Basic HTML Version
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
5. Cash and cash
equivalents
and restricted cash
6. Trading securities
7. Investments in financings
44
Dar Al-Maal Al-Islami Trust
Annual Report 2011
2011
2010
Cash on hand
72,166
59,797
Cash at central banks – statutory reserve
126,707
113,725
Cash at central banks – current account
93,500
100,960
Cash at other banks
492,669
493,480
Cash and cash equivalents
785,042
767,962
Restricted cash held in escrow
-
24,433
At 31 December 2010, the National Commercial Bank in the Kingdom of Saudi
Arabia held $24.4 million in escrow for the purpose of establishing a new
subsidiary holding at 76%. The new company, Gulf Investors for Asset
Management, became operational on 12 September 2011.
The cash at central bank-statutory reserve is not available for use.
2011
2010
Trading securities – at fair value
- Government securities
54,717
32,732
- Corporate securities
9,838
8,611
64,555
41,343
The movement in trading securities is summarised as follows:
2011
2010
At 1 January
41,343
3
Conversion of an associate
to a subsidiary
-
40,215
Additions
3,591,029
1,295,482
Disposals
(3,572,022)
(1,296,574)
Gain/(loss) on trading
4,774
(4,253)
Revaluation of trading securities
(665)
7,265
Exchange differences
96
(795)
At 31 December
64,555
41,343
2011
2010
Islamic investments in financings
2,144,841
2,085,181
Financings subject to finance leases
79,804
101,449
Provision for bad and doubtful debts
(235,382)
(235,708)
Provision for impairment on finance leases
-
(7,609)
1,989,263
1,943,313