Annual Report 2009 - Sudanese French Bank - البنك ... · PDF fileDr.Tag Alsir Ibrahiem Alshoush Legal Adviser Sharia Supervisory Board Sheikh. Al Tayib Al Faki Musa Chairman

Annual Report 2009

Annual Report 2009

4

Contents

- Nominal & Paid up Capital 4

- About The bank 5

- Bank’s Shareholding in Companies 6

- Bank Branches 7

- Board of Directors 8

- Executive Administration 9

- Chairman’s Report 11

- Ordinary Meeting Resolutions 14

- Executive Management Report 2009 15

- Sharia Board Report 22

- Auditors Report 23

- Financial Statements 2009 24

- List of Forgien Correspondents

Paid Up Capital As At 31/12/2009

Nominal Capital is 300 Million SDG

Paid Up Capital :

66,737,380 Shares at a value of 100,106,070 SDG

Head Office :

Al Qasr Street – Khartoum

P.O. Box : 2775 Khartoum – Sudan

Telephone : (+249)1 83771730 - 83776542 – 87013000

Fax : (+249)1 83790391 – 83774832 – 83771740

Web Site : www.sfbank.net

E-Mail : [email protected]

Swift code: SUFRSDKH

Member of Union of Sudanese Banks

Member of Union of Arab Banks

Member of Bank Deposits Guarantee Fund

Member of Arab Trade Financing Program

Member (Observer) of Islamic Financial Services Board - Malysia

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About The Bank :

After the nationalization of foreign banks in Sudan in the early 70’s, some businessmen Joined by the Bank of Sudan

(Central Bank of Sudan) initiated the idea of establishing a new bank. Later, a number of local and foreign corporations,

in addition to, the public were attracted to invest in the new Sudanese Investment Bank which started its operations in

January 1979 with a 7.5 million Sudanese Pounds L.S. capital. By 1993 the bank adopted its ongoing name of Sudanese

French Bank. Growing steadily and achieving remarkable success. In voyage towards entering the international markets,

the bank ended the year 2008 with a nominal capital of 300 million SDG and a paid up capital of 87.51 million SDG (40

million Dollars).

Bank’s Strategy:

- Aware of our responsibility to contribute to the social and economic development especially by supporting the infrastructure

and service sector.

- Abided by Sharia law in our undertaking and transactions.

- Committed to the profession code of conduct and ethics.

- Mindful of the role of qualified, skilled, trained workforce and technology as the underpinnings for success.

We offer full fledged quality banking services to position the bank as the best choice for local and international customers,

attract local and foreign currencies savings and provide finance in compliance with Islamic rules in our strive to enhance

the owners’ equity and gain customers satisfaction.

Services:

- Deposit taker of all currencies.

- Financing individuals, companies and finance portfolios.

- Finance of Foreign Trade operations.

- Management of time deposits and placements.

- Trade, export and import banking operations (L/C’s, L/G’s, transfers, etc…)

- VIP private banking.

- Electronic banking service provider (ATM, POS, etc…)

The bank’s Shareholding in Companies and Corporations

The bank, since its incorporation in 1978, played its national role of making development projects a success by investing

in public corporations and companies. Also, it established the companies below in voyage for diversification and high

returns.

1/ The Sudanese Investment and Projects Co. Ltd. (SIPCO).

As a fully owned subsidiary of the bank, SIPCO played an effectives role in the import of

strategic goods and the export of the Sudanese crops, at a very high efficiency. Also, being an investment company, it

established the following businesses:

- Alfaransi Silos Company Ltd

It is a pioneer company in the field of grains storage, with a long experience in sifting, cleaning and fumigating of crops.

It owns a 50 thousand tons silos facility with a cleaning plant at Gedarif town that worth seven million US dollars.

- Alnafizah for Integrated Services Company Ltd

Motivated by the Central Bank of Sudan plan of implementing the electronic payment systems, SIPCO joined hands with

the Jordanian Global Electronic Top-Up Company (GET) and others in establishing Alnafizah for Integrated Services

Company Ltd to distribute and sell prepaid and post paid services, such as electricity and telephone time, through a

network of Points of Sale (POS) that dispense Electronic Vouchers and provide distributors with an Electronic Wallet for

multi services.

Also, SIPCO participates in the following companies: -

a) Juba Insurance Company.

b) The Sudanese Rural Development Company.

c) The Arab Financial Services Company (Bahrain).

2/ Alfaranci for Financial Services Company Ltd:

The bank coped with the expansion in stocks trade in Sudan by establishing this company to serve its clients in stocks

and shares trading. The company is a licensed agent by Khartoum stock Exchange.

Other Bank’s Shareholdings:

a) The Financial Investment Bank.

b) The National Gulf Flour Mills Company.

c) The Milk Products Factory- Kenana.

d) Al- Rai Al-Am Printing and Publishing Company.

e) The Banking Electronic Services Company Ltd.

f) The Exports Insurance and Financing National Agency.

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Bank Branches

Branch P.O. Box Area Code Tel. No. Fax No.

Main Branch-Khartoum 2775 +249-1 83785250 - 83776542 83779300

Algamhouria 1950 +249-1 83781735 -83778600 83773696

Khartoum(2) 6640 +249-1 83472833 - 83461107 83471627

Alsaggana 87 +249-1 83462545 - 83463905 83460589

Khartoum North 1591 +249-1 85339907 -85339908 85339910

Omdurman 1055 +249-1 87568729 - 87555068 87554643

Souk Libya 45 +249-1 87609203 - 87609201 87609202

Alsouk Almahali 12606 +249-1 83438840-83414580 83438838

AlRiyadh Khartoum - +249-1 83520022-83520025 83520024

Garden City +249-1 83270935

Port Sudan 871 +249-311 820945 - 824440 826280

Qadariff 191 +249-441 843303 - 833069 843352

New Halfa 134 +249-421 822153 - 822383 822522

Madani 305 +249-511 842307 - 843076 843725

Sinnar 122 +249-561 823203 -822280 823116

Rabak 108 +249-572 825070 825145

Almanagil 12 +249-517 872112 - 879999 873200

Hasahissa 86 +249-541 832165 831050

Aldamazin 45 +249-551 822094 - 822394 822394

Obeid 432 +249-611 824333 - 823246 822670

Nyala 456 +249-711 832305 - 833280 832889

Atbarra - +249-211 832910 832913

Elmaamoura 7067 1-249+ 83525284 83525283

Sub-branches :

