu Website: www.ebf-fbe.eu European Central Bank Eurotower (Main building) Kaiserstrasse 29 60311 Frankfurt am Main Germany Tel: +49 69 13 44 0 Website: www.ecb.europa.eu

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Hotel culture – characterised by elegance,

eating concept which features varied and fresh

Medical Health Centre and Bad Ragaz dietary advisors. Cuisine Équilibrée has been developed to help guests enjoy the weight loss process.

opulence, grace and privacy come together.

menus that help control calorie intake yet

The unique combination of luxurious and stylish

remain appetising. The programme can also

accommodation, fine food, natural thermal spa

be modified to suit children from 12-years-old

water, business amenities, world class golf, and

upwards. Featuring extensive monitoring, the

well-being and medical facilities of the highest

weight-loss programme explores all aspects of

acid/base ratio, while careful consideration

level, makes the Grand Resort incomparable.

the guest’s health through a thorough medical

given to the energy values of the basic nutrients:

180

Arab British European Banking & Finance Guide

Based on a philosophy that food should be sensual, moderate, and sensible the menu focuses on a balanced

i.e. protein, fat and carbohydrates. Meals from a daily changing menu can be taken in the Restaurant Bel-Air, or the Restaurant Olives d’Or. Naturally, all guests get their daily four litre supply of Ragaz thermal spa water – the very reason the resort is here! The weight loss programme’s objective is to achieve a lasting reduction in body fat through systematic training with your personal trainer. Meanwhile, an intake of light and healthy gourmet food plus nutritional advice helps guests achieve a healthy everyday diet, and provides them with the knowledge to maintain, and optimise, their weight once they leave Bad Ragaz and return to everyday life.

DEEPLY CLEANSING Alternatively, the detox programme promotes

on a Monday with a thorough medical history

Nightly rates at Grand Resort Bad Ragaz start

holistic

check-up.

from 408 euros – staying in a Double Room.

The schedule features analysis by the resort’s

To find out more about the all-inclusive 36.5°

cleansing

and

detoxification

regenerate your body and mind. The ultimate objective is to strengthen your immune system and activate new power, energy and vitality by cleansing your body in a targeted manner. The detox programme corrects you mental and physical balances

specialist detox laboratory – including an investigation into toxins produced by the body

www.resortragaz.ch/inclusive

and foreign toxins. The staff also observes and

monitors

body

composition

through

measurement of body fat and muscle mass

by dissolving metabolic blocks and restoring

ratios. Of course, it goes much deeper than

your metabolic equilibrium. The treatment

that with internal monitoring of the liver by

includes lymph drainage, fullbody medical

ultrasound, cleansing of the digestive tract, and

massage, and daily Kneipp therapy, in addition

detailed analysis and evaluation of your current

to Ragaz thermal water at a steady 36.5 degrees

dietary and liquid consumption patterns.

centigrade.

Wellbeing Package visit:

For further information and reservations please contact Grand Resort Bad Ragaz on 00800 80 12 11 10 or visit: www.resortragaz.ch/nutrition

But the deep cleansing doesn’t end there.

There are also individual recommendations

Progress throughout the detox programme

on sauna detox treatments, and daily fitness

features consultation and recommendations

and relaxation classes. The resort’s nutritional

by the resort’s qualified nutritional scientist,

experts recommend a detox programme of at

Christof Mannhart, plus regular detox infusions

least two weeks in order to ensure sustained

individually tailored to guest requirements, and

success. However, the detox treatment can

a concluding medical consultation with Bad

be done over a seven day stay, which begins

Ragaz resident experts.

Arab British European Banking & Finance Guide

181

Algeria listings Al Salama Bank Algeria 233, Rue Ahmed Ouaked Dely Ibrahim, Alger 16320 Tel: (+213) (0)21 372 717 Fax: (+213) (0)21 910 425 Email: contact@alsalamalgeria.com Website: www.alsalamalgeria.com Financial services and investment

Arab Banking Corporation 54, Avenue des Trois Freres Bouadou Bir Mourad Rais, Alger Tel: (+213) (0)21 540 183 / (0)23 569 150 Fax: (+213) (0)21 541 604 Email: abc.general_management@arabbanking.com.dz Website: www.arabbanking.com.dz Customised banking services to professional clients

Arab Leasing Corporation 3, Rue Ahmed Ouaked Dely Ibrahim, Alger Tel: (+213) (0)21 336 393 / 336 469 Fax: (+213) (0)21 336 390 Email: contact@arableasing-dz.com Website: www.arableasing-dz.com Funding for construction, freight, medical and transport

Arcofina Alger Business Centre – Les Pins Maritimes El-Mohammedia, Alger 16211 Tel: (+213) (0)21 891 010 Fax: (+213) (0)21 891 022 Email: contact@algermedina.com Website: www.arcofina.net Insurance services

Banco Sabadell Lotissement Piette 1, Rue nº10, Hydra, Alger Tel: (+213) (0)21 600 116 Website: www.bancsabadell.com Market and local banking; Guidance on multiple financial products, monitoring of operations

Banque Al Baraka d’Algerie 1, Villa Rocade Sud Hai Bouteldja Houidef Ben Aknoun, Alger Tel: (+213) (0)21 916 450 to 455 Fax: (+213) (0)21 912 767 Email: dg@albaraka-bank.com Website: www.albaraka-bank.com Islamic banking products

Banque d’Algerie Immeuble Joly 38, Rue Franklin Roosevelt Alger 16000 Tel: (+213) (0)21 230 023 / 206 / 439 Fax: (+213) (0)21 230 371 Email: ba@bank-of-algeria.dz Website: www.bank-of-algeria.dz Central Bank of Algeria

Banque de l’Agriculture et du Developpment Rural (BADR) Immeuble Rural 1, Rue Mustapha Bouhired Alger 16000 Tel: (+213) (0)21 634 922 Fax: (+213) (0)21 642 670

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Email: contact@badr-bank.net Website: www.badr-bank.dz Development banking

Banque de Developpement Local (BDL) 5, Rue Gaci Amar Staoueli, Alger Tel: (+213) (0)21 641 616 / 392 820 Fax: (+213) (0)21 393 757 Email: clientele@bdl.dz Website: www.bdl.dz Mortgages and other services

Banque Exterieure d’Algerie 48, Rue Freres Bouadou Bir Mourad Rais, Alger Tel: (+213) (0)21 637 170 / 638 584 Email: webmaster@bea.dz Website: www.bea.dz Project finance

Banque Nationale d’Algerie (BNA) 8, Boulevard Ernesto Che Guevara Alger Tel: (+213) (0)21 439 526 / 439 743 Fax: (+213) (0)21 439 494 Email: dg@bna.dz Website: www.bna.dz Banking services for companies and individuals

BNP Paribas El Djazair 8, Rue de Cirta Hydra, Alger 16035 Tel: (+213) (0)21 480 440‎ Fax: (+213) (0)21 603 929 Website: bnpparibas.dz Corporate, institutional and individual banking services, wealth management and insurance

Citibank - Algeria 7 Avenue Larbi Alik Al Aurassi Sidra, Alger Tel: (+213) (0)21 547 820 Fax: (+213) (0)21 548 185 Website: www.citigroup.com Banking and general financial services

Compagnie Algerienne des Assurances (CAAT) 48, Rue Didouche Mourad Alger 16000 Tel: (+213) (0)21 449 075 / 449 084 Fax: (+213) (0)21 449 203 / 449 299 Email: info@caat.dz Website: www.caat.dz Accident and risk insurance

Compagnie Internationale d’Assurance et de Reassurance (CIAR) 11, Chemin des Cretes La Paradou Hydra, Alger Tel: (+213) (0)21 69 1597 / 2527 / 2275 Fax: (+213) (0)21 69 2194 Email: courrier@laciar.com Website: www.laciar.com Insurance and reinsurance products

Commission d’Organisation et de Surveillance des Operations de Bourse 17, Campagne Chkiken Bir Mourad Rais Hydra, Alger 16045 Tel: (+213) (0)21 591 013 / 591 015 / 591 021 Fax: (+213) (0)21 692 341 / 591013 Email: contact@cosob.org Website: www.cosob.com.dz Securities markets

British Arab Commercial Bank (BACB) 25, Rue des Pins Hydra, Alger Tel: (+213) (0)21 691 961 Fax: (+213) (0)21 692 007 Website: www.bacb.co.uk Trade finance, lending, treasury and banking services

Caisse Nationale d’Épargne et de Prévoyance (CNEP) 42, Rue Khalifa Boukhalifa DZ Alger 16000 Tel: (+213) (0)21 284 738 Fax: (+213) (0)21 284 735 Website: www.cnepbanque.dz Savings, housing loans, services for companies and individual customers

Compagnie Algerienne d’Assurance et de Garantie des Exportations (CAGEX) 10, Route Nationale n°36 Dely Ibrahim, Alger Tel: (+213) (0)21 910 050 / 910 049 / 910 048 Fax: (+213) (0)21 910 044 / 910 045 Email: dir_generale@cagex.dz Website: www.cagex.dz Insurance services and products

Credit Agricole - CIB Algerie Alger Business Centre – Les Pins Maritimes El-Mohammedia, Alger 16000 Tel: (+213) (0)21 891 300 Fax: (+213) (0)21 891 199 Website: ca-cib.com Commercial banking, liquid assets, trade

Caisse Nationale de Mutualité Agricole 24, Boulevard Victor Hugo Alger 16100 Tel: (+213) (0)21 743 328 Fax: (+213) (0)21 745 021/ 734 631 Website: www.cnma.dz Risk insurance for agricultural sector

CETELEM Algeria 92, Chemin Gacem Mohamed El-Mouradia, Alger 16209 Tel: (+213) (0)21 275 436 / 439 Fax: (+213) (0)21 649 405 Website: dz.cetelem.com Property/casualty insurance

Arab British European Banking & Finance Guide

Credit Industriel et Commercial (CIC) 4, Rue Mohamed Abdou El-Mouradia, Alger 16000 Tel: (+213) (0)27 47 37 / 38 / 39 Email: cicbalg@cicalgeria.com.dz Website: www.cic.fr Savings accounts, mortgages, and loans; private banking, asset management, leasing, securities brokerage, and property/casualty insurance

Credit Populaire d’Algerie Boulevard Colonel Amirouche Alger 16000 Tel: (+213) (0)23 503 262 / 503 263 / 503 265

Algeria listings Fax: (+213) (0)23 503 264 Email: info@cpa-bank.com Website: www.cpa-bank.dz Micro-credit services

El Djazair Istithmar Tour El-Djaouhara Bt B El Hamma, Alger Tel: (+213) (0)23 511 492 Fax: (+213) (0)23 511 493 Email: dg@eldjazair-istithmar.dz Website: www.eldjazair-istithmar.dz Investment banking and fund management

Fransabank El Djazair 45B, Lot Petit Province Boulevard Ben Youssef Ben Khadda Sidi Yehya, Alger Tel: (+213) (0)21 481 296 / 482 748 Fax: (+213) (0)21 606 606 / 481 243 Email: info@fransabank.dz Website: www.fransabank.com Consumer banking; SME services, corporate, investment and private banking

Hydra, Alger 16035 Tel: (+213) (0)21 549 015 / 549 020 Fax: (+213) (0)21 549 193 Email: nasr-eddine.bouharaoua@algerie.natixis.com Website: www.natixis.dz Investment banking, asset management and banking

Salama Assurances Algerie 9, Rue des Jardins Hydra, Alger 16000 Tel: (+213) (0)21 480 310 / 032 / 033 Fax: (+213) (0)21 601 517 / 1518 Email: info@salama-assurances.dz Website: www.salama-assurances.dz Insurance services

Société de Garantie du Crédit Immobilier Cite 250 Logements Garidi I Kouba Hydra, Alger Tel: (+213) (0)21 68 83 84 Fax: (+213) (0)21 68 82 69 Email: sgci@sgci.dz Website: www.sgci.dz Real estate credit

Website: www.trust-bank-algeria.com Conventional banking services and products for private and commercial

Tunis International Bank Chemin Macklay Sidi Merzouk Villa n° 17 Ben Aknoun Tel: (+213) (0)21 916 942 Fax: (+213) (0)21 914 108 Website: www.tib.com.tn International financial services for corporations, financial institutions, and individuals and governments

Union de Banques Arabes et Francaises (UBAF) 4bis, Rue du Hoggar Hydra, Alger 16035 Tel: (+213) (0)21 694 121 / 122 Fax: (+213) (0)21 692 383 Email: youcef.bouharaoua@ubaf.fr Website: www.ubaf.fr Trade finance, Islamic banking and structured finance

Gulf Bank Algeria (AGB) Villa 17, Rue Cheraga Dely Ibrahim, Alger Tel: (+213) (0)21 91 0031 / 6890 / 0308 Fax: (+213) (0)21 91 0237 / 0264 Email: agb@agb.dz Website: www.agb.dz Investment and banking services

Societe de Refinancement Hypothecaire (SRH) N°3, Centre des Affaires – Said Hamdine Bir Mourad Rais, Alger Tel: (+213) (0)21 564 799 / (+213) (0)20 247 115 Fax: (+213) (0)21 564 436 Email: contact@srh-dz.org Website: www.srh-dz.org Refinancing mortgages

Housing Bank for Trade and Finance 16, Rue Ahmed Ouaked Dely Ibrahim, Alger Tel: (+213) (0)21 918 785 / 918 888 Fax: (+213) (0)21 918 881 Website: www.housingbankdz.com Retail, commercial, investment and corporate banking services

HSBC Algeria Alger Business Centre – Les Pins Maritimes El-Mohammadia, Alger 16212 Tel: (+213) (0)21 894 000 Fax: (+213) (0)21 894 004 Email: customer.algeria@hsbc.com Website: www.algeria.hsbc.com Banking and financial services

L’Algerienne des Assurances 1, Rue Tripoli Hussein Dey, Alger Tel: (+213) (0)2147 6872 to 77 Fax: (+213) (0)21 476 573 Email: info@2a.dz Website: www.2a.dz Insurance, reinsurance services

Maghreb Leasing Algerie 31, Avenue Mohamed Belkacemi El-Madania, Alger 16075 Tel: (+213) (0)21 771 212 Fax: (+213) (0)21 771 779 Website: www.mlaleasing.com Email: contact@mla.dz Leasing, consumer credit market, investment loan

Natixis Algerie 62, Chemin Mohamed Drareny

Societe Generale Algeria Residence El-Kerma 16 105, Gue de Constantine BP: 55 Birkhadem Tel: (+213) (0)21 451 155 Fax: (+213) (0)21 451 412 Website: www.societegenerale.dz Retail banking, specialised financial services, corporate and investment banking and global investment management and services

Societe Nationale de Leasing Avenue du 1er Novembre Zeralda, Alger Tel: (+213) (0)21 328 953 Fax: (+213) (0)21 328 955 Email: contact@snl.dz Website: www.snl.dz Leasing, asset management, SME services

Sofinance Avenue Mohamed Belkacemi – Ravin de la Femme Sauvage Les Annassers, Alger Tel: (+213) (0)21 476 600 to 603 Fax: (+213) (0)21 476 630 Email: info@sofinance.dz Website: www.sofinance.dz Investment banking, asset management, investment firms and funds, general financial services

Trust Bank Algeria 70, Chemin Larbi Allik Hydra, Alger 16030 Tel: (+213) (0)21 549 755 / 549 759 Fax: (+213) (0)21 549 750 Email: serviceclient@trustbank.dz

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185

Bahrain listings ABC Islamic Bank

Al Ahlia Bahrain

Arab Banking Corporation Tower Diplomatic Area PO Box 2808 Manama Tel: 00 973 17 54 3471 / 54 3000 Fax: 00 973 17 53 6379 / 53 3163 Email: webmaster@arabbanking.com Website: www.arabbanking.com Wholesale Islamic banking including corporate, financial institutions and individual services; ABC Islamic Bank is supported by the ABC Group’s extensive global network, which includes ABC IB Islamic Financial Services in London

Al Zamel Towers B2 3rd Floor PO Box 10106 Manama Tel: 00 973 17 207070 Fax: 00 973 17 250800 Email: info@ahliabh.com Website: www.ahliabh.com Brokerage trading facilities and related services in regional and international markets

A A Bin Hindi Group Real Estate & Investment Division Bin Hindi Building Sheikh Salman Street Khamis Area PO Box 632 Manama Tel: 00 973 17 408000 Fax: 00 973 17 400761 Email: mailbox@binhindi.com Website: www.binhindi.com Purchase, sale and investment in shares, mutual bonds, treasuries in local markets as well as purchasing and renting of properties

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Block 304 Yateem Centre 71 Muthana Road Bab Al Bahrain Area PO Box1176 Manama Tel/Fax: 00 973 17 244 496 Email: info@aaoifi.com Website: www.aaoifi.com Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’a standards for Islamic financial institutions

Addax Bank 1st Floor, Buliding 1006 Road 2813 Block 428 PO Box 11159 Manama Tel: 00 973 17 56 0444 Fax: 00 973 17 56 0445 Email: info@addaxbank.com Website: www.addaxbank.com Investment banking, private equity, real estate, corporate advisory and private placement

Ahli United Bank Building 2495 Road 2832 Al Seef District 428 PO Box 2424 Manama Tel: 00 973 17 58 5858 Fax: 00 973 17 58 0569 Email: info@ahliunited.com Website: www.ahliunited.com Retail banking, corporate and treasury, private banking and wealth management

186

Al Ahlia Insurance Company Bab Al Bahrain Area PO Box 5282 Manama Tel: 00 973 17 22 5860 Fax: 00 973 17 22 4870 Email: alahlia@alahlia.com Website: www.alahlia.com All classes of insurance

Al Ashrafiyah Investment Al Ashrafiyah Investment Building Road 2831 PO Box 5520 Manama Tel: 00 973 17 210004 Fax: 00 973 17 210030 Email: info@alashrafiyahbh.com Website: www.alashrafiyahbh.com Specialist in high value investments in hospitality, finance and real estate

Fax: 00 973 17 582 293 Email: 121@ourinsuranceprovider.com Website: www.ourinsuranceprovider.com General and life Insurance

Al Salam Bank - Bahrain Building 22 Avenue 58 Seef District 436 PO Box 18282 Manama Tel: 00 973 17 005 500 Fax: 00 973 17 560 003 Email: info@alsalambahrain.com Website: www.alsalambahrain.com Banking, investment banking, asset management and treasury

Al-Khabeer International Company Mandarine Business Centre, 5th Floor Seef District Area PO Box 5879 Manama Tel: 00 973 17 561376 Fax: 00 973 17 564657 Email: info@alkhabeerinternational.com Website: www.alkhabeer.com Investment banking, asset management, real estate, private equity and market insights

AllianceBernstein Limited (AB)

PO Box 1882 Manama Tel: +973 17 541 122 Fax: +973 17 536 533 Email: baraka@batelco.com.bh Website: www.albaraka.bh Leading international Islamic banking group

BMB Centre, 6th Floor Diplomatic Area PO Box 10515 Manama Tel: 00 973 17 530 510 Fax: 00 973 17 530 520 Website: www.alliancebernstein.com Asset management; research-driven investment firm with global clients

Al Baraka Islamic Bank

Alpine Wealth Management

Al Baraka Tower PO Box 1882 Manama Tel: 00 973 17 535 300; 00 973 13 300 400 Fax: 00 973 17 533 993 Email: baraka@batelco.com.bh Website: www.albaraka.bh Investment and commercial banking in conformity with Sharia principles; part of Al Baraka Banking Group

Al Moayyed Tower, 25th Floor Suite 2503 Seef District PO Box 18266 Manama Tel: 00 973 17 563 333 Fax: 00 973 17 585 300 Email: info@alpinewealth.com Website: www.alpinewealth.com Asset management and investment portfolios

Acr Retakaful MEA

Alubaf Arab International Bank

Gajria Tower Seef District Manama Tel: 00 973 17 388 350 Fax: 00 973 17 38835 Email: general@asiacapital.com Website: www.acrretakaful.com Shariah-compliant reinsurance; innovative retakaful and risk management solutions

Alubaf Tower‎ Building 854 Road 3618 Al Seef District PO Box 11529 Manama Tel: 00 973 17 517 722 Fax: 00 973 17 517 721 Email: info@alubafbank.com Website: www.alubafbank.com Treasury products, loan facilities and trade finance

Al Baraka Banking Group

Al Majd Insurance Company (AMI) Building 1072 Road 3622 PO Box 15529 Manama Tel: 00 973 17 582 295

Arab British European Banking & Finance Guide

Amex (Middle East) Al Moayyed Tower, 13th- 17th Floor Gate 2504, Road 2832 Al Seef District 428

Bahrain listings PO Box 5990 Manama Tel: 00 973 17 557777 / 557755 Fax: 00 973 17 557855 / 557977 Email: contact@americanexpress.com.bh Website: www.americanexpress.com.bh American Express services

Primedia International BSC (c) PO Box 2738 Manama Tel: 00 973 1749 0000 Fax: 00 973 1749 0001 Email : info@primediaintl.com Website: www.arabbankingfinance.com Banking and finance information service

Arab Banking Corporation ABC Tower Diplomatic Area PO Box 5698 Manama Tel: 00 973 17 543 000 Fax: 00 973 17 533 163 Email:webmaster@arabbanking.com Website: www.arabbanking.com International universal bank headquartered in Manama offering commercial banking services, treasury products, investment banking, securities trading, underwriting and placement, protofolio management, advisory services, mergers and acquisitions and Islamic banking

Arab Financial Services Company (AFS) Tarfa Bin Al Abed Street Al Hourah PO Box 2152 Manama Tel: 00 973 17 290 333 Fax: 00 973 17 291 323 Email: marketing@afs.com.bh Website: www.afs.com.bh Consumer finance services, card processing and project management

Arab Insurance Group (ARIG) Arig House Building 131 Road 1702 Diplomatic Area 317 PO Box 26992 Manama Tel: 00 973 17 544 444 Fax: 00 973 17 531 155 Email: info@arig.com.bh Website: www.arig.com.bh Insurance products and services; risk management, life and medical

The Arab Investment Company - Bahrain

Bahrain Development Bank (BDB)

TAIC Building King Mohammad IV Avenue Al Seef District 428 PO Box 5559 Manama Tel: 00 973 17 588 888 Fax: 00 973 17 588 885 Email: taic@taicobu.com Website: www.taic.com Loan and credit facilities; treasury and securities investment and Islamic banking services

Diplomatic Area Opposite Commercial Registration Office PO Box 20501 Manama Tel: 00 973 17 511 111 Fax: 00 973 17 530 116 Email: info@bdb-bh.com Website: www.bdb-bh.com Loans for projects finance, capital and equipment to developing industries, Islamic products, business advisory, training programmes, business valuation

ARCAPITA Bank Arcapita Building Bahrain Bay Area PO Box 1357 Manama Tel: 00 973 17 218 333 Fax: 00 973 17 217 555 Website: www.arcapita.com Global Shariâ&#x20AC;&#x2122;ah-compliant alternative investments firm: Private equity, real estate, infrastructure and venture capital

Awal Bank Entrance 3, Level 1 The Manama Centre Government Avenue Manama PO Box 1735 Manama Tel: 00 973 17 203 333 Fax: 00 973 17 203 355 Email: info@awal-bank.com Website: www.awal-bank.com Equity, corporate banking and treasury

Bahrain Financial Exchange West Tower King Faisal Highway Bahrain Financial Harbour, PO Box 1936 Manama Tel: 00 973 16 511 511 Fax: 00 973 16 511 599 Email: info@bfx.bh Website: www.bfx.bh International financial exchange accessible to trade cash, derivatives, structured products and Shariahcompliant financial instruments

Bahrain Financing Company Building 150, Road 1507 8-12 Bab Al Bahrain Area, PO Box 243 Manama Tel: 00 973 17 228 888 Fax: 00 973 17 223 495 Email: custservice@bfc.com.bh Website: www.bfc.com.bh Wholesale banknote traders, smart money and foreign currency

AXA Insurance (Gulf)

Bahrain Islamic Bank (BisB)

2nd Floor, Kanoo Building Abu Obeidah Avenue PO Box 45 Manama Tel: 00 973 17 210 778 Fax: 00 973 17 223 857 Email: Info.ro@axa-gulf.com Website: www.axa.com Business and individual insurance services

Building 722 Road 1708 Block 37 Diplomatic Area, PO Box 5240 Manama Tel: 00 973 17 515 151 Fax: 00 973 17 535 808 Email: contactcentre@bisb.com Website: www.bisb.com Shariaâ&#x20AC;&#x2122;a compliant financial solutions, corporate and retail

Bahrain Bourse Bahrain Financial Harbour Harbour Mall (4th Floor) PO Box 3203 Manama Tel: 00 973 17261260 Fax: 00 973 17256362 Email: info@bahrainbourse.com.bh Website: www.bahrainbourse.com.bh Securities markets

Bahrain Kuwait Insurance Company

Bahrain Credit Bahrain Commercial Facilities Company

Bahrain Middle East Bank (BMB Investment)

Armour Insurance Services WLL Falcon Tower 708 Diplomatic Area PO Box 10757 Manama Tel: 00 973 17 533 229 Fax: 00 973 17 533 329 Email: armour@batelco.com.bh Website: www.armourgulf.com Insurance and reinsurance brokers; home, health, property, motor, and project insurance services

BDFC Building Number 264 Road Number 111 Tubli 701 PO Box 1175 Isa Town Central Tel: 00 973 17 786 000 / 311 311 / 466 666 Fax: 00 973 17 786 010 / 311 344 / 467 010 Email: bcredit@bahraincredit.com.bh Website: www.bahraincredit.com.bh Car, life and travel insurance services

BKIC House Building 168 Street 1703 Diplomatic Area 317, PO Box 10166 Tel: 00 973 17 542 222 / 531 555 / 875 000 Fax: 00 973 17 530 799 Email: bkicbah@batelco.com.bh Website: www.bkic.com Insurance

BMB Centre, Building 135 Road 1702, Block 317 Diplomatic Area, PO Box 797 Manama Tel: 00 973 17 532345 Fax: 00 973 17 530987 Email: requests@bmb.com.bh Website: www.bmb.com.bh Investment banking, asset management and funds distribution as well as proprietary trading and investment

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Bahrain listings Bahrain National Holding Company (BNH) PO Box 843 BNH Tower Seef Business District Tel: 00 973 17 587 300 Fax: 00 973 17 583 099 Email: bnh@bnhgroup.com Website: www.bnhgroup.com Insurance and risk management solutions

Bahrain National Insurance Company (BNI) BNH Building Road 2832 Al Seef District Area PO Box 843 Manama 428 Tel: 00 973 17 587 300 / 7400 Fax: 00 973 17 583 099 / 3299 Email: bnh@bnhgroup.com; e-support@bnhgroup.com Website: www.bnidirect.com Insurance and financial services

Mumtalakat Holding Company Arcapita Building 4th Floor Building No. 551 Road 4612 Sea Front 346 Bahrain Bay PO Box 820 Manama Tel: 00 973 17 561 111 Fax: 00 973 17 561 109 Email: contactus@bmhc.bh Website: www.bmhc.bh Maximising the potential of existing portfolio and developing new investment initiatives

Bahrain National Holding Co (BNH) BNH Tower Road 2832 Seef Business District PO Box 843 Manama 428 Tel: 00 973 17 587 300 Fax: 00 973 17 583 099 Email: bnh@bnhgroup.com Website: www.bnhgroup.com Insurance for medium to large industrial and commercial clients

Email: manama@bbkonline.com Website: www.bbkonline.com Commercial banking services including retail, corporate, treasury, e-banking, investment services and mutual funds

Fax: 00 973 1786 6601 Email: souad.hindawi@bnpparibas.com Website: www.bnpparibas.bh Private banking, asset management and investment banking

BankMuscat International (BMI Bank)

BSI Bahrain - Branch

Bahrain World Trade Center PO Box 350 Manama Tel: 00 973 17 508 080 Fax: 00 973 17 226 641 Email: inquiry@bmibank.com.bh Website: www.bmibank.com.bh Retail banking, corporate banking, global trade services, Islamic financial services, private banking treasury, financial institutions group and structures finance, international operations, conventional and Islamic commercial banking services

Bahrain Financial Harbour West Tower, 14th Floor PO Box 11321 Manama Tel: 00 973 17 155 155 Fax: 00 973 17 107 777 Email: info@bsibank.com Website: www.bsibank.com Asset management and investment banking; local branch of Swiss bank

Banque Internationale a Luxembourg (BIL)

PO Box 30295 Manama Tel 00 973 17 581 336 Fax: 00 973 17 581 483 Website: www.bdallc.com Advice on acquisitions, divestments, JVs and other forms of strategic alliances; corporate financial services

Financial Harbour West Tower, 23rd Floor PO Box 20712 Manama Tel: 00 973 17 504 450 Fax: 00 973 17 504 451 Website: www.bil.com Private banking

Capinnova Investment Bank Baytik Industrial Investments Baytik Industrial Investment Company Building Salman Industrial City PO Box 5323 Manama Tel: 00 973 17 003 000 Fax: 00 973 17 003 707 Email: info@bii.bh Website: www.bii.bh Acquisitions, startup projects and investing in strategic stakes in public and private companies within the MENA region

GBCORP Tower Bahrain Financial Harbour Street PO Box 787 Manama Tel: 00 973 17 530 077 Fax: 00 973 17 530 088 Email: info@bdo.bh Website: www.bdo.bh Accounting and advisory services

The Benefit Company NBB Tower, 16th Floor Government Road PO Box 2546 Manama Tel: 00 973 17 500 400 Fax: 00 973 17 500 401 Email: tbcinfo@benefitco.com.bh Website: www.benefitco.com.bh Electronic network for financial transactions

BNP Paribas Bahrain Bank of Bahrain and Kuwait (BBK) 43 Government Avenue PO Box 597 Manama Tel: 00 973 17 207 772 Fax: 00 973 17 229822

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West Tower, 38th Floor Bahrain Financial Harbour PO Box 5507 Manama Tel: 00 973 17 101 010 Fax: 00 973 17 100 131 / 100 141 Email: contactus@capinnoavebank.com Website: www.capinnovabank.com Shariâ&#x20AC;&#x2122;a compliant investment products; asset management, capital markets, corporate finance and private equity

Capivest Investment Bank BDO Bahrain

Bank Alkhair Building 2304, Block 0428, 4th, 6th and 7th Floor Road 2830 Al Seef District PO Box 31700 Manama Tel: 00 973 17 566 000 Fax: 00 973 17 566 001 Email: info@bankalkhair.com Website: www.bankalkhair.com Asset management, corporate finance, capital markets and private equity

Business Development Asia (HK) Limited (BDA)

West Tower King Faisal Highway Bahrain Financial Harbour Area PO Box 5253 Manama Tel: 00 973 1786 6607

Arab British European Banking & Finance Guide

Al Zamil Tower 6th Floor Al Khalifa Avenue Bab Al Bahrain Area PO Box 5571 Manama Tel: 00 973 17 502 222 Fax: 00 973 17 502 211 Email: info@capivest.com Website: www.capivest.com Islamic investment banking activities including asset and wealth management, corporate finance, investment, private equity placement and real estate investments in compliance with Islamic law

Central Bank of Bahrain Building 96, Block 317 King Faisal Highway, Road 1702 Diplomatic Area King Faisal Highway PO Box 27 Manama Tel: 00 973 17 547 777 Fax: 00 973 17 530 399 Email: info@cbb.gov.bh Website: www.cbb.gov.bh Regulator of Bahrainâ&#x20AC;&#x2122;s financial sector, covering the full range of banking, insurance, investment business and capital markets

Bahrain listings Chartis New Hampshire Insurance Company Bahrain Car Park Building Building 128, Suite 204 PO Box 823 Manama Tel: 00 973 17 218 035 Fax: 00 973 17 211 287 Email: ask.chartis@chartisinsurance.com Insurance products for health, accident, property and transport

CIMB Middle East BSC (C) Almoayyed Tower Suite 304 Road 283 Al Seef 428 Manama Tel: 00 973 17 567111 Fax: 00 973 17 583180 Website: www.cimbislamic.com Conventional and Islamic financial advisory services

Citibank â&#x20AC;&#x201C; Bahrain Citibank House Building 1133 Road 2819 Area 428 Al Seef District Manama Tel: 00 973 17 588 588 Fax: 00 973 17 214 448 Website: www.citibank.com/bahrain Consumer banking, personal accounts, investment and insurance

CrediMax Building 858 Road 3618 Block 436 Seef District PO Box 5350 Manama Tel: 00 973 17 117 117 Fax: 00 973 17 214 193 Email: credimax@credimax.com.bh Website: www.credimax.com.bh Credit card services

Crescent Global Insurance Services WLL Crescent Global House 373 Block 336 Road 3610, Adliya PO Box 1719 Manama Tel: 00 973 17 713 838 Fax: 00 973 17 717 166 Email: info@crescentglobal.com Website: www.crescentglobal.com General insurance, reinsurance and risk consulting services

Email: info@uk.daiwacm.com Website: www.daiwacm.co.uk Equity, capital markets, mergers and acquisitions

Denizbank Al Jasrah Tower 1702 Street, Office 62 and 63 6th Floor Diplomatic Area, PO Box 10357 Manama Tel: 00 973 17 541 137 / 1138 Fax: 00 973 17 541 139 Website: www.denizbankbahrain.bh Banking for retail customers, SMEs, exporters, public and project finance; commercial and corporate clients

Deutsche Bank Bahrain 22/F Almoayyed Tower Building 2504 Road 2832 Blk 428 Al Seef District, PB Box 20619 Manama Tel: 00 973 17 203 777 Fax: 00 973 17 203 780 Email: communications.mena@db.com Website: www.db.com Investment banking and asset management; Islamic finance

DevCorp International Manama Centre, 2nd Entrance, 3rd Floor Diplomatic Area, PO Box 10236 Manama Tel: 00 973 17 228 801 Fax: 00 973 17 228 805 Email: devcorp@batelco.com.bh Website: www.devcorpint.com Venture development including project identification, funding, and implementation in the Gulf region

Ebdaa Bank for Microfinance Unisono Tower, 3rd Floor Road Number 1011 Sanabis Area, PO Box 18648 Manama Tel: 00 973 17 381 000 Fax: 00 973 17 381 005 Website: www.ebdaabank.com General financial services for micro-projects and small entrepreneurs

Elaf Bank BSC Bahrain 6th Floor Zamil Tower Al Khalifa Avenue, PO Box 11939 Manama Tel: 00 973 17 510 000 Fax: 00 973 17 510 051 Email: info@elafbank.net Website: www.elafbank.net Financing and advisory transactions

Ernst and Young Bahrain 14thFloor Bahrain Commercial Complex PO Box 140 Manama Tel: 00 973 17 535 455 Fax: 00 973 17 535 405 Email: manama@bh.ey.com Website: www.ey.com Tax, auditing, advisory, managing capital and transactions

Eskan Bank Al Moayyed Tower, 1st Floor Al Seef District PO Box 5370 Manama Tel: 00 973 17 567 777 / 567 890 Fax: 00 973 17 541 781 / 567 785 Email: inquiries@eskanbank.com Website: www.eskanbank.com Banking, asset management, investment firms and funds landlords and developers, real estate management

Esterad Investment Company Al Moayyed Tower 5th Floor Suite 503 Seef District PO Box 1080 Manama Tel: 00 973 17 585 400 Fax: 00 973 17 585 444 Email: mail@esterad.net Website: www.esterad.net Investment options

Fakhro Insurance Services Abdulla Yousif Fakhro Group Building 277 Government Avenue Naim Area PO Box 39 Manama 303 Tel: 00 973 17 240 600 Fax: 00 973 17 275 679 Email: insure@fakhro.com Website: www.fakhro.com Health, life, property, marine, personal, travel and accident insurance

The Family Office Co BSC(c) Al Zamil Tower, 9th floor Government Avenue PO Box 18024 Manama Tel: 00 973 17 221 177/578 000 Fax: 00 973 17 221 178 Email: info@tfoco.com Website: www.tfoco.com Global investments

FAJR Investment Advisory Daiwa Capital Markets Europe Limited

Ensurion WLL

Bahrain Branch 7th Floor South Tower Bahrain World Trade Center Seikh Isa Al-Kabir Avenue PO Box 30069 Manama Tel: 00 973 17 534 452 Fax: 00 973 17 535 113

Block 316, The National Bank of Bahrain Tower 383 Road Bab Al Bahrain Area, PO Box 3013 Manama Tel: 00 973 17 221 515 Fax: 00 973 17 224 166 Email: info@ensurion.com Website: www.ensurion.com Insurance and reinsurance

Al Rossais Tower Diplomatic Area PO Box 10797 Manama Tel: 00 973 17 517 000 Fax: 00 973 17 540 600 Email: info@fajr.com.bh Website: www.fajr.com.bh Shariaâ&#x20AC;&#x2122;a compliant investment and treasury (commodity) brokerage services

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Bahrain listings First Energy Bank West Tower, 20th floor Bahrain Financial Harbour PO Box 209 Manama Tel: 00 973 17 170 000 Fax: 00 973 17 170 170 Email: info@1stenergybank.com Website: www.1stenergybank.com Private equity and Islamic financial investment

Futurebank Building 2577 Road 2833 Block Al Seef, 428 PO Box 785 Tel: 00 973 17 505 000 Fax: 00 973 17 224 402 Email: info@futurebank.com.bh Website: www.futurebank.com.bh Corporate and retail banking and treasury services

Global Banking Corporation GBCORP Tower, 21st Floor Building 1411 Road 4626 Bahrain Financial Harbour PO Box 1486 Manama Tel: 00 973 17 200 200 Fax: 00 973 17 200 300 Email: info@gbcorponline.com Website: www.gbcorponline.com Private equity, real estate & infrastructure, energy advisory services, asset and wealth management, corporate finance

Gulf Finance House East Tower Bahrain Financial Harbour PO Box 10006 Manama Tel: 00 973 17 53 8538 Fax: 00 973 17 54 0006 Email: info@gfhouse.com Website: www.gfh.com Islamic investment bank

Gulf International Bank Al Dowali Building 3 Place Avenue Diplomatic Area PO Box 1017 Manama Tel: 00 973 17 534 000 Fax: 00 973 17 522 633 Website: www.gibonline.com Investment banking including financial advisory, asset management, equity placement, and asset trading, credit facilities including wholesale commercial financing and project finance, and Islamic banking

Gulf One Investment Bank Building 1549 West Tower, 15th Floor Block 346 Bahrain Financial Harbour Road 4626 PO Box 11172 Manama Tel: 00 973 17 102 555 Fax: 00 973 17 100 063

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Email: info@gulf1bank.com Website: www.gulf1bank.com Private equity investment services

Email: bahrain@icicibank.com Website: www.icicibankbahrain.com Banking, asset management and investment banking; subsidiary of Indian bank

Gulf Union Insurance and Reinsurance Co Gulf Union Insurance Building Building 331, Road 5616 Shaikh Salman Highway Manama 356 PO Box 10949 Tel: 00 973 17 255 292 Fax: 00 973 17 255 090 Email: info@gulfunion.com.bh Website: www.gulfunion.com.bh Non-life insurance services and reinsurance services

International Investment Bank (IIB)

Hannover ReTakaful

Investcorp Bank

Al Zamil Tower, 17th Floor Government Avenue Manama Centre 305 PO Box 21345 Manama Tel: 00 973 17 214 766 Fax: 00 973 17 214 667 Email: info@hannover-re.com Website: www.hannover-re.com Islamic insurance services

Investcorp House 499 Street Number 1706 Diplomatic Area 317 PO Box 5340 Manama Tel: 00 973 17 532 000 Fax: 00 973 17 530 816 Email: info@investcorp.com Website: www.investcorp.com Corporate investment, technology investment, real estate investment, asset management, investment placement and corporate support

Hardy Arig Insurance Management Arig House Diplomatic Area PO Box 26992 Manama Tel: 00 973 17 544 222 Fax: 00 973 17 531 155 Email: info@haim.com.bh Website: www.haim.com.bh Insurance with a focus on construction, property and onshore energy

HSBC Bank Middle East Bahrain Building 2505 Road 2832 Seef Area PO Box 57 Manama 428 Tel: 00 973 17 569 999 Fax: 00 973 17 569 429 Website: www.bahrain.hsbc.com Personal and business banking, asset management and investment

ICAP (Middle East) WLL 43rd Floor, West Tower 2 Bahrain Financial Harbour PO Box 5488 Manama Tel: 00 973 17 152 650 Fax: 00 973 17 131 404 Email: investor@icap.com Website: www.icap.com Wide range of broking and execution services for trading in commodities

ICICI Bank Manama Centre Government Avenue Bab Al Bahrain Area PO Box 1494 Manama Tel: 00 973 17 576161 Fax: 00 973 17 221200 / 221210

Arab British European Banking & Finance Guide

Al Moayyed Tower, 37th Floor Al Seef District PO Box 11616 Manama Tel: 00 973 17 565 000 Fax: 00 973 17 565 050 Email: info@iib-bahrain.com Website: www.iib-bahrain.com Investment banking and asset management

Investors Bank Investors Bank BSC (C) Seef Star Building - 3rd Floor Seef District PO Box 11818 Tel: 00 973 17 565 777 Fax: 00 973 17 583 755 Email: info@investorsb.com Website: www.investorsb.com Islamic investment banking, including direct and strategic investment, mergers and acquisitions, advisory services, syndications, funds and portfolio management

The Islamic Bank of Asia 12th Floor, West Tower Bahrain Financial Harbour PO Box 1317 Manama Tel: 00 973 17 102 050 Fax: 00 973 17 104 990 Email: contactus@islamicbankasia.com Website: www.islamicbankasia.com Investment firms and funds and investment banking

Islamic Finance Consultants Almoayyed Tower Floor 24, Suite 2403 Al Seef District PO Box 21258 Manama Tel: 00 973 17 587 175 Fax: 00 973 17 587 176 Email: info@if-consult.com Website: www.if-consult.com Project finance, sukuk, liquidity management, real estate, capital markets, private equity and venture capital

Islamic International Rating Agency Block 320 AFS Tower Building

Bahrain listings 2004 Road Hoora Area, PO Box 20582 Manama Tel: 00 973 17 211 606 Fax: 00 973 17 211 605 Email: iira@iirating.com Website: www.iirating.com General financial services

Ithmaar Bank Seef Towers, Building 2080 Road 2825 Seef District, PO Box 2820 Manama Tel: 00 973 17 584 000 / 585 000 Fax: 00 973 17 584 017 / 585 151 Email: info@ithmaarbank.com Website: www.ithmaarbank.com Personal, business and investment banking

JP Morgan Chase Bank World Trade Center West Tower Government Avenue Manama Tel: 00 973 17 134 888 Fax: 00 973 17 134 889 Email: info@jpmorganchase.com Website: www.jpmorganchase.com Investment banking and asset management

Khaleeji Commercial Bank (KHCB) Harbour Tower East Bahrain Financial Harbour, PO Box 60002 Manama Tel: 00 973 17 505 701 Fax: 00 973 17 104 779 Email: info@khcbonline.com Website: www.khcbonline.com Real estate commercial bank, project financing, direct investment, asset management, property management and advisory services according to the Islamic law and Shariah principles

KPMG Fakhro 12th Floor, Fakhro Tower, PO Box 710 Manama Tel: 00 973 17 224 807 Fax: 00 973 17 227 443 Email: kpmgbh@kpmg.com Website: www.kpmg.com.bh General financial services, audit, tax, and advisory services

Kuwait Finance House Bahrain Bahrain World Trade Centre West Tower, PO Box 2066 Manama Tel: 00 973 17 777 777 Fax: 00 973 17 000 600 Email: ccd@kfh.com.bh Website: www.kfh.bh Islamic commercial and investment banking services

Legal and General Gulf Bahrain Regional Office Ahli United Bank Building Road 2832 Al Seef District, PO Box 5832 Manama 428 Tel: 00 973 17 589 800 Email: customer.service@landgulf.com

Website: www.lggulf.com Iife assurance, pensions, investments and general insurance plans

LIC (International) BSC(C) Ali Al Wazzan Building Al Khalifa Avenue, PO Box 584 Manama Tel: 00 973 17 727 662 / 210 610 Fax: 00 973 17 211 577 Email: licintl@batelco.com.bh Website: www.licinternational.com Insurance

Merrill Lynch International – Bahrain Global Wealth Management Bahrain Middle East Bank Building PO Box 10399 Diplomatic Area Manama Tel: 00 973 17 530 260 Fax: 00 973 17 530 245 / 530 345 Website: www.ml.com Full range of banking, investing, asset management, financial and risk management products and services

Mubasher Financial Services Liquidity Management Centre 8th and 9th Floor, LMC Building Block 436 Street 3618 Seef District PO Box 11567 Manama Tel: 00 973 17 568 568 Fax: 00 973 17 568 569 Email: info@lmcbahrain.com Website: www.lmcbahrain.com Investment banking and asset management

Kingdom Tower Building 8, Unit 62 & 64 Road 1901, Area 319 Diplomatic Area, PO Box 75782 Manama Tel: 00 973 17 556 139 / 554 986 Fax: 00 973 17 556 124 Email: info@mubasherfs.com Website: www.mubasherfs.com Securities brokers and traders

National Bank of Bahrain 120 Government Road PO Box 106 Manama Tel: 00 973 17 228 800 Fax: 00 973 17 228 998 / 211 307 Email:nbb@nbbonline.com Website: www.nbbonline.com Commercial and retail banking, capital markets, treasury and investment services

Maalem Holding Company Bahrain World Trade Center West Tower King Faisal Highway Bahrain Financial Harbour Area PO Box 427 Manama Tel: 00 973 17 107000 Fax: 00 973 17 107107 Email: info@maalem.com Website: www.maalem.com Investment firms and funds

Nomura Investment Banking (Middle East) BSC

Marsh (Bahrain) Company SPC 6th Floor, Unitag House Government Avenue 150 Manama Tel: 00 973 17 204 250 Fax: 00 973 17 229 599 Email: marshmena@marsh.com Website: www.me.marsh.com Insurance broker and risk advisor

BMB Centre Diplomatic Area, PO Box 26893 Manama Tel: 00 973 17 530 531 Fax: 00 973 17 530 365 Website: www.nomura.com Investment banking, retail, wholesale, asset management and global research

Nonoo Exchange Company

Medgulf Allianz Takaful BSC Al Raya Building 1025 Road 3621 Seef District 436 PO Box 3–1397 Manama Tel: 00 973 17 568 222 Fax: 00 973 17 582 114 Email: info@allianz.com.bh Website: www.medgulfallianz.com.bh Insurance, reinsurance and risk management

Mediterranean and Gulf Insurance and Reinsurance – Bahrain Chamber of Commerce Building Sanabis Area Manama Tel: 00 973 17 218 881 Fax: 00 973 17 215 444 Email: manama@medgulf.com Website: www.medgulf.com Insurance, reinsurance and risk management

Building 226, Sheikh Isa Avenue Road 330 Gudaibiya Area PO Box 11970 Manama Tel: 00 973 17 230 767 / 230 901 Fax: 00 973 17 230 929 Email: info@nonoo.com Website: www.nonoo.com General financial services, foreign exchange and remittances

Ohad Trust Manama Centre Office 604 6th Floor, Entrance 4 Government Avenue Bab Al Bahrain Area PO Box 18206 Manama Tel: 00 973 17 213 199 Fax: 00 973 17 213 198 Email: info@ohad.com Website: www.ohad.com Asset management and investment funds

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Bahrain listings Oasis Capital Bank

Remza Investment Co WLL

SICO Investment Bank

West Tower, 20th Floor Street 4626 Bahrain Financial Harbour Area PO Box 991 Manama Tel: 00 973 17 506 666 Fax: 00 973 17 506 799 Email: info@oasiscapitalbank.com Website: www.oasiscapitalbank.com Investment banking, asset management, private banking, property and infrastructure investment, private equity, treasury and financial institutions

Remza Investment Company Building Abdulrahman Jassim Kanoo Avenue PO Box 684 Manama Tel: 00 973 17 822 122 Fax: 00 973 17 822 133 Email: info@remza.com Website: www.remza.com Investment services

BMB Building Diplomatic Area PO Box 1331 Manama Tel: 00 973 17 515 000 / 516 060 Fax: 00 973 17 514 000 / 531 777 Email: info@sicobahrain.com Website: www.sicobahrain.com Securities and investment banking, asset management, brokers and traders

Orient Middle East (OME) West Tower, 11th Bahrain Financial Harbour Area PO Box 75857 Manama Tel: 00 973 17 151 000 Fax: 00 973 17 152 000 Email: info@orient-me.com Website: www.orient-me.com Investment sevices and advisory

Oryx Insurance Services WLL Gulf Union Insurance Building Adliya Area PO Box 54531 Manama Tel: 00 973 17 232 632 Fax: 00 973 17 232 532 Email: oryxmain@batelco.com.bh Website: www.oryx.com.bh Insurance services including fire, accident, medical, life and travel

PricewaterhouseCoopers Bahrain BMB Centre Building Diplomatic Area PO Box 21144 Manama Tel: 00 973 17 118 800 Fax: 00 973 17 540 556 Email: pwc.bahrain@bh.pwc.com Website: www.pwc.com Assurance, audit, consultancy services and corporate finance services

Protection Insurance Services WLL Insurance & Re-Insurance Brokers Suite 206, Car Park Building 128 Government Avenue Manama 316 PO Box 33133 Tel: 00 973 17 211 700 Fax: 00 973 17 215 309 Email: protection@protectionre.com Website: www.protectionre.com Insurance and reinsurance

Real Estate Finance Company (Reef) Building 483 Road 1010 Block 410 PO Box 18599 Manama Tel: 00 973 17 558 080 Fax: 00 973 17 556 333 Email: info@reef.bh Website: www.reef.bh Real estate finance solutions, mortgages

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Riyada Consulting Al Zamil Tower 7th Floor, Office.No.71 PO Box 10627 Manama Tel: 00 973 17 531 534 Fax: 00 973 17 531 535 Email: info@riyadaconsulting.com Website: www.riyadaconsulting.com Corporate finance and business advisory services

Sakana Holistic Housing Solutions Bahrain Car Parks Company Building Goverment Avenue Bab Al Bahrain Area PO Box 21479 Manama 383 Tel: 00 973 17 201 900 Fax: 00 973 17 214 663 Email: info@sakanaonline.com Website: www.sakanaonline.com Home finance and mortgage products

Saudi Arabian Insurance Company Block 436 Building 852 Road 3618 Al Seef Area PO Box 60139 Manama Tel: 00 973 17 562 500 Fax: 00 973 17 582 802 Email: saicome@saicoins.com Website: www.saicoins.com Insurance and reinsurance services

Sinnad NBB Tower 6th Floor Office 61 PO Box 21534 Manama Tel: 00 973 17 508 888 Fax: 00 973 17 214 070 Email: sales@sinnad.com.bh Website: www.sinnad.com.bh Outsourcing, processing, ATM and card schemes, project management

Solidarity General Takaful Seef Tower Seef District Area PO Box 18668 Manama Tel: 00 973 17 585 222 Fax: 00 973 17 585 200 Email: mail@solidaritygeneral.com Website: www.solidaritygeneral.com Personal and corporate insurance

Stratum WLL NBB Tower, 13th Floor Government Avenue Street Manama Centre Area PO Box 3013 Manama Tel: 00 973 17 221 515 Fax: 00 973 17 224 166 Email: info@stratumwll.com Website: www.stratumwll.com Private equity and corporate finance

Saudi National Insurance Company (SNIC) Flat 3204, Floor 32 Building 2504 Road 2832, Block 428 PO Box 31516 Manama Tel: 00 973 17 563 377 Fax: 00 973 17 564 243 Email: snic.bh@snic.com.bh Website: www.snic.com.bh Insurance products for corporates and individuals

Sumitomo Mitsui Banking Corporation (SMBC)

Seera Investment Bank

Standard Chartered Bank Bahrain

Building 2431 Road 2831 Seef District 428 PO Box 18373 Manama Tel: 00 973 17 566 533 Fax: 00 973 17 566 544 Email: info@seera.com Website: www.seera.com Equity investment, asset management, selective investment, seeking opportunities for direct investment in stable, asset-rich industries

Building 180 Government Street 383 Manama 315 Tel: 00 973 17 223 636 Fax: 00 973 17 225 001 Email: eservice.bahrain@standardchartered.com Website: www.standardchartered.com/bh/ SME, corporate and Islamic baning

Arab British European Banking & Finance Guide

No. 406 & 407 (Entrance 3, 4th Floor) Manama Centre Government Road Manama Tel: 00 973 17 223 211 Website: www.smbcgroup.com/emea Corporate banking, trade finance, treasury and deposits

Tadhamon Capital BSC GBCORP Tower Bahrain Financial Harbour

Bahrain listings PO Box 75511 Manama Tel: 00 973 17 103 444 Fax: 00 973 17 104 840 Email: contact@tadhamoncapital.com Website: www.tadhamoncapital.com Real estate, alternative investments, treasury and capital markets

TAIB Bank TAIB Tower Building Rd 1702 Diplomatic Area PO Box 20485 Manama Tel: 00 973 17 549 378 / 549 494 Fax: 00 973 17 533 174 Email: taib@taib.com Website: www.taib.com Private banking, asset management, private equity, real estate, financial and securities advisory and brokerage services

Takaful International Building 680 Road 2811 Seef District 428 PO Box 3230 Manama Tel: 00 973 17 565 656 Fax: 00 973 17 582 688 Email: takaful@takafulweb.com Website: www.takaful.bh Personal and corporate insurance

Tazur Company Block 428 Le President Tower Building 2347 Road 2830 Al Seef District PO Box 31600 Manama Tel: 00 973 17 561 661 Fax: 00 973 17 561 669 Email: info@tazur.com Website: www.tazur.com Islamic insurance (takaful) for individuals and businesses

Tharawat Investment House Bahrain World Trade Centre East Tower Seef District PO Box 75780 Manama Tel: 00 973 17 560 777 Fax: 00 973 17 560 778 Email: info@tharawat.net Website: www.tharawat.net Private equity, venture capital, asset management and investment banking

Email: mail@trustre.com Website: www.trustre.com Reinsurance protection for non-life insurance

UBS Bahrain Bahrain World Trade Centre West Tower 1B 28th Floor PO Box 5560 Manama Tel: 00 973 17 517 777 Fax: 00 973 17 535 032 Website: www.ubs.com/bahrain Financial services to private, corporate and institutional clients; local branch of Swiss firm

UNITAG Group Unitag House 150 Government Avenue Number 315 PO Box 830 Manama Tel: 00 973 17 224 678 / 224 645 Fax: 00 973 17 225 503 / 224 648 Email: info@unitag.com Website: www.unitaggroup.com General financial services and investment in Bahrain

United Gulf Bank (UGB) United Gulf Bank Tower Government Avenue Diplomatic Area PO Box 5964 Manama Tel: 00 973 17 533 233 Fax: 00 973 17 533 137 Email: info@ugbbah.com Website: www.ugbbh.com Asset and fund management, investment banking, private equity and corporate finance

Tel: 00 973 17 518 874 Fax: 00 973 17 518 880 Email: investrel@vc-bank.com Website: www.vc-bank.com Investment banking, wealth management, dedicated Islamic venture capital bank

Western Gulf Advisory Block 428 Orchid Business Center Building 2317 Road 2830 Al Seef District Area PO Box 75999 Manama Tel: 00 973 17 585 395 Fax: 00 973 17 587 584 Email: info@westerngulfadvisory.com Website: www.westerngulfadvisory.com Asset management, corporate finance and investment banking

Zenj Exchange Co WLL Zenj Exchange Company Building Road 385 Manama Centre Area PO Box 236 Manama Tel: 00 973 17 224 352 Fax: 00 973 17 214 405 Email: zenjex@batelco.com.bh Website: www.zenjex.com General financial and remittance services

United Gulf Investment Corporation BSC 32nd Floor, Al Moayyed Tower 3202 Street Seef District PO Box 10177 Manama Tel: 00 973 17 581 654 Fax: 00 973 17 581 644 Email: info@ugiccorp.com Website: www.ugiccorp.com Equity investment

United Insurance Company (Bahrain) Building 1392 Road 436 Salmabad 704 PO Box 3113 Manama Tel: 00 973 17 788 788 Fax: 00 973 17 785 488 Email: info@unitedico.com Website: www.uic.bh Comprehensive insurance policies

Trust International Insurance & Reinsurance Co (Trust Re)

Venture Capital Bank (VC Bank)

Trust Tower Building 125 Road 1702 Diplomatic Area 317 Manama Tel: 00 973 17 517 171 Fax: 00 973 17 531 586

Venture Capital Bank Building 7th and 8th Floor Road 1704 Diplomatic Area Block 317 PO Box 11755 Manama

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Comoros listings Banque Centrale des Comores (Central Bank of the Comoros - BCC) Place de France BP 405 Moroni Comoros Tel: +269 731 814 / 731002 Fax: +269 730 349 Website: www.banque-comores.km

La Banque de Développement des Comores (BDC)

Banque pour l’Industrie et le Commerce – Comores Place de France BP 175 Moroni (Union des Comores) Tel: +269 73 02 43 Fax: +269 73 12 29 Email: bic@bnpparibas.com Website: www.bnpparibas.com

BNP Paribas Aux Comores

BP 298 Moroni Comoros Tel: +269 730818 Fax: +269 730397

Website: www.bnpparibas.com/bnp-paribas-auxcomores

Exim Bank Comores

La Banque Fédérale de Commerce (BFC) Agence principale a Moroni Place de france Comoros Tel: +269-7738880-82 Website: www.bfcbanque.com/contact.php

Moroni Branch Place de France PO Box 03 Moroni Comoros Tel: + (269) 773 94 01 / 02 Fax: + (269) 773 94 00 Website: www.eximbank-tz.com

PO Box 235 Mitsamudu Anjouan (autonomous island of Comoros) Tel: + 269 7711265/7711268 Fax: +269 7611298 Website: www.eximbank-tz.com

Les Mutuelles d’Epargnes et de Crédit ya Komor (U-MECK) BP 1234 Volovolo Moroni Moroni Comoros Tel/Fax: +269 773 36 40 Email: umeck@u-meck.org Website: www.u-meck.org

UCCIA Comoros Chambre de Commerce, d’Industrie et d’Agriculture BP 763 Moroni Comoros Tel: +269 730 958 Fax: + 269 73 19 83 Email: secretariat@uccia-comores.com Website: uccia-comores.com

L’Union des Sanduk d’Anjouan Agence de Moroni Website: http://afd.dgmarket.com

Exim Bank Anjouan Branch

Djibouti listings Bank of Africa (BOA Mer Rouge) 10 Place Legarde BP 88 Tel: + 253 21 353016 Fax: + 253 21 351638 Email: secretariat@boamerrouge.com Website: www.bank-of-africa.net

Banque Pour le Commerce et l’Industrie Mer Rouge Siege social Place Lagarde Djibouti Tel: + 253 21 35 08 57 Fax: + 253 21 35 42 60 Email: contact@bcimr.dj Website: www.bcimr.dj

