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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
12. Accounts receivable
13. Investment property
53
Dar Al-Maal Al-Islami Trust
Annual Report 2011
2011
2010
Accounts receivable
184,342
135,269
Receivables from associated
companies (note 35)
-
7
Provision for bad and doubtful
debts (note 9)
(44,392)
(32,983)
Funds under management
42,353
91,059
Derivative financial instruments
-
477
182,303
193,829
Included in accounts receivable are prepayments in the amount of $13.8
million (2010: $16.4 million) and loans to employees and directors of $35.7
million (2010: $43.2 million). The remaining balance relates primarily to
project management fees and balances due from customers. Included in the
receivable from funds under management at 31 December 2011 was $35.8
million (2010: $25.9 million) in bridge financings made to real estate
development funds which were sponsored by a subsidiary of the Group. Bridge
financings are generally short-term in nature and are repaid following the sale
of participation units in the funds to external investors.
Derivative financial instruments
Foreign exchange derivatives held for trading: OTC equity options
Contractual amount
Fair value
2011
-
-
2010
28,582
477
2011
2010
At 1 January
392,820
1,003
Conversion of an associate to
a subsidiary
-
414,824
Additions
9,942
16,415
Disposals
(7,026)
(27,054)
Fair value losses during the year
(4,514)
(12,314)
Net exchange differences
1,872
(54)
At 31 December
393,094
392,820
Rental income from investment property amounting to $3.4 million (2010:
$2.4 million) has been included in the consolidated statement of income under
other income. There were $Nil million direct operating expenses (including
repairs and maintenance) arising from investment property that generated rental
income (2010: $0.1 million) and $Nil million operating expenses arising from
investment property that did not generate rental income (2010: $0.1 million).