- Jinaid Sugar Factory Hasahissa Tel: 0541840061

- Duty Free Area Port Sudan Tel: 0311849045

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Board of Directors

Mr. Osman Salman Mohamed Nour Chairman

Mr. Abdul A’l Al Dawi Abdul A’l Member

Mr. Hussein Fadul Ali Member

Mr. Osman Hamad Mohamed Kheir Member

Mr. Fuad Yousif Shaker Member

Mr. Elias Sami Alouf Member

Dr. Mustafa Abass Mustafa Member

Mr. Hussein Yahya Jangool Member

Mr. Salah Eldin Ali Abu Elnagga Member

Mr. Mahgoub Hassan Shabo (G. M.) Member

Mr. Ismail Abdullah Mohamed Saleh Company Secretary

Dr.Tag Alsir Ibrahiem Alshoush Legal Adviser

Sharia Supervisory Board

Sheikh. Al Tayib Al Faki Musa Chairman

Mr. Al Bagir Yousif Mudawi Member

Dr. Mohammed Ali Yousif Ahmed Member

Certified Accountants :Hasibeen Group – Khartoum

Tel : 83760319 Fax : 83784639

P.O. Box 3807 Khartoum

E-mail : [email protected]

Executive Management

Assistant General Manager :

General Manager :

Mr. Mahgoub Hassn Shaboo

Deputy General Manager :

Mr. Kamal Abdul Gadir Saeed

Mr. Abd Ulmonaim Elhaj Mohammed

Assist. G. M. For Administration

Affaires

Mr. Tag Elsir Hamid Abdul kareem

Assist. G. M. For Financial Affaires

Mr. Farah Haj Nur Tahir

Assist. G. M. For Investment,

Marketing & Research

12

Departments Managers :

Adil Salih Bilal Internal Auditor Dept.

Suad Yousif Zimrawy Human Resources Dept.

Mohamed Batran Hamad Computer & Information Technology Dept.

Sief Eldin Elfakki Mohammed Legal Dept.

Abdulrahman Abdulla Abdulrahman Administration Affaires Dept.

Mohamed Nory Mohamed Foreign Relations Dept.

Alawia Mohamed Ahmed Suliman Investment and Finance Dept.

Mohy Eldin Abd Elaziz Makki Compliance Officer

Nayra Abd Alla Sharfi Marketing & Research Dept.

Osman Ahmed Osman Elhassan Financial Affairs Dept.

Mutwakel Yousif Mustafa Risk Management Dept.

Faissal Abd Elhay Mohammed Engineering Dept.

Adeeba Ibrahim Bushara Elsaid Electronic Services Unit

Gamal Saad Hassan Hamada Past Due Obligations Unit

Abd Elmonaim Osman Elbashir Ahmed Central Operations Unit

Abd Alla Elhag Hamid Mohammed Executive Office

Praise be to Allah, Lord of the Worlds. May His prayers and peace be upon the Best of Messengers our Master Mohamed,

all His household and companions.

Honorable brothers and sisters shareholders …

May, I, on behalf of my brothers in the Board of Directors, welcome you in this place which is flourishing by your presence

on the occasion of the regular general assembly meeting in its 40th session in the path of your great bank to show you the

results of the finincial year 2009. We will do that clearly and transparently in order to know where we stand and to look

forward with confidence to pave the road for perfect and continuous performance to keep the outstanding position of the

bank in a rough sea created by the international financial crises. As I told you last year we have to avoid the negative

impacts issues and support the positive trends to avoid the risks and repercussions of this crises.

Honorable Brothers and Sisters …

Backed by your trust, the Board of Directors continued to design plans, programmes and policies supporting the different

activities of the bank (banking, administrative or vocational) so as to achieve the designed targets and maintain the

reputation of the bank. We insist on perfection and improvement of performance to meet the interest of our shareholders,

customers and employees, but we do cater, at the same time, for the public interest of the nation and citizens through the

optimum utlisation of the available facilities of the bank in the different fields of investment create economic and social

development. We (the Board of Directors, its specialized Committees, the executive management and employees) move

in full harmony to achieve our targets and follow up the performance of the companies of the bank and its investments to

make sure that they are contributing in supporting the bank resources. We get rid of the idle investments and activate the

prosperous ones.

Honorable Audience …

The Board of Directors adopted a plan which was reflected in the budget designed for the year 2009. Its main features

are:

a) The effects of the international financial crises on Sudan and the banking system will lead to a decrease in the revenue

of banking activities.

b) Fluctuations in oil prices will cause further decrease in our revenues.

c) The revenue from the bank income products will be minimal.

d) To strengthen the link with the private sector generally with special consideration to the services sector.

e) Diversification of income resources and mobilize them actively to achieve maximum possible benefits.

f) To support the link between the Agricultural and Industrial sectors.

g) To back the bank horizontal expansion plans and to increase the coverage by penetrating into the new economic

Report of the Chairman of Board of Directors to the

Regular 40th Meeting of the shareholders

of the Sudanese French Bank

Mr. Osman Salman Mohammed Nour

Chairman of the Board of Directors

14

growthareas.

h) Improvement and modernizing the electronic banking facilities within the standards to secure communication opera-

tions and their returns.

i) Financing and investment operations should be safeguarded by the maximum risk minimizing, firm financing measures

and solid securities to avoid negative effects resulting from default payments together with continuous administrative

and legal follow up on default payments repercussions.

j) To subject the bank activities to Sharia Law and auditing according to the prevailing regulations in a clear and transparent

way.

In spite of what is mentioned above, the results achieved by the bank for the year 2009 were satisfactorily as can be seen

from the following table.

Item 2008 mill SDG 2009 mill SDG Increase/Decrease Mill SDG Percentage

Total Assets 1236 1379 +142 +11.5%

Deposits (Local Foreign) 1025 1133 +108.4 +10.6%

Total Income 121 119.3 -(1.3) -(1.1)%

Net profit before Zakat and Taxes 45.1 27.5 -(17.59) -(39)%

Bank Financing portfolio 608.7 752.2 +143.4 +24%

Foreign Currency Transactions 2.5 1.2 -(1.3) -(52)%

Credit line from correspondents 229 231 +2 +0.01%

Paid up Capital 87.5 100.1 +12.6 +14%

Equity shares 121 135.5 +14.5 +12%

It is clear that lack of adequate foreign currency led to a decline in banking activities which was the reason behind the

declining returns of net profits. At the same time the increase in the local financing operations returns was positive. In

spite of these circumstances the bank increased it’s paid up capital to the level decided by the Central Bank of Sudan.