Banque de Dépôt et Crédit de Djibouti Place Lagarde BP 1929 Djibouti Tel: + 253 21 35 35 34 Fax: + 253 21 35 08 80 Email: contact@bdcdjibouti.com Website: www.bcddjibouti.com

Cooperative Agricultural and Credit Bank (CACB) BP 1868 Djibouti Tel: +253 21 35 63 63

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Fax: +253 21 35 67 55 Email: cacibdjb@cacbank.com.ye Website: www.cacbank.com.ye

Dahabshil Bank International Place du 27 Juin B.P. 2022 Djibouti Tel: +253 21 31 19 19 Fax: +253 21 35 53 22 Email: info@dahabshilbank.com Website: http://dahabshilbank.com

Exim Bank of Djibouti PO Box MO 4455 Batimont Ougoul Ave Clemenceau Djibouti Tel: + 253 351514 Email: customercare@eximbank-tz.com Website: www.eximbank-tz.com

International Commercial Bank Immeuble No 15 Place Du 27 Juin Rue D’Ethiopie, Djibouti Tel: + 253 355 006 Fax: + 253 355 003 Email: enquiry@icbank-djibouti.com Website: www.icbank-djibouti.com

Saba Islamic Bank (SIB)

Arab British European Banking & Finance Guide

Place du 27 juin (Immeuble Yassin Yabeh) BP 1972 Djibouti Tel: + 253 35 57 77 Fax: + 253 35 77 70 Email: DjSaba@SabaBank.com

Salaam African Bank Avenue Pierre Pascal PO Box 2550 Djibouti Tel: +253 21351544 Fax: +253 21351534 Email: info@banksalaam.com Website: www.banksalaam.com

Shoura Bank Marseille Street Transmaritime Building Djibouti Tel/Fax: + 253 355407 Mobile: + 253 649538 Website: www.shouragroup.com

Egypt listings Abu Dhabi Islamic Bank National Development Bank Building Al Borsa Al Gedida Street Tel: 00 20 2 2393 6039 Fax: 00 20 2 2390 5681 Email: nbd@internetegypt.com Website: www.nbdegypt.com Banking, asset management, investment banking and investment firms and funds

African Export-Import Bank African Export-Import Bank Building 72 (B) El Maahad El Eshteraky Street Heliopolis Area, PO Box 613 Cairo 11757 Tel: 00 20 2 2456 4100 / 4101 / 4102 Fax: 00 20 2 2456 4110 / 2451 5008 Email:info@afreximbank.com Website: www.afreximbank.com General financial services, investment services

Alexandria National Company for Financial Investment Building 73, 4th Floor Al Hurryah Street 27, PO Box 578 Alexandria 21121 Tel: 00 20 3 494 6099 / 392 4420 Fax: 00 20 3 391 3354 Email:alexinv2008@yahoo.com Website: www.anffi.net/ Investment banking, asset management, investment firms and funds

Alexbank Bank of Al Alexandria Building 49 Kasr Al Nil Street, Down Town Area Cairo 11511 Tel: 00 20 2 2399 2000 Fax: 00 20 2 2390 7793 Email: customer_support@alexbank.com Website: www.alexbank.com Banking, asset management, investment banking

Ahli United Bank Egypt Building 81, El Tesseen Street, 3rd floor 5th Settlement Area, PO Box 413 Cairo 1191 Tel: 00 20 2 2614 9600 / 9700 Fax: 00 20 2 2613 5160 Email: Egypt.CallCenter@AhliUnited.com Website: www.ahliunited.com Banking, asset management

Arab African International Bank 5 Midan El Saray El Koubra Street Garden City Area, PO Box 60 Cairo 11516 Tel: 00 20 2 792 2881 / 2883 / 2882 Fax: 00 20 2 795 8493 Email:inquiry@aaib.com Website: www.aaib.com Corporate, retail and investment banking

Allianz Life Assurance Company Saridar Building, 92 Tahrir Street, Dokki Area Cairo Tel: 00 20 2 3760-5445 Fax: 00 20 2 3760-5446 Email: info@allianz.com.eg Website: www.allianz.com.eg Insurance

Al Ahly for Development and Investment Maadi Royal Residence Tower, 4th Floor 37 Corniche Al Nil Street, Maadi Area Cairo Tel: 00 20 2 2578 0791/ 0792 Fax: 00 20 2 2578 0793 Email:adi@adi-alahly.com Website: www.adi-alahly.com Asset management, investment banking, investment firms and funds

Al Baraka Bank Egypt Building Number 60 Mohieddine Abu Al Ezz Street Dokki Area, PO Box 455 Giza 12311 Tel: 00 20 2 3748 1777 / 1222 Fax: 00 20 2 3761 1437 / 1436 / 1453 Email: central@albaraka-bank.com.eg Website: www.albaraka-bank.com.eg Banking asset management

Arab Banking Corporation Egypt Al Saleh Ayoub Street, Zamalek Area PO Box 64 Cairo Tel: 00 20 2 736 2684 / 4254 Fax: 00 20 2 736 3643 / 3614 Email: abcegypt@arabbanking.com.eg Website: www.arabbanking.com Investment, merchant and retail banking

Arab International Bank Arab International Bank Building Abdel khalek Sarwat Street 35 Down Town Area, PO Box 1563 Cariro 11511 Tel: 00 20 2 2391 8794 / 6391 / 6492 Fax: 00 20 2 2391 6233 / 2319 Email: aibweb@aib.com.eg Website: www.aib.com.eg Banking, asset management and investment banking

Arab Investment Bank Cairo Sky Building 8 Abdul khalek Tharwat Street, PO Box 826 Cairo Tel: 00 20 2 576 0031 / 577 0376 / 575 0421 Fax: 00 20 2 577 0329 / 575 2761 Email:arinbank@mst1.mist.com.eg Website: www.aibegypt.com Commercial and investment banking services

Al Watani Bank of Egypt Ramdouh Building 13Themar Street Mohandessin Cairo Tel: 00 20 2 3338 8816 / 8817 Fax: 00 20 2 3337 9302 Email:service.quality@alwatany.net Website: www.alwatany.net Commercial, Islamic and investment banking

Banque du Caire Banque du Caire Building 6 Dr Mustafa Bou Zahra Street, Nasr City Cairo Tel: 00 20 2 2264 7997 / 8401 Fax: 00 20 2 2403 7288 Email: intl.division@bdc.com.eg Website: www.bdc.com.eg Commercial banking

Banque Misr Banque Misr Building, 151 Mohammed Farid Street Cairo 11511 Tel: 00 20 2 2391 2150 Fax: 00 20 2 2594 1854 / 2393 1024 / 2391 9779 Email: info@banquemisr.com Website: www.banquemisr.com Banking, asset management, investment banking

Barclays Bank Egypt Building 12, Midan Al Sheikh Youssef Street Maglis Al Shaab, Garden City Area 110 Cairo Tel: 00 20 2 2366 2600 / 2529 6100 Fax: 00 20 2 2366 2615 Email:yourvoice@barclays.com Website: www.barclays.com.eg Banking, investment banking

BDO Khaled and Company Building 1, 10th Floor, Wadi Al Nil Street Mohandiseen Area, PO Box 110 Giza 12655 Tel: 00 20 2 3303 0701 Fax: 0020 2 3303 2228 Email: info@bdo.com.eg Website: www.bdoegypt.com General financial services, investment banking, business services

Beltone Financial Nile City Towers, South Tour 7th Floor Corniche El-Nil Cairo Tel: 00 20 2 3535 7700 Fax: 00 20 2 3537 0677 Email: assetmanagement@beltonefinancial.com Website: www.beltonefinancial.com Asset management, Brokerage, private equity, investment banking and research

BLOM Bank Egypt BLOM Bank Egypt Building, 61 BLOM Bank Building The 5th Compound, Ninety Street, New Cairo PO Box 410 El Tagamoaa El Khames Cairo Tel: 00 20 2 3332 2770 / 2701 Fax: 00 20 2 3749 4508 / 4168 Website: www.blombankegypt.com Email: blomcallcenter@blombankegypt.com Banking

BNP Paribas Le Caire Bank Audi Egypt Bank Audi Building, Cairo Alexandria Desert Road Pyramids Heights Office Park PO Box 300 6th of October City 12556 Tel: 00 20 2 3534 3300 Fax: 00 20 2 3536 2120 Email:contactus.egypt@banqueaudi.com Banking, asset management and investment banking

Plot 85 - Block G Building 90th Street, Fifth Settlement Road City Centre Sector A Area Cairo Tel: 00 20 2 2794 8324 / 8325 Fax: 00 20 2 2795 2906 Email: bnppegypt@bnpparibas.com Website: www.egypt.bnpparibas.com Banking, asset management and investment banking

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Egypt listings Cairo Capital Group

Concord Corporate Finance

Egypt Factors

Building Number 4 Latin America Street, Garden City Cairo Tel: 00 20 2 2797 4333 Fax: 00 20 2 2797 4344 Website: www.cairocapitalgroup.com Asset management and investment banking

Concord Corporate Finance Building 9 Hod El Laban Strip Road Garden City Area, PO Box 11451 Cairo Tel: 00 20 2 2792 4718 / 4737 / 4733 Fax: 00 20 2 7924 3248 Website: www.concordcf.com Email: info@concordcf.com Investment banking

Bloc H Building, Street 11 Public Free Zone Area Nasr City Tel: 00 20 2 2671 9358 Fax: 00 20 2 2672 0986 Email: info@egyptfactors.com Website: www.egyptfactors.com General financial services

Cairo Financial Holding Nady Al Asima Building, 11th Floor 9 Rostom Street, Garden City Area Cairo Tel: 00 20 2 2792 4281 / 4282 / 4283 Fax: 00 20 2 2792 4284 Email: info@cf-holding.com Website: www.cf-holding.com Investment banking, investment firms and funds

Central Bank of Egypt 54 El Gomhoreya Street, Downtown Area Cairo 11511 Tel: 00 20 2 2770 2770 / 1770 Fax: 00 20 2 2391 7168 / 2392 8693 Email: info@cbe.org.eg Website: www.cbe.org.eg Central banking and monetary authorities

AIG Egypt Insurance Company 44 Abdel Moniem Riad Street First Floor, Mohandessin Giza, Egypt Tel: 00 20 2 3308 2000 Fax: 00 20 2 3308 2010 Email: AskAIG@AIG.com Website: www.aig.com Insurance Services, all Lines

Citadel Capital Four Seasons Nile Plaza Office Building, 3rd Floor 1089 Corniche El Nil Garden City Area Cairo 11519 Tel: 00 20 2 2791 4440 Fax: 00 20 2 2791 4448 Email:info@citadelcapital.com Website: www.citadelcapital.com Investment banking, asset management, investment firms and funds

Commercial International Bank Nile Tower Building 21-23 Charles de Gaulle Street Giza Area, PO Box 2430 Cairo Tel: 00 20 2 3747 2000 Fax: 00 20 2 3570 3172 / 3632 Email:info@cibeg.com Website: www.cibeg.com Banking, asset management, investment banking, investment firm and funds, securities brokers and traders

Egypt Kuwait Holding Company Corporate Leasing Company Egypt Corporate Leasing Company Egypt Building B2112 Alexandria Desert Road Smart Village Area, 6th of October City Tel: 00 20 2 3531 1000 Fax: 00 20 2 3537 0692 Email: info@corplease.com.eg Website: www.corplease.com.eg General financial services

CrĂŠdit Agricole Egypt Building Number 4, 1st - 3rd Floor Hassan Sabri Street, Zamalek Area, PO Box 1825 Cairo 11511 Tel: 00 20 2 3332 9300 Fax: 00 20 2 2738 0450 Website: www.ca-egypt.com Banking, asset management and investment banking

Delta Insurance Company Delta Insurance Company Building Hassan Mohammed Al Razaz Street 14 Al Agouza Area Giza Tel: 00 20 2 3335 2045 Fax: 00 20 2 3335 8990 Email: deltain@starnet.com.org Website: www.deltains.org Insurance Services, including property and retail

Egyptian Arab Land Bank Egyptian Arab Land Bank Building Gameat El Dowal El Arabeya Street 78 Mohandessin Area Giza Tel: 00 20 2 3338 3691/ 3579 / 9214 Fax: 00 20 2 3338 3569 Email: mortage@eal-bank.com Website: www.eal-bank.com Banking

Egyptian Banks for Technological Advancements 10 Evergreen Tower Talaat Harb Street, Floor 15 Downtown Cairo Tel: 00 20 2 3579 3070 Website: www.egyptianbanks.com Regulatory and administrative bodies

Egyptian Financial Supervisory Authority Deutsche Bank Egypt Deutsche Bank AG Representative Office, 90 Street North, 5th Settlement, New Cairo, 1st Floor Dokki,Giza 123111, PO Box 2306 Cairo 11511, Arab Republic of Egypt Tel: 00 20 2 33336340 Fax: 00 20 2 33336343 Website: www.db.com/mena/index.htm Investment banking and asset management

5th Floor 5A - 84 B Alex Desert Road Km 28 Alex Road Smart Village PO Box 12577 Cairo Tel: 00 20 2 3537 0040 Fax: 00 20 2 3537 0041 / 3534 5544 Email: info@efsa.gov.eg Website: www.efsa.gov.eg Regulatory and administrative bodies

EFG-Hermes Holding Building B129, Cairo Alexandria Desert Road 6th October Area Giza 12577 Tel: 00 20 2 3535 6499 / 7200 Fax: 00 20 2 3535 7111 Email:corporate@efg-hermes.com Website: www.efg-hermes.com Investment banking, asset management, investment firms and funds, securities brokers and traders

Compass Capital

E-finance

Building 2, Wadi El Nile Street Al Mohandeseen Area Giza 12655 Tel: 00 20 2 3305 0700 Fax: 00 20 2 3305 0711 Email:info@compass-cap.com Investment banking, asset management, investment firms and funds

Smart Village, Building B17, KM 28 Cairo-Alex Desert Road, Postal Code 12577 Tel: 00 20 2 3827 1400 Fax: 00 20 2 3827 1499 Website: efinance.com.eg Establishment, implementation, management and technical outsourcing of facilities and financial services

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Delta Insurance Tower 14 Hassan Mohammed Al Razzaz Street Agouza Area Tel: 00 20 2 3336 3300 Fax: 00 20 2 3335 8989 Email: info@ekholding.com Website: www.ekholding.com Investment firms and funds

Arab British European Banking & Finance Guide

Egyptian Gulf Bank Ahmad Nasim Street Al Orman, PO Box 56 Giza Tel: 00 20 2 3336 8357 / 8359 / Fax: 00 20 2 3349 0002/ 3360 6512 Email: egb@egbbank.com.eg Website: www.egbbank.com.eg Banking, asset management, investment banking and investment firms and funds

Egyptian Housing Finance Company Building 4, 4 Syria Street Mohandessin Area Tel: 00 20 2 3748 8932 Fax: 00 20 2 3748 8907 Email: eelkady@ehfc.com.eg Website: www.ehfc.com.eg General financial services

Egypt listings El Kahera El Watania Investment Al Tahrir Tower, 1st Floor 9 Al Tahrir Street Dokki, PO Box 97 Giza Tel: 00 20 2 3336 1751 Fax: 00 20 2 3336 1759 Investment banking, asset management

El Rashad Asset Management Giza El Fotouh Tower, 8th Floor 56 Gammat El Dewal El Arabia Street Mohandessin Area Cairo Tel: 00 20 2 3336 0275 Fax: 00 20 2 3337 7742 Email:elrashad@elrashad.com Website: www.elrashad.com Asset management

Website: www.fact-eg.com Investment banking, business services

Faisal Islamic Bank of Egypt 26th July Street, Dokki Area Cairo Tel: 00 20 2 2786 8939 / 8723 / 8724 Fax: 00 20 2 2786 6744 Email: cairo@faisalbank.com.eg Website: www.faisalbank.com.eg Banking and asset management

International Company for Leasing Building 9, Abdulmoniem Riad Street Al Mohandeseen Area Tel: 00 20 2 3336 6808 Fax: 00 20 2 3336 6801 Email: incolease@incolease.com Website: www.incolease.com General financial services

Khodeir Consulting

Fifth Floor , 71 Musadak Street, Dokki Giza Tel: 00 20 2 3749 5757 Fax: 00 20 2 3335 8978 Email:invest@fincorpinvestment.com Website: www.fincorpgroup.com Investment banking

Khodeir Consulting Building, 4th Floor Abdulaziz Street 16 Downtown Area, PO Box 1155 Cairo Tel: 00 20 2 2393 7112 Fax: 00 20 2 2391 6235 Email: Ahmed@khodeir-consulting.com Website: www.khodeir-consulting.com General financial services, investment banking, business services

Grand Investment Capital

Marsh (Middle East) Limited

Building Number 8, 4th Floor 58 Gzeret Elarab Street, Mohandeseen Area Giza Tel: 00 20 2 3305 4742 / 4743 Fax: 00 20 2 3305 4749 Website: www.grandinvestmentcapital.com Investment banking, asset management, securities brokers and traders

Building 14, Wadi Al Nile Street, Mohandiseen Area Giza Tel: 00 20 2 33(0)5 3881 Fax: 00 20 2 33(0)5 3882 Website: www.marsh.com Insurance

Fincorp Investment Holding

Enmaa Financial Services Building Number 190, 7th Floor Nile Street, Agouza Area Giza Tel: 00 20 2 3347 1222 / 3344 8620 Fax: 00 20 2 3664 2405 Email:info@enmaafs.com Website: www.enmaafs.com Investment banking

Ernst and Young Egypt 10 A Building, Floor 6 and 7 Ring Road, 37 El Ahrar Street Kattamiya Area, PO Box 20 Cairo Tel: 00 20 2 2726 0260 Fax: 0020 2 2726 0100 Email:cairo.office@eg.ey.com Website: www.ey.com Investment banking, general financial services, business services

HC Securities and Investment

Export Credit Guarantee Company of Egypt

Housing & Development Bank

Real Estate Bank Building 5 El Nasr Road Nasr City, PO Box 11371 Tel: 00 20 2 2263 6740 / 6745 / 6762 Fax: 00 20 2 2263 6825 Email: ecge@ecgegypt.net Website: www.ecgegypt.net General financial services

Building B224-F15 Cairo Alexandria Desert Road Smart Village Area 12, PO Box 12577 Tel: 00 20 2 3535 5999 Fax: 00 20 2 3535 5998 Email:info@hc-si.com Website: www.hc-si.com Investment banking, asset management, investment firms and funds

12 Syria Street, Al Mohandessin Giza Tel: 00 20 2 3749 2014 / 2015 Fax: 00 20 2 3839 5292 Email:hdbank@hdb-egy.com Website: www.hdb-egy.com Housing and financial services, corporate and personal banking

Export Development Bank of Egypt Building 108 Mohieddine Abu Al Ezz Street Dokki Cairo 12311 Tel: 00 20 2 3761 9006 Fax: 0020 2 3338 5938 Email:info@edbebank.com Website: www.edbebank.com Banking, asset management, investment firms and funds

FACT Financial Advice Corporate Transactions 52 Gameat El Dowal El Arabia Street Mohandessin Giza Tel: 00 20 2 3761 5185 Fax: 00 20 2 3761 5186 Email:fact@fact-eg.com

Banque Misr Tower, Mohammed Farid Street 153 Opera Square Area Tel: 00 20 2 2391 7299 / 2395 7312 Fax: 00 20 2 3393 9430 Email: webmail@mshawki.com Website: www.mazars.com.eg General financial services and securities brokers and traders

Misr Financial Investments Company Mohandisin Tower, 21st Floor 56 Gameat Al Dowal Al Arabia Street Mohandessin, PO Box 259 Cairo 12311 Tel: 00 20 2 3335 4692 Fax: 00 20 2 3749 3374 Email: mfic@mfic-sae.com Website: www.mfic-sae.com Investment banking, asset management, securities brokers and traders

Misr Iran Development Bank HSBC Bank Egypt

Export Development Bank of Egypt

Mazars Mostafa Shawki and Company

Building 306, Corniche Al Nil Street Maadi Area, PO Box 124 Cairo Tel: 00 20 2 2529 8751 Fax: 00 20 2 2529 8080 Email: ibcegypt@hsbc.com Website: www.hsbc.com.eg Banking, asset management, investment banking

Industrial Development & Workers Bank of Egypt

Nile Tower, Charles Degaulle Avenue 21 Orman Area Giza Tel: 00 20 2 3572 7311 Fax: 00 20 2 3570 3463 / 1185 Email: midb@midb.com.eg Website: www.midb.com.eg Finance and management of development projects; full range of investment and commercial banking services

NAEEM Holding Investments

110 Al Galaa Street Cairo Tel: 00 20 2 577 2468 / 1509 Fax: 00 20 2 575 1227 / 2578 Email: rch@idbe-egypt.com Website: www.idbe-egypt.com Integrated banking services to industrial sectors and commercial activities

Naeem Holding Building Lebanon Street 40, Mohandessin Area Giza 12411 Tel: 00 20 2 3300 5100 / 5200 Fax: 00 20 2 3346 9276 Email: naeemholding@naeem.eg Website: www.naeemholding.com Investment banking, asset management, investment firms and funds, securities brokers and traders

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Egypt listings Nasser Social Bank National Social Bank Building 35 Kasr Al Nil Street Cairo Tel: 00 20 2 2394 4484 / 2393 2113 / 2392 2126 Fax: 00 20 2 2392 2126 Website: www.nsb.gov.eg Banking, industrialm agricultural and commercial investment

National Bank of Egypt National Bank of Egypt Building Cornishe Al Nile Street Cairo Tel: 00 20 2 2594 5000 Fax: 00 20 2 2594 5137 Email: nbe@nbe.com.eg Website: www.nbe.com.eg Banking, asset management, investment banking and investment firms and funds

National Bank of Greece 32, Haroun St , Mesaha Sq, Dokki Giza Tel.: 00 20 2 33312400 Fax: 00 20 2 33370579 Website: www.nbg.com.eg

National Investment Bank 18 Abdulmajid Al Remaly Street Bab Al Louk Area Cairo Tel: 00 20 2 2794 1336 / 4903 Fax: 00 20 2 2796 2004 Investment firms and funds

National Real Estate Bank for Development 5 A Building, Garnata Street Roxy Area New Cairo Tel: 00 20 2 2259 4065/ 2257 4232 Fax: 00 20 2 2259 2770 Real estate management, construction and design

Email: info@orix-egypt.com Website: www.orix-egypt.com General financial services

Pharos Holding for Financial Investments Building 4 A, 20th Floor Abu Aboalseta Street, Zamalek Area Cairo 11211 Tel: 00 20 2 2739 3670 Fax: 00 20 2 2735 0661 Email: info@pharosholding.com Website: www.pharosholding.com Investment banking, asset management, securities brokers and traders

Piraeus Bank Egypt Smart Village, Building B227 and B228 Cairo Alexandria Desert Road 6th of October City 12577 Tel: 00 20 2 3535 4000 Fax: 00 20 2 3535 4235 Email: info@piraeus.com.eg Website: www.piraeusbank.com.eg/ Banking, asset management

Prime Capital Portfolio Managers Liberty Tower Building 2 Wadi El Nil Street Mohandessin Area, PO Box 114549 Giza Tel: 00 20 2 3300 5770 Fax: 00 20 2 3305 4611 Email: primegroup@primegroup.org Website: www.primeegypt.com Investment banking and asset management

Pylon SAE - The Consultancy Group for Corporate Restructuring and Development 1095 Corniche El Nil Cairo 11451 Tel: 00 20 2 2795 9834 Email:info@pylonholding.com Website: www.pylonholding.com Investment banking

National Societe General Bank (NSGB) Building No 5 Dar Champelion Street Down Town, PO Box 2664 Cairo 11111 Tel: 00 20 2 2770 7000 / 7777 Fax: 00 20 2 2770 7099 / 7799 Email: info@nsgb.com.eg Website: www.nsgb.com.eg Retail banking, asset management, SME services, corporate and investment banking

Rasmala Egypt Secuities

Olympia Group for Financial Investments

Scotiabank

Olympic Group for Financial Investments Building Ramsis Street Extension Nasr City Tel: 00 20 2 2488 0880 Fax: 00 20 2 2488 0888 Email: info@og.com.eg Website: www.olympicgroup.com Investment firms and funds

3 Ibn Arhab Street, PO Box 656 Giza Tel: 00 20 2 3747 9800 / 9801 / 9802 Fax: 00 20 2 3747 9807 / 9808 Email:bns.cairo@scotiabank.com Website: www.scotiabank.com Broad range of trade finance and commercial services

Building 225, 3rd Floor Masr Al Iskandariyah Desert Street Smart Village Area Cairo 12411 Tel: 00 20 2 3537 0575 Fax: 00 20 2 3537 0570 Email: egypt@rasmala.com Website: www.rasmalaegypt.com Asset management and securities brokers and traders

Cairo Center Building 2 Abdulkader Hamza Street Garden City Area Tel: 00 20 2 2792 2757 / 2758 / 2759 Fax: 00 20 2 2792 2760

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Silk Invest 24 Iskandar Al Akbar Street, Heliopolis Area Cairo Tel: 00 20 2 2417 6826 Website: www.silkinvest.com Asset management and investment firms and funds

Societe Arabe International de Banque 56 Gamet El Dowal El Arabia Street Mohandessin, PO Box 124 56 Giza Tel: 00 20 2 3332 5000 Fax: 00 20 2 3336 3244 Emial: info@saib.com.eg Website: www.saib.com.eg Banking, asset management and investment banking

Standard Chartered Egypt El Sheikha Fatma Street City Stars Office Buildings, Star Capital 2 2nd Floor, Office 21/22 Heliopolis, Cairo Tel: 00 20 2 248 011 50 Fax: 00 20 2 248 011 60 Website: www.standardchartered.com Banking

Suez Canal Bank 7-9 Abdulkader Hamza Street Street Garden City Cairo Tel: 00 20 2 2794 3433 / 5394 Fax: 00 20 2 2794 2013 Email: info@scbank.com.eg Website: www.scbank.com.eg Commercial banking

Tanami Financial Advisory Company First Floor, 15G Taha Hussein Street, Zamalek Cairo 11211 Tel: 00 20 2 2735 6306 Fax: 00 20 2 2736 6061 Email: info@tanamiegypt.com Website: www.tanamiegypt.com Advice on mergers, acquisitions divestitures and privatisation trnsactions equity: advice on capital raising, corporate restructuring and private placement

Union National Bank - Egypt Evergreen Tower, 1st and 5th Floor 10 Talaat Harb Street, City Center Area Cairo Tel: 00 20 2 2578 0702 / 0704 / 0703 Fax: 00 20 2 2579 8515 Email: info@unb-egypt.com Website: www.unb-egypt.com Retail banking, loans including car, education and mortgage loans

The United Bank Sigma Capital

ORIX Leasing Egypt

Email:securities@sigma-capital.com Website: www.sigma-capital.com Investment banking, asset management, securities brokers and traders

Sigma Capital Building 37 Gameat El Dowal El Arabeya Street Mohandessin, Giza Area Cairo 12411 Tel: 00 20 2 3335 5353 Fax: 00 20 2 3335 0066

Arab British European Banking & Finance Guide

Building Number 106, Kasr El Ein Street, Downtown Cairo Tel: 00 20 2 2792 0146 / 0148 / 0147 Fax: 00 20 2 2792 0153 Website: www.theubeg.com Banking, investment banking, securities brokers and traders

Iraq listings Abu Dhabi Islamic Bank (ADIB) Building 20, Street 30 Arsat lndian Main Street Al Mahalla Area 929 Baghdad Tel: +9641 717 8565 Fax: +9641 7178588 Email: ADIBIRAQ@adib.ae Website: www.adib.ae Personal, business and wholesale banking

Agricultural Cooperation Bank Al Rasheed Al Senak St Baghdad 8164768 Tel: +964 1 8189081 Mobile: +964 07903593290 Website: www.agriculturalbank.gov.iq Personal and commercial accounts; cash deposits from institutions, companies and individuals; on-order deposits; financing commercial activities

Ahlia Insurance Company Al Tahreat Square 80 Street Baghdad Tel: +964 07705 855715 Email: info@aic-iraq.com Website: www.aic-iraq.com Insurance services, life and non-life

Al-Bilad Islamic Bank Al Houriya Square Al Karada Al Sharqiya Jadiriyah Area Baghdad Tel: +964 1 7780322 Fax: +964 1 7783456 Email: mainbranch@bilad-bank.com Website: www.bilad-bank.com Islamic banking and investment services

Baghdad Tel: +964 1 717 3686 / 07901911374 Fax: +964 1 7191014 Email: info@babylonbank-iq.com Website: www.babylonbank-iq.com Commercial projects, trade finance and personal banking

Bain Alnahrain Investment Company Building 132 Street 30 Arasat Al Hindiya Area Baghdad Tel: +964 1-778-4592 Email: info@bain-alnahrain.com Website: www.bain-alnahrain.com Asset management, corporate recapitalisation, mergers and acquisitions, corporate finance, IPOs and bond offerings

Bank of Baghdad Karrada Kharej Street Alwiya Area Baghdad, PO Box 3192 Tel: +964 1 717 5007 Fax: +964 1 717 5006 Email: credit.info@bankofbaghdad.com Website: www.bankofbaghdad.com Personal and commercial accounts; cash deposits from institutions, companies, bureaus and individuals; on-order deposits; financing commercial activities; Bank intermediation in selling and purchasing client checks

Bank of Beirut and the Arab Countries (BBAC) 60 Meter St End of Iskan Tunnel Erbil Tel: + 964 2574300/400/500 Email: ziad_hassan@bbac.com.lb Website: www.bbac.com.lb Personal and business banking

Bank of Huda Al-Karada Neighbourhood Alouhda 902/ Alley-12 Building-14 Baghdad Email: info@alhudabank.com Website: www.alhudabank.com Personal and commercial banking, current accounts and savings, letters of credit, credit facilities for foreign export, and money transfers

Banque Libano Francaise Ashur International Bank for Investment Al Tufaha Furniture Building Oqba Bin Nafeh Square Qhusum Area Baghdad PO Box 3636 Tel: +964 714 3313339 Fax: +964 714 3320660 Email: info@ashurbank.com website: www.ashurbank.com Retail, private, business, corporate, investment banking and real estate finance

Babylon Bank Building 22 91 Al Saadoon Street Mahla 101

Baghdad/ Arsat Replaced-929/ Alley-27 House-111 Baghdad Tel: +964 1 7171722/7171723/7173697 Fax: +964 1 7170996 Email: baghdadbr@bmi.ir Website: www.bmi.ir Money transfers, import and export services, foreign exchange facilities

Byblos Bank Street 60 Near Sport Stadium Erbil PO Box 34-0383 Tel: +964 66 2233457 Fax: +964 66 2233458 Email: erbilbranch@byblosbank.com.lb Website: www.byblosbank.com Commercial and consumer banking, capital markets

Central Bank of Iraq Central Bank of Iraq Building Al Rashid Street PO Box 64 Baghdad Tel: +964 1 816 5172 Fax: +964 1 816 6802 Email: cbi@cbi.iq Website: www.cbi.iq Managing currency, ensuring financial stability, issuing licenses, regulating and supervising the countryâ&#x20AC;&#x2122;s banking sector

Cihan Bank for Islamic Investment & Finance

Arab Banking Corporation (BSC) Al Saadon St Al Firdaws Square National Bank of Iraq Building Baghdad Tel: + 964 1 7173774 / 7173776/ 5439617 Mob: +964 7903600518 Fax: +964 1 717 3364 Email: webmaster@arabbanking.com Website: www.arabbanking.com Retail, international wholesale and commercial banking, project finance, corporate banking, trade finance and treasury products

Bank Melli Iran

9/89 Building, Street 18 Alkaradah Baghdad Tel: +964 7812 566786 Email: elias.azar@eblf.com Website: www.eblf.com Retail, SME, corporate and private banking, treasury and capital markets, investment

Bank Med Karrada East , Street Seven Palaces Baghdad Tel: +964 770 4849773 / 4 Website: www.bankmed.com.lb Personal and business banking services; corporate, institutional and trade finance

Kirkuk Road Erbil PO Box: 0116-17 Tel: +964 66 2262816 / 18 / 19 Fax: 00964 66 226 28 17 Email: info@cihanbank.com Website: www.cihanbank.com Retail and corporate banking, current and savings accounts, letters of credit, letters of guarantee, foreign exchange

Commercial Bank of Iraq PSC Al-Sadoon Street Baghdad Tel: +964 1 7405583 Fax: +964 1 7184312 Email: commerce_iraq@hotmail.com/ cbiraq@yahoo.com Website: www.ahliunited.com Retail, corporate and private banking, wealth management and treasury

Credit Bank of Iraq Al-Sadoun Building Al-Alwea Near Firdous Square Baghdad Tel: +964 1 718 2198 Fax: +964 1 717 0156 Email: cbi@nbk.com Webste: www.creditbankofiraq.com Personal current and deposit accounts, foreign exchange, stock exchange, loans, financing projects, money transfers and credit

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Iraq listings Credit Libanais

Emerald Bank

Wathiq Square Salman Faaiq Street Baghdad Email: baghdad @creditlibanais.com.lb Website: www.creditlibanais.com.lb/ Investment bank

Sheikh Cholee Street Erbil Tel: +964 66 2500008 / 2223552 Mobile: +964 750 4749167 Email: info@emeraldbank.net Website: www.emeraldbank.net Personal and corporate banking, foreign exchange and money transfers

Dar Es Salaam Investment Bank Building 3 41 Al Nidal Street 103 Al Saadoun Area PO Box 3067 Baghdad Tel: +964 1 7196488 Email: info@desiraq.com Website: www.desiraq.com Personal and corporate banking, account services, local and international payment services, trade services to support importers, financing business, share dealing services on the Iraqi stock exchange

Dijlah and Furat Bank Development & Investment Building No 3 Salman Faiq St, locality 904, Al Wahda Area Baghdad Tel: +964 1 717 7839 Email: info@dfdi-bank.com Website: www.dfdi-bank.com Corporate banking, trade finance, mortgages, current accounts, project finance, SMEs services and business finance

Economy Bank for Investment & Finance House-180 Street 17 14 Ramadan Hay Al-Andalus Area Baghdad Tel: +964 1 543 9937 Fax: +964 1 543 9939 Email: info@economybankiraq.com Website: www.economybankiraq.com Personal and corporate banking, foreign exchange, letters of credit

Elaf Islamic Bank (formerly Barakaat Bank for Investment & Funding) Elaf Islamic Bank Building 4 Street 2 Block 902 Tel: +964 7809 163 728 Fax: 00964 1 7183766 Email: info@eibiq.com Website: www.elaf-islamic-bank.com Personal and commercial banking, current and savings accounts, letters of credit, loans and finance projects in line with Shariah principles, management of investment projects

Erbil Bank for Investment & Finance Arasat Al Hindyia (Main Branch) Baghdad Tel: +964 662235489 Email: Infob@erbilbank.com.iq Website: www.erbilbank.com.iq Personal and commercial banking, current and savings accounts, issuing letters of credit, credit for foreign export, money transfers, bills of exchange, selling and buying foreign currencies, investments

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Gulf Commercial Bank Building 27, Al Sadoon Street East Karada Area Baghdad Tel: +964 1 719 0167 Email: email-gulfbank@gcb.iq Website: www.gulfbankiraq.com Commercial banking services

Email: info-isx@isx-iq.net website: www.isx-iq.net Securities markets

Kurdistan International Bank for Investment & Development Building 66 70 Abdulsalam Al Barzani Street Al Wahda Area Erbil Tel: +44 20 36273428 Fax: +964 66 2531369 Email: erbil@kibid.com Website: kiitsc.com/ Personal, commercial and corporate banking, current and savings accounts, joint or private investment deposits and letters of credit

Mansour Investment Bank International Development Bank for Investment & Islamic Finance Arasat Al-Hindiya Baghdad Tel: 07712080331 Fax: +964 1 7789645 Email: info@idbiraq.com Website: www.idbiraq.com Personal and commercial banking, current and savings accounts, letters of credit, Shariah compliant loans and finance for business, management of investment projects

Iraqi Company for Bank Guarantees Alwiyh Baghdad Tel: +9647902 304007 Email: info@icbg-iq.com Website: www.icbg-iq.com

Iraqi Islamic Bank for Investment & Development Fliss Restaurant Building 14 Ramadan Street Al Mansour District Baghdad Tel: +964 7809146090 Fax: +964 1 543 4542 Email: webmaster@iraqiislamicb.com Website: www.iraqiislamicb.com Personal and commercial banking, current and savings accounts, letters of credit, Shariah compliant loans and finance for business, management of investment projects

Building 51 Street 14 District 904 Baghdad Tel: +964 1-717-5577 Fax: +964 1-717-5514 Email: mansour_bank@yahoo.com Website: www.masourbank.com Private and business banking, securities brokers and traders

Mosul Bank for Development & Investment Left Coast, Centre Road Mosul PO Box 1299 Tel: +964 6081 3090 Fax: +964 6081 5411 Email: headoffice@mosulbank.com Website: www.mosulbank.com Current accounts and savings, deposits, credit and foreign remittances, letters of guarantee, management services, stocks and bonds and investment portfolios

National Bank of Iraq National Bank of Iraq Building 66 Al Saadoun Street, Saadoun Area Baghdad Tel: +964 7902406607 Email: mainbranch@nbirq.com Website: www.nbirq.com Personal current and savings accounts, business accounts, trade finance, credit facilities, transfers, investment banking

North Bank for Finance & Investment Iraqi Middle East Investment Bank Building 65 Street 30 Babylon Sector Baghdad Tel: +964 1-718-8943 Email: Main@iraqimdlestbank.com Website: www.imeib.com Credit facilities, short, medium and long term loans, credit loans for implementing projects and contracts, domestic and international bank guarantees

Building 60, Al Fateh Square Street 11 Baghdad PO Box 3377 Tel: +964 74001 48052 Fax: +964 7400143685 Website: www.northbankiq.com Personal & commercial banking, opening accounts and saving in Iraqi & foreign currencies, issuing letter of credit and guarantee letters, foreign remittance, buying and selling foreign currency.

Northern Gulf for Investment Iraq Stock Exchange Iraq Stock Exchange Building Al Alawiyah Area Baghdad Tel: 07711211522 / 07270094594 Fax: +964 1 7174461

Arab British European Banking & Finance Guide

Al Ameerat Street, Mansour Area Baghdad Tel: +964 78-1407-1147 Email: info@northerngp.com Website: www.northerngp.com Investment firms and funds and investment banking

Iraq listings Parsian Bank

T.Cziraat Bank Asi AS

Babylon Neighborhood, Indian Street Arsat Replaced-929 /Street-30 Baghdad www.parsian-bank.com Islamic banking, deposits and foreign currency services

Baghdad, Waziriya Area 301/ Alley-5 House-19 Tel: +964 7904181390 Email: international@ziraatbank.com.tr Website: www.ziraat.com.tr Retail, SME and commercial banking services

PWC Al-Mansour District, Block 609, Villa 20 Baghdad Tel: +964 780 991 0000 Website: www.pwc.com Audit, tax and consulting

Rafidain Bank Rafidain Bank Building Al Rasheed Street Tel: +964 1-885-7183 Fax: +964 1-816-5035 Website: www.rafidain-bank.org Commercial banking services, consumer and government lending, trade and project finance

Trade Bank of Iraq 608 Al-Yarmouk District, Street 1/Building 20 Baghdad Tel: +964 1 5433561 / 2 / 3 Fax: +964 1 5433560 Email: info@tbiraq.com Website: www.tbiraq.com Commercial projects and trade finance; personal banking

Turkiy Is Bankas1 AS Erbil Branch Website: www.isbank.com.tr International and expatriate banking and capital markets

Rasheed Bank Rasheed Bank Building, Street 25, Area 110 Baghdad Tel: +964 8188921 / 8177976 Fax: +964 1 8826201 Email: rasheed@uruklink.net Website: rasheedbank.gov.iq/e-index.htm Personal and commercial accounts; cash deposits from institutions, companies, bureaus and individuals; financing commercial activities; bank intermediation

Real Estate Bank Karada Outside Replaced-905 /Alley-5, Building 1 Baghdad Website: www.reb-iraq.com Real estate loans, commercial banking and guarantee

Regional Cooperation of the Islamic Bank for Development & Investment PO Box 11-2416, Riad El-Solh 1107 2210 Baghdad Tel: + +961 1 377800 / +961 1 364881/5/7 Fax: +961 1 364927/364952/5 Email: uab@uabonline.org Website: www.uabonline.org/index.php Retail and corporate banking, investment management

Sumer Commercial Bank Building 13, Street 16, Sec 908 Baghdad Tel: +964 1 7196472 Fax: +964 1 7193557 Email: sumerbank99@hotmail.com Website: www.sumerbankiq.com Personal and corporate banking, letters of guarantees, issuing bills of exchange and money transfers

TANA Outsourcing Villa 25B, Italian City Qazi Mohamad Street Erbil Tel: +964 78 0733 1162 Email: info@tanaoutsourcing.com Website: www.tanaoutsourcing.com General financial services

Union Bank of Iraq (formerly Union Bank of Industrial Investment) Building 11 Street 77 Al Karada Area Baghdad Tel: + 964 1 717 8572 Email: ubiq@ub-iq.com Website: www.ubiraq.com Personal current and savings accounts, fixed deposits in Iraqi and foreign currencies, receiving and issuing foreign remittances

United Bank for Investment Building 69 Al Wehda Street 14 Baghdad Tel: +964 1 7173090 / 4047 / 4093 Fax: +964 1 7172919 Email: ubi-mainbranch@unitedbank-iq.net Website: www.unitedbank-iq.net Personal & corporate banking, account services, local and international payment services, trade services, financial services for business, share dealing services on the Iraqi stock exchange

Vakif Bank Gulan Street, Star Tower Erbil Tel: + 964 66 224 6237 Email: firat.kiziler@vakifbank.com.tr Website: www.vakifbank.com.tr Corporate, commercial and small-scale enterprise banking, also retail and private banking services

Warka Investment Bank for Investment and Finance Warka Bank for Investment and Finance Building 10th Floor Khalani Square Baghdad Tel: +964 1 7178444 / 2828 Email: main@warka-bank-iq.com Website: www.warka-bank.com/ Personal current and savings accounts, commercial banking and investment

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Jordan listings Al Alami Group (Holding) Al Alami Building Salman Al Quda Street Sweifiyeh Area Amman Tel: 00 962 7 7799 9797 Fax: 00 962 6 582 8792 Email: info@al-alamigroup.com Website: www.al-alamigroup.com Securities brokers, traders and general financial services

Al Amal Financial Investment Housing Bank Complex, 2nd Floor Queen Noor Street Shmeisani Area PO Box 961598 Amman 11196 Tel: 00 962 6 567 1485 Fax: 00 962 6 566 7993 Email: dmkdmk@go.com.jo Investment banking, securities brokers and traders

Al Bilad Securities and Investment Company Al Rawshidi Centre Arrar Street Wadi Saqra Area Amman 11181 Tel: 00 962 6-553-1900 Fax: 00 962 6-551-8100 Email: info@biladcapital.com Website: www.biladcapital.com Securities brokers and traders and asset management

Al-Hekma Financial Services Housing Bank Complex Queen Noor Street Shmeisani Area Amman Tel: 00 962 6 565 4046 / 47 / 48 Fax: 00 962 6 565 4049 Email: info@alhekma-fs.com Website: www.hekma-fs.com Securities brokers and traders

Al-Nadwa for Financial Services and Investment Housing Bank Complex Queen Noor Street Shmeisani Area Amman Tel: 00 962 6 510 5213 Fax: 00 962 6 510 5217 Email: info@ndwa.com.jo Website: www.ndwa.com.jo Securities brokers and traders

Al Samhouri Exchange Said Five Building Madena Street Waha Area Amman Tel: 00 962 6 554 4599 Fax: 00 962 6 554 4579 Email: info@alsamhouriexchange.com Website: www.alsamhouriexchange.com General financial services

Al Sanabel International for Islamic Investments (Holding) Abu Tawelah Plaza Building Mecca Street

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Amman 11821 Tel: +962 6-580-0500 Fax: +962 6-582-1489 Email: info@sanabel.com Website: www.sanabelintl.com/main/default.aspx

Al-Watanieh for Financial Services Royal Business Center Said Bin Abi Waqath Street Um Uthainah Area Amman Tel: 00 962 6 550 3800 Fax: 00 962 6 550 3801 / 02 Email: info@awraq.com Website: www.awraq.com Securities brokers and traders, asset management and investment banking

AB INVEST (Al Arabi Investment Group Company) Building Number 1, Ground, 2nd Floor Abdullah Bin Rawaha Street Al Rabieh Area PO Box 143156 Amman 11814 Tel: 00 962 6 552 2239 Fax: 00 962 6 551 9064 Email: info@ab-invest.net Website: www.ab-invest.net Investment banking, asset management, securities, brokerage and research

Alami Jordan Exchange Company Khaled Ibn Alwaleed Street 201 Jabal Al Hussain Area Amman Tel: 00 962 6 566 1148 Fax: 00 962 6 567 8402 Email: info@al-alami.com Website: www.alamiexchange.com General financial services

Amwal Invest Jordan Kuwait Bank Building, 14th Floor Al Sherif Nasser Ben Jamil Street Wadi Sakr PO Box 940988 Amman 11194 Tel: 00 962 6 500 0360 Fax: 00 962 6 581 0362 Email: info@amwalinvest.com Website: www.amwalinvest.com Investment banking, securities brokers and traders

Arab Bank Arab Bank Building Shaker Bin Zeid Street Shmeisani Area, PO Box 950545 Amman 11195 Tel: 00 962 6562 1980 / 560 7115 / 560 7231 Fax: 00 962 6567 0564 Email: public@arabbank.com.jo Website: www.arabank.com.jo Commercial banking services

Arab Banking Corporation Queen Noor Street Shmeisani Area, PO Box 926691 Amman 11190 Tel: 00 962 6563 3500 Fax: 00 962 6568 6291 Email: info@arabbanking.com.jo

Arab British European Banking & Finance Guide

Website: www.arabbanking.com.jo Commercial banking, corporate banking, investment and non-credit activities and services

Arab Financial Investment Company Amwal Invest Building Queen Noor Street, Shmeisani Area Amman 11192 Tel: 00 962 6 500 2000 Fax: 00 962 6 569 2423 Email: info@arabinvestco.com Website: www.arabinvestco.com Securities brokers and traders, asset management and investment banking

Arab Jordanian Insurance Group Arab Jordanian Insurance Group Building Wadi Saqra Street, Al Rabieh Area Amman 11184 Tel: 00 962 6 566 6219 Fax: 00 962 6 566 9664 Email: insure@ajig.com Website: www.ajig.com Insurance services, life, non-life, retail and wholesale

Arab Jordan Investment Bank Thaqafah Street Shmeisani Commercial Area, PO Box 8797 Amman 11121 Tel: 00 962 6560 7126 Fax: 00 962 6568 1482 Email: info@ajib.com Website: www.ajib.com Commercial banking, along with investment banking products, retail and corporate finance services

Arab Orient Insurance Company Arab Orient Insurance Building Abdul Meniem Reyad Street Jabal Amman Area Amman Tel: 00 962 6 565 4550 Fax: 00 962 6 565 4551 Email: arabornt@araborient.com Website: www.araborient.com Insurance services, wholesale and Reinsurance

Al Watanieh for Financial Services (also known as AWRAQ Investments) Royal Business Centre, Ground and 1st Floor Said Bin Abi Waqath Street Um Uthainah Area Tel: 00 962 6 550 3800 Fax: 00 962 6 550 3802 Email: info@awraq.com Website: www.awraq.com Investment arm of Cairo Amman Bank; activities include investment banking, asset management, equity, fund management, advisory service, securities brokers and traders

Bank al Etihad Union Bank Building Abd Al Raheem Al Wakid Street Shemeisani, PO Box 35104 Amman 11180 Tel: 00 962 6 560 7011 Fax: 00 962 6 566 6149 Email: info@bankaletihad.com Website: www.bankaletihad.com Personal and corporate banking, investment banking; 32 branches in Jordan and Palestine

Jordan listings Bank of Jordan

Central Bank of Jordan (CBJ)

Abdulhamid Sharaf Street Al Shmeisani Street PO Box 2140 Amman 11181 Tel: 00 962 6569 6277 Fax: 00 962 6569 6291 Email: boj@bankofjordan.com.jo Website: www.bankofjordan.com.jo Retail, corporate services, SMEs, leasing and investment services

King Hussein Street PO Box 37 Amman 11118 Tel: 00 962 6 463 0301/ 0302 / 0303 Fax: 00 962 6 463 8889 / 9730 Email: info@cbj.gov.jo Website: www.cbj.gov.jo Central banking supervisory authority which regulates the various financial institutions and money markets

Jabal Amman Buhutri Street PO Box 811666 Amman 11181 Tel: 00 962 6 464 1644 Fax: 00 962 6 461 5935 Email: amins@beitna.com.jo Website: www.beitna.com Financial services and investment facilities with the focus on real estate, housing and land development in accordance to Sharia principles

Bindar Trading and Investment Company Saad Compound Building Madenah Monaoura Street Amman Tel: 00 962 6 551 8916 Fax: 00 962 6 551 8917 Email: info@bindar-jo.com Website: www.bindar-jo.com General financial services

Citigroup Building 29 Prince Shaker Bin Zeid Street Shmeisani Area PO Box 5055 Amman 11183 Tel: 00 962 6 567 5100 Fax: 00 962 6 567 4888 Website: www.citibank.com Banking, investment banking

Ernst and Young Jordan

Cities and Villages Development Bank 7 CVDB Building Prince Zeid Bin Shaker Street Shmeisani Area PO Box 1572 Amman 11118 Tel: 00 962 6 567 5100 Fax: 00 962 6 567 4888 Email: cvdb@cvdb.gov.jo Website: www.cvdb.gov.jo Credit institution specialised in the development of cities and villages, studying projects and defining priorities

Cairo Amman Bank Cairo Amman Bank Building Wadi Saqra Street PO Box 950661 Amman 11195 Tel: 00 962 6 500 6000 Fax: 00 962 6 500 7100 Email: info@cab.jo Website: www.cab.jo Commercial banking, loans, investment, online trading, money transfer

Delta Insurance Company Delta Insurance Company Building Al Sharif Hussain Bin Ali Street Amman Tel: 00 962 6 463 7092 Fax: 00 962 6 465 4631 Email: info@delta-ins.com Website: www.delta-ins.com Insurance

Dimensions Investments Capital Bank of Jordan Capital Bank Building Issam Ajlouni Street Shmeisani Area PO Box 941283 Amman Shmeisani 11194 Tel: 00 962 6 510 0200 Fax: 00 962 6 569 2062 Email: info@capitalbank.jo Website: www.capitalbank.jo Commercial and investment banking services, fund management, personal banking service

Capital Investments Building 45 Issam Ajluni Street Shmesani Area PO Box 941983 Amman 11194 Tel: 00 962 6 5100200 Fax: 00 962 6 569 2062 Email: info@capitalinv.jo Website: www.capitalinv.jo Investment banking, asset management, securities brokerage, research, corporate financial services

Abu Al Dahab Building Mecca Street Jabal Al Husein Area Amman Tel: 00 962 6 581 0196 Fax: 00 962 6 581 2936 Email: info@dimensions-inv.com Website: www.dimensions-inv.com Investment firms and funds

EFG-Hermes Jordan Building 85 Al Sharif Nasser Bin Jameel Street Shmeisani Area Amman 11193 Tel: 00 962 6 554 3200 Fax: 00 962 6 554 3206 Email: jordan-info@efg-hermes.com Website: www.efg-hermes.com Securities brokers and traders

Egyptian Arab Land Bank (Aqari Bank) Building 100 94 Queen Noor Street Shmeisani Area

Ejada for Financial Investments (FIFCO) Darkom Investments Company Building, 4th Floor 59 Abdulrahim Al Waked Street Shmeisani Area PO Box 962365 Amman 11196 Tel: 00 962 6 562 3116 / 561 3117 Fax: 00 962 6 562 3118 Email: info@fifco.jo Investment banking

Citibank - Jordan Beit Al Mal Saving and Investment for Housing

PO Box 6729 Amman 11118 Tel: 00 962 6 569 1985 Fax: 00 962 6 569 1354 Email: ealb@aqaribank.com Website: www.aqaribank.com Commercial and personal banking activities and insurance products

Ernst & Young Jordan Building 300 King Abdulla Street Jabal Amman 8th Circle Area Amman 11118 Tel: 00 962 6 580 0777 Fax: 00 962 6 553 8300 Email: amman@jo.ey.com Website: www.ey.com Assurance, tax, advisory and transaction advisory services

Etar Consulting (Member of Integra International) 258 Al Madinah Al Monawarah St Suite 407 Amman Tel: 00 962 7 772 26649 Fax: 00 962 6 573 6990 Email: info@etarconsulting.com Website: www.etarconsulting.com General financial services

Excel for Financial Investment Company Building 95 Abdulhamid Sharaf Street Shmeisani Area Amman 11194 Tel: 00 962 6 565 4990 Fax: 00 962 6 567 5951 Email: info@excelinvest.jo Website: www.excelinvest.jo Securities brokers and traders and asset management

The Financial Investment Company for Shares and Bonds Housing Bank Complex Queen Noor Street Shmeisani Area Amman 11194 Tel: 00 962 6 567 1569 Fax: 00 962 6 569 9626 Email: info@fic.com.jo Website: www.fic.com.jo Securities brokers and traders

First Finance First Finance Building King Abdullah II Street Khaldah Area Amman Tel: 00 962 6 550 6740

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Jordan listings Fax: 00 962 6 550 6745 Email: info@ffc.jo Website: www.ffc.jo General financial services

Email: info@investbank.jo Website: www.investbank.jo Banking, asset management, investment firms and funds, investment banking

First Jordan Investment Company

Investment House for Financial Services

Al Husseini Complex 141 Mecca Street Mecca Area Amman Tel: 00 962 6 556 2130 Fax: 00 962 6 556 2129 Email: info@firstjordan.com.jo Website: www.firstjordan.com.jo Investments in Jordan, Palestine, Kuwait and the UK

Park Plaza Building, 8th Floor Salah Al Shemat Street Al Souifiah Area PO Box 2520 Amman 11953 Tel: 00 962 6 568 5525 / 581 6913 / 581 6912 Fax: 00 962 6 568 5344 / 581 6935 Email: info@in-ho.com Website: www.in-ho.com Investment banking, investment firms and funds, securities brokers and traders

Global Investment House - Jordan Global Investment House Building Al Sharif Abdulhamid Sharaf Street Al Shmeisani Area PO Box 3268 Amman 11180 Tel: 00 962 6 500 5060 / 500 5050 Fax: 00 962 6 500 5055 Email: info@global.com.jo Investment banking, asset management, wealth management, brokerage services

Islamic International Arab Bank Wasfi Al Tall Street PO Box 925802 Amman 11190 Tel: 00 962 6 569 4623 Fax: 00 962 6 567 5802 Email: info@iiabank.com.jo Website: www.iiabank.com.jo Commercial banking according to the Sharia principles and Islam laws

Integrated Leadership Group Building 42 Canal Street Tlaâ&#x20AC;&#x2122; Al Ali Area Tel: 00 962 6 516 9058 Fax: 00 962 6 516 9057 Email: info@ilgholding.com Website: www.ilgholding.com General financial services

International Brokerage and Financial Markets International Building, 2nd and 3rd Floor Salman Al Qudah Street Safiya Area PO Box 850757 Amman 11185 Tel: 00 962 6 550 3300 Fax: 00 962 6 585 5362 Email: info@ibfm.jo Website: www.ibfm.jo Investment banking, asset management, securities brokers and traders

Istithmar Financial Services Tantash Building Ilya Abu Madi Street Shmeisani Area Tel: 00 962 6 500 7000 Fax: 00 962 6 561 0555 Email: info@istithmar.jo Website: www.istithmar.jo Securities brokers and traders

Ithmar Invest Square Anshassi Building, 1st Floor 28 State Al Hussari Street Shmeisani Area PO Box 17417 Amman 11195 Tel: 00 962 6 500 1144 Fax: 00 962 6 500 1133 Email: info@ithmarinvest.com Website: www.ithmarinvest.com Investment banking

Housing Bank Complex, 4th Floor Queen Noor Street Shmeisani Area PO Box 930352 Amman 11193 Tel: 00 962 6 569 0977 / 0922 / 0933 Fax: 00 962 6 562 6665 Email: info@ifa-jo.com Website: www.ifa-jo.com Investment banking, securities brokers and traders

Invest Bank Building 43 Abdulhamid Sharaf Street Shmeisani Area PO Box 950601 Amman 11195 Tel: 00 962 6 500 1500 Fax: 00 962 6 568 1410

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3B-Jordan Dubai Capital Building Airport Road, 7th Circle Amman Tel: 00 962 6 592 2900 Fax: 00 962 6 592 2940 Email: info@jdc.jo Website: www.jdc.jo Investment firms and funds and asset management

Jordan Dubai Islamic Bank Islamic Scientific College Street Jabal Amman 2nd Circle, PO Box 1982 Amman 11118 Tel: 00 962 6 460 2110 Fax: 00 962 6 464 7821 Email: info@jdib.jo Website: www.jdib.jo Islamic commercial bank offering personal, corporate, treasury, investment services and internet banking

Jordan Emirates Insurance Company Sheikh Abdulhamid Sharaf Street Shemesani Area Amman Tel: 00 962 6 568 1444 Fax: 00 962 6 568 0599 Email: info@joemirates.com Website: www.joemirates.com Insurance services, wholesale and retail

Jordan French Insurance Company Sherif Abdulhamid Sharaf Street Shemesani Area Amman Tel: 00 962 6 560 0200 Fax: 00 962 6 560 0210 Email: info@jofico.com Website: www.jofico.com Insurance services, mainly retail,

Jordan Insurance Company Jordan Insurance Building, Jabal Amman 3rd Circle Amman Tel: 00 962 6 463 4161 Fax: 00 962 6 463 7905 Email: allinsure@jicjo.com Website: www.jicjo.com Insurance services, all lines

Jordan Investment & Finance Bank Jordan Ahli Bank

International Financial Advisors - Jordan

Jordan Dubai Capital

Queen Noor Street Shmeisani Area, PO Box 3103 Amman 11181 Tel: 00 962 6 563 8800 Fax: 00 962 6 569 9867 Email: info@ahlibank.com.jo Website: www.ahli.com Banking, asset management and investment banking

Al Istithmari Building Issam Ajiouni Street, PO Box 950601 Amman 11195 Tel: 00 962 6 500 1500 Fax: 00 962 6 568 1410 Email: info@investbank.jo Website: www.jifbank.com Commercial banking services, corporate and retail banking, investment banking activities, financial brokerage services, credit and finance services

