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Head Office

King Road, P.O. Box 6277, Jeddah 21442, Kingdom of Saudi Arabia, Tel.: (+966) 2 609 8888, Fax: (+966) 2 609 8881
SWIFT: BAJZSAJE, E-Mail: info@baj.com.sa, www.baj.com.sa

Contents
Financial Highlights
Board of Directors

6

Cheif Executive Officer’s Foreword

8

Executive Management

10

Board of Directors’ Report

11

Shari’ah Advisory Board Report

36

Network

38

Independent Auditor’s Report

41

Financial Statements

42

Basel II Pillar3 Qualitative Disclosures

I

5

Chairman’s Statement

2

3

95

BANK ALJAZIRA ANNUAL REPORT 2011

Financial Highlights

(In SAR millions, except where indicated)
Loans and advances, net
Total assets
Customer deposits
Shareholders’ equity
Net special commission income
Fee income
Gain on investments, exchange and other
Total operating income
Net income
Net income growth (%)
Return on average equity (%)
Return on a verage assets (%)
Earnings per share (SAR)

2007
9,879
21,564
15,647
4,698
595
698
153
1,447
805
(59.2)
18.11
4.32
2.68

2008
15,133
27,520
20,900
4,637
631
538
(32)
1,137
222
(72.4)
4.76
0.91
0.74

20,900

27,520
21,564

2007
2009

2010

22,143

15,647

9,879

2008

31,159

29,977

15,504

2011
23,307
38,898
31,159
4,733
781
356
70
1,208
303
945
6.55
0.84
1.01

27,345

33,018

18,704

2007

2010
18,704
33,018
27,345
4,516
717
265
172
1,155
29
5.0
0.64
0.09
0.10

38,897

23,307

15,133

2009
15,504
29,977
22,143
4,486
668
376
127
1,171
28
(87.6)
0.60
0.10
0.09

2008

2009

2011

Net Loans and Advances
SR millions

2007
2010

2008

2011

Total Assets
SR millions

2009

2010

2011

Customer Deposits
SR millions

18.11
4,698

4,733

1,447

4,637
4,486 4,516

1,208
6.55
1,171
1,137

4.76

1,155

0.60
2007

2008

2007
2009

2010

shareholders’ Equity
SR millions

2011

2008

2009

2007
2010

Operating Income
SR millions

2008

2011

2009

0.64

2010

2011

Return on Average Equity
SR millions

I

BANK ALJAZIRA ANNUAL REPORT 2011

3

OUR MISSION
WE ARE A CLIENT-DRIVEN, SERVICE
ORIENTED SAUDI FINANCIAL GROUP
WHICH PROVIDES INDIVIDUALS,
BUSINESSES AND INSTITUTIONS
WITH
INNOVATIVE
SHARIA’H
COMPLIANT FINANCIAL SERVICES
THROUGH PROFESSIONAL AND
DEDICATED STAFF.

4

I

BANK ALJAZIRA ANNUAL REPORT 2011

Board of Directors

Taha A. Al-Kuwaiz

Chairman of the Board

Abdul Majeed I. Al-Sultan

Abdullah S. Kamel

Tarek O. Al-Kasabi

Khalid O. Al-Baltan

Mohammed A. Al-Angari

Khalifa A. Al-Mulhem

Mohammed A. Al-Hagbani

I

BANK ALJAZIRA ANNUAL REPORT 2011

5

Chairman’s Statment

Praises be to Allah, The Almighty, The Lord of the worlds, and Prayers and Peace be upon his Messenger Prophet Mohammed,
and his Descendents and all his Followers.

Dear Shareholders,
On behalf of the Board of Directors of Bank Aljazira,
it is my pleasure to present to you the Bank’s annual
report and financial statements for the fiscal year
ended December 31st, 2011.
In the light of the considerable initiatives taken by
the Bank at the end of 2010 to enhance its financial
performance and ensure greater stability in its various
business activities, Bank Aljazira (BAJ) entered 2011
with a cautious optimism against the challenges
stemming from the recent global economic crisis,
which the various directly impacted countries are still
exerting their best efforts to recover from.
During 2011, BAJ succeeded in achieving many
qualitative and quantitative milestones, and
continued these successes within a clear strategic
vision aimed at re-positioning BAJ as the first bank of
choice for all those seeking wholly Shari’ah compliant
banking and financial products and services.
To achieve this goal, BAJ implemented a series of
initiatives focusing the Bank’s efforts on...
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