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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
36. Contingent liabilities
and commitments
71
Dar Al-Maal Al-Islami Trust
Annual Report 2011
2011
2010
Contingent liabilities
Acceptances and endorsements
109,867
31,964
Performance bid bonds
18,093
23,992
Customer claims
413,939
103,034
Guarantees and irrevocable
letters of credit
491,175
566,720
1,033,074
725,710
The Group operates in certain countries which have tax regimes, but for which
no provision for income tax has been recorded in these financial statements.
It is believed that the Group’s potential tax liability arising in respect of its
operations in those countries is remote at the present time.
Faisal Islamic Bank of Egypt carried at 31 December 2011 contingent liabilities
of $23.8 million (December 2010: $32.2 million), of which the Group’s
share was $11.6 million (December 2010: $15.8 million). These related
to guarantees and letters of credit issued as part of their normal banking
operations.
BBK carried at 31 December 2011 contingent liabilities of $1,450.1 million
(December 2010: $1,428.5 million), of which the Group’s share was $193.2
million (December 2010: $190.3 million). These related to guarantees and
letters of credit issued as part of their normal banking operations.
First Leasing Bank carried at 31 December 2011 contingent liabilities of
$Nil million (December 2010: $2.3 million), of which the Group’s share was
$Nil million (December 2010: $0.4 million). These related to guarantees and
letters of credit issued as part of their normal banking operations.
2011
2010
Commitments
Undrawn facilities, financing lines
691,589
998,473
Other commitments to finance
45,227
44,233
Repurchase and resale transactions
244,170
129,837
980,986 1,172,543