Bank AlJazira

Bank AlJazira Partners with ShoCard to Leverage its #Blockchain Identity Management Platform

ShoCard, Ateon and Bank AlJazira are working in partnership to launch the first-of-its-kind use case in the region. The use case uses ShoCard's blockchain-based identity management solution along with the KYC solution from SettleMint. ShoCard's technology can be used for password-less login, whereby user credentials are not stored on any computer. ShoCard also ensures no personal or financial data is exchanged during transactions, thus resulting in fast, trusted authentications. Expected benefits of the system include reduced cost for identity management, reduced fraud and improved customer satisfaction. ShoCard's use case samples are easy to develop and can quickly integrate into clients' infrastructure. ShoCard has a ready-to-go complete stack with patented technology.

Bank AlJazira rewarded as Best Arabian Giving Foundation in 2015

Bank AlJazira achieved a new reward as the best Arabian donor in 2015 during the “Non-Governmental Giving Foundations in Arabian countries” conference held in Bahrain. The award was received by the Executive Director of the Community Service Programs Dr. Fahad Bin Ali Al-Olayan on behalf of the Chief Executive Officer Mr. Nabil Al-Hoshan. The award was presented by the “Regional Network for Social Responsibility” in collaboration with the United Nations Industrial Development Organization “UNIDO”; Bank AlJazira has been chosen for this award by the conference committee.

IIRA reaffirms Fiduciary Ratings of Bank AlJazira: Jan 2016

Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Bank AlJazira (‘BAJ’) on the international scale at ‘A-/A2’ (SingleA Minus/A Two) and at ‘A+(sa)/A1(sa)’ (Single A Plus/A One) on the national scale. Outlook on the assigned ratings is ‘Stable’. The fiduciary score has also been reassessed in the range of ’71-75’, reflecting adequate fiduciary standards wherein rights of various stakeholders are adequately protected. The consistent growth in business volumes at BAJ, facilitated by expansion in branch network has been noted. The bank’s low net impairment ratio and sufficient liquidity held, lends support to the assigned ratings. Although financing counterparty concentration remains higher than desired levels, an improving trend has been noted. Capitalisation is adequate and above the regulatory minimum.

Bank Aljazira reclassifies revenue from property disposal

In a statement to the Tadawul, Bank Aljazira has issued a correction to its financial results for H1 2015. Originally the bank had stated total operating income for Q2 of SAR 612 million. However, after reclassifying gains from the disposal of land, Bank Aljazira says total operating income for Q2 was SAR 1.184 billion. At first the bank had classified the gain of SAR 573 million on the disposal as non-operating income. The gain has now been reclassified as operating revenue on the recommendation of the bank’s external auditors.

Saudi Bank Aljazira Names Advisers For $800m Rights Issue

Saudi Arabia’s Bank Aljazira has appointed the investment banking arms of Gulf International Bank and Riyad Bank to advise it on a SAR3 billion ($800 million) rights issue. The price and number of shares to be issued under the offering, which will be arranged by GIB Capital and Riyad Capital, is still pending approval from the relevant authorities and shareholders, the bank said in a bourse filing. The rights issue by one of the Kingdom’s smaller lenders by assets will be used to strengthen its capital base and finance its activities, the bank added.

Bank AlJazira full year net profit down 12.14 per cent

Bank AlJazira reported Q4 net profit of SAR 199 million, up 32.67 per cent compared to one year ago and up 323.4 per cent on the previous quarter. However, the bank’s full year net profit was down 12.14 per cent at SAR 572 million. Total assets rose 10.97 per cent to SAR 66,554 million but investments were down 10.02 per cent at SAR 11,335 million. Loans and advances were up 17.86 per cent at SAR 41,245 million and customer deposits rose 13.49 per cent at SAR 54,569 million. Moreover, Bank Aljazira’s Extraordinary General Assembly approved the increase of the bank's capital from SAR 3,000 million to SAR 4,000 million, an increase of 33.33%.

IIRA Reaffirms Fiduciary Ratings of Bank AlJazira

The Islamic International Rating Agency (IIRA) has reaffirmed a national scale rating of A+/A-1(sr) (A plus/A-One) to Bank AlJazira ( BAJ), incorporated in the Kingdom of Saudi Arabia. IIRA has also reaffirmed the bank's international scale ratings at A-/A-2 (A Minus/A-Two). Outlook on the ratings is 'Stable'. BAJ has posted continued business growth over the years. Moreover, capital adequacy ratio (CAR) has remained consistently above 15% over the last 5 years, sustaining the increased business levels. BAJ 's fiduciary score has been assessed in the range of '71-75', reflecting adequate fiduciary standards. The overall governance framework and practices are largely at par with international best practices.

