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arrFiles=new Array();arrFiles[0]=new Array(1,"ajal.htm","28 Nov 2007","Investors Bank B.S.C. (C)","","","Print Ajal Project The Concept The intrusion of interest based credit at retail level is devaluing traditional Islamic values. Investors Bank wishes to introduce to investors Ajal, a new and exciting global opportunity in Islamic credit for consumers, businessmen and professionals. The Ajal concept was borne out of the notion that “To be true to their faith all Muslims should use Islamic products for their credit needs.” Muslims worldwide are increasingly demanding that credit be provided in such a way as not to offend Islamic principles. Ajal will offer retail credit facilities which are in compliance with Islamic Sharia’a and are fair and just to both Muslims and non-Muslims. Studies, carried out jointly by specialists in consumer finance and leading financial consultant, confirm that the Ajal Bahrain venture alone should produce a satisfactory return for its investors under the right management and conditions Ajal will represent a significant step in the development of Sharia’a compliant consumer finance Business Opportunities in Ajal Investors Bank has recognized that around the world there is a need for credit services which have, at their root, the principles of fairness and justice to meet the needs of an increasing number of Muslims and non-Muslims alike. The Ajal model sees us providing credit services to meet the needs of, amongst others: Self Employed Professionals. Small & Medium Size Enterprises. Auto Dealers. Commercial Vehicle Dealers. Marine Services. Computer & Electronics Retailers. Furniture Dealers While working towards achieving our client’s needs, Ajal will help promote the services and business activities of its business partners, associates and alliances, thereby, supporting their progress along with its own growth. Vision To become the preferred global Islamic stand-alone consumer finance provider in our chosen markets Mission To aggressively expand our Islamic consumer finance model and programs throughout the Gulf and selected countries with the support business partners and associates For More Information For further information, please contact us at the following address: Investors Bank P.O. Box 11818 Manama Kingdom of Bahrain Tel: +973 17 533314 Fax: +973 17 533364 info@investorsb.com TOP Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",11);arrFiles[1]=new Array(2,"ajal.jpg","1 Aug 2007","ajal.jpg","","","",5);arrFiles[2]=new Array(3,"board_of_directors.htm","13 Aug 2007","Investors Bank B.S.C. (C)","","","Board of Directors Mr. Sami Al Bader Chairman & Managing Director Mr.Al Bader holds a bachelor degree in Economics from Kuwait University. He has over 23 years of experience - having worked in senior positions in various public and private sector companies. He is also the Managing Director and CEO of International Investment Group, Kuwait. Mr. Abdul Mohsen Mohammed Al Othman Vice Chairman Mr.Al Othman holds a bachelor degree in Law & Shariah from Kuwait University. He is currently Advisor, World Waqf Foundation, member IDB Group. He has held senior positions in various government departments in Kuwait. Mr. Bader Sulaiman Al Jarrallah Member Mr.Al Jarrallah holds a bachelor degree in Commerce from Kuwait University. He is currently holding a senior position at the Arab Investment Department of the Public Investment Committee in the Ministry of Finance. He is also a member of the Public Investment Committee of Kuwait Awqaf Public Foundation. Sheikh Bander Bin Fahad Al Fehaid Member Sheikh Bander holds a Masters Degree in Quality Management. Currently he is the Head of the National Hajj & Umrah & Tourism Committee – KSA. Sheikh Bander is Managing Director of Saudi Norgeh Group and the Gulf Investor Group. Mr. Ghassan Al-Sultan Member Mr.Al-Sultan holds a bachelor degree in Industrial Engineering from USA. He is currently holding the post of Director – Finance and International Investments at Fahad Sultan Sons & Co., Kuwait. Mr. Ahmed Shabeeb Al Dhaheri Member Mr. Al Dhaheri holds a bachelor degree in Economics and Finance. Mr. Al Dhaheri is currently an Executive Director at Abu Dhabi Investment Authority and also First Deputy Speaker at the Federal National Council – UAE. TOP Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",11);arrFiles[3]=new Array(4,"career.htm","6 Jan 2008","Investors Bank B.S.C. (C)","","","Career Interested in an exciting and rewarding career opportunity? If so, Investors Bank might be right for you. Please send you CV to: Investors Bank B.S.C. (C) Seef Star Building Seef Area PO Box 11818 Manama, Kingdom of Bahrain Tel: +973 17565777 Fax: +973 17583424 Email: career@investorsb.com website: www.investorsb.com CVs will be reviewed according to Investors bank requirements and the applicants will be contacted for further details. Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",7);arrFiles[4]=new Array(5,"colors.txt","27 May 2007","colors","","","gold: Hex={9C,7A,21}  blue: Hex={41,44,A1}  ",1);arrFiles[5]=new Array(6,"contact_us.htm","16 Mar 2008","Investors Bank B.S.C. (C)","","","Contacts Us: Investors Bank B.S.C. (C) Seef Star Building 3rd, 4th, 5th Floor Seef District PO Box 11818 Manama, Kingdom of Bahrain Tel: +973 17565777 Fax: +973 17583424 Email: info@investorsb.com website: www.investorsb.com Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",7);arrFiles[6]=new Array(7,"contact_us_test.htm","13 Jan 2008","Investors Bank B.S.C. (C)","","","Contacts Us: Investors Bank B.S.C. (C) Al Salam Tower (13th Floor) Diplomatic Area PO Box 11818 Manama, Kingdom of Bahrain Tel: +973 17533314 Fax: +973 17533364 Email: info@investorsb.com website: www.investorsb.com Name: E-mail Comments: Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",7);arrFiles[7]=new Array(8,"directory.htm","16 Mar 2008","Investors Bank B.S.C. (C)","","","Directories: Mr. Adel Al Mannai Chief Executive Officer Mr. Yash Parasnis Senior Vice President, Risk Management Mr. Khalid Ahmed Vice President, Internal Audit Mr. Aref Hussain Financial Controller Mr. Maher Ali Senior Manager, Accounts & Finance Mr. Ali Mirza Senior Manager, HR & Admin Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",13);arrFiles[8]=new Array(9,"down.jpg","1 Aug 2007","down.jpg","","","",1);arrFiles[9]=new Array(10,"financial_reports.htm","13 Jan 2008","Investors Bank B.S.C. (C)","","","Financial Reports Year 2007 Interim FS 30 Sep 07 English Version Interim FS 30 Jun 07 English Version Year 2006 Full Annual Report English Version | Arabic Version Year 2005 Full Annual Report English Version | Arabic Version Year 2004 Full Annual Report English Version | Arabic Version In order to view the PDF files you need to download the Adobe®Reader® Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",11);arrFiles[10]=new Array(11,"framesearch.html","5 Nov 2003","Search Engine Builder Standard -- Search this site","","","-- This example search uses frames, but your browser doesn \'t support them. ",1);arrFiles[11]=new Array(12,"index.htm","13 Jan 2008","Investors Bank B.S.C. (C)","","","W elcome to Investors Bank, home of investment, our mission is to be the leading provider of innovative and distinctive investment opportunities based on value-added risk adjusted returns, while conforming to Shari’a principles. We are a truly “home-grown” investment bank that has tried to create regional assets, unlike many others who have used the region, mainly for sourcing the capital.... more Stock Exchange Market Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",9);arrFiles[12]=new Array(13,"investors_bank.htm","13 Aug 2007","Investors Bank B.S.C. (C)","","","Print Investors Bank Overview History Investors Bank B.S.C. (Closed) was established in Bahrain as an exempt company on 26 October 1997 after it obtained an investment banking license from the Bahrain Monetary Agency on 3 September 1997. The Bank commenced commercial operations on 15 June 1998. The Bank is authorized to carry out investment banking and financial activities, investment transactions, participating in equity investments in projects in conformity with the Islamic Sharia etc. Capital Structure The bank started with an initial authorized capital of US 100MM comprising of 100MM shares of US 1.00 each and the initial paid-up capital of US 30MM. The present paid-up capital of the bank is US 32.9MM. Shareholder Alliances International Investment Group, Kuwait – Founder Shareholder Kuwait Awqaf Public Foundation – Kuwait Pearl of Kuwait Real Estate Co. – Kuwait Fahad Al Sultan & Sons – Kuwait Qatar International Islamic Bank – Qatar Gulf Monetary Group – Bahrain Technical Alliances Takaful International – Pioneer in Islamic Insurance in Bahrain. Bahrain Islamic Bank B.S.C. – The first Islamic Bank in Bahrain established 25 years ago. Grand Projects – Real Estate Company in Kuwait. IDG Property Services – An Associate of Cushman & Wakefield and Healey & Baker, U.K. Tajeer, Saudi Arabia – Leading leasing Company Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",9);arrFiles[13]=new Array(14,"legal.htm","6 Aug 2007","Investors Bank B.S.C. (C)","","","Legal Information Terms and Conditions of Use IB does not offer financial services or products and investorsb.com \'s operation of the investorsb.com portal, or gateway, does not constitute an offer of any products or services provided by Investors Bank B.S.C. (Closed). Not all the products and services that you may be able to view via the Site are available in all geographical locations. If you choose to enter a website outside your country of residence, you are advised that it may be illegal in that jurisdiction for you to access or use the facilities available on that site and the legal requirements of that jurisdiction may prohibit you from dealing or otherwise transacting in that jurisdiction. 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Governing Law Your use of the Site is governed by the laws of the Kingdom of Bahrain. No endorsement or approval of any third parties or their advice, opinions, information, products or services is expressed or implied by any information on this Site or by any hyperlinks to or from any third party websites or pages. Your use of this website is subject to the terms and conditions governing it. Please read these terms and conditions before using the website. Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",16);arrFiles[14]=new Array(15,"links.htm","13 Jan 2008","Investors Bank B.S.C. (C)","","","Links Central Bank of Bahrain International Investment Group Grand Projects Bahrain Grand Projects Kuwait Takaful International Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",7);arrFiles[15]=new Array(16,"LT.gif","1 Aug 2007","LT.gif","","","",3);arrFiles[16]=new Array(17,"market_strategy.htm","28 Nov 2007","Investors Bank B.S.C. (C)","","","Markets & Strategy Investors Bank has identified GCC countries as its natural market and will continue to focus on these markets. It also has a particular interest in the other Middle Eastern and North African Countries like Egypt, Jordan, Syria and Sudan. Its target segment is both Islamic and conventional investors and corporates within the above geographical territories. Investors Bank's appetite to book regional assets is the key differentiation which sets it apart from the other investment banks / Islamic banks in the region which use the region mainly for sourcing funds. The bank has identified following key success factors: A clearly identified market vision and strategy. Sound and diversified resource base. Distribution strength. Dedicated, qualified and experienced team. IB has evolved a clear strategy around the identified markets and has developed competitive edge in the success factors identified so as to develop a franchise as an Islamic investment principal and as Islamic investment intermediary. Countries Under Focus Gulf Co-Operation Council (GCC) Countries IB was established to fulfill the gap for a truly home-grown investment bank in the GCC region. We, therefore, view GCC countries as our natural market. The GCC countries share a common character and inheritance coupled with modern outlook, liberal exchange regimes and progressive measures on industrialisation and foreign investment front. In pursuance of its priority to channelize regional resources into the regional investments, IB has built-up a diversified base of Islamic assets within GCC. This accent on GCC will be strengthened further, considering the excellent state of all GCC economies, the booming markets and immense potential of various projects in the region. Egypt The Egyptian market is deemed as extension of the GCC markets. Egypt has a large domestic consumer base, a reasonably diversified industry, high level of literacy and a significantly developed securities market with a large number of listed companies. With the Government of Egypt's policy to encourage privatisation and to attract foreign investment, IB considers Egypt one of the lead markets. IB has already done a lot of spade-work and developed substantial network in Egypt. It has invested in a oil sector company having a subsidiary in Egypt. Jordan A highly literate and educated population, a significant number of nationals working abroad, and a country with no restrictions on international investment, Jordan and the areas around offer an attractive potential. IB is continuing to strengthen its business relationships in this market and has some projects under development. Syria: The new leadership at the helm in Syria has a vision for ‘Modern Syria’ with intentions to transform its primarily agricultural economy to industry and service based economy. The cheap labour and educated population along with the initiation of infrastructure and related projects are creating new opportunities which IB is working on. Malaysia: This is an archetypal Islamic country with successful economic track record and clear vision and foresight. It was the early county to weather the ‘1997 currency Crisis’ successfully without international involvement. Malaysia has a developed Islamic Banking sector and is also involved along with Bahrain in developing International Islamic Money Market. IB is striving to develop closer interaction between Malaysian businesses and GCC investors who are yet to establish a significant presence in Malaysia. The markets around also will be explored. TOP Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",11);arrFiles[17]=new Array(18,"mission_goals.htm","28 Nov 2007","Investors Bank B.S.C. (C)","","","PARAM NAME=quality VALUE=high> Print Mission & Goals Mission Statement To be recognised as the leading Islamic Financial Services Group, setting a high standard in quality products, innovation, profitability and social conscience. Goals Pioneering Islamic Financial Engineering. Provide distinguished financial and investment services in compliance with the Islamic Shari’a principles. Offer high quality GCC based assets. Encourage regional capital to remain within GCC markets and to act as conduit for inflow of the international capital into the region. Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",8);arrFiles[18]=new Array(19,"overview.htm","28 Nov 2007","Investors Bank B.S.C. (C)","","","Our Business Overview Main Activities IB has been engaged in Islamic Investment Banking in its true spirit which is manifest in its products and services. The present focus is on: Direct / Strategic Investments. Mergers & Acquisitions. Advisory Services. Syndications. Funds & Portfolio Management. We also have the capabilities to render integrated offerings on Privatisations and Islamic forfeiting and securitization. Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",8);arrFiles[19]=new Array(20,"privecy.htm","6 Aug 2007","Investors Bank B.S.C. (C)","","","Privacy Privacy Statement In order to provide better service and a more effective website, we use cookies as part or our interaction with your browser. A cookie is information sent from a web visitor \'s computer during a visit to the site. Cookies may enable us to track how a visitor navigates through the site. Information gathered may include date and time of visits, pages viewed, time spent at the site, and the site visited just before and after the IB site. An individual is not identified unless he or she voluntarily gives us personal identification online. If you provide information about your identity, we may use this information to determine what kinds of products, services and sections of our site may be of greatest interest to you. Your information is not sold to or shared with unaffiliated third parties for their independent marketing purposes. We safeguard information we receive online from visitors who interact with our website. We maintain physical, electronic and procedural safeguards to guard your information. No endorsement or approval of any third parties or their advice, opinions, information, products or services is expressed or implied by any information on this Site or by any hyperlinks to or from any third party websites or pages. Your use of this website is subject to the terms and conditions governing it. Please read these terms and conditions before using the website. Security In certain circumstances you may be requested to register with investorsb.com. When you register, you must provide accurate and complete information and up-date such information when necessary so it remains accurate and complete. When you register and are accepted as a registered user of the Site, you choose a unique user name and password. Please use maximum caution to keep your user name and password confidential and log-off from the Site when your session is complete to prevent unauthorized access to your information. If your user name or password confidentiality has been compromised or is subject to unauthorized access, you should immediately inform IB. Data Protection and Privacy Policies We are committed to protecting your privacy. All information gathered from you in connection with your use of the Site will be maintained in accordance with the applicable privacy policies disclosed for the Site. No Offer Information or opinions provided by us or through a third party on the Site should not be used for investment advice and do not constitute an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. When making a decision about your investments, you should seek the advice of a professional financial adviser. Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",10);arrFiles[20]=new Array(21,"result.html","4 Nov 2003","Search Engine Builder Standard -- Search result","","","",1);arrFiles[21]=new Array(22,"Search.html","16 Mar 2008","Search Engine Builder Standard -- Search this site","","","",1);arrFiles[22]=new Array(23,"sharia_board.htm","13 Aug 2007","Investors Bank B.S.C. (C)","","","Sharia Board Shaikh Dr. Abdul Sattar Abu Ghuddah Dr. Abdul Sattar has a Ph.D from Azhar university in Comparative Figh and a Law degree Damascus University. He is currently working as Sharia Advisor and Manager of Research and Development at Dallah Albarakah Group. Shaikh Dr. Ali Mohieddin Al Quradaghi Dr. Al Quradaghi has a Ph.D in Shari’a science and a MBA degree from Azhar University. He is currently professor and Head of Jurisprudence, Faculty of Shari’a Law and Religious Studies at Qatar University. Shaikh Nizam Mohammed Saleh Yaquby Shaikh Nizam Yaquby has a BA in Economics and Comparative Religion from McGill University in Canada and is currently a Ph.D candidate in Islamic Law at the University of Wales. TOP Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",8);arrFiles[23]=new Array(24,"site_map.htm","13 Jan 2008","Investors Bank B.S.C. (C)","","","Site Map: About us Investors Bank Mission & Goals Board of Directors Sharia Board Financial Reports Directory Career Our Business Overview Market & Strategy Strategic Investment Unique projects Ajal Takaful Holding News & Media Year 2004 Year 2007 Contact Us Links Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",9);arrFiles[24]=new Array(25,"strategic_investment.htm","28 Nov 2007","Investors Bank B.S.C. (C)","","","Strategic Investments Islamic Financial tenets are based on the principles of sharing risk and reward and co-operative enterprise. The true Islamic investment banking therefore is equity oriented and aims at contributing to development of sectors beneficial to the society. In conformity with this, IB's approach has been to identify selective investments with long-term potential. In this area, IB makes strategic investments in both listed and unlisted companies with established management and good growth potential, a strong market position or a unique selling proposition, a stable cash-flow (existing or potential) and a sound asset base. Over the last seven years of its operations, IB has developed a unique portfolio of strategic investments conforming to the Sharia principles. These are in the GCC & Middle East Region & in the key economic sectors of enduring importance to the regional economies, contributing to societal betterment. Banking & Financial Institutions Sector Bahrain Islamic Bank, Bahrain his is the first Islamic bank to have started in Bahrain in 1979. The bank has a unique franchise among Islamic investors in Bahrain and a great untapped potential to diversify. IB and its affiliates own almost 38% of BIsB capital and have representation in both the Board & Ex-Com of BIsB. IB perceives great deal of complementarity between Islamic commercial banking & investment banking. It plans to harness these synergies in the activities of BIsB and IB by adding value to the investment which will benefit the shareholders of both the institutions. Islamic Insurance Sector Islamic Insurance, Known as Takaful, is conceptually different than the conventional insurance and is based on the spirit of mutual cooperation and enterprise. The whole of GCC and Islamic world is relatively untapped for Takaful operations. This presents immense potential for the spread of Takaful. Takaful International, Bahrain (TI) Known earlier as Bahrain Islamic Insurance Company, this is the only insurance company in Bahrain operating on Islamic principles. This company started its operations in Bahrain in 1989 and changed its name to Takaful International in 1998 to signify the reorientation in its market appeal and approach when the business affiliates of IB acquired a significant shareholding of the company. Through strategic alliance with Takaful International and through management inputs, IB has undertaken to spread Takaful products and services in the area of Family Takaful, Medical Takaful and Educational Takaful. IB has brought about effective changes in its business approach and profile. IB is also evolving plans to utilize synergies between Islamic banking and insurance. Both the investments in Bahrain Islamic Bank and Takaful are complementary and can be grown in value in a symbiotic manner. Over a medium term, we expect these to lead to substantial benefits for IB shareholders. Oil Sector Gulf Petroleum Investment Company Gulf Petroleum Investment Company K.S.C.C. (GPI) was established as a Kuwaiti Shareholding Company (Closed) on March 28, 1998. GPI has a functional history of 7 years and has earned profits throughout this period of its existence. GPI was transformed in the year 2004 with the acquisition of the Superior Group and Pyramid Drilling International. Prior to this its main source of revenue was revenues from consulting services rendered to the Oil industry. GPI’s subsidiaries operate in the oilfield services business and the offshore oil drilling business. Investors Group has a controlling ownership of this company with whose acquisition and private placement IB was closely associated in addition to having its own investment in the company. The Company is since listed on the KSE in June 05 and the share price has appreciated significantly in a very short span of time. TOP Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",11);arrFiles[25]=new Array(26,"Takaful_holding.htm","28 Nov 2007","Investors Bank B.S.C. (C)","","","Print Takaful Holding Company The Investors Group has hands an experienced and demonstrated skills in managing, reorienting and innovating of Takaful business and products. Looking at the untapped market for Takaful in the MENA region and in other countries with significant Muslim population, the Investors Group led by IB has evolved a focused plan to replicate its success in Takaful business in Bahrain (in TI), in all such markets. Al Takaful Holding Co (THC) is being set up for implementing this project which will set up Special Purpose Vehicles (SPVs) in the identified markets for writing Takaful business For More Information For further information, please contact us at the following address Investors Bank P.O. Box 11818 Manama Kingdom of Bahrain Tel: +973 17 533314 Fax: +973 17 533364 info@investorsb.com Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",8);arrFiles[26]=new Array(27,"year_2004.htm","28 Nov 2007","Investors Bank B.S.C. (C)","","","Media & News 2004: Press Release Monday, 6th December 2004 The Investors Bank announces that the Gulf Petroleum Investment Company is an integrated strategy for the variation of the activities and the entrance of new markets . Sunday, 21st November 2004 Investors Bank plans for the increase of its capital to 50 million year dollar in 2005. The investors he presents oil company stocks for subscription . Monday, 1st November 2004 Covering the spectrum of Financial Services. Investors Bank in Bahrain is confident about its future, given that its part of a giant group of companies . Monday, 9th August 2004 Investors Bank achieved 278% profit last year and increases its capital to 120 million dollar. Friday, 6th August 2004 The Investors Bank declares a jump in its net profit by 278 %. Ambitious strategic plans and the establishment of a Holding Company . Friday, 6th August 2004 In its AGM, the Investors Bank declares a profit of 278% in 2003. Friday, 6th August 2004 Plans to increate its capital to 100 million dollar. The Investors Bank realizes 4.3 millions dollar profit. Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",12);arrFiles[27]=new Array(28,"year_2007.htm","28 Nov 2007","Investors Bank B.S.C. (C)","","","Media & News 2007 Press Release Sunday, 10th June 2007 Investors Bank Annul General Meeting Bank Affairs Sunday, 10th June 2007 Investors Bank S taff Lunch Party Sunday, 10th June 2007 Investors Bank 5 & 10 Years Service S taff Ceremony. Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",8);arrFiles[28]=new Array(29,"arabian_tourism_bank/arabian_tourism_bank.htm","7 Jun 2007","Investors Bank B.S.C. (C)","","","Print The Arabian Tourism Bank Investors Bank has always been keen to develop the tourism and leisure sector investments and holds such investment in Bahrain. Looking at the regional tourism potential and lack of dedicated institutional infrastructure to promote the same outside the Government sector. With the blessings of the Council of Arab Ministers of Tourism, Investors Bank introduced the concept of establishing a Tourism Bank for the Arab World which will specialize in initiating, investing in, funding and marketing tourism projects in the Arab and Muslim world. Such pioneering idea was welcomed by the Ministers and support was pledged for such Bank. IB is currently working with major consultancy firms to develop the feasibility study for such Bank. For More Information For further information, please contact us at the following address Investors Bank B.S.C. (C) P.O. Box 11818 Manama Kingdom of Bahrain Tel: +973 17 533314 Fax: +973 17 533364 info@investorsb.com Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",7);arrFiles[29]=new Array(30,"arabian_tourism_bank/year_2005.htm","7 Jun 2007","Investors Bank B.S.C. (C)","","","Media & News 2005: Press Release Wednesday, 6thJuly 2005 Investors Bank takes the first steps to establish the Arabian Tourism Bank Thursday, 9th June 2005 Investors Bank announces its initiative to establish the “Arabian Tourism Bank” with a proposed capital of two billion dollars. The bank aims to finance Arabian tourisms projects and embrace the promising tourism industry. Thursday, 9th June 2005 The announcement of the Arabian Tourism Bank with a 2 billion dollar. Appointing a constancy company to decide the headquarter for the Bank within few weeks Monday, 6th June 2005 Located in the Kingdom of Saudi Arabia, Investors Banks announces the establishment of the first Arabian Tourism Bank with 1 Billion SR Thursday, 14th April 2005 Placing 55% of the shares for subscription and the Bank’s share to be announced soon. The Bank \'s Chairman: The Investors study financing the establishment of “Saudi Investment Tourism” TOP Investors Bank B.S.C. (C) 2007 © | Legal | Privacy ",10);arrFiles[30]=new Array(31,"arabian_tourism_bank/news/1.pdf","5 Jun 2007","Full page fax print","","","  ",100);arrFiles[31]=new Array(32,"arabian_tourism_bank/year_2005/Monday_6th_June_2005_alayam_eqtisadia.pdf","6 Jun 2007","Full page fax print","","","  ",440);arrFiles[32]=new Array(33,"arabian_tourism_bank/year_2005/Thursday_14th_April_2005_alayam_eqtisadia.pdf","6 Jun 2007","Full page fax print","","","  ",102);arrFiles[33]=new Array(34,"arabian_tourism_bank/year_2005/Thursday_9th_June_2005_akbar_alkaleejh.pdf","6 Jun 2007","Full page fax print","","","  ",692);arrFiles[34]=new Array(35,"arabian_tourism_bank/year_2005/Thursday_9th_June_2005_alwassat.pdf","6 Jun 2007","Full page fax print","","","  ",183);arrFiles[35]=new Array(36,"financial_statements/financial_statements_arabic_2004.pdf","5 Jun 2007","Microsoft Word - FS arabic Dec 2004.doc","","","() ...    : . :   ­     ( )  ( )  :       .    :           () ..        -                  ­  -   / /  //    () ..      .               .               .                   .            .         4.0 4.0 4.0        %     3.0 2.6 %   %   1.8 2.0 1.4 .   1.0      0.0 2000 2001 2002 2003 2004                                    .    .                       .  %   %  .             . %  %    %    %        .            .  % %    %  %    %       .             %   %    %        .                  .    () .. 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(  ) () ..    .     .         .       :   .    .  . .      .        . .  .      . .  .  . . .      .  .      .     .(  )       . .    .      .    .( )  ( )      () ..      ()  . . .    .  -              .              .  . -      /  .  /  -      .      .  .             .                        .    .       - .  . .       . .            .    .      -    () ..      ()  .   .        .    . .       .        .     . .   .    .       .           .  .  .   .            .  .    .  .      .        .            .   .           .  .   . .          () ..          .   ..           .     .   -                .( )  .    .          ­  .    :    %    ..  ..     (  ) .  .      ­                  .( )   () ..       13.263 575.000 38.154  ()         ()   .        -    :  . :       ()    ()    .      .( )            .  ( )   ( )    () ..          .        .          .          .   )  %      .   %    ( .        .    .                 .(  ) .           .      () ..                   .        () () -  -   .         ..   %    ...     .      .  .   .       .   .   . :      ()                () ..        () .    7.563.833 15.000 2.783.754 29.202 10.391.789  () 7.894   1.191.620 22.894            . :                       .         () ..        .           .   .       .    . :                  -  .       .     .( : )   :     -                () ..        . .         .      .              .                .      .  .       . .                        .  .   . .      .       . .          .       .   .        .  : )     .      (  .    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( )      11  () ..   2005  31   ()  .2  . .     .  -1              .            .    .  -2      /  .  /  -3      .                   .                              .    -4 . .     . .            .          .    12  () ..   2005  31   ()  .2  .  .        .     .       .          .   .  .    .              .    .      .        .            .   .            .  . .       13  () ..   2005  31    .3       2005     () ..   .    2004  21.535.156 6.699.826 28.234.982  2005  28.234.982 4.280.677 15.802.165 (21.691.343) 43.727.621 70.354.102  1          31  (  7.473.240 :2004) 70.354.102  2005  31  9.861.670          (  7.473.240 :2004) .   (  16.136.391 :2004)  2004  14.555.493 6.573.377 (248.236) 3.478.849 24.359.483  2005  24.359.483 (4.280.677) 81.764 (4.060.649) 7.429.199 (732.100) 22.797.020   .4 1           31  :  2004 2005    .1   12.421.959 8.259.114 20.681.073 732.100 2.946.310 24.359.483 24.359.483  17.181.791 17.181.791 813.776 5.533.553 23.529.120 (732.100) 22.797.020  ­  .2         14  () ..   20054  31   () .4 :    %    ..  ..       ­    2.75 18.03   (  5.913.762 :2004) 9.592.323  2005  31  (19 )       (  5.211.869 :2004) 6.013.695 . (7 )  2004  13.263 240.641 84.897 719.715 57.429 886.222 2.002.167 (400.000) 1.602.167  2005  13.263 93.300 91.078 488.593 106.528 1.371.438 2.164.200 (400.000) 1.764.200  .5           :  .6 :  31    2004  572.568 (375.518) 197.050  2005  604.273 (471.833) 132.440   15  () ..     2004  3.172.260 129.523 3.301.783  2005  31   2005  3.279.920 345.375 3.625.295  .7  (15 )      .8   0.33 303.030.303   100.000.000    50.000.000  151.515.152    . 0.33             .     )  %10  2001    .   %50    ( .        .     .                .(4  ) .    16  () ..     2004  797.599 797.599  2005  31   2005  957.118 12.392.905 13.350.023    .9    2004  311.286 8.666 319.952  2005  201.421 1.063.637 1.265.058    .10    2004  546.085 91.432 25.839 43.854 47.745 30.656 134.093 195.386 1.115.090  2005  307.662 91.432 251.124 34.748 55.286 35.183 180.270 1.344.101 621.173 2.920.979   .11        .12           .    .    17  () ..       2005  31   .13 :    2005  17.125.570 (101.288) 113.323.430 533.786 145.703 131.027.201  196.183 118.908 6.932.240 48.167 7.295.498  173.321.753 17.620 120.255.670 581.953 145.703 138.322.699          2004  (5.314.416) 12.816.319 34.709.015 210.313 42.421.231  11.236.916 7.303.058 36.199 18.576.173  5.922.500 20.119.377 34.745.214 210.313 60.997.404           .14 :    2004  18.446.650 129.523 18.576.173  2005  732.100 41.281.595 9.366.045 8.259.114 1.358.550 60.997.404  6.950.122 345.375 7.295.497  45.954.230 12.286.601 14.725.019 65.356.849 138.322.699        .2004  2005  31     18  () ..       2005  31     .15            .   .       .    . :    2004  6.287.703 14.409.752 1.435.356  2005  6.392.773 60.492.432 7.160.237 18.567.639 803.712           3.172.260 -  3.279.920 16.910  .         .(  42.318 : 2004) 59.914  2005  31 :    2004  556.727 256.826 143.435 46.016 191.050  2005  18.690 105.070 40.411.067 1.475 111.913 671.432                 19  () ..       2005  31   ()   .15       :   .    2004  156.888 12.997  2005  276.820 19.496     .16 .             .              .                   . .       . .                        .  .   . .      .       . .                .   .  20  () ..       2005  31   .17         .   732.100 : 2004) 81.676    .      (    .18 .            .           .   .    .           .   .19        2004   .  3.670.202    .  .2005  31   9.592.323   .            .      .                 .  .        ",277);arrFiles[37]=new Array(38,"financial_statements/financial_statements_arabic_2006.pdf","26 Jun 2007","1997","","","() ...   2006  31  39646 : 11818  . : 13  ­    (2006  15 )   / :  /  /   /  /    :           () .. 2006  31       1 2              3 4 6­5 7 9­8 10 23 - 11  /  2007/4/9    1  () .. 2006  31     .......                  .2006  31        2006               .     2005         .                              .. ­      ( )       (2006)                                . ...........          2006      .                                 2007  .      50    %60  80   . .     %80                    .                          2006   %14        . .                                                            .      2007  11    2     () ..   ­  2006  31   (  ) () ..    .23  3           .                 .               .   .  2006  31                 .        .              .            2001             2006 .    .    ­  2007  11    3  2005  356.644 70.354.102 22.797.020 18.567.639 6.392.773 17.957.881 1.764.200 132.440 138.322.699  () ..   2006  31  2006  383.182 39.293.867 21.586.476 4.925.048 21.931.034 30.268.197 3.680.203 18.331.295 7.541.592 83.339 148.024.233  3 4 17 17 17 22 7 5 6                     3.670.202 3.279.920 345.375 7.295.497  3.670.202 3.527.079 250.118 7.447.399  22 17  8 50.000.000 13.746.334 6.275.686 479.382 11.813.378 48.712.422 131.027.202 138.322.699 80.000.000 7.409.515 10.714.722 42.452.597 140.576.834 148.024.233        (5 )      (8 )   16.764.225  16.157.031    2007 11    23 3      :      .    22  1      4  2005  13.350.023 1.265.058 43.727.621 23.032 198.301 58.564.035  () ..   2006  31   2006  8.044.351 4.553.698 (6.473.546) (20.409) 2.000.000 3.631.208 3.363.395 343.557 15.442.254  17 9 17 11 3 17 17 10 17       / ()    /()       1.264.031 2.920.979 732.100 628.649 96.316 5.642.075  2.304.929 1.745.356 53.681 4.103.966  12 13 4         52.921.960  11.338.288          .    22  1      5   11.813.378 3.116.399 (4.215.055) (1.098.656) (1.098.656) 10.714.722  () ..    2006  31   2006   479.382 (479.382) -  131.027.202 3.116.399 (4.215.055) (1.098.656) 11.338.288 10.239.632 (200.000) (490.000) 140.576.834   48.712.422 11.338.288 11.338.288 (15.774.284) (200.000) (490.000) (1.133.829) 42.452.597   6.275.686 1.133.829 7.409.515    13.746.334 (13.746.334) -   50.000.000 30.000.000 80.000.000  2006  1            (2005)   (2005)   2006  31   .    22  1      6   6.885.368 7.408.896 (2.480.886) 4.928.010 4.928.010 11.813.378  () ..    2006  31   2005   479.382 479.382  42.421.231 7.408.896 (2.480.886) 4.928.010 52.921.960 57.849.970 30.756.001 131.027.202   1.082.658 52.921.960 52.921.960 (5.292.196) 48.712.422   983.490 5.292.196 6.275.686    77.000 13.669.334 13.746.334   32.913.333 17.086.667 50.000.000  2005  1                2005  31   .    22  1      7  2005  234.540 736.254 (81.764) (15.802.165) 4.059.516 32.670.862 (3.856.158) (17.957.881) 1.779 4.983  () ..  2006  31   2006  1.759 270.592 (1.167.134) 26.926 (33.491) 57.842 9.861.671 (406.667) 500.000 (2.771.659) (1.000.000) (490.000) (33.636) (50.857) 4.765.346 (4.780) 998 (3.782) (4.650.000) (85.026) (4.735.026) 26.538 356.644 383.182                    (12 )                     (10 )             (31.706) (31.706)  30.756.001 (18.567.639) (11.500.000) (620.924) (90) 67.348 40.625 316.019 356.644  .    22  1      8  () ..   2006  31   2006  31   ) (  -  ) (  317.689 5.670.202 10.169.140 16.157.031   0.44 3.46  ()  12.887 2.940    ) (    ()   )  ) ( (  31.631 31.631 (107.544) 101.336 (6.208)  2006  1  / ()  ) (  (631.640) (631.640)  2006  ) (  317.689 708.530 5.670.202 10.067.804 16.764.225   0.30 0.44 3.42   ()  2.385 12.887 2.940  (977) (977)      ..    ( 2 )..   :   2006  31   .      .1 .(  282.311 : 2005) 282.311  ...         .2            .(22 )   .    22  1      9  2005  31  ) (  317.689 708.530 5.670.202 10.067.804 16.764.225  () ..   () 2006  31     ()  )  )  ) ( ( (  (3.827) (3.827) 145.501 93.249 238.750  2005  1  / ()  ) (  3.827 3.827  2005   0.30 0.44 3.42  ()  2.385 12.887 2.940   ) (  -  ) (  317.689 563.029 5.670.202 9.974.555 16.525.475   0.24 0.44 3.39  ()  2.385 12.887 2.940      ..    ( 2 )..   :   2005  31   .      .1 .(  282.311 : 2004) 282.311  ...         .2            .(22 )   .    22  1      10  2005  90 90  () ..    2006  31   2006  200.000 235 200.235         1    31    90 90 -  85.026 85.026 115.209 115.209  .    22  1      11  () ..   2006  31   .1   1997  26   (  ) () ..  .1998  15   .   .2005  3           .       :   .    .  . .      .        . .  .      . .  .  .2 . .      .  .          .    .       .     .         .(21)     12  () ..   2006  31   ()  .2 .        .    .    .   .    .      .    .  ( )    . .    .  -1             .            .    .  -2      /  .  /  -3      .                   .                              .     13  () ..   2006  31   ()  .2 ()  .   -4 . .     .  .           .           .  . .        .     .      . .      .          .   .  .    .              .    .      .        .            .      14  () ..   2006  31   ()  .2   .             .  . .     .3      2005     () ..   .    2005  28.234.982 4.280.677 15.802.165 (21.691.343) 43.727.621 70.354.102  2006  70.354.102 4.200.000 (28.786.689) (6.473.546) 39.293.867  1          31  (  70.354.102 :2005) 39.293.867  2006  31  .   