The increase was 14% more than that of 2008. The owners equity increased by 12%, which gives a positive indicator of

the financial position of the bank.

Honorable Brothers and Sisters …

All this could not have been achieved without efforts to execute our strategic policy to avoid these repercussions. This

can be clearly noticed in the trend of the bank to build its capacities through penetration in domestic economy different

activities and diversified approaches. The achieved targets were as follows:

- Expand local financing and support the country’s economic activities especially in the industrial sector satisfying the

needs of the local market and internal trade;

- Support the agricultural sector by increasing our contribution in agricultural portfolios with the Agricultural Bank locked

by strong securities;

- Horizontal expansion of the bank services. New branches were established in Garden City and Atabara in addition to

Mamora Branch (under construction)

- Continuous follow-up on default payments through legal, administrative and banking channels;

- Improving performance through sustainable efforts to upgrade technical work means and expand their range and

increase A.T.Ms;

- Although the performance and activities of bank marketing are still below average but there are efforts to improve them

locally and internationally by participating in fairs, meetings and interviews.

Since improving work environment and providing social stability to the employees is one of the concerns of the Board of

Directors, it was decided to step up the ceiling of grant loans for them and to continue training to improve their capacities

inside and outside the country.

Honorable Audience …

Due to the financial results achieved, as I mentioned before and as the documents in front of you read, may I submit to

you the recommendations of the Board of Directors for approval after the submission of Auditors and Sharia Supervisory

Board to their reports:

1. Approval of the report of Board of Directors for the year 2009

2. Adoption of the audited final accounts and income statement in 31/12/2009

3. Approval of the Auditors report for the year 2009.

4. Approval of the Sharia Advisory Board report for the year 2009.

5. Approval of the recommendation of the Board of Directors to distribute 11% cash profits and 12.5% bonus shares.

6. Approval of the remunerations of the members of the Board of Directors for the year 2009 according to article (61) of

the bank regulations.

7. Appointment of Sharia Advisory Board for the year 2010 and delegate the Board of Directors to fix its members

remunerations.

8. Authorize the Board of Directors, after the approval of Central Bank of Sudan to appoint the auditor for the year 2010

and to decide and pay his remunerations.

9. Election of the Board of Directors members for the years 2010/2012 according to article (59) of the bank regulations

and the Bank of Sudan circular No. 18/2009.

Honorable brothers and sisters

May I extend greetings and gratitude, on your behalf and the Board of Directors to all the employees in their different

locations for their efforts to hold this meeting. Many thanks to the Administrative Committee, Auditing and Control Committee

and Sharia Advisory Board for their patience and endurance while executing their duties in asatisfactory level to the

Board of Directors. We do appreciate the highly professional and responsible job done by Hasibeen Group.

To conclude, I would like to thank all the institutions in relation to the activities of this assembly, at the head of which

comes the Central Bank of Sudan, its top administration headed by the Governor Dr. Sabir Mohamed Hassan, the

Commercial Registrar, Khartoum stock Market, Banks Deposits Security Fund, Khartoum State and its specialized

institutions; Police and local administration, and thanks and praise be to God before and after, that is the bounty of God

He gives to whom He likes. God owns great bounty.

May peace and mercy of God be upon you

Osman Salman Mohamed Nur

Chairman of the Board of Directors

Ismail Abdalla Mohamed Salih

Secretary of the Company

In the Name of Allah the Merciful the Compassionate

Resolutions of the 40th Ordinary General Assembly

dated 17th April 2010

Resolutions No (1):

Endorse the Board of Director’s report and adoption of the balance sheet, the distribution of dividends, the Auditors report

and the Sharia Control Board for the year ending 31/12/2009.

Resolution No (2):

Approval of the recommendation of the Board of Directors concerning distribution of profits including 11% cash profits out

of the nominal shares and 12.5% Bonus shares.

Resolution No (3):

Approval of the Board of Directors recommendation to pay the remunerations of its members for the year 2009.

Resolution No (4):

Appointment of the auditor for the year 2010 in consultation with the Central Bank of Sudan and authorize the Board of

Directors to set his remuneration.

Resolution No (5):

Appointment of Sharia Control Board and authorize the Board of Directors to set the remuneration of its members:

Sheikh El Faki Mosa – Syd. El Baghir Mudhawi; Dr. Mohamed Yousif.

Resolution No (6)

Election of the board of directors for the term 2010 -2012.

16

Performance Report and Financial Review

for the year 2009

The results of the bank activities during the year 2009 showed remarkable development and great advance in different

fields despite of the prevailing local circumstances which affected the banking sector negatively and led to an unfamiliar

increase in the non performing loans. Moreover there is the financial crises which engulfed the whole world during the last

quarter of 2008, and is still extending its shadows. Backed by the bounty and success of God and the effort of the Board

of Directors, the Executive Management and the Staff were able to achieve many targets on the financial and administrative

levels in comparison with what we planned and achieved last year. The stability which the bank witnessed played a great

role in this achievement. The analysis of the financial statements below reflects the positive development in the bank

financial performance during the year 2009:

First Balance Sheet:

(1) Assets:

The total assets of the bank were 1,379.26 million SDG

in 2009 compored with 1,236.55 million SDG in 2008 with

an increase of 142.71 million SDG i.e. 11.5% The current

assets were 1,330.41 million SDG in 2009 while the

current liabilities at that time were 1,243.78 million SDG

i.e. the rate of circulation was (1.00: 1.07). This indicates

that the bank enjoys a good financial position and can

meet its obligations as and when called. This reflects

optimum utilization of available resources.

Growth of Assets 2005-2009

2005 2006 2007 2008 2009

718.7796.8

1.087.10

1.236.551.379.26

Components of Cash and Qausi-cash 2005-2009

2005 2006 2007 2008

Cash in the foreign currencyCash in the local currency

100.1

168.6

128.6 131.5

186.2

222.3203.16 203.35

2009

66.29

324.97

(2) Cash and Quasi-cash:

The total cash and quasi-cash was 391.26 million SDG

in 2009 against 406.51 million SDG in 2008 with a

decrease of 15.25 million SDG. When compared with the

previous year we find that local cash and quasi-cash

increased from 203.16 million SDG in 2008 to 324.97

million SDG in 2009 i.e. 60% increase, while we find that

the equivalent of foreign currency balance in Sudanese

pounds (the treasury + Central Bank of Sudan A/C)

decreased from 203.35 million SDG in 2008 to 66.29

million SDG in 2009 i.e. 67%.

