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ANNUAL REPORT
2000
Chairman’s
Letter
History
Vision & Values
Board of
Directors & Management
Economic Outlook
Report of Independent Auditors
Balance Sheets
Statements
of Income
Notes to Financial Statements
Branches
Correspondents
REPORT OF INDEPENDENT
AUDITORS
The Shareholders
Bank Al-Madina S.A.L.
Beirut - Lebanon
We have audited
the accompanying balance sheet of Bank Al-Madina S.A.L. as of December 31,
2000, and the related statement of income, statement of changes in
shareholders' equity, statement of cash flows and the comparative schedule
of sources and applications of funds for the year then ended. These
financial statements are the responsibility of the Bank's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with International Standards on
Auditing and within the limitations imposed by the Code of Money and Credit.
Those Standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statements presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements present fairly, in all material
respects and within the limitations imposed by the Code of Money and Credit,
the financial position of Bank Al-Madina S.A.L. as of December 31, 2000 and
the results of its operations, the changes in its equity, its cash flows and
its sources and applications of funds for the year then ended in accordance
with international accounting standards and applicable local laws and
regulations.
May 15, 2001
Beirut - Lebanon
Chairman’s
Letter
History
Vision & Values
Board of
Directors & Management
Economic Outlook
Report of Independent Auditors
Balance Sheets
Statements
of Income
Notes to Financial Statements
Branches
Correspondents
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