The exciting journey of the Investment Dar Company (TID) started in 1994 when a group of leading Kuwaiti businessmen and shareholders established the company aiming to close a gap created by a monopoly over the consumer Islamic finance in Kuwait at that time.

 

 

TID started actual operations a year later as one of the first shareholding companies in the Gulf Cooperation Council (GCC) specialized in consumer Islamic finance. Within a short period of 11 years, TID evolved from a small firm operating in the consumer finance market with a capital not exceeding KD 15 million (around USD 45 million) to one of the biggest holding companies in the entire region with diversified activities covering Europe and the Middle East and North Africa (MENA) including the GCC and local markets. TID capital in 2006 exceeded KD 71 million (USD 213 million) with total assets exceeding KD1.06 billion (USD 3.18 billion) and a net profit of more than KD 92 million (USD 276 million).
Being listed in Kuwait Stock Exchange market (KSE) since 1999, TID established several new companies and acquired many others. The company's diversified activities include project management, asset management, banking, money collection, Takaful (Islamic insurance), real estate, construction, logistic transportation and manufacturing, in addition to consumer finance.
In 2005, TID and its strategic allies made one of the largest private placements in the history of Kuwait and the region by increasing Oqyana Real Estate Company's capital from KD 1million (approximately USD 3 million) to KD 250 million (USD 750 million) in record time. In the same year, TID issued the first Musharakah (participation) Sukuk in the GCC region, when the company's mandated partner, ABC Islamic Bank, issued Sukuk of USD 50 million out of Bahrain through Special Purpose Vehicle (SPV).
TID made another record accomplishment when its Sukuk of USD 150 million, issued in 2006, was listed in Dubai International Financial Exchange (DIFX) in a record 45 days time after closing the transaction. This was the first listing of any asset type on the DIFX by the company. The total value of Sukuk was raised to 4.11 billion USD.
In 2007, the company made international headlines when it led a consortium of local and international investors purchasing the majority shares of the British prestigious cars producing company of Aston Martin from Ford Motor. One year earlier, TID made the second largest Islamic finance deal in the UK history when it acquired one of London's most historic buildings, Grosvenor House Apartments.
The first decade or so of TID's life was filled with spectacular accomplishments at all global, regional and local levels. TID has just finished a remarkably successful chapter of its life….but there is no doubt that the coming years of the company's journey of achievements are going to be even more exciting than ever.

"The year 1996 has gone, carrying to the world the emergence of a new star in the industry of Islamic finance and investment."

- Chairman, Letter to Investors, First Annual Report, 1996

"2006 results have come to embody the success story of TID journey…Your company has become the largest investment company listed in the GCC and Arab region."

- Chairman & MD, Letter to Investors, Annual Report, 2006

"The year 2009 was a very hard and difficult year in all the sense of the word; the World and Kuwaiti Economy encountered the worst financial crises ever witnessed by humanity whereby the potentials to benefit from international credit markets were very limited. Given that the Investment Dar Company is an integral part of the synergy of World Economy and manages a base of various assets operating in all economic sectors in many countries worldwide, and like other financial institutions, the Company encountered increasing pressures in relation to cash flow and depreciation of assets. Thus, this caused the Company to revise its strategies for the next year and lay down the proper plans to encounter the crisis.

The Company incurred losses amounting K.D 15,000,000 (fifteen million Kuwaiti dinars), i.e. at a loss amounting Fils 16.76 per share for the financial year ending as on 31 December 2009. We would like to point out that the financial results for the year 2009 were affected by non-accrued book losses for the Company and depreciation in the assets.

Noting that the total assets of The Investment Dar Company in the year 2009 reached a sum of K.D 971,000,000 (nine hundred seventy one million Kuwaiti dinars) against the total liabilities reached a sum of K.D 766,000,000 (seven hundred sixty six million Kuwaiti dinars).

Moreover, the total additional provisions borne by the budget of The Investment Dar Company for encountering the temporary depreciation in the investments of the Company for the year 2009 reached a sum of K.D 118,000,000 (one hundred eighteen million Kuwaiti dinars).

The year 2009 was a negative year for the business and majority of projects of companies worldwide due to the World Financial Crisis which was undergone by all the sectors and considerably affected different economic businesses particularly the investment businesses worldwide.  The consequences of this Crisis are still throwing their shades on the capital markets all over the world in general and in the Region in particular.

By Grace of Allah and then by support from Shareholders and Investors, the Company managed to overcome such hard stages. We would like to highlight our commitment to implement the Financial Restructuring Plan which was approved by the impartial and fair Kuwaiti Court and to give such Plan due legitimacy where it was unanimously agreed upon that the restructuring solution is the best solution proposed  as it opens the door for The Investment Dar Company to be fully dedicated to manage its several and various assets in order to come up with the best finding and achieve the most satisfactory results for all parties concerned.

The Investment Dar already carried out its first commitment in the Plan and made the first payment of the Plan. It paid all the due amounts of the individual investors two months prior to the maturity date of payment. This denotes that the Company sticks to and complies with  the items of the Plan and that the Company, as represented by its Board of Directors and Executive Management, is exerting its utmost efforts to implement the items of the Plan and pay for all the commitments owed by the Company to the Investors.

I would like to seize this opportunity to extend my thanks and gratitude to the esteemed Shareholders, Customers, banks and Investors for their understanding throughout such hard period. We also extend our profound and special gratitude to the fair and impartial Kuwaiti Judiciary and to Central Bank of Kuwait along with its staff for their good understanding and cooperation.
It's my pleasure to express my thanks and gratitude to all the financial, economic, legal and media consultants which kept abreast of the Restructuring Plan course of action with their professional efforts. We promise our shareholders that the Company will dedicate all its endeavors in the upcoming period to manage its various assets in the local and international markets and to work hard to fulfill all its financial obligations and guarantee the rights of its shareholders, banks and investors therein.

It's my pleasure also in this context, on behalf of myself and of my fellow Board members in The Investment Dar and its executive management, to express our deep appreciation and gratitude to His Royal Highness Prince of the State of Kuwait Sheikh Subah Al-Ahmad Al-Jaber Al-Subah and His Royal Highness the Crown Prince, His Excellency the Prime Minister and the Wise Government for their esteemed support and care for the local institutions.

We also seize the opportunity to extend our thanks to all the official authorities which cooperated with us in particular Ministry of Commerce and Industry which is worthy of our profound gratitude and appreciation, and we extend all our thanks and gratitude to all of your, our dear brothers and fellows.

Finally, I extend my great thanks to the esteemed members of Sharia Supervisory Board, our fellow members of Board of Directors, executive management, controller of Central Bank of Kuwait for their fruitful efforts and to all the official authorities which cooperated with us, in particular Ministry of Commerce and Industry which is worthy of all our thanks and appreciation. We would like also to thank all the staff of The Investment Dar Company appreciating all their sincere efforts exerted for causing the Company to reach the safe side wishing from Allah the Almighty to keep our Kuwait, People and institution protected against all evils."

-Chairman, Letter to Investors, Annual Report, 2009