2005 2006 2007 2008 2009

173.31

288.91

236.92

304.41282.57

392.99 383.41

474.03494.26

669.61

Total finance provided and settled

in SDG 2005-2009 million SDG

(3) Finance:

The total foreign and local currencies fi-

nance provided in 2009 was 698.19 million

SDG compared with 577.38 million SDG in

2008 with 120.81 million SDG increase

i.e.21%.

(A) Finance in local currency:

The finance provided in 2009 amounted

669.61 million SDG compared with 474.03

million SDG in 2008 with an increase of

195.58 million SDG i.e. 41%. The settled

finance during 2009 was 494.26 million

SDG compared with 383.41 million SDG in

2008 with an increase of 110.85 million

SDG i.e. 29%.

Settled Finance

Provided Finance

18

Following are the types of financial products availed by the

bank during 2009:

- Murabaha: amounted to 53.24% of the total finance in

2009 compared with 61.14% in 2008.

- Musharaka: amounted to 6.54% of the total fiancé in 2009

compared with 4.26% in 2008.

- Mudharaba: Amounted to 10.23% of the total finance in

2009 compared with 9.7% in 2008.

- Salam: amounted to 0.25% of the total finance in 2009

compared with 7.91% in 2008.

- Mugawala: amounted to 3.91% of the total finance in 2009

compared with a 0.65% in 2008.

- Shahama Certificates: amounted to 25.83% of the total

finance in 2009 compared with 15.92% in 2008.

When providing finance, the management take into

consideration distributing it among the different economic

sectors in accordance with the policy of the Central Bank

and the targets of national economy. The diagram shows

the distribution of finance among different economic sectors

during 2009 where the agricultural sector constituted 8.86%,

the industrial sector 18.34%, exports sector 6.34%, artisans

and handicrafts sector 1.10%, imports sector 5.68%, real

estate sector 2.78%, domestic trade 25.97%, financial

certificates 25.82% and services 5%.

This reflects the efficiency in follow up and collection combined with adequate collaterals. The outstanding balance of the

finance in 31/12/2009 was 681.24 million SDG against 608.7 million SDG in 2008 with an increase of around 72.54

million SDG i.e. 12%.

Analysis of Bank financing according to economic sectors (2009)

Services

5.00•

financial

certificates

25.82•

Local Trade

25.97•Real Estate

2.78•

Import

5.68•

Small Seale

1.10•

Export

6.43•

Industrial

18.34•

Agricultural

8.86•

Ratio of financing products to total financing in 2009

Shahama

25.82•

Mugawala

3.91•

Mudaraba

10.23•

Musharaka

6.54•

Morabaha

53.24•

Salam

0.25•

Fixed Assets 2005-2009 (million SDG)

2005 2006 2007 2008 2009

24.726

29.530.14 30.76

(4) Fixed Assets:

The pre-depreciation historical value of fixed assets in-

creased from 51.39 million SDG in 2008 to 56.5 million

SDG in 2009. After additions, discards and deprecia-

tion, the net book value became 30.76 million SDG in

2009 compared with 30.14 million SDG in 2008. The

net book value of lands and building was 13.55 million

SDG as it represents 44% of the total net book value of

fixed assets in 31/12/2009.

Total liabilities 2005-2009 (million SDG)

2005 2006 2007 2008 2009

718.7

796.8

1.087.1

1.236.6

1.379.3Second: Liabilities and shareholders

equity:

(i) Liabilities:

Total liabilities consisting of different types of depositsincluding investment accounts, creditors, other liabili-ties and owners equity amounted to 1,379.25 millionSDG in 2009 compared with 1,236.55 million SDG in2008 with an increase of 142.71 million SDG i.e. 11.5%.

The total liabilities without the investment accountsamounted to 1,075.03 million SDG in 2009 comparedwith 964.41 million SDG in 2008 with 110.62 million SDGincrease i.e. 11.5%

(B) Finance in Foreign Currency:

Finance provided in Foreign Currency was 12.99 mil-

lion US$ in 2009 compared with 44.93 million US$ dur-

ing 2008 with a decrease of 31.94 million US$ i.e. 71%.

As for the profits obtained from Foreign Currency fi-

nance they amounted to 2.58 million US$ in 2009

equivalent to 5.68 million SDG compared with 1.58 mil-

lion US$ during 2008 equivalent to 3.63 million SDG

i.e. 56.5% increase.

Total Finance in Foreign Currency 2005-2009 (in million US$)

2005 2006 2007 2008 2009

17.9415.14

29.31

44.9

13.0

20

Growth of Deposits 2005-2009 (in mill SDG)

2005 2006 2007 2008 2009

567.2 602.8

820.9

10251124

(ii) Deposits:

Total deposits (local, foreign, and margins of LCs and

LGs) amounted to 1,124 million SDG in 2009 compared

with 1,025 million SDG in 2008 with an Increase of 99

million SDG i.e. 9.7%, while the total deposits consisting

of current accounts, investment accounts and saving

accounts in both local and foreign currencies amounted

to about 1,055 million SDG in 2009 (excluding margins)

compared with 966 million SDG in 2008 with 89 million

SDG increase i.e. 9.2%. This indicates an increase in

the volume of deposits and more trust of customers in

the bank.

Owner’s equity 2005-2009 (in mill SDG)

2005 2006 2007 2008 2009

60.2

73.7

90.64

121.08

135.49

(iii) Owner’s Equity and Paid up Capital:

The owner’s equity consisting of paid up capital, different

deposits and retained profits amounted to 135.49 million

SDG by the end of 2009 compared with 121.08 million

SDG in 2008 with an increase of 14.41 million SDG (a

remarkable increase of 12%).

During the last five years the owner’s equity increased

from 60.2 million SDG in 2005 to 135.49 million SDG by

the end of 2009 with an increase of 75.29 million SDG

i.e. 125% (doubled). In 2009 the bank increased its paid

up capital to 100.11 million SDG by capitalizing a

considerable portion of 2009 profits compared with 87.51

million SDG in 2008 with an increase of 12.6 million SDG

i.e. 14.4%.

The paid up capital during the last five years jumped from

30 million SDG in 2005 to 100.11 million SDG by the end

of 2009 with an increase of 70.11 million SDG i.e. 234%

than that of 2005. This indicates development and stability

of the bank which resulted in attracting more capital.

