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CHAIRMAN’S MESSAGE

It gives me great pleasure to present Siraj Finance Annual Report for 2019. I am pleased to report that the net profits from our business has exponentially increase from last year mainly from revenue from financing assets and trade finance business. This would have not been achieved without the support of valued customers and the loyalty of our esteemed management and employees.

Due to the market challenges of Year 2020 and the unprecedented COVID-19 pandemic, Siraj Finance is focusing on seeking new opportunities to steer the company towards a brighter future.

Ahmed Bin Khalaf Al-Otaiba

Chairman

our motto

BOARD OF DIRECTORS

Ahmed Bin Khalaf Al Otaiba

CHAIRMAN

Rashed Khalaf Ahmed Khalaf Al Otaiba

DIRECTOR

Saad Al Junaibi

DIRECTOR

Bikash Ranjan Giri

DIRECTOR

FINANCIAL HIGHLIGHTS

NET PROFITS (AED Millions)

TOTAL OPERATING INCOME (AED Millions)

NON-INTEREST INCOME (AED Millions)

LOANS & ADVANCES (AED Millions)

CUSTOMER DEPOSITS (AED Millions)

SHAREHOLDER’S EQUITY (AED Millions)

2019 ACHIEVEMENTS

INDEPENDENT AUDITORS REPORT

Overview of Financial performance for Year 2019

Total asset recorded for the period ending December 31, 2019, is AED 430.4 Million; 11.1% increase from last year’s figures AED 387.6 Million. The cash and cash equivalents have jumped from AED 5.36 Million to AED 12.12 Million. The major earning assets of Siraj Finance; i.e. Islamic financing assets, has increased sharply by 8.54% to AED AED 338.4 Million. The remaining assets mainly comprise of secured deposits, short term advances and prepayments totaling AED 78 Million along with AED 1.9 Million representing fixed assets – an increase of 33% from last year.

Total liabilities recorded as of end of Year 2019 was 311 Million – with a sharp increase of 6% from last year – consists mainly of depositors’ accounts of amount AED 305 Million as well as trade payables and other liabilities of amount AED 5.7 Million. The total shareholders’ equity has increased by 26.7% to reach AED 119.2 Million which translates to a net-worth value of AED 0.94 per share.

On the income statement, Total revenues recorded for Year 2019 is AED 61.4 Million – an increase of AED 27.2 Million from last year; this was attributed by the increase in fees from trade finance business as well as the income from Islamic financing assets.

On the expenditure side, the administrative costs totaled AED 25.24 Million – compared to AED 13.86 Million from last year – due to increase in the staff costs and sales commission. Furthermore, the impairment allowances on Islamic financing assets increased from AED 4.24 Million for Year 2018 to AED 8.95 Million for Year 2019. Total operating expenses have recorded an increase of 84.6% from last year to AED 36.2 Million.

RESULTS & STATISTICS