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Issue 2 | July 2015 | Arab Bank for Investment & Foreign Trade
Al Masraf new
Credit Cards
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you are our focus...
Personal Banking
Corporate Banking
Islamic Banking
Treasury and Investment
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FROM THE DESK OF CEO
In our commitment to provide the best services that meets the highest
international standards and best practices, Al Masraf remains fully
committed and steadfast in its efforts to hire the finest expertise
and high competencies for the banking and financial fieldthereby
reinforcing our vision to consolidate our position as the highly
preferred innovative and creative financial partner of choice for our
customers. We believe that human resources is the basic and most
important tributary of success and leadership and have placed high
priority in its development and activating the channels of effective
communication between staff in order to provide a sustainable
working environment that is able to keep up with rapid changes in the
banking sector. In this context, we would like to commend the great
efforts made by Al Masrafs working group from all sections and their
contributions, which have made significant impact on the growth
and consolidation of Al Masraf to become one of the leading banking
institutions in the region. We thank you for your dedication and wish
you all continued progress and success.
Faisal Galadari
Chief Executive Officer
INDEX
EDITORIAL TEAM
Ebrahim Al Zaabi
4 Al Masraf net profits up by 41 per cent
Bachar Dib
Ahmed Nagy
Al Masraf wins prestigious Straight Through Processing
Rejoy Koithara 7
STP Excellence Award from and Commerzbank AG
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ACHIEVEMENTS
366m
307m 260m
252m
2011 2012 2013 2014
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AL MASRAF WAS ABLE TO ACHIEVE A GROWTH RATE,
MUCH ABOVE THE INDUSTRY TREND
Mr. Mohamed and the tourism sectors have continued to strategy, which included revamping of the
Mohamed Bin be robust during the year. The real estate operations, new organization structure, review
Yousuf commented sector showed continuous stability. New of staff competencies, focus on Emiratisation,
that the Global infrastructure projects were announced enhanced investments in the Information
growth in 2014 was during the year, to cope up with the demand Technology, improved credit underwriting
estimated to be for the upcoming Dubai Expo 2020. The Al skills, enhanced risk management, etc. We
2.6%, lower than Etihad Credit Bureau have started operations are also on our final stages to launch Islamic
initially expected. in the year. Banking Window.
While activity in the
United States and The UAE Banking industry achieved an asset Future growth would be driven, with due
United Kingdom growth of 10.6% in 2014. Reduced interest focus on enhanced customer experience
Mohamed Mohamed has gathered rates increased the credit appetite in the and unique competitive advantage. Our
Bin Yousuf
momentum, the market. The industry witnessed a growth continuing investments in technology and
Chairman
recovery has been in the loans and advances by 9.5% and a operations are directed at enhancing the
sputtering in Euro area and Japan. China, corresponding increase in customer deposits customer satisfaction.
meanwhile is undergoing a carefully by 11.1%.
managed slowdown. The other developing I would like to express my gratitude as well
countries have shown disappointing growth. The bank was able to achieve a growth rate, as that of our Board, to the President of UAE,
Soft commodity prices, persistently low much above the industry trend - 13% increase His Highness Sheikh Khalifa Bin Zayed Al
interest rates, divergent monetary policies in total assets, 38% growth in net loans and Nahyan for his leadership and vision, which is
across major economies and weak world advances, 40%increase in customer deposits continuously inspiring this nation to prosper.
trade, are driving the global outlook. The and a 40% increase in net profit.
sharp decline in oil prices, while supporting I also thank the Central Bank of UAE, my
the growth in importing economies, would To cope up with the challenges and to capitalize fellow board members, the shareholders,
dampen growth prospects in the exporting on future opportunities, your Bank is already the correspondent banks, the customers and
countries. repositioning itself. The Bank has adopted a the staff for all the support and assistance,
comprehensive approach in its new business received during the year.
Diversification policies have helped the GCC
region to withstand the price-shock in the
oil industry, as the share of the hydrocarbon
sectors contribution to the region GDP is
down to 33% in 2014, from 41% in 2000.