Paid up capital 2005-2009 (mill SDG)

2005 2006 2007 2008 2009

30

50.67

66.98

87.51

100.11

22

Third: Income Statement:

When comparing 2009 income statement with that

of 2008 we observe the followings:

1. The total earnings (after subtracting the revenue of

customers investment accounts) dropped slightly from

120.6 million SDG in 2008 to 119.3 million SDG in

2009 with a decrease of a million SDG i.e. 1.3%. The

revenue from investments and deferred sales (after

subtracting the revenue of customers investment

accounts) was 58.1 million SDG in 2009 compared

with 44.7 million SDG in 2008 with an increase of 13.4

million SDG i.e. 30% and 55% of the total revenue.

The Bank transactions were 26.4 million SDG in 2009

with 32.14 million SDG in 2008 with a decrease of

6.1. Million SDG i.e. 19%. At the same time, the other

revenues and the bank revenues from its own

investment were 21 million SDG in 2009 compared

with 31.16 million SDG in 2008 with a decrease rate

of 33% and 20% of the total revenue.

2. The total general and administrative expenses

including depreciation, rehabilitation expenses, and

doubtful debts reserves and incentives were 69.64

million SDG in 2009 while it was 55.05 million SDG in

2008 with an increase of 14.59 million SDG i.e. 27%.

According to an agreement with the Central Bank of

Sudan 7.98 million SDG were written off from the debts

violations before 2003. Thus the total expenses during

2009 became 77.62 million SDG compared with 62.85

million SDG in 2008 i.e. 24% increase.

3. The net income after Zakat and taxes was 23.94

million SDG in 2009 compared with 38.43 million SDG

in 2008 with 38% decrease rate. The net income after

subtracting reserves (legal +general +special) was

21.54 million SDG in 2009 compared with 28.02 million

SDG in 2008 with 24% decrease.

4. The net income (after Zakat and taxes) percentage

to paid up capital for 2009 was around 24% compared

to 44% for 2008.

2005 2006 2007 2008 2009

32.437.8

85.6

120.6 119.3

62 65

44.150.55

64.35

Development of Income and Expenditure

2005-2009(mill SDG)

In the Name of God, the Beneficial, the Merciful

Sudanese French Bank

Sharia Supervisory Board

Report of the Sharia Supervisory Board to the shareholders about the activities of the bank during the

year ending 31/12/2009.

Praise be to Allah, Lord of the Worlds, May his blessings be upon the last of Prophets Mohamed and

upon all the Prophets and Messengers of Allah.

1. The Board revised all the transactions presented before it this year, it adopted what was correct and

corrected what needs correction according to Sharia Laws.

2. The Board conducted a field surveys to all branches of the bank in Khartoum state to make sure that

the contracts are in conformity with Sharia Laws and issued the necessary directives. It gave answers

to all inquiries received from the administration concerning some transactions.

3. The Board reviewed the final bank sheet of the bank as 31/12/2009 and assured the legality of the

transactions of investment deposits, savings deposits, current accounts and revenues from operations

with foreign banks.

4. The Board directed the bank, when required to pay interest on its over drown accounts with foreign

correspondents to pay them from received interest.

5. The Board is pleased to declare that all the transactions reviewed were according to Sharia laws.

6. The Board participated in the training programme of the branches staff and recommended intensive

programme in Islamic Sharia Transactions to produce the “sharia expert” banker.

7. The Board thanks the bank executives for their cooperation and thanks to God who guided all to

participate in this effort and who beg him to hold them on the right road heading to development and

prosperity, He is the All-hearing and Respondent.

El Tayeb El Faki Musa

Chairman of Sharia Supervisory Board

24

To: Shareholders:


We have audited the financial statements of Sudanese French Bank on pages 24 to 42

which have been prepared under the historical cost standard and the accounting policies

set in note (2).

The bank’s management is responsible for the preparation of the financial statements. It

is our responsibility to form an independent opinion based on our audit on those

statements and to report that opinion to you.

We conducted our audit in accordance with the auditing standards for Islamic Financial

Institutions.

Our audit includes examination, of evidence relevant to the amounts and disclosures in

the financial statements. It also includes an assessment of the significant estimates and

judgments made by the management in the preparation of the financial statements, and

of whether the accounting policies that are approprate for the bank’s circumstances are,

consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations

we considered necessary in order to provide us with sufficient evidence to give reasonable

assurance that the financial statements are free from material misstatements, whether

caused by fraud or other irregularity or error. In forming our opinion, we also evaluated

the overall adequacy of the presentation of information in the financial statements.

In our opinion the financial statements give a true and fair view of the bank’s state of

affairs as at 31/12/2009 and the results of its activities for the year then ended.and have

been properly prepared in accordance with companies’ ordinance 1925 and other relevant

regulatory laws.

Date : 6/4/2010

Auditors Report

IZZELDIN ABD ALLA JUBAL

Certified Accountant

Hasbeen Group


Balance Sheet As At 31 st. December 2009

Assets:

Cash & cash equivalents

sales receivables

Investments

Investments held for sale

Other assets

Long term investments

Investments in subsidary

Capitalized expenditure

Buildings under construction

Fixed assets (net book value)

Total assets

Liabilities. unrestricted investments accounts and Owners Equity:

Liabilities:

Current accounts & savings accounts

Payables

Proposed dividends

Other liabilities

Total liabilities

unrestricted investments accounts

restricted investments accounts (CBOS)

Total liabilities & unrestricted investments A/C’s

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

2008/12/31

S.D.G

406,513,147

286,887,522

356,281,722

56,585,334

82,886,973

5,428,310

2,608,000

2,601,633

6,610,628

30,142,552

1,236,545,821

814,594,454

123,735,373

8,077,573

18,004,349

964,411,749

121,050,591

30,000,000

1,115,462,340

2009/12/31

S.D.G

391,255,999

274,882,069

495,196,967

56,585,334

112,492,451

5,576,510

5,979,200

3,399,806

3,135,605

30,759,320

1,397,263,261

896,277,376

158,450,848

8,077,573

10,515,828

1,075,032,201

159,211,206

9,534,477

1,234,777,884

26

Owners’ Equity

Paid up capital

Reserves

Retained earnings

Total Owners’ Equity

Total liabilities. unrestricted investments accounts

and Owners’ Equity

Contra Accounts

(16)