Jordan Commercial Bank Building 384 8th Circle King Abdullah II Street Al-Rawnaq District, PO Box 9989 Amman 11191 Tel: 00 962 6 520 3000 Fax: 00 962 6 566 4110 Email: jbc@jcbank.com.jo Website: www.jcbank.com.jo Commercial banking activities

Arab British European Banking & Finance Guide

Jordan Investment Trust Abdulmoneim Riyad Street Jabal Amman Area, 3rd Circle, PO Box 911447 Amman 11191 Tel: 00 962 6 550 8888 Fax: 00 962 6 550 8899 Email: information@jordinvest.com.jo Website: www.jordinvest.com.jo Investment banking, asset management, investment firms and funds

Jordan listings Jordan Islamic Bank (JIB) Jordan Islamic Bank Building Shmeisani Area PO Box 925997 Amman 11190 Tel: 00 962 6 567 7107 / 562 3613 Fax: 00 962 6 569 1700 / 562 3612 Email: info@islamicbank.com.jo Website: www.jordanislamicbank.com Finance and investment service

Jordan Kuwait Bank Building 62 Umayya Bin Abdulshams Street Abdali Area PO Box 9776 Amman 11191 Tel: 00 962 6 565 3491 Fax: 00 962 6 566 2374 Email: webmaster@jkbank.com.jo Website: www.jkb.com/ Bank assurance, individual, corporate and private banking; treasury operations

Jordan Loan Guarantee Corporation Chamber of Commerce Building Prince Shaker Bin Zaid Street Shmeisani Area Amman 11183 Tel: 00 962 6 562 5400 Fax: 00 962 6 562 5408 Email: mail@jlgc.com Website: www.jlgc.com General financial services

Jordan Mortgage Refinance Company Jordan Mortgage Refinance Company Building 15 Al Mahdi Bin Baraka Street Shmeisani Area Amman, PO Box 940743 Tel: 00 962 6 560 1417 Fax: 00 962 6 560 1542 Email: jmrc@go.com.jo Website: www.jmrc.com.jo General financial services and banking

Jordan Trade Facilities Company Al Haddad Building Abdullah Bin Masoud Street Shmeisani Amman Tel: 00 962 6 567 1720 Fax: 00 962 6 567 2255 Email: info@jtf.com.jo Website: www.jtf.com.jo General financial services

Kuwait and Middle East Financial Investment Company Al Rabia Tower Abdullah Bin Rawaha Street Al Rabia Area Tel: 00 962 6 550 2929 Fax: 00 962 6 553 1642 Email: kmefic@kmefic.com.jo Website: www.kmefic.com.kw.jo Securities brokers and traders, asset management and investment banking

Mubadala Financial Investment Emaar Towers C Building Zahran Street

Umm Uthaina Area Amman Tel: 00 962 6 592 5252 Fax: 00 962 6 592 7146 Email: info@mubadala.com.jo Website: www.mubadala.com.jo Securities brokers and traders

Website: www.standardchartered.com.jo Banking, asset management, individual, corporate and private banking services

The Arab Assurers (ARAS)

National Microfinance Bank Blom Bank Building Jubaiha Street Al Jubaha Area Amman Tel: 00 962 6 535 8008 Fax: 00 962 6 535 8118 Email: info@nmb.com.jo Website: www.nmb.com.jo Loans for education, health, home improvement and support for SMEs

National Bank of Kuwait Abdul Rahim Al Hajj Mohd Street Hijazi Plaza, Building 70 PO Box 941297 Amman 11194 Tel: 00 962 6 580 04 00 Fax: 00 962 6 580 04 41 Website: www.nbk.com Commercial and investment banking activities

Building 32 Queen Rania Al Abdullah Street Al Shmeisani Area, PO Box 926269 Amman 11110 Tel: 00 962 6 510 0081 Fax: 00 962 6 510 0082 Email: info@arabassurers.com Website: www.arabassurers.jo Insurance services for marine, accident, medical, travel, motor and credit

The Housing Bank for Trade and Finance Parliament Street Abdali Area, PO Box 7693 Amman 11118 Tel: 00 962 6 500 5555 Fax: 00 962 6 569 1675 Email: info@hbtf.com.jo Website: www.hbtf.com Commercial banking services, credit operations, corporate finance, treasury and investment banking, retail banking services, electronic banking products and mortgage loans

Umniah for Financial Investments PwC Jordan Price Water House Coopers “Jordan” Company Building 14 Hazza Al Majali Street 3rd Circle Jabal Amman Area Amman Tel: 00 962 6 500 1300 Fax: 00 962 6 461 0880 Email: amman@jo.pwc.com Website: www.pwc.com General financial services

Shua’a for Securities Trading and Investment Housing Bank Complex Queen Noor Street Shmeisani Area Amman 11190 Tel: 00 962 6 586 8730 Fax: 00 962 6 586 8734 Email: info@shuaa-brokerserv.com Website: www.shuaa-brokerserv.com Securities brokers and traders

Société Générale de Banque Jordanie (SGBJ) Building 30 30 Prince Shaker Bin Zeid Street Shmaisani Area, PO Box 560 Amman 11118 Tel: 00 962 6 560 0300 / 569 5470 Fax: 00 962 6 569 3410 Email: sgbj.webmaster@socgen.com.jo Website: www.sgbj.com.jo Banking, asset management, individual, corporate and private banking services

Standard Chartered Bank Jordan Al-Thaqafa Street Building 2 , PO Box 926190 Amman 11110 Tel: 00 962 6 5607201 Fax: 00 962 6 5654239

Housing Bank Complex Queen Noor Street, Shmeisani Area Amman Tel: 00 962 6 569 9925 Fax: 00 962 6 569 9924 Email: info@umniahinvest.com Website: www.umniahinvest.com Securities brokers and traders

United Financial Investments Company United Financial Investments Company Building Abdulaziz Al Saalibi Street Shmeisani Area Amman Tel: 00 962 6 510 5111 Fax: 00 962 6 569 4026 Email: info@ufico.com Website: www.ufico.com Securities brokers and traders, asset management, general financial services and investment banking

Union Investment Corporation Nebal Building Al Sakafi Street Shemeyssani, PO Box 144064 Amman 11814 Tel: 00 962 6 585 8444 Fax: 00 962 6 582 8040 Email: uic@firstnet.com.jo Website: www.unioninvestco.com Investments in projects and securities

United Insurance Company United Insurance Company Building 35 King Hussein Street Down Town Amman Tel: 00 962 6 464 8513 Fax: 00 962 6 462 9417 Email: uic@united.com.jo Website: www.united.com.jo Insurance services, mainly wholesale

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Kuwait listings Ahli United Bank - Kuwait

Al-Masar Leasing & Investment

Bawabet Al Kuwait Holding Company

Joint Banking Complex, East Tower Mubarak Al Kabir Street Darwazat Abdulrazzak Commercial Area 9 PO Box 71 Kuwait Safat 12168 Tel: 00 965 2231 2000 Email: aubkw@ahliunited.com Website: www.ahliunited.com.kw Banking, asset management, securities brokers and traders

Bourj Bayteck Safat 13050 Kuwait City PO Box 4957 Tel: 00 965 2 2257833 Fax: 00 965 2 2257834 Email: info@masarinvest.com Website: www.masarinvest.com Shariah compliant investment products and services

Khalijiah Tower Safat 13117 Tel: 00 965 2 2458781 Fax: 00 965 2 2426163 Email: info@bakholding.com Website: www.bakholding.com Holding company

Al-Sharq Jaber Al Mubarak St. CRC Building Tel : 00 965 2290 2900965/1805252 Fax : 00 965 22426848 Email: info@altijaria.com Website: www.altijaria.com Commerical property investment

Dar Al Awadi Complex, 25th floor Ahmed Al Jaber Street, Sharq PO Box 21188 Safat 13072 Tel: 00 965 2298 7600 Fax: 00 965 2298 7644 Website: www.me.bnpparibas.com Credit, funding, cash management and services for professionals and enterprises

Ajal Finance and Investment Company

Boubyan Bank

Racan Towers Al Murqab Area Safat 13160 Tel: 00 965 1 822228 Fax: 00 965 2 2320400 Email: info@ajalfinance.com Website: www.ajalfinance.com General financial and investment

Al Hamad Towers Building 3 Abu Bakr Al Siddiq Street Al Qibla Area PO Box 25507 Kuwait Safat 13116 Tel: 00 965 2 232 5000 Fax: 00 965 2 245 4263 Email: info@bankboubyan.com Website: www.bankboubyan.com Asset management, investment banking, personal and corporate banking services, e-banking, travel insurance

Al-Tijaria Commercial Real Estate Company Al Ahli Bank of Kuwait Ahmed Al Jaber Street Safat Square Area PO Box 1387 Kuwait Safat 13014 Tel: 00 965 241 1100 / 240 0900 Fax: 00 965 242 4557 / 2241 7284 Email: headoffice@abkuwait.com Website: www.eahli.com Commercial banking and financial services and treasury

Al Aman Investment Company Al Dhow Towers, 11th-13th Floor Khaled Bin Waleed Street Sharq Area, PO Box 12466 Kuwait Shamiya 71655 Tel: 00 965 1 822626 Fax: 00 965 2 2497962 Email: info@alaman.com.kw Website: www.alaman.com.kw Investment banking, asset management, investment firms and funds services, securities brokers and traders

Al Dar Asset Management Company Arraya Centre, 30th Floor Al Shuhada Street Al Sharq Area PO Box 27965 Kuwait Safat 13140 Tel: 00 965 1 807666 / 188 8866 Fax: 00 965 2 2324321 Email: adam-asset@adamco.com Website: www.adamco.com Investment banking, asset management, global investment services

Al Fawares Holding Darwaza Tower 51 Mubarak Al Kabir Street Al Sharq Area PO Box 2283 Kuwait Safat 13023 Tel: 00 965 1 845854 Fax: 00 965 2 4817300 Email: alfawares@alfawares.com.kw Website: www.alfawares.com.kw Private equity investments

Arab Investment Company Al Emad Commercial Centre, 4th and 5th Floor Ahmad Al Jaber Street Sharq Area PO Box 26630 Safat 13127 Tel: 00 965 2 2249999 Fax: 00 965 2 2246887 Email: info@arabinv.com Website: www.arabinv.com Investment banking and asset management

Bahrain Exchange Company (BEC) Al Hajeri Building Al Shuhada Street Murgab Area Safat 13152, PO Box 29149 Tel: 00 965 1 824000 Fax: 00 965 2 2401859 Email: infocust@bec.com.kw Website: www.bec.com.kw Retail, international payments, foreign currency

Baker Tilly Kuwait PO Box 1486 Safat 13015 Tel: 00 965 2 2442333 Fax: 00 965 2 2461225 Email: info@bakertillykuwait.com Website: www.bakertillykuwait.com General financial services, audit, tax and consulting

Alghanim Easy Credit Alghanim Industries Building Al Sahafa Street Shuwaikh Industrial Area Safat 13003 PO Box 223 Tel: 00 965 1 866669 Fax: 00 965 2 4846592 Email: credit@alghanim.com Website: www.easycredit.com.kw General financial services and credit facilities

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BNP Paribas Kuwait

BankMuscat Al Safat Centre Al Shuhada Street PO Box 866 Souk Dakhili 15259 Tel: 00 965 2 2921133 Fax: 00 965 2 2921112 Website: www.bankmuscat.com Offers a comprehensive range of corporate banking, trade and treasury services

Arab British European Banking & Finance Guide

Burgan Bank Burgan Tower, 32nd Floor Abdullah Al Hamad Street Sharq Area, PO Box 5389 Kuwait Safat 12170 Tel: 00 965 2298 8000 / 180 4080 Fax: 00 965 2298 8463 / 8093 / 8091 Email: info@burgan.com Website: www.burgan.com All activities related to the commercial banking and investment sector

CapCorp Investment Company Al Raya Tower 2 Abdulaziz Hamad Al Sager Street 26th and 27th Floor Al Sharq Area PO Box 994 Safat 13010 Tel: 00 965 2292 5300 Fax: 00 965 2292 5301 Email: info@capcorp.com.kw Website: www.capcorp.com.kw Investment, asset management, investment banking

Central Bank of Kuwait Central Bank of Kuwait Building Al Khaleej Al Arabi Street Sharq Area PO Box 526 Kuwait Safat 13006 Tel: 00 965 2 244 9200 / 181 4444 Fax: 00 965 2 244 0887 / 3354 Email: cbk@cbk.gov.kw Website: www.cbk.gov.kw Central bank and monetary authority; control of the banking system

Kuwait listings Citibank â&#x20AC;&#x201C; Kuwait Ahmed Tower Building 1 Intersection of Arabian Gulf Street and Al Mulla Street Al Sharq Area Safat 13121 Kuwait City Tel: 00 965 2 259 4000 Fax: 00 965 2 259 4006 Website: www.citigroup.com Investment banking and asset management

Commercial Bank of Kuwait Mubarak Al Kabeer Street Souk Area PO Box 2861 Kuwait Safat 13029 Tel: 00 965 2 299 0000 / 188 8225 Fax: 00 965 2 246 4870 / 2245 0150 / 2244 2934 Email: mail@cbk.com Website: www.cbk.com Retail and corporate banking services

Sharq Area PO Box 29798 Safat 13158 Tel: 00 965 2 1828283 Fax: 00 965 2 2426532 Email: info@gckw.com Website: www.gckw.com Consulting company specialised in business advisory and training

Global Investment House Global Tower Al Shuhada Street Sharq Area PO Box 28807 Kuwait Safat 13149 Tel: 00 965 2295 1000 Fax: 00 965 2295 1005 Email: global@global.com.kw Website: www.globalinv.net Investment banking, asset management and securities brokers

Gulf Bank Commercial Facilities Company Commercial Facilities Building Abdullah Al Ahmad Street Al Sharq Area Safat 13103 Tel: 00 965 1 833232 Fax: 00 965 2 245527 Email: info@cfc-kw.com Website: www.cfc-kw.com General financial services and loans

Mubarak Al Kabir Street PO Box 3200 Kuwait Safat 13032 Tel: 00 965 2244 9501 / 188 5588 Fax: 00 965 2243 5212 / 22439216 Email: corporatebanking@gulfbank.com.kw Website: www.gulfbank.com.kw Retail, corporate banking, treasury and investment management services

Gulf Custody Company Mobbin Building Bldg â&#x20AC;&#x201C; 1 Qibla Ali Salem Street Safat 13062 Tel: 00 965 2 2431540 Fax: 00 965 2 2492653 Email: cinet@cinet.com.kw Website: www.cinet.com.kw General financial services and data collection

Zaid Al Kazemi Building Sharq Mubarak Al Kabeer Street PO Box 13072 Sharq Area Tel: 00 965 2 2250600 Fax: 00 965 2 2416289 Email: fundadmin@gulfcustody.com Website: www.gulfcustody.com Fund custodian and settlement services

Credit Rating and Collection Company

Gulf Insurance Company

Al Awadi Tower 3 Ahmad Al Jaber Street Safat 13015 Tel: 00 965 2 2421255 Fax: 00 965 2 2452590 Email: info@crckt.com Website: www.crckt.com Managing credit risk

Gulf Insurance Group (GIG) Gulf Insurance Building Ahmed Al Jaber Street Al Sharq Area PO Box 1040 Safat 13011 Tel: 00 965 180 2080 Fax: 00 965 2296 1998 Email: contacts@gulfins.com.kw Website: www.gulfins.com.kw Health and life insurance, property, motor, marine and aviation and Takaful insurance

Credit Information Network Company

Deloitte Consulting Company Dar Al-Awadi Complex Ahmed Al-Jaber Street Sharq Area PO Box 20174 Safat 13062 Tel: 00 965 2 2408844 Fax: 00 65 2 2408855 Email: kuwait@deloitte.com Website: www.deloitte.com Audit, consulting and financial advice

Global Consultants Financial and Management Advisory and Training Services Block 5 Shawfat Building Omar Bin Khattab Street

Gulf Investment Corporation Gulf Investment Corporation Building Jaber Al Mubarak Street Al Sharq Area PO Box 3402 Kuwait Safat 13035 Tel: 00 965 2 222 5000 / 2243 1911 Fax: 00 965 2 222 5010 / 2244 8894 / 2240 8006 Email: info@gic.com.kw Website: www.gic.com.kw Asset management; diversified investment portfolio and treasury services; corporate finance and advisory services

Gulf Investment House Dar Al Awadi Tower, 29th and 30th Floor Ahmad Al Jaber Street Al Sharq Area PO Box 28808 Kuwait Safat 13149 Tel: 00 965 1 844488 Fax: 00 965 2 2406906 / 2245 3715 Email: gih@gih.com.kw Website: www.gih.com.kw Leading financial services company; Islamic finance and leasing solutions for all types of real estate activities

ISKAN Housing Finance Company Balaasem Tower Building 7 Bloc 10 Ahmad Al Jaber Street Sharq Area Safat 13021 PO Box 2290 Tel: 00 965 2 226 1444 Fax: 00 965 2 226 1330 / 1460 / 1414 Email: info@iskan.com.kw Website: www.iskan.com.kw Innovative investment solutions in real estate and finance

HSBC Bank Middle East - Kuwait Al Kharafi Tower, Ground - 2nd Floor Hamad Al Saqr Street Qibla Area PO Box 1683 Kuwait City 13017 Tel: 00 965 2 223 0722 Fax: 00 965 2 223 0733 Email: kuwait.info@hsbc.com Website: www.hsbc.com.kw Global commercial banking, asset management and investment

Ijara House Holding Company Kuwait Chamber of Commerce and Industry Building Al Shuhada Street Safat 13106 PO Box 24538 Tel: 00 965 2 2479900 Fax: 00 965 2 2407500 Email: info@ijarahouse.com Website: www.ijarahouse.com Islamic financial services and investment

Industrial Bank of Kuwait (IBK) Ahmad Al Jaber Street Sharq Area 13032 PO Box 3146 Kuwait Safat Tel: 00 965 2 184 4446/ 233 7000 Fax: 00 965 2 246 2057 /240 6592 Email: ibk@ibkuwt.com Website: www.ibkuwt.com Commercial, Islamic and agriculture finance and industrial loans

International Financial Advisors Salhiya Commercial Complex Gate 1 Building 5th Floor PO Box 4694 Kuwait Safat 13047 Tel: 00 965 2 245 5363 /5636

Arab British European Banking & Finance Guide

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Kuwait listings Fax: 00 965 2 240 4964 /245 9631 Email: info@ifakuwait.com Website: www.ifakuwait.com Asset, fund and wealth management

International Investment Group (IIG) Panasonic Tower Block 14 Fahad Al Salem Street Al Qibla Area PO Box 29448 Kuwait Safat 13155 Tel: 00 965 2 242 9010 Fax: 00 965 2 242 9020 Email: info@iigkw.com Website: www.iigkw.com Investment banking, asset management, innovative Islamic Shariaâ&#x20AC;&#x2122;a compliant investment

International Leasing and Investment Company The Kuwait Real Estate Investment Group Building Fahad Al Salem Street Al Mirqab Safat 13038 Tel: 00 965 2 2245800 Fax: 00 965 2 2245799 / 5811 Email: lease@ilic.net Website: www.ilic.net Leasing services, structured finance and project finance

KGL Investment Company Building 14-3 Block A Jahra and Ghazali Link Road Shuwaikh Industrial Area PO Box 24565 Kuwait Safat 13106 Tel: 00 965 2 2246444 Fax: 00 965 2 2246424 Email: info@kglinvest.com Website: www.kglinvest.com Investment banking services for fast growing asset based companies; corporate partnerships and industry consolidations; turnaround opportunities and investments; minority investments

KPMG Safi Al-Mutawa Rakan Tower Fahad Al Salem Street Safat 13001 Tel: 00 965 2 2492702 / 2703 Fax: 00 965 2 2492704 Email: kw-kuwait@kpmg.com Website: www.kpmg.com.kw Audit, tax and advisory

Kuwait and Middle East Financial Investment Company (KMEFIC) Burj Al Jassem Building Al Soor Street Al Mirqab Area PO Box 819 Kuwait Safat 13009 Tel: 00 965 2 225 5000 / 5555 Fax: 00 965 2 225 2558 Email: info@kmefic.com.kw Website: www.kmefic.com.kw Portfolio management & advisory services, investment funds, brokerage, corporate finance and research; wealth management, private and institutional clients

208

Kuwait Asia Brokerage

Kuwait Financial Centre

Al-Arabeya Tower Ahmed Al Jaber Street Sharq Tel: 00 965 2 2267345 / 7340 Fax: 00 965 2 2267341 Email: info@kuwait-asia.com Website: www.kuwait-asia.com Securities brokers and traders, asset management and investment banking

Al Duaij Building, Grand Mubarak Street Al Qiblah Area, PO Box 23444 Kuwait Safat 13095 Tel: 00 965 2 224 8000 /241 2131 Fax: 00 965 2 242 5828 Email: info@markaz.com Website: www.markaz.com Investment banking, asset management, private equity, treasury services

Kuwait Bahrain International Exchange Company

Kuwait Insurance Company

Issa Abdullah Al Othman Building Al Shuhada Street Al Mirqab Area, PO Box 26926 Kuwait Safat 13130 Tel: 00 965 2 2421971 / 1973 Fax: 00 965 2 2431000 / 2242 1852 Email: info@kbe.com.kw Website: www.kbe.com.kw Money exchange and transfer, draft insurance services

Kuwait China Investment Company Kuwait Projects Company (Holding) Tower Khalid Bin Al Walid Street Sharq Area Safat 13122 Tel: 00 965 2 2971300 Fax: 00 965 2 2971310 Email: info@kcic-asia.com Website: www.kcic-asia.com Investment firms and funds and investment banking

Kuwait Clearing Company Stock Exchange Building, 6th Floor Ahmad Al Jaber Street PO Box 22077 Kuwait Safat 13081 Tel: 00 965 1 841111 / 00 965 2246 5696 Fax: 00 965 2 2469457 Email: info@maqasa.com Website: www.maqasa.com Investment banking, general financial services

Kuwait Finance and Investment Company Al Arabia Tower Building 21 Ahmad Al Jaber Street Block 5 Al Sharq Area PO Box 21521 Tel: 00 965 1 88 9000 Fax: 00 965 2 242 0174 Email: kfic@kfic-kw.com Website: www.kfic-kw.com Islamic banking services, including retail banking, consumer financing, leasing and mortgages, project finance, and corporate finance, real estate, contracting and trading services

Kuwait Finance House KFH Building Abdullah Al Mabarak Street Murqab Area, PO Box 24989 Kuwait Safat 13110 Tel: 00 965 2 445050 Fax: 00 965 2 2469756 / 245 5135 / 2409414 Email: corp@kfh.com Website: www.kfh.com/en/ Banking, asset management, investment firms and funds

Arab British European Banking & Finance Guide

Kuwait Insurance Company Building Abdullah Al Salem Street Safat Area 13008 Tel: 00 965 2 2420135 / 0021 Fax: 00 965 2 2428530 Email: info@kic-kw.com Website: www.kic-kw.com Insurance

Kuwait International Bank Joint Banking Centre, West Tower Al Abdulrazzak Square, PO Box 22822 Kuwait Safat 13089 Tel: 00 965 2 2458177 Fax: 00 965 2 2456638 Email: contact@kib.com.kw Website: www.kib.com.kw Real estate management, personal and commercial banking, Islamic finance, investments

Kuwait International Investment Company Ahmed El Jaber Street Sharq Area PO Box 22792 Kuwait Safat 13088 Tel: 00 965 2 2438273 / 8274 Fax: 00 965 2 2454931 Email: info@kiic.com.kw Website: ww.kiic.com.kw Investment banking

Kuwait Investment Authority Ministries Complex, Al Murqab Area Safat 13001 Tel: 00 965 2 2485600 Fax: 00 965 2 2454059 Email: information@kia.gov.kw Website: www.kia.gov.kw Investment firms and funds

Kuwait Investment Company Souk Al Manakh Building, 5th Floor Mubarak Al Kabeer Street Al Sharq Area, PO Box 1005 Kuwait Safat 13011 Tel: 00 965 2 296 7000 Fax: 00 965 2 244 4896 Email: info@kic.com.kw Website: www.kic.com.kw Asset management, treasury and corporate finance

Kuwait Projects Company (Holding) Al Shaheed Tower Khaled Bin Al Walid Street, Al Sharq Area Safat 13100 Tel: 00 965 1 805885 Fax: 00 965 2 2435790 Email: kipco@kipco.com Website: www.kipco.com Investment firms and funds

Kuwait listings Kuwait Real Estate Holding Company

National Investment Company

Qatar National Bank Kuwait

Al Kharafi Tower Oussama Bin Al Monkiz Street PO Box 26371 Kuwait Safat 13124 Tel: 00 965 2 2323232 Fax: 00 965 2 2323233 Email: info@alaqaria.com.kw Website: www.alaqaria.com Real estate development, asset, project and property management, real estate investment, property maintenance, cleaning and security

Al Khaleejia Building, 20th Floor Al Mutanabi Street Sharq Area PO Box 25667 Kuwait Safat 13117 Tel: 00 965 2 226 6688 /242 6666 /226 6666 Fax: 00 965 2 242 6163 Email: nic@nic.com.kw Website: www.nic.com.kw Investment firms and funds, asset management, investment banking, securities, brokers and traders services

Mr. Samir S Salman General Manager Al-Arabia Tower, Bld4, Ahmad Al-Jaber Street Sharq Area, PO Box 583 Dasman 15456 Tel: 00 965 2 226 7000/7023 Fax: 00 965 2 226 7051 Email: QNBKuwait@qnb.com.qa Website: www.qnb.com.qa

Kuwait Reinsurance Company

Nazar and Partners

Kre Tower Al Shuhada Street Al Sharq Area PO Box 21929 Kuwait Safat 13080 Tel: 00 965 2 243 2011 Fax: 00 965 2 242 7823 Email: kuwaitre@kuwaitre.com Website: www.kuwaitre.com Insurance services for property, accident and life, marine

Muthana Complex Fahed Al Salem Street Safat 13137 Tel: 00 965 2 2424661 Fax: 00 965 2 2402690 Email: info@nazarnexia.com Website: nazarnexia.com General financial services

Kuwait Stock Exchange Kuwait Stock Exchange Building Mubarak Al Kabir Street Safat 13083 Tel: 00 965 2 2423130 / 3139 Fax: 00 965 2 2413538 Email: webmaster@kuwaitse.com Website: www.kuwaitse.com Securities Markets

Kuwait Syrian Holding Company Rakan Tower Fahed Al Salem Street Salhiyya Area Safat 13159 Tel: 00 965 2 2901541 Fax: 00 965 2 2901540 Email: mail@ksh.com.kw Website: www.ksh.com.kw Investment firms and funds

Baitak Tower Ahmed Al Jaber Street Safat Square PO Box 2650 Kuwait Mishref 40177 Tel: 00 965 2 225 7600 Fax: 00 965 2 225 7618 / 7619 Email: info@liquidityhouse.com Website: www.liquidityhouse.com Investment banking, asset management, Sukuk, structured finance, project finance, securitisation, Islamic treasury services and direct investments

National Bank of Kuwait Abdullah Al Ahmadi Street PO Box 95 Kuwait Safat 13001 Tel: 00 965 2 242 2011 Fax: 00 965 2 246 2469 Email: webmaster@nbk.com Website: www.nbk.com Commercial and investment banking activities

Ahmad Tower, 13th Floor, Gulf Road Dasma Sharq Area, PO Box 4915 Kuwait Safat 13050 Tel: 00 965 2 247 8800 Fax: 00 965 2 247 6600 Email: info@rasameel.com Website: www.rasameel.com Structured finance and investment banking

RSM Albazie and Company

Neshami Kuwait for General Trading and Contracting Souk Al Dawliya Building Al Salhiya Safat 13014 Tel: 00 965 2 2490880 Fax: 00 965 2 2478626 Email: info@neshami.com Website: www.neshami.com Insurance

Kuwait Airways Building, Al Shuhada Street Safat 13022 Tel: 00 965 2 2961000 Fax: 00 965 2 2412761 Email: mail@albazie.com Website: www.albazie.com General financial services, asset management and investment banking

Ryada Capital Investment Company

Noor Capital Markets Rakan Tower Fahed Al Salem Street Al Qibla Area Safat 13125 Tel: 00 965 2 2253888 Fax: 00 965 2 2465993 Email: dealingdesk@noorcm.com Website: www.noorcm.com General financial services, securities brokers and traders and securities markets

Noor Financial Investment Company Liquidity Management House for Investment Company

Rasameel Structured Finance Company

Noor Building Intersection of Jahra Street and Airport Road Shuwaikh Area PO Box 3311 Kuwait Safat 13034 Tel: 00 965 1 81 8080 / 2 464 5666 Fax: 00 965 2 492 9561 Email: info@noorinvestment.com Website: www.noorinvestment.com Investment banking, asset management, investment firms and funds services

Osoul Investment Company Al Raya Building, 27th Floor Al Shuhada Street Al Sharq Area PO Box 3880 Kuwait Safat 13039 Tel: 00 965 2 299 7877 Fax: 00 965 2 299 7720 / 2 225 3650 / 2 225 3630 Email: osoul@osoulnet.com Website: www.osoulnet.com General financial and investment services

Sama Tower, 16th Floor Al-Qibla Area, PO Box 29086 Kuwait Safat 1315 Tel: 00 965 2 221 0616 Fax: 00 965 2 221 0619 Email: info@ryadacapital.com Website: www.ryadacapital.com Investment banking and asset management

Sabaek Leasing and Investment Company Marzouk Tower, 17-18th Floor Abu Bakr Al Siddiq Street, Al Quba Area PO Box 2832 Kuwait Safat 13029 Tel: 00 965 2 225 0555 Fax: 00 965 2 225 0550 Email: info@sabaek.com Website: www.sabaek.com Lease services, operational leasing and financial leasing (lease-to-own), various categories of Islamic financing

Savings and Credit Bank Savings and Credit Bank Building, Al Shuhada Street Al Salhiya Area, PO Box 1454 Kuwait Safat 13015 Tel: 00 965 2 241 1301 / 1302 Fax: 00 965 2 242 5516 Website: www.scb.gov.kw General financial services, loans, real estate loans

Securities Group Company Securities Group Building, Ahmed Al Jaber Street Al Sharq Area, PO Box 26953 Kuwait Safat 13130 Tel: 00 965 2 299 0299 Fax: 00 965 2 245 7296 Email: info@sg.com.kw Website: www.sg.com.kw Asset management, investment banking services

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Kuwait listings Strategia Investment Company

Union Securities Brokerage Company

Al Nassar Tower, 17th and 18th Floor Fahd Al Salam Street, Qibla Aream PO Box 1346 Kuwait Dasman 15464 Tel: 00 965 2 225 1200 Fax: 00 965 2 225 1204 Email: info@strategia.com.kw Website: www.strategia.com.kw Investment banking, asset management, diversified international and local investment funds, international and local managed portfolios

Al Enizi Tower, Moubarak Al Kibir Street Sharq Area, PO Box 25879 Kuwait Safat 13119 Tel: 00 965 2 290 1818 / 2 290 1817 Fax: 00 965 2 247 6518 Email: mail@usbc.com.kw Website: www.usbc.com.kw Securities, brokers and traders services

Warba Bank The International Investor Company Wafra Real Estate Building Ahmad Al Jaber Street, Al Sharq Area Safat 13153 Tel: 00 965 2 2437070 Fax: 00 965 2 2428080 Email: info@tii.com Website: www.tii.com

Sanabil Tower, 26th Floor, Abdullah Al Ahmad Street Sharq Area, PO Box 1220, Kuwait Safat 13013 Tel: 00 965 2 228 8800 Fax: 00 965 2 228 8701 Email: info@warbabank.com Website: www.warbabank.com Islamic banking products

Wared Lease and Finance Company UAE Exchange Centre Kuwait PO Box 26155, Safat 13122 Tel: 00 965 1 808800 Fax: 00 965 2 2459419 Email: customer.care@uaeexchange.com.kw Website: www.uaeexchangekuwait.com General financial services

4th Ring Road, Shuwaikh Area, Safat 13060 Tel: 00 965 1 807888 Fax: 00 965 2 2324032 Email: ahmedm@inv-dar.com Website: www.waredco.com General financial services, asset management and insurance

The Arab Investment and Export Credit Guarantee Corporation “DHAMAN’’ Arab Organizations Building, Airport road, AL Shuwaikh, Kuwait Tel: +965 24959555 Fax: + 965 24959596 Email: operations@dhaman.org Website: www.dhaman.org Contact Person: Mohamed F. Chatti Position: Head Business development Rated AA Stable by S&P, Dhaman is a multilateral financial institution providing since 1974 export and domestic credit insurance, political risk insurance, investment insurance, reinsurance to facilitate trade and direct investments in its 21 member Arab countries

Lebanon listings Adonis Insurance and Reinsurance Aya Commercial Centre 1st and 2nd Floor, Dora Highway PO Box 90-1446, Matn Tel: 00 961 1 256 290 / 291 / 292 Fax: 00 961 1 256 293 Email: adir@info.com.lb Website: www.adirinsurance.com General insurance services

Ahli International Bank Ahli International Bank Building Omar Daouk Street Bad Idris Beirut Central District Area PO Box 11-5556 Beirut 1107-2200 Tel: 00 961 1 970 920 Fax: 00 961 1 970 939 Email: gm@ahli.com.lb Website: www.ahli.com.lb Commercial banking activities

Al Aman Takaful Insurance Saab Building, 3rd Floor Rachid Karam Street Verdun Area, PO Box 5010-114 Beirut Tel: 00 961 1 749 444 Fax: 00 961 1 749 444 Email: info@ati.com.lb Website: www.ati.com.lb Islamic life and non-life insurance

Al Baraka Bank Lebanon Verdun 2000 Centre Rashid Karami Street, PO Box 113-5683

210

Beirut Tel: 00 961 1 808 008 Fax: 00 961 1 806 499 Email: info@al-baraka.com Website: www.al-baraka.com Commercial banking in accordance to Islamic principles

Al Mashrek Insurance and Reinsurance Company Rabieh Main Street, Antelias Area PO Box 166154 Beirut Tel: 00 961 4 408666 Fax: 00 961 4 417688 Email: almashrek@almashrek.com.lb Website: www.almashrek.com.lb Insurance services

Al Mawarid Bank Yared Building, Abdulaziz Street Hamra, PO Box 113-6260, Beirut 1103-2110 Tel: 00 961 1 734 040 / 340 140 Fax: 00 961 1 734 041 Email: mail@almawarid.com Website: www.almawarid.com Commercial banking, risk management, private banking, corporate finance along with international banking

Amana Capital Weavers Centre Clemenceau Street, Clemenceau Area Tel: 00 961 1 360930 Fax: 00 961 1 370930 Email: info@amanacapital.com

Arab British European Banking & Finance Guide

Website: www.amanacapital.com General financial services and securities markets

American Life Insurance Company JM Plaza Building Concord Square Street, Verdun Area Tel: 00 961 1 753111 Fax: 00 961 1 756300 Email: service-lebanon@metlifealico.com Website: www.metlifealico.com.lb Insurance

Arab Bank - Lebanon Commercial Buildings Company Building, Ground - 6th Floor, Massaref Street Riad Al Solh Area, PO Box 11-1015 Beirut Tel: 00 961 1 981 155 / 980 246 Fax: 00 961 1 980 803 / 980 299 Email: info@arabbank.com.lb Website: www.arabbank.com.lb/ General banking services

Arab Banking Corporation (No Branch in Lebanon) Berytus Parks Block B, 2nd Floor Minet El Hosn, Solidere, PO Box 11-5225 Beirut Tel: 00 961 1 970770 / 970432 Fax: 00 961 1 985809 Website: www.arabbanking.com Commercial banking services, treasury products, investment banking, securities trading, underwriting and placement, portfolio management, advisory services, mergers and acquisitions and Islamic banking

Lebanon listings Arab Finance House

AXA Middle East

Banque Bemo

Arab Finance House Tower Saeb Salam Boulevard Corniche El Mazraa Area PO Box 11-273 Beirut 1107-2020 Tel: 00 961 1 706 680 / 309 777 Fax: 00 961 1 706 684 Email: info@arabfinancehouse.com Website: www.arabfinancehouse.com Banking, asset management and investment banking

Jal El Dib Highway Jal El Dib Area, PO Box 11-550 Beirut Tel: 00 961 4 716 555 Fax: 00 961 4 716 563 Email: mail@axa-middleeast.com.lb Website: www.axa-middleeast.com.lb Life and non-life insurance services

BEMO Building Riad El Solh Square, Esseily Building Ashrafieh Area Tel: 00 961 1 200 505 / 203 240 Fax: 00 961 1 217 860 / 983 368 Email: bemo@bemobank.com Website: www.bemobank.com Corporate and private banking services

Bank Audi

Banque de L’Industrie et du Travail

Bank Audi Plaza Building Omar Daouk Street Bab Idriss Area, PO Box 11-2560 Beirut 20218102 Tel: 00 961 1 994 4000 Fax: 00 961 1 990 555 Email: contactus@banqueaudi.com Website: www.banqueaudi.com Commercial banking services

89 Riad El Solh Street BIT Bank Building Beirut, Lebanon PO Box 11-3948 Beirut 1107-2150 Tel: 00 961 1 985 680 Fax: 00 961 1 985 681 Email: info@bitbank.com.lb Website: www.bitbank.com.lb Commercial retail, and private banking including deposits and loans

Arab Lebanese Insurance Group Hazmieh Area PO Box 11-1555 Beirut Tel: 00 961 5 451777 ext 821 Fax Motor: (961-5) 451777 ext 822 Fax Medical: (961-5) 451777 ext 823 Email: alig@alig.com.lb Website: www.alig.com.lb Non-life and life insurance services

Arab Reinsurance Company Maarad Street Beirut Central District PO Box 11-9060 Beirut Tel: 00 961 1 989 500/ 983 931 / 983 932 Fax: 00 961 1 985 154 / 985 155 Email: arabre@arabre.com.lb Website: www.arabre.com.lb General reinsurance services

Arope Insurance BLOM Bank Building Rachid Karami Street AROPE Plaza Verdun Area PO Box 113-5686 Beirut 1103-2060 Tel: 00 961 1 759 999 Fax: 00 961 1 344 012 Email: arope@arope.com Website: www.arope.com Life and non-life insurance services

Bank of Beirut Bank of Beirut Building Foch Street Beirut Central District PO Box 11-7354 Beirut Tel: 00 961 1 972 972 / 983 999 Fax: 00 961 1 983 999 / 972 972 Email: contactus@bankofbeirut.com Website: www.bankofbeirut.com.lb Commercial banking, investment, retail, private and corporate banking, mortgage, Islamic and Sharia principles banking, asset management, capital markets and corporate finance

Banque de Syrie et du Liban Société Nouvelle de la Banque de Syrie et du Liban Building Bank’s Street Riad Solh Area, PO Box 11-957 Beirut Tel: 00 961 1 980 080 Fax: 00 961 1 980 991 Email: info@bsl.com.lb Website: www.bsl.com.lb Commercial banking services including deposits and loans

Bankers Assurance

Banque du Liban

Capitole Building Emir Bachir Street Riad El Solh Square Central District Area, PO Box 11-4293 Beirut Tel: 00 961 1 988 777/ 988 111 / 988 333 Fax: 00 961 1 984 004 Email: mail@bankers-assurance.com Website: www.bankers-assurance.com All insurance and reinsurance services

BDL Building Masref Lubnan Street Hamra Area PO Box 11-5544 Beirut Tel: 00 961 1 750 031/750 000 Fax: 00 961 1 747 600 Email: bdlg0@bdl.gov.lb Website: www.bdl.gov.lb Monetary stability safeguarding services

Bank of Beirut and Arab Countries (BBAC)

Banque Libano-Francaise

BBAC Building 250 Clemenceau Road Riad El Solh PO Box 11-1536 Beirut 1107 2080 Tel: 00 961 1 366630 / 360460 Fax: 00 961 1 365201 / 365202 Email: contactus@bbac.com.lb Website: www.bbacbank.com Banking, investment banking

Riad El-Solh, Beirut, 1107 2060 Beirut Liberty Plaza 5 Rue de Rome Hamra Area PO Box 11-0808 Beirut Tel: 00 961 1 791 332 / 340 350 Fax: 00 961 1 791 332 Email: info@eblf.com Website: www.eblf.com Commercial, retail, investment and private banking services

Audi Saradar Investment Bank Audi Saradar Investment Bank sal PO Box 11-2416 Riad El-Solh 1107 2210 Tel: +961-1-364881/7 +961-1-377800 961-1-364955/7/2 961-1-364885 Fax: +961-1-364927/540530/504503 Email: webmaster@diconline.or Website: www.diconline.org/ default.aspxlanguage=en Investment banking services

Audi Saradar Private Bank Clover Building Charles Malek Avenue Achrafieh Area PO Box 1107 2805 Beirut Tel: 00 961 1 205 400 / 208 400 / 200 260 Fax: 00 961 205 480 / 200 265 Email:contactus@audisaradarpb.com Website: www.audisaradarpb.com Private banking, bancassurance, internet banking, personalised banking, investment banking, real estate banking, portfolio management services and products

BankMed BankMed Centre 482 Clememceau Street PO Box 11-348 Riad El Solh Beirut Tel: 00 961 1 373 937 Fax: 00 961 1 362 806 Website: www.bankmed.com.lb Commercial banking, risk management, private banking, corporate finance, international banking along with economic research activities

Banque Misr Liban Banque Misr Liban Building Banks Street Riad El Solh Area, PO Box 11-7 Beirut 1107-2010 Tel: 00 961 1 987777 / 986666 Fax: 00 961 1 980604 / 964296 Email: mail@bml.com.lb Website: www.bml.com.lb Banking, asset management

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Lebanon listings Beirut Brokerage Corporation

Byblos Bank

Diamond Building 8th Floor Verdun Street Unesco Area, PO Box 14/5771 Beirut Tel: 00 961 789105/789 102 / 789 103 Fax: 00 961 1 789 105 Email: admin@bbcorp.com.lb Website: www.bbcorp.com.lb Brokerage services

Byblos Bank Tower Elias Sarkis Avenue Achrafieh Area, PO Box 11-5605 Lebanon, Beirut 1107-2811 Tel: 00 961 1 335 200 / 339 436 Fax: 00 961 1 334 554 Email: secretariate@byblosbank.com.lb Website: www.byblosbank.com.lb Commercial banking including retail, corporate, treasury and investment services

BEMO Securitisation

Burgan Insurance Company

Park Avenue Building Park Avenue Street Beirut Central District Minet El Hosn Area Beirut Tel: 00 961 1 997 998 Fax: 00 961 1 994 801 Email: contact@bsec-sa.com Website: www.bsec-sa.com Investment banking services

BAC Centre Justinien Street, Riad Al Soleh Sanayeh Area Beirut 11072240 Tel: 00 961 1 751851 Fax: 00 961 1 742569 Email: burgan@burgan-ins.com Website: www.burgan-ins.com Insurance

Byblos Insurance Company BLC Bank BLC Bank Building Adlieh Square, PO Box 2064-5809 Beirut 11-1126 Tel: 00 961 1 387 000 / 1 429 000 Fax: 00 961 1 616 984 Email: info@blcbank.com Website: www.blcbank.com Commercial corporate, private banking services and real estate services

BLC Finance Building 812, 1st Floor Charles Malek Avenue Tabaris Area, PO Box 11-1126 Beirut Tel: 00 961 1 217451 / 217452 / 217453 Fax: 00 961 1 204821 Email: blcfinance@blcbank.com Website: www.blcbank.com/vision-mission Investment banking, asset management, securities brokers and traders

BLOM Bank BLMO Bank Building Rachid Karami Street Verdun Area PO Box 11-1912 Beirut 1107 2807 Tel: 00 961 1 743 300/1 738 938 Fax: 00 961 1 738 946 Email: blommai@blom.com.lb Website: www.blom.com.lb Commercial banking services including retail, corporate and treasury, internet banking and investment banking

BLOM Development Bank Daher Building, 7th Floor Abdel Aziz Street Hamra Area PO Box 11-1912 Beirut Tel: 00 961 1 751 092 / 751 092 Fax: 00 961 1 751 094 Email: info@blomdevelopmentbank.com Website: www.blom.com.lb/english/home Islamic finance, retail, corporate and bank assurance

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Charles Malek Avenue PO Box 16-6720 Beirut Tel: 00 961 1 204 270 / 204 279 / 204 275 Fax: 00 961 1 204 278 / 204 277 Email: info@byblosinsurance.com Website: www.byblosinsurance.com General insurance services

Capital Finance Company Weavers Centre, 16th Floor Clememceau Street Hamra Area, PO Box 113-6536 Beirut Tel: 00 961 1 371 102 Fax: 00 961 1 371 109 Email: customercare@groupcfc.com Website: www.groupcfc.com Consumer finance services

Cedrus Invest Bank Sofil Centre, 7th Floor Charles Malek Avenue Ashrafieh Area Beirut Tel: 00 961 1 333 887 Fax: 00 961 1 217 515 Email: info@cedrusinvestbank.com Website: www.cedrusinvestbank.com Investment banking and asset management

Citibank â&#x20AC;&#x201C; Lebanon Berytus Parks Building Park Avenue Block A - 3rd Floor Beirut Central District Area Beirut Tel: 00 961 1 962 447 Fax: 00 961 1 962 443 Website: www.citigroup.com Banking and investment banking

Compagnie dâ&#x20AC;&#x2122;Assurance et de Reassurance du Liban et du Monde Arabe Bank Audi Building 2nd Floor Dora Dora Highway

Arab British European Banking & Finance Guide

Riad El Solh Area, PO Box 111439 Beirut 11072080 Tel: 00 961 1 255 640 / 1 255 650 Fax: 00 961 1 255 659 Email: info@lialebanon.com Website: www.lialebanon.com Insurance and reinsurance services

Corporate Finance House Gefinor Centre Block B, 9th Floor Clemenceau Street, PO Box 113-7008 Beirut Tel: 00 961 1 747606 Fax: 00 961 1 747247 Email: admin@cfh.com.lb Website: www.cfh.com.lb Investment banking

Credit Libanais Sofil Centre, 5th Floor Charles Malek Avenue Ashrafieh Area, PO Box 166729 Beirut 1100 2811 Tel: 00 961 1 200 029 / 200 028 / 201 292 Fax: 00 961 1 325 713 Email: info@creditlibanais.com.lb Website: www.creditlibanais.com.lb Commercial banking services

Credit Suisse (Lebanon) Finance Berytus Parks, 6th Floor, Bloc B Park Avenue Street Beirut Central District, PO Box 11-966 / 1107 2060 Beirut Tel: 00 961 1 966333 (100 numbers) Fax: 00 961 1 95 66 95 Email: cs.lebanon@creditsuisse.com Website: www.credit-suisse.com Investment banking, asset management

CreditBank Freeway Centre Sin El Fil Boulevard Street, PO Box 165795 Beirut 1100-2802 Tel: 00 961 1 501 600 / 501 700 Fax: 00 961 1 485 245 Email: info@creditbank.com.lb Website: www.creditbank.com.lb Commercial, corporate banking, insurance products, investment banking services

CSC Bank CSC Bank Building 150 Commodore Street Hamra Area, PO Box 113-6406 Beirut 1103 2120 Beirut 1103 2120, Lebanon Tel: 00 961 1 742555 Fax: 00 961 1 352281 Email: soa@issuers.com Website: www.issuers.com General financial services

CTSA Holdings Limited Starco Center, Block C, 8th Floor PO Box 11-439, Beirut /Lebanon Beirut Tel: 00 961 1 368968 Fax: 00 961 1 368324 Email: info@capitaltrustltd.com Website: www.capitaltrustltd.com Investment firms and funds and investment banking

Lebanon listings Cumberland Insurance and Reinsurance Company Hitachi Center, 1st Floor 1st Floor, Sin El Fil Highway Jdeidet El Metn PO Box 90-554 Beirut Tel: 00 961 1 497 222 Fax: 00 961 1 497 333 Email: info@cumberland.com.lb Website: www.cumberland.com.lb Insurance and reinsurance services

FFA Private Bank One FFA Gate - Marfaa 128 Building Foch Street Beirut Central District PO Box 90-1283 Beirut Tel: 00 961 1 985195 Fax: 00 961 1 985193 Email: info@ffaprivatebank.com Website: www.ffaprivatebank.com Investment banking and asset management

Finance Bank Emirates Lebanon Bank Burj Al Ghazal Building, 3rd Floor Fouad Chehab Street Tabaris Area PO Box 11-1608 Beirut Tel: 00 961 1 216140 Fax: 00 961 1 200603 Email: contact@elbank.com.lb Website: www.elbank.com.lb Banking, asset management

Intra Investment Company Building, 1st-3rd Floor Omar Ben Abdulaziz Street Hamra Area PO Box 11-5044 Beirut Tel: 00 961 1 354630 / 745658 / 745659 Fax: 00 961 1 341287 Email: finance@cyberia.net.lb Website: www.financebk.com General financial services

First National Bank EY Lebanon Ernst and Young Lebanon Commerce and Finance Building Army Street Kantari Area Kantari PO BOX: 11-1639 Riad el Solh, Beirut Tel: 00 961 1 760 800 Fax: 00 961 1 760 822 / 760 823 Email: beirut@lb.ey.com Website: www.ey.com General financial services

First National Bank Building Marfaa 147 Beirut Central District, PO Box 11-435 Beirut Tel: 00 961 1 963 000 / 977 040 Fax: 00 961 1 973 090 Email: info@fnb.com.lb Website: www.fnb.com.lb Banking, asset management, investment banking, securities brokers and traders

Fransa Invest Bank

Columbia Center Corniche Mazraa PO Box 14-5206, Beirut, Lebanon Tel: 00 9611 817222 Fax: 00 9611 311119 Email: info@fajralgulf.com Website: www.fajralgulf.com Insurance and reinsurance services

Fransabank Centre, 2nd Floor Hamra Street Hamra Area PO Box 11-0393 Riad El Solh Beirut 1107 2803 Tel: 00 961 1 734 000 Email: fib@fransabank.com Website: www.fransabank.com/English/Pages/ Corporate-Homepage.aspx Investment banking, asset management, securities brokers and traders

Federal Bank of Lebanon

Gazprombank Invest (MENA)

Renno Building, 1st Floor Charles Malek Avenue Achrafieh Area PO Box 111-2209 Beirut Tel: 00 961 1 212 307 / 308 / 309 Fax: 00 961 1 215 837 / 847 Email: info@fbl.com.lb Website: www.fbl.com.lb Commercial banking activities

Dbayeh Highway, Antelias Area Matn Tel: 00 961 4 403888 Fax: 00 961 4 403666 Email: info@gpbi.net Website: www.gazprombank.ru Investment banking and asset management

Fajr Al Gulf Insurance and Reinsurance Company

Fenicia Bank Central District, Foch Street Fenicia Bank Bldg., Down Town Area PO Box 113-6248 Beirut Tel: 00 961 1 957 857 Fax: 00 961 1 957 428 Email: info@feniciabank.com Website: www.feniciabank.com Banking services, electronic banking

Habib Bank Limited Abdallah Yafi St.Babir-Museum Highway Facing French Ambassador Res. Beirut Lebanon Tel: 00 961 1 6692003 Fax: 00 961 1 669204 Email: hbl@hbllebanon.com Website: www.hbl.com Commercial & Islamic Banking

HSBC Bank Middle East Lebanon HSBC Building Saint Georges Bay

Mina Al Hosn Area PO Box 11-1380 Beirut 1107-2080 Tel: 00 961 1 369900 / 760000 Fax: 00 961 1 361505 Email: lebanon@hsbc.com Website: www.hsbc.com.lb Banking, asset management, investment firms and funds

IBL Bank Al Ittihadiah Building Charles Malek Avenue Riad El Solh Area PO Box 115292 Beirut Tel: 00 961 1 200352 / 200351 / 200350 Fax: 00 961 1 204524 Email: info@ibl.com.lb Website: www.ibl.com.lb Investment banking

Inco Capital Corm Building and Gardens | 2nd Floor Habib Bacha Saad Street POB 11-221 Beirut - Lebanon Tel: 00 961 1 614863 Fax: 00 961 1 614750 Email: info@incocapitalgroup.com Website: www.incocapitalgroup.com/about.php General financial services

International Audit Services St. Nicholas Tower 1st Floor Sursock Square POBox: 166671 – Achrafieh Lebanon – Beirut Tel: 00 961 203260, 1–203421, 1–338448 Fax: 00961–1–201690 Email: serhalco@inco.com.lb Website: www.serhalco.com

Jammal Trust Bank Rashid Karame Street Verdun Area PO Box 11-5640 Beirut Tel: 00 961 1 781999 Fax: 00 961 1 800361- 864170 Email: services@jtbbank.com Website: www.jtbbank.com Commercial banking activities

JPB Investment Barakat Building Ground floor, Street 13, Near Jesus and Mary School. Biyada El Metn Lebanon Tel: 00 961 3 45 45 46 Fax: 00 961 4 918444 Email: jpbarakat@jpbinvestment.com Website: www.jpbinvestment.com Venture capital

Kafalat Piccadilly Centre 5th Floor Hamra Street PO Box 11-641

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Lebanon listings Beirut Tel: 00 961 1 341 300 /341 302 / 341 301 Fax: 00 961 1 350 111 Email: kafalat@kafalat.com.lb Website: www.kafalat.com.lb Subsidiased soft loans

KPMG Lebanon Block 01, 6th Floor Lazariah Building Down Town Beirut Central District Area POBOX: 11-8270 Beirut, Lebanon Tel: 00 961 1 985501 / 985502 Fax: 00 961 1 985503 Email: info@kpmg.com.lb Website: www.kpmg.com.lb General financial services

Lebanese Islamic Bank Liberty Tower, 9th Floor Roma Street Hamra Area, PO Box 113-5357 Hamra- Beirut Tel: 00 961 1 755 310 / 755 313 / 755 314 Fax: 00 961 1 755316 Email: lib@libonline.com.lb Website: www.lebaneseislamicbank.com.lb Islamic banking

Lebanese Swiss Bank Hoss Building, 3rd - 6th Floor Emile Edde Street Hamra Area, PO Box 11-9552 Beirut Tel: 00 961 1 346 265 / 240 741 Fax: 00 961 1 240 736 Email: lsb@lebaneseswissbank.com Website: www.lebaneseswissbank.com International banking service

Lebanon and Gulf Bank Lebanon and Gulf Building Allenby Street Beirut Central District Area, PO Box 113-600 Beirut Tel: 00 961 1 745500 / 745506 Fax: 00 961 1 965699 Email: management@lgb.com.lb Website: www.lgbbank.com/ Joint Lebanese-Gulf banking

LIA Insurance Lebanon Bank Audi Building Dora Highway Riad El Solh Area Beirut Tel: 00 961 1 255640 / 255650 Fax: 00 961 1 255659 Email: info@lialebanon.com Website: www.lialebanon.com Insurance

Libano Suisse Commerce and Finance Building 2nd Floor Al Kantari Street Serail Area, PO Box 113821 Beirut 1107-2150 Tel: 00 961 1 374 900 Fax: 00 961 1 368724

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Email: libano-suisse@libano-suisse.com Website: www.libano-suisse.com Life and non-life insurance

MedInvestment Bank BankMed Centre, 14th Floor Clemenceau Street Clemenceau Area PO Box 11-0348 Riad El Solh Beirut Tel: 00 961 1 373937 Fax: 00 961 1 362706 Email: contact.bankmed@bankmed.com.lb Website: www.bankmed.com.lb Asset management

Master Capital Group Beirut Central District, Riad el Solh St Arab Bank Building 2nd Floor Tel: 00 961 1 986686 Fax: 00 961 1 986186 Email: info@mastercapgroup.com Website: mastercapgroup.com General financial services

Mediterranean and Gulf Insurance and Reinsurance Medgulf Building Patriarch Howayek Street Beirut Central District Tel: 00 961 1 985000 Fax: 00 961 1 985005 Email: lebanon@medgulf.com Website: www.medgulf.com Insurance

MENA Capital STARCO Center Omar Al Daouk Street Starco Centre, 10th Floor, Block C PO Box 11-8678 Beirut Tel: 00 961 1 370 222 Fax: 00 961 1 370 225 Email: info@menacapital.com.lb Website: www.menacapital.com.lb Real estate development services

National Bank of Kuwait (Lebanon) BAC Building, 1st-3rd Floor Justinian Street Riad Al Soloh Area, PO Box 1107-2200 Beirut Tel: 00 961 1 759700 Fax: 00 961 1 747866 Email: info@nbk.com.lb Website: www.nbk.com.lb Joint Lebanese-Kuwait bank

Mina El Hosn Area, PO Box 11-9575 Beirut 1107-2290 Tel: 00 961 1 759 000 Fax: 00 961 1 346 322 Email: info@nacb.com.lb Website: www.nacb.com.lb

Money transfer services Online Money Transfer (OMT) OMT Building, , OMT Bldg., 5th Floor 266-Sami Solh Avenue, Museum Beirut 116-2409 Lebanon 266 Sami Solh Avenue Street Museum Area, Po Box 116 2409 Beirut Tel: 00 961 1 391 000 Fax: 00 961 1 391 491 Email: admin@omt.com.lb Website: www.omt.com.lb Money transfers

PricewaterhouseCoopers Lebanon SNA Building, Ashrafeyeh Tabaris Area Tel: 00 961 1 200577 Fax: 00 961 1 200575 Email: pwc.lebanon@lb.pwc.com Website: www.pwc.com General financial services

Sécurité Assurance Gedco 3 Building, Fouad Chehab Street PO Box 166499 Beirut Tel: 00 961 1 485 295 / 1 485 296 Fax: 00 961 1 485 319 Email: securite@securiteassurance.com Website: www.securiteassurance.com Conventional life and non-life insurance services

Société Générale de Banque au Liban Sehnaoui Building, Saloumeh Intersection Sin El Fil Area, PO Box 11-2955 Beirut Tel: 00 961 1 483 001 Fax: 00 961 1 502 820 Email: sgbl@sgbl.com.lb Website: www.sgbl.com.lb Commercial banking services

Société Nationale d’Assurances-Liban Allianz SNA Building, Jisr Al Basha Street Hazmieh Area, PO Box 166528 Beirut 1100 2130 Tel: 00 961 5 956 600 Fax: 00 961 5 956 624 Email: info@allianzsna.com Website: www.allianzsna.com Insurance and reinsurance services

Near East Commercial Bank SNA Building, Tabaris Street Ashrafieh Area, PO Box 16-5766 Beirut 1100-2070 Tel: 00 961 1 200 770 / 200 331 Fax: 00 961 1 200 770 / 200 33l Email: necb@dm.net.lb Website: www.necbbank.com Commercial banking services

North Africa Commercial Bank Aresco Centre Building Justinian Street

Arab British European Banking & Finance Guide

Société Nouvelle de la Banque de Syrie et du Liban (BSL) Société Nouvelle de la Banque de Syrie et du Liban Building, 4th Floor, Bank’s Street Riad El Solh Area PO Box 11-957 Beirut Tel: 00 961 1 980080 Fax: 00 961 1 980991 Email: info@bsl.com.lb Website: www.bsl.com.lb Banking, housing and education loans

