CHAIRMAN’S STATEMENT

Key Achievements in 2017

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) 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).