Portfolio Update Portfolio Update -- June June 20102010pp

Asian Finance Bank Berhad

Company Background:

A i Fi B k B h d (AFB h B k) d i i 2007 i K l L M l i AFB i f h hAsian Finance Bank Berhad (AFB or the Bank) commenced operations in 2007 in Kuala Lumpur, Malaysia. AFB is one of the threeforeign Islamic banks that have been granted a license by the Central Bank of Malaysia to undertake Islamic banking business. AFBoffers Shair’ah compliant products covering consumer, commercial (including SME and trade finance), corporate, treasury andinvestment banking services. The Bank has a presence in Malaysia and representative office in Indonesia.

GMFA indirectly owns 10% stake in the Bank.

Investment Date: July 2008

Company Website : www.asianfinancebank.comCompany Website : www.asianfinancebank.com

Financial highlights:

20092008USD '000

19,10015,928Revenues ,,

870(4,543)Net Profits

96,67093,453Equity

612,000526,217Assets

BMI BankBMI Bank BSC

Company Background:BMI Bank BSCI(previously Bank Muscat International) (BMI or the Bank) was established in 2005 in the Kingdom of Bahrain. BMI(p y ) ( ) goperates under licenses issued by the Bahrain Monetary Agency and is engaged in commercial banking activities through its eightbranches in Bahrain. BMI also operates an Offshore Bank in the Seychelles, a branch in Qatar and has a 21.33% shareholding in GulfAfrican Bank in Kenya. BMI owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain,Syria and Yemen.

GMFA indirectly owns 10% stake in the Bank.

Investment Date : July 2008

Company Website : www bmi com bhCompany Website : www.bmi.com.bh

Financial highlights:

20092008USD '000

52,254101,863Revenues 52,254101,863Revenues

(44,941)(7,907)Net Profits

298,771341,060Equity

1,786,3262,161,395Assets

The Indusial Bank of Kuwait K.S.C

C B k dCompany Background:

The Indusial Bank of Kuwait K.S.C (IBK or the Bank) was established in 1973 by Government of Kuwait with the initiative of supportingindustrial projects in Kuwait. The Bank offers conventional as well as Islamic banking products such as an industrial and trade finance,corporate banking and portfolio management services.

GMFA indirectly owns 2.5% stake in the Bank.

Investment Date: July 2008

Company Website: www.ibkuwt.com

Financial highlights:

20092008USD '00077,735109,357Revenues

10 62234 161N t P fit 10,62234,161Net Profits671,966716,051Equity

2,196,2022,073,553Assets

Al Manar Leasing and Financing Company KSCC

Company Background:

Al Manar Leasing and Financing Company (Al Manar or the Company) is Kuwait based Islamic financial institution. It was established inNovember 2003. Al Manar provides Shari'ah compliant financial products and services across variety of sectors, including consumer, realestate and fleet financing. The Company has four branches in Kuwait.

GMFA indirectly owns 13.70% stake in Al Manar.y %

Transaction Date: July 2008

Company Website : www.almanar.com.kw

Financial highlights:

20092008USD '00027,63750,954Revenues

(13,451)11,475Net Profits

116,041135,808Equity280,038428,065Assets

Al‐Soor Financing and Leasing Company KSCC

Company Background:

Al S Fi i d L i C KSCC (Al S h C ) i l d K i i h h ldi I bli h d iAl‐Soor Financing and Leasing Company KSCC (Al‐Soor or the Company) is a closed Kuwaiti shareholding company. It was etablished inJuly 2005 under the regulatory guidance set by the Central Bank of Kuwait. Al‐Soor operates in the financing industry offering a rangeof services in consumer finance, trade finance, and supplementary home improvement finance.

GMFA owns 12.4% stake in the Company..

Investment Date: July 2008

Company Website : www.alsoorfinance.com (under construction)

Financial highlights:

20092008USD '00048,32746,337Revenues

10,99924,373Net Profits

208,171231,600Equity435,269425,627Assets

Bindar Trading and Investment Company

Company Background:

Bi d T di d I C (BTIC h C ) i J d b d I l i fi BTIC bli h dBindar Trading and Investment Company (BTIC or the Company) is Jordan based Islamic consumer finance company. BTIC was establishedin 2000 and was listed on the Amman Stock Exchange in 2004. BTIC’s primary area of activity is financing the purchase of vehicles,durable assets and real estate. The company also offers car rentals and also operates a car showroom.