Lebanon listings Sogecap Liban Sehnaoui Building PO Box 55056 Beirut Tel: 00 961 1 511 583 Fax: 00 961 1 511 695 Website: www.sogecapliban.com Life insurance products

Standard Chartered Bank Lebanon Standard Chartered Bank Building Dbayeh Highway Dbayeh Area Tel: 00 961 4 542474 Fax: 00 961 4 542494 Email: eservice.lebanon@sc.com Website: www.standardchartered.com/lb Banking and asset management

Syrian Lebanese Commercial Bank Syrian Lebanese Commercial Bank Building, 6th Floor Makdessi Street Hamra Area PO Box 11-8701

Beirut Tel: 00 961 1 741 666 Fax: 00 961 1 753 215 Email: info@slcb.com.lb Website: www.slcb.com.lb Joint Syrian-Lebanese bank

Website: www.ufaassurances.com Insurance

Zurich Insurance Middle East Marfaa 108 Building Allenby Street Beirut Central District PO Box 3685 Beirut Tel: 00 961 1 999654 Fax: 00 961 1 999653 Email: lebanon.branch@zurich.com Website: www.zurich.com/middleeast General insurance products services

The Lebanese Credit Insurer Block B Sodeco Square Building Damascus Road Tel: 00 961 1 615616 Fax: 00 961 1 611044 Email: info@lci.com.lb Website: www.lci.com.lb Insurance and general financial services

Union Franco Arabe d’Assurances et de Reassurances Union Franco Arabe d’Assurances et de Réassurances Building Beirut Central District Tel: 00 961 1 985666 Fax: 00 961 1 985777 Email: info@ufaonline.com

Libya listings Almontaser Charered Public Accountants Abulqasm Alshabi Street Ben Ashour Area PO Box 8535 Tel: +218 91 322 2685 (UK Office): +44 7731 541 279 Email: info@almontaser.com Website: www.almontaser.com General financial services, accountants and tax advisors

Al-Wafa Bank PO Box 84212 Tel: + 218 21 4815123 Fax: + 218 21 4801247 Email: info@alwafabank.com www.alwafabank.com/ Banking for individuals and companies

saving accounts, personal loans, credit cards, children saving accounts, mobile, online, telephone and drive-in banking services

Bader Al-Hasse & Co 201 Al-Madina Tower Kalifa Al-Zaidee Street PO Box 270 Tel: + 218 21 444 5318 / +218 84632922 Fax: +218 444 5319 / +21884634239 Email: info@alhasse.com Website: www.alhasse.com General financial services

Central Bank of Libya

Al Naser Street- Bumishmasha Tripoli- Libya Tel: +218 21 444 7414 Fax: + 218 21 444 2459

Al Jalaa Street PO Box 1103 Tripoli Tel: + 218 21 333 3591 / 333 3592 / 444 1481 Fax: + 218 21 444 1488 / 490 2148 Email: info@cbl.gov.ly Website: cbl.gov.ly/ar/ Central bank, supervisory authority regulating various financial institutions and the money markets

Bank of Commerce and Development

Ibrahim Al Baruni and Company

Benghazi Office Abdulnaser Street El Berka Area PO Box 9045 Benghazi Al Jadida Tel: +218 619080230 / +218 612229630/ +218 612232638 Fax: +218 619097115 / +218 612237020 Email: info@bcd.ly Website: www.bcd.ly Commercial banking services including current and

Public Accountants & Consultants Tax Advisors Omar Bin Abdulaziz Street PO Box 1054 Tripoli Tel: + 218 21 333 2225 / +21821 444 7346 Fax: + 218 21 333 2225 Email: baruni.ibrahim@baf.com.ly Website: www.baf.com.ly General financial and business services

Bank of Commerce and Development

Jumhouria Bank Omar Al-Mukhtar Boulevard

Tripoli PO Box 3224-685 Tel: +218 21 444 2541/45 Fax: +218 21 444 2476 Email: info@jbank.ly Website: www.jbank.ly Currents accounts, credit and business banking services

Libya Africa Investment Portfolio 17th Feb Street, PO Box 91330 Tripoli Tel: + 218 21 333 7352 / 3086 Fax: + 218 21 333 7352 Email: info@lap.ly Website: www.lap.ly Investment firms and specialist funds for tourism, industry, agriculture, oil & gas, IT and mining sectors

Libya Insurance Company Sanaa Street Amaan Building No. 10.07.383, PO Box 2438 Tripoli Tel: 21821444153+ / +218214444150 Fax: 218214444178+ / +218214444176 Email: infolt@libtamin.ly Website: www.libtamin.ly/ar/ Insurance services

Libyan Foreign Investment Company Al Thawra Street, Gharyan Area, PO Box 4538 Tripoli Tel: +218 21 3614881 Fax: +218 21 361 4883 Email: info@lafico.ly Website: www.lafico.ly Investments

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Libya listings Libyan Foreign Bank (LFB) Dat El Imad Administrative Complex PO Box 2542 Tripoli Tel: +218 21 335 0086 Fax: +218 21 361 3134 Website: lfbank.ly/english/ Provider of a wide range of financial products & services to corporate clients, commercial local banks and international institutions

Libyan Investment Authority Tripoli Tower, 22 Floor Borgaiba Street Tripoli Tel: +218 21 336 20 80 / 2085 Fax: 00 218 21 336 2084 Email: info@lia.ly recruitment@lia.ly Website: www.libyaninvestmentauthority.com Sovereign wealth fund; investment

Libyan Stock Market Al Andalus Square Tripoli

Tel: +218 21 4782600 Fax: +218 478 2603 Email: info@lsm.gov.ly Website: www.lsm.ly Securities market

National Commercial Bank Al Ourouba Street PO Box 543 Al Bayda Tel: + 218 21 361 7977 / 2429 Fax: + 218 21 361 0306 Email: ncbmtrp@ncb.ly Website: www.ncb.ly/ Current accounts, deposit accounts, letters of credit

Sahara Insurance Company Ahmad Al Suwaihli Street Abu Melyana Area PO Box: 2422 Tel: + 218 21 713 1119 / 1115 / 1117 Fax: + 218 21 444 4160 Email: headquarter@sic.ly Website: www.sic.ly Insurance services

Mauritania listings Banque Centrale de Mauritanie Avenue de l’indépendance Tel: 00 222 25 22 06 Fax: 00 222 525 27 59 Info: info@bcm.mr Website: www.bcm.mr

Nouakchott, Mauritanie Tel: 00 222 525 26 02/525 27 07 & 525 12 62 Fax: 00 222 525 33 97 Email: bnm10@bnm.mr Website: www.bnm.mr

Chinguitty Bank Banque pour le Commerce et l’Investissement en Mauritanie (BACIM) P54, Ave Charles de Gaulle 20 Rue 42-060, BP 913 Nouakchott Tel: 00 222 529 1900 Fax: 00 222 529 1360 Email: bacim@bacim.mr Website: www.bcm.mr

Banque El Amana (BEA) Nouakchott Agence centrale, siège, BP 5559 Nouakchott Tel: 00 222 4 525 59 53 Fax: 00 222 4 525 34 95 Website: www.bea.mr

Banque Al Wava Mauritanienne Islamique (BAMIS)

Tel: 00 222 4525 2173 Fax: 00 222 4525 3382 Email: info@chbank.mr Website: www.chbank.mr

Orabank Mauritanie 54, avenue du Général Charles de Gaulle 20 Rue 42‐060 Tevragh Tel: 00 222 529 13 60 Fax: 00 222 525 00 92 Email: info-mr@orabank.net Website: www.orabank.net

Societe Generale Mauritanie Avenue Charles de Gaulle BP 50 85 Nouakchott Tel: 529 70 00/524 99 21 Email: Espace.a.client@socgen Website: www.sgm.mr

758, rue 22-018 Avenue du Roi Faycal Nouakchott Tel: 00 222 45 25 14 24 Fax: 00 222 45 25 16 21 Website: www.bamis.mr

Banque Nationale de Mauritanie Avenue du Roi Fayçal B P 291 & 614

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Arab British European Banking & Finance Guide

Saving and Real Estate Investment Bank Khalifa Alzaidi Street Tripoli Tel: + 218 21 444 9306 / 9308 / 9310 Fax: + 218 21 444 9309 Email: info@eddekharbank.ly Website: www.eddekharbank.com Credit and finance facilities for residential and commercial real estate

Wahda Bank Jamal Abdulnasser Street Al Berka PO Box 452 Benghazi Al Jadida Tel: +218 21 334 1752 / +218 21 3330503 / 218 21 3330699 Fax: +218 21 444 2471 Email: wahda@wahdabank.com Website: www.wahdabank.com/ Commercial banking activities including current and saving accounts, loans and credits, and consultation services

Morocco listings Al-Amana Microfinance 40, Avenue Al-Fadilah C.Y.M Rabat 10130 Tel: (+212) (0)5 37 28 95 00 Fax: (+212) (0)5 37 28 94 11 to 13 Email: alamana@alamana.org.ma Website: www.alamana.org.ma Credit for microfinance

Al-Barid Bank Angle, Boulevard Ghandi et Boulevard Brahim Roudani 798, Boulevard Ghandi Casablanca 20000 Tel: (+212) (0)80 200 60 60 Fax: (+212) (0)5 22 43 83 67 Email: contactfin@albaridbank.ma Website: www.albaridbank.ma Financial services

Agma Lahlou-Tazi 1, City Park Centre Rue Abderrahmane Sahraoui Casablanca 20070 Tel: (+212) (0)5 22 48 80 50 Fax: (+212) (0)5 22 48 80 99 Email: info@agma.co.ma Website: www.agmalahloutazi.ma Insurance services

Alma Finance Group 4, Lot La Colline Casablanca 20190 Tel: (+212) (0)5 22 58 12 02 Fax: (+212) (0)5 22 58 11 74 Email: contact@almafinance.com Website: www.almafinance.com Investment banking, securities brokers and private banking

Arab Bank Maroc 174, Boulevard Mohammed V Casablanca 13810 Tel: (+212) (0)5 22 22 31 52 Fax: (+212) (0)5 22 27 58 23 Email: mohamed.baqili@arabbank.ma Website: www.arabbank.ma Commercial, personal and private banking services

ARENOR Assurance Residence Pasadena Route de Tetouan Tanger 90000 Tel: (+212) (0)5 39 36 02 59 Fax: (+212) (0)5 39 36 02 66 Email: contact@arenor.com Website: www.arenor.net Insurance services: car, housing, travel, life

Art Bourse 7, Boulevard Abdelkrim Al-Khattabi Casablanca 20200 Tel: (+212) (0)5 29 00 12 12 Fax: (+212) (0)5 29 00 12 03 Email: contact@artbourse.ma Website: www.artbourse.ma Securities brokers and traders

Atlamed Corporate Investment 17, Rue Saria Ibnou Zounaim Quartier Palmier

Casablanca 20100 Tel: (+212) (0)5 22 23 44 53 / 56 / 57 Fax: (+212) (0)5 22 23 44 62 Email: s.ajlane@atlamed.ma Website: www.atlamed.ma Asset management and corporate investment

ATLANTA 181, Boulevard d’Anfa Casablanca 20001 Tel: (+212) (0)5 22 95 76 76 Fax: (+212) (0)5 22 36 98 12 / 14 / 16 Email: info@atlanta.ma Website: www.atlanta.ma Motor, health and property insurance services

Atlas Capital 88, Rue El-Marrakchi Quartier Hippodrome Casablanca 20100 Tel: (+212) (0)5 22 23 76 02 / 05 Fax: (+212) (0)5 22 36 87 84 Email: info@atlascapital.ma Website: www.atlascapital.ma Investment banking, corporate finance, asset management and brokerage

Attijariwafa Bank 2, Boulevard Moulay Youssef Casablanca 20000 Tel: (+212) (0)5 22 29 88 88 Fax: (+212) (0)5 22 29 41 25 Email: contact@attijariwafa.com Website: www.attijariwafabank.com Commercial and investment banking, asset management

AXA Assurance – Maroc 120-122, Avenue Hassan II Casablanca 20000 Tel: (+212) (0)5 22 88 92 92 Fax: (+212) (0)5 22 88 91 89 Email: contact@axa.ma Website: www.axa.ma General insurance and re-insurance services: home, car, life insurance

Banque Africaine du Developpement – Morocco Batiment B7, Parc Technopolis Sala Al-Jadida, Rabat 10000 Tel: (+212) (0)5 30 17 73 00 Fax: (+212) (0)5 38 01 44 02 Email: y.fal@afdb.org Website: www.afdb.org Development bank

Email: fbpmicrocredit@menara.ma Website: www.gbp.ma Commercial banking services

BMCE Bank 140, Avenue Hassan II Casablanca 20001 Tel: (+212) (0)5 22 20 03 25 Fax: (+212) (0)5 22 26 46 55 Email: sgg@bmcebank.co.ma Website: www.bmcebank.ma Corporate and investment banking services: treasury, asset management, brokerage and advisory

BMCI – BNP Paribas 26, Place des Nations Unies Casablanca 20000 Tel: (+212) (0)5 22 46 10 00 Fax: (+212) (0)5 22 26 57 29 Website: www.bmci.ma Full commercial, investment, asset management and brokerage services

Bourse de Casablanca Angle, Avenue des Forces Armees Royales et rue Arrachid Mohamed Casablanca 20000 Tel: (+212) (0)5 22 45 26 26 / 27 Fax: (+212) (0)5 22 45 26 25 Email: contact@casablanca-bourse.com Website: www.casablanca-bourse.com Casablanca’s stock exchange; investor trading services

CAFPI 206, Boulevard Mohammed Zerktouni Casablanca 20000 Tel: (+212) (0)5 22 48 66 45 Fax: (+212) (0)5 22 48 70 58 Email: info@cafpi.ma Website: www.cafpi.ma Lending, SME services, and mortgages

Capital Trust 50, Boulevard Rachidi Casablanca 20000 Tel: (+212) (0)5 22 46 63 50 Fax: (+212) (0)5 22 49 13 07 Email: contact@capitaltrust.ma Website: www.capitaltrust.ma Business and investment banking services

CDG Capital Tour Mamounia Place Moulay Hassan Rabat 10000 Tel: (+212) (0)5 37 66 52 52 Fax: (+212) (0)5 37 66 52 80 Email: cdgcapital@cdgcapital.ma Website: www.cdgcapital.ma Business and investment banking services

Bank Al-Maghrib 277, Avenue Mohammed V B.P. 445 Rabat 10000 Tel: (+212) (0)5 37 81 81 81 Fax: (+212) (0)5 37 56 78 24 Email: webmaster@bkam.gov.ma Website: www.bkam.ma Central bank of Morocco

CITIBANK – Morocco

Banque Populaire 3, Rue du Docteur Veyre Casablanca 20100 Tel: (+212) (0)22 26 90 11 / 15 Fax: (+212) (0)22 29 73 49 / 26 90 18

Zenith Millennium, Lotissement Attaoufik Immeuble 1 Sidi Maarouf, Casablanca 20190 Tel: (+212) (0)5 22 48 96 00 Fax: (+212) (0)5 22 97 41 97 Website: www.citigroup.com Consumer, corporate and investment banking and insurance

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Morocco listings Coface Services Maghreb 13, Rue Ibnou Toufail Quartier Palmier Casablanca 20340 Tel: (+212) (0)5 22 98 98 93 Fax: (+212) (0)5 22 99 06 40 Email: coface_services_maghreb@coface.com Website: www.coface.ma Credit insurance

Crédit Agricole du Maroc Place des Alaouites B.P. 49 Rabat 10000 Tel: (+212) (0)5 37 20 82 19 to 26 Fax: (+212) (0)5 37 20 82 18 Email: presidence@creditagricole.ma Website: www.creditagricole.ma Agricultural investment fund and financing services

Crédit du Maroc 48-58, Boulevard Mohammed V Casablanca 20000 Tel: (+212) (0)5 22 47 75 28 Fax: (+212) (0)5 22 42 23 63 Email: info@ca-cdm.ma Website: www.cdm.co.ma Credit banking services

Crédit Immobilier et Hôtelier – CIH 187, Avenue Hassan II Casablanca 20000 Tel: (+212) (0)5 28 38 90 20 / 28 Fax: (+212) (0)5 28 38 90 20 / 29 Email: info-client@cih.co.ma Website: www.cih.co.ma Commercial banking, financial services in real estate and hotels

Dar Tawfir 101, Boulevard Al-Massira Al-Khadra Casablanca 20000 Tel: (+212) (0)5 22 25 22 25 Fax: (+212) (0)5 22 25 22 04 Email: contact@cfgmorocco.com Website: www.dartawfir.ma Investment funds, asset management, financial consulting

Dina Assurances 6, Rue de Fes Tanger 90000 Tel: (+212) (0)5 39 93 48 34 Fax: (+212) (0)5 39 93 54 89 Email: dinassur@dinaassurances.com Website: www.dinaassurances.com Insurance services

Emerging Capital Partners – ECP 416, Rue Mustapha El-Maani Casablanca 20100 Tel: (+212) (0)5 22 46 99 11 Fax: (+212) (0)5 22 20 94 89 Email: elouazzani@ecpinvestments.com Website: www.ecpinvestments.com Private equity and investment

EPEGA 28, Avenue de l’Armée Royale Casablanca 20000 Tel: (+212) (0)5 22 27 90 75 Fax: (+212) (0)5 22 22 15 98

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Email: contact@epega.ma Website: www.epega.ma Insurance and general financial services

Ernst&Young – Morocco 37, Boulevard Abdellatif Ben Kaddour Casablanca 20050 Tel: (+212) (0)5 22 95 79 00 Fax: (+212) (0)5 22 39 02 26 Email: audit.ma@ma.ey.com Website: www.ey.com General financial services

EuroBourse Avenue des FAR Tour Habous, 5ème étage Casablanca 20000 Tel: (+212) (0)5 22 54 15 54 Fax: (+212) (0)5 22 54 14 46 Website: www.eurobourse.ma Asset management, financial consulting

Fidaroc Grant Thornton Centre Allal Ben Abdellah 47, Rue Allal Ben Abdellah, 5eme etage Casablanca 20000 Tel: (+212) (0)5 22 54 48 00 Fax: (+212) (0)5 22 29 66 70 Email: fidaroc@fidarocgt.ma Website: www.fidarocgt.com Audit, consulting, general financial services

Fonds d’Equipement Communal – FEC Espace Oudayas Angle, Avenue Annakhil et Avenue Ben Barka B.P. 2175 Hay Ryad, Rabat 10100 Tel: (+212) (0)5 37 56 60 90 to 93 Fax: (+212) (0)5 37 56 60 94 Email: info@fec.ma Website: www.fec.org.ma Project funding for engineering and development projects

Quartier Palmier Casablanca 20000 Tel: (+212) (0)5 22 25 36 67 Fax: (+212) (0)5 22 98 20 32 Email: contact@kapitaltransak.com Website: www.kapitaltransak.com Corporate finance and advisory services

La Caixa Bank 179, Boulevard d’Anfa Casablanca 20100 Tel: (+212) (0)5 22 97 93 40 Fax: (+212) (0)5 22 94 98 27 Website: www.lacaixa.com/ma Savings bank

La Marocaine Vie 37, Boulevard Moulay Youssef Casablanca 20070 Tel: (+212) (0)5 22 43 11 00 Fax: (+212) (0)5 22 29 73 07 Email: mvie@lamarocainevie.co.ma Website: www.lamarocainevie.ma Housing, accident and health insurance

Maghrebail 45, Boulevard Moulay Youssef Casablanca 20000 Tel: (+212) (0)5 22 20 33 04 / 48 65 00 Fax: (+212) (0)5 22 27 44 18 Email: maghrebail@maghrebail.ma Website: www.maghrebail.ma Financing services

Maroc Assistance Internationale 25 Boulevard Rachidi Casablanca 20070 Tel: (+212) (0)5 22 54 30 30 Fax: (+212) (0)5 22 47 10 61 Email: maroc-assistance.int@mai.cpm.ma Website: www.mai.co.ma Insurance and re-insurance products

Maroc Leasing Global Exchange Maroc 31, Lotissement de La Colline Sidi Maarouf, Casablanca 20190 Tel: (+212) (0)5 22 78 64 44 Fax: (+212) (0)5 22 78 69 52 Email: globalexchange@globalexchange.es Website: www.globalexchange.ma General financial services

Gras Savoye Maroc 40, Boulevard Moulay Youssef Casablanca 20000 Tel: (+212) (0)5 22 88 95 70 Fax: (+212) (0)5 22 20 36 05 Email: grassavoye@iam.net.ma Website: www.grassavoye.ma Insurance brokerage and consultancy

57 Angle Rue Pinel et Boulevard Abdel Moumen Casablanca 20100 Tel: (+212) (0)5 22 42 95 95 Fax: (+212) (0)5 22 42 95 00 Website: www.marocleasing.ma Financial services and facilities

Maroc Services Intermédiation – MSIn Immeuble Zenith Lot Taoufiq, Sidi Maarouf Casablanca 20000 Tel: (+212) (0)5 22 97 49 61 to 65 Fax: (+212) (0)5 22 97 49 73 / 74 Email: contact@msin.ma Website: www.msin.ma Brokerage services

Holmarcom 20, Rue Mustapha El-Maani Casablanca 20000 Tel: (+212) (0)5 22 31 07 01 Fax: (+212) (0)5 22 31 37 44 Website: www.holmarcom.ma Insurance services

Kapital Transak Villa 31, Rue Mohamed Bahi

Arab British European Banking & Finance Guide

Marogest Immeuble Zenith Lot Taoufiq, Sidi Maarouf Casablanca 20000 Tel: (+212) (0)5 22 97 49 61 to 65 Fax: (+212) (0)5 22 97 49 73 / 74 Email: contact@marogest.ma Website: www.marogest.ma Asset management

Morocco listings MEA Finance Services

Société Centrale de Réassurance – SCR

27, Residence Hadi A Rue Salim Cherkaoui Casablanca 20100 Tel: (+212) (0)5 22 42 90 50 Fax: (+212) (0)5 22 20 10 27 Email: info@meafinance.com Website: www.meafinance.com General financial services

Tour ATLAS Place Zellaqa Casablanca 20000 Tel: (+212) (0)5 22 46 04 00 Fax: (+212) (0)5 22 46 04 60 Email: scr@scrmaroc.com Website: www.scrmaroc.com Insurance services

Mena Capital Partners – MCP

SOGECAPITAL Bourse

23, Rue Ibnou Hilal Quartier Racine Casablanca 20000 Tel: (+212) (0)5 22 39 50 00 Fax: (+212) (0)5 22 36 86 00 Email: contact@menacp.com Website: www.integrabourse.com Securities brokers and traders and asset management

55, Boulevard Abdelmoumen Casablanca 20000 Tel: (+212) (0)5 22 43 98 40 Fax: (+212) (0)5 22 26 80 18 Email: sgmb.sogebourse@socgen.com Website: www.sgmaroc.com Brokerage firm, financial consulting

Zurich Assurances Maroc 166, Boulevard Mohamed Zerktouni Casablanca 20000 Tel: (+212) (0)5 22 27 90 15 / 49 9700 Fax: (+212) (0)5 22 27 67 18 / 49 17 33 Website: www.zurich.ma Insurance services

STAR Assurance

35, Rue Aziz Bellal Maarif, Casablanca 20330 Tel: (+212) (0)5 22 99 98 00 Fax: (+212) (0)5 22 23 88 70 Website: www.pwc.com General financial services

28, Avenue Allal Ben Abdellah, 1er étage, Apt n°3 Tanger 90000 Tel: (+212) (0)5 39 94 26 42 Fax: (+212) (0)5 39 94 35 30 Email: starassurance@menara.ma Website: www.star-assurance.com Insurance services

RMA Watanya

Taslif

83, Avenue de l’Armee Royale Casablanca 20000 Tel: (+212) (0)80 100 83 83 Website: www.rmawatanya.net Insurance services: car, housing, life

29, Boulevard Moulay Youssef Casablanca 20000 Tel: (+212) (0)5 22 20 03 20 Fax: (+212) (0)5 22 26 77 26 Email: taslif@taslif.com Website: www.taslif.com Consumer credit, investment credit

PwC – Morocco

Sadas Assurances 4, Rue Blida Casablanca 20000 Tel: (+212) (0)5 22 48 33 70 to 75 Fax: (+212) (0)5 22 22 74 56 Email: contact@sadas-assurances.com Website: www.sadas-assurances.com Insurance services, consulting, risk management

Website: www.wafabourse.com Securities brokers and traders

Upline Group 37, Boulevard Abdellatif Ben Kaddour Casablanca 20000 Tel: (+212) (0)5 22 99 71 71 Fax: (+212) (0)5 22 95 49 62 Email: uplinegroup@uplinegroup.ma Website: www.uplinegroup.ma Investment banking and corporate finance

SAHAM Assurance 216, Boulevard Zerktouni Casablanca 20000 Tel: (+212) (0)5 22 47 40 40 Fax: (+212) (0)5 22 20 60 81 Website: www.sahamassurance.ma Insurance and re-insurance services

Salafin Zenith Millenium Immeuble 8 Sidi Maarouf, Casablanca 20190 Tel: (+212) (0)5 22 78 67 78 Fax: (+212) (0)5 22 97 56 16 / 17 Email: salafin@salafin.com Website: www.salafin.com Consumer finance company

Sanad 181, Boulevard d’Anfa Casablanca 20000 Tel: (+212) (0)5 22 95 78 78 Fax: (+212) (0)5 22 36 04 36 Email: contact@sanad.ma Website: www.sanad.ma Insurance services

Vivallis Angle, Boulevard Zerktouni Boulevard Bourgogne et Rue de Dijon Casablanca 20100 Tel: (+212) (0)5 22 39 39 00 Fax: (+212) (0)5 22 39 11 55 Email: contact@vivalis.ma Website: www.vivalis.ma General financial services

Wafa Assurance 1, Boulevard Abdelmoumen Casablanca 20100 Tel: (+212) (0)5 22 54 55 55 Fax: (+212) (0)5 22 29 94 35 Email: webmaster@wafaassurance.ma Website: www.wafaassurance.com Insurance and reinsurance services

Wafa Bourse 416, Rue Mustapha El-Maani Casablanca 20000 Tel: (+212) (0)5 22 49 59 69 Fax: (+212) (0)5 22 47 46 91 Email: clients@wafabourse.com

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Oman listings Ahli Bank-Oman Al Aasfoor Building Al Rumailah Street Mina Al Fahal Area PO Box 545 Muscat 116 Tel: 00 968 24 577000 Fax: 00 968 24 56 8003 Email: info@ahlibank-oman.com Website: www.ahlibank-oman.com Retail and commercial banking, trade finance, premium and asset management

Ajit Khimji Group Ajit Khimji Group Building Church Road Ruwi 112 Muscat Tel: 00 968 24 785569 Fax: 00 968 24 785568 Email: agkgroup@akgc.net Website: www.akgc.net Insurance

Al Ahlia Insurance Company – Oman Salem Building MBD Street Ruwi 112 Muscat Tel: 00 968 24 766800 Fax: 00 968 24 786269 Email: aaic@alahliaoman.com Website: www.alahliaoman.com Insurance

Al Anwar Holdings Villa 897 Shatti Al Qurum Street 3013 Al Hamriyya Area Muscat 131 Tel: 00 968 24 692503 Fax: 00 968 24 692507 Email: info@alanwarholdings.com Website: www.alanwarholdings.com Investment firms and funds

Al Batinah Development and Investment Holding Company Al Sahli Building Al Khuwair Area PO Box 68 Muscat 117 Tel: 00 968 24 489677 / 47 8667 Fax: 00 968 24 478448 Email: albatina@omantel.net.om Website: www.albatinah.com Investment and funds services

Al-Hosn Investment Company Al-Hosn Investment Company Building South Ghobra Area Muscat 130 Tel: 00 968 24 523500 Fax: 00 968 24 523501 Email: info@alhosnoman.com Website: www.alhosnoman.com Investment firms and funds

Muscat Tel: 00 968 24 706499 Fax: 00 968 24 703653 Email: general@aljazeiraservices.com Website: www.aljazeiraservices.com Investment firms and funds

Tel: 00 968 24566160 Fax: 00 968 24566162 Email: info@asharqiya.com Website: www.asharqiya.com Direct investments, corporate governance and active portfolio management

Al Madina Financial and Investment Services

Bank Dhofar

Al Qurum House 1st Floor Airport Street Commercial Area PO Box 171 Muscat Ruwi 112 Tel: 00 968 24 823900 Fax: 00 968 22 035499 Email: info@almadina.com Website: www.almadina.com Investment banking, asset management, corporate finance advisory services, private placement and stock brokerage

PO Box 1507 Muscat Ruwi 112 Tel: 00 968 24 790466 Fax: 00 968 24 797246 Email: info@bankdhofar.com Website: www.bankdhofar.com Personal, wholesale and corporate banking; special investment advisory services, brokerage and asset management; project finance and trade services

Al Omaniya Financial Services Tanouf Building Oman Sheraton Road Jibroo 114 Muscat Tel: 00 968 24 811164 Fax: 00 968 24 813258 Email: aofsoman@omantel.net.om Website: www.aofsoman.com General financial services

Al Suhail Investments Al Suhail Investments Building Madinat I’llam Area Muscat PO Box 439 114, Muttrah Tel: 00 968 24 692954 Fax: 00 968 24 694561 Email: info@alsuhailinvestment.com Website: www.alsuhailinvestment.com Investment firm

Al Yousef Group Al Yousef Group Building 18th Nov Street Muscat 100 PO Box 200 Tel: 00 968 2 4614499 Fax: 00 968 2 4614144 Email: coo@alyousefgroup.com Website: www.alyousefgroup.com Private equity investments

Bank Muscat Building 120/4 Block 311 Street 62 Airport Heights Seeb Area PO Box 134 Ruwi 112 Tel: 00 968 24 701769 Fax: 00 968 24 702869 Email: bmnalert@bankmuscat.com Website: www.bankmuscat.com Retail, personal, SME and corporate banking, investment and asset management, treasury and project finance

Bank Nizwa Building 37 Block 226 Street 2601 Ruwi Area PO Box 2316 Muscat Ruwi 112 Tel: 00 968 24 655555 Fax: 00 968 24 649029 Website: www.banknizwa.om Portfolio of Islamic banking services

Capital Market Authority-Oman (CMA) PO Box 3359 Ruwi 112 Tel: 00 968 24 823100 Fax: 00 968 24 816691 Email: info@cma.gov.com Website: www.cma.gov.om Transaction and trading services with regulation of transparency trading in Muscat securities market

Aon Majan LLC 1st Floor, Suite 3 Shatti Al Qurm Complex Shatti Al Qurm Tel: 00 968 24 697451 Fax: 00 968 24 697487 Email: insurancebrokers@majan- aon.com Website: www.aon.com Branch of global provider of risk management services, insurance and reinsurance brokerage

Central Bank of Oman Commercial Centre Street Muttrah PO Box 1161 Ruwi 112 Tel: 00 968 24 777777 Fax: 00 968 24 788995 Email: CCR-Dept@cbo.gov.om Website: www.cbo-oman.org Central bank acts as the banking sector regulator

Al Jazeira Services Company

A’Sharqiya Investment Holding Company (SAOG)

CE Health and Partners

International Medical Centre Ruwi Roundabout Area Ruwi 112

PO Box 47 PC 118 Al Harthy Complex Sultanate of Oman

CE Heath and Partners Building Way 2105 Bait Al Falaj Road

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Oman listings Ruwi PO Box 3424 Muscat 112 Tel: 00 968 24 780059 Fax: 00 968 24 701241 Email: insurance@ceheath.com Website: www.ceheath.com Insurance, risk, underwriting and reinsurance

Dhofar Insurance Company Dhofar Insurance Company Building Central Business District Area PO Box 1002 Ruwi 112 Muscat Tel: 00 968 24 705305 Fax: 00 968 24 793641 Email: dhofar@dhofarinsurance.com Website: www.dhofarinsurance.com Whole range of insurance products

DOT Insurance Consultants Suite No712, 7th Floor Oman Commercial Centre PO Box 2164, Ruwi Post Code 112 Tel: 00 968 24 702545 Fax: 00 968 24 702237 Email: insure@dotintl.com Website: www.dotintl.com General insurance services

EFG Hermes Oman Hormuz Building 3rd Floor Ruwi 114 PO Box 1857 Tel: 00 968 24 760076 Fax: 00 968 24 797471 Website: www.efg-hermes.com Branch of Egyptian bank; securities brokerage, investment banking, asset management, private equity and research

Email: info@falconinsurancesaoc.com Website: www.falconinsurancesaoc.com Various insurance products

Financial Services Company Financial Services Company Building Muscat Securities Market Street PO Box 2777 Ruwi Tel: 00 968 24 825600 Fax: 00 968 24 817205 Email: fsc@finserve.net Website: www.finserve.net Brokerage, issue management, marketing non-Oman securities, portfolio management, investment advice and research

3rd & 4th Floor, Ernst and Young Building Al Qurum Area Muscat 112 PO Box 1750, Ruwi Tel: 00 968 24 559559 Fax: 00 968 24 566043 Email: muscat@om.ey.com Website: www.ey.com General financial, tax, transactions and advisory services

Global Financial Investments Holding Building Ruwi Street MBD Area Muscat 113 Tel: 00 968 24 822706 Fax: 00 968 24 822710 Email: info@gfioman.com Website: www.gfioman.com Investment firms and funds

Global Money Exchange Company Global Money Exchange Company Building Al Hamriya Area Ruwi 131 PO Box 726 Muscat Tel: 00 968 24 703566 Fax: 00 968 24 703565 Email: globalho@globalmoneyexchange.net Website: www.globalmoneyexchange.net General financial services, bank remittances and foreign exchange

Gulf Baader Capital Markets Building Ruwi Area PO Box 974 Ruwi PC 112 Tel: 00 968 24 790614 Fax: 00 968 24 790612 Email: info@gbcmoman.net Website: www.gbcmoman.net Investment banking, asset management, corporate finance, equity, brokerage and equity research

Export Credit Guarantee Agency of Oman Building Muscat Business District Muscat 100 Tel: 00 968 24 346666 Fax: 00 968 24 346699 Email: info@ecgaoman.com.om Website: www.ecgaoman.com.om Credit insurance to exporters

Falcon Insurance Company SAOC Sultan Centre Building 826 Al Qurum Area PO Box 2279 Muscat Tel: 00 968 24 660900 Fax: 00 968 24 566476

Bait Al Falaj Street Financial District PO Box 240 Muscat Ruwi 112 Tel: 00 968 24 762797 / 800 74 722 Fax: 00 968 24 704241 Email: contact.oman@hsbc.com Website: www.hsbc.co.om Banking services and asset management

Ibn Hyan Chartered Accountants Oman Commercial Centre Ruwi 112 Muscat Tel: 00 968 24 700235 Fax: 00 968 24 700972 Email: admin@ibnhyan.org Website: www.ibnhyan.org General financial services, audits and management consultancy

KPMG Oman HSBC Building 4th Floor, Central Bank Street PO Box 641 Muscat Ruwi 112 Tel: 00 968 24 70 9181 Fax: 00 968 24 70 0839 Email: kpmgoman@kpmg.com Website: www.kpmg.com.om Audit, tax and advisory services

Majan Exchange Marsh Oman Hatat House Mina Al Fahl Area Muscat 116 Tel: +968 2-456-4271 / 9019 Fax: +968 2-456-4272 Website: www.marsh.com Insurance, risk and credit services

Morison Muscat Chartered Accountants LLC Gulf Investment Services Holding Company

Export Credit Guarantee Agency (ECGA)

HSBC Bank Oman SOAG

Global Financial Investments Holding

Gulf Baader Capital Markets SAOC Ernst and Young Oman

Muscat Tel: 00 968 24 813989 Fax: 00 968 24 813915 Email: consulting@crowehorwath.om Website: www.crowehorwath.net/om General financial services

Al Ghazal Tower Building 1540 Street 2724 Matrah Business District Ruwi 112 PO Box 974 Muscat Tel: 00 968 24 790614 Fax: 00 968 24 790612 Email: busdev@gisoman.net Website: www.gisoman.net Investment firm

Horwath Mak Ghazali Trade Centre Al Hamriya Street Mutrah Business East District Ruwi 131

PO Box 2123 Ruwi 112 Tel: 00 968 24 799 334 Fax: 00 968 24 799193 Email: info@morisonmuscat.com Website: www.morisonmuscat.com Audit, tax, consulting and accounting

Muscat Finance SOAG Muscat Finance Building Al Khuwair Area PO Box 108 Ruwi 112 Muscat Tel: 00 968 24 625300 Fax: 00 968 24 563110 Email: mfinance@mfcoman.com Website: www.mfcoman.com Auto finance, corporate leasing and capital finance

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Oman listings Muscat National Holding Company SAOG Ruwi 112 PO Box 72 Muscat Tel: 00 968 24 489061 Fax: 00 968 24 481847 Email: info@muscatnationalholding.com Website: www.muscatnationalholding.com Portfolio of securities investment

National Bank of Oman National Bank of Oman Building Commercial District Area PO Box 751 Ruwi 112 Tel: 00 968 24 778000 Fax: 00 968 24 778585 Email: ask@nbo.co.om Website: www.nbo.co.om Retail, SME and business banking services

National Finance Company SAOG Block 3094 Street 4149 Al Khuwair Area PO Box 1706 Muscat Ruwi 112 Tel: 00 968 24 47 0000 Fax: 00 968 24 48 4495 Email: info@nationalfinance.co.om Website: www.nationalfinanco.co.om General financial services for individuals, SMEs and corporates

National Life and General Insurance Company PO Box 798, Postal Code 117 Wadi Kabir Tel: 00 968 24 730999/792333 Fax: 00 968 24 795222 Email: contact@nlicgulf.com Website: www.nlicgulf.com Corporate and general insurance

National Securities Co SAOG PO Box 300 PC 118 Al-Harthy Complex Tel: 00 968 24 559700 Fax: 00 968 24 559711 Email: info@nscoman.com Website: www.nscoman.com Securities brokers and traders

Oman Arab Bank Oman Arab Bank Building Central Bank Street Muttrah Business District PO Box 2010 Muscat Ruwi 112 Tel: 00 968 24 75 4212/75 4301 Fax: 00 968 24 797736 Email: contactus@oman-arabbank.com Website: www.oman-arabbank.com Commercial and investment banking; retail, corporate, trade finance and treasury services

Oman Brunei Investment Company (OBIC) PO Box 37, PC 103 Muscat Tel: +968 24402900 Fax: +968 24649048 Email: info@obinvestco.com

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Website: www.obinvestco.com Joint venture with Brunei established to explore investment opportunities

Oman Development Bank SAOC Central Bank District PO Box 3077 Ruwi 112 Tel: 00 968 24 726 813 Fax: 00 968 24 726 814 Email: info@odboman.net.com Website: www.odb.com.om Financial assistance to SMEs in agriculture, fisheries, tourism, education, professional offices and crafts

Oman Holdings International Company (OHI) PO Box 889, Muscat Postal Code 100 Tel: 00 968 24 489789 Fax: 00 968 24 482395 Email: ohi@ohigroup.com Website: www.ohigroup.com Business house

Oman Housing Bank SAOC PO Box 2555 Muscat Ruwi 112 Tel: 00 968 24 70 4444 Fax: 00 968 24 70 4071 Email: ohb@ohb.co.om Website: www.ohb.co.om Residential housing loans

Muscat PC 115 Tel: 00 968 2464 3033 Fax: 00 968 24 69 1344 Email: contact@oif.om Website: www.oif.om Sovereign wealth fund

Oman National Investment Corporation Holding (ONIC) PO Box: 1949 Postal Code 114 Tel: 00 968 24 762002 / 762000 Fax: 00 968 24 790545 / 791357 Email: info@onicholding.com Website: www.onicholding.com Integrated financial services, insurance, capital markets operations, capital market operations, warranty services and other financial investment services

Oman ORIX Leasing Company 2nd & 3rd Floor, Rumaila 106 Watayah PO Box 106 Postal Code 118 Muscat Tel: 00 968 24 661900 Fax: 00 968 24 565610 Email: oolc@omanorix.com Website: www.omanorix.com Corporate lease

Oman UAE Exchange Oman International Development and Investment Company (OMINVEST) 4th Floor, Bank Al Markazi Street Muttrah Business District PO Box 3886 Muscat Ruwi 112 Tel: 00 968 24 769500 Fax: 00 968 24 70 7519 Email: info@ominvest.net Website: www.ominvest.net Private equity & corporate finance, industrial sector investments, real estate and capital markets

Oman Investment and Finance Company (OIFC) Oman Investment & Finance Company Building Ruwi Area Muscat 112 Tel: 00 968 24 817888 Fax: 00 968 24 815595 Email: oifcho@omantel.net.om Website: www.oifcoman.com Investment and financial services

Oman Investment Corporation Al Thabat Building Airport Street Al Khuwair Area PO Box 299 Muscat 134 Tel: 00 968 24 115200 Fax: 00 968 24 511484 Email: info@omaninvcorp.com Website: www.omaninvcorp.com Private equity investment company

Oman Investment Fund (OIF) PO Box 329

Arab British European Banking & Finance Guide

OC Centre, First Floor Ruwi PO Box 1116 Postal Code 131 Al Hamriyah Tel: 00 968 24 796533 Fax: 00 968 24 750908 Email: omanuaex@omantel.net.om Website: www.omanuaeexchange.com Foreign currency and money transfers

Oman United Insurance Co SAOG PO Box 1522, Ruwi PC 112 Tel: 00 968 24 477300 Fax: 00 968 24 477334 Email: info@omanutd.com Website: www.omanutd.com Individual and corporate insurance

Pak Oman Investment Company Fahed Plaza Building PO Box 2218 PC 112 Tel: 00 968 24 818523 Fax: 00 968 24 812565 Email: muscat@pakoman.com Website: www.pakoman.com Lease Financing, mergers and acquisitions

PricewaterhouseCoopers Oman PO Box 3075 Ruwi Post Code 112 Tel: 00 968 24 559110 Fax: 00 968 24 564408 Email: oman.pwc@om.pwcglobal.com Website: www.pwc.com Assurance, audit and consulting

Oman listings Rasmala Investments Oman LLC Al Ghubrah Area PO Box 3233 Muscat Ruwi 112 Tel: 00 968 24 115555 Fax: 00 968 24 613444 Email: oman@rasmala.com Website: www.rasmala.com Investment banking, securities brokers and traders

Risk Management Services (RMS) PO Box 1734, Ruwi Postal Code 112 Tel: 00 968 24 704004 Fax: 00 968 24 798423 Email: insure@rmsllc.com Website: www.rmsllc.com Insurance for property, marine, construction, oil & gas

Sami Abdul Aziz Jaffer PO Box 210, PC 100, Muscat Tel: 00 968 24 783387 Fax: 00 968 24 708671 Email: saajaaj@saajaaj.com Website: www.saajaaj.com General insurance, life insurance, health insurance and insurance brokerage

State General Reserve Fund (SGRF) PO Box 188 Muscat PC 100 Tel: 00 968 24 745100 Fax: 00 968 24 740922 Email: sgrf@sgrf.gov.om Website: www.sgrf.gov.om Sovereign wealth fund

Taageer Finance Company SAOG Kurum House CBD South Street

Ruwi 112 Muscat Tel: 00 968 24 839800 Fax: 00 968 24 811143 Email: info@taageer.com.om Website: www.taageer.com Corporate Islamic finance facilities

United Finance Company

Takamul Investment Company DHL Building Airport High Athaiba, PO Box 1951 Muscat 130 Tel: 00 968 22 004333 Fax: 00 968 22 004300 Email: info@takamul.com Website: www.takamul.com Identifies, promotes and facilitates joint ventures with local and foreign investors

The Financial Corporation Company (FINCORP) Royal Tower, 6th Floor CBD Area PO Box 782 Muscat Ruwi 131 Tel: 00 968 24 81 6655 Fax: 00 968 24 81 6611 Email: fincorp@fincorp.org Website: www.fincorp.org Investment banking, asset management, securities brokers, private equity, corporate finance and advisory

The Zubair Corporation PO Box 1127, Ruwi 112 Muscat Tel: 00 968 24 527777 Fax: 00 968 24 527788 Email: zubaircorp@zubaircorp.com Website: www.zubaircorp.com Diversified asset management

United Finance Company Building Al Rumaila Street Wattayah Area Ruwi 112 Muscat Tel: 00 968 24 577300 Fax: 00 968 24 561841 Email: ufc@ufcoman.com Website: www.ufcoman.com General financial services

United Securities LLC PO Box 2566 Muscat Ruwi 112 Tel: 00 968 24 76 3300 Fax: 00 968 24 78 8671 Email: info@usoman.com Website: www.usoman.com Investment banking, asset management, securities brokers and traders

Vision Insurance PO Box 1882, PC 114, Jibroo Tel: 00 968 24 853900 Fax: 00 968 24 853999 Email: marketing@insurevic.com Website: www.insurevic.com Corporate and personal insurance

Vision Investment Services Co SOAC 4th Floor Vision Investment Services Company Building PO Box 712 Muscat Ruwi 131 Tel: 00 968 24 72 6000 Fax: 00 968 24 72 6010 Email: vision@investvis.com Website: www.investvis.co.om Investment banking, asset management, global equities

Palestine listings Ahliea Insurance Group Ahliea Insurance Group Tower Al Masyoun Area, PO Box 1933 Ramallah Tel: 00 970 2 298 6634 / 6635 Fax: 00 970 2 298 6636 Email: info@aig.ps Website: www.aig.ps Motor, property insurance, engineering insurance, liability, medical (includes workersâ&#x20AC;&#x2122; compensation), personal accident, marine cargo, credit and mortgage, life and household insurance

Al-Takaful Palestinian Insurance Company Al Sheikh Tower, Al Kuds Street Al Bireh Tel: 00 970 2 240 4211 Fax: 00 970 2 240 4213 Email: info@altakaful-ins.ps Website: www.altakaful-ins.ps Insurance

Al Wasata Securities Company Bank of Palestine Tower Omar Al Mokhtar Street, Al Rimal Area Gaza City

Tel: 00 970 8 288 6050 Fax: 00 970 8 288 6055 Email: info@alwasata.ps Website: www.alwasata.ps Securities brokers and traders

Arab Islamic Bank

Al Quds Street, Al Massyoun Area, PO Box 2471 Ramallah Tel: 00 970 2 297 9555 Fax: 00 970 2 297 9955 Email: quds@qudsbank.ps Website: www.qudsbank.ps Commercial banking services including deposits and loans, credit and trade finance services

Arab Islamic Bank Building Nablus Street Al Bireh Area PO Box 631 Ramallah Tel: 00 970 2 240 7060 Fax: 00 970 2 240 7065 Email: aib@aibnk.com Website: www.aibnk.com Islamic commercial banking activities, projects and business financing, consumer financing, investment in projects and companies

The National Bank - Palestine

Arab Palestinian Investment Company

Al Massah Building, Al Irsal Street Ramallah Tel: 00 970 2 294 6090 Fax: 00 970 2 294 6114 Email: info@alrafahbank.ps Website: www.alrafahbank.ps Credit and financing for small and medium entreprises, personal and family loans, investment funds and financial brokerage

145 Building Mecca Street PO Box 941489 Ramallah Tel: 00 962 6 6556 2910 Fax: 00 962 6 6556 2915 Email: apic@apic.com.jo Website: www.apic-pal.com Investment facilities

Quds Bank

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Palestine listings Bank of Palestine Bank of Palestine Building Nazlet Al Mahkamah Street Ain Misbah Area, PO Box 471 Ramallah Tel: 00 970 2 296 5010 Fax: 00 970 2 296 4703 Email: info@bankofpalestine.com Website: www.bankofpalestine.com Commercial banking services

Global United Insurance Company Saraya Building Ground Floor Faysal Street, PO Box 1001 Nablus Tel: 00 970 9 239 0919 Fax: 00 970 9 239 0920 Email: info@gui-pal.com Website: www.gui.ps Insurance services

Tel: 00 970 2 298 7603 / 7604 Fax: 00 970 2 298 5894 Email: pic@pic-pal.ps Website: www.pic-pal.ps Insurance

Tel: 00 970 9 239 0999 Fax: 00 970 9 239 0998 Email: pex@pex.ps Website: www.pex.ps Securities market

Palestine Investment and Development Company

Quds Bank

PO Box 1708, Ramallah Palestinian Territories Tel: 00 970 2 294 8222 Fax: 00 970 2 294 8223 Email: padico@padico.com Website: www.padico.com Direct investment in various sectors with focus on real estate investment

Quds Bank Building Al Quds Street Al Massyoun Area, PO Box 2471 Ramallah Tel: 00 970 2 297 9555 Fax: 00 970 2 297 9955 Email: quds@qudsbank.ps Website: www.qudsbank.ps General financial services, banking services, investment firms and funds services

Palestine Investment Bank Company

Lotus Financial Investment Company Building Jerusalem Road, Asharafeh Area Ramallah Tel: 00 970 2 297 1729 Fax: 00 970 2 297 1727 Email: info@lotus-invest.ps Website: www.lotus-invest.ps Securities brokers and traders

Dirar Al Tawil Building Al Nahda Street Al Bireh Area, PO Box 3675 Ramallah Tel: 00 970 2 240 7880 Fax: 00 970 2 240 7887 Email: info@pinvbank.com Website: www.pinvbank.com Provision of all banking services

Massar International

Palestine Investment Fund

Al Kawthar Street Al Bireh, PO Box 1218 Ramallah Tel: 00 970 2 240 9595 Fax: 00 970 2 240 9110 Email: info@massar.com Website: www.massar.com Core business activities are real estate development, financial and investment services, and corporate business development

Villa Silvana, Al Masoun Street Ramallah Tel: 00 970 2 297 4973 / 4972 / 4971 Fax: 00 970 2 297 4976 Email: info@pif.ps Website: www.pif.ps Investment in economic growth and infrastructure development projects

Siraj Fund Management Company

Palestine Islamic Bank

Management of investment funds

Al Bireh , PO Box 2106 Ramallah Tel: 00 970 2 240 7154 Fax: 00 970 2 241 4056 Email: info@islamicbank.ps Website: www.islamicbank.ps Provision of banking services

Target Jordan Palestine Securities

Lotus Financial Investment Company

National Insurance Company Al Wataniah Towers 34 Al Bireh Municipality Street, PO Box 1819 Ramallah Tel: 00 970 2 298 3800 Fax: 00 970 2 240 7460 Email: nic@nic-pal.com Website: www.nic-pal.com Insurance services

Palestine Monetary Authority Palestine Commercial Bank New Tannous Brothers Building Al Awda Street, PO Box 1799 Ramallah Tel: 00 970 2 295 4144 Fax: 00 970 297 295 3888 Email: cbp@cbpal.palnet.com Website: www.pcb.ps Personal, corporate and electronic banking

Nablus Street, PO Box 452 Ramallah Tel: 00 970 2 241 5250 Fax: 00 970 299 922 Email: info@pma.ps Website: www.pma.ps/ Central bank providing transparent regulation and supervision of banks operating in Palestinian Territory

Palestine Industrial Investment Company

Palestine Mortgage and Housing Corporation

Abu Raad Building Al Najah National University Street, PO Box 1769 Nablus Tel: 00 970 9 238 6181 Fax: 00 970 9 238 4354 Email: piico@palnet.com Website: www.piico.ps Direct investment in various sectors with focus on real estate investment

PADICO House Building, Nizar Kabbani Street Al Masyoun Area Ramallah Tel: 00 970 2 297 9191 Fax: 00 970 2 297 9192 Email: info@pmhc.com Website: www.pmhc.com General financial services

Palestine Insurance Company

Palestine Securities Exchange

Fouad Meshaal Building Al Masyoun Area Ramallah

Trust Building, 3rd Floor Amman Street, PO Box 128 Nablus

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Sahem Trading and Investment Company Villa 8, Khachaturian Street Al Masyoun Heights Area Ramallah Tel: 00 970 2 296 5710 Fax: 00 970 2 296 5713 Email: info@sahem-inv.com Website: www.sahem-inv.com Securities brokers and traders, asset management and investment banking

Al Kawthar Street Al Bireh Area PO Box 1218 Tel: 00 970 2 240 9108 / 9595 Fax: 00 972 2 240 9110 Email: info@siraj.ps Website: www.siraj.ps

Al Farah Building Rokab Street Al Manara Area Ramallah Tel: 00 970 2 298 7778 Fax: 00 970 2 298 7779 Email: info@tjps.ps Website: www.tjps.ps Securities brokers and traders

TNB The National Bank â&#x20AC;&#x201C; Palestine Al Massah Building Al Irsal Street Ramallah Tel: 00 970 2 294 6090 Fax: 00 970 2 294 6114 Email: info@alrafahbank.ps Website: www.tnb.ps/ E-banking, loans, accounts and treasury services

Trust International Insurance Company Trust Building Jerusalem Street Al Beerah Ramallah Tel: 00 970 2 297 8550 Fax: 00 970 2 240 5734 Email: info@trust-pal.com Website: www.trust.ps Insurance services for car, life, health, civil liability, marine and others

Qatar listings Ahli Bank

Alfardan Exchange and Finance Company

Suhaim Bin Hamad Street Al Sadd Area PO Box 2309 Doha Tel: 00 974 4423 2556 Fax: 00 974 4413 0992 Email: info@ahlibank.com.qa Website: www.ahlibank.com.qa Commercial banking and brokerage, treasury, services and retail banking services, corporate banking, credit cards and projects finance

Al Fardan Centre Grand Hamad Street PO Box 9948 Doha Tel: 00 974 4440 8408 Fax: 00 974 4420 8840 Email: afx@alfardan.com.qa Website: www.alfardan.com.qa Money transfer facilities and exchange services

Al Jazeera Finance Qatar First Investment Bank Building, Ground Floor Suhaim Bin Hamad Street Al Saad Area PO Box 22310 Doha Tel: 00 974 4405 0444 Fax: 00 974 4405 0489 Email: info@aljazeera.com.qa Website: www.aljazeera.com.qa Investment banking, general financial services

Alijarah Holding Alijarah Holding Building D Ring Road Al Hilal Area Doha Tel: 00 974 4410 0400 Fax: 00 974 4432 2243 Email: info@alijarah.com Website: www.alijarah.com General financial services

Al Khalij Commercial Bank Al Jazi Towers Asia Street 60 West Bay Area PO Box 28000 Doha Tel: 00 974 4494 0000 Fax: 00 974 4494 0808 Email: info@alkhaliji.com Website: www.alkhaliji.com Commercial banking activities, investment banking; Islamic banking activities

Allianz Takaful â&#x20AC;&#x201C; Qatar (MedGulf Takaful) Allianz Building 346 (Qatar Financial Centre Tower 2) C-Ring Road (Al Wahda Street) Al Muntazah Area 3 (Diplomatic Area) Tel: 00 974 4403 9777 (31316) Fax: 00 974 4403 9799 Email: qatarinfo@allianz.com.qa Website: www.allianz.com.bh Insurance Services, Takaful, Non-Life (Islamic), Life Insurance (Conventional)

Al Rayan Investment LLC Masraf Al Rayan Building Grand Hamad Street PO Box 28888 Doha Tel: 00 974 4423 5920 Fax: 00 974 4425 5929 Email: ari.info@alrayan.com Website: www.alrayan.com/en/Home Investment banking, asset management, investment firms and funds

Al-Saad Exchange Al Sadd Exchange Building Al Sadd Street Al Sadd Area Doha Tel: 00 974 4432 3334 Fax: 00 974 4432 7774 Email: webmaster@qatar.net.qa Website: www.alsaddex.com.qa General financial services

Souq Najada Building Souq Najada Area PO Box: 23497 Doha Tel: 00 974 4444 1448 Fax: 00 974 4432 5110 Email: ho@alzaman.com.qa Website: www.alzamanexchange.com General financial services

Amwal Amwal Tower Al Wahda Street West Bay Area, PO Box 494 Doha Tel: 00 974 4452 7777 Fax: 00 974 4411 7426 Email: amwal@amwalqa.com Website: www.amwalqa.com Investment banking, asset management, investment firms and funds

Aon Qatar Aon Qatar LLC 2nd Floor Al Jaidah Square 63 Airport Road, PO Box 16456 Doha Tel: +974 44-083444 Fax: +974 44-213111 Email: aon@qatar.net.qa Website: www.aon.com Insurance Broker, Intermediary, Wholesale and Retail Services

Arab Jordan Investment Bank Qatar Qatar Financial Tower Al Wehda Street West Bay Area PO Box: 37563 Doha Tel: 00 974 4496 7338 Fax: 00 974 4496 7348 Email: ajibq@ajib.com Website: www.ajib.com Banking, asset management and investment banking

Mercure Grand Hotel Complex Mushaireb Street

AXA Investment Managers Qatar Financial Centre Tower West Bay Diplomatic Area PO Box: 22415 Doha Tel: +974 4496-7200 Fax: +974 4496-7205 Email: webmaster-COM@axa-im.com Website: www.axa-im.com.qa Asset management

Bank Audi - Qatar

Al-Zaman Exchange

Arabian Exchange Company

Doha Tel: 00 974 4443 8300 Fax: 00 974 4441 9910 Email: aex@arabianex.com Website: www.arabianex.com General financial services

QFC Tower, 18th Floor, Officer 1801 Diplomatic Area West Bay PO Box 23370 Doha Tel: 00 974 4496 7365 Fax: 00 974 4496 7373 Email: contactus.qatar@banqueaudi.com Website: www.banqueaudi.com/Pages/Default.aspx Banking, asset management

Barwa Bank Barwa Bank Building Grand Hamad Street, PO Box 27778 Doha Tel: 00 974 4410 0888 Fax: 00 974 4448 8889 Email: info@barwabank.com Website: www.barwabank.com Assets managemnet, investment banking services

Beltone Financial Qatar Regus Business Centre Al Fardan Tower, 8th Floor, Office 845 Al Funduq Street 61 PO Box 23959 Doha Tel: 00 974 4410 1566 Fax: 00 974 4410 1500 Email: investmentbanking@beltonefinancial.com Website: www.beltonefinancial.com/ Investment banking

BLOM Bank Qatar LLC NBK (Amwal) Tower, 11th Floor, Office 1110 Al Wahda Street West Bay Area Doha Tel: 00 974 4499 2999 Fax: 00 974 4499 2990 Email: blommail@blombankqatar.com Website: www.blombank.com/english/GM-Qatar Corporate and private banking services

BMI Bank - Qatar Al Wakra Tower, 1st Floor, Office 014 Old Salata Area, PO Box 19828 Doha Tel: 00 974 4407 4800 / 4888 Fax: 00 974 4407 4848 Website: www.bmi.com.qa Corporate, wholesale and E-banking