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EVENT
Ibrahim Al Zaabi said that the banks consider Emiratization a top priority--stressing that UAE nationals have become an important part in the
success of the banking sector. Al Zaabi confirmed that career fairs have become an important platform that matches the human resource
needs of the banking sector with talented and skilled UAE job seekers. He added that UAE banks have opened up career opportunities for UAE
citizens, which falls in line with the government's strategy to localize jobs, cultivate and enhance human resources.
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AWARDS
AL MASRAF WINS
PRESTIGIOUS STRAIGHT
THROUGH PROCESSING STP
EXCELLENCE AWARD FROM Mr. Faisal Galadari and Mr.Zoubir Saidi receive the award from
AND COMMERZBANK AG Commerzbank representatives
AL MASRAF POINTS
Our colleague Marwan Al Janahi won the
naming competition that was initiated
between Al Masraf staff for the name of the
credit card rewards program.
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Islamic Banking Services
At the beginning of 2014, the bank management recognized the UAE markets growing need for Islamic
banking services as reflected by repeated demands from bank clients in particular and customers in general
for banking services compatible with Islamic Sharia principles.
In response, the bank began preparing both the technical and human capital infrastructure for launching and implementing a specialized
Islamic window for providing Islamic banking products and services meeting the needs of customers. The bank formed a specialized and
experienced Islamic banking services team to manage, market, and follow up all customer needs related to the offered Islamic services. The
first phase which began with the launch of the program in May 2015 includes the following bundle of Islamic banking services and products:
Covered Cards Murabaha Goods Finance The Islamic banking team made great strides in just a short
period of time by building strategic relationships with new
customers, resulting in the establishment of a set of Islamic
Personal Finance Working Capital Finance
assets and liabilities worth AED 350 million and AED 880
million, within Islamic approvals worth AED 835 million.
Murabaha Goods Finance Ijara Real Estate Finance Moreover, the work team also achieved a total profit of AED
5 million. Looking ahead, profits are expected to increase
up to AED 20 million at the end of 2015, accompanied by a
Home Finance Murabaha Letters of Credit Finance
rise in the value of assets to AED 500 million. All forms and
All Types of Bank Guarantees (Bid, applications for Islamic banking have been prepared and
Ijara Real Estate Finance Performance, Advance Payment, Retention, developed internally in line with Sharia rules and provisions.
Payment Bonds, Financial Guarantees, etc.)
For any other inquiries or details about Islamic banking, please contact our Islamic banking team:
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IN FOCUS
FAISAL GALADARI
CHIEF EXECUTIVE OFFICER
IN AN INTERVIEW WITH AL KHALEEJ NEWSPAPER SIGNIFICANT
INTEREST IN FUNDING SMALL AND MEDIUM-SIZED ENTERPRISES
Faisal Galadari said that the financial solvency enhance our market position and
of Al Masraf has reached 26 per cent, which increase both our customer base
exceeds the requirements of the Central Bank and job opportunities.
and the International Basel Committee on
Banking Supervision. The figure indicates the Al Masraf Financial Indicators
huge potential of Al Masraf for expansion in In figures, what are the effects of
the future. Galadari emphasized that Al Masraf your plan on Al Masraf Indicators?
is focusing on the trade and corporate sectors,
paying particular attention to SME finance and The vision and strategic plan of the
plans for expanding the ATM network with the bank has had a positive impact on
added provision of worker insurance payments our performance. In 2014, Al Masraf
via ATM without any fees. Al Masraf is also fully grew its net profits by 41 per cent to
committed to developing its human resources AED 336 million. For the first quarter
and supporting Emiratization. of the current year, we were able to
increase our net profits by 14 per
He added: Around 30 per cent of our cent to AED 83 million over the same
employees are UAE Nationals, and we are period last year. We also boosted our
working on exceeding this figure in line with loans and financing facilities portfolio
our top prioritization of Emiratization and to by 30 per cent to AED 7.8 billion.
human resources development. Al Masraf is In addition, customer deposits rose 16 per cent He added: In spite of the decline in oil prices,
also keen on providing Islamic banking and to AED 8.12 billion, while Al Masrafs assets the national economy is still able to bring
financial services, as shown by our opening of increased by 9 per cent to AED 13.74 billion by in more capital into the private and public
a new branch in Dubai which forms part of our the end of March 2015. We expect to sustain projects. It seems the oil prices are starting
plan to further broaden our customer base by growth throughout this year. to improve, having increased to over USD 65
attracting patrons of Islamic financial products these days, which is poised to help promote
and services. The interview ran as follow: the diverse national economy and reduce
Is Al Masrafs performance well-recognized
dependence on the oil industry as a key source
by other local, regional and international
of income, which will benefit the rapidly
Has the Arab Bank for Investment and institutions?