(17)

(18)

87,507,043

31,679,270

1,897,168

121,083,481

1,236,545,821

777,967,119

100,106,070

34,073,019

1,306,288

135,485,377

1,397,263,261

746,866,502

The attached notes form an integral part of these statements

Mr/Osman Sulman Mohamed Nour

chairman

Mr/Osman Hamed Mohd. Khair

Director

Mr/ Kamal Abdelgadir Saeed

Scting General Manager


Income Statement For The Year Ended 31st. December 2009

Income

Deferred asles

Investments

Less

Return on unerstricted investments A/C’s

Bank’s share income from investment (as a mudarib & as fund owner)

Add

Revenue from banking services

Bank’s income from own investment

Other revenues

Total Bank revenue

Less

Adminstrative and general expenses

Depreciation

Amortization

Bad debts written off

Net income (loss) before Zakah & tax

Less

Provision for zakah

Provision for business income tax

Net income (loss) after zakah & tax the year

Less

Legal - Reserve

General - Reserve

Special - Reserve

Net income

(19)

(20)

(21)

(22)

(23)

(24)

2008/12/31

S.D.G

26,303,402

31,005,852

57,309,254

12,654,686

44,654,568

32,137,682

3,727,350

27,432,702

107,952,302

50,548,725

4,165,204

333,835

7,797,071

45,107,467

2,822,327

3,854,487

38,430,653

3,843,065

3,458,758

3,112,883

28,015,947

2009/12/31

S.D.G

25,581,014

46,676,292

72,257,306

14,164,487

58,092,819

26,036,351

5,034,077

15,967,745

105,130,992

64,345,217

4,520,404

768,389

7,975,806

27,521,176

3,243,832

339,855

23,937,489

2,393,749

≠

≠

21,543,740



chairman


Director




Cash flow statement For The Year Ended 31st. December 2009

Cash flows from operations:

Net income

Adjustments to reconcile net income

Net cash provided by operating activites:

Prior yeat adjustment

Depreciation

Provision for doubtful accounts

Provision for zakah

Provision for taxes

Zakah paid

Tax paid

Return on unerstricted investmentA/C’s

Purchase of fixed assets

Sale of fixed assets

Gain on sale of fixed assets

Bad debts

Net cash flows provided by operations

Cash flows from investing activites:

Increase in vestments

Net Increase in receivables

Net cash flows from (used in) investing activities

Cash flows from investing activites:

Net Increase in unrestricted investment

2009/12/31

S.D.G

21,543,740

©1,223,574®

4,520,404

6,295,134

3,243,832

339,855

4,759,600

3,854,487

14,164,487

©5,160,501®

23,927

©598®

2,257,437

54,618,230

©140,562,355®

5,099,992

©©©©©135,462,363®®®®®

23,996,128

Net Increase in current accounts

Dividend paid

Increase in credit balances

Increase in other assets

Net cash flows provided by financing activites

Increase (decrease) in cash & cash equivatent

Cash and cash equivalent at beginning of year

Cash and cash equivalent at end of year

81,682,922

©20,911,046®

11,267,009

©30,448,028®

65,586,985

©15,257,148®

406,513,147

391,255,999



chairman


Director



30

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anager


Notes on the Financial Statements

1- Status and operationsSudanese french bank plc was established in sudan on January. 1978 in accordance with bank of Sudan licence No 1152

as public limited company under the name of Sudanese investment Bank. The name was changed to Sudanese International

Bank and by 20/march/1993 again the bank name has been changed to Sudanese french Bank.

It undertakes all banking operations according to Bank of Sudan regulations, laws and instructions.

2- Significant Accounting Polices:The financial statements have been prepared under the historical cost Convention in accordance with generally accpted

accepted accounting principles.

2-1/ Revenue Recognition:

Income from investment operations is recognised on liquidation. Revenue from other banking operations is calculated on

accrual basis.

2-2/ Fixed assets:

Fixed assets are valued at cost less accumulated depreciation. Routine repairs and maintenance are treated as expenses

when incurred.

Depreciation has been charged to write off assets value over their estimated useful lives on an annual basis using the

straight line method applying rates ranging between 2,5 - 15%

Additions are depreciated at 50% of the relevant rate irrespective of the date of acquisition.

2-3/ Foreign currency translation:

1- Transactions in foreign currancy are recorded at exchange ruling rates at the date they take place any differences are

treated in the profit and loss A/C.

2- Assts and liabilities in foreign currencies at balance sheet date are translated to Sudenese Pounds at the exchange

ruling rate at that and any differences in exchange are treated in the profit and loss a/c.

3- Accumulated revaluation of monetary foreign currency assets & liab are to be written off at 5% per annum.

2-4/ Return on investment deposits:

1- The Return on investment deposits is calculated on the basis agreed upon by the bank managment and the Islamic

sheriah board.

32

2/ It is considered that all investment deposits are completely used in the bank investment. operations before the bank

starts to use its own resources.

3- The ratios of investment account from usage point of view are considered to be the same as the classification of

investment operations ratios. (Sales debtors morabaha, mudaraba... etc)

4- The owners of the investment deposits share in all revenues except revenues from banking services and ther revenues.

5- In vestment operations exepenses are directly charged to the return from investments operations pefore distribution.

6- All adminstrativ expenses are borne by the bank.

2-5/ Provision for doubtful dents:

The Provision for doubtful debts is to be charged according to bank of sudan instructions.

2-6/ Inventory:

The year end inventory is valued at the lower of cost or market value.

2-7/Interest Received:

Interest Received from Foreign Correspondents is kept in a seprate a/c and dispursed according Sharia board fatwa.

2-8/ Debtors under settelment & legal claims:

According to Central Bank of Sudan approval that:

1- SDG 65.329,066 representing debtors are to be written - off to profit & loss a/c by ten equal annual instalments

starting from 2008

2- SDG 6,334,740 representing debtors are to be written - off to profit & loss a/c

over a period of five years by equal annual instalments starting financial year 2008.