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Qatar listings Citibank â&#x20AC;&#x201C; Qatar Qatar Financial Center Tower 1 West Bay Area Doha Tel: +974 4412 8736 Fax: +974 4412-8736 Website: www.citigroup.com Investment banking and asset management

City Exchange Company Ali Mali Financial Square Building C Ring Road Al Mumtaza Area Doha Tel: 00 974 4476 9777 Fax: 00 974 4437 7404 Email: contact@cityexco.com Website: www.cityexco.com General financial services

Concordia Capital QFC Tower 1 7th Floor, Office 703 West Bay Area PO Box 28777 Doha Tel: 00 974 4496 7815 / 7811 Fax: 00 974 4496 7817 Email: info@concordia-capital.com Website: www.concordia.qa/Investment banking

Credit Suisse (Qatar) Tornado Tower Building West Bay Area PO Box 24759 Doha Tel: 00 974 4497 4000 Fax: 00 974 4497 4001 Email: info@credit-suisse.com Website: www.credit-suisse.com Investment banking and asset management

Daman Health Insurance Qatar Palm Tower B West Bay Area Doha Tel: +974 4016-0333 Fax: +974 4016-0339 Email: customerinfo@damanhealth.com.qa Website: www.damanhealth.com.qa Insurance services, health insurance

Deutsche Bank AG Doha Qatar Financial Centre Tower 5th Floor West Bay Area PO Box 14928 Doha Tel: 00 974 4496 7400 Fax: 00 974 4496 7402 Website: www.db.com Investment banking, asset manegement

Dlala Brokerage and Investment Holding Dlala Building Salwa Street Al Azizia Area PO Box 24571 Doha Tel: 00 974 4444 0900 Fax: 00 974 4444 0700 Email: info@dlalaholding.com

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Website: www.dlalaholding.com Investment and brokerage services

Doha Bank Corniche Street West Bay PO Box 3818 Doha Tel: 00 974 4441 6631 Email: ir@dohabank.com.qa Website: www.dohabank.com.qa Commercial and private banking products and services

Doha Insurance Company 207 C Ring Street PO Box 7171 Doha Tel: 00 974 4429 2777 Fax: 00 974 4465 7777 Email: info@dicqatar.com Website: www.dicqatar.com Conventional and Islamic non-life insurance services

Eastern Exchange Establishment Zayeda Tower PO Box: 454 Tel: 00 974 4432 3354 Fax: 00 974 4443 1314 Email: eastern@qatar.net.qa Website: www.easternexchange.com.qa/ General financial services

Ernst and Young â&#x20AC;&#x201C; Qatar Al Gassar Tower Majlis Al Taawon Street West Bay Area Doha Tel: 00 974 4457 4111 Fax: 00 974 4441 4649 Email: doha@qa.ey.com Website: www.ey.com General financial services

First Finance Company C Ring Road Al Salata Al Jadeeda PO Box 7258 Doha Tel: 00 974 4455 9999 Fax: 00 974 4455 9955 Email: info@ffcqatar.com Website: www.ffc.com.qa General financial services

First Gulf Bank - Qatar Qatar Financial Centre Tower 2, 5th Floor, Office 505 West Bay Area PO Box 23245 Doha Tel: 00 974 4483 9900 Fax: 00 974 4483 2207 Email: IR@fgb.ae Website: www.fgb.ae/en/ Banking, investment banking

First Leasing Company Barwa Bank Building M Level, Grand Hamad Street PO Box: 55661

Arab British European Banking & Finance Guide

Doha Tel: 00 974 4499 6222 Fax: 00 974 4499 6228 Email: info@flcqatar.com Website: www.flcqatar.com General financial services and investment firms and funds

Gulf Exchange Company Ali Bin Abdullah Street Grand Hamad Avenue PO Box 4847 Doha Tel: 00 974 4438 3222 Fax: 00 974 4438 3258 Email: gulfexchange@qatar.net.qa Foreign exchange services

Gulf Investment Group 2nd Floor C Ring Rd Nuaija Area PO Box 4470 Doha Tel: 00 974 4441 2500 Fax: 00 974 4435 5972 Email: info@gig.com.qa Website: www.gig.com.qa Financial brokerage services

HSBC Bank Middle East Qatar HSBC Bank Middle East Qatar Building City Centre PO Box: 3842 Doha Tel: 00 974 4442 2885 Fax: 00 974 4483 2885 Website: www.hsbc.com.qa Banking and asset management

Ibrahim Abbasi and Co. Al Kuwari Building Al Sadd Street Doha Tel: 00 974 4436 2962 Fax: 00 974 4436 2961 Email: info@abbasi.com.qa Website: www.abbasi.com.qa General financial services

Industrial and Commercial Bank of China QFC Tower 1 West Bay Area Doha Tel: +974 4496-8076 Fax: +974 4496-8080 Email: dboffice@doh.icbc.com.cn Website: www.icbc.com.cn Banking and investment banking

International Bank of Qatar IBQ Building Suhaim Bin Hamad Street Al Sadd Area PO Box 2001 Doha Tel: 00 974 4447 8000 Fax: 00 974 4413 1993 Email: enquiries@ibq.com.qa Website: www.ibq.com.qa International banking services offering a full range of corporate and retail commercial banking services

Qatar listings Investment House Tornado Tower, 35th Floor Cornishe Street, Al Dafna Area West Bay PO Box 22633 Doha Tel: 00 974 4420 0300 Fax: 00 974 4483 4449 Email: info@invhouse.com Website: www.invhouse.com Investment banking, asset management, private equity and structured finance

Islamic Holding Group Qatar International Islamic Bank Building 6th Floor Grand Hamd Street PO Box 12402 Doha Tel: 00 974 4449 8818 Fax: 00 974 4449 8802 Email: info@islamicbroker.com.qa Website: www.islamicbroker.biz Securities brokers and traders, asset management

KPMG Qatar Arab Bank Building 25 C Ring Road, PO Box: 4473 Doha Tel: 00 974 4457 6444 Fax: 00 974 4436 7411 Email: qatar@kpmg.com Website: www.kpmg.com.qa General financial services

Marsh Qatar Qatar Financial Centre Tower West Bay Diplomatic Area PO Box: 23245 Doha Tel: 00 974 4407 7300 Fax: 00 974 4407 7332 Email: paul.joseph@marsh.com Website: www.marsh.com Insurance broker, wholesale and retail services

Masraf Al Rayan Masraf Al Rayan Building Grand Hamad Street, PO Box 28888 Doha Tel: 00 974 4425 3333 Fax: 00 974 4425 3312 Email: info@alrayan.com Website: www.alrayan.com Banking services, asset management, investment banking, investment firms and funds, securities brokers and traders

Nasco Tatweer Tower West Bay Area, PO Box 22761 Doha Tel: 00 974 4491 4254 Fax: 00 974 4491 4259 Email: info@nascoqatar.com Website: www.nascoqatar.com General life and non-life insurances

Qatar Central Bank Abdullah Bin Jassim Street

Al Corniche Area PO Box 1234 Doha Tel: 00 974 4445 6456 Fax: 00 974 4443 0490 Email: webmaster@qcb.gov.qa Website: www.qcb.gov.qa Monetary indirect control and supervision of banking sector

Qatar Development Bank Qatar Development Bank Building Grand Hamad Street PO Box 22789 Doha Tel: 00 974 4430 0000 Fax: 00 974 4431 6613 Email: info@qdb.qa Website: www.qdb.qa/English/Pages/default.aspx Lending and consulting for the industrial, agriculture, health, education, tourism, animal resources, and fishery sectors

Qatar Exchange Al Dana Tower Hamad Grand Street, PO Box 22114 Doha Tel: 00 974 4433 3666 Fax: 00 974 4431 9233 Email: info@qe.qa Website: www.qe.com.qa Investor trading services

Qatar Finance House Qatar Finance House Building C-Ring Road Nuaija Area, PO Box 19376 Doha Tel: 00 974 4499 6555 Fax: 00 974 4499 6563 Email: info@qfh.com.qa Website: www.qfh.com.qa General financial services

Qatar Financial Centre Tower, 20th Floor Al Corniche Area PO Box 23245 Doha Tel: 00 974 4496 7777 Fax: 00 974 4496 7676 Email: info@qfc.com.qa Website: www.qfc.com.qa Asset management, reinsurance and captive insurance

Suhaim Bin Hamd Street Al Sad Area, PO Box 28028 Doha Tel: 00 974 4448 3333 Fax: 00 974 4448 3560 Email: information@qfib.com.qa Website: www.qfib.com.qa Private equity investment

Qatar Foundation Qatar Foundation Building Al Wajba Area, PO Box 5825 Doha Tel: 00 974 4454 0000 Fax: 00 974 4454 1047 Email: info@qf.org.qa

Qatar General Insurance and Reinsurance Company World Trade Centre Building, 2nd Floor Al Asmakh Street C Ring Road PO Box 4500 Doha Tel: 00 974 4428 2222 Fax: 00 974 4443 7302 Email: qgirc-tec@qatar.net.qa Website: www.qgirco.com/english/ Non-life insurance and insurance services

Qatar Holding Qtel Tower, 8th Floor Corniche Street West Bay, PO Box 23224 Doha Tel: 00 974 4499 5900 Fax: 00 974 4499 5938 Email: qhinfo@qatarholding.qa Website: www.qatarholding.qa Investment firm

Qatar Industrial Manufacturing Company Qatar Industrial Manufacturing Building Corniche Street Al Dhafra Area, PO Box 16875 Doha Tel: 00 974 4483 1199 Fax: 00 974 4483 7878 Email: qimc@qimc.com.qa Website: www.qimc.com.qa Investment firms and funds services

Qatar Insurance Company

Qatar Financial Centre

Qatar First Investment Bank

Website: www.qf.edu.qa Investment firms and funds

Qatar Insurance Building Al Taameen Street 60, West Bay Area Doha Tel: 00 974 4496 2222 Fax: 00 974 4483 1569 Email: qatarins@qic.com.qa Website: www.qatarinsurance.com Insurance services, domestic, international, life, nonlife, marine, aviation, motor, property

Qatar International Islamic Bank Grand Hamad Street PO Box 664 Doha Tel: 00 974 4484 0001 Fax: 00 974 4444 4101 Email: contactus@qiib.com.qa Website: www.qiib.com.qa Islamic commercial banking activities, real estate and equity investment, Islamic credit and financing, Islamic insurance services

Qatar Investment Authority (QIA) Ooredoo Tower Corniche Street, PO Box 23224 Doha Tel: 00 974 4499 5900 Fax: 00 974 4995 991 Email: info@qia.qa Website: www.qia.qa Invests Qatarâ&#x20AC;&#x2122;s wealth in real estate, private equity and investment funds; strategic investments into new asset classes

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Qatar listings Qatar Islamic Bank Grand Hamad Avenue Corniche Street PO Box 559 Doha Tel: 00 974 4440 9409 Fax: 00 974 4441 2700 Email: info@qib.com.qa Website: www.qib.com.qa Commercial banking activities; Islamic banking; technical and engineering advisory and real estate management services

Qatar Islamic Insurance Company Qatar Islamic Insurance Company Building C Ring Road Tel: 00 974 4465 8888 Fax: 00 974 4455 0111 Email: qiic@qatar.net.qa Website: www.qiic.com.qa/ Insurance services, takaful life, medical, fire, general, motor, personal accident, Sharia’ compliant retail mainly

Qatar National Bank Al Corniche Street, PO Box 100 Doha Tel: 00 974 4440 7407 Fax: 00 974 4441 3753 Email: ccsupport@qatarbank.com Website: www.qnb.com.qa Retail, treasury, private banking and investment advisory

Qatar Oman Investment Company Building 1 C Ring Road Al Emadi Financial Square Area PO Box 37048 Doha Tel: 00 974 4491 4889 Fax: 00 974 4491 4887 Email: info@qatar-oman.com Website: www.qatar-oman.com Joint Qatar-Oman investment firm

QInvest Tornado Tower, 39th Floor West Bay Area PO Box 26222 Doha Tel: 00 974 4405 6666 Fax: 00 974 4444 8446 Email: info@qinvest.com Website: www.qinvest.com Private equity banking investments in oil and gas, power and technology, infrastructure, telecommunication and transport facilities

PO Box 1000 Doha Tel: 00 974 4497 5111 Fax: 00 974 4497 5101 Email: info@qnbcapital.com.qa Website: www.qnbcapital.com.qa Investment banking

Samba Financial Group - Qatar Tornado Tower, 25th Floor Al Funduq Street West Bay Area, PO Box 24094 Doha Tel: 00 974 4483 7172 Fax: 00 974 4483 7176 Email: info@samba.com.qa Investment banking, asset management, banking

Jabor Bin YousefBin Jassem Al Thani Building Airport Road Doha Tel: 00 974 4402 6888 Fax: 00 974 4408 6800 Email: info@seibinsurance.com Website: www.seibinsurance.com Insurance services, retail – all lines, corporate including marine, energy, engineering

SKCA Morison Chartered Accountants Al Emadi Business Centre C Ring Road Al Hilal West Area, PO Box 32312 Doha Tel: +974 4467 0299 Fax: +974 4467 3630 Email: doha@morisonqatar.com Website: www.morisonqatar.com General financial services

Commercialbank Plaza Al Markhiya Street 380 60 Al Dafna Area PO Box 3232 Doha Tel: 00 974 4449 0000 Fax: 00 974 4449 0070 Email: info@cbq.qa Website: www.cbq.qa Personal and business banking solutions, investment services

The First Investor Barwa Bank Building, 5th Floor Grand Hamad Street Al Muntazah Area PO Box 16034 Doha Tel: 00 974 4459 6111 Fax: 00 974 4459 6110 Email: info@tfi.com.qa Website: www.tfi.com.qa Investment banking, asset management, investment firms and funds

UBS AG – Qatar Servecorp Business Center Commercial Bank Plaza West Bay Area Tel: +974 4452 8362 Fax: +974 4452 8364 Website: www.ubs.com Investment banking

State Bank of India Al Fardan Towers West Bay Area Tel: +974 4491 7929 Fax: +974 4491 7936 Website: www.statebankofindia.com Multi-national Banking and financial services

State Street Bank Amwal Tower QFC, West Bay Doha Tel: +974 4-448 -6801 Fax: +974 4-411 -7917 Email: amakarem@statestreet.com Website: www.statestreet.com Securities brokers and traders

Qatar National Bank Building C-ring Road PO Box 1000 Doha Tel: 00 974 4440 7788 Fax: 00 974 4440 7789 Direct investment in financial services sector facilities

C/O Ezdan Towers West Bay Area, PO Box 30503 Doha Tel: 00 974 4433 2333 Fax: 00 974 4411 2972 Email: info@tadawulholding.com Website: www.tadawulholding.com.qa Direct investment in financial sector services

QNB Capital

Tatweer Infrastructure Company

Qatar Financial Centre Tower, 10th floor, Office 1001 Diplomatic Area West Bay

Al Reem Tower West Bay Area PO Box 23684

228

The Commercial Bank of Qatar

SEIB Insurance and Reinsurance Company

Al Tadawul Holding Group QNB Al Islami

Doha Tel: 00 974 4410 9999 Fax: 00 974 4410 9998 Email: info@tatweer-ic.com General financial services, investment firms and funds

Arab British European Banking & Finance Guide

United Bank Limited – Qatar Sheikh Jassim Bin Jaber Al Thani Building Abdullah Bin Jassim Street PO Box 242 Doha Tel: +974 4444-1314 Email: pru_qatar@ublint.com Website: www.ubldirect.com Banking and general financial services

Aon Qatar Tatweer Tower West Bay Area PO Box 16456 Doha Tel: 00 974 44 083444 Fax: 00 974 44 213111 Email: aon@qatar.net.qa Website: www.aon.com Insurance Broker, retail, wholesale, life, non-life

AXA Investment Managers Qatar Financial Centre Tower West Bay Diplomatic Area PO Box 22415 Doha Tel: 00 974 4496 7200 Fax: 00 974 4496 7205 Website: www.axa-im.com.qa Asset management

Qatar listings AXA Insurance (Gulf) Qatar Financial Centre Tower 1 West Bay Diplomatic Area PO Box 15319 Doha Tel: 00 974 4496 7383 Fax: 00 974 4496 7377 Email: info.qatar@axa-gulf.com Website: www.axa-gulf.com Insurance services, life, non-life, pension provider, retail

Citibank – Qatar Qatar Financial Centre Tower 1 9th Floor West Bay Area Doha Tel: 00 974 4496 6868 Fax: 00 974 4412 8736 Website: www.citigroup.com Investment banking and asset management

HSBC Bank Middle East Qatar HSBC Bank Middle East Qatar Building Al Matar Street PO Box 57

Investment banking, asset management, private equity

Doha Tel: 00 974 4438 2100 Fax: 00 974 4425 4253 Website: www.hsbc.com.qa Banking and asset management

and structured finance

Marsh Qatar Qatar Financial Centre Tower

Industrial and Commercial Bank of China QFC Tower 1 7th Floor West Bay Area Doha Tel: 00 974 4496 8076 Fax: 00 974 4496 8080 Email: dboffice@dxb.icbc.com.cn Website: www.icbc.com.cn Banking and investment banking

West Bay Diplomatic Area Doha Tel: 00 974 4496 7326 Fax: 00 974 4496 7329 Website: www.marsh.com Insurance Broker, retail, wholesale, life, non-life, reinsurance, risk

SKCA Morison Chartered Accountants Al Emadi Business Centre

Investment House

C Ring Road

Tornado Tower, 35th Floor West Bay PO Box 22633 Doha Tel: 00 974 4420 0300 Fax: 00 974 4483 4449 Email: info@invhouse.com Website: www.invhouse.com

Al Hilal West Area Doha Tel: 00 974 4467 0299 / 0982 Fax: 00 974 4467 3630 Email: doha@morisonqatar.com Website: www.morisonqatar.com/ General financial services

Saudi Arabia listings ABANA Entreprises Group Company

Al-Bilad Capital

Al-Khabeer Capital

Makkah Road cor Al-Rida’a Street Um’al Amam District Riyadh 11481 Tel: (+966) (92)000 6360 Fax: (+966) (92)000 6460 Website: www.abana.com.sa Distribution of banking automation equipment including automated tellers

King Fahad Road, PO Box 140 Riyadh 11411 Tel: (+966) (1)203 9888 Fax: (+966) (1)203 9899 Email: clientservices@albilad-capital.com Website: www.albilad-capital.com Investment banking, asset management, securities brokers and traders

PO Box 128289, Jeddah 21362 Tel: (+966) (12)658 8888 Fax: (+966) (12)658 6663 Email: info@al-khabeer.com Website: www.al-khabeer.com Investment banking, asset management, investment firms and funds

ACE Arabia Cooperative Insurance

Aldukheil Financial Group, JSC

Southern Tower, 8th Floor King Faisal Bin Abdulaziz Street Khobar Business Gate Al-Khobar 31952 Tel: (+966) (3)849 3633 Fax: (+966) (3)849 3660 Email: saudi.arabia@acegroup.com Website: www.ace-mena.com Cooperative general insurance services

PO Box 2462 Riyadh 11451 Tel: (+966) (1)292 7788 Fax: (+966) (1)478 7569 Email: info@aldukheil.com.sa Website: www.aldukheil.com.sa Investment banking services

Alkhair Capital Saudi Arabia

AJIL Financial Services Company 10th Floor, Jeddah 101 Building, Sari Street Al Khalidya, Jeddah 21414 Tel: (+966) (12) 275 8996 Fax: (+966) (12) 691 2923 Email: info@ajil.com Website: www.ajil.com General financial services

Alinma Bank Al-Anoud Tower King Fahad Road Riyadh 11586 Tel: (+966) (1)218 5555 Fax: (+966) (1)218 5000 Email: info@alinma.com Website: www.alinma.com Retail and corporate banking services

Aljazira Capital Al-Awwal Financial Services Bin Homran Center, 2nd Floor, Al-Tahlia Street Jeddah 21443 Tel: (+966) (2)284 2150 Fax: (+966) (2)284 0335 Email: info@alawwalfs.com Website: www.alawwalfs.com Financial services

Sky Towers, North Tower King Fahad Road, Olaya Area Riyadh 11547 Tel: (+966) (1)215 5678 Fax: (+966) (1)219 1270 Email: compliance@alkhaircapital.com.sa Website: www.alkhaircapital.com.sa Investment banking, asset management and securities brokers and traders

King Fahad Road, PO Box 20438 Riyadh 11455 Tel: (+966) (11)225 6000 Fax: (+966) (2)669 7761 Email: contactus@aljaziracapital.com.sa Website: www.aljaziracapital.com.sa Investment banking, asset management, securities brokers and traders

Allianz Saudi Fransi PO Box 3540, Riyadh 11481 Tel: (+966) (1)874 9700 Fax: (+966) (1)874 799 Website: www.allianzsf.com Insurance services and products to corporate and individual customers

Al-Rajhi Bank Aakaria 3 Building, 7th Floor, Olaya Street Riyadh 11411 Tel: (+966) (1)460 3333 / 3344 Fax: (+966) (1)460 3351 Email: contactcenter1@alrajhibank.com.sa Website: www.alrajhibank.com.sa Sharia compliant banking solutions, current and saving accounts, credit cards and financing, investment services and products, asset management, investment banking

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Saudi Arabia listings Al-Rajhi Capital King Fahad Road, Olaya Riyadh 11432 Tel: (+966) (1)460 0423 Fax: (+966) (1)460 0625 Email: customerservice@alrajhi-capital.com Website: www.alrajhi-capital.com Investment banking, asset management, investment firms and funds, securities brokers and traders

Al Sagr Cooperative Insurance Company King Khaled Street, ATCO Building 1st Floor PO Box 3501 Al Khobar 31952 Tel: (+966) (3)8302294 Fax: (+966) (3)8302296 Email: customer@alsagr.com Website: www.alsagr.com Cooperative insurance

American Express – Saudi Arabia PO Box 6624, Riyadh 11452 Tel: (+966) (11)1292 6600 Fax: (+966) (11)474 9008 Email: customerservice@americanexpress.com.sa Website: www.americanexpress.com.sa Operation of the American Express card and merchant business in Saudi Arabia

Amwal AlKhaleej Arcade Centre, King Fahad Road, PO Box 59115 Riyadh 11525 Tel: (+966) (12)16 4666 Fax: (+966) (12)16 4777 Email: riyadh@amwalalkhaleej.com Website: www.amwalalkhaleej.com Commercial investment and private equity

Email: riyadh@arabianshield.com Website: www.arabianshield.com Insurance products and services: Property, Motor, Marine, Engineering, Liability, Accident

BLOMINVEST Saudi Arabia Arab National Bank King Faysal Street, Al Mouraba Area, PO Box 56921 Riyadh 11564 Tel: (+966) (11)402 9000 Fax: (+966) (11)402 7747 Email: info@anb.com.sa Website: www.anb.com.sa Commercial and Islamic products and services, consultancy and investment

Office 408, Alumam Building Salah Al-Deen Street, PO Box 27026 Riyadh 11417 Tel: (+966) (12)91 1000 Fax: (+966) (12)92 1110 Email: info@amwal.com.sa Website: www.amwal.com.sa Investment banking

APICORP Dammam Coastal Road, Al Rakkah, PO Box 9599 Dammam 31423 Tel: (+966) (13)847 0444 Fax: (+966) (13)847 0011 / 0022 Email: info@amwal.com.sa Website: www.apicorp-arabia.com Strategic equity investments, project loans, trade finance, advisory and research

Arabia Insurance Cooperative Company (AICC) PO Box 286555, Riyadh 11323 Tel: (+966) (11)215 3360 Fax: (+966) (11)215 3197 Email: ho@aicc.com.sa Website: www.aicc.com.sa Insurance products

Bayt 7 Building, 7th floor, King Faisal Street Murabbaa Area, PO Box 220009 Riyadh 11311 Tel: (+966) (11)406 2500 Fax: (+966) (11)406 2548 Email: info@anbinvest.com.sa Website: www.anbinvest.com.sa Investment banking, asset management, securities brokers and traders

Audi Capital Centria Building, 3rd Floor Olaya Road, PO Box 250744 Riyadh 11391 Tel: (+966) (12)19 9300 Fax: (+966) (14)62 7942 Email: contactus@audicapital.com Website: www.audicapital.com Investment banking, asset management, investment firms and funds, securities brokers and traders

Steen Street Al Malaz, Riyadh 11411 Tel: (+966) (11)291 8884 Fax: (+966) (11)79 8909 Website: www.bankalbalid.com.sa Consumer, corporate and investment banking

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Al Mukmal Plaza Building, 5th Floor, Palestine Street Al-Hamra, Jeddah 21573 Tel: (+966) (2)668 1777 Fax: (+966) (2)668 1888 Email: info@bmg.com.sa Website: www.bmg.com.sa Investment banking, asset management, investment firms and funds

BNP Paribas – Saudi Arabia King Fahd Road – Faisaliah Tower, PO Box 56300 Riyadh 11554 Tel: (+966) (11)273 9116 Fax: (+966) (11)273 9193 Email: alanoud.alsalamah@bnpparibas.com Website: mea.bnpparibas.com Commercial banking, financial and corporate finance advisory and custody

BNP Paribas Investment Company KSA King Fahd Road – Kingdom Tower, PO Box 18771 Riyadh 11425 Tel: (+966) (11)273 9134 Fax: (+966) (11)273 9191 Email: alaa.alsoudani@bnpparibas.com Website: mea.bnpparibas.com Investment banking; financing, advisory and capital markets services

Credit Suisse Bank AlJazira King Abdulaziz Road, PO Box 6277 Jeddah 21442 Tel: (+966) (12)609 8888 Fax: (+966) (12)609 8881 Email: info@baj.com.sa Website: www.baj.com.sa Corporate, personal, investment, private banking and treasury services

King Fahad Road Hay El-Muhamadiah, PO Box 5000 Riyadh 12361 Tel: (+966) (14)362 0000 Fax: (+966) (14)362 0001 Website: www.credit-suisse.com Investment banking, asset management, securities brokers and traders

Darfin Capital Banque Saudi Fransi Maather Street, PO Box 56006 Riyadh 11554 Tel: (+966) (11)289 9999 Fax: (+966) (11)505 2311 Email: communications@alfransi.com.sa Website: www.alfransi.com.sa Commercial banking services including corporate, retail, privatebanking and investment services including investment in funds, Islamic banking, financial brokerage services

Arabian Shield No.15 Cercon Building, 3rd Floor, Olaya Main Road, PO Box 61352 Riyadh 11565 Tel: (+966) (1)250 5400 Fax: (+966) (1)463 1294

Al Oula Building, 3rd Floor, King Fahd Road Riyadh 11482 Tel: (+966) (11)494 9555 Fax: (+966) (11)494 9551 Email: info@blominvestksa.com Website: www.blom.sa Investment banking, asset management and securities brokers and traders

BMG Financial Group Arab National Investment Company

Bank Al Bilad Amwal Financial Consultants

Website: www.barclays.com Investment banking, asset management and securities brokers and traders

Barclays Saudi Arabia Al-Faisaliah Tower, Level 18 Riyadh 11311 Tel: (+966) (11)880 6500 Fax: (+966) (11)880 6501

Arab British European Banking & Finance Guide

Kingdom Tower, 25th Floor King Fahd Road, PO Box 56973 Riyadh 11564 Tel: (+966) (12)11 0777 Fax: (+966) (12)11 0888 Email: info@darfin.com.sa Website: www.darfin.com.sa Mergers & acquisitions, project finance, fund raising, privatisation; transaction support services

Derayah Financial Olayah Centre, 2nd Floor Olayah Street, PO Box 286546 Riyadh 11323 Tel: (+966) (9)2002 4433 Fax: (+966) (1)299 8071 Email: support@derayah.com

Saudi Arabia listings Website: www.derayah.com Investment banking, asset management, securities brokers and traders

Deutsche Bank – Riyadh Faisaliah Tower, 17th Floor King Fahad Road, Al Olaya District Riyadh 11372 Tel: (+966) (11)273 9700 Fax: (+966) (11)273 9711 Email: reception.riyadh@db.com Website: www.db.com Investment banking, asset management and securities brokers and traders

Ebanah Financial Company PO Box 105557 Riyadh 11656 Tel: (+966) (1)275 6422 Fax: (+966) (1)275 8361 Email: info@ebanah.com Website: www.ebanah.com Investment banking and financial services

Emirates NBD King Fahad Road PO Box 8166 Riyadh 11482 Telephone: (+966) (11)282 5555 Fax: (+966) (11)201 2921 Email: feedback@emiratesnbd.com.sa Website: www.emiratesnbd.com.sa Personal and wholesale banking, treasury

FALCOM Financial Services Olaya Street, PO Box 884 Riyadh 11421 Tel: (+966) (11)211 4727 Fax: (+966) (11)461 5216 Email: addingvalue@falcom.com.sa Website: www.falcom.com.sa Investment banking, asset management, securities brokers and trader

Financial Transaction House Al-Surooh Business Centre, 1st Floor, Hail Street Jeddah 21446 Tel: (+966) (2)657 3030 Fax: (+966) (2)657 3366 Email: info@fthgulf.com Website: www.fthgulf.com Brokerage services

Gulf Advisors Financial Consulting Company PO Box 15082 Jeddah 21444 Tel: (+966) (12)699 6611 / 694 5307 Fax: (+966) (12)694 6563 Email: info@gulf-advisors.com Website: www.gulf-advisors.com Investment banking; private equity, financial, advisory and investment services

Gulf International Bank Capital Abraj Atta’awuneya King Fahad Road, PO Box 89589 Riyadh 11673 Tel: (+966) (11)218 0888 Website: www.gib.com Corporate advisory, asset management, structured and project finance and GCC capital markets activities

Gulf Union Cooperative Insurance Co PO Box 5719 Dammam 31432 Tel: (+966) (3)833 3544 Fax: (+966) (3)833 4556 Email: headoffice@gulfunion-saudi.com Website: gulfunion.com.sa Commercial and individual insurance products

Halal Investments PO Box 234, Riyadh 11383 Tel: (+966) (5)0749 0590 Email: info@halalinvestments.org Website: www.halalinvestments.org Investment products, wealth management, retail banking, engineering halal commercial products, Takaful insurance products and Islamic finance courses

Haykalah Financial Advisors Beautat Business Park Office #6, PO Box 122169 Al Hamra District, Jeddah 21332 Tel: (+966) (2)692 8910 Fax: (+966) (2)692 9434 Email: haykalah@haykalah.com Website: www.haykalah.com Investment banking including corporate finance and advisory, private equity in accordance with Islamic principles

HOSHANCO Holding 3rd Floor, Hoshan Complex Al-Ahsa Street, PO Box 385 Al Rabwa, Riyadh Tel: (+966) (1)476 6800 Fax: (+966) (1)477 5977 Email: relations@hoshan.com Website: www.hoshan.com Financial services, real estate investment, trading unit

House of National Consulting Company Al-Nimir Centre, Western Tower 5th Floor, Office 511, PO Box 63311 Olaya, Riyadh 11516 Tel: (+966) (1)463 1481 Fax: (+966) (1)462 3293 Email: hnc@hnccom.com Website: www.hnccom.com Investment banking

Islamic Corporation for the Development and Private Sector Islamic Development Bank Complex King Khaled Street PO Box 54069 Jeddah 21514 Tel: (+966) (2)644 1644 Fax: (+966) (2)644 4427 Email: icd@isdb.org Website: www.icd-idb.org Investment activities, merchant banking, asset management and Islamic capital market development

Islamic Development Bank IDB Building Qasr Khuzam Street, PO Box 5925 Jeddah 21432 Tel: (+966) (2)636 1400 Fax: (+966) (2)636 6871 Email: idbarchives@isdb.org.sa Website: www.isdb.org Equity capital, project and enterprise lending, financial assistance for economic and social development, foreign trade development and technical assistance to member countries

Ithraa Capital Tatweer Building 1, King Fahad Street Mohamadiya Area PO Box 64230 Riyadh 11536 Tel: (+966) (1)419 6207 Fax: (+966) (1)419 6208 Email: info@ithraacapital.com Website: www.ithraacapital.com Islamic investment banking

Itqan Capital Al Shatie Centre, Al Malik Road Jeddah 21482 Tel: (+966) (12)234 7000 Ext 203 Fax: (+966) (12)234 7222 Email: info@itqancapital.com Website: www.itqancapital.com Asset management and investment banking

Jadwa Investment

HSBC Saudi Arabia Limited Olaya Road Al-Murooj Area, PO Box 9084 Riyadh 11413 Tel: (+966) (11)299 2313 / 2314 Fax: (+966) (11)299 2385 Email: saudiarabia@hsbc.com Website: www.hsbcsaudi.com Asset management, Investment banking

Islamic Corporation for the Insurance of Investment and Export Credit ICIEC Building 3 King Khaled Street, PO Box 15722 Jeddah 21454 Tel: (+966) (2)644 5666 Fax: (+966) (2)637 9504 Email: yalaki@isdb.org Website: www.iciec.com Shariah compatible credit and county risk insurance and reinsurance instruments, investment insurance and export credit

PO Box 60677, Riyadh 11555 Tel: (+966) (11)279 1111 Fax: (+966) (11)279 1571 Email: info@jadwa.com Website: www.jadwa.com Investment banking, asset management, investment firms and funds, securities brokers and traders

JPMorgan – Saudi Arabia Al Faisaliah Tower, King Fahad Road Riyadh 11553 Tel: (+966) (11)299 3800 Fax: (+966) (11)299 3830 Website: www.jpmorganchase.com Investment banking and general financial services

KPMG Al-Fozan and Al-Sadhan KPMG Tower Building Salaheddine Al-Ayoubi Street Al-Malaz, Riyadh 11663 Tel: (+966) (11)874 8500 Fax: (+966) (11)874 8600 Email: infosaudi@kpmg.com Website: www.kpmg.com.sa General financial services

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Saudi Arabia listings KSB Capital Group Olaya Street, PO Box 395737 Al Morouj, Riyadh 11375 Tel: (+966) (11)207 9979 Fax: (+966) (11)207 9963 Email: info@ksb.com.sa Website: www.ksb.com.sa Investment banking, asset management

Maceen Capital Olaya Road, PO Box 250040 Riyadh 11391 Tel: (+966) (11)465 4565 Fax: (+966) (11)465 1599 Email: info@maceen.com Website: www.maceen.com Investment banking, asset management, investment firms and funds

Malath Instalments PO Box 62061, Riyadh 11585 SAUDI ARABIA Mobile: +44(0)750-8208506 Email: mazen@malathmoney.com Website: www.malathmoney.com Mr Mazen Al-Zamel Partner & Board Member Small loans for business projects

Malath Insurance Prince Mohammed bin Abdulaziz Road Riyadh Tel: (+966) (1)416 4545 Email: customercare@malath.com.sa Website: www.malath.com.sa Insurance and reinsurance products

Tel: (+966) (1)488 3388 Fax: (+966) (1)488 6262 Email: info@masic.com.sa Website: www.masic.com.sa Islamic private equity investment

Tel: (+966) (1)474 9000 Fax: (+966) (1)474 9108 Website: www.olayangroup.com Investment banking, investment firms and funds

PwC – Saudi Arabia King Fahad Street Riyadh 11546 Tel: (+966) (11)279 9525 Fax: (+966) (11)279 9515 Email: mcinfo@bankmuscat.com.sa Website: www.nbp.com.pk Investment banking, asset management, securities brokers and traders

King Faisal Foundation Building North Tower, 10th Floor King Fahad Road Olaya, Riyadh 11482 Tel: (+966) (11)465 4240 Fax: (+966) (11)465 1663 Email: info@sa.pwc.com Website: www.pwc.com General financial services

National Bank of Bahrain – Saudi Arabia (NBB)

Qinvest Saudi Arabia

Bahrain Tower, King Fahad Highway, PO Box 65543 Olaya, Riyadh 11566 Tel: (+966) (1)299 8800 Fax: (+966) (1)299 8899 Email: reyad.alnaser@nbb.com.bh Website: www.nbbonline.com Retail and commercial banking services

Kingdom Tower King Fahd Road Olaya, Riyadh 11391 Tel: (+966) (11)486 8401 Fax: (+966) (11)486 8550 Email: info@qinvest.com.sa Website: www.qinvest.com.sa Investment banking and asset management

Muscat Capital LLC

National Bank of Kuwait – Saudi Arabia (NBK) Al Khalidiah District – Al Mukmal Tower P.O Box 15385 Jeddah 21444 Tel: (+966) (2)603 6300 Fax: (+966) (2)603 6318 Website: www.nbk.com Commercial banking services: trade, contractor, corporate, retail and treasury

Rana Investment Company Al Hamad Building, 1st and 2nd Floor Olaya Street PO Box 60148 Riyadh 11545 Tel: (+966) (1)263 0080 Fax: (+966) (1)263 0902 Email: contact@ranainvestment.com Website: www.ranainvestment.com Investment banking services

National Bank of Pakistan – Saudi Arabia MedGulf King Abd al-Aziz Street Haneen Centre, 5th Floor Tel: (+966) (3)889 4220 Fax: (+966) (3)889 4211 Email: khobar@medgulf.com Website: medgulf.com Insurance and reinsurance produts

Merrill Lynch – Saudi Arabia Kingdom Tower – 20th Floor, Olaya Street Riyadh Tel: (+966) (1)299 3750 Fax: (+966) (1)211 3237 Email: general_askml@ml.com Website: www.ml.com Banking, investing, asset management and other financial and risk-management products and services

Middle East Financial Investment Company (MEFIC Capital)

Al-Guthmi Building No. 857 PO Box 63020 Riyadh 11516 Tel: (+966) (1)462 0750 Fax: (+966) (1)217 8869 Email: zubairahmed@nbp.com.sa Website: www.muscatcapital.com.sa Debt equity market, corporate investment banking, retail and consumer banking, agricultural financing, treasury services

Riyad Bank King Abdulaziz Street, PO Box 22622 Al Murabbaa, Riyadh 11416 Tel: (+966) (1)401 3030 Fax: (+966) (1)404 2707 Email: fid@riyadbank.com Website: www.riyadbank.com Full commercial, corporate and Islamic banking products and services, private banking and mutual funds

Riyad Capital NCB Capital Tower B Al Mather Street, PO Box 22216 Riyadh 11495 Tel: (+966) (11)210 2122 Fax: (+966) (11)406 0049 Email: csr@ncbc.com Website: www.ncbc.com Islamic and conventional services

PO Box 21116, Riyadh 11475 Tel: (+966) 920012 2299 Fax: (+966) (1)404 2707 Email: info@riyadcapital.com Website: www.riyadcapital.com Investment banking, asset management, securities brokers and traders

Saad Group

Al-Mada Building, 1st Floor King Fahad Road, PO Box 7758 Riyadh 12333 Tel: (+966) (11)218 6666 Fax: (+966) (11)218 6668 Email: info@mefic.com.sa Website: www.mefic.com.sa Investment banking, asset management, securities brokers and traders

Nomura – Saudi Arabia 7th Floor, North Tower King Faisal Foundation Building PO Box 301060 Tel: (+966) (12)271 3300 Fax: (+966) (12)271 3383 Website: www.nomuraholdings.com Broker-dealer, banking and other financial services subsidiaries; financing and related services

Salahuddine Al-Ayyoubi Street Golden Belt Area, PO Box 3250 Al Khobar 31952 Tel: (+966) (13)882 2220 Fax: (+966) (13)882 7989 Email: info@saad.com.sa Website: www.saadgroup.com Investment banking, investment firms and funds, vocational trade education, basic materials and industrial products

Mohammed Alsubeaei & Sons Investment Company

Olayan Financing Company

SABB

Al Ahssa Street PO Box 8772 Riyadh 11492

Prince Abdulaziz Bin Mosaad Bin Jalawi Street PO Box 9084 Al Murrabaa, Riyadh 11413

Alsubeaei Building, Makkah Road, PO Box 301 166 Riyadh 11372

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Saudi Arabia listings Tel: (+966) (1)405 0677 Fax: (+966) (1)405 0660 Email: sabb@sabb.com Website: www.sabb.com Commercial, corporate, private, Islamic banking services, treasury brokerage services and asset management

SABB Takaful Prince Abdulaziz Bin Musaed Street PO Box 9086 Riyadh 11413 Tel: (+966) (1)276 4662 Fax: (+966) (1)276 4463 Email: customercare@sabbtakaful.com Website: www.sabbtakaful.com Comprehensive range of Shariah compliant services for personal and corporate clients

SAICO Platinum Center, Salahuddin Street, PO Box- 58073 Riyadh 11594 Tel: (+966) (11)874 9666 Fax: (+966) (11)475 1197 Email: info@saico.com.sa Website: www.saico.com.sa Insurance service in the fields of: vehicles, medical, sea shipment, fire, engineering, aviation, power, group life insurance and accidents.

Salama Cooperative Insurance Company Bin Homran Center Prince Mohamad Bin Abdul Aziz Street – Office 210 Tel: (+966) (2)664 7877 Fax: (+966) (2)664 7387 Email: info@salama.com Website: www.salama.com.sa Compliant insurance solutions (Takaful)

Tel: (+966) (11)211 8888 Fax: (+966) (11)219 5555 Email: info@adf.gov.sa Website: www.adf.gov.sa Banking services for agricultural sector

Saudi Arabian Monetary Agency Al-Maather Street PO Box 2992 Al-Maather, Riyadh 11169 Tel: (+966) (1)463 3000 Fax: (+966) (1)466 2966 / 2936 Email: info@sama.gov.sa Website: www.sama.gov.sa Central Bank and stock exchange supervisory institution

SEDCO Capital Red Sea Mall, South Tower 2nd Floor King Abdulaziz Road Al-Morjan District PO Box 4384 Jeddah 21491 Tel: (+966) (12)215 1500 Fax: (+966) (12)215 1500 Email: info@sedcocapital.com Website: www.sedcocapital.com Investment banking, asset management, investment firms and funds

Saudi Home Loans Al Akil Building King Abdulaziz Street Al-Malaz, Riyadh 11417 Tel: (+966) (1)874 7900 Fax: (+966) (1)206 4730 Email: servicing@saudihomeloans.com Website: www.saudihomeloans.com General financial services

Kingdom Centre Building, 16th Floor Orouba Street, PO Box 220007 Olaya, Riyadh 113111 Tel: (+966) (1)4797 479 Fax: (+966) (1)211 7438 Email: info@sambacapital.com Website: www.sambacapital.com Asset management, brokerage, corporate finance and investment services

Northern Ring Highway Masyaf Area Riyadh 11333 Tel: (+966) (11)216 3400 Fax: (+966) (11)216 3411 Email: customercare@wafainsurance.com Website: www.wafainsurance.com General Insurance, Health Insurance and Protection & Savings products

Samba Financial Group

Saudi Investment Bank

PO Box 25895, Riyadh 11476 Tel: (+966) (1)479 7499 Fax: (+966) (1)217 7979 Email: customercare@samba.com Website: www.samba.com Conventional and Islamic commercial banking services

Al Maather Street, PO Box 3533 Riyadh 11481 Tel: (+966) (11)478 6000 Fax: (+966) (11)477 6781 Email: info@saib.com.sa Website: www.saib.com.sa Commercial, personal and corporate banking services, treasury, investment and Islamic banking

Sanad

Al Mather Street Al Olaya Riyadh 11126

343, Al-Maather Street Riyadh 11416 PO Box 22890 Tel: (+966) (1)299 7777 Email: info@saudiorix.com.sa Website: www.saudiorix.com.sa General financial services

Al Dhabab Street PO Box 1467 Riyadh 11431 Tel: (+966) (1)401 0288 Fax: (+966) (1)403 1104 Email: customercare@shb.com.sa Website: www.shb.com.sa Commercial banking, products and services including deposits, loans, bonds and credit cards

Saudi Indian Company for Cooperative Insurance (WAFA)

Saudi Agricultural Bank

Saudi ORIX Leasing Company

Saudi Hollandi Bank

Samba Capital

3rd Floor, Dareen Center Ehssa Street, PO Box 27477 Riyadh 11417 Tel: (+966) (1)292 7111 Fax: (+966) (1)292 7888 Website: www.sanad.com.sa Corporate and individual products

Al-Maather Road, PO Box 63851 Riyadh 11526 Tel: (+966) (92)000 0371 Fax: (+966) (92)000 0372 Email: info@saudimed.com.sa Website: www.saudimed.com.sa Asset management, corporate and structured finance

Saudi Kuwaiti Finance House Bahrain Tower, 3rd Floor, King Fahad Road Riyadh 11523 Tel: (+966) (92)000 9019 Fax: (+966) (11)201 9819 Email: info@skfh.com.sa Website: www.skfh.com.sa Investment banking, asset management, investment firms and funds

SaudiMed Investment Company Futuro Tower, Suite 1104

Sidra Capital Le Chateau Building, 2nd Floor Tahlia Street PO Box 118528 Jeddah 21312 Tel: (+966) (2)261 1101 Fax: (+966) (2)261 1102 Email: info@sidracap.com Website: www.sidracap.com Investment banking, asset management, investment firms and funds

Standard Charter – Saudi Arabia 7th Floor, Al Faisaliah Tower King Fahad Highway Riyadh Tel: (+966) (1)288 8540 Fax: (+966) (1)273 9022 Website: www.sc.com Personal, business, private, Islamic and online banking

State Bank India Barkat Ali Al-Andalus Plaza Sitteen Street PO Box 55707 Jeddah 21544 Tel: (+966) (12)671 7462 Fax: (+966) (12)617 5307 Email: ops1.jeddah@statebank.com Website: www.statebank.com.sa Personal and corporate banking

Societe Generale Saudi Arabia Abraj Atta’awuneya North Tower, 8th Floor PO Box 53828 Riyadh 11593 Tel: (+966) (1)218 0222 Fax: (+966) (1)218 0223 Website: www.societegenerale.com Investment banking and securities brokers and traders

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Saudi Arabia listings Swicorp

The Investor for Securities Company

Vision Capital Group

Kingdom Tower, 49th Floor King Fahad Road PO Box 2076 Riyadh 11451 Tel: (+966) (11)211 0737 Fax: (+966) (11)211 0733 Email: info@swicorp.com Website: www.swicorp.com Investment banking, asset management, investment firms and funds

Al-Jumaiah Towers, 2nd Floor King Fahad Road PO Box 67838 Riyadh 11517 Tel: (+966) (11)210 2249 Fax: (+966) (11)210 2254 Email: info@theinvestor.com.sa Website: www.theinvestor.com.sa Investment banking, asset management, securities brokers and traders

Al Amer Mohammed Bin Abdulaziz Street

Tawuniya

Trade Union Cooperative Insurance & Reinsurance Company

Olaya Main Street

Al-Bawani Building Sitteen Street/Jarir Street PO Box 25975 Al-Malaz 31925 Tel: (+966) (92)000 6262 Email: info@tuci-sa.com Website: www.tuci-sa.com Insurance and reinsurance products

Riyadh 11523

Abraj Attaâ&#x20AC;&#x2122;wuneya 700 King Fahad Road PO Box 86959 Olaya, Riyadh 11632 Tel: (+966) (1)218 0100 Fax: (+966) (1)218 0100 Email: csc@tawuniya.com.sa Website: www.tawuniya.com.sa Individual and corporate insurance products

TC Ziraat Bankasi

UBS Saudi Arabia

1, Al Rawdah Street Al-Rawdah, Jeddah 21524 Tel: (+966) (2)665 5433 Fax: (+966) (2)664 3516 Email: jeddah@ziraatbank.com Website: www.ziraatbank.com Retail and commercial banking

King Fahad Road 9th Floor, Tower 4 Tatweer Towers Al Muhamadiyah, 11588 Tel: (+966) (11)203 8050 Website: www.ubs.com/sa Investment banking and asset management

PO Box 118366 Al-Tahlia, Jeddah 21312 Tel: (+966) (2)263 1881 Fax: (+966) (2)263 1880 Email: info@vcg.com.sa Website: www.vcg.com.sa Investment banking

Wasatah Capital PO Box 50315 Tel: (+966) (1)494 4067 Fax: (+966) (1)494 4205 Website: www.wasatah.com.sa Investment banking, asset management, investment firms and funds

Zahran Holding Al Ourouba Street PO Box 7653 Riyadh 11472 Tel: (+966) (11)460 6444 Fax: (+966) (11)460 7871 Email: info@zahrang.com Website: www.zahranholding.com Holding company with investment arm

Sudan listings Agricultural Bank of Sudan Al-Joumhouriah Road Khartoum Area, PO Box 1263 Al Khartoum 11111 Tel: 00 249 183 777432 Fax: 00 249 183 778296 Promotion and development of agricultural projects

Al Baraka Bank Sudan Al Baraka Tower, Qasr Avenue, PO Box 3583 Al Khartoum Tel: 00 249 183 784229 Fax: 00 249 183 778948 Email: info@albaraka.com.sd Website: www.albaraka.com.sd Commercial banking and investment in accordance with Islamic principles

Al Salam Bank Sudan Al Salam Bank Sudan Building Al Jumhouria Street, PO Box 139 Al Khartoum Tel: 00 249 183 747000 Fax: 00 249 183 747007 / 747006 / 747008 Email:info@alsalam-bank.net Website: www.alsalam-bank.net Sharia compliant commercial and private banking services

Al Shamal Islamic Bank Al Sayed Abdel Rahman Street, PO Box 10036 Al Khartoum 11111 Tel: 00 249 183 779078 / 782925 / 779474

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Fax: 00 249 183 772661 / 782586 / 773585 Email:info@shamalbank.com Website: www.shamalbank.com Sharia compliant commercial banking and trade finance

Animal Resources Bank PO Box 1499, Al Khartoum Tel: 00 249 183 472024 / 471532 / 472025 Fax: 00 249 183 471537 / 471533 / 472513 Commercial banking activities

Arab Authority for Agricultural Investment and Development AAAID Building, Othman Digna Street Al Khartoum Tel: 00 249 183 780777 Fax: 00 249 183 772600 Email: info@aaaid.org Website: www.aaaid.org Investment firms and funds

Arab Bank for Economic Development in Africa Badea Building Saed Abdurrahman Street, PO Box 2640 Al Khartoum 11111 Tel: 00 249 183 773646 / 773709 Fax: 00 249 183 770498/ 770600 Email:badea@badea.org Website: www.badea.org International institution with full international legal status and complete autonomy in administrative and financial matters

Arab British European Banking & Finance Guide

Bank of Khartoum Bank of Khartoum Building, Al Gamhouria Avenue PO Box 1008, Al Khartoum Tel: 00 249 156 660000 Fax: 00 249 156 798382 Email: info@bok.sd Website: www.bok-sd.com Corporate and retail banking, asset management, treasury and investment

Blue Nile Mashreg Bank Blue Nile Mashreg Bank Limited Building Al Nagoumi Street, PO Box 984 Al Khartoum Tel: 00 249 183 774221 Fax: 00 249 183 782562 Email:bnbsudan@yahoo.com Website: www.bluemashreg.com Commercial banking

Byblos Bank Africa Byblos Tower Intersection of Mec Nimir and Baladiyya Streetsa PO Box 8121 Al Khartoum Tel: 00 249 156 552222 Fax: 00 249 156 552220 Email:byblosbankafrica@byblosbank.com Commercial banking, private banking and correspondent banking activities

Central Bank of Sudan Central Bank of Sudan Building Al Baladiyya Street

Sudan listings Al Moghren Area, PO Box 313 Al Khartoum Tel: 00 249 183 774419 / 778064 / 783425 Fax: 00 249 183 780273 / 778547 Email: publications@cbos.gov.sd Website: www.cbos.gov.sd Central banks and monetary authorities

Islamic Development Company PO Box 2718 Al Khartoum Tel: 00 249 183 774232 Fax: 00 249 183 772924 Email: idcomco@yahoo.com Website: www.idcosd.com Investment firms and funds

Sudanese Egyptian Bank

El Gharb Islamic Bank PO Box 3575 Al Khartoum Tel: 00 249 183 7771830 / 779583 Fax: 00 249 183 773031 Email:ghrbnk@sudanmail.net Sharia compliant banking services

Export Development Bank - Sudan Saleh El Obeid Building, 7th floor Gamhouria Street, PO Box 3575 Al Khartoum 11111 Tel: 00 249 183 782817 / 777110 Fax: 00 249 183 773952 / 764312 Email: edb@edbank.sd Website: www.edbank.sd Real estate finance, microfinance and car finance

Islamic Insurance Company Limited Islamic Insurance Company Limited - Sudan Tower Ali Abdel Latif Street, West Khartoum Area Al Khartoum Tel: 00 249 183 771751 Fax: 00 249 183 778959 Email: marketing@islamicinsur.com Website: www.islamicinsur.com Insurance services

Ivory Bank PO Box 11149, Khartoum Tel: 00 249 183 784517 Fax: 00 249 183 782630 Full commercial banking

Al Faihaa Commercial Centre, 7th Floor Ali Abdullatif Street, PO Box 10143 Al Khartoum Tel: 00 249 183 741326 / 775087 Fax: 00 249 183 780193 / 771714 / 781848 Email:fibsudan@fibsudan.com Website: www.fibsudan.com Islamic banking

Farmerâ&#x20AC;&#x2122;s Commercial Bank Al Qasr Street, PO Box 11984 Al Khartoum Tel: 00 249 183 771468 / 774960 / 774194 Fax: 00 249 183 779907 Info: info@fcbsudan.com Website: www.fcbsudan.com Full commercial banking services with special focus on agricultural sector

Financial Investment Bank Al Manar Tower Al Sayed Abdulrahman Street, PO Box 12046 Al Khartoum Tel: 00 249 183 730300 Fax: 00 249 183 778161 / 730304 Email:info@finvestbank.com Website: www.finvestbank.com Banking, asset management, investment banking, securities brokers and traders

Gadarif Investment Bank PO Box 550 Al Khartoum Tel: 00 249 183 441836 / 43596 Fax: 00 249 183 44923 Investment banking services

Global Investment House El Safwa Tower, Amarad Street 29 Al Khartoum Tel: 00 249 1 5577 0570 / 0572 Fax: 00 249 1 8374 7260 Email: info@global.com.sd Investment banking, asset management, securities brokers and traders

Al Salam Rotana Hotel Building, 1st Floor Africa Street, PO Box 154 Al Khartoum Tel: 00 249 183 250000 Fax: 00 249 183 529952 Email: info@sebank.sd Banking, investment banking

Sudan Financial Services Company Al Khartoum Tel: 00 249 183 747132 Fax: 00 249 183 784937 Email: info@shahama-sd.com Website: www.shahama-sd.com Investment banking

Sudanese French Bank Al Baraka Building, Zabeer Basha Street Al Khartoum Tel: 00 249 183 782450 Fax: 00 249 183 782225 Email: info@khartoumstock.com Website: www.kse.com.sd Securities market

Al Qasr Street, PO Box 2775 Khartoum, Sudan Tel: 00 249 183 771730 Fax: 00 249 183 771740 Email:info@sfbank.net Web: www.sfbank.net Commercial, investment, retail and merchant banking

National Bank of Sudan

Tadamon Islamic Bank of Sudan

National Bank of Sudan Building, Kasr Avenue Al Khartoum Tel: 00 249 183 778153 Fax: 00 249 183 779497 Email: contactus@nbs.com.sd Website: www.nbs.com.sd First fully-fledged Islamic Bank of Audi Saradar Group

Baladia Avenue, PO Box 3154 Al Khartoum Tel: 00 249 183 771505 / 407 / 845 Fax: 00 249 183 785834 Email: info@tadamonbank-sd.com Sharia compliant commercial banking services

Omdurman National Bank

The Middle East Insurance Company (Sudan)

Omdurman National Bank Building Al Qasr Street, PO Box 11522 Al Khartoum Tel: 00 249 183 770400 / 777158 Fax: 00 249 183 778263 / 777158 / 770392 Email:omb@sudanmail.net Website: www.onb.com.sd Electronic, corporate and retail banking

First Tower, Nile Street Kuwait Sudanese Center Area Al Khartoum Tel: 00 249 183 779544 Fax: 00 249 183 779266 Email: info@middleeast-ins.com Website: www.middleeast-ins.com Insurance

Saudi Sudanese Bank

United Capital Bank

Al Baladia Street, PO Box 1773 Khartoum Tel: 00 249 183 776700/770302 Fax: 00 249 183 781836 Web: www.saudisb.sd Full commercial banking activities

Building Number 411 Maamoun Beheiry Street, PO Box 8210 Al Khartoum 11111 Tel: 00 249 183 247700 Fax: 00 249 183 235000 Email:almal@bankalmal.com Website: www.bankalmal.net Banking, asset management investment banking, investment firms and funds

Khartoum Stock Exchange Faisal Islamic Bank of Sudan

Al Khartoum Tel: 00 249 183 784469 Fax: 00 249 183 777276 Email: shiekan@shiekanins.com Website: www.shiekanins.sd Insurance

Savanna Insurance Company Limited Street 25, Al Amarat Area Al Khartoum Tel: 00 249 183 471259 Fax: 00 249 183 471192 Email: info@savicoins.com Website: www.savicoins.com Insurance

Workers National Bank

Shiekan Insurance and Reinsurance Company Limited

PO Box 2589 Al Khartoum Tel: 00 249 183 783215 Fax: 00 249 183 776347 Email:workersbank@maktoob.com Banking services for farmers

Elgame Elkaber Street El Souk El Arabi Area

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Syria listings Agricultural Cooperative Bank Damascus Tajhez, PO Box 4325 Damascus Tel: 00 963 11 2213 462 / 2221 393 Fax: 00 963 11 2241 261 Website: www.agrobank.org Finance for the agricultural sector

Al Adham Exchange Company 29 April Street, Damascus Tel: 00 963 11 232 5603 Fax: 00 963 11 231 8148 Email: aladhamjsc@gmail.com Website: www.aladhamex.com General financial services

Al-Aqeelah Takaful Insurance Company Sabbah Building, Rushdi Al Shamaa Street Nejmeh Square Area, PO Box 6345 Tel: 00 963 11 332 8544 / 8545 Fax: 00 963 11 332 8546 Email: info@al-aqeelahtakaful.com Website: www.al-aqeelahtakaful.com Islamic insurance

Albaraka Bank Syria Albaraka Banking Group, Al Shahbandar Street PO Box 100 Damascus Tel: 00 963 11 332 1980 / 443 7821 / 443 7820 Fax: 00 963 11 332 1981 / 443 7810 Email: info@albarakasyria.com Website: www.albarakasyria.com Commercial banking services and products in accordance with Islamic principles

Al-Shufi Investment Company Farouk Ouna Building , 2nd Floor Hananou Street, PO Box 3048 Latakia Tel: 00 963 94 754757 Fax: 00 963 41 330044 Email: contact@al-shufiinvestments.com Website: www.al-shufiinvestments.com/ Investment and funds management

Arab Bank-Syria Abu Rabani Building, Mahdi Bin Barakah Street Abu Remanah Area, PO Box 38 Damascus Tel: 00 963 11 334 8124 / 8125 Fax: 00 963 11 334 9844 Email: info@arabbank-syria.com Website: www.arabbank-syria.com Provision of full commercial banking