growing non-oil sectors. Local, regional and
Foreign Trade been able to strengthen its
international studies point that the national
performance and position, in light of the The Arab Bank for Investment & Foreign
economy is estimated to achieve at least a 4
competition between banks in the market? Trade (Al Masraf ) recently won the Straight
per cent increase this year, which we believe is
Through Processing (STP) Excellence Award
a good growth rate by all standards.
Certainly! The Arab Bank for Investment and from Commerzbank AG in recognition of
Foreign Trade is a part of the states banking its full compliance with stringent SWIFT
and financial system, and capitalizes on this standards for facilitating online payment Sufficient Liquidity
competition to improve performance, provide transactions. The recognition underlines the
high-quality financial and banking services, banks excellence in customer service, as Al Masraf maintains a high level of liquidity and
and introduce new bank offerings such as reflected by its outstanding 99.41 percent is fully committed to following the instructions of
Islamic banking products. In line with this, we STP rate in 2014. the Central Bank in this regard. We make sure to
opened our new branch our tenth this year promote liquidity from its stable sources, where
in Dubai, which offers Islamic banking and funding the sources of the banks stable capital
The award is an international criterion of
financial services to customers. reaches a high 90 percent, Faisal Galadari said.
excellence in the financial and banking
industry as it recognizes international
As part of our three-year strategic plan which financial institutions that abide by the strict We are constantly working to enhance the
began in 2013, we are focusing sharply standards and guidelines on the management equity capital base which increased by 7 per
on customer services, primarily trade and of banking relations and online payment cent in Q1 2015 to reach a total of AED 3.4
corporate sector finance, with particular transfers set by Commerzbank, one of the billion. As for the possibility of working and
attention towards offering advanced and high- worlds leading banks in euro clearing. expanding in finance and business, we believe
quality financial and banking services. We are This years winners were chosen based on that we have the potential and the prospects
also investing more on the development of the thorough assessment and analysis of all to do so, especially as our capital adequacy
financial and banking information technology received euro remittances. We are honoured stands at 26 per cent which is much higher
sector, developing the banks human resources to have won this award which reaffirms our than the ratio required by the Central Bank
using the latest training methodologies, and utmost commitment to providing customers and Basel II. This demonstrates the banks high
increasing the proportion of Nationals. with an integrated portfolio of high-quality capabilities for expanding its financing and
financial products and services to address credit facilitations for its customers, particularly
their needs and aspirations. This achievement the corporate and business sectors and high-
As part of our ongoing efforts to introduce new
urges us to continue our vision of making net-worth individuals. In line with our efforts to
banking instruments, products and services,
Al Masraf the innovative, preferred financial expand our customer base, we have updated
we have started developing a credit card in
partner for all banking services in the region. the Labour Guarantee mechanism online and
cooperation with MasterCard that is at par with
via ATM with no charges. We have also opened
those offered by our competitors. Our card
a Labour Guarantee centre in Abu Dhabi, with
will include a number of unique incentives 4 per cent Expected Growth in National
plans to launch another in Dubai and Sharjah
and will be launched within this month (June). Economy
soon, which is poised to strengthen Al Masrafs
We are now expanding the ATM network for
leading position and customer base. We are
thebenefitof our customers, and introducing Faisal Galadari, Chief Executive Officer, Al Masraf,
selective in financing the real estate sector,
new banking services compatible with the said: The national economy offers significant
depending on the clients net worth and source
provisions of Islamic Sharia. In addition, Al business opportunities for banks, especially with
of capital.
Masraf is currently improving support for the major government projects underway and
financing small and medium enterprises which the private sectors vital activities across various
represent a large sector with the potential to economic industries. Al Khaleej Newspaper, Interview done by: Ali Asaad
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PUBLISHED ARTICLES
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IN FOCUS
INTERVIEW WITH
MR. ZOUBIR SAIDI
ASSISTANT GENERAL MANAGER
1- Can you tell us about AL MASRAF and when it was established?