2005  24.359.483 (4.280.677) 81.764 (4.060.649) 7.429.199 (732.100) 22.797.020  2006  22.797.020 748.925 (5.055.455) 3.095.986 21.586.476   .4 1           31    15  () ..   2006  31   ()  .4 :   2005 2006  17.181.791 813.776 5.533.553 23.529.120 (732.100) 22.797.020 20.263.384 1.447.658 607.534 22.318.576 (732.100) 21.586.476    - .1 ­  .2    :    %    ..  ..       ­    2.74 18.03   (  9.592.323 :2005) 12.348.738  2006  31   (22 )      (  6.013.695 :2005) 6.435.709  .     16  2005  13.263 93.300 91.078 488.593 106.528 41.924 1.329.514 2.164.200 (400.000) 1.764.200  () ..   2006  31   2006  13.263 3.631.836 2.000.000 93.300 157.190 2.256 140.419 451.772 1.451.556 7.941.592 (400.000) 7.541.592  :  .5               .6 :  31    2005  604.273 (471.833) 132.440  2006  584.529 (501.190) 83.339    .7   .      . 2005 2006 .8  :   0.33  303.030.303 :   (151.515.152 :2005) 242.424.242   0.33   100.000.000  100.000.000  50.000.000  80.000.000   80.000.000  50.000.000   .  30.000.000      17  () ..   2006  31   () .8         .     )  %10  2001    .   %50    ( .        .     .                .(4  ) .   2005  957.118 12.392.905 13.350.023  2006  1.412.454 6.631.897 8.044.351    .9      .10   72.6  .    .  2005  201.421 1.063.637 1.265.058  2006  548.532 4.005.166 4.553.698    .11      18  () ..   2006  31   .12      1.000.000   . 2005  307.662 91.432 251.124 34.748 55.286 35.183 180.270 1.344.101 621.173 2.920.979  2006  584.781 91.432 113.986 40.318 61.288 34.298 96.532 407.075 315.646 1.745.356   .13        .14           .    .   .15 :    2006  16.157.031 16.157.031   9.078.546 57.591.595 51.358.259 22.451.833 96.601 140.576.834  6.428 338.936 7.040.620 61.415 7.447.399  9.084.974 57.930.531 58.398.879 22.513.248 96.601 148.024.233            19  () ..   2006  31   () .15 2005    16.764.225 16.764.225   17.125.570 ( 101.288 ) 113.323.430 533.786 145.703 131.027.201  196.183 118.908 6.932.240 48.167 7.295.498  17.321.753 17.620 120.255.670 581.953 145.703 138.322.699           .16 :    2006   5.670.202 10.169.140 317.689 16.157.031  6.899.265 548.134 7.447.399  69.712.613 13.562.592 64.749.028 148.024.233       2005   5.670.202 10.067.804 1.026.219 16.764.225  6.950.122 345.375 7.295.497  45.954.230 12.286.601 14.725.019 65.356.849 138.322.699       .2005  2006  31       20  () ..   2006  31     .17            .   .       .    . :    2005 2006               6.392.773 60.492.432 7.160.237 18.567.639 41.924 803.712  3.680.203 39.293.867 8.270.151 4.925.048 21.931.034 30.268.197 451.772 5.827.371  3.279.920 16.910  3.527.079 -  .         .(  59.914 : 2005) 55.759  2006  31    21  () ..   2006  31   ()   .17 :    2005  18.690 105.070 40.409.592 1.475 111.913 671.432  2006  4.206.958 2.577.974 2.000.000 3.631.208 (6.473.546) 3.363.395 257.048 977 1.000.000 203.333            / ()                 :   .    2005  276.820 19.496 -  2006  226.549 9.450 490.000 1.000.000        .18 :     2005  30.000.000 490.000 200.000  2006  150.000 *      .  10 6  *    22  () ..   2006  31   .19 .      .         .              .                  .  .       . .              .   . .      .      . .                .   .20         .   81.676 : 2005)      .      (    23  () ..   2006  31     .21  .            .           .   .    .           .   .22        2004   .  3.670.202    .   .2006  31   12.348.738   .             .      .                 .  .        ",281);arrFiles[38]=new Array(39,"financial_statements/financial_statements_english_2004.pdf","5 Jun 2007","FS/C/CITislamic/310397","","FS","INVESTORS BANK E.C. FINANCIAL STATEMENTS 31 DECEMBER 2004  Commercial registration Registered Office  : :  39646 (registered with Bahrain Monetary Agency as an offshore Islamic investment bank). P O Box 11818 Al Salam Tower 13th Floor Manama Kingdom of Bahrain Mr. Sami Al Bader, Chairman and Managing Director Mr. Abdul Mohsen Mohamed Al Othman, Vice Chairman Mr. Ghassan Fahad Al-Sultan Sheikh Salman Dawood Al-Salman Al-Sabah Mr. Bader Sulaiman Al Jarrallah Mr. Abdul Malik Yousif Al-Hammar Dr. Basheeer Saleh Al-Rashidi (up to 5 August 2004) Mr. Amed Shabeeb Al Dhaheri (from 5 August 2004) KPMG  Directors  :  Auditors  :    INVESTORS BANK E.C.  FINANCIAL STATEMENTS for the year ended 31 December 2004  CONTENTS  Page  Chairman \'s report Report of the auditors to the shareholders Financial statements Balance sheet Income statement Statement of changes in shareholders \' equity Statement of cash flows Statement of changes in restricted investment accounts Statement of sources and uses of charity fund Notes to the financial statements  1-4 5  6 7 8-9 10 11-12 13 14-23    INVESTORS BANK E.C. CHAIRMAN \'S REPORT for the year ended 31 December 2004  1   In the name of Allah, the Compassionate, the most Merciful. Praise be to Allah and peace and blessing be upon the Messenger . Dear Shareholders, I am pleased to present to you, on behalf of the Board of Directors, the annual report of the Investors Bank ( the Bank ) for the year ended December 31, 2004. 2004 was a year of widespread recovery that witnessed a remarkable turnaround in the international as well as regional economic and financial fields following the quick political and economic disruption caused by the war in Iraq in March 2003. The global economic recovery strengthened and broadened further in 2004. While the pace and nature varied World Economic Growth significantly between one region and the other, the global growth was the test 4.0 4.0 over 20 years. It was strong in industrial 2.6 countries and exceptionally rapid in 4.0 1.8 1.4 3.0 emerging markets, notably China. It was 2.0 generally propelled by a sharp pick up in 1.0 industrial production and a strong 0.0 rebound in international trade flows. 2000 2001 2002 2003 2004 Solidly positive investment growth in almost all regions as well as strengthened business and consumer confidence also played a role in world economic growth, which is estimated to have averaged 4.0 per cent in 2004 compared with 2.6 per cent in 2003 and 1.8 per cent in 2002. The rapid global economic recovery, combined with currency developments, and accompanied increasingly by a variety of supply-side factors led to a strong pick-up in commodity prices. In the oil market, prices have risen sharply underpinned by a combination of surging demand and supply side concerns in several oil exporting countries, including Iraq, Russia and Venezuela. This has been exacerbated by low excess capacity and speculative activity. Brent crude oil prices increased to exceed US 50 per barrel in 2004 and to average US 39 per barrel for the year compared with US 28.8 in 2003. Metal commodities prices have also rallied, with food and agricultural raw materials experiencing the largest gains. From an international perspective and looking at different countries, industrial countries growth continued to be led by the United States with GDP growth averaging 4.4 per cent in 2004 against 3.3 per cent in 2003. There has also been a recovery in the euro area in 2004, but it has been much slower than in the US and Asia, reflecting weak domestic demand in some countries, especially Germany. The European Union overall growth is estimated to have averaged 2.3 per cent in 2004 compared with 1.1 per cent in 2003; average GDP growth for the year was 2.9 per cent in 2004 compared with 1.3 per cent in 2003. In Japan, average GDP growth for the year was 2.9 per cent in 2004 compared with 1.3 per cent in 2003.  Percent    INVESTORS BANK E.C. CHAIRMAN \'S REPORT for the year ended 31 December 2004  2  Emerging markets have also experienced further economic growth in 2004 with strong activity in emerging Asia, where GDP rate of growth is estimated to have averaged 4.6 per cent compared with 3.7 per cent in 2003. Continued buoyant growth in China, propelled by strong increases in investment and exports, is estimated to have averaged 9.5 per cent in 2004 compared with 9.3 per cent and 8.0 per cent in 2003 and 2002 respectively. As for the Arab World, despite continued fragile security situation, economic activity remained strong in oil and non-oil producing economies, averaging 5.4 per cent in 2004 against 4.4 per cent in 2003 and 1.9 per cent in 2002. Higher oil production and prices boosted growth in 2004 and have led many oil exporting countries being awash with liquidity. Non-oil producing Middle Eastern economies including Jordan, Lebanon and to a certain extent Egypt have also experienced difficulties and complications which made its growth ratio less than that of the other Arab Oil States. The Bank continued to be active in Bahrain which is emerging as an International Islamic Banking Centre & in other GCC countries. In addition to the infrastructural set-up already in situ, the BMA is actively looking at adopting regulatory measures and guidelines to streamline and regulate Islamic Banking activities. With this in mind, BMA could be considered the only regulatory authority in Muslim countries that strive to provide Islamic financial institutions with an umbrella well accepted by international regulators and thus allows these institutions to actively participate in international transactions complying with the Shari \'a without any hindrance or complication. Bahrain is the home for many Islamic organizations accepted and recognized by many international supervisory authorities worldwide including Muslim Countries. Such organizations include The Auditing Organization for Islamic Financial Institutions (AAOIFI), Liquidity Management Centre (LMC), International Islamic Financial Market (IIFM), The International Islamic Rating Agency (IIRA) and the High Council for Islamic and Banking Finance. With the presence of these Islamic Banking organizations, it is hoped that a primary as well as a secondary market for Islamic Financial Instruments could be developed so as to make Bahrain a truly Islamic Financial Market. Brothers Shareholders It is worth noting that the Bank underwent important developments and changes by restructuring its marketing & management strategy especially after completing the new organization structure of the Bank. That resulted in the recruitment of experienced and qualified staff in Islamic Banking. Normally such changes take time until they bear fruit, but regardless, steps and measures have been taken to effectively implement it. It is hoped that the Bank will witness its positive effect in the near future. On the business strategy level, the Bank has strengthened its investments in Bahrain Islamic Bank and Al Takaful International. Takaful International has seen a radical transformation in its business approach & profile since it changed management control in year 2002 when the bank & its affiliates helped in the formation of a new board of directors in addition to selecting new executive management enjoying wide experience and efficiency. This has resulted in remarkable improvement and better performance of the company; thus playing a major role in Islamic Insurance Market. In view of the growing demand for Takaful Insurance and its expanding market in the region, the bank is targeting at establishing a holding company and a Takaful Insurance Company in every state of the GCC as a first phase to be then followed by aiming at neighbouring markets that are also showing positive responses to this kind of insurance.    INVESTORS BANK E.C. CHAIRMAN \'S REPORT for the year ended 31 December 2004  3  Another aspect adopted by the marketing strategy of the bank and presently under implementation is the promotion of a new product namely consumer \'s credit which meets the demand of a large portion of fixed income group. This is being implemented through the proposed creation of  Ajal Holding Company . The Bank is also planning to form companies for consumer \'s credit to be implemented in phases in the GCC States with the intention of promoting and expanding this sort of a newly introduced product. In addition, the various investments of the Bank witnessed remarkable growth which reflected outstanding performance attributed to the long-term strategy which was designed by the Board of Directors. It aims carefully and prudently at selecting investments offering value over a medium to long term. It is worth mentioning that the Bank does not miss any opportunity for seizing rewarding investment. This was manifested in its actual investments in various establishments in the GCC countries. The Bank in cooperation with associate companies participates in investment and real estate projects as to broaden its investment horizon and to serve GCC as well as regional economies. With this background the Bank is planning to launch initiatives for various developmental projects that benefit Gulf citizens and increase the rate of economic growth and consequently creating new job opportunities. As the Bank is truly a Gulf bank it becomes natural for it to consider GCC countries as its home and make that as its cornerstone in attending to the requirements of the regional market which recently witnessed continued growth and expansion. Respected brothers, It is our belief that in order for the Bank strategy to succeed in the long run, important changes should be introduced in the organizational and management structures. This has been done during the year as the Bank appointed a new management led by highly experienced executives in Islamic Banking. The new management has strenghthened the administrative set-up through the addition of highly qualified staff creating a team suitable to run the new business and to implement the strategy designed by the Board and to effectively monitor it. It is heartening to see that the Bahraini staff of the bank constitutes 99% of the total. This shows that Bahrain talents are available in the growing Bahrain financial market, which is rightly considered as the only regional financial centre in the Arab World; and being thoroughly capitalized by the Bank. For the year, the performance of the Bank could be considered as a landmark for continued growth, net profit stood at US 6,005,568 an increase of US 1,659,454 i.e. 38% over the previous year. Total assets amounted to US 60,997,404 at the end of 2004 increasing by US 17,630,278 i.e. 41% over 2003, shareholders equity totalled US 42,421,231 showing an increase of US 9,445,894 i.e. 29% over last year. In the light of these results we look forward with optimism and confidence for a better future as the Bank continues applying its new marketing and management strategy and also promoting new products. We pray to His Almighty God to grant management success in it endeavours.    INVESTORS BANK E.C.  4  CHAIRMAN \'S REPORT for the year ended 31 December 2004 I would like to seize the opportunity to thank members of the Board of Directors for their valuable guidance and look forward to work together in realizing the planned objective in building a strong investment bank. My thanks are also extended to our shareholders and clients for their patience and understanding. I would not miss to present my deepest condolences and sympathies to the family of the Late Abdul Malik Yusuf Al Hamar, our director of the Board, who passed away this year. I also thank our executive management and staff for their dedication and hard work. In conclusion I wish to express our gratitude and appreciation to His Majesty King Hamad Bin Isa Al Khalifa, the King of the Kingdom of Bahrain, to His Highness Sheikh Khalifa Bin Salman Al Khalifa, the Prime Minister and His Highness Sheikh Salman Bin Hamad Al Khalifa, the Crown Prince and Commander-in-Chief of the Bahrain Defence Force and to all Government Ministries and Institutions especially the Bahrain Monetary Agency, Ministry of Industry and Commerce and Bahrain Stock Exchange for their cooperation, guidance and support.  Sami Al Bader Chairman and Managing Director 5 May 2005    5  REPORT OF THE AUDITORS TO THE SHAREHOLDERS INVESTORS BANK E.C. Manama, Kingdom of Bahrain  5 May 2005  We have audited the accompanying financial statements of Investors Bank E.C. ( the Bank ) as at, and for the year ended, 31 December 2004 as set out on pages 6 to 23. Respective responsibilities of directors and auditors These financial statements and the Bank \'s undertaking to operate in accordance with Islamic Shari \'a rules and principles are the responsibility of the directors of the Bank. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of the Bank as of 31 December 2003 were audited by another auditor whose report dated 20 July 2004 expressed an unqualified opinion on those financial statements. Basis of opinion We conducted our audit in accordance with Auditing Standards for Islamic Financial Institutions. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Bank as at 31 December 2004, the results of its operations, the changes in its cash flows, shareholders \' equity, restricted investment accounts and sources and uses of charity fund for the year then ended, in accordance with Financial Accounting Standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions and the Shari \'a rules and principles as determined by the Shari \'a Supervisory Board of the Bank. Other regulatory matters In addition, in our opinion, the Bank has maintained proper accounting records and the financial statements are in agreement therewith. We have reviewed the accompanying report of the chairman and confirm that the information contained therein is consistent with the financial statements. To the best of our knowledge and belief, no violations of the Bahrain Commercial Companies Law 2001, the Bahrain Monetary Agency law 1973 (as amended) or the terms of the Bank \'s license or its memorandum and articles of association have occurred during the year that might have had a material adverse effect on the business of the Bank or on its financial position. Satisfactory explanations and information have been provided to us by the management in response to all our requests.    INVESTORS BANK E.C.  6  BALANCE SHEET as at 31 December 2004 Note ASSETS Cash and balances with banks Murabaha receivables Deferred payment sale receivables Trading investments Available-for-sale investments Other assets Fixed assets Total assets LIABILITIES, UNRESTRICTED INVESTMENT ACCOUNTS AND SHAREHOLDERS \' EQUITY Liabilities Due to financial institutions Due to a related party Other liabilities Total liabilities Unrestricted investment accounts Shareholders \' equity Share capital Share premium Statutory reserve General reserve Investments fair value reserve Accumulated profits/(losses) Total shareholders \' equity (pages 8 and 9) Total liabilities, unrestricted investment accounts and shareholders \' equity OFF-BALANCE SHEET ITEMS Restricted investment accounts (pages 11 and 12) 16 316,019 6,287,703 28,234,982 24,359,483 1,602,167 197,050 60,997,404 2004 2003  US   19 3 4 5 6  154,764 1,036,856 2,801,874 36,090,649 3,154,556 128,427 43,367,126  7 16 8  15,274,390 3,117,150 184,633 18,576,173 -  7,554,930 1,214,961 121,910 8,891,801 1,499,988  9 9 9 9  32,913,333 77,000 983,490 479,382 6,885,368 1,082,658 42,421,231  32,913,333 77,000 802,763 479,382 2,901,154 (4,198,295) 32,975,337  60,997,404  43,367,126  16,525,475  317,689  The financial statements, which consist of pages 3 to 23, were approved by the Board of directors on 5 May 2005 and signed on its behalf by:  Sami Al Bader Chairman and Managing Director  Ghassan Fahad Al-Sultan Director  The accompanying notes 1 to 20 form an integral part of these financial statements.    INVESTORS BANK E.C.  7  INCOME STATEMENT for the year ended 31 December 2004 Note Management and advisory fees Profit on deferred payment sale of investments Unrealised re-measurement gains on trading investments Net unrealised re-measurement gains on available-forsale investments Income from available-for-sale investments Income from Murabaha receivables Total income Staff costs Murabaha expenses Expenses relating to deferred payment purchase of investments Administrative and general expenses Provision for impairment of available-for-sale investments Amortisation of goodwill Depreciation Operating profit Share of the profit of associate Profit for the year 2004 760,289 256,826 3 6,699,826 38,524 1,117,551 4,241 8,877,257 (1,111,706) (419,661) (141,755) (1,115,090) (83,477) 6,005,568 6,005,568 2003  US   575,000 4,280,910 1,815,740 26,197 6,697,847 (1,018,380) (425,853) (646,582) (250,000) (8,503) (67,677) 4,280,852 65,262 4,346,114  10  11  12  Sami Al Bader Chairman and Managing Director  Ghassan Fahad Al-Sultan Director  The accompanying notes 1 to 20 form an integral part of these financial statements.    