Notes to the Consolidated Financial Statements
(Thousands of US dollars)
60
Dar Al-Maal Al-Islami Trust
Annual Report 2012
20. Massaref accounts
21. Provisions
2012
2011
Customer current accounts
Individuals
426,610
362,053
Corporate institutions
1,465
428,792
Financial institutions
765,650
1,237
Customer investment accounts
Individuals
825,987
833,143
Corporate institutions
68,652
1,034,111
Financial institutions
1,012,531
69,252
Due to associated companies
(note 35)
20,000
20,000
Investments from off balance
sheet funds
246,855
233,732
Due to banks and financial
institutions
1,303,526
1,607,492
4,671,276
4,589,812
Customer current accounts include balances relating to a counterparty
amounting to $237.4 million (2011:$Nil million) which is subject to freeze
and originating from jurisdiction under US and UN sanctions. The balance due
to this counterparty was included under due to banks and financial institutions
as at 31 December 2011.
The remaining due to customers represent conventional deposits accepted by
a subsidiary of the Group, and include floating rate unsecured term finance
certificates issued by a subsidiary.
Included in investments from off balance sheet funds at 31 December 2012
is an amount of $106.4 million (2011: $104.3 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.
Due to banks and financial institutions include balances totalling $ 667.9
million (2011: $885.4 million) from two counterparties (2011: three
counterparties) having contractual maturity ranging from one month to 3 years.
Out of these, balances totalling $424.7 million (2011: $650.0 million) is
from one counterparty (2011: two counterparties) which is subject to freeze
and originating from jurisdiction under US and UN sanctions. The balance due
to one counterparty is now included under customer current accounts as at
31 December 2012.
Due to banks include short and medium term borrowings by the Group under
bilateral and multilateral arrangement with maturities ranging from one year to
five years.
Included under liabilities are provisions of $55.0 million (2011: $55 million)
relating to a guarantee issued to certain funds under management, and
$18 million (2011: $18 million) relating to a specific asset risk. Included
under expenses at 31 December 2012 is a net charge of $14.5 million
(2011: $8.7 million) of provisions relating to project receivables, which is
included under receivables (note 9).
