The Central Bank of Yemen (CBY) issued law numbered 21 for 2008 as for establishing Deposit Guarantee Institution as the law contained 47 articles distributed to eight chapters.

These chapters include naming, definition, operation of law, the institution's establishment and objectives, its administration, capital, financial resources, accounting records and wrap accounts as secure depository, bank liquidation and final provisions.

Tadhamon bank achieves 2.1 billion in net profits

In their report presented to the bank's general assembly, Tadhamon International Islamic Bank announced achieving 2.1 billion in net profit by the end of 2007, comparing to YR 1.9 billion in 2006.

The report also indicated that the net profit for each share was YR 234, dropping from YR 300 achieved in 2006.

The bank's financial statement indicated that it achieved 19 percent return on its total assets and further it ranked first as for volume of deposits which amounted to 18 percent of the total deposits of the banking sector.

Customers' deposits increased by the end of 2007 to YR 199.7 billion compared to YR 166 billion in 2006 and at a total increase of 20 percent.

The report also revealed that the bank achieved YR 10 billion in net profit from deposits, while the achieved number in 2006 was YR 8 billion.