Al Masraf was established in 1975 with the aim of cultivating greater cooperation among Arab
countries and promoting joint economic projects. Al Masraf was an organic product of H.H. the late
Sheikh Zayed bin Sultan Al Nahyans especially close ties with the Libyan and Algerian presidents
during that time. After the announcement of the UAE Federation, Sheikh Zayed saw that there was
a need for stronger collaboration among Arab countries, especially in the economic sector. This
prompted the creation of Al Masraf in the UAE with a capital of Dhs 600 Million in August of 1975
where His Highness Sheikh Hamdan bin Rashid Al Maktoum Minister of Finance and Industry at
H.H. Sheikh Zayed bin Sultan Al Nahyan
that time was representing UAE during the signing of the incorporation agreement that happened
opens first branch in Abu Dhabi (Archives)
in Algeria. Al Masraf was originally managed by five representatives from Algeria and three
representatives from Libya. Many facilities have been made available to Al Masraf, most of which
are owned by the UAE Government, including Banque ExterieuredAlgerie, which was represented
by Mr. Hussain Abed and Libyan Foreign Bank, which was represented by Mr. Mohammed Ibrahim
Abd Al Jawan. Al Masraf holds its Arab culture and identity in high regard, using its strong business
ethics as a platform for achieving its mission of developing and promoting investment and trade
relations among Arab countries. Al Masrafs strategically located headquarters in the Middle East
serves as a crucial gateway connecting the East and the West.
Al Masraf first partnered with financial institutions under the government of Libya and Algeria
before engaging commercial banks in Algeria, in an active effort to establish strong trade relations
between Gulf countries and the Maghreb (Libya, Algeria, Tunisia and Morocco). The first branch of
Al Masraf was launched in Abu Dhabi with an opening ceremony that drew the attendance of H.H.
the late Sheikh Zayed bin Sultan Al Nahyan, and Leopold Sedar Senghor, President of Senegal, who
was then on a state visit. Soon after, the second Al Masraf branch opened in Dubai in 1978. At the
time, Al Masraf managed a representative branch in Libya but none in Algeria. The technological
advancements of today were not at the companys disposal at the time, and the only available tools
were limited to NCR. The equipment and the furniture of Al Masraf were imported from Italy. Today,
Al Masraf has seven branches across the UAE, in addition to a network of correspondent banks H.H. Sheikh Sheikh Rashid bin Saeed Al Maktoum
around the world all of which work together as a solid ecosystem that aims to be a leader in the opens Dubai branch (Archives)
banking industry. Al Masraf is developing an expansion strategy that will involve opening new
branches and representative offices in other key Arab countries.
3- When did you join AL Masraf? What are the milestones you have experienced in the span
of your career?
I have been part of Al Masraf since it first opened its doors in 1975. In the span of over 40 years,
Al Masraf has greatly advanced Libyan and Algerian export and trade finance, and has provided
funding for thousands of programs including real estate projects in Abu Dhabis Tourist Club Area
along with other key UAE initiatives. In recognition of its high standards of excellence, Al Masraf has
garnered several notable awards such as the Sheikh Khalifa Excellence Award for Human Resources
Development, which Al Masraf bagged for four consecutive years, as well as the Best CEO Award, H.H. Sheikh Tahnoun bin Mohammed Al Nahyan
which was given by the Human Resources Development Committee. opens Al Ain branch (Archives)
4- How do you describe Al Masrafs progress since you joined it? What are the obstacles and
difficulties you encountered?
Al Masraf has successfully enjoyed strong progress over the years, and the organization remains
steadfast in the development of its administration and operations. The institution remains
committed to further enhancing its services, human resources and systems in order to meet the
growing demand of its ever-expanding range of customers. In the four decades that the company
has been in operation, Al Masraf has not experienced any major setbacks that hindered its efforts
to create new benchmarks in performance, observe established global standards, and provide a
superior banking experience. Al Masraf remained largely unaffected by the 2008 financial crisis,
overcoming the predicament by adopting a comprehensive strategy featuring special programs First branch - Abu Dhabi 1976
and providing professional, world-class services and performance without compromise.
