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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
61
Dar Al-Maal Al-Islami Trust
Annual Report 2011
16. Intangible assets
(continued)
17. Non-current assets
and liabilities and
discontinued operations
held for sale
The carrying amount of goodwill has been allocated to cash-generating units as
follows:
2011
2010
Ithmaar Bank B.S.C.
258,824
258,824
Ithmaar Bank B.S.C.
(formerly Shamil Bank B.S.C.)
66,070
66,070
Faysal Bank Limited
14,621
15,345
Islamic Investment Company
of the Gulf (Bahamas) Limited
32,186
32,186
371,701
372,425
Non-current assets and liabilities held for sale
At 31 December 2011 non-current assets held for sale included vacant
properties comprising land and buildings in the amount of $20.9 million which
Faysal Bank Limited management intends to dispose of in the future and the
carrying amount will be recovered principally through a sale transaction rather
than continuing use.
On 1 October 2010, the Board of Directors of Faysal Management Services
(Private) Limited (FMSL), a subsidiary of Faysal Bank Limited in which it
has 60% shareholding, decided to voluntarily wind up the company and
accordingly, resolved to initiate proceedings of winding up by the members of
FMSL under the Companies Ordinance, 1984. In view of this, the net assets of
FMSL in the amount of $2.1 million have been classified as “non-current assets
held for sale” in the consolidated financial statements and valued at lower
of cost and fair value less cost to sell. At 31 December 2011, the same assets
amounting to $2.2 million remained classified as non-current assets held
for sale.