Currently, BTIC has three wholly owned subsidiaries, namely A’ayan Trading and Investment Ltd, Mouta’alika Co, and Al Sahm Al Feddi .GMFA directly and indirectly owns 69.60% stake in the Company.

Investment Date: July 2008

Company Website: www.bindar‐jo.comCompany Website: www.bindar jo.com

Financial highlights:

USD '000 2008 2009Revenues 7,685 5,821Net Profits 1,367 1,783Equity 29,795 30,800Assets 62,838 48,787

Jordan Trade Facilities Company PSC

Company Background:Company Background:

Jordan Trade Facilities Company (JTFC or the Company) was established in 1983 in Jordan and was listed on the Amman Stock Exchangein 2001. JTFC was one of the first companies to enter the consumer finance business in Jordan and provides financing for vehicles anddurable assets.

GMFA di tl d i di tl b idi i 87 27% t k i th CGMFA directly and indirectly own subsidiaries own 87.27% stake in the Company.

Investment Date: July 2008

Company Website: www.jtc.com.jo

USD '000 2008 2009Revenues 6,654 5,504Net Profits 1 712 370

Financial highlights:

Net Profits 1,712 370Equity 26,459 25,627Assets 49,811 42,190

Dar Al Tamleek CompanyDar Al Tamleek Company SCJSC

Company Background:

D Al T l k C (DAT h C ) i S di b d l d J i S k C Th C h h i d i l fDar Al Tamleek Company (DAT or the Company) is a Saudi based closed Joint Stock Company. The Company has authorized capital ofSR 1 billion with 25% paid up capital as of 31st December 2009. Its business activities mainly involve mortgage financing as perIslamic principle and is also authorized to trade in real estate, purchase and rent vehicles, ships, and civil aircrafts.

GMFA indirectly owns 5% indirect stake in the Company.

Investment Date: June 2009

Company Website: www.daraltamleek.com

Financial highlights:

20092008 (8 months)USD '000

4,4134.4Revenues

(6,337)(3,604)Net Profits (6,337)(3,604)Net Profits

120,96863,150Equity

139,36663,921Assets

Dar Al Tamleek CompanyAl Fajer  Retakaful Insurance Company KSCC

Company Background:

Al Fajer Retakaful Insurance Company KSCC (Al Fajer Re or the Company) is the first Retakaful insurance company based in Kuwait andAl Fajer Retakaful Insurance Company KSCC (Al Fajer Re or the Company) is the first Retakaful insurance company based in Kuwait andcommenced its operations in April 2008, with a paid up capital of KD50 million ($175.1 million), and a license to operate reinsurancebusiness for all kinds of takaful insurance (Islamic insurance).

GMFA indirectly owns 20% stake in the Company.

Transaction Date: January 2010

Company Website: www.alfajerre.com

Financial highlights:

2009 (15 months)USD '00036,566Gross Contributions1,177Shareholder Fund Surplus

176,308Equity 176,308Equity177,788Assets

Gulf Takaful Insurance CompanyGulf Takaful Insurance Company

Company Background :Gulf Takaful Insurance Company (the Company or GTIC) is a closed Shariah compliant shareholding company, established in September2004 i h h i l f KD15 illi Th C i il f idi Sh i h li i i i l di2004 with a share capital of KD15 million. The Company primarily focuses on providing Shariah compliant insurance services includinglife, motor, property and general accident insurance, re‐insurance products and insurance appraisals. Gulf Takaful has the largestmedical provider’s network in Kuwait, which includes over 74 hospitals, clinics, pharmacies and labs.

GMFA indirectly owns 18% stake in the Company

Investment Date: April 2004

Company Website : www.gulftakaful.com

Financial highlights:

20092008KD'000

52.2 326.1 Murbaha deposit Income

(1,292.1)(2,300.3)Net Income 

14,936.9 16,299.3 Total Assets  ,,

14,532.8 15,971.0 Shareholders' Equity 

For more information please contact:

Rajiv Nakani, CFAManaging PartnerGlobal Capital Management Ltd.

T: +965 295 1201

Global Capital Management Ltd.,100% subsidiary of Global Investment House KSCCGlobal Tower,

F: +965 295 1648

Sharq, Al Shuhada’a Street,Kuwaitwww.globalinv.net