5- What are your future plans? Where do you see Al Masraf in the coming years?
Al Masraf remains dedicated to modernizing its operations in order to keep abreast with the
dynamic demands of its customers and enhance its reputation as the leading, preferred and
trusted bank in the region. We will also continue our strategic efforts to achieve further growth by
expanding our retail and corporate banking services. We will be opening a new branch in Algeria,
and we are in the process of opening branches in Ajman, Ras Al Khaimah and Umm Al Quwain to
further solidify our presence within the UAE.
Al-Ain branch - 1981
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OUR HISTORY
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SPORTS
The meeting was attended by Al Zaabi; A.S. Pillai, Chief Financial Officer,
AL MASRAF; Mohammed bin Aloun, Head of Administrative Affairs
Department, AL MASRAF; and Ammar Younis, CEO, Al Jazira Club.
The participants of the event commented: "The sporting event generally reflects the
overall objectives of Zayed Higher Organization for Humanitarian Care and Special
Needs and other similar groups in the UAE". Ebrahim Al Zaabi, Head of Branches
Banking and Sales, AL MASRAF, said: AL MASRAF is fully confident in the organizations
administrative and technical capabilities to successfully run an event that focuses on
encouraging people with special needs to get involved in sports. It is our pleasure to
be part of the Circuit.
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EXPANSION
Sahara Mall
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IN FOCUS
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for their banking requirements, (such as
hedging the various risks, e.g. Foreign
Exchange volatility, Interest rate fluctuations, LABOUR GUARANTEES
etc.. enhancing their earnings, streamlining
their banking operations, as well as inviting
Obtaining Guarantees for your employees visas is no longer a hassle.Book
them to attend seminars that will help them your company's Labour Guarantees with us and enjoy the following benefits:
in staying abreast of new developments in FREE Issuance Charges (The bank bears the customer cost)
the global as well as domestic business and Fast turnaround time
banking environments). Also, Al Masraf has Online processing
started offering a corporate online banking Well-trained and multi-lingual sta-members
service, which is a value addition where Simple documentation
customers can do transactions anytime and Convenient locations
anywhere. Al Masraf hold a weekly credit
committee meeting on regular basis to look
into the credit applications in order to take
the appropriate decisions.
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HIGHLIGHTS OF THE FEATURES AND BENEFITS OF THE NEW
AL MASRAF CREDIT CARDS.
Al Masraf launched its new credit card, which is a key to a world of advantages and benefits in order to provide the highest excellence
and privacy levels through a set of special features and extensive global acceptance, it provides maximum flexibility and purchasing
power that suit your needs and lifestyle.
AL MASRAF IN PHOTOS
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.
11 2015
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Al MASRAF IN PHOTO
The new interior
and exterior branch
merchandising of
Al Masraf
Outdoor brand
communication
campaign in Abu Dhabi
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Al MASRAF IN PHOTO
-
.2015
Asateer Tent
Atlantis the Palm,
Dubai 1st July
2015
2015 6
Fairmount Bab Al
Baher, Abu Dhabi,
6th of July 2015
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WELCOME OUR NEW STAFF
-
Hussein Mohamed Mohamed Ohida Obaid Ibrahim Obaid Aman Al Ali Mahra Abbas Mohammad Jabr
Assistant General Manager Senior Manager - Islamic Banking Head of Sales
Atul Arora Luai Mohamed Elsheikh Elfazari Abdul Gafoor Eramangalath
Head - Program Management Office Senior Relationship Manager Executive Manager Head
Transaction Banking
Mohammad Ahmed Saleh Qasim Hamda Mubarak Al Janaahi Kawakib Alasmawi
Senior Manager Relationship Manager Branch Manager
Islamic Banking Islamic Banking
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Hebah Abdul Wahhab Bin Eid Al Hammadi Mohamed Abdul Rahman
Manager - Administration Mohamed A. Alhashmi Mohamed Abdul Karim Al Mula
Branch Manager Relationship Manager
Islamic Banking
Bachar Dib Shah Faisal
Markeitng Manager Faris Ahmad Faris Ahmad Relationship Manager
Manager, Finance
Islamic Banking
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