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19. Tax liability
20. Massaref accounts
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
63
Dar Al-Maal Al-Islami Trust
Annual Report 2011
2011
2010
Current tax (receivable)/payable
At 1 January
(7,874)
(31)
Conversion of associate
to a subsidiary
-
(1,169)
Charge for the period
8,581
2,604
Adjustment
104
7,459
Payments made
(13,663)
(16,924)
Refund
-
5
Exchange differences
768
182
At 31 December
(12,084)
(7,874)
Deferred tax (asset)/liability
At 1 January
(48,486)
-
Conversion of associate to a subsidiary
-
(7,301)
Charge for the period
(8,411)
(11,204)
Acquisition of a subsidiary
-
(23,500)
Changes due to fair value reserve
(1,995)
3,125
Adjustment
-
(12,787)
Refund
-
3,181
Exchange differences
2,873
-
At 31 December
(56,019)
(48,486)
2011
2010
Customer current accounts
Individuals
362,053
373,802
Corporate institutions
428,792
307,794
Financial institutions
1,237
2,588
Customer investment accounts
Individuals
833,143
892,759
Corporate institutions
1,034,111
1,026,547
Financial institutions
69,252
57,019
Due to associated companies
(note 35)
20,000
20,000
Investments from off balance
sheet funds
233,732
223,980
Due to banks and financial
institutions
1,607,492
1,698,997
4,589,812
4,603,486
Due to customers represent conventional deposits accepted by a subsidiary of
the Group. Due to customers include floating rate unsecured term finance
certificates issued by a subsidiary.
Included in investments from off balance sheet funds at 31 December 2011
is an amount of $104.3 million (2010: $102.2 million), which relates
to investments received from off balance sheet funds and which was
subsequently reinvested in investments in financings outside of the Group.
The remaining amount represents off balance sheet funds invested with the
Group’s subsidiaries.