Bank Aljazira: Embracing sharia banking principles

In 2007, Bank Aljazira's conversion into the first fully sharia-compliant institution in Saudi Arabia was complete.This transformation required changes to BAJ's infrastructure, offerings and legal environment, among other aspects. Moreover, investments in product development as well as branch and ATM networks were made. The bank simultaneously increased its paid-up capital to SAR 3bn, which came entirely from the bank’s profits. In order to ensure compliance with all sharia banking and financing principles; this led to the formation of a Sharia Advisory Board, which is composed of a number of scholars specialised in sharia-compliant banking. Besides, BAJ launched a SAR 100m programme named Khair Aljazira Le Ahl Aljazira which aims at providing financial support to various charitable societies.

Yasser Al-Hedaithy on Shariah banking | Bank Aljazira | Video

Bank Aljazira has faced a lot of challenges linked to its transition from a conventional bank to a fully Shariah-compliant bank, according to Yasser Al-Hedaithy, Group Treasurer of the bank. Today, Bank Aljazira offers every conventional product available in the market, on a Shariah-compliant basis. Moreover, it has a fully independent Shariah board to ensure compliance with Islamic law. As part of its community service, the bank established a fund called Khair Aljazira Le Ahl Aljazira which helps the disabled in terms of rehabilitation, learning and other programmes. The main driver behind that success is customer loyalty. Furthermore, talents are attracted to the bank by offering attractive jobs.

Bank AlJazira to kick off new sports marketing campaign

As part of its ongoing commitment to support Saudi sports, Bank AlJazira is geared up to kick off its new sports marketing campaign “support with passion,” which will be launched on Dec. 1. Through this campaign, Bank AlJazira will reveal the new set of club-themed credit cards that will carry colors and logos of 7 Saudi football clubs which have the widest fan base. This credit card will give the fans of Saudi football clubs a practical tool to express their passion and support for the club they admire in a unique way. The new campaign from Bank AlJazira will feature Al-Fateh, Al-Shabab, Al-Nasr, Al-Ahli, Al-Ettifaq, Al-Ittihad and Al-Wehda clubs. Fans now can browse various sets of designs for each card, with the opportunity to get incentives rewards and attractive awards in addition to star-related and club-official items.

Bank AlJazira honored for backing social initiatives

Bank AlJazira was granted the Ideal Institution in Support of Social and Developmental Action Award at a special ceremony held during the 30th meeting of GCC Council of Ministers of Social Affairs, organized recently in Bahrain. Nabil bin Dawood Al-Hoshan, CEO of Bank AlJazira, received the award from Bahraini Minister of Social Development Fatima bin Mohammed Al-Balooshi. The award comes after the bank was nominated by the Saudi Ministry of Labor and Social Affairs, in recognition of its efforts and programs in social responsibility.

Bank AlJazira’s financial strength rated by Capital Intelligence

BAJ’s financial strength rating has been affirmed at “BBB” with a stable outlook. The bank’s long-term foreign currency rating has been affirmed at “BBB+” and its short-term foreign currency rating at “A2.” The ratings agency Capital Intelligence noted BAJ’s sound liquidity, strong customer deposit growth and improved profitability and highlighted the benefits of a reviving equity market to BAJ’s business. Nabil Al-Hoshan, CEO and MD of the Bank, was pleased that the banks strong underlying fundamentals had been recognized with this affirmation.

Bank AlJazira reports 29% jump in Q2 net profit

Saudi lender Bank AlJazira has reported a 29% jump in its net income for the second quarter to SR167m, compared with SR129m for the same quarter last year. Net profit during the first six months of 2013 grew 15% to SR312m from SR272m for the same period last year. The bank's total assets as of June 30, 2013 stood at SR56.22bn against SR47.12bn for the same period in the previous year, an increase of 19%.