INVESTORS BANK E.C. STATEMENT OF CHANGES IN SHAREHOLDERS \' EQUITY for the year ended 31 December 2004 Investments fair value reserve 2,901,154 -  8  US   2004 Balance at 1 January 2004 Profit for the year Transfer to statutory reserve Transfer of unrealised gains on available-for-sale investments previously recognised in retained earnings on adoption of FAS 17 to available-for-sale investment fair value reserve Unrealised re-measurement gains during the year on available-forsale investments At 31 December 2004  Share Capital 32,913,333 -  Share premium 77,000 -  Statutory reserve 802,763 180,727  General reserve 479,382 -  Retained earnings (4,198,295) 6,005,568 (180,727)  Total 32,975,337 6,005,568 -  32,913,333  77,000  983,490  479,382  543,888 3,440,326 6,885,368  (543,888) 1,082,658  3 ,440,326 42,421,231  The accompanying notes 1 to 20 form an integral part of these financial statements.    INVESTORS BANK E.C. STATEMENT OF CHANGES IN SHAREHOLDERS \' EQUITY  for the year ended 31 December 2004  9  US   2003 Balance at 1 January 2003 Prior period adjustment (refer note 20) Balance at 1 January 2003 (restated) Profit for the year Unrealised re-measurement gains during the year on available-forsale investments Transfer to statutory reserve At 31 December 2003  Share Capital 32,913,333 32,913,333 32,913,333  Share premium 77,000 77,000 77,000  General reserve 479,382 479,382 479,382  Statutory reserve 368,152 368,152 434,611 802,763  Investments fair value reserve 2,901,154 2,901,154  Retained earnings ( 7,144,348) ( 965,450) ( 8,109,798) 4,346,114 ( 434,611) (4,198,295)  Total 26,693,519 (965,450) 25,728,069 4,346,114 2 ,901,154 32,975,337  The accompanying notes 1 to 20 form an integral part of these financial statements.    INVESTORS BANK E.C. STATEMENT OF CASH FLOWS for the year ended 31 December 2004 2004 OPERATING ACTIVITIES Management and advisory fees received Profit received on deferred payment sale of investments Dividends received Income from Murabaha receivables received Payments for operating expenses Murabaha expenses paid Payments for expenses relating to deferred payment purchase of investments Cash flows from operating activities INVESTING ACTIVITIES Purchase of available-for-sale investments Sale of available-for-sale investments Deferred payment sale receivables , net Net proceeds from sale of associate company Purchase of fixed assets Cash flows from investing activities FINANCING ACTIVITIES Receipts from/ (payments to) a related party, net Receipts from/ (payments to) financial institutions, net Payments to charities (page 13) Cash flows from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year 519,648 256,826 1,108,885 4,241 (1,869,985) (546,232) (141,755) (668,372) 2003  10  US   1,235,992 26,197 (1,608,198) (579,148) (925,156)  (6,573,376) 256,902 (3,485,829) (152,100) (9,954,403)  (301,351) 3,342,208 (2,801,874) 506,757 (37,079) 708,661  1,924,572 7,823,648 (1,046) 9,747,174 (875,601) 1,191,620 316,019  (543,056) (228,626) (57,432) (829,115) (1,045,610) 2,237,230 1,191,620  Cash and cash equivalents comprise: Cash and balances with banks Murabaha receivables  316,019 316,019  154,764 1,036,856 1,191,620  The accompanying notes 1 to 20 form an integral part of these financial statements.    INVESTORS BANK E.C. STATEMENT OF CHANGES IN RESTRICTED INVESTMENT ACCOUNTS for the year ended 31 December 2004  11  US   2004  Balance at 1 January 2004 Average No of value per Total units share US  US  (000) 317,689 -  Balance at 31 December 2004 AdministraAverage Investment/ revaluation Investment Bank \'s fees tion value per Total (withdrawal) s profit/ (loss) as an agent expenses No of units share US  US  (000) US  US  US  US  US  734,576 (168,703) ( 2,844) 2,385 0.24 317,689 563,029  Movements during the year  Murabaha with Lotus Air Ltd Shares in Bahrain Family Leisure Company BSC Investment in International Investment Group K.S.C.C. (note 2 below) Portfolio managed by the bank  -  -  -  5,680,202 9,974,555  (168,703) -  -  ( 10,000) (12,844) -  -  12,887 2,940  0.44 5,670,202 3.39 9,974,555 16,525,475  317,689 16,389,333  1  Restricted investment accounts represent amounts received from and transactions entered on behalf of related parties. The restricted investment accounts at 31 December 2004 are carried net of a provision for impairment amounting to US  282,311 (2003: US  282,311). On the instructions of a restricted investment account holder, a related party, the Bank has entered into a deferred payment purchase agreement with a financial institution to acquire shares of International Investment Group K.S.C.C (`IIG \'). The Bank then entered into a deferred payment sale agreement with the restricted investment account holder for sale of the these shares. However, due to a legal dispute with the financial institution, the Bank could not effect the transfer of the IIG shares to the restricted investment account holder (note 19).  2  The accompanying notes 1 to 20 form an integral part of these financial statements.    INVESTORS BANK E.C. STATEMENT OF CHANGES IN RESTRICTED INVESTMENT ACCOUNTS for the year ended 31 December 2004 (continued) 2003 Balance at 1 January 2003 Average No of value per Total units share US  US  (000) 317,689 317,689 Movements during the year  12  US   Balance at 31 December 2003 AdministraAverage Investment/ Revaluation Investment Bank \'s fees tion value per Total (withdrawal) -ns profit/ (loss) as an agent expenses No of units share US  US  (000) US  US  US  US  US  317,689 317,689  Murabaha with Lotus Air Ltd  Restricted investment accounts represent amounts received from a related party. The restricted investment accounts at 31 December 2003 are carried net of a provision for impairment amounting to US  282,311.  The accompanying notes 1 to 20 form an integral part of these financial statements.    INVESTORS BANK E.C.  13  STATEMENT OF SOURCES AND USES OF CHARITY FUND for the year ended 31 December 2004 2004 Sources of charity fund Non-Islamic income Total sources Uses of charity fund Contributions to charitable organisations Total uses Excess of uses over sources Undistributed charity fund at 1 January Undistributed charity fund at 31 December (note 8) 1,046 1,046 (968) 968 2003  US   78 78  165 165  57,432 57,432 (57,267) 58,235 968  The accompanying notes 1 to 20 form an integral part of these financial statements.    INVESTORS BANK E.C.  14  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004 1  US   INCORPORATION AND ACTIVITIES Investors Bank E.C. (the  Bank ) was established in the Kingdom of Bahrain as an exempt company on 26 October 1997 and operates under an investment banking license granted by the Bahrain Monetary Agency (the  BMA ) on 3 September 1997. The Bank commenced commercial operations on 15 June 1998. The Bank \'s activities are regulated by the BMA and supervised by a Religious Supervisory Board whose role is defined in the Bank \'s Memorandum and Articles of Association and the Religious Supervisory Board Report. The principal activities of the Bank include investment banking and financial activities, investment transactions, participating in equity investments in projects in conformity with the Islamic Sharia \'a. The Bank may, in particular, carry on the following business activities: (a) Providing investment account facilities; (b) Accepting restricted or unrestricted investment funds commingling the same with those of the Bank and investing them in accordance with the Sharia \'a; (c) Managing the investment of third party funds as an agent for a fixed fee or as a Mudarib and any other banking activities not contravening the provisions of the Sharia \'a; (d) Industrial, commercial and agricultural business activities, either directly or through companies which the Bank may establish, or in which the Bank may acquire shares; and (e) Purchasing, leasing and constructing buildings, and the renting thereof.  2 (a)  SIGNIFICANT ACCOUNTING POLICIES Statement of compliance The financial statements have been prepared in accordance with Financial Accounting Standards( FAS ) issued by the Accounting and Auditing Organisation for Islamic Financial Institutions. Basis of preparation The financial statements are presented in US Dollars, being the principal currency of the Bank \'s operations. They are prepared on the historical cost basis except for the measurement at fair value of trading investments and certain available-for-sale investments. The accounting policies have been consistently applied by the Bank and are consistent with those used in the previous year, except for the accounting for dividend income (refer note 20). Revenues recognition Management and advisory fees are recognised when the services for the transaction are provided and income is earned. Income from Murabaha contracts and deferred payment sale contracts are recognised on a time-apportioned basis over the period of the contract. Profits and losses resulting from Mudaraba contracts are recognised when the Mudarib declares profits. Income from investments (dividend income) is recognised when the right to receive is established (refer note 20).  (b)  (c)  (d)  Murabaha receivables Murabaha receivables are stated at cost less provision for impairment.    INVESTORS BANK E.C.  15  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004 2 (e) Significant accounting policies (continued)  US   Investments (i) Classification Held-for-trading investments are financial assets which are held principally for the purpose of generating a profit from short-term fluctuations in price or dealer \'s margin or where a pattern of short-term profit taking exists or is part of a portfolio for which there is evidence of a recent actual pattern of short-term profit taking. These comprise quoted shares. Available-for-sale investments are financial assets that are not held-for-trading purposes, originated by the Bank or held-to-maturity. These include investments in quoted and unquoted shares and managed funds. (ii) Recognition Held-for-trading and available-for-sale investments are recognised/derecognised by the Bank on the date it commits to purchase/sell the investments. (iii) Measurement Held-for-trading investments are measured initially at cost including transaction costs. Subsequent to initial recognition, Held-for trading investments are re-measured to fair value and the resulting unrealised gains or losses are recognised in the income statement in the period in which they arise. Available-for-sale investments are measured initially at cost including transaction costs. Subsequent to initial recognition available-for-sale investments are re-measured to fair value and the resulting unrealised gains or losses are recognised in an  investment fair value reserve  as a separate component in shareholders \' equity provided that unrealised losses are recognised in equity to the extent of the available balance. In case losses exceed the available balance, the unrealised losses are recognised in the income statement under  Unrealised re-measurement gains or losses on investments . In case there are unrealised losses that have been previously recognised in the income statement, then the unrealised gains for the year are recognised to the extent of previously recognised losses in the income statement. Any excess of such gains over previously recognised losses is taken to the  Investments fair value reserve . (iv) Fair value measurement principles (a) Quoted investment 1. Fair value for quoted equity shares is their market bid price assuming an active market. (b) Unquoted available-for-sale investments i) Fair value for unquoted equity shares has been determined by reference to the price of the most recent transactions in the shares. ii) Equity shares for which there is no quoted market price or other appropriate methods from which to derive fair values, are stated at cost less impairment allowances, if any. (iii) Fair value for unquoted managed funds is the fund \'s net assets value as reported by the fund manager.  (f)  Investment in associates Associates are those enterprises in which the Bank has significant influence, but not control, over the financial and operating policies. Investment in associates is accounted for under the equity method.    INVESTORS BANK E.C.  16  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004 2 (g) Significant accounting policies (continued)  US   Deferred payment sale receivables Receivables arising from deferred payment sale are recognised at the time of contracting and stated at their cost less impairment allowances. Goodwill Goodwill represents the excess of the cost of acquisition over the fair value of the Bank \'s share of the net assets acquired at the date of acquisition. Goodwill is amortised using the straight-line method over its estimated useful life of 20 years. Fixed assets Fixed assets are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method to write-off the cost of the assets over their estimated useful lives ranging from 3 to 5 years. Impairment The carrying amount of the Bank \'s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset \'s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Earnings prohibited by Shari \'a The Bank is committed to avoid recognising any income generated from non-Islamic sources. Accordingly, all non-Islamic income is credited to a charity account where the Bank uses these funds for charitable means. Movements in non-Islamic funds are shown in the statement of sources and uses of charity fund. Restricted investment accounts Restricted investment accounts represents assets held in trust or in a fiduciary capacity by the Bank for the benefit of the investment accounts holders. The restricted investment accounts are exclusively restricted for investment in specified projects as directed by the investments account holders. Restricted investments in quoted securities are valued at their market bid price. Restricted investments in securities for which there are no quoted market price or other appropriate methods from which to derive fair values, are stated at cost less impairment allowances, if any.  (h)  (i)  (j)  (k)  (l)  (m)  Transactions and balances in foreign currencies Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date, are translated at the exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Nonmonetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the reporting currency at the exchange rates ruling at the dates that the values are determined.    INVESTORS BANK E.C. (n)  17  Cash and cash equivalents Cash and cash equivalents comprise cash, balances with financial institutions and Murabaha receivables with maturities of three months or less when acquired.    INVESTORS BANK E.C.  18  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004 3  US   TRADING INVESTMENTS On 1 January 2004, and following a change in the Bank \'s intention, part of the Bank \'s investment in the shares of Bahrain Islamic Bank BSC were transferred from available-forsale category to held-for-trading category. The transfer was at fair value on 1 January 2004. 2004 US  Transferred from available for-sale category at fair value Unrealised re-measurement gains during the year At 31 December 2004 21,535,156 6,699,826 28,234,982 2003 US  -  Certain of these shares with a carrying value of US  23,609,631 are pledged as collateral against amounts due to financial institutions (note 7). 4 AVAILABLE-FOR-SALE INVESTMENTS 2004 US  Investment in equity shares i) At fair value - Quoted - Unquoted 2003 US   12,421,959 8,259,114 20,681,073  32,639,540 32,639,540 568,750 2,882,359 36,090,649  ii) At cost ­ unquoted Investments in managed funds  732,100 2,946,310 24,359,483  Material available-for-sale investments are as follows: Country of % incorporation ownership Quoted shares at fair value Bahrain Islamic Bank BSC Takaful International BSC Unquoted shares at fair value Gulf Petroleum Investment Company K.S.C.C. Kuwait 9.74 Focuses on oilfield services, oil drilling and petroleum consulting. Bahrain Bahrain 2.75 Commercial banking in accordance with Islamic Sharia. 18.03 Takaful - insurance according to the Islamic Shari \'a. Nature of main activities  Certain investments in quoted equity shares amounting to US  11,125,632 are pledged as collateral against amounts due to financial institutions (note 7).    INVESTORS BANK E.C.  19  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004 5 OTHER ASSETS 2004 US  Statutory deposit with BMA Management and advisory fees receivable Prepaid expenses Current account with related parties Investors \' funds - unrestricted investment accounts Qard Hassan Other 13,263 240,641 84,897 719,715 57,429 886,222 2,002,167 Less: impairment allowances (400,000) 1,602,167 6 FIXED ASSETS 2003 US   US   13,263 575,000 38,154 549,240 1,499,988 2,476 876,435 3,554,556 (400,000) 3,154,556  Fixed assets comprising furniture and equipment at 31 December were as follows: 2004 US  Cost Accumulated depreciation Net book value 7 DUE TO FINANCIAL INSTITUTIONS 572,568 (375,518) 197,050  2003 US  425,900 (297,473) 128,427  Due to financial institutions comprises long-term and short-term Murabaha payables which are secured by pledge over certain equity investments included in both trading and available-for-sale investments (notes 3 and 4). 8 OTHER LIABILITIES 2004 US  Payable to a related party (note 16) Charity fund (page 13) Accrued expenses 55,110 129,523 184,633 2003 US  968 120,942 121,910    INVESTORS BANK E.C.  20  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004 9 SHAREHOLDERS \' EQUITY  US   Share capital The authorised share capital of the Bank is US 100,000,000 comprising of 100,000,000 shares of US 1.00 each of which 32,913,333 shares were issued and fully paid. The paid up capital according to the Bank \'s articles of association is US  30,000,000. The Bank is in the process of updating their memorandum and articles of association. Share premium Share premium represents the net amount received in excess of the par value of share capital and this amount is not distributable to shareholders as dividend. Statutory reserve In accordance with the requirements of the Bahrain Commercial Companies Law 2001, 10% of the net profit for the year (after adjusting against the accumulated losses) is transferred to a statutory reserve until such time as that reserve represents 50% of the paid up capital. This reserve is normally not available for distribution. General reserve General reserve represents appropriations from the Bank \'s net profit as approved by the shareholders and can only be distributed with the approval of the shareholders. Investments fair value reserve This represents fair value changes arising from re-measurement of available-for-sale investments. It also includes cumulative fair value changes on certain available-for-sale investments upto 1 January 2004, the date on which these investments were reclassified as trading investments (refer note 3). Such cumulative fair value changes will be transferred to the income statement in the year in which these investments are disposed of, impaired or derecognised. 10 INCOME FROM AVAILABLE-FOR-SALE INVESTMENTS 2004 US  Dividend income Income from sale of available-for-sale investments 1,108,885 8,666 1,117,551 11 ADMINISTRATIVE AND GENERAL EXPENSES 2004 US  Consultancy and legal expenses Rent Advertising and promotion Professional fees License and registration Communication Business development Others 546,085 91,432 25,839 43,854 47,745 30,656 134,093 195,386 1,115,090 2003 US  120,151 91,432 2,748 48,776 47,745 36,344 158,499 140,887 646,582 2003 US  1,235,992 579,748 1,815,740    INVESTORS BANK E.C.  21  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004 12 GOODWILL 2004 US  At 1 January Amortisation charge for the year Adjusted on sale of investment in associated company At 31 December 2003 US   US   -  166,968 (8,503) (158,465) -  This represents the difference between the cost of acquiring 50% equity stake in Healey & Baker and Associates W.L.L., a company incorporated in Kuwait and the Bank \'s share of the fair value of the net assets of Healey & Baker and Associates W.L.L. at the date of acquisition. The investment was accounted for as an associate. In 2003, the bank sold its investment in the associate to a related party. 