Notes to the Consolidated Financial Statements
(Thousands of US dollars)
44
Dar Al-Maal Al-Islami Trust
Annual Report 2012
8. Collateral received and
re-pledged
9. Allowance account from
credit losses
Assets held as collateral against advances to financial institutions are as follows:
Fair value amount
2012
2011
Assets repledged with obligation
to return (reverse repo)
-
244,170
Assets available to be sold with
obligation to return (real estate)
-
37,746
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
2012
-
-
-
2011
-
-
-
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
2012
financing
institutions
financing
financing
financing
receivables
Total
Balance at 1 January
198,109
-
4,747 32,002
524 44,392 279,774
Provision for impairment
43,447
-
1,759 (7,550)
-
14,638
52,294
Reversal of impairment
provision
(19,629)
-
(555) (4,642)
-
(126)
(24,952)
Loans written off as
uncollectable
(1,544)
-
-
-
-
(13,430)
(14,974)
Foreign exchange
(11,896)
-
(353) (2,718)
(22)
(3,575)
(18,564)
Balance at 31 December 208,487
-
5,598 17,092
502 41,899 273,578
General impairments
-
-
-
-
-
-
-
Individually impaired loans 208,487
-
5,598 17,092
502 41,899 273,578
Fair value of collateral
762,546
-
60,262 89,958
-
-
912,766