Arab Union Reinsurance Company Arab Union Reinsurance Building Shahid Fayez Al Mansour Street Al Mazzeh Area, Qurtaja Avenue PO Box 5178 Damascus Tel: 00 963 11 613 2592 / 2593 Fax: 00 963 11 611 3400 / 2076 Email: financial@arabunionre.syfinan Website: www.arabunionre.sy/ Insurance services, Reinsurance, Marine, Life

Arope Syria - Syrian International Insurance Company Malki Building 18 Zuhair Bin Abi Salma Street

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Al Rawda Area, PO Box 33015 Damascus Tel: 00 963 11 9279 Fax: 00 963 11 334 8144 Email: info@aropesyria.com Website: www.aropesyria.com Medical, life, motor, property, travel, liabilities & general accident, marine/cargo, contractor all risk insurance

Audi Capital Syria Plaza Building 86, 2nd Floor Cham City Centre Building Tanzeem Kafarsouseh Area, PO Box 6228 Damascus Tel: 00 963 11 2388 8630 Fax: 00 963 11 211 0959 Email:audi.capital@banqueaudi.com Website: www.audicapitalsyria.com Asset management, investment banking securities brokers and traders

Bank Al-Sharq Bank Al-Sharq Building, Hafez Ibrahim Street Shaalan Area, PO Box 7732 Damascus Tel: 00 963 11 6680 3000 Fax: 00 963 11 6680 3300 Email: info@bankalsharq.com Website: www.bankalsharq.com Banking, asset management, investment banking securities brokers and traders

Website: www.bbsfbank.com Commercial banking activities including deposits, loans, credit cards and trade finance

Beko Exchange Company Tajmeel Al Nahr Street, Baghdad Station Area Aleppo Tel: 00 963 21 221 8555 Fax: 00 963 21 221 9777 Email: info@bekoco.com Website: www.bekoco.com General financial services

Bemo Saudi Fransi Finance Al Khalidi Building, Ground Floor and 1st Floor Amin Lutfi Al Hafez Street, Rawda Area, PO Box 33357 Damascus Tel: 00 963 11 335 4111 Fax: 00 963 11 335 4112 Email: info@bsff.com Website: www.bsff.com Asset management, investment banking securities brokers and traders

Byblos Bank Syria Al Chaalan Area, Amine Loutfi Hafez Street PO Box 5424, Damascus Tel: 00 963 334 8244 Fax: 00 963 11 334 8205 Email: Marketingsyria@byblosbank.com Website: www.byblosbank.com/Syria Commercial banking services including retail, corporate banking and treasury

Bank Audi Syria Plaza Building 86, 2nd and 3rd Floor Tanzeem Kafarsouseh Area, PO Box 6228 Damascus Tel: 00 963 11 2388 8000 Fax: 00 963 11 224 8510 Email: contactus.syria@banqueaudi.com Website: www.bankaudisyria.com/pages/default.aspx Accounts, loans, bancassurance, investment products

Central Bank of Syria

Bank of Jordan - Syria

Cham Islamic Bank

Bank of Jordan Building, Baghdad Street Saba Bahrat Square, PO Box 8058 Damascus Tel: 00 963 11 2290 0000 Fax: 00 963 11 231 7267 Email: info@bankofjordansyria.com Website: www.bankofjordansyria.com Banking for retail, corporates and SMEs

Cham Bank Building, Al Nejmah Square Area PO Box 33979 Damascus Tel: 00 963 11 33919 Fax: 00 963 11 334 8731 Email: info@chambank.com Website: www.chambank.com Islamic banking services and investment firm

Bank of Syria and Overseas

Commercial Bank of Syria

Lawyersâ&#x20AC;&#x2122; Syndicate Building, Bab Barid Street Harika Area, PO Box 3103 Damascus Tel: 00 963 11 226 0560 Fax: 00 963 11 226 0555 Email: bsomail@bso.com.sy Website: www.bso.com.sy Commercial banking services including loans to SMEs, banking transactions related to domestic and international trade, electronic banking service

Youssef Azmeh Square, PO Box 933 Damascus Tel: 00 963 11 224 8666 Fax: 00 963 11 225 3334 Email: cbos@mail.sy Website: www.cbs-bank.sy Commercial banking, risk management, private banking, corporate finance, international banking and economic research

7 Bahrat Street, 29 Ayar Square, PO Box 2254 Damascus Tel: 00 963 11 245 5376 Fax: 00 963 11 222 1373 Email: info@bcs.gov.sy Website: www.banquecentrale.gov.sy The countryâ&#x20AC;&#x2122;s Central Bank

Damascus Securities Exchange (DSE) Banque Bemo Saudi Fransi Banque Bemo Saudi Fransi Building 29 Ayyar Street, Salhieh Area, PO Box 31117 Damascus Tel: 00 963 11 231 7778 Fax: 00 963 11 231 8778 Email: bbsf@mail.sy

Arab British European Banking & Finance Guide

Damascus Securities Exchange Building Barzeh Musbakat Al Saneh Area, PO Box 6564 Tel: 00 963 11 519 0000 Fax: 00 963 11 519 0099 Email: info@dse.sy Website: www.dse.sy Public securities market

Syria listings Fransabank Syria Al Otaki Building, Ground Floor Al Mahdi Bin Baraka Street Abu Remmanah Area, PO Box 30747 Damascus Tel: 00 963 11 232 1008 / 335 3030 Fax: 00 963 11 235 3037 Email: info@fransabank.sy Website: www.fransabank.com/English/Pages/ Fransabank-Syria.aspx Consumer banking, corporate, SMEs, investment and private banking

International Bank for Trade and Finance (IBTF) International Bank for Trade and Finance Building Pakistan Street, PO Box 11058 Damascus Tel: 00 963 11 2388 0000 Fax: 00 963 11 232 5788 Email: info@ibtf.com.sy Website: www.ibtf.com.sy Retail, corporate and elcetronic banking services

Email: qnbsyria@qnb.com.qa Website: www.qnb.sy Banking, asset management

Tel: 00 963 11 2349 8116 Fax: 00 963 11 2349 8167 Email: cbos@mail.sy Website: www.cbs-bank.sy Commercial banking

Real Estate Bank Syrian General Insurance Company Building Youssef Al Azmeh Square, PO Box 2337 Damascus Tel: 00 963 11 221 8602 / 8603 Fax: 00 963 11 224 1848 Retail, commercial and corporate credit and finance services for housing and real estate sectors, commercial banking services icluding deposits and loans

Middle East Exchange Company Mobayed Building, Rive Street Baghdad Station Area Aleppo Tel: 00 963 21 222 7762 / 7761 / 7782 Fax: 00 963 21 222 6617 / 6618 Email: info@me-xchange.com Website: www.middleeastexchange.com Financial services

Pioneers Syria Abou Shamat Building, 1st Floor Mazzeh Highway Street Damascus Tel: 00 963 11 613 1888 Fax: 00 963 11 613 1886 Email: information@pioneerssyria.com Website: www.pioneerssyria.com Asset management, investment banking securities brokers and traders; the firm was one of the first members of the DSE

29 Ayyar Street, PO Box 373 Damascus Tel: 00 963 11 232 6111 Fax: 00 963 11 232 6112 Email: info@sgbsy.com Website: www.sgbsy.com All forms of commercial banking products and services

Syrian Arab Insurance Company Swedish Embassy Building Chakib Erslan Street, Abu Rimani Area Damascus PO Box 11054 Tel: 00 963 11 334 8035 Fax: 00 963 11 334 8039 Email: contactus@syrian-arab.com Website: www.syrian-arab.com Insurance services

Syrian Arab Republic Insurance Supervisory Commission (SISC) 29 May Street, , 5th Floor Insurance building Damascus, PO Box 5648 Tel: 00 963 11 2319977 Fax: 00 963 11 2226224 Email: sisc.sy@mail.sy Website: sisc.sy/ Regulatory body for the national insurance market

Syrian International Islamic Bank (SIIB) Main Highway Road Al Mazzeh Area, PO Box 35494 Damascus Tel: 00 963 11 611 4690 Fax: 00 963 11 611 1245 Email: info@siib.sy Website: www.siib.sy Investment banking services

Syrian Kuwaiti Insurance Company Building 4, Ground Floor King Abdulaziz Al Saud Street Abu Rummaneh Area Damascus, PO Box 5778 Tel: 00 963 11 332 8060 Fax: 00 963 11 332 8062 Email: info@skicins.com Website: www.skicins.com Insurance services, mainly retail insurance including accident and health

Syrian National Insurance Company (NIC) Syrian National Insurance Company Building Al Naher Street, Rawda Area, Damascus PO Box 33142 Tel: 00 963 11 9248 / 3348670 Fax: 00 963 11 334 8690 Email: info@natinsurance.com Website: www.natinsurance.com Property insurance, general accidents, engineering, marine, health, life, motor and travel insurance services

Syrian Islamic Insurance Company United Fly Building, Al Jalaa Street Abu Runmaneh Area, PO Box 12773 Tel: 00 963 11 335 3350 / 3351 Fax: 00 963 11 335 3487 Email: info@siic-insurance.com Website: www.siic-insurance.com Islamic insurance for fire, theft, accident, motoring, travel, health and life

Syrian Trust Insurance Company

Popular Credit Bank

Syrian Insurance Company

Dar Al Mouhandseen Building, Darwishieh Syria Damascus Tel: 00 963 11 222 7604 Fax: 00 963 11 221 0124 Retail commercial and corporate credit finance services for the housing and real estate sectors, commercial banking services including deposits and loans

29 May Street, Yusef Al Athema Square Insurance Building Damascus Tel: 00 963 11 24 52 619 / 9902 Fax: 00 963 11 22 30 357 PO Box 2297 Email: syrinsur@syrian-insurance.com Website: www.syrian-insurance.com All types of insurance

Qatar National Bank â&#x20AC;&#x201C; Syria Fares Khoury Street Qatar National Bank Building, PO Box 33000 Damascus Tel: 00 963 11 2290 1000 Fax: 00 963 11 443 2221

Solidarity Insurance Company Building Bozom Avenue, Maliki Area Damascus, PO Box 33965 Tel: 00 963 11 374 2414 Fax: 00 63 11 374 2415 Email: info@solidarity-sy.com Website: www.solidarity-sy.com Personal and business insurance

Syria Gulf Bank

J A Anhoury for Insurance Jallad Building, Darwichie Street Al Hareeqa Area, PO Box 1248 Damascus Tel: 00 963 11 221 9714 Fax: 00 963 11 224 6509 Email: sales@anhoury.com Website: www.anhoury.com Insurance for engineering and energy sectors

Solidarity Alliance Insurance

Syrian Iranian Commercial Bank Commercial Bank of Syria Commercial Bank of Syria Building Youssef Azmeh Square Damascus, PO Box 933

Trust Building, Mershed Khater Street PO Box 30578 Tel: 00 963 11 447 2650 / 2651 Fax: 00 963 11 447 2652 Email: mail@trustsyria.com Website: www.trustsyria.com Motor insurance, fire and general accident, marine cargo, life insurance, health, travel, third party liability

United Insurance Company- Syria (UIC) United Insurance Company Building Abdulaziz Al Soud Street, East Abu Rumani Area PO Box 4419 Tel: 00 963 11 334 1933 / 333 0241 Fax: 00 963 11 334 1934 Email: info@uic.com.sy Website: www.uic.com.sy Medical, life, motor, property, travel, liabilities & general accident, marine/cargo, contractor all risk insurance

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Tunisia listings Al Baraka Bank Tunisia 88, Rue Hedi Chaker Belvedere, Tunis 1002 Tel: (+216) (0)71 790 000 / 780 992 / 890 996 Fax: (+216) (0)71 780 235 / 786 371 Email: contact@albarakabank.com.tn Website: www.albarakabank.com.tn Islamic banking; retail, corporate, treasury and investment banking services

AfricInvest – Tunisia Immeuble Integra Centre Urbain Nord Tunis 1082 Tel: (+216) (0)71 189 800 Fax: (+216) (0)71 189 850 Email: tfg.mail@tuninvest.com Website: www.africinvest.com Investment banking, investment firms and funds

ALUBAF International Rue 8007 Montplaisir, Tunis 1002 Tel: (+216) (0)71 783 500 / 780 035 Fax: (+216) (0)71 793 905 / 793 916 Email: alub@alubaf.com.tn Website: www.alubafbank.com Offshore banking unit; loan services, trade finance and Islamic banking

Amen Bank Avenue Mohamed V Tunis 1002 Tel: (+216) (0)71 148 000 Fax: (+216) (0)71 833 517 Email: amenbank@amenbank.com.tn Web: www.amenbank.com.tn All banking services to the commercial, industrial and real estate sectors

Arab Financial Consultants 4, Rue 7036 El Menzah 4, Tunis 1004 Tel: (+216) (0)71 754 720 Fax: (+216) (0)71 234 672 Email: afc@afc.fin.tn Website: www.afc.com.tn Securities brokers and traders, asset management and financial engineering

Tel: (+216) (0)71 754 720 Fax: (+216) (0)71 234 672 Email: afc@afc.fin.tn Website: www.afc.com.tn Securities brokers and traders, asset management, financial consulting

Arab Tunisian Bank 9, Rue Hedi Nouira Tunis 1001 Tel: (+216) (0)71 351 155 Fax: (+216) (0)71 342 852 Email: atbbank@atb.com.tn Website: www.atb.com.tn Commercial banking; current accounts, savings accounts, consumer credits, online banking, portfolio management services

Arab Tunisian Lease Immeuble Ennour Centre Urbain Nord Mahrjene, Tunis 1082 Tel: (+216) (0)71 238 000 Fax: (+216) (0)71 767 300 Email: atl.lease@atl.com.tn Website: www.atl.com.tn Asset leasing services

Assurances Maghrebia 64, Rue de Palestine Tunis 1002 Tel: (+216) (0)71 788 800 / 847 653 / 849 218 Fax: (+216) (0)71 788 334 Email: magassur@magassur.com.tn Website: www.maghrebia.com.tn Insurance and financial protection

Assurances Salim Immeuble Salim Lotissement AFH-BC5 Centre Urbain Nord Tunis 1003 Tel: (+216) (0)71 184 200 Fax: (+216) (0)71 184 284 Email: contact@salim-ins.com Website: www.salim-ins.com Insurance

ASTREE Alternative Capital Partners Immeuble Yosr – Appartements 9 et 10 Rue du Lac Victoria Les Berges Du Lac, Tunis 1053 Tel: (+216) (0)71 965 770 Fax: (+216) (0)71 962 638 Email: info@alter-cap.com Website: www.alter-cap.com Capital investment services

Arab Banking Corporation – Tunis Rue du Lac d’Annecy Les Berges du Lac, Tunis 1053 Tel: (+216) (0)71 861 861 / 110 Fax: (+216) (0)71 860 921/ 835 Email: abc.tunis@arabbanking.com Website: www.arabbanking.com Corporate and retail services

45, Avenue Kheireddine Pacha Tunis 1080 Tel: (+216) (0)71 904211 Fax: (+216) (0)71 902 723 Email: courrier@astree.com.tn Website: www.astree.com.tn Insurance, counsel, security

Attijari Bank Immeuble 24 Centre Urbain Nord Tunis 1002 Tel: (+216) (0)71 141 400 Fax: (+216) (0)71 790 945 Email: courrier@attijaribank.com.tn Website: www.attijaribank.com.tn Commercial banking and investment banking services

Axis Gestion Arab Financial Consultants Rue 7036 El Menzah 4, Tunis 1004

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67, Avenue Mohamed V Tunis 1002 Tel: (+216) (0)71 901250

Arab British European Banking & Finance Guide

Fax: (+216) (0)71 904522 Email: contact@axiscapital.com.tn Website: www.axiscapital.com.tn Asset management, financial consulting

Banque Centrale de Tunisie 25, Rue Hedi Nouira Tunis 1080 Tel: (+216) (0)71 122 000 Fax: (+216) (0)71 340 615 Email: boc@bct.gov.tn Website: www.bct.gov.tn Central bank and monetary authority

Banque d’Affaires de Tunisie (BAT) 10 Bis, Rue Mahmoud El Matri Mutuelleville, Tunis 1002 Tel: (+216) (0)71 143 800 / 801 Fax: (+216) (0)71 891 678 Email: bat@bat.com.tn Website: www.bat.com.tn Investment bank, financial consulting, financial engineering

Banque de Financement des Petites et Moyennes Entreprises (BFPME) 34, Rue Hedi Karray Centre Urbain Nord El Menzah, Tunis 1004 Tel: (+216) (0)70 102 200 Fax: (+216) (0)70 102 202 Email: info@bfpme.com.tn Website: www.bfpme.com.tn Funding SMEs, investment, lending

Banque de l’Habitat 18, Avenue Mohamed V Tunis 1080 Tel: (+216) (0)71 126 000 Fax: (+216) (0)71 337 957 Email: banquehabitat@bh.fin.tn Website: www.bh.com.tn Housing deposit bank

Banque de Tunisie 2, Rue de Turquie Tunis 1001 Tel: (+216) (0)70 025 050 Fax: (+216) (0)70 025 450 Email: finance@bt.com.tn Website: www.bt.com.tn Commercial banking; investment banking, investment firms and funds

Banque de Tunisie et des Emirats 5bis, Rue Mohamed Badra Tunis 1002 Tel: (+216) (0)71 783 600 Fax: (+216) (0)71 783 756 Email: bte@bte.com.tn Website: www.bte.com.tn Commercial and investment banking services

Banque Internationale Arabe de Tunisie 70-72, Avenue Habib Bourguiba Tunis 1080 Tel: (+216) (0)71 131 000 Fax: (+216) (0)71 342 820 Email: webmaster@biat.com.tn Website: www.biat.com.tn Banking, asset management, investment banking, investment firms and funds

Tunisia listings Banque Nationale Agricole Rue Hedi Nouira Tunis 1001 Tel: (+216) (0)71 831 000 Fax: (+216) (0)71 831 200 Email: bna@bna.cm.tn Website: www.bna.com.tn Commercial and agricultural banking

Les Berges du Lac, Tunis 1053 Tel: (+216) (0)71 138 531 / 32 / 33 / 34 Fax: (+216) (0)71 960 511 Email: contact@biatcapitalrisque.com Website: www.biatcapitalrisque.com Investments in growth capital and leveraged buyouts in all business sectors

BNA Capitaux Banque Tunisienne de Solidarite (BTS) 56, Avenue Mohamed V Tunis 1002 Tel: (+216) (0)71 844 040 Fax: (+216) (0)71 847 487 Email: bts@email.ati.tn Website: www.bts.com.tn Funding SMEs, refinancing, micro-credit

Complexe Le Banquier Avenue Tahar Haddad Les Berges Du Lac, Tunis 1053 Tel: (+216) (0)71 139 500 Fax: (+216) (0)71 656 299 Email: bna.capitaux@planet.tn Website: www.bnacapitaux.com.tn Securities brokers and traders, asset management, investment banking

Banque Tuniso-Koweïtienne (BTK) 10bis, Avenue Mohammed V Tunis 1001 Tel: (+216) (0)71 204 000 Fax: (+216) (0)71 253 182 Website: www.btknet.com Koweiti-Tunisian partnership; Investment accounts, certificates of deposit, lending, financial engineering

Bourse Des Valeurs Mobilieres de Tunis 34, Avenue de la Bourse Les Bergers du Lac 2, Tunis 1053 Tel: (+216) (0)71 197 910 Fax: (+216) (0)71 197 903 Email: info@bvmt.com.tn Website: www.bvmt.com.tn Securities markets, stock exchange

Banque Tuniso-Libyenne (BTL) 25, Avenue Kheireddine Pacha Montplaisir, Tunis 1073 Tel: (+216) (0)71 901 350 Fax: (+216) (0)71 903 837 Email: banque.tuniso-libyenne@btl.tn Website: www.btl.com.tn Libyan-Tunisian partnership; Lending, foreign exchange services, wealth management, financial management, import, export, funding procurement and financing foreign trade operations

Citibank – Tunisia

Banque Zitouna

C.A.R.T.E

2, Boulevard Qualité de la Vie Le Kram, Tunis 2015 Tel: (+216) (0)81 105 555 Email: contact@banquezitouna.com Website: www.banquezitouna.com Financing investment, Ijara financing, international operations, securities and investments

Lot BC4, Centre Urbain Nord Tunis, 1082 Tel: (+216) (0)71 184 000 Fax: (+216) (0)71 184 184 Email: dgen@carte.com.tn Website: www.carte.tn Insurance, asset management, general financial services and investment banking

55, Rue Jugurtha Belvedere, Tunis 1002 Tel: (+216) (0)71 113 300 Fax: (+216) (0)71 785 556 Email: info@citigroup.com Website: www.citigroup.com Corporate and Investment banking services, mortgages, local and regional cash management products and services

BEST Invest Immeuble Millenium, Bloc A, 2eme Etage 45, Avenue du Japon Montplaisir, Tunis 1073 Tel: (+216) (0)71 905 831 / 951 726 Fax: (+216) (0)71 903 513 Email: contact@bestinvest.com.tn Website: www.bestinvest.com.tn Securities brokers and traders, stock exchange, data collection pertaining to the financial market

COFIB Capital Finances

BEST Lease

COMAR

54, Avenue Charles Nicoles Mutuelle Ville, Tunis 1002 Tel: (+216) (0)71 799 011 Fax: (+216) (0)71 798 719 Email: elyes.brahem@bestlease.com.tn Website: www.bestlease.com.tn Leasing pertaning to housing (industrial, agricultural, commercial and service)

Avenue Habib Bourguiba Tunis 1001 Tel: (+216) (0)71 340 899 Fax: (+216) (0)71 344 778 Email: dg@comar.tn Website: www.comar.tn Insurance services

25, Rue Docteur Calmette Mahrajene, Tunis, 1082 Tel: (+216) (0)71 144 500 Fax: (+216) (0)71 843 778 Email: contact@capfinance.tn Website: www.capfinance.tn Asset management, investment banking, securities brokers and traders

Boulevard Principal Angle Rue Turkana et Rue Malawi

16, Avenue Jean Jaurès Tunis 1001 Tel: (+216) (0)71 252 044

Compagnie Gestion et Finance 6, Rue Jamaleddine El-Afghani Tunis 1002 Tel: (+216) (0)71 788 870 Fax: (+216) (0)71 798 314 Email: contact@cfg.com.tn Website: www.cgf.com.tn Investment banking, asset management, securities brokers and traders

El-Wifack Leasing Avenue Habib Bourguiba Medenine 4100 Tel: (+216) (0)75 643 000 Fax: (+216) (0)75 649 988 Email: mellousse-mohamed@elwifackleasing.com.tn Website: www.elwifackleasing.com.tn Leasing, lending

Fidelium Finance Immeuble Nour City, Bloc B, 1er etage B-1-1 Centre Urbain Du Nord Tunis 1083 Tel: (+216) (0)71 948 135 Fax: (+216) (0)71 948 136 Email: amel.ben.daly@fidelium-finance.com.tn Website: www.fidelium-finance.com.tn Investment finance

FINACorp Rue Lac Loch Ness Les Berges du Lac, Tunis 1053 Tel: (+216) (0)71 656 122 Fax: (+216) (0)71 656 269 Email: direct@finacorp.net Website: www.finacorp.net Investment banking, asset management, securities brokers and traders, investment finance

Groupe des Assurances de Tunisie 92, Avenue Hedi Chaker Tunis 1002 Tel: (+216) (0)71 843 900 Fax: (+216) (0)71 783 607 Email: info@gat.com.tn Website: www.gat.com.tn Insurance products (life, non-life, re-insurance)

Hannibal Lease Immeuble Triki Rue du Lac Malaren Les Berges du Lac, Tunis 1053 Tel: (+216) (0)71 139 400 Fax: (+216) (0)71 139 460 Email: commercial@hannibalease.com.tn Website: www.hannibalease.com.tn Lending, operating assets

International Maghreb Merchant Bank (IMB)

Compagnie Générale d’Investissement BIAT Capital Risque

Fax: (+216) (0)71 252 024 Email: commercial@cgi.com.tn Website: www.cgi.tn Investment banking, asset management, securities brokers and traders

87, Avenue Jugurtha Mutuelleville, Tunis 1082 Tel: (+216) (0)71 800 266 Fax: (+216) (0)71 800 410 Email: contact@immbank.org Website: www.immbank.com Investment banking, asset management

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Tunisia listings KPMG Tunisia

North African International Bank

Les Jardins du Lac Rue Lac Echkel Tunis 1053 Tel: (+216) (0)71 194 344 Fax: (+216) (0)71 194 320 Email: tn-fmfmbz@kpmg.com Website: www.kpmg.com/tn General financial services

Avenue Kheireddine Pacha Cite Ennasim Montplaisir, Tunis 1002 Tel: (+216) (0)71 950 800 Fax: (+216) (0)71 950 840 Email: naib@naibank.com Website: www.naibbank.com Personal banking, corporate banking

LLOYD Assurances

Sami Assurances

Avenue Taher Haddad Les Berges du Lac, Tunis 1053 Tel: (+216) (0)71 962 777 Fax: (+216) (0)71 962 440 Email: siteweb@lloyd.com.tn Website: www.lloyd.com.tn Insurance products, risk management

Rue de Mauritanie Belvedere, Tunis 1002 Tel: (+216) (0)71 783 995 / 784 544 Fax: (+216) (0)71 788 810 Email: ami.ass@planet.tn Website: www.assurancesami.com Fire insurance, all-risk insurance

MACSA

Société Tunisienne de Banque

Green Centre Bloc C, 2eme etage Rue du Lac Constance Les Berges du Lac, Tunis 1002 Tel: (+216) (0)71 964 102 Fax: (+216) (0)71 960 903 Email: macsa@gnet.tn Website: www.macsa.com.tn Securities brokers and traders and asset management

Rue Hedi Nouira Tunis 1001 Tel: (+216) (0)71 340 477 Fax: (+216) (0)71 348 400 / 340 009 Email: stb@stb.com.tn Website: www.stb.com.tn Commercial, investment and development bank

Mediterraneenne d’Assurance et de Reassurance Zone Portuaire de Radès Ben Arous, Radès 2040 Tel: (+216) (0)71 469 000 Fax: (+216) (0)71 469 600 Email: mare@mare.com.tn Website: www.mare.com.tn Insurance and re-insurance services

Mena Capital Partners Le Grand Boulevard du Lac Les Berges du Lac, Tunis 1053 Tel: (+216) (0)71 862 328 Fax: (+216) (0)71 961 486 Email: contact@menacp.com Website: www.menacp.com Investment banking, asset management, securities brokers and traders

Modern Leasing Immeuble Assurances SALIM Lot AFH BC5 Centre Urbain Nord Mahrajene, Tunis, 1082 Tel: (+216) (0)71 189 700 Fax: (+216) (0)71 949 335 Email: ML@modernleasing.com.tn Website: www. modernleasing.com.tn Leasing pertaning to housing (industrial, agricultural, commercial and service)

Maxula Bourse Rue du Lac Leman Centre Nawrez Tunis 1053 Tel: (+216) (0)71 960 292 Fax: (+216) (0)71 960 565 Email: maxulabourse@topnet.tn Website: www.maxulabourse.com.tn Securities brokers and traders, asset management, investment firms and funds, financial engineering

240

Sorenco 5, Rue Touraine Belvedere, Tunis 1002 Tel: (+216) (0)71 287 944 Fax: (+216) (0)71 287 301 Email: renseignement@sorenco.com.tn Website: www.sorenco.com.tn Commercial debt collection, international coverage, information solvency

STAR Assurances Square Avenue de Paris Tunis 1080 Tel: (+216) (0)71 340 866 Fax: (+216) (0)71 340 835 Website: www.star.com.tn Risk insurance and re-insurance

Stusid Bank 32, Rue Hedi Karray Tunis 1082 Tel: (+216) (0)71 232 133 Fax: (+216) (0)71 753 233 Email: info@stusid.com.tn Website: www.stusidbank.com.tn Saudi-Tunisian partnership providing general finance services pertaining to housing, agricultural, industrial and commercial sectors

Tunis International Bank 18, Avenue des Etats-Unis d’Amerique Belvedere, Tunis 1002 Tel: (+216) (0)71 782 411 Fax: (+216) (0)71 782 479 Email: info@tib.com.tn Website: www.tib.com.tn Offshore, commercial banking; trade finance, letters of credit, corporate finance, international bonds, private banking, portfolio management and savings accounts

Tunisie Leasing Avenue Hedi Karray Mahajene, Tunis 1082 Tel: (+216) (0)70 132 000

Arab British European Banking & Finance Guide

Fax: (+216) (0)71 232 020 Email: mailbox@tunisieleasing.com.tn Website: www.tunisieleasing.com.tn Leasing, consumer credit market, investment loan

Tunisian-Qatari Bank Investment Rue de la Cite des Sciences Tunis, 1080 Tel: (+216) (0)71 713 555 Fax: (+216) (0)71 713 111 Email: etaengea@tqb.com.tn Website: www.tqb.com.tn Banking services for individuals and companies; credit, auto credit, housing finance

Tunis Re 7 Rue Borjine Montplaisir, Tunis 1073 Tel: (+216) (0)71 904 911 Email: tunisre@tunisre.com.tn Website: www.tunisre.com.tn Insurance, reinsurance and asset management

Tunisie Valeurs Immeuble Integra Centre Urbain Nord Tunis 1082 Tel: (+216) (0)71 189 600 / 630 Fax: (+216) (0)71 949 325 Email: info@tunisievaleurs.com Website: www.tunisievaleurs.com Investment banking, asset management, securities brokers and traders

Tuniso-Saoudienne d’Intermediation Boulevard de la Terre Centre Urbain Nord Tunis 1080 Tel: (+216) (0)71 822 588 / 822 417 Fax: (+216) (0)71 822 190 Email: tsi@tsi.fin.tn Website: www.tsi.tn Securities brokers and traders and asset management

Union Bancaire Pour le Commerce et l’Industrie 139, Avenue de la Liberté Tunis 1002 Tel: (+216) (0)70 000 050 Fax: (+216) (0)71 849 312 Email: ubci.contact@ubcinet.net Website: www.ubci.tn Commercial banking services, asset management, investment banking

Union Internationale de Banques Rue du Lac Turkana Les Berges du Lac, Tunis 1053 Tel: (+216) (0)81 102 525 / (+216) (0)71 850 248 Email: uibcontact@uib.com.tn Website: www.uib.com.tn Banking and commercial operations

Zitouna Takaful Avenue de la Bourse Les Jardins du Lac, Tunis 1053 Tel: (+216) (0)71 198 080 Fax: (+216) (0)71 198 053 Email: contact@zitounatakaful.com Website: www.zitounatakaful.com.tn Islamic insurance and re-insurance services

UAE listings 3i Capital Group 12th Floor Indigo Icon Tower PO Box 309062 Jumeriah Lakes Towers Dubai Tel: 00 971 4 3654951/3697305 Email: info@3icgroup.com Website: www.3icgroup.com Corporate finance and fund management

Aabar Investments IPIC Square, 22ndâ&#x201D;&#x201A;23rd Floors Muroor (4th) Road PO Box 107888 Abu Dhabi Tel: 00 971 2 262 4466 Fax: 00 971 2 626 8228 Email: info@aabar.com Website: www.aabar.com Investing activities in various industries including infrastructure, aviation, real estate, automotive, commodities, energy and financial services

ABN AMRO Bank NV Currency House, Level 6, 601 Dubai International Financial Centre PO Box 506507 Dubai Tel: 00 971 4440 9400 Fax: 00 971 4440 9581 Website: www.abnamro.com Retail, private and commercial banking

Abraaj Capital The Gate Village Building 8 Level 3 and 4 Dubai International Financial Centre PO Box 504905 Dubai Tel: 00 971 4 506 4400 Fax: 00 971 4 506 4600 Email: info@abraaj.com Website: www.abraaj.com Investing in the growing Middle East, North Africa and South Asia region

Abu Dhabi Commercial Bank Al Salam Street, PO Box 939 Abu Dhabi Tel: 00 971 2 696 2084 Email: adcb_investor_relations@adcb.com Website: www.adcb.com Commercial banking services including retail banking as well as corporate private banking, wealth, treasury and funding

Abu Dhabi Finance (ADF) Silver Wave Tower, 8th Floor # 804 Mena Road, PO Box 107616 Abu Dhabi Tel: 00 971 2401 8555 Fax: 00 971 2678 5510 Email: info@adf.ae Website: www.adf.ae Leading provider of mortgages in Abu Dhabi and the wider UAE

Abu Dhabi Holding (ADH) Al Ghaith Tower, 11th Floor Hamdan Street PO Box 5210

Abu Dhabi Tel: 00 971 2626 7000 Fax: 00 971 2627 7755 Email: info@adh.ae Website: www.adh.ae Innovative financial instruments, Private Equity funds, Real Estate funds and leasing to Islamic financing, brokerage and asset management

AFIA Insurance Brokerage Services

Abu Dhabi Islamic Bank

AFX Capital Markets

Al Bateen Building Bainuna Street Al Bateen Area PO Box 313 Abu Dhabi Tel: 00 971 2610 0000 Fax: 00 971 2665 6028 Email: adib@adib.co.ae Website: www.adib.ae Commercial banking services based on Islamic principles

Saba Tower 1 Jumeirah Lakes Towers Area Dubai Tel: 00 971 4434 2126 Fax: 00 971 4434 2127 Email: dubai@afxcapital.com Website: www.afxcapital.com General financial services and securities markets

Abu Dhabi National Islamic Finance Golden Beach Tower Building Corniche Street Abu Dhabi Tel: 00 971 2410 4444 Fax: 00 971 2622 2597 Email: customercare@adnif.ae Website: www.adnif.ae General financial services

Sheikh Khalifa Bin Zayed Street Dubai Tel: +971 4-337-9987 Fax: +971 4-337-0184 Email: helpline@afiainf.ae Website: www.afia.ae Insurance

Ajman Bank A&F Towers Khalifa Street PO Box 7770 Ajman Tel: 00 971 6747 9999 Fax: 00 971 6747 9990 Email: info@ajmanbank.ae Website: www.ajmanbank.ae Commercial banking services

Akbank (Dubai) Limited Gate Village Building 10 Dubai International Financial Centre Area Dubai Tel: 00 971 4448 6466 Fax: 00 971 4448 6465 Email: info@akbank.ae Website: www.akbank.ae Investment banking

Abu Dhabi National Leasing One NBAD Tower Sheikh Khalifa Street Abu Dhabi Tel: 00 971 2611 2000 Fax: 00 971 2626 9111 Email: adnl@nbad.ae Website: www.adnl.ae General financial services

Al Ansari Financial Services Co

Abu Dhabi National Takaful Company Abu Dhabi Islamic Bank Building, 3rd Floor Bainuna Street Al Bateen PO Box 35335 Abu Dhabi Tel: 00 971 2410 7700 Fax: 00 971 2410 7800 Website: www.takaful.ae Non-life insurance services provider

ADCB Macquarie Corporate Finance Abu Dhabi Commercial Bank Building 18th Floor Al Salam Street, PO Box 939 Abu Dhabi Tel: 00 971 2697 3433 Fax: 00 971 2676 1433 Website: www.macquarie.com Investment banking services

ADS Securities Irena Tower, Corniche Street Al Khalidiya Area Abu Dhabi Tel: 00 971 2657 2300 Fax: 00 971 2657 2323 Email: info@ads-securities.ae Website: www.ads-securities.ae General financial services and securities markets

5th Floor, Al Zubara Tower Al Salam Street Abu Dhabi Tel: 00 971 2696 8333 Fax: 00 971 2696 8222 Email: info@afsonline.ae Website: www.afsonline.ae Services for investors in the domestic stock markets

Al Etihad Financial Advisors LLC 1st Floor, Office 103 Khalidyah area Block No 15 - West 4 Abu Dhabi Tel: 00 971 4 4531500 Fax: 00 971 4 4534145 Website: www.almasahcapital.com Private equity, asset management and real estate investment

Al Fujairah National Insurance Company Insurance Building 8th Floor Hamad Bin Abdullah Street. PO Box 277 Fujairah Tel: 00 971 9223 3355 Fax: 00 971 9222 4344 Email: ho@fujinsco.ae Website: www.afnic.ae Motor, aviation, energy, marine, property and health insurance services

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UAE listings Alfardan Financial Services Company PO Box 125976 Dubai Tel: 00 971 4386 5720 Fax: 00 971 4386 5878 Email: info@alfardanfs.com Website: www.afsuae.com Financial broker on the Dubai and Abu Dhabi Stock Markets

Al Futtaim Capital Festival Tower Level 28 Dubai Festival City PO Box 152 Dubai Tel: 00 971 4706 2222 Fax: 00 971 4706 2110 Email: info@alfuttaim.co.ae Website: www.al-futtaim.ae Private equity investments

Al Khazna Insurance Company PSC Villa No 86 East of Al Nahyan camp Al Râ&#x20AC;&#x2122;Doum Street PO Box 73343 Abu Dhabi Tel: 00 971 2 696 9700 Fax: 00 971 2 641 7998 Email: khazna@emirates.net.ae Website: www.alkhazna.com Property, fire and home insurance

Al Masah Capital Management Limited Liberty House Dubai International Financial Centre PO Box 506838 Dubai Tel: 00 971 4 453 1500 Fax: 00 971 4 453 4145 Website: www.almasahcapital.com Private equity, asset management and real estate investment

AL-PER Solutions Limited Currency House Building, DIFC Mezzanine Floor, Unit M03 PO Box 506651 Dubai Tel: 00 971 4325 9958 Fax: 00 971 4325 9959 Email: gberloni@alpersolutions.com Website: www.alpersolutions.com Asset management including fund management

Abu Dhabi Tel: 00 971 2 616 0620 Fax: 00 971 2 443 6046 Email: info@alwifaq.ae Website: www.alwifaq.ae Innovative Islamic financial products and services

Apex Fund Services Limited Office 704 Salam HQ, Salam Street PO Box 27925 Abu Dhabi Tel: 00 971 2 672 6327 Fax: 00 971 2 672 6328 Email: robert@apex.bm Website: www.apexfundservices.com Asset management

BNY Mellon

Arab Bank for Investment and Foreign Trade

Bank of Sharjah

Al Masraf Tower Hamdan Street Tourist Club Area PO Box 46733 Abu Dhabi Tel: 00 971 2672 1900 Fax: 00 971 2677 7550 Email: info@almasraf.ae Website: www.almasraf.ae Commercial and investment banking

Arqaam Capital Limited Level 4, Building GV05, The Gate Village Dubai International Financial Centre PO Box 506687 Dubai Tel: 00 971 4507 1700 Fax: 00 971 4507 1701 Email: info@arqaamcapital.com Website: www.arqaamcapital.com Corporate finance, equity and asset management

Aseel Finance Sheikha Fatma Complex 2 Al Bateen Street Al Bateen Area PO Box 94669 Abu Dhabi Tel: 00 971 2635 4667 Fax: 00 971 2635 4711 Email: info@aseelfinance.ae Website: www.aseelfinance.ae Islamic finance and investments

Baker Tilly UAE Alcazar Capital Limited Park Place, Level 9, Suite 904-905 Sheikh Zayed Road Dubai International Financial Centre PO Box 506672 Dubai Tel: 00 971 4706 0300 Fax: 00 971 4329 6967 Email: inquiries@alcazar-capital.com Website: www.alcazar-capital.com Private equity and advisory services

Level 5 Suite 516 Sultan Business Centre Oud Metha Area Tel: 00 971 0 4335 4233 Fax: 00 971 0 4335 1711 Email: info@btmkm.com Website: www.btmkm.com Audit & assurance, compliance audit & procedures, accounting solutions & services, company set up services, IT, business advisory and specialised consulting services

Al Wifaq Finance Company Al Odaid Offices Tower Airport Road PO Box 40448

242

Rega Al Buteen Area Dubai Tel: 00 971 4222 2267 Fax: 00 971 4221 0115 Email: bmaodxb@emirates.net.ae Website: www.bankmuscat.com Asset management

Bank Muscat â&#x20AC;&#x201C; UAE Dubai Creek Tower Baniyas Road

Arab British European Banking & Finance Guide

Office 1 and 2 Gate Precinct Building 5 Dubai International Financial Centre Dubai Tel: 00 971 4 425 2500 Fax: 00 971 4 425 5684 Website: www.bnymellon.com Investment banking and asset management

Al Khan St PO Box 1394 Abu Dhabi Tel: 00 971 6569 4411 Fax: 00 971 6569 4422 Email: enquire@bankofsharjah.com Website: www.bankofsharjah.com Commercial, retail and private banking

Bank Sarasin-Alpen (ME) Limited Precinct Building 5 Sheikh Zayed Road Dubai International Financial Centre PO Box 121806 Dubai Tel: 00 971 4363 4300 Fax: 00 971 4362 0565 Website: www.sarasin-alpen.com Asset management and investment banking

Bank Sarasin-Alpen (ME) Limited Abu Dhabi (Representative Office) 1st Floor, East Tower PO Box 54049 Abu Dhabi Trade Centre Abu Dhabi Tel: 00 971 2 652 9888 Fax: 00 971 2 652 9850 Website: www.sarasin-alpen.com Asset management and investment banking

Beaufort Associates Office 212, Building 1 Dubai Internet City PO Box 500329 Dubai Tel: 00 971 43910320 Fax: 00 971 4391 0329 Email: info@beaufort.ae Website: www.beaufort.ae Business assistance, financial restructuring, transaction advisory, management support and executive search

BNP Paribas Abu Dhabi Al Bateen Area, Street 32 PO Box 2742 Abu Dhabi Tel: 00 971 26 938 601 Fax: 00 971 26 938 849 Email: nada.khoury@bnpparibas.com Website: www.mea.bnpparibas.com Banking services, investment banking

UAE listings BNP Paribas Dubai Building 1 Emaar Square PO Box 7233 Dubai Tel: 00 971 4 424 8200 Fax: 00 971 4 425 7814 Email: paribas@eim.ae Website: www.bnpparibas.ae Banking and investment banking

Borse Dubai Limited The Gate District Precinct Building 5, Level 7 Dubai International Financial Centre PO Box 506690 Dubai Tel: 00 971 4305 5000 Fax: 00 971 4331 4924 Email: info@borsedubai.com Website: www.borsedubai.ae Holding company for Dubai Financial Market and NASDAQ Dubai

Brokerage House Securities Company Brokerage House Security Villa Al Khaleej Al Arabia Street Al Buteen Area, PO Box 41288 Abu Dhabi Tel: 00 971 2666 6774 Fax: 00 971 2665 1777 Email: info@bhsuae.ae Website: www.bhsuae.ae Brokerage services

CBD Financial Services Port Saeed, Deira, PO Box 2668 Dubai Tel: 00 971 4212 1010 Fax: 00 971 4331 0104 Email: cbdfs@cbd.ae Website: www.cbdfs.ae Retail and commercial banking products and services

Central Bank of the United Arab Emirates Bainunah Street Al Bateen Area, PO Box 854 Abu Dhabi Tel: 00 971 2665 2220 Fax: 00 971 2665 2504 Email: uaecb@cbuae.gov.ae Website: www.centralbank.ae Central monetary authority that focuses on the formulation and implementation of banking, credit and monetary policies

Chescor Capital FZ LLC Suite 319, Building No 2 Dubai Media City, PO Box 500610 Dubai Tel: 00 971 4 391 0941 Fax: 00 971 4 391 0943 Email: info@chescorcapital.com Website: www.chescorcapital.com Investment banking and general financial services

Chescor Capital PO Box 47406 Sultan International Villa Al Khaleej Al Arabi Street Between 13th and 15th Intersection Abu Dhabi

Tel: 00 971 2 639 0273 Email: nasri.tehini@chescorcapital.com Website: www.chescorcapital.com Investment banking and general financial services

Citibank – Abu Dhabi Al Khyeli Building Al Falah Street Abu Dhabi Tel: 00 971 2494 3000 Fax: 00 971 2676 0024 Email: uaeservice@citi.com Website: www.citibank.com Banking and investment banking

Credit Agricole Corporate and Investment Bank Dubai World Trade Center Sheikh Zayed Road Dubai Tel: 00 971 4417 5000 Fax: 00 971 4331 3201 Website: www.credit-agricole.fr Banking and investment banking

Credit Europe Bank (Dubai)

City Exchange LLC Bur Dubai Branch Near Astoria Hotel PO Box 29395 Bur Dubai, Dubai Tel: 00 971 4 3933874 Fax: 00 971 4393 9137 Email: citex1@emirates.net.ae Website: www.cityexchangeuae.com General financial services, money exchange and remittances

Clarkson DMCC Office 2604 Reef Tower Jumeirah Lakes Towers Sheikh Zayed Road PO Box 102929 Dubai Tel: 00 971 4 450 9400 Fax: 00 971 4 403 7900 Email: investments@clarksons.com Website: www.clarksons.com Investment banking and brokering

Commercial Bank International Al Riqqa Street Deira Area, PO Box 4449 Dubai Tel: 00 971 4227 5265 Fax: 00 971 4227 9038 Email: ccc@cbi.ae Website: www.cbiuae.com Commercial services, including offshore banking and treasury

Commercial Bank of Dubai (CBD) Al Ittihad Street Port Saeed, PO Box 2668 Dubai Tel: 00 971 4211 2700 Fax: 00 971 4212 1012 Email: contact_center@cbd.ae Website: www.cbd.ae Loans, insurance and investment services

Al Fattan Currency House Building 1 Dubai International Financial Centre Area Dubai Tel: 00 971 4 438 7101 Fax: 00 971 4 438 7175 Email: info@crediteurope.ae Website: www.crediteurope.nl Trade and commodity finance

Dar Al Takaful HDS Building 9th Floor Sheikh Zayed Rd Jumeirah Lake Towers Area PO Box 235353 Dubai Tel: 00 971 4304 1605 Fax: 00 971 4422 6090 Email: info@daraltakaful.com Website: www.daraltakaful.com Islamic non-life insurance services

DBS Bank – UAE Precinct Building 3 Dubai International Financial Centre Dubai Tel: 00 971 4364 1800 Fax: 00 971 4364 1801 Website: www.dbs.com Banking, asset management, investment banking and securities brokers and traders

Deutsche Bank – UAE The Gate Village Dubai International Financial Centre Dubai Tel: 00 971 4361 1700 Email: dubai.reception@db.com Website: www.db.com Investment banking and asset management

Dubai Investments PJSC PO Box 28171 Dubai Tel: 00 971 4 8122400 Fax: 00 971 4 8122344 Email: info@dubaiinvestments.com Website: www.dubaiinvestments.com Investment firm

Commerzbank AG Dubai Branch Suite 11-15, Building GV 05, 4th Floor Gate Village Dubai International Financial Centre PO Box 506596 Dubai Tel: 00 971 4 428 4999 Fax: 00 971 4 428 4922 Email: dubai@commerzbank.ae Website: www.commerzbank.ae Commercial and investment banking services

Dubai Islamic Bank Dubai Islamic Bank Building Al Maktoum Road Port Saeed Area, PO Box 1080 Dubai Tel: 00 971 4295 3000 Fax: 00 971 4295 4111 Email: contactus@dib.ae Website: www.dib.ae Islamic banking, investment banking, credit and finance

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UAE listings Dubai Islamic Financial Services Sharaf Building Khaled Bin Al Waleed Street Bur Dubai Area Dubai Tel: 00 971 4321 7000 Fax: 00 971 4397 5691 Email: customerservice@difs.ae Website: www.ifs.ae Securities brokers and traders

Duet MENA Limited Al Fattan Currency House Building Sheikh Zayed Road Dubai International Financial Centre Dubai Tel: 00 971 4 237 9201 Fax: 00 971 4 237 9300 Email: info@duetgroup.net Website: www.duetgroup.net Asset management, private equity, investment banking and investment

EFG-Hermes UAE Limited The Gate Building West Wing Dubai International Financial Centre Street Dubai International Financial Centre Dubai Tel: 00 971 4363 4000 Fax: 00 971 4362 1170 Website: www.efg-hermes.com Investment banking, asset management, investment firms and funds and securities brokers and traders

The Emirates Capital Limited Liberty House Building DIFC Gate Driveway Street Dubai International Financial Centre Dubai Tel: 00 971 4447 7672 Fax: 00 971 4447 7671 Email: info@emirates-capital.com Website: www.emirates-capital.com Investment banking

Emirates Development Bank Real Estate Bank Building Defence Street Abu Dhabi Tel: 00 971 2699 0999 Fax: 00 971 2699 0998 Email: info@reb.ae Website: www.realestatebank.ae General financial services

Emirates Industrial Bank Arab Monetary Fund Building Corniche Road PO Box 2722 Abu Dhabi Tel: 00 971 2633 9700 Fax: 00 971 2631 9191 Email: info@eib.ae Website: www.eib.ae Grants for industrial loans and credit facilities

Emirates Insurance Company Emirates Insurance Company Building Al Ferdous Street Tourist Club Area Abu Dhabi

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Tel: 00 971 2644 0400 Fax: 00 971 2644 5227 Email: info@eminsco.com Website: www.eminsco.com Business, corporate and personal insurance

Emirates Investment Bank Level 15, Festival Tower Dubai Festival City PO Box 5503 Abu Dhabi Tel: 00 971 4231 7777 Fax: 00 971 4221 7788 Email: info@eibank.com Website: www.eibank.com Client-focused, independent private and investment banking services

Emirates Islamic Bank Building 16 Executive Building Dubai Health Care City PO Box 6564 Dubai Tel: 00 971 4316 0101 Fax: 00 971 4222 7321 Email: info@emiratesislamicbank.ae Website: www.emiratesislamicbank.ae Commercial banking according to Shariah principles; project and trade finance

Emirates Money Consumer Finance N-Building Maydan Area Dubai Tel: 00 971 4316 0366 Fax: 00 971 4232 9042 Email: enquiries@emiratesmoney.ae Website: www.emiratesmoney.ae General financial services

Emirates REIT Management (Private) Limited Al Fattan Currency Tower 2 Dubai International Financial Centre Dubai Tel: 00 971 4358 8775 Fax: 00 971 4358 8774 Email: contact@reit.ae Website: www.reit.ae Asset management

EY Abu Dhabi PO Box 136, Nation Tower 2 Corniche Abu Dhabi Tel: 00 971 (2) 4174400 Fax: 00 971 (2) 6273383 Email: AbuDhabi@ae.ey.com Website: www.ey.com/em/en/about-us/uae Advisory, financial and tax services

Finance House Al Orjowan Tower Sheikh Zayed 1st Street Khalidiya Area Abu Dhabi Tel: 00 971 2619 4000 Fax: 00 971 2619 4900 Email: customerservice@fh.ae Website: www.fh.ae Commercial & corporate finance, treasury and investments and personal finance

Arab British European Banking & Finance Guide

First Gulf Bank First Gulf Bank Building Zayed First Street Al Khalidia Area PO Box 6316 Abu Dhabi Tel: 00 971 2681 6666 Fax: 00 971 2681 3727 Email: customerservice@fgb.ae Website: www.fgb.ae Commercial banking services, corporate and retail banking, treasury and investment activities, brokerage, portfolio management, private banking, real estate services and Islamic banking

Fitch Ratings Ltd PO Box 502030, Dubai Al Thuraya Tower 1 Office 1805 Dubai Media City Tel: 00 971 4 424 1200 Website: www.fitchratings.com Global ratings agency and financial information services

Fius Capital Ltd Liberty House Office 106 Dubai International Financial Centre PO Box 333607 Dubai Tel: 00 971 4447 4170 Email: invest@fiuscapital.com Website: www.fiuscapital.com Assets management services

FORSA Investment Building 4 6th Floor Downtown Jebel Ali Dubai Tel: 00 971 4375 9655 Fax: 00 971 4375 9630 Private equity investment

Franklin Templeton Investments (ME) Limited The Gate Building East Wing Dubai International Financial Center Dubai Tel: 00 971 4 425 0999 Fax: 00 971 4 425 0998 Email: info@algebra-capital.com Website: www.franklintempletongem.com Asset management and investment banking

Global Forex Trading Fortune Tower Jumeirah Lake Towers Street Cluster C Area Dubai Tel: 00 971 4363 2500 Fax: 00 971 4428 1434 Email: arabicops@gftarabic.com Website: www.gftarabic.com General financial services

Goldman Sachs International Dubai International Financial Centre Level 7, Gate Precinct Building 5 PO Box 506588 Dubai

UAE listings Tel: 00 9714 376 3444 Website: www.goldmansachs.com Asset management and investment banking

Grant Thornton United Arab Emirates Warba Centre Abu Baker Al Siddique Road Deira Area Dubai Tel: 00 971 4268 8070 Fax: 00 971 4269 4599 Email: info@gtuae.net Website: www.gtuae.net Audit and advisory services

GulfCap Group Dubai World Trade Centre 18th Floor Sheikh Zayed Road PO Box 9686 Dubai Tel: 00 971 4703 8100 Fax: 00 971 4703 8200 Email:info@gulfcapgroup.com Website: www.gulfcapgroup.com Investment banking services

Gulfmena Investments Limited Building 6 Gate Village Dubai International Financial Center Area Dubai Tel: 00 971 4323 1234 Fax: 00 971 4323 1244 Email: clientservices@gulfmena.com Website: www.gulfmena.com Asset management and investment banking

Gulf Finance Corporation Tiffany Tower Sheikh Zayed Road Dubai Tel: 00 971 4501 0100 Fax: 00 971 4395 1086 Email: info@gulf-finance.ae Website: www.gulf-finance.ae General financial services

Habib Bank AG Zurich Habib Bank AG Zurich Building Beniyas Street, Deira Area Dubai Tel: 00 971 4221 4535 Fax: 00 971 4228 4211 Email: csd@habibbank.com Website: www.habibbank.com Banking and asset management

Habib Bank Limited Al Abbas Building Khaled Bin Al Walid Street, Bur Dubai Area Dubai Tel: 00 971 4302 9111 Fax: 00 971 4359 4172 Email: info@hbl.ae Website: www.hbl.ae Corporate banking, trade finance and individual accounts

Heraymila Investments Limited Gate Village, Level 1 Office No 109, 482066 Dubai International Financial Centre

PO Box 482066 Dubai Tel: 00 971 4323 0081 Fax: 00 971 4323 0082 Email: info@heraymila.com Website: www.heraymila.com Diversified range of securities and private equity investments

ICM Capital Ltd JBC 2, JLT Dubai Tel: 00 971 4429 4500 Fax: 00 971 4457 9207 Email: support@icmcapital.co.uk Website: www.icmcapital.co.uk General financial services

KPMG Limited Liability Partnership Emirates Towers Sheikh Zayed Road Dubai International Financial Centre Dubai Tel: 00 971 4403 0300 Fax: 00 971 4330 1515 Email: ae-fmcci@kmpg.com Website: www.ae-kpmg.com General financial services and investment banking

Malakut Insurance Brokers Indigo Icon Tower, Jumeirah Lake Towers Dubai Tel: 00 971 4 395 8812 Fax: 00 971 4 395 8813 Email: malakut@malakut.ae Website: www.malakut.com Corporate insurance and reinsurance brokers

InvestBank Al Borj Avenue PO Box 1885 Sharjah Tel: 00 971 6569 4440 Fax: 00 971 6569 4442 Email: custserv@investbank.ae Website: www.investbank.com Retail and corporate banking services with particular focus on trade finance

Mashreqbank Omar Bin Al Khattab Street Deira, PO Box 1250 Dubai Tel: 00 971 4222 3333 Fax: 00 971 4222 8830 Website: www.mashreqbank.com Commercial banking, investment banking, credit and financing, and wealth management

Millennium Finance Corporation InvestBridge Capital Limited Gate Village 6 Dubai International Financial Centre Area Dubai Tel: 00 971 4 424 9555 Fax: 00 971 4 424 9500 Email: clients@ib-cap.com Website: www.investbridgecapital.com Asset management and investment banking

East Wing, The Gate Building Dubai International Financial Center Dubai Tel: 00 971 4363 4200 Fax: 00 971 4362 0540 Email: info@mfcholding.com Website: www.mfcholding.com Investment banking

Mobilefour Holdings FZCO-LLC Investment Corporation of Dubai Gate Village 7 Dubai International Financial Centre Dubai PO Box 333888 Tel: 00 971 4707 1333 Fax: 00 971 4707 1444 Email: info@icd.gov.ae Website: www.icd.gov.ae Principal investment arm for the Government of Dubai

JPMorgan Chase Bank National Association The Gate Building West Wing Street Dubai International Financial Centre Dubai Tel: 00 971 4428 1700 Fax: 00 971 4428 1799 Website: www.jpmorganchase.com Investment banking, asset management and securities brokers and traders

KCP Capital Dubai Media City Al Thuraya Tower 2 Suite 713, PO Box 500717 Dubai Tel: 00 971 4428 0728 Fax: 00 971 4428 0730 Email: info@kcpcapital.com Website: www.kcpcapital.com Merchant banking, mergers & acquisitions, advisory services and asset management

Al Bateen Ctr, Bainuna Street 34 C6 Tower Tel: 00 971 2 406 9418 Fax: 00 971 2 406 9810 Email: reception@mobilefour.net Website: www.mobilefour.net Investment banking and asset management

National Bank of Abu Dhabi NBAD Tower, Sheikh Khalifa Street PO Box 2993 Abu Dhabi Tel: 00 971 2611 1111 Fax: 00 971 2627 3170 Email: costumersupport@nbad.com Website: www.nbad.com Conventional and Islamic banking services

National Bank of Fujairah Hammad Bin Abdullah Street, PO Box 887 Fujairah Tel: 00 971 9222 4518 Fax: 00 971 9222 4516 Email: nbfho@nbf.ae Website: www.nbf.ae Commercial banking services

National Bank of Ras Al Khaimah Emirates Road, PO Box 5300 Ras Al Khaimah Tel: 00 971 7206 2222 Fax: 00 971 7243 5454 Email: hrhelpdesk@rakbank.ae Website: www.rakbank.ae Commercial banking and insurance services

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UAE listings National Bank of Umm Al Qaiwain

Reem Investment

UBS AG

King Faisal Street, PO Box 800 Umm Al Quwain Tel: 00 971 6706 6666 Fax: 00 971 6745 7600 Email: info@nbq.ae Website: www.nbq.ae Conventional and Islamic commercial banking services

Muroor Road, PO Box 112907, Abu Dhabi Tel: 00 971 2443 8900 Fax: 00 971 2443 8125 Email: info@reemi.ae Website: www.reeminvestments.com Private equity investment

Gate District Building 6, 5th Floor Dubai International Financial Centre, PO Box 506542 Dubai Tel: 00 971 4365 7100 Fax: 00 971 4365 7199 Website: www.ubs.com Investment banking services

Nasco Karaoglan Dubai Ali Saeed Albawardi Building Khaled Bin Walid Street, Al Mankhool Area PO Box 7108, Dubai Tel: 00 971 4352 3133 Fax: 00 971 4352 0544 Email: nascodub@emirates.net.ae Website: www.nascodubai.com Life insurance, general insurance and reinsurance services