13 ZAKAH Zakah is directly borne by the shareholder and, accordingly, no provision is made by the Bank for Zakah. The Bank computes the Zakah payable by the shareholder on the net invested funds method. The basis of computation is approved by the Shari \'a Board and the amounts payable are notified to the shareholders. 14 MATURITY PROFILE The maturity profile of the Bank \'s assets, liabilities and unrestricted investment accounts is as follows: 2004 Assets Liabilities Net US  US  US  Up to 1 month From 1 month to 3 months From 3 months to 1 year From 1 year to 3 years Over 3 years 5,922,500 20,119,377 34,745,214 210,313 60,997,404 11,236,916 7,303,058 36,199 18,576,173 2003 Liabilities and unrestricted investment account US  7,563,833 15,000 2,783,754 29,202 10,391,789 (5,314,416) 12,816,319 34,709,015 210,313 42,421,231  Assets US  Up to 1 month From 1 month to 3 months From 3 months to 1 year From 1 year to 3 years Over 3 years 1,191,620 22,894 35,256,869 6,867,961 27,782 43,367,126  Net US  (6,372,213) 7,894 32,473,115 6,838,759 27,782 32,975,337    INVESTORS BANK E.C.  22  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004 15 CONCENTRATION OF ASSETS AND LIABILITIES  US   The Bank \'s assets, liabilities and unrestricted investments accounts are distributed over the following industry sectors and geographical area: 2004 Industry sectors Assets US  Trading and Manufacturing Banks and financial institutions Investment companies Oil and Gas Others 732,100 41,281,595 9,366,045 8,259,114 1,358,550 60,997,404 Geographical concentration All assets and liabilities of the Bank as at 31 December 2004 and 31 December 2003 are concentrated in the Middle East region. 16 RELATED PARTY TRANSACTIONS AND BALANCES Liabilities US  18,446,650 129,523 18,576,173 Assets US  568,750 34,993,291 5,716,169 2,088,916 43,367,126 2003 Liabilities and Unrestricted investment account US  7,554,930 2,714,949 121,910 10,391,789  Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties also include directors and shareholders of the Bank and companies in which they have an ownership interest. A significant portion of the Bank \'s income arises from transactions with related parties. Transactions with related parties are undertaken on terms agreed between the parties. Significant balances with related parties at 31 December comprise: 2004 US  Assets Deferred payment sale receivables Available-for-sale investments Other assets Liabilities Due to a related party Other liabilities Unrestricted investment account 6,287,703 14,409,752 1,435,356 2003 US  2,801,874 6,061,479 1,599,240  3,117,150 55,110 -  1,214,961 1,499,988    INVESTORS BANK E.C.  23  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004  16 RELATED PARTY TRANSACTIONS AND BALANCES (continued)  US   Certain of the investments in which the Bank has invested, are managed by a related party. The Bank has investments in the shares of certain shareholders \' companies. The carrying amounts of such investments at 31 December 2004 were US  42,318 (2003: US  37,191). Significant transactions with related parties include: 2004 US  Income Management and advisory fees Profit on deferred payment sale of investments Profit on sale of available-for-sale investments Dividend income Expenses Murabaha expenses Consultancy and legal expenses 17 RISK MANAGMNET 556,727 256,826 143,435 2003 US  575,000 579,748 -  46,016 191,050  97,152 -  The Bank \'s exposure to risks and its approach to managing these risks are discussed below.  a) Credit risk  Credit risk is the risk that a counterparty to a financial transaction does not discharge its obligations on due dates and cause the other party to incur a financial loss. The Bank \'s credit risk arises mainly from cash and balances with banks, deferred payment sale receivables and other assets. The Bank has well defined policies for managing credit risks that ensure that risks are accurately assessed, properly approved and regularly monitored. Formal credit limits are applied at counterparty and single obligor level. Overall exposures are also evaluated to ensure a broad diversification of risk by setting concentration limits by geography and industry.  b) Liquidity risk  Liquidity risk is defined as the risk that funds will not be available to meet liabilities as they fall due. It is the Bank \'s policy to keep a significant part of its assets in liquid assets such as trading securities and quoted available-for-sale investments. The short term liabilities of the bank mainly represent short-term murabaha payables which are secured by pledge of certain investments and are normally rolled over on maturity.  c) Profit rate risk  Profit rate risk arises from the possibility that changes in the profit rate will affect the value of financial instruments. The Bank \'s exposure to profit rate risk is limited due to the short-term nature of  due to financial institutions .    INVESTORS BANK E.C.  24  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2004 17  d)  US   RISK MANAGEMENT (continued)  Currency risk  Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Bank transactions are either in US Dollars or Bahraini Dinars. The Bahraini Dinar is effectively pegged to the US Dollar and hence the Bank \'s exposure to currency risk is limited. 18 FAIR VALUE Fair value is an amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm \'s length transaction. Differences can therefore arise between the book values under the historical cost method and fair value estimates. Other than certain available-for-sale investments carried at cost of US  732,100 (2003: US  568,750), the estimated fair values of the Bank \'s other financial instruments are not significantly different from their book values. 19 LITIGATION AND CLAIMS In 2004, the bank entered into a sale and purchase agreement with a local financial institution to purchase shares of a related party on behalf of another related party. The net amount due to the financial institution amounted to US  3,670,202. In accordance with the terms of the agreement, the bank pledged certain of its investments with a carrying value of US  5,913,762 as of 31 December 2004. The agreement was terminated by the financial institution due to disputes with the bank and the pledged investments have been retained by the financial institution. The bank \'s lawyers and management are of the opinion that the agreement has been wrongfully terminated and following the financial institution \'s refusal to settle the matter amicably, the Bank has filed a legal case in the Bahrain courts against the financial institution for wrongful possession of the investments. The related party on whose behalf the transactions was entered has provided a manager \'s cheque equal to the amount due to the financial institution which has been deposited with the court. Further, the court has also taken custody of the shares under dispute until final resolution of the case. The related party on whose behalf the transaction was entered into has also agreed to reimburse the bank for legal expenses and any losses arising on final settlement with the financial institution. In the opinion of the directors, no provision is required to be made in the financial statements against the investments pledged with the financial institution or for contingent claims that might arise on final settlement. 20 PRIOR PERIOD ADJUSTMENTS The Bank \'s accounting policy in respect of dividend income is to recognise it when the right to receive is established, which is when it is declared by the investee companies. However, up to 31 December 2003, the bank had been accruing for dividend income before it was declared by the investee companies. In 2004, this accounting policy was changed and as a result, the opening balance of retained earnings of the earliest accounting period, being 1 January 2004, has been decreased by US  965,450 and correspondingly other assets decreased by the same amount. There was no impact on the 2003 income statement. Further to the adjustment referred to above, certain comparative figures have been reclassified in order to conform with the current year \'s presentation. Such reclassifications did not affect previously reported net profit or shareholders \' equity.    ",378);arrFiles[39]=new Array(40,"financial_statements/financial_statements_english_2005.pdf","5 Jun 2007","FS/C/CITislamic/310397","","FS","BALANCE SHEET as at 30 September 2006 30 September 2006 (reviewed) ASSETS Cash and cash equivalents Trading investments Available-for-sale investments Murabaha receivables Mudaraba investment Deferred payment sale receivables Advance towards purchase of investment property Advance towards purchase of equity investments Other assets Fixed assets Total assets LIABILITIES AND SHAREHOLDERS \' EQUITY Liabilities Due to a financial institution Due to a related party Other liabilities Total liabilities Shareholders \' equity Share capital Share premium Statutory reserve General reserve Available-for-sale investments fair value reserve Retained earnings Total shareholders \' equity (pages 4 and 5) Total liabilities and shareholders \' equity OFF-BALANCE SHEET ITEMS Restricted investment accounts (pages 7 and 8) Sami Al Bader Chairman 1,025,976 60,495,876 27,590,024 4,812,750 18,567,639 5,892,774 17,969,232 1,047,318 3,397,224 93,888 140,892,701  US  31 December 2005 (audited)  356,644 70,354,102 22,797,020 18,567,639 6,392,773 17,957,881 41,924 1,722,276 132,440 138,322,699  3,670,202 3,229,063 273,224 7,172,489  3,670,202 3,279,920 345,375 7,295,497  80,000,000 6,275,686 16,186,575 31,257,951 133,720,212 140,892,701  50,000,000 13,746,334 6,275,686 479,382 11,813,378 48,712,422 131,027,202 138,322,699  16,154,393  16,764,225  Ghassan Fahad Al-Sultan Director    INCOME STATEMENT for the nine months ended 30 September 2006  US   Nine months ended 30 September 30 September 2005 2006 (reviewed) (reviewed) Income from available-for-sale investments Income from trading investments Unrealised re-measurement gains on trading investments Unrealised re-measurement (loss)/gains on available-for-sale investments Income from Murabaha receivables Profits on deferred payment sale of investments Other income Total income 586,724 1,838,830 3,444 1,265,057 985,530 25,453,533  Three months ended 30 September 30 September 2005 2006 (reviewed) (reviewed) 38,193 2,388,305 2,452 16,122,141  (20,410) 186,121 33,792 2,628,501  (22,390) 1,779 78,803 2,651 27,764,963  31,527 64,188 (2,641) 2,519,573  (410) 1,779 26,268 893 16,153,122  Staff costs (note 6) Administrative and general expenses Impairment allowances on Available for sale investments Murabaha expense Other expenses Total expenses  2,104,033 645,995 868,660 3,618,688  967,767 637,081 732,100 548,510 225,456 3,110,914  194,005 147,460 153,155 494,621  267,016 287,590 732,100 205,495 48,797 1,540,998  (Loss) / Profit for the period Earnings per share (US cents) Basic  (990,187)  24,654,049  2,024,952  14,612,124  (0.41)  12.9  0.84  7.66    ",75);arrFiles[40]=new Array(41,"financial_statements/financial_statements_english_2006.pdf","26 Jun 2007","FS/C/CITislamic/310397","","FS","INVESTORS BANK B.S.C. (c) FINANCIAL STATEMENTS 31 DECEMBER 2006  Commercial registration  :  39646 (registered with Central Bank of Bahrain as a wholesale Islamic investment bank). Al Salam Building Diplomatic Area PO Box 11818 Manama, Kingdom of Bahrain  Mr. Sami Al Bader, Chairman Mr. Abdul Mohsen Mohamed Al Othman, Vice Chairman Mr. Ghassan Fahad Al-Sultan Sheikh Salman Dawood Al-Salman Al-Sabah (until 15 May 2006) Mr. Bader Sulaiman Al Jarrallah Mr. Ahmed Shabeeb Al Dhaheri Sheikh Bander Bin Fahad Al Fehaid  Registered Office  :  Directors  :  Auditors  :  KPMG    INVESTORS BANK B.S.C.(c)  FINANCIAL STATEMENTS for the year ended 31 December 2006  CONTENTS  Page  Report of the Chairman Report of the auditors to the shareholders Financial statements Balance sheet Income statement Statement of changes in equity Statement of cash flows Statement of changes in restricted investment accounts Statement of sources and uses of charity fund Notes to the financial statements  1 2  3 4 5-6 7 8-9 10 11-21    INVESTORS BANK B.S.C.(c) CHAIRMAN \'S REPORT for the year ended 31 December 2006  1  US   In accordance with the Bahrain Commercial Companies Law 2001, I have pleasure in presenting the audited financial statements of Investors Bank BSC (c ) (pages 3 to 21) for the year ended 31 December 2006. Financial highlights Total assets Total equity Profit for the year 2006 148,024,233 140,576,834 11,338,288 2005 138,322,699 131,027,202 52,921,960  Appropriations The board of directors propose the following appropriations for the approval of the shareholders at the Annual General Meeting:  Sami Al Bader Chairman 11 April 2007    2  REPORT OF THE AUDITORS TO THE SHAREHOLDERS INVESTORS BANK B.S.C.(c) Manama, Kingdom of Bahrain  11April 2007  We have audited the accompanying financial statements of Investors Bank B.S.C. (c) ( the Bank ) as at, and for the year ended, 31 December 2006 as set out on pages 3 to 21. Respective responsibilities of directors and auditors These financial statements and the Bank \'s undertaking to operate in accordance with Islamic Shari \'a rules and principles are the responsibility of the directors of the Bank. Our responsibility is to express an opinion on these financial statements based on our audit. Basis of opinion We conducted our audit in accordance with Auditing Standards for Islamic Financial Institutions. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Bank as at 31 December 2006, the results of its operations, the changes in its cash flows, shareholders \' equity, restricted investment accounts and sources and uses of charity fund for the year then ended, in accordance with Financial Accounting Standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions and the Shari \'a rules and principles as determined by the Shari \'a Supervisory Board of the Bank. Other regulatory matters In addition, in our opinion, the Bank has maintained proper accounting records and the financial statements are in agreement therewith. We have reviewed the accompanying report of the chairman and confirm that the information contained therein is consistent with the financial statements. We are not aware of any violations of the Bahrain Commercial Companies Law 2001, the Central Bank of Bahrain and Financial Institutions Law 2006, the terms of the Bank \'s license or its memorandum and articles of association having occurred during the year, which might have had a material effect on the business of the Bank or on its financial position as at 31 December 2006. Satisfactory explanations and information have been provided to us by the management in response to all our requests.    INVESTORS BANK B.S.C.(c)  3  BALANCE SHEET as at 31 December 2006 US  Note 31 December 2006 31 December 2005  ASSETS Cash and cash equivalents Trading investments Available-for-sale investments Murabaha receivables Mudaraba investment Receivables from sale of investments Deferred payment sale receivables Investment property Other assets Fixed assets Total assets LIABILITIES AND EQUITY Liabilities Due to a financial institution Due to related parties Other liabilities Total liabilities Equity Share capital Share premium Statutory reserve General reserve Available-for-sale investments fair value reserve Retained earnings Total equity (page 5) Total liabilities and equity OFF-BALANCE SHEET ITEMS Restricted investment accounts (page 8) 8 80,000,000 7,409,515 10,714,722 42,452,597 140,576,834 148,024,233 50,000,000 13,746,334 6,275,686 479,382 11,813,378 48,712,422 131,027,202 138,322,699 383,182 39,293,867 21,586,476 4,925,048 21,931,034 30,268,197 3,680,203 18,331,295 7,541,592 83,339 148,024,233 356,644 70,354,102 22,797,020 18,567,639 6,392,773 17,957,881 1,764,200 132,440 138,322,699  3 4 17 17 17 22 7 5 6  22 17  3,670,202 3,527,079 250,118 7,447,399  3,670,202 3,279,920 345,375 7,295,497  16,157,031  16,764,225  The financial statements, which consist of pages 3 to 21, were approved by the Board of directors on 11 April 2007 and signed on its behalf by:  Sami Al Bader Chairman  Ghassan Fahad Al-Sultan Director  The accompanying notes 1 to 22 form an integral part of these financial statements.    INVESTORS BANK B.S.C.(c)  4  INCOME STATEMENT for the year ended 31 December 2006 Note Income from trading investments 9,17 Income from available-for-sale investments 11,17 Unrealised re-measurement (loss)/gains on trading investments 3 Unrealised re-measurement (loss)/gains on availablefor-sale investments Placement fees 17 Underwritting fees 10,17 Income from Mudaraba investment 17 Other income Total income 2006 8,044,351 4,553,698 (6,473,546) (20,409) 2,000,000 3,631,208 3,363,395 343,557 15,442,254 2005  US   13,350,023 1,265,058 43,727,621 23,032 198,301 58,564,035  Staff cost Administrative and general expenses Impairment allowances on available-for-sale investments Murabaha expenses Depreciation Total expenses  12 13 4  2,304,929 1,745,356 53,681 4,103,966  1,264,031 2,920,979 732,100 628,649 96,316 5,642,075  Profit for the year  11,338,288  52,921,960  Sami Al Bader Chairman  Ghassan Fahad Al-Sultan Director  The accompanying notes 1 to 22 form an integral part of these financial statements.    INVESTORS BANK B.S.C. (c) STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2006 Investments fair value reserve 11,813,378 3,116,399 (4,215,055) (1,098,656) (1,098,656) 10,714,722  5  US   2006 Balance at 1 January 2006 Unrealised re-measurement gains during the year Transfer to income statement on disposal of AFS investments Net income recognised directly in equity Profit for the year Total recognised income and expenses Issue of bonus shares Charity contribution declared (2005) Board remuneration declared (2005) Transfer to statutory reserve At 31 December 2006  Share Capital 50,000,000 30,000,000 80,000,000  Share premium 13,746,334 (13,746,334) -  Statutory reserve 6,275,686 1,133,829 7,409,515  General reserve 479,382 (479,382) -  Retained earnings  Total  48,712,422 131,027,202 11,338,288 11,338,288 (15,774,284 ) (200,000) (490,000) (1,133,829) 42,452,597 3,116,399 (4,215,055) (1,098,656) 11,338,288 10,239,632 (200,000) (490,000) 140,576,834  The accompanying notes 1 to 22 form an integral part of these financial statements.    INVESTORS BANK B.S.C. (c) STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2006 Share Capital 32,913,333 17,086,667 50,000,000 Share premium 77,000 13,669,334 13,746,334 Statutory reserve 983,490 5,292,196 6,275,686 Investments fair value reserve 6,885,368 7,408,896 (2,480,886) 4,928,010 4,928,010 11,813,378 General reserve 479,382 479,382 Retained earnings 1,082,658 52,921,960 52,921,960 (5,292,196) 48,712,422  6  US   2005 Balance at 1 January 2005 Unrealised re-measurement gains during the year on available-for-sale investments Transfer to income statement on disposal of AFS investments Net income recognised directly in equity Profit for the year Total recognised income and expenses Issue of ordinary shares during the year Transfer to statutory reserve At 31 December 2005  Total 42,421,231 7,408,896 (2,480,886) 4,928,010 52,921,960 57,849,970 30,756,001 131,027,202  The accompanying notes 1 to 22 form an integral part of these financial statements.    