MIRA
INFORM REPORT
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Report Date : |
23rd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ISLAMIC BANK OF YEMEN FOR FINANCE AND INVESTMENT |
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Registered Office : |
Mareb
Insurance Co Building, Zubairy Street, PO Box: 18452, Sana’a, Yemen. |
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Country : |
Yemen |
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Date of Incorporation : |
25.04.1995 |
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Legal Form : |
Yemen
Shareholding Company |
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Line of Business : |
Engaged
in investment, finance and banking services in conformity with the
principles of the Islamic Sharia. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
US$
1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
ISLAMIC BANK OF YEMEN FOR FINANCE AND INVESTMENT |
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Country
of Origin |
Yemen |
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Legal
Form |
Yemen Shareholding Company |
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Registration
Date |
25th April 1995 |
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Issued
Capital |
YR 1,250,000,000 |
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Paid
up Capital |
YR 1,250,000,000 |
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Total
Workforce |
288 |
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Line
of Business |
Investment, finance and banking services in
conformity with the principles of the Islamic Sharia. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
ISLAMIC
BANK OF YEMEN FOR FINANCE AND INVESTMENT
ADDRESS
Registered & Physical Address
Building : Mareb Insurance Co Building
Street : Zubairy Street
PO Box : 18452
Town : Sana’a
Country : Yemen
Telephone : (967-1) 206117 / 205680 / 205683
Facsimile : (967-1) 206116
Email : ibr-iflbk-yesan@y.net.ye
Premises
Subject
operates from a large suite of offices that are rented and located in the Central
Business Area of Sana’a.
Branch Office (s)
Subject operates 5 branches located in Sana’a, Hodaidah, Taiz and 2
offices in Aden.
KEY PRINCIPALS
· Haj Abdul Karim Al Aswadi Chairman
· Abdul Malik Thabet General
Manager
· Luqman Al Aswadi Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 25th April 1995
Legal Form : Yemen Shareholding Company
Issued
Capital : YR 1,250,000,000
Paid
up Capital : YR 1,250,000,000
Name of Shareholder (s) Percentage
· Al Haj Abdulkarim Al Aswadi &
Sons 41.00%
· Islamic Development Bank 10.00%
Jeddah
Saudi Arabia
· Ali Sa’ad Murshid & Sons 7.65%
· Dallah Al Barakah Co 5.00%
Jeddah
Saudi Arabia
· Local businessmen and private
investors 36.35%
LINE OF BUSINESS
Operations
: Engaged in investment,
finance and banking services in conformity with the principles of the Islamic
Sharia.
Subject
has a workforce of 288 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Yemen are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 1,000,000:
Islamic
Bank Of Yemen For Finance And Investment was incorporated in 1995 and is
engaged in investment, finance and banking services in conformity with the
principles of the Islamic Sharia.
During
the course of this investigation nothing detrimental was uncovered regarding
subject’s operating history or the manner in which payments are fulfilled. As
such the company is considered to be a fair trade risk and the above credit
figure is within subject’s financial means.
Maximum
suggested credit figure: US$ 1,000,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution
needed for credit transaction. It has above average (strong) capability for
payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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