51
Dar Al-Maal Al-Islami Trust
Annual Report 2012
Notes to the Consolidated Financial Statements
(Thousands of US dollars)
12. Accounts receivable
13. Investment property
2012
2011
Accounts receivable
115,635
184,342
Provision for bad and doubtful
debts (note 9)
(41,899)
(44,392)
Funds under management
83,559
42,353
Derivative financial instruments
4,087
-
161,382
182,303
Included in accounts receivable are prepayments in the amount of $15.9 million
(2011: $13.8 million) and loans to employees and directors of $31.0 million
(2011: $35.7 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 2012 was $26.2 million
(2011: $35.8 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:
2012
Contractual amount
Fair value
Currency forwards
267,766
4,087
2011
Currency forwards
-
-
2012
2011
At 1 January
393,094
392,820
Additions
961
9,942
Disposals
(3,858)
(7,026)
Fair value gains/(losses) during the year
14
(4,514)
Transfer to property, plant and equipment
(84)
-
Impairment provision
(7,267)
Net exchange differences
3,061
1,872
At 31 December
385,921
393,094
Rental income from investment property amounting to $3.4 million
(2011: $3.4 million) has been included in the consolidated statement of
income under other income. There were $9.4 thousand direct operating
expenses (including repairs and maintenance) arising from investment property
that generated rental income (2011: $28.7 thousand) and $19.7 thousand
operating expenses arising from investment property that did not generate rental
income (2011: $9.9 thousand).