INVESTORS BANK B.S.C. (c) STATEMENT OF CASH FLOWS for the year ended 31 December 2006 2006 OPERATING ACTIVITIES Management and advisory fees received Dividends received Advances for purchase of available-for-sale investments Income from Murabaha contracts received Purchase of available-for-sale investments Purchase of trading investments Proceeds from sale of available-for-sale investments Proceeds from sale of trading investments Arrangement fee paid on sale of trading investments Receipts from deferred payment sale Payments for operating expenses Payments to the Managing Director (note 12) Board remuneration paid Payments for purchase of investment property Employee Qard Hasan and advances, net Others Cash flows from operating activities INVESTING ACTIVITIES Purchase of fixed assets Proceeds from disposal of fixed assets Cash flows from investing activities FINANCING ACTIVITIES Proceeds from increase in ordinary share capital Murabaha financing Investment in Mudaraba with a related party Payments to financial institutions, net Murabaha expenses paid Cash paid to charitable organisations, net (page 10) Cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year 2005  7  US   1,759 270,592 (1,167,134) 26,926 (33,491) 57,842 9,861,671 (406,667) 500,000 (2,771,659) (1,000,000) (490,000) (33,636) (50,857) 4,765,346  234,540 736,254 (81,764) (15,802,165) 4,059,516 32,670,862 (3,856,158) (17,957,881) 1,779 4,983  (4,780) 998 (3,782)  (31,706) (31,706)  (4,650,000) (85,026) (4,735,026) 26,538 356,644 383,182  30,756,001 (18,567,639) (11,500,000) (620,924) (90) 67,348 40,625 316,019 356,644    INVESTORS BANK B.S.C. (c) The accompanying notes 1 to 22 form an integral part of these financial statements.  8    INVESTORS BANK B.S.C. (c) STATEMENT OF CHANGES IN RESTRICTED INVESTMENT ACCOUNTS for the year ended 31 December 2006  9  US   31 December 2006  Balance at 1 January 2006 Average value per No of units Total share US  (000) US  2,385 0.30 317,689 708, 5 3 0  Balance at 31 December 2006 AdministraInvestment/ Investment Bank \'s fees Average tion Total (withdrawal Revaluations profit/ (loss) as an agent expenses No of units value per US  US  (000) ) US  US  share US  US  US  (631,640) (107,544) 31,631 (977) 317,689 -  Movements during the year  Murabaha with Lotus Air Ltd Shares in Bahrain Family Leisure Company BSC Investments in International Investment Group K.S.C.C. (note 2 below) Portfolio managed by the Bank  12,887 2,940  0.44  5,670,202  (631,640)  101,336 (6,208)  31,631  (977)  -  12,887 2,940  0.44  5,670,202  3.42 10,067,804 16,764,225  3.46 10,169,140 16,157,031  1  Restricted investment accounts represent amounts received from and transactions entered on behalf of related parties. The restricted investment accounts at 31 December 2006 are carried net of a provision for impairment amounting to US  282,311 (2005: US  282,311). On the instructions of a restricted investment account holder, a related party, the Bank has entered into a deferred payment purchase agreement with a financial institution to acquire shares of International Investment Group K.S.C.C (`IIG \'). The Bank then entered into a deferred payment sale agreement with the restricted investment account holder for sale of the these shares. However, due to a legal dispute with the financial institution, the Bank could not effect the transfer of the IIG shares to the restricted investment account holder (note 22).  2  The accompanying notes 1 to 22 form an integral part of these financial statements.    INVESTORS BANK B.S.C. (c) STATEMENT OF CHANGES IN RESTRICTED INVESTMENT ACCOUNTS for the year ended 31 December 2006  10  US   2005  Balance at 1 January 2005 Average value per No of units Total share US  (000) US  2,385 0.24 317,689 563,029  Balance at 31 December 2005 AdministraInvestment/ Investment Bank \'s fees Average tion Total (withdrawal) revaluations profit/ (loss) as an agent expenses No of units value per US  US  (000) US  US  US  share US  US  3,827 145,501 (3,827) 2,385 0.30 317,689 708,530  Movements during the year  Murabaha with Lotus Air Ltd Shares in Bahrain Family Leisure Company BSC Investments in International Investment Group K.S.C.C. (note 2 below) Portfolio managed by the bank  12,887 2,940  0.44 3.39  5,670,202 9,974,555 16,525,475  3,827  93,249 238,750  -  (3,827)  -  12,887 2,940  0.44  5,670,202  3.42 10,067,804 16,764,225  1  Restricted investment accounts represent amounts received from and transactions entered on behalf of related parties. The restricted investment accounts at 31 December 2005 are carried net of a provision for impairment amounting to US  282,311 (2004: US  282,311). On the instructions of a restricted investment account holder, a related party, the Bank has entered into a deferred payment purchase agreement with a financial institution to acquire shares of International Investment Group K.S.C.C (`IIG \'). The Bank then entered into a deferred payment sale agreement with the restricted investment account holder for sale of the these shares. However, due to a legal dispute with the financial institution, the Bank could not effect the transfer of the IIG shares to the restricted investment account holder (note 22).  2  The accompanying notes 1 to 22 form an integral part of these financial statements.    INVESTORS BANK B.S.C.(c)  11  STATEMENT OF SOURCES AND USES OF CHARITY FUND for the year ended 31 December 2006 2006 Sources of charity fund Contributions by the Bank Non-Islamic income Total sources Uses of charity fund Contributions to charitable organisations Total uses Excess of uses over sources Undistributed charity fund at 1 January Undistributed charity fund at 31 December 85,026 85,026 115,209 115,209 2005  US   200,000 235 200,235  90 90  90 90 -  The accompanying notes 1 to 21 form an integral part of these financial statements.    INVESTORS BANK B.S.C.(c)  12  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2006 1  US   INCORPORATION AND ACTIVITIES Investors Bank B.S.C. (C) (the  Bank ) was established in the Kingdom of Bahrain as an exempt company on 26 October 1997 and operates under an investment banking license granted by the Central Bank of Bahrain (the  CBB ). The Bank commenced commercial operations on 15 June 1998. The legal status of the Bank was changed to a closed Bahraini joint stock company on 3 July 2005. The Bank \'s activities are regulated by the CBB and supervised by a Religious Supervisory Board whose role is defined in the Bank \'s Memorandum and Articles of Association. The principal activities of the Bank include investment banking and financial activities, investment transactions, participating in equity investments in projects in conformity with the Islamic Shari \'a. The Bank may, in particular, carry on the following business activities: (a) Providing investment account facilities; (b) Accepting restricted or unrestricted investment funds commingling the same with those of the Bank and investing them in accordance with the Shari \'a; (c) Managing the investment of third party funds as an agent for a fixed fee or as a Mudarib and any other banking activities not contravening the provisions of the Shari \'a; (d) Industrial, commercial and agricultural business activities, either directly or through companies which the Bank may establish, or in which the Bank may acquire shares; and (e) Purchasing, leasing and constructing buildings, and the renting thereof.  2 (a)  SIGNIFICANT ACCOUNTING POLICIES Statement of compliance The financial statements have been prepared in accordance with Financial Accounting Standards( FAS ) issued by the Accounting and Auditing Organisation for Islamic Financial Institutions. Basis of preparation The financial statements are presented in US Dollars, being the principal currency of the Bank \'s operations. They are prepared on the historical cost basis modified by measurement at fair value of trading investments and creation available-for-sale investments. The accounting policies have been consistently applied by the Bank and are consistent with those used in the previous year. The preparation of financial statements in conformity with FAS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Bank \'s accounting policies. The areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements as set out in note 21.  (b)  (c)  Revenue recognition Income from investment advisory services is recognised when the Bank has performed all significant acts relating to the advisory service being rendered and it is highly probable that economic benefits from the transaction will flow to the Bank. Underwriting fees is recognised as income when earned. Placement fees are recognised as income when earned. Income from Murabaha contracts are recognised on a time-apportioned basis over the period of the contract.    INVESTORS BANK B.S.C.(c)  13  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2006 2 (c) Significant accounting policies (continued) Revenue recognition (continued)  US   Income from deferred payment sale contracts are recognised on a time-apportioned basis over the period of the contract. Income from Mudaraba contracts are recognised when the Mudarib declares profits. Income from investments (dividend income) is recognised when the right to receive is established. (d) Mudaraba investments Mudaraba investments are stated at cost less provision for impairment. Financial assets (i) Classification Held-for-trading investments are financial assets which are held principally for the purpose of generating a profit from short-term fluctuations in price or dealer \'s margin or where a pattern of short-term profit taking exists or is part of a portfolio for which there is evidence of a recent actual pattern of short-term profit taking. These comprise investments in quoted shares. Available-for-sale investments are financial assets that are not held-for-trading purposes, or held-to-maturity. These include investments in quoted and unquoted shares and managed funds. (ii) Recognition Held-for-trading and available-for-sale investments are recognised/derecognised by the Bank on Trade i.e. the date the bank commits to purchase/sell the investments. (iii) Measurement Held-for-trading investments are measured initially at cost. Transaction costs are charged as expense. Subsequent to initial recognition, Held-for trading investments are re-measured to fair value and the resulting unrealised gains or losses are recognised in the income statement in the year in which they arise. Available-for-sale investments are measured initially at cost including transaction costs. Subsequent to initial recognition available-for-sale investments are re-measured to fair value and the resulting unrealised gains or losses are recognised in an  investment fair value reserve  as a separate component in the equity provided that unrealised losses are recognised in equity to the extent of the available balance. In case losses exceed the available balance, the unrealised losses are recognised in the income statement under  Unrealised re-measurement gains or losses on investments . In case there are unrealised losses that have been previously recognised in the income statement, then the unrealised gains for the year are recognised to the extent of previously recognised losses in the income statement. Any excess of such gains over previously recognised losses is taken to the  Investments fair value reserve . (iv) Fair value measurement principles (a) Quoted investments i) Fair value for quoted investments is their market bid price in an active market. (b) Unquoted investments i) Fair value for certain unquoted investments has been determined by reference to the price of the most recent transactions in the shares.  (e)    INVESTORS BANK B.S.C.(c)  14  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2006 2 Significant accounting policies (continued)  US   ii) Other investments for which there is no quoted market price or other appropriate methods from which to derive fair values, are stated at cost less impairment allowances, if any. (iii) Fair value for unquoted managed funds is the fund \'s net assets value as determined by the fund manager. (f) Deferred payment sale receivables Receivables arising from deferred payment sale are recognised at the time of contracting and stated at their cost less impairment allowances. Fixed assets Fixed assets are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method to write-off the cost of the assets over their estimated useful lives ranging from 3 to 5 years. Investment property Investment property is stated at cost less impairment. Impairment The carrying amount of the Bank \'s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset \'s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses are reversed only if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. Earnings prohibited by Shari \'a The Bank is committed to avoid recognising any income generated from non-Islamic sources. Accordingly, all non-Islamic income is credited to a charity account where the Bank uses these funds for charitable means. Movements in non-Islamic funds are shown in the statement of sources and uses of charity fund. Restricted investment accounts Restricted investment accounts represents assets held in trust or in a fiduciary capacity by the Bank for the benefit of the investment accounts holders. The restricted investment accounts are exclusively restricted for investment in specified projects as directed by the investments account holders. Restricted investments in quoted securities are valued at their market bid price. Restricted investments in securities for which there are no quoted market price or other appropriate methods from which to derive fair values, are stated at cost less impairment allowances, if any.  (g)  (h) (i)  (j)  (k)    INVESTORS BANK B.S.C.(c)  15  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2006 2 (l) Significant accounting policies (continued)  US   Transactions and balances in foreign currencies Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date, are translated at the exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the reporting currency at the exchange rates ruling at the dates that the values are determined. Cash and cash equivalents Cash and cash equivalents comprise cash and balances with financial institutions. TRADING INVESTMENTS In June 2005, following a change in the Bank \'s intention to trade certain investments, the Bank \'s entire investment in Gulf Petroleum Investment Company K.S.C.C. was transferred from available-for-sale category to held-for-trading category. The transfer was at fair value on the day of the transfer. 2006 US  At 1 January Transferred from available for-sale category, at fair value Purchases during the year Sales during the year, at carrying value Unrealised re-measurement gains during the year At 31 December 70,354,102 4,200,000 (28,786,689) (6,473,546) 39,293,867 2005 US  28,234,982 4,280,677 15,802,165 (21,691,343) 43,727,621 70,354,102  (m)  3  At 31 December 2006, investments with a carrying value of US  39,293,867 (2005: US  70,354,102) were held in the name of related parties as portfolio managers for the Bank. 4 AVAILABLE-FOR-SALE INVESTMENTS 2006 US  At 1 January Transferred to trading category, at fair value Purchases during the year Sales during the year, at carrying value Fair value changes during the year Impairment allowances At 31 December 22,797,020 748,925 (5,055,455) 3,095,986 21,586,476 2005 US  24,359,483 (4,280,677) 81,764 (4,060,649) 7,429,199 (732,100) 22,797,020    INVESTORS BANK B.S.C.(c)  16  NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2006 4 AVAILABLE-FOR-SALE INVESTMENTS (continued) Available-for -sale investments comprise: 2006 US  Investment in shares i) At fair value ­ Quoted ii) At cost ­ unquoted Investments in managed funds 20,263,384 1,447,658 607,534 22,318,576 Less: provision for impairment (732,100) 21,586,476 Material available-for-sale investments as at current year end are as follows: Country of % incorporation ownership Quoted shares at fair value Bahrain Islamic Bank BSC Takaful International BSC Bahrain Bahrain 2.74 18.03 Nature of main activities 2005 US   US   17,181,791 813,776 5,533,553 23,529,120 (732,100) 22,797,020  Commercial banking in accordance with Islamic Shari \'a. Takaful - insurance according to the Islamic Shari \'a.  At 31 December 2006, investments with carrying value of US  12,348,738 (2005: US  9,592,323) were held in the name of a financial institution and pledged as collateral against amounts due to the financial institution (note 22). Also, investments with carrying value of US  6,435,709 (2005: US  6,013,695) were pledged as collateral against amounts due to a related party. 5 OTHER ASSETS 2006 US  Statutory deposit with CBB Underwriting fee receivable Placement fee receivable Management and advisory fees receivable Prepaid expenses Current account with related parties Qard Hassan Advance towards purchase of investment Others 2005 US  13,263 93,300 91,078 488,593 106,528 41,924 1,329,514 2,164,200 (400,000) 1,764,200  13,263  3,631,836 2,000,000 93,300 157,190 2,256 140,419 451,772 1,451,556 7,941,592  Less: impairment allowances  (400,000)  7,541,592  NOTES TO THE FINANCIAL STATEMENTS    INVESTORS BANK B.S.C.(c)  17  for the year ended 31 December 2006 6 FIXED ASSETS Fixed assets comprising furniture and equipment at 31 December were as follows: 2006 US  Cost Accumulated depreciation Net book value 584,529 (501,190) 83,339  US   2005 US  604,273 (471,833) 132,440  7 INVESTMENT PROPERTY Investment property represents the Bank \'s share in building in Sharjah jointly owned with a related party. The building is registered in the name of a related party. 8 EQUITY  2006 2005  Authorised: 303,030,303 ordinary shares of US  0.33 each Issued and fully paid up: 242,,424,242 (2005: 151,515,152) shares of US  0.33 each  100,000,000  100,000,000  80,000,000  50,000,000  During the year, the paid up capital of the Bank increased from US  50,000,000 to US  80,000,000 due to issue of bonus shares amounting to US  30,000,000. Share premium Share premium represents the net amount received in excess of the par value of share capital and this amount is not distributable to shareholders, except in the circumstances stipulated by the law. Statutory reserve In accordance with the requirements of the Bahrain Commercial Companies Law 2001, 10% of the net profit for the year is transferred to a statutory reserve until such time as the reserve represents 50% of the paid up capital. This reserve is not available for distribution. General reserve General reserve represents appropriations from the Bank \'s net profit as approved by the shareholders and can only be distributed with the approval of the shareholders. Investments fair value reserve This represents fair value changes arising on re-measurement of available-for-sale investments. It also included cumulative fair value changes on certain available-for-sale investments, which were reclassified to trading investments, upto the date on which these investments were reclassified as trading investments (refer note 4). Such cumulative fair value changes were transferred to the income statement during the year upon sale of these investments. 9 INCOME FROM TRADING INVESTMENTS 2006 US  Dividend income Income from sale of investments 1,412,454 6,631,897 8,044,351 NOTES TO THE FINANCIAL STATEMENTS 2005 US  957,118 12,392,905 13,350,023    INVESTORS BANK B.S.C.(c)  18  for the year ended 31 December 2006  US   10 UNDERWRITING FEES This represents fees arising from underwriting the sale of shares of a related party. The underwriting exposure amounted to US  72.6 million. The Share were placed with investors before the year end. 11 INCOME FROM AVAILABLE-FOR-SALE INVESTMENTS 2006 US  Dividend income Income from sale of investments 548,532 4,005,166 4,553,698 2005 US  201,421 1,063,637 1,265,058  12 STAFF COST Staff cost include US  1,000,000 paid to the Managing Director during the year as consideration for his services in earlier periods. 13 ADMINISTRATIVE AND GENERAL EXPENSES 2006 US  Consultancy and legal expenses Rent Advertising and promotion Professional fees License and registration Communication Business development Brokerage fee Others 584,781 91,432 113,986 40,318 61,288 34,298 96,532 407,075 315,646 1,745,356 2005 US  307,662 91,432 251,124 34,748 55,286 35,183 180,270 1,344,101 621,173 2,920,979  14 ZAKAH Zakah is directly borne by the shareholders and, accordingly, no provision is made by the Bank for Zakah. The Bank computes the Zakah payable by the shareholder on the net invested funds method. The basis of computation is approved by the Shari \'a Board and the amounts payable are notified to the shareholders. 15 MATURITY PROFILE The maturity profile of the Bank \'s assets and liabilities is as follows: 2006 Restricted investment accounts 16,157,031 16,157,031  Assets Up to 1 month From 1 month to 3 months From 3 months to 1 year From 1 year to 3 years Over 3 years 9,084,974 57,930,531 58,398,879 22,513,248 96,601 148,024,233 NOTES TO THE FINANCIAL STATEMENTS  Liabilities 6,428 338,936 7,040,620 61,415 7,447,399  Net 9,078,546 57,591,595 51,358,259 22,451,833 96,601 140,576,834    INVESTORS BANK B.S.C.