NBAD Securities HH Sheikh Sultan Building Cornishe Street, PO Box 28400 Abu Dhabi Tel: 00 971 2616 1600 Fax: 00 971 2627 3285 Email: nbadsecurities@nbad.com Financial brokerage services

Richcomm Global Services AG Towers, Sheikh Zayed Road Jumeirah Lakes Towers Free Zone Area Dubai Tel: 00 971 4432 7820 Fax: 00 971 4432 7819 Email: info@richcommglobal.com Website: www.richcommdmcc.com International commodities services

BB2 Tower, Mazaya Business Avenue Jumeirah Lake Towers Dubai Tel: 00 971 4425 6616 Fax: 00 971 4425 6610 Email: mail@uhyuae.com Website: www.uhyuae.com General financial services

Royal Capital Tawam Tower 1, 6th Floor Khalifa Street, PO Box 53883 Abu Dhabi Tel: 00 971 2659 4300 Fax: 00 971 2659 4301 Email: info@royalcapitalae Website: www.royalcapital.ae Asset management services

Sharjah Islamic Bank

Burjuman Business Tower Sheikh Khalifa Bin Zayed Street Dubai Tel: 00 971 4303 2431 Fax: 00 971 4303 2480 Email: nihelpdesk@network.ae Website: www.network.ae General financial services and banking

Sharjah Islamic Bank Tower Al Khan Corniche Street, Al Mamzar Area PO Box 4 Sharjah Tel: 00 971 6599 8514 Fax: 00 971 6530 9998 Email: info@sib.ae Website: www.sib.ae Commercial banking services according to Sharia principles

Nomura International Dubai Branch

Sharjah Islamic Financial Services

Precinct Building 6, Sheikh Zayed Road Dubai International Financial Centre Dubai Tel: 00 971 4 428 4500 Fax: 00 971 4 428 4505 Email: dubaireception@nomura.com Website: www.nomura.com Financial products and investment advice, retail, asset management, wholesale and global research

1st Floor, Shwayhen Area, PO Box 66060 Sharjah Tel: 00 971 6599 2555 Fax: 00 971 6577 0004 Email: www.sifs@sifs.ae Website: www.sifs.ae Islamic trading of stock and sukuk, online trading; financial brokerage on the Dubai and Abu Dhabi stock markets

Noor Islamic Bank

State Bank of India

Grosvenor Tower, Sheikh Zayed Road Business Bay Area, PO Box 8822 Dubai Tel: 00 971 4 4274343 Fax: 00 971 4329 7036 Email: contactcentre@noorbank.com Website: www.noorbank.com Islamic banking services and products, sales of Islamic bonds for governments and companies

Gate Precinct Building 3 Dubai International Financial Centre Dubai Tel: 00 971 4326 6675 Fax: 00 971 4354 4429 Email: sbidifc@eim.ae Website: www.sbi.ae Deposits, loans and investments

Network International

UHY Chartered Accountants

Union National Bank Union National Bank Building Al Salam Street, Tourist Club Area, PO Box 3865 Abu Dhabi Tel: 00 971 2674 1600 Fax: 00 971 2678 6080 Email: costumerscare@unb.co.ae Website: www.unb.co.ae Corporate, retail, commercial, financial institutions, treasury, private banking, capital markets and real estate services

United Arab Bank Al Qassimiya Street, PO Box 25022 Sharjah Tel: 00 971 6573 3900 Fax: 00 971 6573 3906 Website: www.uab.ae Corporate banking services

Waha Capital

Sugandh Group Al Fattan Currency House Tower 2, Sheikh Zayed Road Dubai International Financial Centre Area Dubai Tel: 00 971 4362 0811 Fax: 00 971 4362 0812 Website: www.persiabank.co.uk Banking, trade finance, credit facilities

1004, Single Business Tower Sheikh Zayed Road, Business Bay Area Dubai Tel: 00 971 4380 7171 Fax: 00 971 4380 7111 Email: contact@sugandhgroup.com Website: www.sugandhgroup.com Investment firms and funds, general financial services and securities markets

Qatar Insurance Company

UAE Exchange Centre

Al Dana Building, Al Maktoum Street, Deira Area Dubai Tel: 00 971 4222 4045 Fax: 00 971 4223 8974 Email: qicdubai@qici.com.qa Website: www.qicuae.com Insurance

Al Sayegh Centre, Sheikh Hamdan Street Abu Dhabi Tel: 00 971 2610 5555 Fax: 00 971 2632 1767 Email: hq@uaeexchange.com Website: www.uaeexchange.com General financial services and asset management

Persia International Bank â&#x20AC;&#x201C; UAE

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Etihad Towers, Corniche Area Abu Dhabi Tel: 00 971 2667 7343 Fax: 00 971 2667 7383 Email: waha@wahacapital.ae Website: www.wahacapital.ae Investment firms and funds

Wehbe Insurance Services Oud Metha Offices Building Oud Metha Road, Oud Metha Area Dubai Tel: 00 971 4324 2345 Fax: 00 971 4324 4010 Email: info@wehbeinsured.com Website: www.wehbeinsured.com General insurance services

Zurich Insurance Company Ltd Level 06, East Wing, The Gate Building Dubai International Financial Centre Dubai PO Box 50389 Tel: 00 971 4 364 7325 Fax: 00 971 4 364 7301 Email: customerservice.me@zurich.com Website: www.zurich.ae Business insurance services

Yemen listings Al-Amal Microfinance Bank Al-Amal Microfinance Bank Building Bagdad Street Sanaa Tel: (+967) (1)449731 Fax: (+967) (1)449721 Email: info@alamalbank.com Website: www.alamalbank.com Investment banking

Al-Kuraimi Islamic Microfinance Bank Haddah Building Alkuraimi Sanaa Tel: (+967) (1)269399 Website: www.alkuraimi.com Exchange, savings, financing services

Aman Insurance Company Aman Insurance Company Building Zubairy Street PO Box 21120 Sanaa Tel: (+967) (1)202105 / 214104 / 214093 Fax: (+967) (1)209452 Email: amaninsco@net.ye Website: www.amaninsco.com Insurance services for motor, property and reinsurance

Arab Bank Yemen PO Box 475 and 1301 Zubairi Sanaa Tel: (+967) (1)276585/93 Fax: (+967) (1)276583 Email: info@arabbank.com.ye Website: www.arabbank.com Consumer banking, corporate and institutional banking

CAC Bank Sheba Roundabout Sanaa Tel: (+967) (1)250009 Fax: (+967) (1)538819 Email: cac.info@cacbank.com.ye Website: www.cacbank.com.ye Corporate banking, agricultural services

Fax: (+967) (1)206130 Email: kpmgyemen@y.net.ye Website: www.kpmg.com General financial services

Tel: (+967) (1)555555 Fax: (+967) (1)214012 Email: uicyemen@uicyemen.com Website: www.uicyemen.com Insurance and reinsurance products

Mareb Yemen Insurance Company Al Zuberi Street PO Box 2284 Sana’a Tel: (+967) (1)206126 Fax: (+967) (1)206118 Email: mareyinsco74@y.net.ye Website: www.marebyins.com Insurance services

Yemen Bank for Reconstruction and Development PO Box 541 Sanaa Tel: (+967) (1)14/295915 Fax: (+967) (1)271630 Email: ybrdo@y.net.ye Website: www.ybrdye.com Commercial banking; Investment in industrial and development projects

National Bank of Yemen PO Box 5 Crater, Aden Tel: (+967) (2)253753 Fax: (+967) (2)252325 Email: nby.ho@y.net.ye Website: www.nbyemen.com Commercial banking, asset management, risk insurance

Qatar National Bank (QNB) Al Zuberi Street PO Box 4310 Sana’a Tel: (+967) (1)517517 Fax: (+967) (1)517617 Email: QNBYemen@qnb.com.qa Website: www.qnb.com.qa Personal banking, asset management

Saba Islamic Bank Saif Bin Thi-Yazen Street Tahrir District PO Box 11054 Sana’a Tel: (+967) (1)286506 Fax: (+967) (1)286505 Email: info@sababank.com Website: www.sababank.com Sharia compatible commercial banking

Shamil Bank of Yemen and Bahrain

Ali Abdul Mughini Street PO Box 59 Sanaa Tel: (+967) (1)274318 / 314 Email: info@centralbank.gov.ye Website: www.centralbank.gov.ye Yemen’s central bank

Sitteen Street Round Aser Area PO Box 19382 Sana’a Tel: (+967) (1)538383 Fax: (+967) (1)538364 Email: info@sbyb.net Website: www.sbyb.net Sharia compatible commercial banking

International Bank of Yemen

Tadhamon International Islamic Bank

4444 Zubairy Street Sanaa Tel: (+967) (1)407000 Fax: (+967) (1)407020 Email: info@ibyemen.com Website: www.ibyemen.com Commercial banking activities

Al Saeed Commercial Centre Building Al Zubairy Street PO Box 2411 Sana’a Tel: (+967) (1)203270 Fax: (+967) (1)203271 Email: info@tiib.com Website: www.tiib.com Shari’a compliant banking solutions

Central Bank of Yemen

KPMG Yemen Marib Insurance Building 150 Zubairy Street PO Box 3501 Sanaa Tel: (+967) (1)401667

Yemen Commercial Bank Al Rowaishan Building Al Zubairy Street PO Box 19845 Sanaa Tel: (+967) (1)218591 Fax: (+967) (1)277289 Email: ycbho@y.net.ye Website: www.ycb.com.ye Commercial banking, trade finance and investment

Yemen General Insurance Company 25 Algiers Street Sanaa Tel: (+967) (1)442074 Fax: (+967) (1)446394 Email: ygi@yginsurance.com Website: www.yginsurance.com Insurance products

Yemen Gulf Bank Shawkani Street Safiya Area PO Box 100 Sanaa Tel: (+967) (1)260823 Fax: (+967) (1)260824 Email: info@yg-bank.com Website: www.yg-bank.com Commercial banking services to private individuals and corporate entities

Yemen Kuwait Bank for Trade and Investment Al Zubairy Street PO Box 987 Sanaa Tel: (+967) (1)209451 / 202190 / 202191 Fax: (+967) (1)535369 Email: sana@yk-bank.com Website: www.yk-bank.com Personal and corporate banking services

United Insurance Company-Yemen Al-Saeed Commercial Building - 2nd Floor, Zubeiry PO Box 1883 Sanaa

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United Kingdom listings ABN AMRO Bank N V

Allied Irish Bank (GB)

UK Branch, 5 Aldermanbury Square London EC2V 7HR Tel: 020 3192 9000 Website: www.abnamro.com Branch of Dutch state-owned bank providing global banking services for corporates

4 Tenterden Street, London W1S 1TE Tel: 020 7647 3300 Website: www.aibgb.co.uk Major commercial bank for corporate and business banking services; part of AIB Group

Sheencroft House 10-12 Church Road, Haywards Heath West Sussex RH16 3SN Tel: +44 (0)808 163 3601 Website: www.abnamro.co.uk Head Office of ABN AMRO Commercial Finance branch of ABN AMRO Bank

The Access Bank UK Limited 4 Royal Court, Gadbrook Park, Northwich Cheshire CW9 7UT Tel: 0845 293 5535 Email: info@theaccessbankukltd.co.uk Website: www.theaccessbankukltd.co.uk Personal, business and private banking

Adam & Company plc Head Office, 25 St Andrew Square Edinburgh EH2 1AF Tel: 0131 225 8484 Website: www.adambank.com Private banking and wealth management services

Agricultural Bank of China 7/F, 1 Bartholomew Lane, London EC2N 2AX Tel: +44 (0) 20 7374 8900 Website: www.uk.abchina.com/ Wholesale banking services, including corporate deposits, syndicated and bilateral loans, trade finance, international settlement, foreign exchange settlement, foreign exchange and derivatives trading

AIG Europe Limited The AIG Building, 58 Fenchurch Street LONDON EC3M 4AB, UK Tel: +44(0)20-7651 6061 Email: Rhodri.Williams@aig.com Website: www.aig.com Dr Rhodri Williams Strategic Advisor to the CEO, EMEA Undertake and carry on all or any classes of insurance business other than life insurance business

Airdrie Savings Bank 56 Stirling Street, Airdrie, Scotland ML6 0AW Tel: 01236 766 851 Email: info@airdriesavingsbank.com Website: www.airdriesavingsbank.com/

Aldermore Bank Plc Aldermore, PO Box 762, Wallsend NE28 5DH Tel: 0845 604 2678 Email: service@aldermoresavings.co.uk Website: www.aldermore.co.uk Mortgages and commercial finance to SMEs, homeowners and individual savers

Alliance Trust Savings Limited PO Box 164, 8 West Marketgait, Dundee DD1 9YP Tel: +44 (0) 1382 573 737 Email: contact@alliancetrust.co.uk Website: www.alliancetrustsavings.co.uk Private banking services

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Bangkok Bank

66 Cannon Street, London EC4N 6EP Tel: 00 44 20 7332 9200 Website: www.alpha.gr Financial services; UK branch of Greek bank

London Branch, Exchequer Court, 33 St Mary Axe London EC3A 8BY Tel: 020 7929 4422 Fax: 020 7283 3988 Email: london_operations@bangkokbank.com Website: www.bangkokbank.com Trade finance, corporate lending, remittance, foreign exchange services, deposit accounts

ANZ Bank (Europe) Ltd

Bank of America Merrill Lynch

London Office, 40 Bank Street, Canary Wharf London E14 5EJ Tel: +44 0203 229 2121 Website: www.anz.com Specialist strategic and financial advisory services to major companies, institutions and governments; ANZ began in London in 1835 as the Bank of Australasia

5 Canada Square, London E14 5AQ Tel: 020 7174 4000 Email: general_askml@ml.com Serving individual consumers, SMEs and large corporations with a full range of banking, investing, asset management and other financial and riskmanagement products and services

Arbuthnot Latham & Co Limited

Bank of Ceylon UK Ltd

Arbuthnot House, 20 Ropemaker Street London EC2Y 9AR Tel: 020 7012 2500 Email: banking@arbuthnot.co.uk Website: www.arbuthnotlatham.co.uk Private banking services

No 1 Devonshire Square, London EC2M 4WD Tel: 0207 377 1888 Fax: 0207 377 5430 Email: info@bankofceylon.co.uk Website: www.bankofceylon.co.uk/ Corporate and private banking services

Alpha Bank ABN AMRO Commercial Finance

Website: www.mps.it/ Operates as a subsidiary of Banca Monte dei Paschi di Siena SpA

Arbuthnot Latham & Co Limited (Manchester Office), 76 King Street Manchester M2 4NH Tel: +44 (0)16 1817 5011 Email: banking@arbuthnot.co.uk Website: www.arbuthnotlatham.co.uk Private banking services

Association of Foreign Banks (AFB) 1 Bengal Court, London EC3V 9DD Tel: 020 7283 8300 Fax: 020 7283 8302 Email: secretariat@foreignbanks.org.uk Website: www.foreignbanks.org.uk Industry membership association for foreign banks located in the UK

AXA PPP Healthcare International International HouseForest Road TUNBRIDGE WELLS, Kent TW2 5FE, UK Tel: +44(0)1892-596054 Mobile: +44(0)797-483 2683 Fax: +44(0)1892-508096 Email: david.griffiths@axa-ppp.co.uk Website: www.axappphealthcare.com Mr David Griffiths Director Overseas Operations International health insurance for expatriates and also supporting local healthcare plans in the UAE, Saudi Arabia and Bahrain (via Gulf Union) and Egypt (via AMIG)

Bank of China (UK) Limited Retail Banking Hotline 1 Lothbury, London EC2R 7DB Tel: 0845 602 7083 Fax: 0044 (0) 207 282 8836 Website: www.bankofchina.com Retail banking

Bank of China (UK) Limited London Chinatown Branch, 107 Shaftesbury Avenue London W1D 5DA Tel: 00 44 (0) 20 7437 5975 Fax: 00 44 (0) 20 7734 1704 Email: wbranch@mail.notes.bank-of-china.com Website: www.bankofchina.com Corporate and personal banking

Bank of Communications UK Limited 4th Floor, 1 Bartholomew Lane, London EC2N 2AX Tel: +44-(0)20-76147600 Fax: +44-(0)20-76147602 Email: admin@uk.bankcomm.com Website: www.bankcomm.com Corporate deposits, syndicated and bilateral loans, trade finance, international settlement, foreign exchange settlement, interbank loans and money market deposits

Bank of Cyprus UK Limited North London, PO Box 17484, 87 Chase Side London N14 5WH Tel: 0845 850 5555 Email: customerservice@bankofcyprus.co.uk Website: www.bankofcyprus.co.uk

Axis Bank UK Ltd 4th Floor, Kings House, 36-37 King Street London EC2V 8BB Tel: 020 73972522 Email: customercare.uk@axisbank.com Website: www.axisbankuk.co.uk Range of financial services to customer segments covering large to mid-corporates and retail businesses

Bank of East Asia (BEA UK) Main Office, 130 Jermyn Street, London SW1Y 4UR Tel: +44 (0)20 7734 3434 Fax: +44 (0)20 7734 0523 Email: info@hkbea.co.uk Website: www.hkbea.co.uk Personal, corporate banking and trade finance

Bank of England Banca Monte Dei Paschi Di Siena SpA London Branch, 122 Leadenhall Street, London Tel: 442076233847

Arab British European Banking & Finance Guide

Threadneedle Street, London EC2R 8AH Tel: 020 7601 4878 Email: enquiries@bankofengland.co.uk

United Kingdom listings Website: www.bankofengland.co.uk Central bank of the UK promoting and maintaining monetary and financial stability

Bank of Scotland plc

Bremer Landesbank Capital Markets Plc

PO Box 23581, Edinburgh EH1 1WH Website: www.bankofscotland.co.uk Commercial and clearing bank

71 Queen Victoria Street, London EC4V 4AY Tel: +44 (0)20 7972 5450 Fax: +44 (0)20 7972 5453 Email: info@bremerlb.co.uk Website: www.bremerlb.co.uk A subsidiary of Bremer Landesbank Kreditanstalt Oldenburg-Girozentrale

Bank of India 4th floor, 63 Queen Victoria Street, London EC4N 4UA Fax: 020 7965 2557 Email: ceeb@bankofindia.uk.com www.bankofindia.uk.com Remittances, current accounts and trade services

Bank of Cyprus 27-31 Charlotte Street, London W1T 1RP Tel: 0845 850 5555 Email: customerservice@bankofcyprus.co.uk Website: www.bankofcyprus.co.uk Banking services for small businesses and savers

Bank of Ireland (UK) Ltd Head Office GB, Bow Bells House, 1 Bread Street LondonÂ EC4M 9BE Tel: 020 7236 2000 Website: www.bank-of-ireland.co.uk/ Commercial and private banking

Barclays Bank plc 1 Churchill Place, London E14 5HP Website: www.barclays.co.uk Global banking and financial services

20 Stratford Place, London W1C 1BG Tel: 020 7907 8000 Fax: 020 7907 8001 Email: info@bankleumi.co.uk Website: www.bankleumi.co.uk Corporate finance and private banking

Bank of Italy London Representative Office 2 Royal Exchange , London EC3V 3DG Tel: 00 44207 6064201/2/3 Email: LondonOffice@bancaditalia.co.uk Website: www.bancaditalia.it Bank of Italy (Banca dâ&#x20AC;&#x2122;Italia) is the central bank of the Republic of Italy

Bank Saderat PLC 5 Lothbury, London EC2R 7HD Tel: 020 7600 0133 Fax: 020 7796 3216 Email: enquiries@saderat-plc.com Website: www.saderat-plc.com Specialises in the financing of international trade worldwide

Bank Sepah International Plc 5-7 Eastcheap, London EC3M 1JT Tel: 020 7623 1371 Email: info@banksepah.co.uk Website: www.banksepah.co.uk Finance for international trade, private client and deposit services

Bira Bank Limited 225 Bristol Road, Edgbaston, Birmingham B5 7UB Tel: 0121 446 6688 Fax: 0121 446 5215 Email: info@birabank.co.uk Website: www.birabank.co.uk The only trade association bank in the UK

London Office, 193-195 Brompton Road London SW3 1LZ Tel: 44 20 7590 7777 Fax: 44 20 7823 7356 Email: blom@blombanklondon.co.uk Website: www.blombank.com A range of traditional, highly personalised banking services including deposits, current accounts, foreign exchange and documentary credits

BLME Wealth Management Office 12 Manchester Square, London W1U 3PP Tel: + 44 (0) 20 7487 7200 Fax: +44 (0) 20 7487 7201 Email: info@blme.com Wealth management services

Tel: +44 (0) 20 7216 8800 Fax: +44 (0) 20 7216 8811 Website: www.bba.org.uk Trade association of UK banks

Brown Shipley London Founders Court, Lothbury, London EC2R 7HE Tel: 020 7606 9833 Fax: 020 7282 1545 Website: www.brownshipley.com Private banking

BMCE Bank International Plc

Butterfield Private Bank

26 Upper Brook Street, Mayfair, London W1K 7QE Tel: +44 (0) 207 429 5500 Fax: +44 (0) 207 248 8595 Email: Info@bmce-intl.co.uk Website: www.bmce-intl.co.uk Specialist bank linking international finance with the growing opportunities in Africa

99 Gresham Street, London EC2V 7NG Tel: 020 7776 6700 Email: info@butterfieldprivatebank.co.uk Website: www.butterfieldgroup.com Private banking and wealth management

BMO Capital Markets London Branch, 95 Queen Victoria Street London EC4V 4HG Tel: +44 20 7236 1010 Website: www.bmocm.com Investment and corporate banking, advisory services, treasury and market risk management, institutional investing

BNP Paribas 3 Harewood Avenue, London NW1 6JL Tel: +44 (0) 20 7595 2000 Website: www.bnpparibas.co.uk Corporate and investment banking

CAF Bank Head office, CAF (Charities Aid Foundation) 25 Kings Hill Avenue Kings Hill, West Malling Kent ME19 4TA Tel: 03000 123 000 Fax: 03000 123 001 Website: www.cafonline.org Banking for charities and not-for-profit organisations

C Hoare & Co 37 Fleet Street, London EC4P 4DQ Tel: +44 (0)20 7353 4522 Fax: + 44 (0)20 7353 4521 Email: info@hoaresbank.co.uk Website: www.hoaresbank.co.uk Private banking, financial planning and investment management services

BNP Paribas Securities Services 55 Moorgate, London EC2R 6PA Tel: +44 (0) 20 7595 2000 Website: www.bnpparibas.co.uk Securities services

Cambridge & Counties Bank

BLME Head Office, Sherborne House 119 Cannon Street, London EC4N 5AT Tel: + 44 (0) 20 7618 0000 Fax: +44 (0) 20 7618 0001 Email: info@blme.com Website: www.blme.com Wholesale Sharia compliant bank; corporate banking, treasury, premier deposit accounts

Britannia House, Leek, Staffordshire Moorlands ST13 5RG Tel: 08000 288 288 Website: www.britannia.co.uk Mortgages, savings, investment and insurance; part of the Co-operative Bank

British Bankers Association (BBA) BLOM BANK FRANCE

Bank Leumi (UK) plc

Britannia

BNP Paribas Wealth Management 5 Aldermanbury Square, London EC2V 7BP +44 (0) 207595 2000 Website: www.bnpparibas.co.uk Wealth management services and investment

BNY Mellon BNY Mellon Centre, 160 Queen Victoria Street London EC4V 4LA Tel: +44 20 7163 5566 Website: www.bnymellon.com Services for financial institutions, pension funds, fund managers, governmental entities, charities, insurance companies

Charnwood Court, New Walk, Leicester LE1 6TE Tel: 0844 225 3939 Fax: (0116) 254 4637 Email: info@ccbank.co.uk Website: www.ccbank.co.uk/contact-us Banking specialists for small to medium enterprises

Canccord Genuity Ltd 88 Wood Street London EC2V 7QR Tel: +44 (0)20 7523 8000 Website: www.canccordgenuity.com Global wealth management

Cater Allen Private Bank Santander House, 9 Nelson Street, Bradford BD1 5AN Tel: 0800 092 3300 Website: www.caterallen.co.uk/ Private banking

Arab British European Banking & Finance Guide

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United Kingdom listings Tel: 08456 100 103 Email: 24hours@firstdirect.com Website: www.firstdirect.com Telephone and internet-based retail bank

Charity Bank

Coutts & Co

194 High Street, Tonbridge, Kent TN9 1BE Tel: +44 (0)1732 774040 Fax: +44 (0)1732 774069 Email: enquiries@charitybank.org Website: www.charitybank.org

440 Strand, London WC2R 0QS Tel: 020 7753 1000 Website: www.coutts.com Private banking, investments, commercial banking

Charterhouse Capital Partners LLP

Credit Suisse UK Ltd

7th Floor, Warwick Court, Paternoster Square London EC4M 7DX Tel: 020 7334 5300 Fax: 020 7334 5344 Website: www.charterhouse.co.uk Private equity fund management

Times Place, 45 Pall Mall, 2nd Floor, London SW1Y 5JG Tel: +44 20 7888 1000 Fax: +44 20 7888 8641 Website: www.credit-suisse.com International financial services

Floor 24, 125 Old Broad Street, London EC2N 1AR Tel: +44 (0)20 7070 6000 Fax: +44 (0)20 7070 6099 Email: info@gatehousebank.com Website: www.gatehousebank.com Investments and wealth management services

Crown Agents Bank Ltd

GE Capital Bank Limited

St Nicholas House, Sutton, Surrey SM1 1EL Tel: 020 8643 3311 Fax: 020 8643 8232 Website: www.crownagents.com Portfolio investment management services for developing countries, governments, central banks, sovereign wealth funds and pension funds

The Ark, 201 Talgarth Road, London W6 8BJ Tel: +44 (0)207 302 6300 Website: www.gecapital.co.uk Provider of specialist business finance solutions - including invoice finance, inventory finance, assetbased lending, cross border finance

Danske Bank

GE Money UK

Church House Trust, 3 Goldcroft, Yeovil Somerset BA21 4DQ Tel: 01935 609600 Website: www.church-house-trust.co.uk

PO Box 2111, Belfast BT10 9EG Tel: 028 9004 5000 Website: www.northernbank.co.uk Personal and business banking; Danske Bank is a trading name of Northern Bank Limited

Building 4, Hatters Lane, Croxley Green Business Park, Watford WD18 8YF Tel: 0845 070 4299 Website: www.gemoney.co.uk Home lending; first time buyer, self-employed, purchase and remortgage products

CIT Bank Limited

Deutsche Bank AG

CIT Europe, Peninsular House 36 Monument Street, London, EC3R 8LJ Tel: +44 (0)207 411 4800 Website: www.cit.com Commercial financing, lending and insurance

Head Office UK, 1 Great Winchester Street London EC2N 2DB Tel: +44 207 54 58000 Fax: +44 207 54 56155 Website: www.db.com Asset and wealth management; corporate banking

Citibank International Plc

Duncan Lawrie Limited

3 Hanover Square, London W1S 1HD Tel: 0800 005500 Website: www.citibank.co.uk International banking

1 Hobart Place, London SW1W 0HU Tel: +44 (0)207 245 1234 Website: www.duncanlawrie.com Private banking & wealth management services

Close Brothers Limited

EFG Private Bank Ltd

Close Brothers Group plc, 10 Crown Place London EC2A 4FT Tel: 020 7655 3100 Email: enquiries@closebrothers.com Website: www.closebrothers.com UK merchant banking group, providing lending, deposit taking, wealth management services, and securities trading

Leconfield House, Curzon Street, London W1J 5JB Tel: 020 7491 9111 Fax: 020 7872 3706 Email: info@efgl.com Website: www.efgl.com International private banking and wealth management; a part of EFG International, a global private banking group headquartered in Zurich

Global Reach Partners

FBN Bank UK

Golden Cascade Consulting WLL

28 Finsbury Circus, London EC2M 7DT Tel: 020 7920 4920 Website: www.fbnbank.co.uk Personal and corporate services; internet banking

Avenue 50 Business Centre, P.O.Box 38765 Building 38, Third Floor Suite 216, Road 50, Block 426, Jidhafs, BAHRAIN Tel: +973 34 426 055 Email: sarfraz@goldencascade.com Website: www.goldencascade.com Mr Sarfraz Sharief Managing Director Corporate finance advisory, specialising in mergers and acquisitions

Gatehouse Bank plc

China Construction Bank (London) Limited 18th Floor, 40 Bank Street, Canary Wharf London E14 5NR Tel: +44 20 7038 6000 Fax: +44 20 7038 6001 Email:enquiry@uk.ccb.com Corporate banking; personal banking; and treasury operations

Church House Trust Limited

Clydesdale Bank Plc 35 Regent St, London SW1Y 4ND Tel: 0844 736 2616 Website: www.cbonline.co.uk Private, business and personal banking; internet banking, current accounts, loans, mortages and insurance

Commerzbank AG London Branch, 30 Gresham Street London EC2V 7PG Tel. + 44 (0)20 7623 8000 PO Box 52715, London EC2P 2XY Website: www.cbcm.commerzbank.com Corporate and investment banking, equities credit products, commodities, foreign exchange

The Co-operative Bank PO Box 101, 1 Balloon Street, Manchester M60 4EP Tel: 08448 44 88 44 Website: www.co-operativebank.co.uk Commercial, business and personal banking

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FCMB (UK) Limited 81 Gracechurch Street, London EC3V 0AU Tel: +44(0)20 7220 1000 Fax: +44(0)20 7220 1099 Email: info@fcmbuk.com Website: www.fcmbuk.com Investment banking services

Ghana International Bank plc 67 Cheapside, 1st Floor, City of London EC2V 6AZ Tel: 0845 605 6004 Fax: 020 7248 2929 Email: customer.services@ghanabank.co.uk Website: www.ghanabank.co.uk Personal, business and cross-border banking services

Glamis Ltd 54 Templar Road, Yate, Bristol BS37 5TG Tel: 0145 432 2011 Fax: 0145 488 1161 Website: www.glamis-ifa.co.uk Investment and portfolio management

4 Coleman Street, London EC2R 5AR Tel: 020 3465 8200 Fax: 020 3465 8201 Email: info@globalreach-partners.com Website: www.globalreach-partners.com Experts in FX, providing clients with access to global currencies and international payment services

Goldman Sachs International Financial Conduct Authority (FCA) 25 The North Colonnade, Canary Wharf London E14 5HS Tel: 020 7066 1000 Email: consumer.queries@fca.org.uk Website: www.fca.org.uk Regulator of the UK financial services industry

Peterborough Court, 133 Fleet Street London EC4A 2BB Tel: +44 207 774 1000 Website: www.goldmansachs.com Leading global investment banking, securities and investment management firm

Guaranty Trust Bank UK First Direct 40 Wakefield Road, Leeds LS98 1FD

Arab British European Banking & Finance Guide

GT Bank UK Head Office, 60 - 62 Margaret Street London W1W 8TF

United Kingdom listings Tel: +44 (0) 207 947 9700 Website: www.gtbankuk.com Wholesale banking products and services to private, corporate and institutional clients

Asset classes for institutional, retail and high networth clients including equities, fixed income, property and private equity

HSBC Bank plc Gulf International Bank (GIB) (UK) Ltd One Knightsbridge, London SW1X 7XS Tel: +44 207 259 3456 Fax: +44 207 259 6060 Website: www.gibonline.com Wholesale banking, investments, Islamic banking and structured finance; subsidiary of Bahrain based Gulf International Bank BSC

Habibsons Bank Limited 9 Portman Street, London W1H 6DZ Tel: +44 (0)20 7780 1000 Fax: +44 (0)20 7702 2779 Email: info@habibbankuk.com Website: www.habibsons.co.uk Investment banking, loans, funds transfers

Halifax PO Box 548, Leeds LS1 1WU Website: www.halifax.co.uk Residential mortgages and saving accounts

8 Canada Square, London E14 5HQ Tel: 0207 991 8888 Website: www.hsbc.com International banking

Hampden House, Great Hampden Great Missenden, Buckinghamshire HP16 9RD Tel: +44 (0) 1494 488 888 Website: www.hampden.co.uk Provider of specialist business support services to the insurance and finance sectors

Hampshire Trust Bank 60 Cannon Street, London EC4N 6NP Tel: 020 7862 6200 Email: info@htb.co.uk Website: www.htb.co.uk Private bank offering specialist funding solutions for solicitors and their clients; short term property finance in the form of residential and commercial; and savings accounts

Harrods Bank Ltd 87-135 Brompton Road, Knightsbridge London SW1X 7XL Tel: 020 7225 6789 Fax: 020 7225 3712 Email:contact_us@harrodsbank.co.uk Website: www.harrodsbank.co.uk Personal financial services; high value accounts

29 Windsor Place Cardiff CF10 3BZ Tel: 029 2022 0800 Fax: 0845 371 3901 Email: info@jhb.co.uk Website: www.Julianhodgebank.com Commercial lending and deposit accounts

JP Morgan Asset Management HSBC Private Bank (UK) Limited 78 St Jamesâ&#x20AC;&#x2122;s Street, London SW1A 1JB Tel: (+44) 20 7860 5000 Fax: (+44) 20 7860 5001 Website: www.hsbcprivatebank.com Private wealth management services

60 Victoria Embankment London EC4Y 0JP Tel: 0800 727 770 Website: am.jpmorgan.co.uk Investment services

ICICI Bank UK

Katten Muchin Rosenman UK LLP

PO Box 68921, One Thomas More Square London E1W 9HB Tel: 0203 478 5319 Website: www.icicibank.co.uk Personal, business, corporate and investment banking services in the UK and Europe

125 Old Broad Street London EC2N 1AR Tel: 020 7776 7620 Fax: 020 7776 7621 Website: www.kattenlaw.co.uk Specialist in financial services, including investment funds, regulatory and related corporate work, general banking and real estate

ING Commercial Banking Hampden & Co plc

Julian Hodge Bank Limited

60 London Wall, London EC2M 5TQ Tel: +44 20 7767 1105 Website: www.ingcb.com Banking services for large corporations, multinationals and financial institutions worldwide

Investec UK 2 Gresham Street, London EC2V 2QP Tel: 020 7594 4000 Fax: 020 7597 4070 Website: www.investec.co.uk Personal and investment banking services

Jefferies Bache Limited 9 Devonshire Square, LONDON EC2M 4HP, UK Tel: +44(0)20-7548 4000; +44(0)20-7548 4033 (Direct) Fax: +44(0)20-7548 4023 Email: ameleka@jefferies.com Website: www.jefferiesbache.com Mr Ashraf Meleka Senior Vice President, Head of Middle East Business Development Full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income, foreign exchange, futures and commodities, and also select asset and wealth management strategies, in the Americas, Europe and Asia

KBC Investments Limited 111 Old Broad Street, London EC2N 1FP Tel: 020 7614 6000 Fax: 020 7614 6100 Email: webmaster@kbcinvestments.com Website: www.kbcfp.com Structured credit products

Kingdom Bank Ltd Ruddington Fields Business Park Mere Way, Ruddington Nottingham NG11 6JS Tel: 0115 921 7250 Fax: 0115 921 7251 Email: info@kingdombank.co.uk Website: www.kingdombank.co.uk Ethical bank for churches and Christian ministries within the UK

Kleinwort Benson 14 St George Street, London W1S 1FE Tel: 020 73207 7000 Website: www.kleinwortbenson.com Private banking and wealth management services

Kookmin Bank International Limited

5th Floor, 30 Marsh Wall, London E14 9TP Tel: 020 7536 7050 Fax: 020 7093 3252 Email: enquiries@hib.uk.com Website: www.havanaintbank.co.uk Formerly known as Havana International Bank Ltd (HIB)

Jefferies Hoare Govett Vintners Place, 68 Upper Thames Street London EC4V 3BJ Tel: 020 7029 8000 Website: www.jefferies.com Corporate broking arm of investment bank Jefferies

6th Floor, Princes Court 7 Princes Street London EC2R 8AQ Tel: 44 207 710 8300 Fax: 44 207 726 2808 Email: kbil@kookmin.co.uk Website: www.kbfg.com Corporate banking and international investments

HBL (Habib Bank) UK

Jersey Finance Limited

Lazard Capital Markets

9 Portman Street, London W1H 6DZ Tel: +44 (0)20 7780 1000 UK Service: +44 (0) 845 601 7180 Fax: +44 (0)20 7702 2779 Email: info@habibbankuk.com Current, savings and business accounts

4th Floor, Sir Walter Raleigh House 48-50 Esplanade, ST HELIER, JERSEY JE2 3QB, UK Tel: +44(0)1534-836 000 Fax: +44(0)1534-836 001 Email: jersey@jerseyfinance.je; richard.corrigan@jerseyfinance.je; sean.costello@jerseyfinance.je; lauren.fletcher@jerseyfinance.je Website: www.jerseyfinance.je Ms Lauren Fletcher - Technical Manager A non-profit making organisation formed in 2001 to represent and promote Jersey as an international financial centre of excellence

Eleven Ironmonger Lane London EC2V 8EY Tel: +44 207 070 6200 Website: www.lazardcap.com Research, sales and trading, underwriting in the areas of equity, fixed income and convertible securities

Havin Bank Ltd

Henderson Global Investors Henderson Global Investors Limited 201 Bishopsgate, London EC2M 3AE Tel: 020 7818 1818 Fax: 0 20 7818 1819 Website: www.henderson.com

Lloyds Banking Group Plc 25 Gresham Street, London EC2V 7HN Tel: +44 (0) 20 7626 1500 Website: www.lloydsbankinggroup.com International retail banking group

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United Kingdom listings Louvre Wealth Management Limited

Mizuho International Plc

Suite 7, 4th Floor, 7-10 Chandos Street LONDON W1G 9DQ, UK Tel: +44(0)20-7291 5641 Fax: +44(0)870-458 0698 Email: chris.woodward@louvregroup.com; london@louvregroup.com Website: www.louvregroup.com Mr Chris Woodward - Director Wealth management, trust and company administration

Bracken House, One Friday Street, London EC4M 9JA Tel: 020 7236 1090 Email: contact.us@uk.mizuho-sc.com Website: www.mizuho-sc.com Securities and investment banking arm of Mizuho Securities Co Ltd

London Metal Exchange Limited 56 Leadenhall Street, London EC3A 2DX Tel: +44 (0)20 7264 5555 Website: www.lme.com World centre for industrial metals trading and pricerisk management

Moneycorp Commercial Foreign Exchange Head Office UK, 2 Sloane Square Knightsbridge, London SW1X 9LA Tel: 0207 589 3000 Email: enquiries@moneycorp.com Website: www.moneycorp.com/uk/ Retail and private banking services

Moneycorp London Stock Exchange 10 Paternoster Square, London EC4M 7LS Tel: +44 (0) 20 7797 1000 Website: www.londonstockexchange.com Stock exchange, market news and finance

Macquarie Bank International Ltd Ropemaker Place, 28 Ropemaker Street London EC2Y 9HD Tel: 020 3037 2000 Website: www.macquaire.co.uk Provider of banking, financial, advisory, investment and funds management services

M&S Bank Marks & Spencer Financial Services Plc Customer Services Department Kings Meadow, Chester CH99 9FB Tel: 0845 900 0900 Website: www.bank.marksandspencer.com Current accounts, personal loans, internet banking

100 Brompton Road, Knightsbridge, London SW3 1ER Trading office

98a Kensington High Street, London W8 4SG Tel: 020 7600 3636 Fax: 020 7361 0740 Email: info@mellibank.com Website: www.mellibank.co.uk Trade finance services

Newman Martin & Buchan LLP NMB House, 17 Bevis Marks, London EC3A LN Tel: +44 (0)207 648 5552 Email: Rupert.Cutler@nmbinsurance.com Website: www.nmbinsurance.com Contact Person: Rupert Cutler Position: CEO Financial & Political Risks Division Lloyds Insurance Brokers specialising in the placement of Trade Credit, Political Risks and Political Violence Insurance worldwide

Morgan Stanley Bank International Limited 25 Cabot Square, Canary Wharf, London E14 4QA Tel: (44 20) 7425-8000 Fax: (44 20) 7425-8990 Website: www.morganstanley.com Mergers, acquisitions, restructurings, fixed income and equity financing, as well as secondary trading, research, foreign exchange, commodities, securities lending, asset management and prime brokerage

MVision Private Equity Advisers Ltd, Connaught House 1-3 Mount Street, London W1K 3NB Tel: 020 7491 8500 Fax: 020 7491 8700 Website: www.mvision.com Independent international advisory firm focusing on raising capital for private equity, real estate, real assets, credit and direct transactions

National Bank of Abu Dhabi Melli Bank PLC

Website: www.northerntrust.com Investment management, asset and fund administration, fiduciary and banking solutions to corporations, institutions and affluent individuals

1 Knightsbridge, LONDON SW1X 7LY, UK Tel: +44(0)20-7393 3600 Fax: +44(0)20-7393 3636 Email: farid.barakat@nbad.com Website: www.nbad.co.ae Mr Farid Barakat Regional Manager-Europe Business Activity: Wide range of financial services

Metro Bank One Southampton Row London WC1B 5HA Tel: 0345 080 8500 Website: www.metrobankonline.co.uk Personal and commercial banking

National Westminster Bank Plc

MENA Capital LLP

Nedbank Limited

2nd Floor, 25 Ives Street LONDON SW3 2ND, UK Tel: +44(0)20-7594 0160 Mobile: +44(0)771-743 3300 Fax: +44(0)20-7594 0169 Email: kmajeed@menacap.com Website: www.menacap.com Mr Khaled Abdel Majeed - Managing Partner BInvestment management focused on the Middle East & North Africa

Old Mutual Place, 2 Lambeth Hill London EC4V 4GG Tel: +44 (0) 20 7002 3400 Website: www.nedbank.co.uk Full corporate banking services

135 Bishopsgate, London EC2M 3UR Tel: +44 121 695 9238 Website: www.natwest.com Retail and commercial bank

OneSavings Bank Plc Kent Reliance, Reliance House Sun Pier, Chatham ME4 4ET Tel: 01634 835791 Email: osbrelations@osb.co.uk Website: www.osb.co.uk Specialist lender offering residential, buy-to-let and commercial mortgages, secured loans and development finance funded by a retail customer proposition based upon the provision of good value long and short term savings

Paragon Bank Plc The Paragon Group of Companies 51 Homer Road, Solihull, West Midlands B91 3QJ Tel: 0845 849 4000 Fax: 0845 849 4002 Email: investor.relations@paragon-group.co.uk Website: www.paragon-group.co.uk Lender of buy-to-let mortgages, loan servicing provider, acquirer of loan assets and portfolios

Persia International Bank plc 6 Lothbury, London EC2R 7HH Tel: +44 (0)20 7606 8521 Fax: +44(0)20 7606 2020 Email: info@persiabank.co.uk Website: www.persiabank.co.uk Current accounts, personal loans and project finance

Piraeus Bank SA

MFL Mutual Finance 7 Old Park Lane, London W1K 1QR Tel: 020 7491 9076 Fax: 020 7499 3519 Email: info@mutual-finance.co.uk Website: www.mutual-finance.co.uk Property finance, fund management

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Nomura Asset Management UK Limited One Angel Lane, London EC4R 3AB Tel: +44 (0) 20 7521 2000 Email: info@nomura-asset.co.uk Website: www.nomura.com Retail, asset management, wholesale and global research

Northern Trust 50 Bank Street, Canary Wharf, London E14 5NT Tel: +44 (0) 20 7982 2000 Fax: +44 (0) 20 7982 2002

Arab British European Banking & Finance Guide

London Branch, 8th Floor, Tower 42 25 Old Broad Street, London EC2N 1PB Tel: 020 7920 6000 Fax: 0845 602 2756 Email: fx@piraeusbank.co.uk/ mortgages@piraeusbank.co.uk Website: www.piraeusbank.co.uk Retail banking, the financing of SMEs, capital markets, investment banking, leasing, real estate and financing of the shipping sector

PNB (Europe) PLC Corporate Office, 5-7 Hillgate Street, London W8 7SP Tel. 020 7313 2322 / 020 7313 2323 Fax: 020 7727 9447 Email: pnbeukremit@pnbglobal.com Website: www.pnbeurope.com Remittance and loans

United Kingdom listings PricewaterhouseCoopers LLP 7 More London Riverside, London SE1 2RT Tel: +44 (0) 20 7583 5000 Fax: +44 (0) 20 7212 7500 Website: www.pwc.co.uk Audit, tax, consulting, corporate finance

Tel: 020 7038 7000 Fax: 020 7038 6850 Email: marketing@sarasin.co.uk Website: www.sarasin.co.uk Management of global investment portfolios, financial services for charities, pension funds and insurance companies

Punjab National Bank (International) Limited 1 Moorgate, London EC2R 6JH Tel: +44(0)207 7969600 Fax: +44(0) 2077961015 Website: www.pnbint.com Current account, fixed deposit accounts, internet banking

Scotiabank Europe plc 201 Bishopsgate, 6th Floor, London EC2M 3NS Tel: +44 207 638 5644 Fax: +44 207 638 8488 Website: www.scotiabank.com International banking, wealth management and insurance

QIB (UK) plc 4th Floor Berkeley Square House Berkeley Square, London W1J 6BX Tel: +44 (0) 20 7268 7200 Email: info@qib-uk.com Web: www.qib-uk.com Shari’a compliant financing and investment products for both Islamic and non-Islamic clients

Scottish Widows Bank

Raphaels Bank

Schroder & Co Ltd

19-21 Shaftesbury Avenue, London W1D 7ED Tel: 020 7292 5400 Fax: 020 7292 5472 Email: info@raphael.co.uk Website: www.raphaelsbank.com Personal customer savings products and credit brokerage facilities

31 Gresham Street, London EC2V 7QA Tel: +44 207 658 2329 Email: investorrelations@schroders.com Website: www.schroders.com Global asset management company

PO Box 12757, 67 Morrison Street Edinburgh EH3 8YJ Tel: 0845 845 0829 Fax: 0845 846 0829 Website: www.scottishwidows.co.uk Corporate pensions, Investments, Life insurance, savings and mortgages

Sterling Currency Exchange Tweedale Street, Rochdale Lancs OL11 1HH Tel: + 44 (0) 1706 718888 Fax: + 44 (0) 1706 662342 Email: sterlingexchange@hotmail.com Website: www.sterlingcurrencyexchange.com Currency transfer services

Sumitomo Mitsui Banking Corporation (SMBC) 99 QueenVictoria Street London EC4V 4EH Tel: 020 7786 1000 Fax: 020 7236 0049 Website: www.smbcgroup.com Corporate banking

Tesco Bank Interpoint Building, 22 Haymarket Yards Edinburgh EH12 5BH Tel: +44 (0) 131 479 1000 Email: TBPressOffice@tescobank.com Website: corporate.tescobank.com Trading name of Tesco Personal Finance plc, the bank offers current accounts, credit cards and insurance

Secure Trust Bank Rathbone Investment Management Limited 1 Curzon Street, Mayfair, London W1J 5FB Tel: 020 7399 0000 Email: christopher.a.dean@rathbones.com Website: www.rathbones.com Providers of investment management services for private clients, charities and professional advisers

One Arleston Way, Shirley, Solihull West Midlands B90 4LH Tel: 08451 117 117 Website: www.securetrustbank.com Savings, pensions and loans products for private individuals and commercial clients

Shawbrook Bank Limited RBC Europe Limited Riverbank House, 2 Swan Lane, London EC4R 3BF Tel: (44 20) 7653 4000 Fax: (44 20) 7029 7900 Website: www.rbc.com Commercial banking, wealth management services, insurance, investor services

Lutea House, The Drive, Warley Hill Business Park Great Warley, Brentwood, Essex CM13 3BE Tel: 0845 266 6611 Website: www.shawbrook.co.uk Savings and lending bank

Trade Finance Partners 30 Cannon Street, London EC4M 6XH Tel: +44(0)20 7634 9851 Fax: +44(0)20 7628 8555 Email: enquiries@tradefinpartners.com Website: www.tradefinpartners.com Contact Person: William Tebbit Position: Commercial Director Trade Finance Partners is an independent trade finance house. We buy and sell goods on behalf of our clients utilising our own finance. We do not lend money we trade on our clients’ behalf

Silicon Valley Bank UK The Royal Bank of Scotland Group Plc Group Secretariat, Business House G Gogarburn Edinburgh EH12 1HQ Tel: +44 131 626 0000 Website: www.rbs.com Banking and insurance holding company with a wide variety of banking brands

41 Lothbury, London EC2R 7HF Tel: 44 (0) 207 367 7800 Fax: 44 (0) 207 600 9556 Email: ukclientservice@svb.com Website: www.svb.com Trade finance and commercial banking

Smith & Williamson Rothschild (London) New Court, St Swithins Lane, London EC4N 8AL Tel: +44 20 7280 5000 Fax: +44 20 7929 1643 Website: www.rothschild.com Merchant bank part of the Rothschild Group

25 Moorgate, London EC2R 6AY Tel: 020 7131 4000 Fax: 020 7131 4001 Website: www.smith.williamson.co.uk Investment management and private banking house

SGPB Hambros Sainsbury’s Bank Plc 33 Holborn, London EC1N 2HT Tel: +44131 549 8040 Website: www.sainsburysbank.co.uk Loans, credit cards, savings and insurance

Norfolk House, 31 St James’s Square London SW1Y 4JR Tel: +44 (0) 207 597 3000 Website: www.privatebanking.societegenerale.co.uk Wealth management, wealth planning and private banking

Sarasin Investment Management 100 St Paul’s Churchyard, London EC4M 8BU

Henry Duncan House 120 George Street Edinburgh EH2 4LH Tel: +44 (0) 2032 841 575 Website: www.tsb.co.uk Personal and business banking

Tungsten Bank plc 6 Pountney Hill House Laurence Pountney Hill London EC4R 0BL Tel: +44 (0)20 7280 7700 Email: info@tungsten-network.com Website: www.tungsten-bank.com Wholly owned subsidiary of Tungsten Corporation plc, a company listed on the Alternative Investment Market in the UK

Turkish Bank (UK) Limited

Santander UK Plc 2 Triton Square, Regent’s Place, London, NW1 3AN Website: www.santander.co.uk Personal, business, corporate and commercial banking

TSB

Standard Chartered Bank 1 Basinghall Ave, London EC2V 5DD Tel: +44 (0)20 7885 8888 Fax: +44 (0)20 7885 9999 Website: www.standardchartered.com International banking group

84 - 86 Borough High Street London SE1 1LN Tel: 020 74035656 Fax: 020 74077406 Website: www.turkishbank.co.uk Personal, business and internet banking

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United Kingdom listings UBS Limited 100 Liverpool St, London, EC2M 2RH Tel: +44-207 567 8000 Fax: +44-207 568 4800 Website: www.ubs.com Wealth management, investment banking and global asset management

Fax: 020 3214 8417 Email: customerservices@uswitch.com Website: www.uswitch.com Price comparance services on gas & electricity, heating cover, home phone, communications, insurance and personal finance products

Yorkshire Bank PLC Virgin Money

UBS Global Asset Management (UK) Ltd 21 Lombard Street London EC3V 9AH Tel: 020 7901 5000 Website: www.ubs.com Asset management services

Union Bank UK Plc 14-18 Copthall Ave, London EC2R 7BN Tel: 020 7920 6100 Website: www.unionbankuk.com Wholly owned subsidiary of the Union Bank of Nigeria

United Bank UK (UBL) 2 Brook Street, London W1S 1BQ Tel: 020 7290 8000 Website: www.ubluk.com Business banking services, retail banking products, wholesale banking, treasury and money transmission services

United National Bank Limited 2 Brook Street, London W1S 1BQ Tel: 0207 290 8000 Fax: 0207 629 3054 Website: www.ubluk.com Personal banking, savings and insurance

Head Office, Jubilee House Gosforth Newcastle upon Tyne NE3 4PL Tel: 01603 215950 Website: uk.virginmoney.com Financial products, credit cards, mortgages, investments and current accounts; part of the Virgin Group

VTB Capital Plc 14 Cornhill London EC3V 3ND Tel: 020 3334 8000 Fax: 020 3334 8900 Website: www.vtbcapital.com Complete range of financial services including retail, corporate and investment banking; broking and other stock market services

Weatherbys Bank Limited Sanders Road, Wellingborough Northants NN8 4BX Tel: +44 1933 304777 Fax: + 44 1933 304888 Email: privatebanking@weatherbys.co.uk Website: www.weatherbysbank.com Family owned private bank; banking and accounting services for the horseracing and bloodstock industries

United Overseas Bank 19 Great Winchester Street, London EC2N 2BH Tel: 020 7628 3504 Website: www.uobgroup.com Personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, insurance and stockbroking services

Wells Fargo London Branch One Plantation Place 30 Fenchurch Street London EC3M 3BD Tel: 44 20 7149 8100 Fax: 44 20 7149 8393 Website: www.wellsfargo.com Asset management, insurance and commercial financing

United Trust Bank 80 Haymarket London SW1Y 4TE Tel: 020 7190 5555 Fax: 020 7190 5550 Email: info@utbank.co.uk Website: www.utbank.co.uk Wide range of secured funding facilities and deposit accounts for individuals, businesses and charities

Wesleyan Bank Limited

Unity Trust Bank plc

West Bromwich Building Society

Nine Brindleyplace Birmingham B1 2HB Tel: 03451401000 Fax: 03451130003 Email: us@unity.co.uk Website: www.unity.co.uk Current accounts, loans and insurance; specialist bank for civil society and social enterprise

374 High Street West Bromwich Midlands B70 8LR Tel: 0845 330 0611 Fax: 0121 500 5961 Email: enquiries@westbromwebsave.co.uk Website: www.westbrom.co.uk Retail banking, savings, mortgages, investments

uSwitch Limited

Westpac

Notcutt House 36 Southwark Bridge Road London SE1 9EU Tel: 0333 321 6808

London Branch, Ground Floor 23 Camomile Street London EC3A 7LL Tel: +44 (0)20 7621 7222

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Fax: +44 (0)20 7621 7433 Email: londonbranch@westpac.com.au Website: www.westpac.com.au Branch of the Australian Westpac Group offering business, personal and corporate banking

Wesleyan Assurance Society Colmore Circus Birmingham B4 6AR Tel: 0800 092 1990 Website: www.wesleyan.co.uk Personal loans, internet banking, commercial loans

Arab British European Banking & Finance Guide

35 Regent St London SW1Y 4ND Tel: 0844 736 8368 Website: www.ybonline.co.uk Private and business banking, internet banking, current accounts, credit cards mortgages, financial planning and travel insurance

Arab & Islamic Banks in the UK listings ABC International Bank Plc London Branch Arab Banking Corporate House 1-5 Moorgate London EC2R 6AB Tel: 020 7776 4000 Fax: 020 7606 9987 Website: www.arabbanking.com Banking, correspondent banking, private banking, treasury services, trade and commodity finance, corporate finance, project and specialised finance, syndications, Islamic asset management

Website: www.attijariwafabank.com London branch of Moroccan bank and listed on Casablanca Stock Exchange

Bahrain Middle East Bank (BMB) 40 Queen St London EC4R 1DD Tel: 020 7236 0413 Website: www.bmb.com.bh Boutique investment bank

Bank of Beirut (UK) Ltd

Capital Trust Ltd (CapReal) 49 Mount Street London W1K 2SD Tel: 020 7491 4230 Fax: 020 7499 0524 Email: alex@capitaltrustltd.com Website: www.capitaltrustltd.com Advisory and investment banking services for investments in the US, Europe, the Middle East and North Africa

Dubai International Financial Centre Authority (DIFC)

1 Knightsbridge London SW1X 7LX Tel: +44 (0)20 72596655 Website: www.adia.ae Investment authority

17a Curzon Street London W1J 5HS Tel: + 44 (0) 207 493 8342 Fax: + 44 (0) 207 408 0053 Website: www.bankofbeirut.co.uk London branch of Lebanse bank offering a broad range of banking, treasury and foreign exchange services

Ahli United Bank (UK) Plc

Bank of London and the Middle East (BLME)

35 Portman Square London W1H 6LR Tel: 020 7487 6500 Fax: 020 7487 6808 Email: info.aubuk@ahliunited.com Website: www.ahliunited.com Financial advice and assistance for institutions in Kuwait, the United Kingdom and global financial markets

Head Office Sherborne House, 119 Cannon Street London EC4N 5AT Tel: 020 7618 0000 Fax: 020 7618 0001 Email: info@blme.com Website: www.blme.com Wealth management, corporate banking and Islamic capital markets

Arab African International Bank (AAIB)

BLME

Europe Arab Bank Plc

19 Berkeley Street London W1J 8DZ Tel: 020 7495 4881 Website: www.aaib.com Corporate, personal banking, wealth management, investment banking

Wealth Management Office 12 Manchester Square London W1U 3PP Tel: + 44 (0) 20 7487 7200 Fax: +44 (0) 20 7487 7201 Email: info@blme.com Website: www.blme.com Wealth management branch of BLME

Head Office 13-15 Moorgate London EC2R 6AD Tel +44 (0)20 7315 8500 Fax +44 (0)20 7600 7620 Website: www.eabplc.com Personal and private banking, investment management, corporate services for commerce and trade, investment banking and asset management; part of the Arab Bank Group

Abu Dhabi Investment Authority (ADIA)

Arab Bankers’ Association 43 Upper Grosvenor Street London W1K 2NJ Tel: 020 7659 4889 Fax: 020 7659 4868 Website: www.arab-bankers.co.uk Professional organisation whose members work in banks and related industries in the Arab world and in the UK

Arab Investments Ltd 11 Berkeley Street, 2nd Floor London W1J 8DS Tel: 020 207 408 0808 Fax: 020 207 408 0909 Email: post@arabinvestments.com Investment in property and real estate

Arab National Bank London Branch 35 Curzon Street London W1J 7TT Tel: +44 207 297 4601 Fax: +44 207 297 4900 Email: enquiries@anblondon.com Website: www.anb.com.sa Personal banking, trade finance and corporate banking services; branch of Saudi Arabian bank

Attijariwafa Bank 95 Praed St London W2 1NT Tel: +44 207 706 8323

BMCE Bank International Plc 26 Upper Brook Street Mayfair London W1K 7QE Tel: +44 (0) 207 429 5500 Fax: +44 (0) 207 248 8595 Email: info@bmce-intl.co.uk Website: www.bmce-intl.co.uk Subsidiary of Banque Marocainede Commerce Exterieure (BMCE) offering treasury, capital markets and corporate banking services

Representative Office for Europe and North America 2nd & 3rd Floor 11-12 St James’s Square London SW1Y 4LB Tel: +44 2070 242150 Mobile: +44 7787 654590 www.difc.ae/contacts-0 Office for Dubai’s onshore finance and business hub

Emirates NBD 3rd Floor, 2 Basil Street Knightsbridge London SW3 1AA Tel: +44 (0) 20 7838 2222 Fax: +44 (0) 20 7581 0575 Website: www.emiratesnbd.co.uk Private and corporate banking, treasury services