Ratings of Bank AlJazira affirmed

Capital Intelligence (CI) has affirmed the ratings of Saudi Bank ALJazira (BAJ). The Financial Strength Rating (FSR) is affirmed at 'BBB', supported by sound liquidity, strong customer deposit growth and improved profitability. For the same reasons, the Long-Term Foreign Currency Rating (FCR) is affirmed at 'BBB+' and the Short-Term Foreign Currency Rating at 'A2'. Ratings are constrained by the high non-performing loan (NPL) ratio, the high cost structure and a resultant low profitability, and a high level of deposit concentration. Both the FSR and the FCR continue to carry a 'Stable' Outlook. In light of the Bank's position in the Saudi banking sector, official financial support is expected to be forthcoming in the event it is needed. Consequently, the Support Level remains at '2'.

Rating boost for Bank AlJazira

Islamic International Rating Agency (IIRA) has assigned a national scale rating of A+/A-1 (SR) to Bank AlJazira. On the international scale, IIRA has assigned a foreign currency and local currency rating of A-/A-2. Outlook on the rating is ‘stable’. The fiduciary score has been assessed in the range of ‘71-75’, reflecting adequate fiduciary standards. The assigned credit ratings incorporate the bank’s improving asset quality and standalone profitability as well as an adequate liquidity profile and capitalization levels. However, BAJ, like other banks in Saudi Arabia, remains sensitive to concentration related risks. While large single exposures are likely to persist in the portfolio, segment-wise broadening will overtime reduce its possible impact, in case of impairment in large financings.

IIRA Assigns Fiduciary Ratings to Bank AlJazira

Islamic International Rating Agency (IIRA) has assigned a national scale rating of A+/A-1 to Bank AlJazira (BAJ). On the international scale, IIRA has assigned a foreign currency and local currency rating of A-/A-2. Outlook on the rating is 'Stable'. The fiduciary score has been assessed in the range of '71-75', reflecting adequate fiduciary standards. BAJ has grown at a CAGR of 19% in terms of asset size over the last three years through continuous expansion in branches and business acquisition. Moreover, the bank has broadened its business base with an enhanced presence in the corporate segment and a growing exposure towards the retail market. However, it remains sensitive to concentration related risks. The bank has a well developed corporate governance framework in place with effectively functioning board and management level committees.

Bank AlJazira's 2012 profits up 65%

Bank AlJazira registered a net income of SR 98 million for the fourth quarter of 2012. Compared to Q4 2011 this is a decrease of 11% from SR110 million. The difference compared to Q3 2012 is 25% in favour of Q3. Other important parts of the annual financial results of the bank are a total operating income of SR372 million for the last quarter of 2012 which is a 13% increase to the SR330 million for Q4, 2011. The net special commission income for Q4 2012 registered an increase of 25% from Q4 2011 reaching SR247 million.

Capital Intelligence affirms ratings of Bank AlJazira

Capital Intelligence (CI), the international credit rating agency, announced that it has affirmed the ratings of Bank AlJazira (BAJ), based in Jeddah, Saudi Arabia. The Bank's successful development of itsnew markets in terms of loans and deposits, its continually improving asset quality and its improved capital profile supports the Financial Strength Rating of 'BBB'. Moreover, the factors mentioned above affirm the Long-Term Foreign Currency Rating at 'BBB+' and the Short-Term Foreign Currency Rating at 'A2'.

Capital Intelligence marks down Bank AlJazira

Capital Intelligence (CI) has lowered the Financial Strength Rating (FSR) of Bank AlJazira (BAJ), based in Jeddah, Saudi Arabia, to 'BBB' from 'BBB+'. The bank has now a stable outlook.
At the end of 2010, the Bank's total staff was 1,616.

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At the end of 2010, the Bank's staff totalled 1,616

Saudi banks suffer end of year losses

Joanna Hartley reported on 24 January that the Saudi banking sector has posted poor results for the last quarter of 2008 impacted by the global economic environment according to Fitch rating, saying that 2009 will be challenging. The preliminary 2008 results released by the 10 main commercial banks in the kingdom confirmed that the last quarter of 2008 was the worst quarter of the year for all. Despite this the 10 banks remain among the highest rated by Fitch Ratings across the GCC region and generally have sound domestic franchises.

The expectation of tougher conditions for the banks and lower profitability in the coming months resulted in most banks' individual ratings being downgraded in December 2008. Their long-term issuer default ratings largely remain driven by the extremely high probability of support from the Saudi Arabian government (rated 'AA-').

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