(c)  19  for the year ended 31 December 2006 15 MATURITY PROFILE (continued) 2005 Assets Up to 1 month From 1 month to 3 months From 3 months to 1 year From 1 year to 3 years Over 3 years 17,321,753 17,620 120,255,670 581,953 145,703 138,322,699 Liabilities 196,183 118,908 6,932,240 48,167 7,295,498 Net 17,125,570 (101,288) 113,323,430 533,786 145,703 131,027,201  US   Restricted investment accounts 16,764,225 16,764,225  16 CONCENTRATION OF ASSETS AND LIABILITIES The Bank \'s assets and liabilities are distributed over the following industry sectors and geographical areas: 2006 Industry sectors Banks and financial institutions Investment companies Oil and Gas Others Assets 69,712,613 13,562,592 64,749,028 148,024,233 Liabilities 6,899,265 548,134 7,447,399 Restricted investment accounts 5,670,202 10,169,140 317,689 16,157,031  2005 Industry sectors Banks and financial institutions Investment companies Oil and Gas Others Assets 45,954,230 12,286,601 14,725,019 65,356,849 138,322,699 Geographical concentration All assets and liabilities of the Bank as at 31 December 2006 and 31 December 2005 are concentrated in the Middle East region. Liabilities 6,950,122 345,375 7,295,497 Restricted investment accounts 5,670,202 10,067,804 1,026,219 16,764,225  NOTES TO THE FINANCIAL STATEMENTS    INVESTORS BANK B.S.C.(c)  20  for the year ended 31 December 2006 17 RELATED PARTY TRANSACTIONS AND BALANCES  US   Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties also include directors and shareholders of the Bank and companies in which they have an ownership interest. A significant portion of the Bank \'s income arises from transactions with related parties. Transactions with related parties are undertaken on terms agreed between the parties. Significant balances with related parties at 31 December comprise: 2006 US  Assets Deferred payment sale receivables Trading investments Available-for-sale investments Murabaha receivables Mudaraba investments Receivables from sale of investments Advance towards purchase of available-for-sale investments Other assets Liabilities Due to a related party Other liabilities 3,680,203 39,293,867 8,270,151 4,925,048 21,931,034 30,268,197 451,772 5,827,371 2005 US  6,392,773 60,492,432 7,160,237 18,567,639 41,924 803,712  3,527,079 -  3,279,920 16,910  Certain of the Bank \'s investments are managed by a related party. The Bank has investments in companies of certain shareholders. The carrying amounts of such investments at 31 December 2006 were US  55,759 (2005: US  59,914). Significant transactions with related parties include: 2006 US  Income Income from available-for-sale investments Income from trading investments Placement fees Underwriting fees Management and advisory fees Profit on deferred payment sale of investments Unrealised remeasurement (loss)/gains on trading investments Net unrealised remeasurement gains on available-for-sale investments Income from Mudaraba investment Income from Murabaha receivables Other income Expenses Remuneration to the Managing Director Murabaha expenses Arrangement expenses NOTES TO THE FINANCIAL STATEMENTS 4,206,958 2,577,974 2,000,000 3,631,208 (6,473,546) 3,363,395 257,048 977 2005 US  18,690 105,070 40,409,592 1,475 -  1,000,000 203,333  111,913 671,432    INVESTORS BANK B.S.C.(c)  21  for the year ended 31 December 2006 17 RELATED PARTY TRANSACTIONS AND BALANCES (continued)  US   Key management personnel of the Bank comprise the Board of Directors and key members of management having authority and responsibility for planning, directing and controlling the activities of the Bank. The key management personnel compensation is as follows:2006 2005  US  Salaries and other short-term benefits Post employment benefits  Directors \' remuneration Payment to the Managing Director  US  276,820 19,496  -  226,549 9,450 490,000 1,000,000  18  Proposed appropriations  The Board of Directors propose the following appropriations for the approval of the shareholders at the annual general meeting:  2006 2005 -  US   Bonus share* Directors \' remuneration Charity  150,000  -  US  30,000,000 490,000 200,000  * bonus shares are at the rate of 6 shares for every 10 shares held. 19 RISK MANAGEMENT The Bank \'s exposure to risks and its approach to managing these risks are discussed below.  a) Credit risk  Credit risk is the risk that a counterparty to a financial transaction does not discharge its obligations on due dates and cause the other party to incur a financial loss. The Bank \'s credit risk arises mainly from cash and balances with banks, deferred payment sale receivables and other assets. Cash is placed with Islamic financial institution after careful of credit evaluation. Deferred payment sale receivable is due from a related party. Majority of other assets represents current accounts with related parties.  b) Liquidity risk  Liquidity risk is defined as the risk that funds will not be available to meet liabilities as they fall due. It is the Bank \'s policy to keep a significant part of its assets in liquid assets such as trading and available-for-sale investments.  c) Profit rate risk  Profit rate risk arises from the possibility that changes in the profit rate will affect the value of financial instruments. The Bank \'s exposure to profit rate risk is limited due size of assets and liabilities that are sensitive to movement in profit rate.  NOTES TO THE FINANCIAL STATEMENTS    INVESTORS BANK B.S.C.(c)  22  for the year ended 31 December 2006 19  d)  US   RISK MANAGEMENT (continued)  Currency risk  Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Bank transactions are either in US Dollars or Bahraini Dinars. The Bahraini Dinar is effectively pegged to the US Dollar and hence the Bank \'s exposure to currency risk is limited. 20 FAIR VALUE Fair value is an amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm \'s length transaction. Differences can therefore arise between the book values under the historical cost method and fair value estimates. Other than certain available-for-sale investments carried at cost of US  NIL (2005: US  81,676), the estimated fair values of the Bank \'s other financial instruments are not significantly different from their book values. 21 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES  The Bank makes estimates and assumptions that effect the reported amounts of assets and liabilities within the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Impairment of available-for-sale investments The Bank determines that available-for-sale investments are impaired when there has been a significant or prolonged decline in the fair value below its cost. This determination of what is significant or prolonged requires judgment. Where fair values are not readily available and the investments are carried at cost, the recoverable amount of such investment is estimated to test for impairment. In making this judgment, the Bank evaluates among other factors, evidence of a deterioration in the financial health of the investee, industry and sector performance, changes in technology, and operational and financing cash flows. 22 LITIGATION AND CLAIMS  In 2004, the bank entered into a sale and purchase agreement with a local financial institution to purchase shares of a related party on behalf of another related party. The net amount due to the financial institution was US  3,670,202. In accordance with the terms of the agreement, the bank pledged certain of its investments with a carrying value of US  12,348,738 as at 31 December 2006. Subsequently, the agreement was terminated by the financial institution due to disputes with the bank and as a result, the pledged investments have been retained by the financial institution. In the opinion of the bank \'s lawyers and management, the agreement was wrongfully terminated and following the financial institution \'s refusal to settle the matter amicably, the Bank has filed a legal case in the Bahrain courts against the financial institution for wrongful possession of investments. As a result, the court has taken custody of the shares under dispute. The related party on whose behalf the transactions was entered has provided a manager \'s cheque for an equal amount which has been deposited with the court. This amount is included under Deferred payment sale receivables. The related party on whose behalf the transaction was entered into has also agreed to reimburse the bank for legal expenses and any losses arising on final settlement with the financial institution. Accordingly, in the opinion of the directors, no provision is required to be made in the financial statements against the investments pledged with the financial institution or for contingent claims that might arise on final settlement.    ",294);arrFiles[41]=new Array(42,"financial_statements/Interim FS 30 June 07 - Final.pdf","11 Jan 2008","FS/C/CITislamic/310397","","FS","INVESTORS BANK B.S.C. (c) INTERIM FINANCIAL INFORMATION 30 June 2007  Commercial registration  :  39646 (registered with Central Bank of Bahrain as a Wholesale Bank (Islamic Principles). Al Salam Tower Diplomatic Area PO Box 11818 Manama, Kingdom of Bahrain  Mr. Sami Al Bader, Chairman Mr. Abdul Mohsen Al Othman, Vice Chairman (until 10 June 2007) Mr. Ghassan Fahad Al-Sultan Mr. Bader Sulaiman Al Jarrallah (until 10 June 2007) Mr. Ahmed Shabeeb Al Dhaheri Sheikh Bander Bin Fahad Al Fehaid (until 10 June 2007) Mr. Isa Abdulla Al-Mannai (from 10 June 2007) Dr. Abdulaziz Al Bader (from 10 June 2007)  Office  :  Directors  :  Reviewing Accountants  :  KPMG    INVESTORS BANK B.S.C. (c)  INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2007  CONTENTS  Page  Independent report on review of interim financial information Interim financial information Condensed balance sheet Condensed income statement Condensed statement of changes in equity Condensed statement of cash flows Condensed statement of changes in restricted investment accounts Notes  1  2 3 4 5 6-7 8-9    1  Independent report on review of interim financial information  To The Directors Investors Bank B.S.C. (c) Manama Kingdom of Bahrain  14 August 2007  Introduction We have reviewed the accompanying condensed balance sheet of Investors Bank B.S.C. (c) (the  Bank ) as at 30 June 2007, and the related condensed statements of income, changes in equity and cash flows for the six month period then ended (interim financial information). The Directors of the Bank are responsible for the preparation and presentation of this interim financial information in accordance with Central Bank of Bahrain circular BC/20/99 dated 28 September 1999. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410,  Review of Interim Financial Information Performed by the Independent Auditor of the Entity.  A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Central Bank of Bahrain circular BC/20/99 dated 28 September 1999.    INVESTORS BANK B.S.C. (c)  2  CONDENSED BALANCE SHEET as at 30 June 2007 Note 30 June 2007 (reviewed)  US  31 December 2006 (audited)  ASSETS Cash and cash equivalents Trading investments Available-for-sale investments Murabaha receivables Mudaraba investment Receivables from sale of investments Deferred payment sale receivables Investment property Other assets Fixed assets Total assets LIABILITIES AND EQUITY Liabilities Due to a financial institution Due to related parties Other liabilities Total liabilities Equity Share capital Statutory reserve Available-for-sale investments fair value reserve Retained earnings Total equity (page 4) Total liabilities and equity OFF-BALANCE SHEET ITEMS Restricted investment accounts (page 6) 492,461 33,400,902 20,649,435 5,147,906 25,396,174 30,374,309 3,680,203 18,331,296 3,215,743 685,559 141,373,988 383,182 39,293,867 21,586,476 4,925,048 21,931,034 30,268,197 3,680,203 18,331,295 7,541,592 83,339 148,024,233  7  7  3,670,202 3,521,649 265,878 7,457,729  3,670,202 3,527,079 250,118 7,447,399  80,000,000 7,409,515 9,828,132 36,678,612 133,916,259 141,373,988  80,000,000 7,409,515 10,714,722 42,452,597 140,576,834 148,024,233  16,192,681  16,157,031  Sami Al Bader Chairman  Ghassan Fahad Al-Sultan  Director  The Directors approved the interim financial information consisting of pages 2 to 9 on 14 August 2007.    INVESTORS BANK B.S.C. (c) 3 CONDENSED INCOME STATEMENT for the six months ended 30 June 2007  US   Six months ended 30 June 30 June 2006 2007 (reviewed) (reviewed) Income from available-for-sale investments Income from trading investments Fair value (loss)/gains on trading investments Fair value (loss)/ gains on available-for-sale investments Income from Murabaha contracts Other income Total income 412,579 771,937 (5,892,965) (50,452) 244,481 104,210 (4,410,210) 548,531 1,838,830 (2,384,861) (51,937) 121,933 36,433 108,929  Three months ended 30 June 30 June 2006 2007 (reviewed) (reviewed) 954 771,937 4,537,305 6,900 244,481 104,210 5,665,787 32,518 1,412,454 22,496,621 (51,937) 111,721 24,005 24,025,382  Staff cost Administrative and general expenses Other Expenses Depreciation Total expenses  741,837 360,792 236,025 25,121 1,363,775  1,910,028 470,277 715,505 28,258 3,124,068  520,537 134,501 111,221 12,526 778,785  1,248,885 235,349 116,495 13,242 1,613,971  (Loss) / Profit for the period Earnings per share (US ) Basic  (5,773,985)  (3,015,139)  4,887,002  22,411,411  (0.02)  (0.01)  0.02  0.09  ________  Sami Al Bader Chairman  Ghassan Fahad Al-Sultan  Director  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  4  CONDENSED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2007 US  30 June 2007 (reviewed) Share Capital 80,000,000 80,000,000 Share premium Statutory reserve 7,409,515 7,409,515 Investment fair value reserve 10,714,722 (886,590) (886,590) (886,590) 9,828,132 Investment fair value reserve 11,813,378 3,660,947 3,660,947 3,660,947 (426,376) 15,047,949  General reserve -  Balance at 1 January 2007 Fair value loss during the period Income and expenses recognised directly in equity Loss for the period Total recognised income and expenses for the period Balance at 30 June 2007 30 June 2006 (reviewed)  Retained earnings 42,452,597 (5,773,985) ( 5,773,985) 36,678,612  Total 140,576,834 (886,590) (886,590) (5,773,985) (6,660,575) 133,916,259  Balance at 1 January 2006 Fair value gain during the period Income and expenses recognised directly in equity Loss for the period Total recognised income and expenses for the period Issue of Bonus Shares Charity Contribution Declared (2005) Board Remuneration Declared (2005) Transfer to income statement on disposal of AFS investments* Balance at 30 June 2006  Share Capital 50,000,000 30,000,000 80,000,000  Share premium 13,746,334 (13,746,334) -  Statutory reserve 6,275,686 6,275,686  General reserve 479,382 (479,382) -  Retained earnings 48,712,422 ( 3,015,139) ( 3,015,139) (15,774,284) (200,000) (490,000) 29,232,999  Total 131,027,202 3,660,947 3,660,947 (3,015,139) 645,808 (200,000) (490,000) (426,376) 130,556,634  * Represents fair value gain on available-for-sale investments, which were reclassified as trading investments in 2004 and subsequently sold during the six month period ended 30 June 2006.    INVESTORS BANK B.S.C. (c)  5  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  5  STATEMENT OF CASH FLOWS for the six months ended 30 June 2007 30 June 2007 (Reviewed) OPERATING ACTIVITIES Dividend received Placement fees received Underwriting fees received Advances for purchase of available-for-sale investments Income from Murabaha contracts Purchase of available-for-sale investments Sale of trading investments Arrangement fee paid on sale of trading investments Payments for administrative and general expenses Payment for staff cost Payments to the Managing Director Employee Qard Hasan and advances, net Others Cash flows from operating activities INVESTING ACTIVITIES Payments for purchase of fixed assets Advances for purchase of fixed assets Proceeds from disposal of fixed assets Cash flows from investing activities FINANCING ACTIVITIES Mudaraba investments Murabaha financing Receipt from Mudaraba investments Cash paid to charitable organisations Cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 30 June 2,000,000 3,631,836 21,623 (604,348) (721,976) 16,284 (21,944) 4,321,475  US  30 June 2006 (Reviewed) 270,592 (995,266) 13,433 (33,491) 9,861,670 (406,667) (742,205) (893,829) (1,000,000) (23,654) (35,629) 6,001,521  (627,341) (118,919) (746,260)  (836) 962 126  (4,500,000) 1,034,860 (796) (3,465,936) 109,279 383,182 492,461  (4,650,000) (2,417) (4,652,417) 1,349,230 356,644 1,705,874  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  6  CONDENSED STATEMENT OF CHANGES IN RESTRICTED INVESTMENT ACCOUNTS for the six months ended 30 June 2007  30 June 2007 (reviewed)  Balance at 1 January 2007 Average No of value per Total units share US  US  (000) 12,887 2,940 0.44 317,689 5,670,202  Movements during the period Investment/ Investment Bank \'s fees Administration (withdrawal Revaluations profit/ (loss) as an agent expenses US  US  US  ) US  US  ( 35,650) -  Balance at 30 June 2007 Average No of value per Total units share (000) US  US  12,887 2,940 0.44 317,689 5,670,202  Murabaha with Lotus Air Ltd Investments in International Investment Group K.S.C.C. (note 2 below) Portfolio managed by the Bank  3.46 10,169,140 16,157,031  3.47 10,204,790 16,192,681  1  Restricted investment accounts represent amounts received from and transactions entered on behalf of related parties. The restricted investment accounts at 30 June 2007 are carried net of a provision for impairment amounting to US  282,311 (2006: US  282,311). On the instructions of a restricted investment account holder, a related party, the Bank has entered into a deferred payment purchase agreement with a financial institution to acquire shares of International Investment Group K.S.C.C (`IIG \'). The Bank then entered into a deferred payment sale agreement with the restricted investment account holder for sale of the these shares. However, due to a legal dispute with the financial institution, the Bank could not effect the transfer of the IIG shares to the restricted investment account holder.  2  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  7  CONDENSED STATEMENT OF CHANGES IN RESTRICTED INVESTMENT ACCOUNTS for the six months ended 30 June 2007 (continued) 30 June 2006 (reviewed) Balance at 1 January 2006 Average No of value per Total units share US  US  (000) 2,385 0.30 317,689 708, 5 3 0 Balance at 30 June 2006 AdministraAverage Investment/ Investment Bank \'s fees tion value per Total (withdrawal Revaluations profit/ (loss) as an agent expenses No of units share US  US  (000) US  ) US  US  US  US  (631,640) (107,544) 31,631 (977) 317,689 Movements during the period  Murabaha with Lotus Air Ltd Shares in Bahrain Family Leisure Company BSC Investments in International Investment Group K.S.C.C. (note 2 below) Portfolio managed by the Bank  12,887 2,940  0.44  5,670,202  (631,640)  97,995 (9,549)  31,631  (977)  -  12,887 2,940  0.44  5,670,202  3.42 10,067,804 16,764,225  3.46 10,165,799 16,153,690  1  Restricted investment accounts represent amounts received from and transactions entered on behalf of related parties. The restricted investment accounts at 30 June 2006 are carried net of a provision for impairment amounting to US  282,311 (2005: US  282,311). On the instructions of a restricted investment account holder, a related party, the Bank has entered into a deferred payment purchase agreement with a financial institution to acquire shares of International Investment Group K.S.C.C (`IIG \'). The Bank then entered into a deferred payment sale agreement with the restricted investment account holder for sale of the these shares. However, due to a legal dispute with the financial institution, the Bank could not effect the transfer of the IIG shares to the restricted investment account holder.  