Europe Arab Bank Plc Private Banking Branch 35 Park Lane, Mayfair London W1K 1RB Tel: 020 7355 8230 Fax: 020 7499 4193 Email: privatebanking@eabplc.com Website: www.eabplc.com Private banking branch of Europe Arab Bank plc

British Arab Commercial Bank (BACB)

European Islamic Investment Bank (EIIB)

8-10 Mansion House Place London EC4N 8BJ Tel: +44 20 7648 7777 Fax: +44 20 7600 3318 Email: enquiries@bacb.co.uk Website: www.bacb.co.uk Leading provider of tailored finance facilities for Arab markets

European Office Milton Gate 60 Chiswell Street London EC1Y 4SA Tel: 020 7847 9900 Fax: 020 7847 9901 Website: www.eiib.co.uk Provision of Sharia compliant investment banking products and services

Byblos Bank Europe SA Berkeley Square House, Berkeley Square London W1J 6BS Tel: +44 20 7518 8100 Fax: +44 20 7518 8129 Email: byblos.london@byblosbankeur.com Website: www.byblosbank.com Branch of Lebanese bank focused on domestic and overseas markets

Gulf International Bank (UK) Ltd (GIB) 1 Knightsbridge London SW1X 7XS Tel: + 44 207 259 3456 Fax: + 44 207 259 6060 Website: www.gib.com Corporate advisory, asset management, project finance and GCC capital markets

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Arab & Islamic Banks in the UK listings Institute of Islamic Banking and Insurance (IIBI) 7 Hampstead Gate 1A Frognal London NW3 6AL Tel: + 44 20 7433 0840 Fax: + 44 20 7433 0849 Email: iibi@islamic-banking.com Website: www.islamic-banking.com Education and research into Islamic finance

Investcorp International Ltd Investcorp House 48 Grosvenor Street London W1K 3HW Tel: 020 7629 6600 Fax: 020 7499 0371 Website: www.investcorp.com Alternative investment products for high-net-worth private and institutional clients; listed on the Bahrain Bourse

Islamic Bank of Britain (IBB) Customer Service Centre PO Box 12461 Birmingham B16 6AQ Tel: 0845 591 1891 Website: www.islamic-bank.com Islamic retail bank

Jordan International Bank Plc (JIB) Moreau House 112-120 Brompton Road Knightsbridge London SW3 1JJ Tel: 020 3144 0200 Fax: 020 3144 0259 Email: info@jordanbank.co.uk Website: www.jordanbank.co.uk Private banking, structured property finance, trade finance and treasury services

Mashreqbank Psc London Branch 1st Floor 2 London Wall Buildings London EC2M 5PP Tel: +44 207 3824000 Fax: +44 207 2569717 Email: RDollery@Mashreqbank.com Website: www.mashreqbank.com Personal, corporate and business banking

National Bank of Egypt (UK) Ltd 11 Waterloo Place London SW1Y 4AU Tel: 020 7389 1200 Fax: 020 7930 8882 Email: enquiries@nbeuk.com Website: www.nbeuk.com Trade finance; bank has close connections to the Egyptian market National Bank of Kuwait (International) Plc Head Office 13 George Street London W1U 3QJ Tel: +44 (0)20 7224 2277 Fax: +44 (0)20 7224 2101 Email: info@nbki.com Website: www.nbk.com

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Counter services, private banking, wholesale banking activities for exporters and contracting companies in Kuwait and the Middle East

National Commercial Bank of Saudi Arabia (NCB) (Representative Office) 4th Floor,Wellington House 125 Strand London WC2R 0AP Tel: 020 7420 4128 Fax: 020 7420 4115 Website: www.alahli.com Personal, investment, business and internet banking

QIB (UK) Plc 4th Floor Berkeley Square House Berkeley Square London W1J 6BX Tel: 020 7268 7200 Email: info@qib-uk.com Website: www.qib-uk.com Offer a range of Shariâ&#x20AC;&#x2122;a compliant investment products and services

Qatar National Bank 51 Grosvenor Street London W1K 3HH Tel: 020 7647 2600 Fax: 020 7647 2611 Email: QNBLondon@qnb.com.qa Website: www.qnb.com.qa Branch of Qatari bank

Riyad Bank, London Branch 17B Curzon Street London W1J 5HX Tel: 020 7830 4042 Fax: 020 7529 2733 Email: londonbranch@riyadbank.uk.com Website: www.riyadbank.com Corporate and private banking facilities,commercial loans and advances in major currencies, trade finance, letters of credit, bid and performance bonds, collections, pre and post-shipment finance

SAMBA Financial Group Nightingale House 65 Curzon Street London W1J 8PF Tel: 020 7659 8200 Fax: 020 7355 4416 Website: www.samba.com Banking, investment management, treasury and market

The Saudi British Bank 18c Curzon Street London W1J 7SX Tel: 020 7409 2567

Takafol (UK) Ltd 546 Hob Moor Road Birmingham B25 8TN Tel: 0121 784 3040 Fax: 0121 784 3080 Email: info@takafol.net Website: www.takafol.net Independent financial advisors specialising in Islamic savings, investment and takaful services

Arab British European Banking & Finance Guide

European Banks listings AUSTRIA Bank Austria Schottengasse 6-8 A-1010 Vienna Tel: (+43) (0)50505-0 Fax: (+43) (0)50505-56155 Email: info@unicreditgroup.at Website: www.bankaustria.at Commercial, investment, private banking, asset management

Erste Group Graben 21 A-1010 Vienna Tel: (+43) (0)50100-10100 Fax: (+43) (0)501009-10100 Website: www.erstebank.at Retail and commercial banking, investment and private banking, asset management

Oesterreichische Nationalbank OeNB Head Office Otto-Wagner-Platz 3 1090 Vienna PO Box 61 1011 Vienna Tel: (+43-1) 404 20-0 Fax: (+43-1) 404 20-042399 Website: www.oenb.at Central bank

Raiffeisenlandesbank Oberosterreich Aktiengesellschaft Europaplatz 1a A-4020 Linz Tel: (+43) (0)7326596–0 Fax: (+43) (0)7326596–23155 Email: internet@rlbooe.at Website: www.rlbooe.at Private and corporate banking

Raiffeisenlandesbank Niederosterreich-Wien AG Friedrich Wilhelm Raiffeisen Platz 1 1020 Vienna Tel: (+43) (0)5170060100 Fax: (+43) (0)5170060135 Email: info@raiffeisenbank.at Website: www.raiffeisen.at Private banking

RBI Am Stadtpark 9 1030 Vienna Tel: (+43) (0)171707-0 Fax: (+43) (0)171707-1715 Email: customer@rbinternational.com Website: www.rbinternational.com Investment banking, private and corporate banking

BELGIUM

1000 Brussel Tel: (+32) (0)2 222 11 11 Email: contact.be@belfius.be Website: www.belfius.be Retail, private, business and corporate banking; insurance

1504 Sofia Тel: (+359) (0)291 985 101 Fax: (+359) (0)2943 45 28 Email: call.center@raiffeisen.bg Website: www.rbb.bg Retail, SME services, corporate banking

BNP Paribas Fortis

UniCredit Bullbank

Montagne du Parc 3 1000 Brussel Tel: (+32) (0)2 565 11 11 Fax: (+32) (0)2 565 42 22 Website: www.bnpparibasfortis.be Retail and private banking

7 Sveta Nedelya Square 1000 Sofia Tel: (+359) (0)7001 84 84 Fax: (+359) (0)2988 4636 Email: callcentre@unicreditgroup.bg Website: www.unicreditbulbank.bg Retail, private banking, corporate banking

KBC Bank Avenue du Port 2 B-1080 Brussel Tel: (+32) (0)1 643 25 07 Fax: (+32) (0)3 283 39 50 Email: o4b@kbc.be Website: www.kbc.be Retail, corporate banking, insurance and re-insurance products

ING Avenue Marnix 24 B-1000 Brussel Tel: (+32) (0)2 547 21 11 Fax: (+32) (0)2 547 38 44 Email: info@ing.be Website: www.ing.be Retail, lending, savings, investments, insurance

National Bank of Belgium Boulevard de Berlaimont 14 1000 Brussels Belgium Tel: +32 2 221 21 11 Email: info@nbb.be Website: www.nbb.be Central Bank

5 Sveta Sofia St 1040 Sofia Тel: (+359) (0)2811+Ext Fax: (+359) (0)29880822 Email: info@ubb.bg Website: www.ubb.bg Personal banking, business banking, investment banking

CROATIA Croatian National Bank Trg Hrvatskih Velikana 3 10002 Zagreb Tel: (+385) (0)1 45 64 555 Fax: (+385) (0)1 45 50 726 Email: info@hnb.hr Website: www.hnb.hr The country’s central bank

Croatian Postal Bank Hrvatska Postanska Banka d.d. Jurisiceva 4 HR-10000 Zagreb Tel: (+385) (0)1 4890 365 Email: hpb@hpb.hr Website: www.hpb.hr Retail and corporate banking

BULGARIA DSK Bank 19, Moskovska Str./5, G. Benkovski Str 1036 Sofia Тel: (+359) (0)700 10 375 Fax: (+359) (0)2980 64 77 Email: call_center@dskbank.bg Website: www.dskbank.bg Retail, private and corporate banking

Primoska Banka

Bulgarian National Bank

Societe Generale – Splitska Banka

1, Knyaz Alexander І Sq 1000 Sofia, Bulgaria Tel: +3592 91459 Email: press_office@bnbank.org Website: www.bnb.bg Central bank

Ilica 15/I 10000 Zagreb Tel: (+385) (0)1 555 6981 Fax: (+385) (0)1 638 2624 Website: www.primorska.hr Retail, private banking, corporate banking

Rudera Boskovica 16 21000 Split Tel: (+385) (0)21 304 304 Fax: (+385) (0)21 304 034 Email: info@splitskabanka.hr Website: www.splitskabanka.hr Commercial banking

Postbank

Belgielei 49-53 2018 Antwerpen Tel: (+32) (0)3 285 51 11 Email: info@argenta.be Website: www.argenta.be Retail, investment banking, insurance products

260 Okolovrasten pat Bvld 1766 Sofia Тel: (+359) (0)28166 000 Fax: (+359) (0)988 81 10 Website: www.postbank.bg Retail, corporate banking, investment banking, asset management, loans

Belfius Bank and Insurance

Raiffeisenbank Bulgaria

Boulevard Pacheco 44

18–20 Gogol Str

Argenta

United Bulgarian Bank

Zagrebacka Banka Trg bana Josipa Jelacica 10 10000 Zagreb Tel: (+385) (0)1 3773 333 Fax: (+385) (0)1 3789 764 Email: zaba@unicreditgroup.zaba.hr Website: www.zaba.hr Investment banking, corporate banking, asset management

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European Banks listings CYPRUS Bank of Cyprus PO Box 21472 1599 Nicosia Tel: (+357) (0)22 848000 Email: info@bankofcyprus.com Website: www.bankofcyprus.com Retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, insurance

Central Bank of Cyprus PO Box 25529, 1395 Nicosia Tel: (+357) (0)22 714100 Fax: (+357) (0)22 714959 Website: www.centralbank.gov.cy Central bank

Komercni Banka (KB) Na Príkope 33 114 07 Praha 1 Tel: (+420) (0)955 559 550 Email: mojebanka@kb.cz Website: www.kb.cz Retail, credit, mortgage, financing, insurance

Zeletavska 1525/1, 140 92 Praha 4 Tel: (+420) (0)955 911 111 Email: info@unicreditgroup.cz Website: www.unicreditbank.cz Corporate, retail and private banking, asset management, securities trading

DENMARK

Eesti Krediidipank

PO Box 21415,, 1508 Nicosia Tel: (+357) (0)22 846500 Fax: (+357) (0)22 846600 Website: www.cdb.com.cy Consumer, corporate, investment banking, mortgage loans, private banking, wealth management

Holmens Kanal 2-12 1092 Copenhagen K. Tlf Tel: (+45) (0)70 123 456 Fax: (+45) (0)70 121 080 Email: danskebank@danskebank.dk Website: www.danskebank.dk Banking, insurance, investment management

Eurobank Cyprus

Danmarks Nationalbank

41 Arch Makarios Avenue 1065 Nicosia Tel: (+357) (0)22 208000 Fax: (+357) (0)22 875456 Email: info@eurobank.com.cy Website: www.eurobank.com.cy Retail, private and corporate banking

Havnegade 5, DK-1093 Copenhagen K Tel.: +45 33 63 63 63 Fax: +45 33 63 71 03 Email: nationalbanken@nationalbanken.dk Website: www.nationalbanken.dk Central Bank

Jyske Bank Hellenic Bank PO Box 24747 1394 Nicosia Tel: (+357) (0)22 500500 Fax: (+357) (0)22 500050 Email: serviceline@hellenicbank.com Website: www.hellenicbank.com Consumer banking, corporate banking, investment banking

CZECH REPUBLIC Ceskoslovenska Obchodni Banka Radlicka 333/150 150 57 Praha Tel: (+420) (0)224 111 111 Email: info@csob.cz Website: www.csob.cz Banking, insurance, asset management, pension funds, leasing and factoring

Czech National Bank Na Prikope 28 115 03 Praha 1 Tel: (+420) (0)224 411 111 Fax: (+420) (0)224 412 404 Website: www.cnb.cz The country’s central bank

GE Money Bank BB Centrum Vyskocilova 1422/1a 140 28 Praha 4 – Michle Tel: (+420) (0)224 441 111 Fax: (+420) (0)224 448 199 Website: www.gemoney.cz Retail, business banking, SME services

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Bank of Estonia (Easta Pank) Estonia pst 13 15095 Tallinn Estonia Tel: +372 66 80 719 Fax: +372 66 80 836 Email: info@eestipank.ee Website: www.eestipank.ee Central bank

UniCredit

Danske Bank Cyprus Development Bank

Tel: (+372) (0)731 1333 Email: info@bigbank.ee Website: www.bigbank.ee Term deposits and consumer loans

Vestergade 8-16, 8600 Silkeborg Tel: (+45) (0)89 89 89 89 Fax: (+45) (0)89 89 19 89 Email: jyskebank@jyskebank.dk Website: www.jyskebank.com Retail, private and business banking, factoring

4 Narva Road 15014 Tallinn Tel: (+372) (0)669 0900 Fax: (+372) (0)661 6037 Email: info@krediidipank.ee Website: www.krediidipank.ee Private and business banking

Swedbank Liivalaia 8 15040 Tallinn Tel: (+372) (0)631 0310 Fax: (+372) (0)631 0410 Email: info@swedbank.ee Website: www.swedbank.ee Private and business banking

SEB Pank Tornimae 2 15010 Tallinn Tel: (+372) (0)665 5100 Fax: (+372) (0)665 5103 Email: info@seb.ee Website: www.seb.ee Retail banking, merchant banking, wealth management, life insurance, pensions

Nykredit Kalvebod Brygge 1-3 1780 Copenhagen V‎ Tel: (+45) (0)44 55 10 00 Website: www.nykredit.dk Banking, mortgages, pensions

Nordea Bank Denmark Christiansbro, Strandgade 3 PO Box 850 0900 Copenhagen C Tel: (+45) (0)33 33 33 33 Fax: (+45) (0)33 33 63 63 Website: www.nordea.com Corporate and retail banking, asset management

Sydbank PO Box 1038, Peberlyk 4 6200 Aabenraa Tel: (+45) (0)74 37 37 37 Fax: (+45) (0)74 37 35 49 Email: info@sydbank.dk Website: www.sydbank.com Retail, commercial and private banking

ESTONIA BIGBANK Ruutli 23 51006 Tartu

Arab British European Banking & Finance Guide

Tallinna Aripank Vana-Viru 7 15097 Tallinn Tel: (+372) (0)668 8000 Fax: (+372) (0)668 8001 Email: info@tbb.ee Website: www.tbb.ee Commercial banking, private and business banking

FINLAND Aktia Bank Mannerheimintie 14 00100 Helsinki Tel: (+358) (0)10 247 5000 Fax: (+358) (0)10 247 6356 Email: aktia@aktia.fi Website: www.aktia.fi Private banking, deposit banking

Bank of Finland - Central Bank Suomen Pankki Snellmaninaukio PO Box 160 00101 Helsinki, Finland Tel: +358 10 8311 Fax: +358 9 174872 Email: info@bof.fi Website: www.suomenpankki.fi/

European Banks listings Danske Bank Hiililaiturinkuja 2 00075 Helsinki Tel: (+358) (0)10 546 0000 Fax: (+358) (0)10 546 2454 Website: www.danskebank.fi Banking, insurance, investment management

Helsinki OP Bank PO Box 308 00101 Helsinki Tel: (+358) (0)10 252 011 Website: www.op.fi Corporate and retail banking, asset management

Kaupthing Bank Pohjoisesplanadi 37A 00100 Helsinki Tel: (+358) (0)9 4784 000 Fax: (+358) (0)9 474 0111 Email: info.fi@kaupthing.com Website: www.kaupthing.fi Corporate and retail banking, investment banking, capital markets services, treasury services, asset management

Nordea Bank Finland Aleksanterinkatu 36 B Helsinki 00020 Nordea Tel: (+358) (0)9 1651 Fax: (+358) (0)9 165 54500 Website: www.nordea.com Corporate and retail banking, asset management

FRANCE Banque de France 1, Rue de la Vrilliere 75001, Paris Tel: (+33) (0)1 42 92 42 92 Fax: (+33) (0)1 42 92 49 31 Email: infos@banque-france.fr Website: www.banque-france.fr The central bank

Retail, private, investment and corporate banking; insurance; investment management

Retail, investment and corporate banking, asset management

GERMANY

Attica Bank

Deutsche Bank Deutsche Bank AG Taunusanlage 12 60325 Frankfurt am Main Tel: +49 0 69 910 00 Fax: +49 0 69 910 34225 Website: www.db.com Consumer banking, corporate banking, finance and insurance, investment banking

Postfach 10 06 02 60006 Frankfurt am Main Tel: +49 69 9566-3181 Fax: +49 69 9566-503181 Website: www.bundesbank.de Central bank

Eurobank Ergasias

Commerzbank Commerzbank AG 60261 Frankfurt am Main Tel: (+49) (0)69 136 20 Fax: (+49) (0)69 285 389 Website: www.commerzbank.com Retail, commercial and commercial real estate banking

KfW PalmengartenstraBe 5-9 60325 Frankfurt am Main Tel: (+49) (0)69 743 10 Fax: (+49) (0)69 743 12944 Email: info@kfw.de Website: www.kfw.de Housing finance, SME finance, export and import finance, foreign investment finance

DZ Bank

16, Boulevard des Italiens 75009, Paris Tel: (+33) (0)1 42 98 12 34 Website: www.bnpparibas.fr Consumer and corporate banking; asset management, investment banking

Credit Agricole SA

Landesbank Baden-Wurtte

12, Place des Etats-Unis 92545, Montrouge Tel: (+33) (0)1 43 23 52 02 Website: www.credit-agricole.com Banking, asset management

La Banque Postale 115, Rue de Sevres 75275, Paris Tel: (+33) (0)1 45 45 36 39 Website: www.labanquepostale.fr Banking, asset management, insurance services

Postfach 10 60 49 D-70049 Stuttgart Am Hauptbahnhof 2 D-70173 Stuttgart Tel: (+49) (0)71 112 70 Fax: (+49) (0)71 112 743544 Email: kontakt@LBBW.de Website: www.lbbw.de Investment banking, commercial banking, retail banking, private banking, asset management

GREECE

Societe Generale

Alpha Bank

29, Boulevard Haussmann 75009, Paris Tel: (+33) (0)1 76 77 39 33 Website: www.societegenerale.com

40 Stadiou Street, 102 52 Athens Tel: (+30) (0)210 3260 000 Fax: (+30) (0)210 3265 438 Website: www.alpha.gr

Bank of Greece 21 E Venizelos Avenue GR 102 50 Athens Tel: +30 210 320 1111 Fax: +30 210 323 2239 Website: www.bankofgreece.gr Central bank

Deutsche Bundesbank

Deutsche Zentral-Genossenschaftsbank Frankfurt am Main Platz der Republik 60265 Frankfurt am Main Tel: (+49) (0)69 7447 01 Fax: (+49) (0)69 7447 1685 Email: mail@dzbank.de Website: www.dzbank.com Transportation finance, commercial real estate finance, consumer finance, asset management

BNP Paribas

23 Omirou Street 106 72 Athens Tel: (+30) (0)210 3669 040 Fax: (+30) (0)210 3669 418 Email: info@atticabank.gr Website: www.atticabank.gr Consumer banking, insurance products, business banking

20 Amalias Avenue 10557 Athens Tel: (+30) (0)210 9555 000 Email: info@eurobank.gr Website: www.eurobank.gr Retail, private and corporate banking

National Bank of Greece Eolou 86 10232 Athens Tel: (+30) (0)210 4848 484 Email: contact.center@nbg.gr Website: www.nbg.gr Consumer, investment, private banking, asset management

Piraeus Bank 4 Amerikis Street 10 564 Athens Tel: (+30) (0)210 3335 000 Fax: (+30) (0)210 3335 080 Website: www.piraeusbankgroup.com Retail, private, investment and commercial banking, asset management

HUNGARY Budapest Bank 1138 Budapest Vaci ut 188 Tel: (+36) (0)1 450 6000 Fax: (+36) (0)1 450 6001 Email: info@budapestbank.hu Website: www.budapestbank.hu Retail, SME services, private banking

Magyar Nemzeti Bank 1054 SzabadsĂĄg tĂŠr 8/9 1850 Budapest Tel: +36 1 428-2600 Fax: +36 1 429-8000 Email: info@mnb.hu Website: www.mnb.hu Central bank

Erste Bank 1138 Budapest, Nepfurdo u. 24-26 Tel: (+36) (0)1 298 0222 Website: www.erstebank.hu Retail banking, investment and private banking, asset management

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European Banks listings K&H Bank 1051 Budapest Vigadó tér 1 Tel: (+36) (0)6 1468 7731 Email: kh@kh.hu Website: www.kh.hu Retail and corporate banking

MKB Bank 1056 Budapest, Vaci u.38 Tel: (+36) (0)1 298 0222 Fax: (+36) (0)1 327 8700 Email: mkb@mkb.hu Website: www.mkb.hu Commercial banking, SME services, corporate banking

OTP Bank 1051 Budapest Nador utca 16 Tel: (+36) (0)1 473 5000 Website: www.otpbank.hu Corporate banking, private banking

IRELAND Allied Irish Banks (AIB) AIB Group Headquarters, Bankcentre, Ballsbridge Dublin 4 Tel: (+353) (0)1660 0311 Website: www.aibgroup.com Personal and corporate banking services, insurance products

Bank of Ireland 40 Mespil Rd , Dublin 4 Tel: (+353) (0)1661 5933 Fax: (+353) (0)1661 5671 Website: www.bankofireland.com Personal, premier, business and corporate banking

Central Bank of Ireland PO Box 559, Dame Street Dublin 2 Tel: +353 1 224 6000 Fax: +353 1 671 6561 Email: enquiries@centralbank.ie Website: www.centralbank.ie

Danske Bank 1 Airton Close, Dublin 24 Tel: +353 0 1484 3752 Website: www.danskebank.ie Banking, insurance, investment management

KBC Bank Ireland Sandwith Street Dublin 2 Tel: +353 0 1664 6000 Fax: +353 0 1664 6099 Website: www.kbc.ie Personal and corporate banking

Ulster Bank George Quay, Dublin 2 Tel: +353 0 1608 4000 Website: www.ulsterbank.ie Personal banking, business banking

Fax: (+371) 67022420 Email: info@bank.lv Website: www.bank.lv Central bank

Bank of Italy (Banca d’Italia)

Norvik Banka

Via Nazionale, 91 00184 Roma Tel: +39 06 47921 Email: email@bancaditalia.it Website: www.bancaditalia.it Central bank

E. Birznieka-Upisha Street 21 Riga Tel: (+371) (0)6704 1100 Fax: (+371) (0)6704 1111 Email: welcome@norvik.eu Website: www.norvik.eu Retail and corporate banking

Intesa Sanpaolo Piazza San Carlo, 156 10121 Torino Tel: (+39) (0)11 555 1 Email: info@intesasanpaolo.com Website: www.group.intesasanpaolo.com Retail, investment and private banking, investment management, public finance

Mediobanca Piazzetta E. Cuccia 1 20121 Milano Tel: (+39) (0)288 291 Fax: (+39) (0)288 29 550 Email: affari.societari@mediobanca.com Website: www.mediobanca.it Investment, retail and private banking, investment management

UBI Banca Piazza Vittorio Veneto 8 24122 Bergamo Tel: (+39) (0)35 392 111 Website: www.ubibanca.it Retail banking, insurance, asset management

UniCredit Piazza Gae Aulenti 3 – Tower A 20154 Milano Tel: (+39) (0)288 621 Website: www.unicreditgroup.eu Corporate, retail and private banking, asset management, securities trading

LATVIA ABLV Bank 23 Elizabetes Street Riga, LV-1010 Tel: (+371) (0)6777 5555 Fax: (+371) (0)6777 5200 Email: info@ablv.com Website: www.ablv.com Private, investment banking, advisory services

Baltic International Bank Grecinieku iela 6 Riga, LV-1050 Tel: (+371) (0)6700 0444 Fax: (+371) (0)6700 0555 Email: info@bib.eu Website: www.bib.lv Retail, deposits, investment banking, wealth management

Latvijas Banka (Bank of Latvia)

ITALY Banco Popolare Piazza Nogara, 2 37121 Verona

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Tel: (+39) (0)45 867 5111 Email: desk.internazionali@bancopopolare.it Website: www.bancopopolare.it Retail, investment and private banking

K. Valdemara iela 2A LV-1050 Riga Tel: (+371) 67022300

Arab British European Banking & Finance Guide

SEB Bank SEB Finansu Centrs, Vadlauci Meistaru iela 1 Kekava civil parish Kekavas District, LV-1076 Tel: (+371) (0)6721 8777 Fax: (+371) (0)6721 5335 Email: info@seb.tv Website: www.seb.lv Retail banking, merchant banking, wealth management, life insurance, pensions

Swedbank Balasta dambis 1a Riga, LV-1048 Tel: (+371) (0)67 444 444 Email: info@swedbank.tv Website: www.swedbank.lv Retail banking, mortgage loans, corporate banking

LITHUANIA AB SEB Bankas Gedimino Ave 12 01103 Vilnius Tel: (+370) (0)5 268 2800 Fax: (+370) (0)5 268 2333 Email: info@seb.lt Website: www.seb.lt Commercial banking, leasing, investment management

AB Bankas FINASTA Maironio Str 11 01124 Vilnius Tel: (+370) (0)5 203 2233 Fax: (+370) (0)5 203 2244 Email: info@finasta.com Website: www.finasta.com Private and business banking

AB DNB Bankas J.Basanaviciaus Str 26 03601 Vilnius Tel: (+370) (0)5 239 3444 Fax: (+370) (0)5 213 9056 Email: info@dnb.lt Website: www.dnb.lt Private and corporate banking

AB Citadele Bank K. Kalinausko Str 13 03107 Vilnius Tel: (+370) (0)5 266 4600 Fax: (+370) (0)5 266 4601 Email: info@citadele.lt Website: www.citadele.lt Private and corporate banking, financial and private capital management services

European Banks listings Lietuvos bankas (Bank of Lithuania) Gedimino ave 6, LT-01103 Vilnius Totoriu str 4, LT 01121 Vilnius Tel: +370 5 268 0029, Fax: +370 5 268 0038, Email: info@lb.lt Website: www.lb.lt Central bank

Siaulių bankas Tilzes Str 149, 76348 Siauliai Tel: +370 0 7 005 5055 Fax: +370 0 4 143 0774 Website: www.sb.lt SME services, private and corporate banking

LUXEMBOURG BCEE Luxembourg 1-2, Place de Metz 1930 Luxembourg Tel: (+352) (0)4015-1 Fax: (+352) (0)4015-2099 Email: info@bcee.lu Website: www.bcee.lu Retail, loans and corporate banking

Banque centrale du Luxembourg 2, boulevard Royal L-2983 Luxembourg Tel: +352 4774 – 1 Email: info@bcl.lu Website: www.bcl.lu Central bank

BGL BNP Paribas 50, Avenue JF Kennedy 2951 Luxembourg Tel: (+352) (0)42 42 1 Fax: (+352) (0)42 42 25 79 Website: www.bgl.lu Consumer and corporate banking, mortgage loans

Deutsche Bank Luxembourg 2, Boulevard Konrad Adenauer 1115 Luxembourg Tel: (+352) (0)42 21 22 1 Fax: (+352) (0)42 12 24 49 Website: www.db.com Wealth management, international loans, treasury, corporate services

Societe Europeenne de Banque 19-21, Boulevard du Prince Henri 1724 Luxembourg Tel: (+352) (0)46 14 11 1 Fax: (+352) (0)22 37 55 Email: contact@seb.lu Website: www.seb.lu Corporate banking, wealth management

Unicredit Bank Luxembourg 10, Rue Jean Monnet 2180 Luxembourg Tel: (+352) (0)4272 1 Website: www.unicreditbank.lu Private banking, corporate services

MALTA APS Bank APS Center Tower Street Birkirkara, BRK 4012

Tel: (+356) (0)2122 6644 Email: csc@apsbank.com.mt Website: www.apsbank.com.mt Commercial banking, investment banking, private banking, asset management

Bank of Valletta BOV Centre Cannon Road Santa Venera, SVR 9030 Tel: (+356) (0)2131 2020 Fax: (+356) (0)2275 3730 Website: www.bov.com Retail banking, commercial banking

Central Bank of Malta Pjazza Kastilja Valletta, VLT 1060 Tel: (+356) (0)2550 0000 Fax: (+356) (0)2550 2500 Email: info@centralbankmalta.org Website: www.centralbankmalta.org Malta’s central bank

HSBC Bank Malta HSBC Banking Centre, 80 Mill Street QRM3101 Qormi Tel: (+356) (0)2380 8000 Email: infomalta@hsbc.com Website: www.hsbc.com.mt Consumer banking

Mediterranean Bank 10 Street Barbara Bastion Valletta, VLT 1961 Tel: (+356) (0)2557 4400 Website: www.medbank.com.mt Wealth management, personal and business banking

POLAND Bank Pekao ul. Grzybowska 53/57 Skrytka Pocztowa 1008 00-950 Warsaw Tel: (+48) (0)22 656 0000 Fax: (+48) (0)22 656 00 04/5 Website: www.pekao.com.pl Retail, private and corporate banking; SME services

Narodowy Bank Polski (NBP) 00-919 Warszawa, ul Świętokrzyska 11/21 Tel: +48 22 185 10 00 Fax: +48 22 185 10 10 Email: nbp@nbp.pl Website: www.nbp.pl Central bank

mBank Bankowosc Detaliczna Skrytka Pocztowa 2108 90-959 Lodz 2 Tel: (+48) (0)426 300 800 Email: kontakt@mbank.pl Website: www.mbank.pl Personal, premium, private and business banking; SME and corporate services

PKO Bank Polski ul. Puławska 15 02-515 Warsaw Tel: (+48) (0)81 535 6565 Website: www.pkobp.pl Retail, commercial and private banking

PORTUGAL Banco BPI Rua Tenente Valadim, 284 4100-476, Porto Tel: (+351) (0)21 724 17 00 Email: bpipb.internacional@bpi.pt Website: www.bancobpi.pt Retail and investment banking, insurance, asset management, private equity

Banco de Portugal R. do Comercio, 148 1100-150, Lisboa Email: info@bportugal.pt Website: www.bportugal.pt The central bank of the Portuguese Republic

Banco Espirito Santo Avenida da Liberdade, 195 1250-142 Lisboa Tel: (+351) (0)21 350 1000 Fax: (+351) (0)21 855 7491 Website: www.bes.pt Retail and investment banking, insurance, asset management, venture capital

Caixa Geral de Depositos Av. Joao XXI, 63 1000-300 Lisboa Tel: (+351) (0)21 795 30 00 Fax: (+351) (0)21 790 50 50 Email: cgd@cgd.pt Website: www.cgd.pt Commercial banking, investment banking, private banking

Millenium BCP

Bank Zachodni WBK Pl. Andersa 5 IX p 61-894 Poznan Tel: (+48) (0)61 811 9999 Email: kontakt@bzwbk.pl Website: www.bzwbk.pl Corporate, personal and private banking

ING Bank Slaski ul. Sokolska 34 40-086 Katowice Tel: (+48) (0)32 357 7000 Website: www.ingbank.pl Corporate, personal and private banking

Praca D. Joao I, 28 4000-295, Porto Tel: (+351) (0)222 072 450 Fax: (+351) (0)220 023 687 Website: www.millenniumbcp.pt Retail, business and investment banking, insurance, fund management

ROMANIA BCR Bd. Regina Elisabeta Nr 5, Sector 3 Bucharest 030016 Tel: (+40) (0)21 407 42 00 Email: contact.center@bcr.ro Website: www.bcr.ro Commercial banking, investment banking, private banking

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European Banks listings BRD BRD Tower - 1-7, Ion MIhalache blvd Sector 1 Bucharest 011171 Tel: (+40) (0)21 302 6161 Email: MyBRDContact@brd.ro Website: www.brd.ro Commercial banking, investment banking, private banking, asset management

Banca Nationala a Romaniei 25 Lipscani Street Sector 3, 030031 Bucharest Tel: (+4) 021 313 04 10 Fax: (+4) 021 312 38 31 E-mail: Info@bnro.ro Website: www.bnr.ro Central bank

Banca Transilvania Cluj-Napoca, Cluj, str G Baritiu nr 8, Cluj 400027 Tel: (+40) (0)26 430 8028 Email: contact@btrl.ro Website: www.bancatransilvania.ro Commercial, investment, private banking, asset management

CEC Bank Calea Victoriei nr 11-13, Sector 3 Bucuresti 030022 Tel: (+40) (0)21-311 11 19 Fax: (+40) (0)21-312 54 25 E-mail: office@cec.ro Website: www.cec.ro Commercial, investment, private banking, asset management

Raiffeissen Sky Tower Building 246C Calea Floreasca Sector 1 Bucharest 014476 Tel: (+40) (0)21 306 3002 Fax: (+40) (0)21 230 0700 E-mail: centrala@raiffeisen.ro Website: www.raiffeisen.ro Retail, SME services, treasury, investment banking

SLOVAKIA National Bank of Slovakia Imricha Karvasa 1 813 25 Bratislava Tel: (+421) (0)2 5787 1111 Fax: (+421) (0)2 5787 1100 Email: info@nbs.sk Website: www.nbs.sk Central bank

Postova banka Dvorakovo nabrezie 4 811 02 Bratislava Tel: (+421) (0)850 111 666 Email: info@pabk.sk Website: www.postovabanka.sk Banking, asset management, factoring, leasing

Raiffeisen Zentralbank Hodzovo namestie 3 PO Box 4 850 05 Bratislava 55

262

Tel: (+421) (0)2 5050 5555 Email: info@raiffeisen.ski Website: www.raiffeisen.sk Commercial, investment, private banking, asset management

Sberbank of Russia Vysoka 9 PO BOX 81 810 00 Bratislava Tel: (+421) (0)2 5965 1111 Fax: (+421) (0)2 5965 1112 Email: market@sberbank.sk Website: www.sberbank.sk Consumer, corporate banking, finance and insurance, investment banking

Slovenska sporitelna

SPAIN Banco Bilbao Vizcaya Argentaria (BBVA) Plaza San Nicolas, 4, 48005 Bilbao Tel: (+34) (0)902 22 44 66 Website: www.bbva.es Banking, insurance, asset management

Banco Popular Espanol C/Velazquez, 34 esq Goya 35 28001 Madrid Tel: (+34) (0)915 207 265 Fax: (+34) (0)915 779 209 Email: info@bancopopular.es Website: www.bancopopular.es Retail banking

Banco Sabadell

Tomasikova 48 832 37 Bratislava Tel: (+421) (0)2 5826 81 11 Email: info@slsp.sk Website: www.slsp.sk Banking, insurance, asset management, leasing and factoring

Centro Banco Sabadell Poligono Can Sant Joan Sena, 12 08174 Sant Cugat del Valles Tel: (+34) (0)902 343 999 Website: www.bancsabadell.com Banking, insurance, asset management

SLOVENIA

Banco Santander

Banka Celje Vodnikova 2 3000 Celje Tel: (+386) (0)3 422 10 00 Fax: (+386) (0)3 422 11 00 Email: info@banka-celje.si Website: www.banka-celje.si Retail banking, merchant banking, card services, wealth management

Bank of Slovenia Slovenska 35 1505 Ljubljana Tel: (+386) (0)1 471 90 00 Fax: (+386) (0)1 251 55 16 Website: www. bsi.si The central bank

Hypo Alpe-Adria-Bank Dunajska cesta 117 1000 Ljubljana Tel: (+386) (0)1 580 470 00 Email: hypo-bank@hypo.si Website: www.hypo-alpe-adria.si Commercial, investment banking, leasing, asset management

Nova ljubljanska banka Trg republike 2 1520 Ljubljana Tel: (+386) (0)1 476 39 00 Fax: (+386) (0)1 252 25 00 Email: web@nlb.si Website: www.nlb.si Retail, merchant banking, card services, wealth management, life insurance, investment banking

Avda de Cantabria s/n 28660 Boadilla del Monte, Madrid Tel: (+34) (0)912 890 000 Website: www.bancosantander.es Retail, corporate, investment and private banking

Bank of Spain C/ Alcala, 48 28014 Madrid Tel: (+34) (0)91 338 5000 Website: www.bde.es Central bank

SWEDEN Lansforsakringar Bank Tegeluddsvagen 21 Stockholm 115 97 Tel: (+46) (0)8 58 84 00 00 Email: info@sth.lansforsakringar.se Website: www.lansforsakringar.se Retail banking

Nordea Bank Smalandsgatan 17 Stockholm 105 71 Tel: (+46) (0)8 614 7800 Fax: (+46) (0)8 105 069 Website: www.nordea.com Deposits and offers credit, investment banking, securities trading, and insurance

Skandinaviska Enskilda Banken Kungstradgardsgatan 8 Stockholm 106 40 Tel: (+46) (0)771 62 10 00 Website: www.sebank.se Corporate, institutional and private banking

Sberbank Dunajska cesta 128a 1000 Ljubljana Tel: (+386) (0)80 2265 Email: info@sberbank.si Website: www.sberbank.si Consumer, corporate banking, finance and insurance, investment banking

Arab British European Banking & Finance Guide

Svenska Handelsbanken Kungstradgardsgatan 2 Stockholm 106 70 Tel: (+46) (0)8 701 10 00 Fax: (+46) (0)8 611 50 71 Website: www.handelsbanken.se Commercial banking services

European Banks listings Swedbank Brunkebergstorg 8 Stockholm 105 34 Tel: (+46) (0)8 585 90000 Fax: (+46) (0)8 796 8092 Website: www.swedbank.com Retail banking, asset management

Sveriges Riksbank SE-103 37 Stockholm Brunkebergstorg 11 Tel: +46 8 787 00 00 Fax: +46 8 0821 05 31 Email: registratorn@riksbank.se Website: www.riksbank.se Central bank

SWITZERLAND Banque Cantonale Vaudoise Place St-Franรงois 14 Lausanne 1003 Tel: (+41) (0)21 212 10 00 Fax: (+41) (0)21 212 1222 Website: www.bcv.ch Retail, private, and corporate banking services

Tel: (+31) (0)10 241 1720 Website: www.abnamro.com Asset management, commercial banking, investment banking, private banking, retail banking

De Nederlandsche Bank Postbus 98 1000 AB Amsterdam Westeinde 1 1017 ZN Tel: (+31) (0)20 524 91 11 Fax: (+31) (0)20 524 25 00 Email: info@dnb.nl Website: www.dnb.nl The central bank

ING Group Amsterdamse Poort Bijlmerplein 888 1102 MG Amsterdam Tel: (+31) (0)20 5639111 Website: www.ing.com Retail, commercial banking, insurance, asset management

Credit Suisse Paradeplatz 8 Zurich 8070 Tel: (+41) (0)44 333 1111 Fax: (+41) (0)44 332 5555 Website: www.credit-suisse.com Investment, private banking, and asset management

Proferus Julius Baer Group Bahnhofstrasse 36 Zurich 8010 Tel: (+41) (0)58 888 1111 Fax: (+41) (0)58 888 5517 Website: www.juliusbaer.com Private banking services

Swiss National Bank Bรถrsenstrasse 15, PO Box CH - 8022 Zurich Tel: +41 44 631 31 11 Fax: +41 44 631 39 11 Email: snb@snb.ch Website: www.snb.ch Central bank

UBS Bahnhofstrasse 45 PO Box Zurich 8098 Tel: (+41) (0)44 234 11 11 Website: www.ubs.com/ch Investment, wealth management, private, consumer and corporate banking, private equity, insurance, mortgages

Zurich Cantonal Bank Mythenquai 24 PO Box 8010 Zurich Website: www.zkb.ch Retail, commercial and investment banking

Strawinskylaan 3051, 1077 ZX Amsterdam The Netherlands Tel: +31 20 491 71 31 Fax: +31 20 491 90 90 Email: info@proferus.com Website: www.proferus.com Contact Person: Marc Smith Position: Managing Director Proferus is a consultancy with a strong track record that provides practical solutions to international banks using deep domain knowledge to transform global Trade Finance, Payments or Cash Management operations

Rabobank Group Croeselaan 18 Utrecht Tel: (+31) (0)30 216 0000 Email: rabobankgroepsite@rn.rabobank.nl Website: www.rabobank.com Personal banking, business banking

SNS Bank Hojel City Center, Building A Croeselaan 1, NL 3521 BJ Utrecht Tel: (+31) (0)30 291 52 00 Email: valse-email@sns.nl Website: www.snsreaal.nl Savings and investments, mortgages and property finance, insurance and pensions

THE NETHERLANDS ABN Amro Bank Gustav Mahlerlaan 10 1082 PP Amsterdam

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European Stock Exchanges listings AUSTRIA Wiener Borse AG Wallnerstraße 8 1014 Wien Tel: (+43) (0)1531 65-0 Fax: (+43) (0)1532 97 40 Email: info@wienerborse.at Website: www.wienerborse.at

BELGIUM Euronext Brussels Palais de la Bourse Place de la Bourse 1000 Brussel Tel: (+32) (0)2 509 12 11 Website: www.euronext.com

BULGARIA Bulgarian Stock Exchange – Sofia Sofia 6 Tri ushi St 1301 Sofia Тel: (+359) (0)29370934 Fax: (+359) (0)29370946 Email: bse@bse-sofia.bg Website: www.bse-sofia.bg

CROATIA Zagreb Stock Exchange Ivana Lučića 2a 10000 Zagreb Tel: (+385) (0)1 4686 800 Fax: (+385) (0)1 4677 680 Email: pitanja@zse.hr Website: www.zse.hr

CYPRUS Cyprus Stock Exchange 71-73 Lordou Vironos Avenue, 1096 PO BOX 25427 Nicosia 1309 Cyprus Tel: (+357) (0)22 712300 Fax: (+357) (0)22 570308 Email: info@cse.com.cy Website: www.cse.com.cy

CZECH REPUBLIC Prague Stock Exchange Rybna 14 110 05 Prague 1 Tel: (+420) (0)221 831 111 Email: info@pse.cz Website: www.pse.cz

DENMARK Copenhagen Stock Exchange NASDAQ OMX Copenhagen PO Box 1040 1007 Copenhagen K Tel: (+45) (0)33 93 33 66 Fax: (+45) (0)33 12 86 13 Website: www.nasdaqomxnordic.com

ESTONIA Tallinn Stock Exchange NASDAQ QMX Tallinn Tartu mnt. 2 10145 Tallinn

264

Tel: (+372) (0)640 8800 Fax: (+372) (0)640 8801 Email: tallinn@nasdaqomx.com Website: www.nasdaqomxbaltic.com

Riga LV 1050 Tel: (+371) (0)6 721 2431 Fax: (+371) (0)6 722 9411 Website: www.nasdaqomx.com

FINLAND

LITHUANIA

Helsinki Stock Exchange

Vilnius Stock Exchange

PO Box 361 00131 Helsinki Finland Tel: (+358) (0)9 616 671 Fax: (+358) (0)9 6166 7368 Email: nordicexchange.helsinki@nasdaqomx.com Website: www.nasdaqomx.com

NASDAQ OMX Vilnius Vilnius Verslo Uostas “Mažosios burės” Lvovo 25, 10th Floor LT-08501 Vilnius Tel: (+370) (0)5 282 3871 Fax: (+370) (0)5 2724894 Website: www.nasdaqomx.com

FRANCE

LUXEMBOURG

Euronext Paris

Luxembourg Stock Exchange

39, Rue Cambon 75039 Paris Cedex 01 Tel: (+33) (0)1 49 27 10 00 Website: www.bourse-de-paris.fr

35A Boulevard Joseph ll L-1840 Luxembourg Tel: (+352) (0)47 79 36-1 Fax: (+352) (0)47 32 98 Email: info@bourse.lu Website: www.bourse.lu

GERMANY Deutsche Borse AG Mergenthalerallee 61 65760 Eschborn Tel: (+49) (0)69-2 11-0 Fax: (+49) (0)69-2 11-1 20 05 Email: info@deutsche-boerse.com Website: www.deutsche-boerse.com

GREECE Athens Stock Exchange 110 Athinon Ave 10442 Athens Tel: (+30) (0)210 3366 800 Fax: (+30) (0)210 3366 668 Website: www.helex.gr

HUNGARY Budapest Stock Exchange 1364 Budapest Pf. 24 Tel: (+36) (0)1 429 6700 Fax: (+36) (0)1 429 6800 Email: info@bse.hu Website: bse.hu

IRELAND The Irish Stock Exchange 28 Anglesea Street Dublin 2 Tel: (+353) (0)1 617 4200 Fax: (+353) (0)1 677 6045 Website: ise.ie

ITALY Borsa Italiana Piazza degli Affari, 6 20123 Milano Tel: (+39 (0)2 72426 1 Website: www.borsaitaliana.it

LATVIA Riga Stock Exchange NASDAQ OMX Riga & Latvian Central Depository Valnu iela 1

Arab British European Banking & Finance Guide

MALTA Malta Stock Exchange Garrison Chapel Castille Place Valletta VLT 1063 Tel: (+356) (0)21 244 051 Fax: (+356) (0)25 696 316 Email: borza@borzamalta.com.mt Website: www.borzamalta.com.mt

THE NETHERLANDS Euronext Amsterdam Postbus 19163 1000 GD Amsterdam Tel (+31) (0)20 550 4444 Website: www.euronext.com

POLAND Warsaw Stock Exchange Książęca 4 00-498 Warsaw Tel: (+48) (0)22 628 32 32 Fax: (+48) (0)22 628 17 54 Email: gpw@gpw.pl Website: www.gpw.pl

PORTUGAL Euronext Lisbon Av. da Liberdade n.º 196 - 7º 1250-147 Lisboa Tel (+351) (0)21 790 00 00 Website: www.euronext.com

ROMANIA Bucharest Stock Exchange 34 - 36 Carol I Boulevard 020922 14th Floor Bucharest sector 2 Tel: (+40) (21)307 95 00 Tel: (+40) (21)307 95 19 Email: bvb@bvb.ro Website: www.bvb.ro

European Stock Exchanges listings SLOVAKIA

SPAIN

SWITZERLAND

Bratislava Stock Exchange

Bolsas y Mercados Españoles

SIX Swiss Exchange

Vysoká 17 811 06 Bratislava Tel: (+421) (0)2 492 36 102 Fax: (+421) (0)2 49236 103 Email: bsse@bsse.sk Website: www.bsse.sk

Plaza de la Lealtad 1 28014 Madrid Tel: (+34) (0)91 709 50 00 Email: info@grupobme.es Website: www.bolsasymercados.es

SLOVENIA

SWEDEN

Ljubljana Stock Exchange

Stockholm Stock Exchange

Ljubljanska borza, d. d., Ljubljana Slovenska 56, 1000 Ljubljana Tel: (+386) (1) 471 0211 Fax: (+386) (1) 471 0213 Email: info@ljse.si Website: www.ljse.si

105 78 Stockholm Tel: (+46) (0) 8 405 60 00 Fax: (+46) (0) 8 405 60 01 Website: www.nasdaqomxnordic.com

Hardturmstrasse 201 Postfach 1521 8021 Zürich Tel: (+41) (0) 58 399 5111 Fax: (+41) (0) 58 499 7735 Website: www.six-swiss-exchange.com

A-BCC Members in Banking & Finance Business Activity: International health insurance for expatriates and also supporting local healthcare plans in the UAE, Saudi Arabia and Bahrain (via Gulf Union) and Egypt (via AMIG)

ABC International Bank plc (ABCIB)

Arab National Bank

Arab Banking Corporation House 1-5 Moorgate, LONDON EC2R 6AB, UK Tel: +44(0)20-7776 4000 / 21 Fax: +44(0)20-7606 9980/+44(0)20-7726 0015 Email: Boshra.El-Habti@arabbanking.com; david.beeley@arabbanking.com Website: www.arabbanking.com Ms Boshra El-Habti The Executive Office Business Activity: Banking; trade and commodity finance, project, export and structured finance, Islamic financial services and treasury services

PO Box 2LB, 35 Curzon Street LONDON W1J 7TT, UK Tel: +44(0)20-7297 4600 Mobile: +44(0)7825-037029 Fax: +44(0)20-7297 4900 Email: enquiries@anblondon.com; kscott@anblondon.com Website: www.anb.com.sa Mr Keith Scott General Manager Business Activity: Banking; specialists in supporting trade flows between Saudi Arabia and the UK through Letters of Credit and open account

AIG Europe Limited

Arbuthnot Latham Private Bankers

BankMed

The AIG Building, 58 Fenchurch Street LONDON EC3M 4AB, UK Tel: +44(0)20-7651 6061 Email: Rhodri.Williams@aig.com Website: www.aig.com Dr Rhodri Williams Strategic Advisor to the CEO, EMEA Business Activity: Undertake and carry on all or any classes of insurance business other than life insurance business

Arbuthnot House, 20 Ropemaker Street LONDON EC2Y 9AR, UK Tel: +44(0)20-7012 2653 Mobile: +44(0)7552-279160 Email: josephjawad@arbuthnot.co.uk Website: www.arbuthnotlatham.co.uk Mr Joseph Jawad Private Banker - International Private Banking Business Activity: Private banking

Head Office, 482 Clemenceau Street PO Box 11-0348, Riad El Solh, Beirut 1107 2030, LEBANON Tel: +961 1 37 39 37 Fax: +961 1 36 27 06 -362806 Email: tarrafc@bankmed.com.lb; chehabm@bankmed.com.lb Website: www.bankmed.com.lb Miss Clemence Tarraf Marketing Coordinator Business Activity: Corproate, retail and investment banking services

AXA PPP Healthcare International Arab Bankers Association 43 Upper Grosvenor Street LONDON W1K 2NJ, UK Tel: +44(0)20-7659 4889 Fax: +44(0)20-7659 4868 Email: jkaram@arab-bankers.co.uk Website: www.arab-bankers.co.uk Mr George Kanaan Executive Director Business Activity: Professional association

International House, Forest Road TUNBRIDGE WELLS, Kent TW2 5FE, UK Tel: +44(0)1892-596054 Mobile: +44(0)797-483 2683 Fax: +44(0)1892-508096 Email: david.griffiths@axa-ppp.co.uk Website: www.axappphealthcare.com Mr David Griffiths Director Overseas Operations

Bank of Beirut (UK) Ltd 17A Curzon Street, LONDON W1J 5HS, UK Tel: +44(0)20-7493 8342 Fax: +44(0)20-7408 0053 Email: mosborne@bankofbeirut.co.uk Website: www.bankofbeirut.co.uk Mr Martin Osborne Manager Administration Business Activity: Commercial banking

Blom Bank France 195 Brompton Road, LONDON SW3 1LZ, UK Tel: +44(0)20-7590 7777 Fax: +44(0)20-7823 7356 Email: blom@blombanklondon.co.uk Website: www.blom.com.lb Mr Amr Turk Senior Manager Business Activity: Global banking services

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A-BCC Members in Banking & Finance British Arab Commercial Bank plc (BACB) 8-10 Mansion House Place, LONDON EC4N 8BJ, UK Tel: +44(0)20-7648 7777 Fax: +44(0)20-7600 3318 Email: nabil.frik@bacb.co.uk; john.penn@bacb.co.uk; richard.abbott@bacb.co.uk; sandra.harris@bacb.co.uk Website: www.bacb.co.uk Mr Nabil Frik Head of Middle East & Africa Markets Business Activity: Specialises in financing exports to the Arab markets of North Africa and the Eastern Mediterranean; treasury and project finance - both as lender and as an arranger – in Arab markets

CARTE - Compagnie d’Assurances et de Réassurances Tuniso-Européenne Immeuble CARTE - Lot BC4 Centre Urbain Nord, 1082, Tunis, TUNISIA Tel: +216 71 184 032 Fax: +216 71 947 482 Email: grpcarte@carte.com.tn; hassine.doghri@carte.com.tn Website: www.carte.com.tn Mr Hassine Doghri CEO Business Activity: Insurance and re insurance

Capital Trust Limited 49 Mount Street, LONDON W1K 2SD, UK Tel: +44(0)20-7491 4230 Fax: +44(0)20-7499 0524 Email: finola@capitaltrustltd.com; ruth@ capitaltrustltd.com Website: www.capitaltrustltd.com Ms Finola Reynolds Company Secretary Business Activity: Corporate finance. Their primary objective is to source investments that will produce superior risk-adjusted returns for the Group and its clients

Emirates NBD 3rd Floor, 2 Basil Street, Knightsbridge LONDON SW3 1AA, UK Tel: +44(0)20-7838 2222 Fax: +44(0)20-7581 0575 Email: lawrencea@emiratesnbd.com Website: www.emiratesnbd.com Mr Duncan Steele-Bodger Country Head UK & Jersey Business Activity: Banking and investment products and services for private clients; real estate investment and lending

Europe Arab Bank plc P O Box 138, 13-15 Moorgate LONDON EC2R 6AD, UK Tel: +44(0)20-7712 8752 Fax: +44(0)20-7600 7620 Email: charlotte.shepherd@eabplc.com Website: www.eabplc.com Ms Charlotte Shepherd Marketing Assistant Business Activity: Banking

Golden Cascade Consulting WLL Avenue 50 Business Centre, P.O.Box 38765 Building 38, Third Floor Suite 216, Road 50, Block 426, Jidhafs, BAHRAIN Tel: +973 34 426 055 Email: sarfraz@goldencascade.com

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Website: www.goldencascade.com Mr Sarfraz Sharief Managing Director Business Activity: Corporate finance advisory, specialising in mergers and acquisitions

Website: www.louvregroup.com Mr Chris Woodward Director Business Activity: Wealth management, trust and company administration

HSBC Bank plc

Malath Instalments

8 Canada Square, LONDON E14 5HQ, UK Tel: +44(0)845-5854556 Mobile: +44(0)792-0082 329 Fax: +44(0)845-5879225 Email: nanda.mayampurath@hsbc.com Website: www.hsbcnet.com Mr Robert Gray Chairman Debt Finance and Advisory Business Activity: Global banking services

P.O.Box 62061, Riyadh 11585, SAUDI ARABIA Mobile: +44(0)750-8208506 Email: mazen@malathmoney.com Website: www.malathmoney.com Mr Mazen Al-Zamel Partner & Board Member Business Activity: Small loans for business projects

Jefferies Bache Limited 9 Devonshire Square, LONDON EC2M 4HP, UK Tel: +44(0)20-7548 4000; +44(0)20-7548 4033 (Direct) Fax: +44(0)20-7548 4023 Email: ameleka@jefferies.com Website: www.jefferiesbache.com Mr Ashraf Meleka Senior Vice President, Head of Middle East Business Development Business Activity: Full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income, foreign exchange, futures and commodities, and also select asset and wealth management strategies, in the Americas, Europe and Asia

Jersey Finance Limited 4th Floor, Sir Walter Raleigh House 48-50 Esplanade, ST HELIER JERSEY JE2 3QB, UK Tel: +44(0)1534-836 000 Fax: +44(0)1534-836 001 Email: jersey@jerseyfinance.je; richard.corrigan@ jerseyfinance.je; sean.costello@jerseyfinance.je; lauren.fletcher@jerseyfinance.je Website: www.jerseyfinance.je Ms Lauren Fletcher Technical Manager Business Activity: Jersey Finance is a non-profit making organisation formed in 2001 to represent and promote Jersey as an international financial centre of excellence

Jordan International Bank Plc Moreau House, 116 Old Brompton Road Knightsbridge, LONDON SW3 1JJ, UK Tel: +44(0)20-3144 0200 Direct line: +44(0)2031440235 /7493 7528 Fax: +44(0)20-3144 0259 Email: imran.zaidi@jordanbank.co.uk; info@jordanbank.co.uk Website: www.jordanbank.co.uk Mr Imran Zaidi Manager Trade Finance Business Activity: Banking

Louvre Wealth Management Limited Suite 7, 4th Floor 7-10 Chandos Street, LONDON W1G 9DQ, UK Tel: +44(0)20-7291 5641 Fax: +44(0)870-458 0698 Email: chris.woodward@louvregroup.com; london@louvregroup.com

Arab British European Banking & Finance Guide

Mashreqbank psc London branch, 1st Floor, No 2 Building 1–5 London Wall Building, LONDON EC2M 5PP, UK Tel: +44(0)20-7382 4000 / Direct: +44(0)20-7382 4001 Fax: +44(0)20-7256 9717 Email: rdollery@Mashreqbank.com; PeterMa@mashreqbank.com Website: www.mashreqbank.com Mr Robert Dollery Country Head Business Activity: Banking. This is the London branch of Mashreqbank psc which is incorporated in Dubai. It is currently the largest private sector bank in the UAE and also has 23 overseas branches and three representative offices in eleven countries

MENA Capital LLP 2nd Floor, 25 Ives Street, LONDON SW3 2ND, UK Tel: +44(0)20-7594 0160 Mobile: +44(0)771-743 3300 Fax: +44(0)20-7594 0169 Email: kmajeed@menacap.com Website: www.menacap.com Mr Khaled Abdel Majeed Managing Partner Business Activity: Investment management focused on the Middle East & North Africa

National Bank of Abu Dhabi 1 Knightsbridge, LONDON SW1X 7LY, UK Tel: +44(0)20-7393 3600 Fax: +44(0)20-7393 3636 Email: farid.barakat@nbad.com Website: www.nbad.co.ae Mr Farid Barakat Regional Manager-Europe Business Activity: Banking

National Bank of Kuwait (International) plc 13 George Street, LONDON W1U 3QJ, UK Tel: +44(0)20-7317 5525 Fax: +44(0)20-7487 5544 Email: andrew.richardson@nbki.com Website: www.nbk.com Mr Andrew Richardson Company Secretary Business Activity: Commercial banking