3- Cash & cash equivalents: 2008

S.D.G

41,404,721

19,087,505

80,480,143

6,701,870

10,895,355

108,294,889

38,639,866

70,382,823

30,625,975

406,513,147

2009

S.D.G

49,155,388

2,696,521

219,516,237

19,110,041

254,411

25,295,475

1,540,000

56,039,691

17,648,235

391,255,999

Local Currency

Foreign Currency

Bank of sudan current A/Cs (Iocal)

Bank of Sudan current A/Cs (foreign)

Cheques under collection

Foreign banks

Investment Deposit (correspondents)

Bank of Sudan statutory reserve (local)

Bank of Sudan statutory reserve (foreign)

4- sales receivabl:

sales receivable

(-) Provision for

doubtful receivable

Total

Financed 2008

294,469,732

©7,582,210®

286,887,522

287,112,303

©12,230,234®

274,882,069

49,117,551

≠

49,117,551

245,352,181

≠

245,352,181

53,316,755

≠

53,316,755

233,795,548

≠

233,795,548

Total2009

Financed 2009 Total2008Self Jointly Self Jointly

5- Investments:

Musharaka

(-) Provision for

doubtful debts

Total

Investment Securities

(-) Provision for

doubtful debts

Total

Other Investment

(-) Provision for

doubtfulebts

Total

Total Investments

Financed 2008

18,827,989

(1,383,364)

17,444,625

176,867,150

-

176,867,150

166,318,022

(4,348,075)

161,969,947

356,281,722

45,180,373

©359,372®

44,821,001

284,379,000

≠

284,379,000

173,016,143

©7,019,177®

165,996,966

495,196,967

3,140,508

≠

3,140,508

29,501,441

≠

29,501,441

27,741,845

≠

27,741,845

15,687,481

≠

15,687,481

147,365,709

≠

147,365,709

138,576,177

≠

138,576,177

8,389,995

-

8,389,995

52,809,180

≠

52,809,180

32,129,098

32,129,098

36,790,378

≠

36,790,378

231,569,820

≠

231,569,820

140,887,045

140,887,045

Total2009

Financed 2009 Total2008Self Jointly Self Jointly

34

6- Investments held for sale 2008

S.D.G

56,585,334

2009

S.D.G

56,585,334Elkhaleej National Flour Mills Co.

7- Other assets: 2008

S.D.G

55,852,171

7,473,817

877,000

9,475,041

5,311,228

428,856

2,373,582

852,299

242,979

82,886,973

2009

S.D.G

53,350,941

28,309,067

10,903,316

12,664,105

4,046,378

≠

2,319,691

624,309

274,644

112,492,451

Debtors under settelment

Revaluation of F.C. assets & liab

Accrued profits

Staff loans

Debtors under legal claims

Income tax paid in advance

Prerpaid exp

Stock of stationary

Investment depositors (deposits security fund share)

8- Long term investments: 2008

S.D.G

2,660,000

1,812,000

500,000

250,000

106,310

100,000

5,428,310

2009

S.D.G

2,660,000

1,960,200

500,000

250,000

106.310

100,000

5,576,510

Kenana Dairy Factory

Financial Investment Bank

Transworld Petroleum Investment Co

National Agency for Develop of export

Electronic Banking Services Co ltd.

AlRay AlAam for Printing Publishing

9- Investments in subsidaries: 2008

S.D.G

1,618,000

990,000

2,608,000

2009

S.D.G

3,999,200

1,980,000

5,979,200

Sudanese Investment and Projects Co

Al-Frenci Financial Services Co ltd

10- Assets under construction: 2008

S.D.G

6,169,014

301,593

123,585

4,234

≠

12,202

6,610,628

2009

S.D.G

2,476,833

≠

112,122

≠

546,650

≠

3,135,605

Building under construction

Automatic teller machines (ATM)

Computers

Electrical tools

Motor vehicles

Others

36

11-

Fix

ed

assets

:

Pa

rtic

ula

rs

Ba

lan

ce

1/1

/20

09

Ad

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ns

Dis

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ls

Ba

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Rate

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1/1

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09

De

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ea

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De

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Ne

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31

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To

tal

51,3

94,8

01

5,16

0,5

01

59,8

26

56,4

95,4

76

21,2

47,0

78

4,30

2,2

93

218

,111

31,3

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25,7

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30,7

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Ele

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t

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6,48

5,8

71

190

,728 ≠

6.67

6.59

9

10•

3,71

9,0

60

631

,929

9,5

37 ≠

4,36

0,5

26

2,31

6,0

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2,76

1,7

32

Ele

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ic

Eq

uip

em

en

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8,33

0,3

61

11,4

24,8

56 ≠

19,7

55,2

17

15•

3,42

5,4

10

1,24

9,5

55

106

,864 ≠

4,78

1,8

29

4,97

3,3

88

4,90

4,9

52

Fu

rnit

ure

&

Fit

tin

gs

6,75

5,9

92

469

,726

7,8

26

7,21

7,8

92

10•

4,52

9,4

01

661

,939

23,4

87

7,8

02

5,20

7,0

25

2,01

0,8

67

2,22

6,5

91

Mach

inary

&

Eq

uip

em

en

t

5,27

6,7

03

356

,132 ≠

5,63

2,8

35

10•

3,31

4,8

35

523

,175

17,8

07 ≠

3,85

5,8

17

1,77

7,0

18

1,96

1,7

75

Mo

tor

Ve

hic

les

5,76

6,8

34

423

,425

5200

0

6,13

8,2

59

15•

3,08

5,7

05

865

,025

31,7

57

23,5

24

3,95

8,9

63

2,17

9,2

96

2,68

1,1

29

Bu

ild

ing

s

14,8

26,8

09

2,29

2,7

89 ≠

17,1

19,5

98

2.5

•

3,17

2,6

67

370

,670

28,6

59 ≠

3,57

1,9

96

13,5

47,6

02

11,6

54,1

42

La

nd

3,95

2,2

31

2,8

45 ≠

3,95

5,0

76 ≠ ≠ ≠ ≠ ≠ ≠

3,95

5,0

76

3,95

2,2

31

Co

st:

12- Current accounts and savings accounts: 2008

S.D.G

597,590,426

169,160,782

45,013,000

2,830,246

814,594,454

2009

S.D.G

659,792,328

167,628,775

64,446,392

4,409,881

896,277,376

Current A/Cs (local)

Current A/Cs (foreign)

Savings A.Cs (local)

Savings A/Cs (foreign)

13- Payables: 2008

S.D.G

65,117,690

17,136,752

5,740,412

6,135,682

14,216,660

5,808,991

4,755,295

2,720,963

862,500

534,950

91,755

151,179

231,618

230,926

123,735,373

2009

S.D.G

69,859,998

35,604,967

3,453,674

4,944,519

22,364,973

11,157,841

847,311

2,332,183

≠

3,504,924

≠

3,567,149

230,773

582,536

158,450,848

Margin on L/Cs

Bills payable (local)