2  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  8  NOTES TO THE INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2007 1 Investors Bank BSC (c) (the  Bank ) was established in the Kingdom of Bahrain as an exempt company on 26 October 1997 and the legal status was changed to a closed company on 3 July 2006. The interim financial information has been prepared in summarised form. The interim financial statements have been prepared in accordance with the Central Bank of Bahrain circular BC/20/99 dated 28 September 1999. The interim financial information is not audited but has been reviewed by KPMG. The comparative figures for the balance sheet have been extracted from the audited financial statements for the year ended 31 December 2006. The comparatives for the income statement, statement of changes in equity, statement of cash flow and statement of changes in restricted investment accounts have been extracted from reviewed interim financial information for the six months ended 30 June 2006. The accounting policies and the methods of computation used in the preparation of the interim financial information are consistent with those used in the preparation of the audited financial statements for the year ended 31 December 2006, which comply with Financial Accounting Standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions. Due to the nature of the Bank \'s operations, the six months results reported in this interim financial information may not represent a proportionate share of the overall annual results. Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties also include directors and shareholders of the Bank and companies in which they have an ownership interest. Significant balances with related parties at 30 June 2007 include: 30 June 2007 US  Assets Trading investments Available-for-sale investments Murabaha receivables Mudaraba investments Receivables from sale of investments Deferred payment sale receivables Other assets Liabilities Due to a related party Certain of the Bank \'s investments are managed by a related party. The Bank has investments in companies of certain shareholders. The carrying amounts of such investments at 30 June 2007 were US  53,501 (31 December 2006: US  55,759). 33,400,902 8,271,128 5,147,906 25,396,174 30,374,309 3,680,203 1,452,286 31 December 2006 US  39,293,867 8,270,151 4,925,048 21,931,034 30,268,197 3,680,203 6,279,143  2  3  4  5 6  3,521,649  3,527,079    INVESTORS BANK B.S.C. (c)  9  NOTES TO THE INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2007 Significant transactions with related parties include: 30 June 2007 US  Income Income from available-for-sale investments Income from trading Investments Fair value loss on trading investments Fair value on available-for-sale investments Other income Expenses Other expenses 7 955 771,937 (5,892,965) 22,858 30 June 2006 US  240,044 1,412,454 (2,384,861) 8 977  -  203,333  In 2004, the Bank entered into a sale and purchase agreement with a local financial institution to purchase shares of a related party on behalf of another related party. The net amount due to the financial institution was US  3,670,202. In accordance with the terms of the agreement, the Bank pledged certain of its investments with a carrying value of US  11,461,172 as at 30 June 2007. Subsequently, the agreement was terminated by the financial institution due to disputes with the Bank and as a result, the pledged investments have been retained by the financial institution. In the opinion of the Bank \'s lawyers and management, the agreement was wrongfully terminated and following the financial institution \'s refusal to settle the matter amicably, the Bank has filed a legal case in the Bahrain courts against the financial institution for wrongful possession of investments. As a result, the court has taken custody of the shares under dispute. The related party on whose behalf the transactions was entered has provided a manager \'s cheque for an equal amount, which has been deposited with the court. This amount is included under Deferred payment sale receivables. The related party on whose behalf the transaction was entered into has also agreed to reimburse the Bank for legal expenses and any losses arising on final settlement with the financial institution. Accordingly, in the opinion of the directors, no provision is required to be made in this interim financial information. against the investments pledged with the financial institution or for contingent claims that might arise on final settlement.  8  Appropriations of net profit, if any, are made only at the year end.    ",145);arrFiles[42]=new Array(43,"financial_statements/Interim FS 30 Sep 07.pdf","11 Jan 2008","FS/C/CITislamic/310397","","FS","INVESTORS BANK B.S.C. (c) INTERIM FINANCIAL INFORMATION 30 September 2007  Commercial registration  :  39646 (registered with Central Bank of Bahrain as a Wholesale Bank (Islamic Principles). Al Salam Tower Diplomatic Area PO Box 11818 Manama, Kingdom of Bahrain  Mr. Sami Al Bader, Chairman Mr. Abdul Mohsen Al Othman, Vice Chairman (until 10 June 2007) Mr. Ghassan Fahad Al-Sultan Mr. Bader Sulaiman Al Jarrallah (until 10 June 2007) Mr. Ahmed Shabeeb Al Dhaheri Sheikh Bander Bin Fahad Al Fehaid (until 10 June 2007) Mr. Isa Abdulla Al-Mannai (from 10 June 2007) Dr. Abdulaziz Al Bader (from 10 June 2007)  Office  :  Directors  :  Reviewing Accountants  :  KPMG    INVESTORS BANK B.S.C. (c)  INTERIM FINANCIAL INFORMATION for the nine months ended 30 September 2007  CONTENTS  Page  Independent report on review of interim financial information Interim financial information Condensed balance sheet Condensed income statement Condensed statement of changes in equity Condensed statement of cash flows Condensed statement of changes in restricted investment accounts Notes  1  2 3 4 5 6-7 8-9    1  Independent report on review of interim financial information  To The Directors Investors Bank B.S.C. (c) Manama Kingdom of Bahrain  27 November 2007  Introduction We have reviewed the accompanying condensed balance sheet of Investors Bank B.S.C. (c) (the  Bank ) as at 30 September 2007, and the related condensed statements of income, changes in equity and cash flows for the nine month period then ended (interim financial information). The Directors of the Bank are responsible for the preparation and presentation of this interim financial information in accordance with Central Bank of Bahrain circular BC/20/99 dated 28 September 1999. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410,  Review of Interim Financial Information Performed by the Independent Auditor of the Entity.  A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Central Bank of Bahrain circular BC/20/99 dated 28 September 1999.    INVESTORS BANK B.S.C. (c)  2  CONDENSED BALANCE SHEET as at 30 September 2007 Note 30 September 2007 (reviewed)  US  31 December 2006 (audited)  ASSETS Cash and cash equivalents Trading investments Available-for-sale investments Murabaha receivables Mudaraba investment Receivables from sale of investments Deferred payment sale receivables Investment property Other assets Fixed assets Total assets LIABILITIES AND EQUITY Liabilities Due to a financial institution Due to related parties Other liabilities Total liabilities Equity Share capital Statutory reserve Available-for-sale investments fair value reserve Retained earnings Total equity (page 4) Total liabilities and equity OFF-BALANCE SHEET ITEMS Restricted investment accounts (page 6) 8,209,777 34,388,021 22,825,262 5,147,906 16,396,174 31,271,981 3,680,203 18,339,284 3,493,917 1,232,384 144,984,909 383,182 39,293,867 21,586,476 4,925,048 21,931,034 30,268,197 3,680,203 18,331,295 7,541,592 83,339 148,024,233  7  7  3,670,202 3,483,614 259,262 7,413,078  3,670,202 3,527,079 250,118 7,447,399  80,000,000 7,409,515 12,054,411 38,107,905 137,571,831 144,984,909  80,000,000 7,409,515 10,714,722 42,452,597 140,576,834 148,024,233  16,494,270  16,157,031  Sami Al Bader Chairman  Isa Abdulla Al-Mannai  Director  The Directors approved the interim financial information consisting of pages 2 to 9 on 27 November 2007.    INVESTORS BANK B.S.C. (c) 3 CONDENSED INCOME STATEMENT for the nine months ended 30 September 2007  US   Nine months ended 30 September 30 September 2006 2007 (reviewed) (reviewed) Income from available-for-sale investments Income from trading investments Fair value (loss)/gains on trading investments Fair value (loss)/ gains on availablefor-sale investments Income from Murabaha contracts Other income Total income  Three months ended 30 September 30 September 2006 2007 (reviewed) (reviewed)  412,579 771,937 (4,905,846) (100,904) 278,624 1,033,607 (2,510,003)  586,724 1,838,830 3,444 (20,410) 186,121 33,792 2,628,501  987,119 (50,452) 34,143 929,397 1,900,207  38,193 2,388,305 31,527 64,188 (2,641) 2,519,572  Staff cost Administrative and general expenses Depreciation Total expenses  1,010,051 787,556 37,082 1,834,689  2,104,033 1,473,686 40,969 3,618,688  268,214 190,739 11,961 470,914  194,005 287,905 12,711 494,621  (Loss) / Profit for the period Earnings per share (US ) Basic  (4,344,692)  (990,187)  1,429,293  2,024,951  (0.02)  (0.00)  0.01  0.01  ________  Sami Al Bader Chairman  Isa Abdulla Al-Mannai  Director  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  4  CONDENSED STATEMENT OF CHANGES IN EQUITY for the nine months ended 30 September 2007 US  30 September 2007 (reviewed) Share Capital 80,000,000 80,000,000 Share premium Statutory reserve 7,409,515 7,409,515 Investment fair value reserve 10,714,722 1,339,689 1,339,689 1,339,689 12,054,411 Investment fair value reserve 11,813,378 4,836,786 4,836,786 4,836,786 (463,589) 16,186,575  General reserve -  Balance at 1 January 2007 Fair value gain during the period Income and expenses recognised directly in equity Loss for the period Total recognised income and expenses for the period Balance at 30 September 2007 30 September 2006 (reviewed)  Retained earnings 42,452,597 (4,344,692) ( 4,344,692) 38,107,905  Total 140,576,834 1,339,689 1,339,689 (4,344,692) (3,005,003) 137,571,831  Balance at 1 January 2006 Fair value gain during the period Income and expenses recognised directly in equity Loss for the period Total recognised income and expenses for the period Issue of Bonus Shares Charity Contribution Declared (2005) Board Remuneration Declared (2005) Transfer to income statement on disposal of AFS investments* Balance at 30 September 2006  Share Capital 50,000,000 30,000,000 80,000,000  Share premium 13,746,334 (13,746,334) -  Statutory reserve 6,275,686 6,275,686  General reserve 479,382 (479,382) -  Retained earnings 48,712,422 ( 990,187) ( 990,187) (15,774,284) (200,000) (490,000) 31,257,951  Total 131,027,202 4,836,786 4,836,786 (990,187) 3,846,599 (200,000) (490,000) (463,589) 133,720,212  * Represents fair value gain on available-for-sale investments, which were reclassified as trading investments in 2004 and subsequently sold during the nine month period ended 30 September 2006.    INVESTORS BANK B.S.C. (c)  5  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  5  STATEMENT OF CASH FLOWS for the nine months ended 30 September 2007 30 September 2007 (Reviewed) OPERATING ACTIVITIES Dividend received Management and advisory fees received Placement fees received Underwriting fees received Advances for purchase of available-for-sale investments Income from Murabaha contracts Purchase of available-for-sale investments Sale of available-for-sale investments Sale of trading investments Arrangement fee paid on sale of trading investments Receipts from deferred payment sale receivables Payments for operating and other expenses Payments to the Managing Director Board remuneration paid Employee Qard Hasan and advances, net Others Cash flows from operating activities INVESTING ACTIVITIES Payments for purchase of fixed assets Advance for purchase of fixed assets Proceeds from disposal of fixed assets Cash flows from investing activities FINANCING ACTIVITIES Mudaraba investments Murabaha financing Receipt from Mudaraba investments Cash paid to charitable organisations Cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 30 September 2,000,000 3,631,836 55,767 (1,973,668) 43,268 (11,759) 3,745,444  US  30 September 2006 (Reviewed) 270,592 1,795 (1,047,318) 23,371 (33,491) 57,842 9,861,671 (406,667) 500,000 (2,280,461) (1,000,000) (490,000) (42,355) (50,857) 5,364,122  (1,186,128) (266,993) (1,453,121)  (2,538) 961 (1,577)  (4,500,000) 10,034,860 (588) 5,534,272 7,826,595 383,182 8,209,777  (4,650,000) (43,213) (4,693,213) 669,332 356,644 1,025,976  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  6  CONDENSED STATEMENT OF CHANGES IN RESTRICTED INVESTMENT ACCOUNTS for the nine months ended 30 September 2007  30 September 2007 (reviewed)  Balance at 1 January 2007 Average No of value per Total units share US  US  (000) 12,887 2,940 0.44 317,689 5,670,202  Balance at 30 September 2007 Average Investment/ Investment Bank \'s fees Administration No of value per Total (withdrawal Revaluations profit/ (loss) as an agent expenses units share US  US  US  ) US  US  (000) US  US  337,239 12,887 2,940 0.44 317,689 5,670,202  Movements during the period  Murabaha with Lotus Air Ltd Investments in International Investment Group K.S.C.C. (note 2 below) Portfolio managed by the Bank  3.46 10,169,140 16,157,031  3.57 10,506,379 16,494,270  1  Restricted investment accounts represent amounts received from and transactions entered on behalf of related parties. The restricted investment accounts at 30 September 2007 are carried net of a provision for impairment amounting to US  282,311 (2006: US  282,311). On the instructions of a restricted investment account holder, a related party, the Bank has entered into a deferred payment purchase agreement with a financial institution to acquire shares of International Investment Group K.S.C.C (`IIG \'). The Bank then entered into a deferred payment sale agreement with the restricted investment account holder for sale of the these shares. However, due to a legal dispute with the financial institution, the Bank could not effect the transfer of the IIG shares to the restricted investment account holder.  2  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  7  CONDENSED STATEMENT OF CHANGES IN RESTRICTED INVESTMENT ACCOUNTS for the nine months ended 30 September 2007 (continued) 30 September 2006 (reviewed) Balance at 1 January 2006 Average No of value per Total units share US  US  (000) 2,385 0.30 317,689 708, 5 3 0 Balance at 30 September 2006 AdministraAverage Investment/ Investment Bank \'s fees tion value per Total (withdrawal Revaluations profit/ (loss) as an agent expenses No of units share US  US  (000) US  ) US  US  US  US  (631,640) (107,544) 31,631 (977) 317,689 Movements during the period  Murabaha with Lotus Air Ltd Shares in Bahrain Family Leisure Company BSC Investments in International Investment Group K.S.C.C. (note 2 below) Portfolio managed by the Bank  12,887 2,940  0.44  5,670,202  (631,640)  98,698 (8,846)  31,631  (977)  -  12,887 2,940  0.44  5,670,202  3.42 10,067,804 16,764,225  3.46 10,166,502 16,154,393  1  Restricted investment accounts represent amounts received from and transactions entered on behalf of related parties. The restricted investment accounts at 30 September 2006 are carried net of a provision for impairment amounting to US  282,311 (2005: US  282,311). On the instructions of a restricted investment account holder, a related party, the Bank has entered into a deferred payment purchase agreement with a financial institution to acquire shares of International Investment Group K.S.C.C (`IIG \'). The Bank then entered into a deferred payment sale agreement with the restricted investment account holder for sale of the these shares. However, due to a legal dispute with the financial institution, the Bank could not effect the transfer of the IIG shares to the restricted investment account holder.  2  The interim financial information consists of pages 2 to 9.    INVESTORS BANK B.S.C. (c)  8  NOTES TO THE INTERIM FINANCIAL INFORMATION for the nine months ended 30 September 2007 1 Investors Bank BSC (c) (the  Bank ) was established in the Kingdom of Bahrain as an exempt company on 26 October 1997 and the legal status was changed to a closed company on 3 July 2006. The interim financial information has been prepared in summarised form. The interim financial statements have been prepared in accordance with the Central Bank of Bahrain circular BC/20/99 dated 28 September 1999. The interim financial information is not audited but has been reviewed by KPMG. The comparative figures for the balance sheet have been extracted from the audited financial statements for the year ended 31 December 2006. The comparatives for the income statement, statement of changes in equity, statement of cash flow and statement of changes in restricted investment accounts have been extracted from reviewed interim financial information for the nine months ended 30 September 2006. The accounting policies and the methods of computation used in the preparation of the interim financial information are consistent with those used in the preparation of the audited financial statements for the year ended 31 December 2006, which comply with Financial Accounting Standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions. Due to the nature of the Bank \'s operations, the nine months results reported in this interim financial information may not represent a proportionate share of the overall annual results. Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties also include directors and shareholders of the Bank and companies in which they have an ownership interest. Significant balances with related parties at 30 September 2007 include: 30 September 2007 US  Assets Trading investments 34,388,021 Available-for-sale investments 8,297,788 Murabaha receivables 5,147,906 Mudaraba investments 11,896,174 Receivables from sale of investments 31,271,981 Deferred payment sale receivables 3,680,203 Other assets 1,032,452 Liabilities Due to a related party Certain of the Bank \'s investments are managed by a related party. The Bank has investments in companies of certain shareholders. The carrying amounts of such investments at 30 September 2007 were US  52,784 (31 December 2006: US  55,759). 31 December 2006 US  39,293,867 8,270,151 4,925,048 21,931,034 30,268,197 3,680,203 6,279,143  2  3  4  5 6  3,483,614  3,527,079    INVESTORS BANK B.S.C. (c)  9  NOTES TO THE INTERIM FINANCIAL INFORMATION for the nine months ended 30 September 2007 Significant transactions with related parties include: 30 September 2007 US  Income Income from available-for-sale investments Income from trading Investments Fair value (loss) / gain on trading investments Fair value on available-for-sale investments Income from Murabaha contracts Other income Expenses Remuneration to the Managing Director Other expenses 7 955 771,937 (4,905,846) 222,858 30 September 2006 US  240,044 1,412,454 3,444 2 162,750 977  -  1,000,000 203,333  In 2004, the Bank entered into a sale and purchase agreement with a local financial institution to purchase shares of a related party on behalf of another related party. The net amount due to the financial institution was US  3,670,202. In accordance with the terms of the agreement, the Bank pledged certain of its investments with a carrying value of US  13,660,791 as at 30 September 2007. Subsequently, the agreement was terminated by the financial institution due to disputes with the Bank and as a result, the pledged investments have been retained by the financial institution. In the opinion of the Bank \'s lawyers and management, the agreement was wrongfully terminated and following the financial institution \'s refusal to settle the matter amicably, the Bank has filed a legal case in the Bahrain courts against the financial institution for wrongful possession of investments. As a result, the court has taken custody of the shares under dispute. The related party on whose behalf the transactions was entered has provided a manager \'s cheque for an equal amount, which has been deposited with the court. This amount is included under Deferred payment sale receivables. The related party on whose behalf the transaction was entered into has also agreed to reimburse the Bank for legal expenses and any losses arising on final settlement with the financial institution. 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