List of Banks in Asia





 Banks in Yemen

Yemen, officially the Republic of Yemen is a country located on the Arabian Peninsula in Southwest Asia. It is bordered by Saudi Arabia to the north, the Red Sea to the west, the Arabian Sea and Gulf of Aden to the south, and Oman to the east.

Yemen's land area is just under 530,000 km2 (204,634 sq mi), and its territory includes over 200 islands, the largest of which is Socotra, about 415 km (258 mi) to the south of mainland Yemen, off the coast of Somalia. Yemen is the only state in the Arabian Peninsula to have a purely republican form of government. Its capital is Sana'a.


Comercial Banks:

Name Web site
The Yemen Bank for Reconstruction And Development
National Bank Of Yemen
Cooperative & Agricultural Credit Bank
Housing Bank


International Bank Of Yemen
Yemen Kuwait Bank ForTrade & Investment
Yemen Commercial Bank
Yemen Gulf Bank
Arab Bank
United Bank LTD
Qatar National Bank ( QNB )
Rafidan Bank
Islamic Bank Of Yemen for Finance and INVESTMENT
Tadhamon International Islamic Bank
Saba Islamic Bank
Shamil Bank Of Yemen & Bahrain



Islamic Banks in Yemen

Saba Islamic Bank
    Saif Bin Thi-Yazen St.
Tel:  +967 1 276337/8 286505
Fax: +967 1 286505
Tlx:  3407, 3415
P.O.Box:  11054, Sana'a
Tadamon Islamic Bank
    Al-Zubeiri St., Sana'a , Al-Saeed Trade Center
Tel:  +967 1 203270
Fax: +967 1 203271
Tlx:  3406, 2366
P.O.Box:   2411
Islamic Bank of Yemen for Finanance and Investment
Tel:  +967 1 206117 205680/83/84
Fax: +967 1 206116
Tlx:  2789, 3408
P.O.Box:   18452



List of Islamic Financial Institutions
Islamic Banking

Islamic financial transaction terminology


        The Central Bank of Yemen was established in 1971. When the northern and southern sectors of Yemen reunited on 22 May 1990, the Central Bank of Yemen merged with the Bank of Yemen under the original name of “Central Bank of Yemen”. The Central Bank of Yemen is an independent body created by Law to carry out all the functions of a normal central bank with the paramount objective of conducting monetary policy to keep inflation under control, stabilize the exchange rate of the national currency and promote investment and economic growth. The management of the Bank is entrusted to a Board of Directors with the Governor as Chairman. The headquarters of the Central Bank of Yemen is in Sanaa. However it has a branch in each of the twenty Governorates of the country.

Main Functions

Monetary Policy
The Central Bank of Yemen uses all the tools of monetary policy at its disposal in order to keep inflation under control, stabilize the exchange rate of the national currency and create an environment that is conducive to investment and high growth. The main monetary tools the Bank uses are the following:

The interest rate
The discount rate
Bank reserve requirements
Open market operations
Intervention in the foreign exchange markets
Repo operations
Issue of certificates of deposits

Currency Issue
The Central Bank of Yemen is the body which issues the banknotes and coins of the country. The national currency of Yemen is the Rial. The exchange rate of the Yemeni Rial has been floating freely since 1 July 1996 and there has been only one single exchange rate since then. During 2004 the Rial has only weakened a little against the US dollar (less than 1%).

Management of the Official Reserves
The Bank is the custodian of the official foreign reserves of the country, which it invests and manages in the best interests of the national economy. As a result of an increase in oil production and the rise of international oil prices as well as the ongoing economic and financial reforms, which began in early 2005, the official reserves has risen from 2.8 months of import cover in 1994 to 15 months in 2004. The commercial banks are free to deal in the foreign exchange market and are allowed to keep balances in foreign currencies for their account at home and abroad. There are no restrictions on the transfer of foreign currencies abroad, as the Republic of Yemen has accepted Article VIII of the International Monetary Fund in December 1996.

Bankers’ Bank
The Central Bank of Yemen maintains accounts for the commercial banks and acts as a clearing house for their transactions. The commercial banks keep statutory reserves with the Central Bank as a ratio of their deposits. This ratio varies from time to time in accordance with the condition and state of the economy. It is one of the monetary tools at the disposal of the Central Bank.

Banker to the Government
Beside maintaining accounts for the various Government ministries and agencies, the Bank also keeps accounts in the name of international institutions from which it makes payment orders to the concerned parties as instructed. Furthermore, the Bank manages the issue and redemption of treasury bills.