Accrual

Other credit Balances

Blocked Accountes

Margin on L/Cs

Transfers under Settelment

Unpaid dividends

Loan

Bills Payable (foreign)

Cheques under collection (local)

Export Accountes

Claims

Interest Recived

Certified Cheques

38

14- Other liabilities: 2008

S.D.G

4,759,600

3,500,000

2,561,219

3,854,487

1,798,043

1,500,000

31,000

18,004,349

2009

S.D.G

3,243,832

2,444,711

1,009,953

339,855

2,189,977

1,250,000

37,500

10,515,828

Provision for zakat

Provision for staff bouns

Provision for post service Banefits

Provision for Business income tax

Provision for deposits security fund

Board fees provision

Provision for audit fees

15- Equity of unrestrivted investments A.Cs 2008

S.D.G

78,556,948

30,973,130

11,520,513

121,050,591

2009

S.D.G

113,284,584

33,358,952

12,567,670

159,211,206

Deposit investment (local currency)

Deposit investment (foreing currency)

Return on unrestricted investment A/C’s

16- Share Capital: 2008

S.D.G

300,000,000

66,975,000

20,193,933

338,110

87,507,043

2009

S.D.G

300,000,000

87,507,043

11,122,897

1,476,130

100,106,070

Authorized share capital 200,000,000 ordinaray shares of

S.D.G 1,50 each

Paid up capital:

Balance in 31/12

Proposed bonus shares

judicial allotment & Round shares fractions

17- Reserves: 2008

S.D.G

10,265,351

5,688,877

8,276,338

7,448,704

31,679,270

2009

S.D.G

10,265,351

5,688,877

10,670,087

7,448,704

34,073,019

Special reserve

Fixed asstes revaluation reserve

Lagal Reserve

General - Reserve

18- Contra Accunts: 2008

S.D.G

49,101,649

263,175,707

380,611,553

50,819,545

4,258,665

30,000,000

777,967,119

2009

S.D.G

32,611,524

279,370,558

397,881,727

15,263,885

6,521,602

15,217,206

746,866,502

Letters of guarantee

Letters of credit

Cheques under collection

Facilities (branches of foreign banks)

Bad debts

Restricted investment deposit

19- Deferred sales: 2008

S.D.G

25,695,661

607,741

26,303,402

2009

S.D.G

25,251,676

329,338

25,581,014

Murabaha

salam

40

20- Investments: 2008

S.D.G

26,264,664

2,480,169

≠

983,539

985,400

292,080

31,005,852

2009

S.D.G

36,066,360

6,424,586

29,700

2,675,564

1,320,958

159,124

46,676,292

securities

finance portfolio

Mudaraba

Maskaraka

Mugawala

Direct investment

21- Return on unrestricted investment A.C’s 2008

S.D.G

16,872,914

©4,218,228®

12,654,686

2009

S.D.G

18,885,983

©4,721,496®

14,164,487

Return on unerstricted investments A/C’s before the Bank’s

share as a mudarib

Bank’s share as a mudarib

22- Banking Services revenue: 2008

S.D.G

13,333,298

7,756,329

5,789,784

2,921,504

1,559,034

572,469

205,264

32,137,682

2009

S.D.G

12,979,951

3,752,955

5,847,962

1,394,481

1,400,253

402,911

257,838

26,036,351

Letters of credit

Documentary collection

Cheques & transfers

Foreign transfers

Letters of guarantee

Export

Income from Al Neel Card (ATM)

23- Other revenue: 2008

S.D.G

7,830,718

10,021,421

2,134,867

2,889,661

2,163,830

1,981,931

220,132

190,142

27,432,702

2009

S.D.G

5,079,560

5,801,128

175,614

1,365,834

2,706,109

693,196

145,706

598

15,967,745

Revenue from serafa (exchange)

Exchange Profit

Return on investment deposits (correspondents)

Other commissions

Ledger Fees

Comm received on tel.fax & postage & courier service

insurance com

Profits on sale of Fixed assets

42

24- General adminstrative expenses: 2008

S.D.G

16,339,566

2,685,387

2,537,699

1,233,354

1,296,351

933,623

817,459

615,766

366,604

142,766

26,968,575

4,854,782

3,500,000

1,307,170

1,424,501

1,405,129

929,495

1,500,000

891,316

609,681

779,638

750,618

488,000

2009

S.D.G

18,437,176

3,036,003

2,808,385

1,523,317

1,465,444

949,214

623,040

580,499

401,054

163,218

29,987,350

8,552,571

2,332,800

1,297,304

1,913,842

1,608,367

1,109,534

1,250,000

1,130,219

1,151,600

657,559

318,180

6,203,000

Staff Cost

Salaries, wages & bonus

Eid gifts

Clothing allowance

Post service benefits

Social insurance

Medical Exp

Overtime

Training Exp

Travelling Exp

Transportation & laoding

General adminstrative expenses:

Provision for doubtful debts

Staff bouns

Printing & stationary

Subscriptions on deposits security fund

Rents & Rates

Water & electricity

Directors Remuneration

Advertising exp

Post,telex & telephone

Insurance

Cash sorting exp

Amortization (revaluation assets & liab)

24- General adminstrative expenses: 2008

S.D.G

785,511

605,840

434,380

419,051

335,918

265,390

242,239

456,092

433,284

163,857

109,723

152,467

57,115

230,044

58,828

90,000

127,142

101,644

28,374

42,921

23,580,150

50,548,725

2009

S.D.G

2,212,784

545,655

483,105

586,304

342,048

249,868

248,628

568,820

401,547

188,340

88,610

152,753

121,213

181,202

40,114

110,000

128,545

89,993

34,703

58,659

34,357,867

64,345,217

Bank charges

Repairs & maintenance

Fuel & lubricants

Security exp

Entertaiment & refreshments

Donations

Portage & packing

ATM

Subscriptions of Financial Organizations

Cleaning exp

Board fees

Governmental fees and sanitation

legal fees

General meeting exp

Stamps

Audit fees

Others

Hotel exp

Magazince & newspaper

License fees

44

Documents

Annual Report 2009 - Sudanese French Bank - البنك ... · PDF fileDr.Tag Alsir Ibrahiem Alshoush Legal Adviser Sharia Supervisory Board Sheikh. Al Tayib Al Faki Musa Chairman