General Assembly of Tadhamon International Islamic Bank approves 1.479 billion riyals as cash dividends to shareholders

In its Annual General Meeting on Wednesday, May 26th in Sana'a , presided over by Mr. Abdul-Jabbar Hayel Saeed , Chairman of the Board , the Extraordinary General Assembly of Tadhamon International Islamic Bank endorsed  the distribution of 1.479 billion riyals as cash dividends to shareholders .  Meanwhile, the TIIB General Assembly has elected two new members into the Board of Directors ,  Mr.Shawki Ahmed Hayel Saeed and Yusuf AL-Kuraimi , and also has ratified the reports of the Board Management and the Auditors on the bank's activities during the fiscal year ended December 31, 2009.

The Assembly has also reviewed and approved the report of the Shari'a Supervision Board and the Central Bank's report on the financial statements of the Bank in 2009 , and has declared the chairman , members of the Board and the auditors as  free against any claims with regard to their work for the financial year in 2009.

At the meeting, Chairman of the Board has denoted that the Tadhamon International Islamic Bank realized a net profit of 23 billion and 249 million Yemeni Riyals during the financial year 2009 and growth of 2% compared to the previous year 2008 .
The chairman said that despite the challenges during the year 2009 topped by  the global financial crisis, the investments and finances of Tadhamon International Islamic Bank has grown by 26% with an increased  amount of 244.4 billion riyals in 2009 compared to 193.3 billion riyals in the previous year 2008 .
The Bank , he added ,  was capable to utilize its resources and to build on domestic and international investment opportunities , with a strict commitment to professional standards of high quality performance , avoiding any possible risk of banking finance and investment.
He pointed out that those measures qualified the bank to be the first of all banks in Yemen and to attract deposits amounting to  283 billion riyals compared to  239 billion riyals in the year 2008, with  a growth rate of 18% .
He added that investment deposits at the bank stroke a profit of up to 14 billion and 302 million riyals, with an increase of 2 billion and 102 million riyals, and growth rate of 17% higher than that in year 2008 .

The Chairman noted that Tadhamon International Islamic bank has  allocated an adequate risk margin exceeding 11 billion and 800 million riyals against risks of investment and casual liabilities , and  this allocation is considered  a positive indicator that signifies the bank's strength in the Yemeni market.
on the other hand , He revealed the bank's intention  to  establish an independent board for the microfinance program so as to grant this business branch its full independence in the near future.
He  said this  move is meant to reflect importance of this unique program in the bank by means of updating its mechanisms, regulations and policies in line with the latest developments in this field , in addition to introducing appropriate changes and privileges for its management to boost their productivity .