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8. Collateral received and
re-pledged
9. Allowance account from
credit losses
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
46
Dar Al-Maal Al-Islami Trust
Annual Report 2011
Assets held as collateral against advances to financial institutions are as follows:
Fair value amount
2011
2010
Assets available to be repledged with
obligation to return (shares)
-
2,399
Assets repledged with obligation
to return (reverse repo)
244,170
124,781
Assets available to be sold with
obligation to return (real estate)
37,746
7,069
Repossessed collateral
The Group obtained assets by taking possession of collateral held as follows:
Classification on statement
Nature of assets
Carrying amount
of financial position
2011
-
-
2010
Real estate
17,985
Accounts receivable
Repossessed properties are sold as soon as practicable, with the proceeds used
to reduce the outstanding indebtedness.
Allowance for impairment
Reconciliation of allowance account for losses on investments in financings by
class and receivables is as follows:
Investments in financings
Banks and other
Corporate
financial
Agricultural
Consumer
Other
Other
2011
financing
institutions
financing
financing
financing
receivables
Total
Balance at 1 January
204,819 2,518 2,540 25,238
593 32,983 268,691
Provision for impairment
17,630
-
2,121 22,373
-
8,683
50,807
Reversal of impairment
provision
(27,938)
-
(590) (7,718)
-
(22,151)
(58,397)
Loans written off as
uncollectable
-
-
-
(4,795)
-
(1,131)
(5,926)
Transfer from other
receivables
-
-
-
-
-
27,255
27,255
Foreign exchange
3,598 (2,518)
676 (3,096)
(69)
(1,247)
(2,656)
Balance at 31 December 198,109
-
4,747 32,002
524 44,392 279,774
General impairments
-
-
-
-
-
-
-
Individually impaired loans 198,109
-
4,747 32,002
524 44,392 279,774
Fair value of collateral
464,972
-
58,051 27,132
-
-
550,155