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CHAIRMAN’S MESSAGE

It gives me great pleasure to present Siraj Finance Annual Report for 2021. With the market challenges witnessed due to the unprecedented COVID-19 pandemic over the past two years, the net profits from our business reached AED 15.9 Million 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. 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)

DEPOSITS, ADVANCES, PREPAYMENTS
(AED Millions)

SHAREHOLDER’S EQUITY (AED Millions)

ACHIEVEMENTS

INDEPENDENT AUDITORS REPORT

Overview of Financial performance for Year 2021

Total asset recorded for the period ending December 31, 2021, is AED 392.8 Million. The major earning assets of Siraj Finance; i.e., Islamic financing assets, has increased to AED 361.5 Million. The remaining assets mainly comprise of secured deposits, short term advances and prepayments totaling AED 21.9 Million along with AED 4.5 Million representing fixed assets.

Total liabilities recorded as of end of Year 2021 was 211.2 million – consists mainly of depositors’ accounts of amount AED 176.6 Million as well as trade payables and other liabilities of amount AED 33.6 Million. The total shareholders’ equity has increased to AED 181.6 Million.

On the income statement, Total revenues recorded for Year 2021 is AED 55.6 Million – a decrease from last year’s AED 62.9 Million. On the expenditure side, the administrative costs totaled AED 36.20 Million – compared to AED 33.7 Million from last year – due to increase in the staff costs and sales commission. Furthermore, the impairment allowances on Islamic financing assets and receivables have dropped from AED 5.56 Million for Year 2020 to AED 3.1 Million for Year 2021. In addition to the improvement in the asset quality, the bad debts on Islamic financing assets have dropped from AED 5.7 Million to AED 112 thousands. Total operating expenses have improved significantly from AED 45.3 million from last year to AED 39.4 Million.

RESULTS & STATISTICS