On the global economic front, 2017 ended on a high note with GDP continuing to accelerate over much of the world, in the broadest cyclical upswing witnessed since the start of the decade. Metal prices were supported by stronger momentum in global demand and fuel prices surged due to supply restraints in the energy sector. Equity valuations in developed western markets and most of Asia continued their ascent even as key central banks maintained accommodative monetary policy settings amid weak inflation. In the GCC, GDP growth moderated due to oil supply restraints and regional geopolitics.
Despite challenging local and regional market conditions, we are proud to maintain our profitable track record for the thirteenth successive year since inception. This is a glowing tribute to the seamless adaptability of our business model to changing economic conditions and the agility of our strategy execution capabilities.
Mohammed Abdulla Jumaa Alqubaisi
BOARD OF DIRECTORS
Abdulla Jumaa Alqubaisi Chairman
Obaid Humaid Al Mazrooei Vice Chairman
Abdulla Alqubaisi Member
Helal Bin Drei Al Qubaisi Member
Ismail Ali Abdulrahim Alfahim Member
Abdulla Al Mazroui Member
Ali Ibrahim Al Saadi Member
NET PROFITS (AED Millions)
TOTAL OPERATING INCOME (AED Millions)
LOANS AND ADVANCES (AED Millions)
CUSTOMER DEPOSITS (AED Millions)
SHAREHOLDERS' EQUITY (AED Millions)
The following are some of the key achievements and noteworthy developments that have made 2017 a memorable year for the Finance House Group:
- Our “investment grade” Corporate Credit Rating of A3 (Short Term) and BBB- (Long Term) both with stable outlook, were reaffirmed for the fifth successive year by Capital Intelligence, an internationally renowned credit rating agency.
- Achieved group-wide VAT compliance ahead of the 1 January 2018 deadline.
- Successfully completed all necessary groundwork, including Internal Risk Rating System & ECL Modelling to fully comply with the requirements of the new International Financial Reporting Standard- IFRS 9 which comes into effect from 1 January 2018.
- Expanded our customer reach further by opening a new branch for Finance House in Al Ain and a new branch for Insurance House at the Motor World in Abu Dhabi.
- Participated in the ADNOC Distribution IPO as a receiving institution-the only finance company so chosen.
- Achieved online integration with the Al Etihad Credit Bureau to facilitate seamless credit checks of Retail customers during the onboarding process.
- Other significant advancements on the technology front include the deployment of the Value House mobile app, implementation of the paperless initiative for Board and Credit Committee meetings, work flow automation for Retail customer onboarding and on-line processing of salaries and wages under the Wages Protection System (WPS).
Finance House P.J.S.C. (the “Company”) is a Public Joint Stock Company incorporated in Abu Dhabi, United Arab Emirates (U.A.E.) in accordance with the provisions of the U.A.E. Federal Commercial Companies Law No. (2) of 2015, the U.A.E. Central Bank, the Monetary System and Organization of Banking Law No. (10) of 1980 and under authority of resolutions of the Board of Directors of the U.A.E. Central Bank relating to Finance Companies.
UAE Federal Law No. 2 of 2015 (“Companies Law”) which is applicable to the Group has come into effect on 1 July 2016. The Group is currently assessing and evaluating the relevant provisions of the Companies Law. It has twenty four months from the effective date of the Companies Law to fully comply with the Companies Law under the transitional provisions set out therein.