6. Bank Supervision
The Central Bank of Yemen supervises the banking system with a view to promoting its soundness and protecting the interests of depositors and shareholders. There are seventeen commercial banks in the country, four of which are Islamic.

There is no exchange control in the country, which we have been dismantling since early 1995. People are free to bring foreign currencies in any amount into the country and take them out abroad without any restrictions. The same applies to transfers of any kind. As mentioned earlier, the Republic of Yemen has accepted Art. VIII of the International Monetary Fund in December 1996.

Other Functions
The Bank acts as lender of last resort.
The Bank administers and manages the external public debt of the country.
It acts as advisor to the Government in respect of the formulation and implementation of economic and financial policies.
The Bank publishes financial and economic data and reports on a regular basis reflecting the health of the domestic economy.




Economy of Yemen: Yemen is one of the poorest and least developed countries in Arabia, with high unemployment, rapid population growth, and political turmoil. Yemen's economy depends heavily on the oil it produces, and its government receives the vast majority of its revenue from oil taxes. But Yemen's oil reserves are expected to be depleted by 2017, with fears of a resulting economic collapse. Yemen does have large proven reserves of natural gas. Yemen's first liquified natural gas (LNG) plant began production in October 2009.

Rampant corruption is a prime obstacle to development in the country, limiting local reinvestments and driving away regional and international capital. The government has recently taken many measures to stamp out corruption, but efforts have been met with only partial success. Foreign investments remain largely concentrated around the nation's hydrocarbon industry.

Substantial Yemeni communities exist in many countries of the world, including Yemen's immediate neighbors on the Arabian peninsula, Indonesia, Pakistan, the Horn of Africa, the United Kingdom, Israel, and the United States, especially in the area around Detroit, Michigan, and in Lackawanna, New York. Beginning in the mid-1950s, the Soviet Union and China provided large-scale assistance. For example, the Chinese are involved with the expansion of the Sana'a International Airport.

In the south, pre-independence economic activity was overwhelmingly concentrated in the port city of Aden. The seaborne transit trade, which the port relied upon, collapsed with the closure of the Suez Canal and Britain's withdrawal from Aden in 1967.

Since unification in 1990, the government has worked to integrate two relatively disparate economic systems. However, severe shocks, including the return in 1990 of approximately 850,000 Yemenis from the Persian Gulf states, a subsequent major reduction of aid flows, and internal political disputes culminating in the 1994 civil war hampered economic growth. As the fastest-growing democracy in the Middle East, Yemen is attempting to climb into the middle human development region through ongoing political and economic reform.

In the late 20th century Sana'a’s population grew exponentially, from roughly 55,000 in 1978 to more than 1 million in the early 21st century. Sana'a may be the first capital city in the world to run out of water.Since the conclusion of the war, the government entered into agreement with the International Monetary Fund (IMF) to implement a structural adjustment program. Phase one of the IMF program included major financial and monetary reforms, including floating the currency, reducing the budget deficit, and cutting subsidies. Phase two will address structural issues such as civil service reform.

In early 1995, the government of Yemen launched an economic, financial and administrative reform program (EFARP) with the support of the World Bank and the IMF, as well international donors. The First Five-Year Plan (FFYP) for the years 1996 to 2000 was introduced in 1996. The World Bank has focused on public sector management, including civil service reform, budget reform and privatization. In addition, attracting diversified private investment, water management and poverty-oriented social sector improvements has been made a priority for the implementation of the programs in Yemen. These programs had a positive impact on Yemen’s economy and led to the reduction of the budget deficit to less than 3% of gross domestic product (GDP) during the period 1995-99 and the correction of macro-financial imbalances.

In 1997, IMF and the Yemeni government began medium-term economic reform programs under the Enhanced Structural Adjustment Facility (ESAF) and Extended Fund Facility (EFF). This program was aimed at reducing dependence on the oil sector and establishing a market environment for real non-oil GDP growth and investment in the non-oil sector. Increasing the growth rate in the non-oil sector was one of the government's most important objectives. Programs also focused on reducing unemployment, strengthening the social safety net and increasing financial stability. To achieve these reforms, the government and IMF implemented containment of government wages, improvements in revenue collection with the introduction of reforms in tax administration, and a sharp reduction in subsidies bills through increased prices on subsidized goods. As a result, the fiscal cash deficit was reduced from 16% of GDP to 0.9% from 1994 to 1997. This was supported by aid from oil-exporting countries despite the wide-ranging fluctuations in world oil prices. The real growth rate in the non-oil sector rose by 5.6% from 1995 to 1997

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