34. Retirement benefit plans
(continued)
35. Related party
transactions and
balances
Notes to the Consolidated Financial Statements
(Thousands of US dollars)
66
Dar Al-Maal Al-Islami Trust
Annual Report 2012
Expected contributions to post employment benefit plans for the year ending
31 December 2013 is $1.6 million (2012: $1.5 million).
As at 31 December
2012
2011
2010
Present value of defined benefit
obligation
65,434
71,569
70,098
Fair value of plan assets
52,052
61,691
66,712
(Surplus)/deficit
13,382
9,878
3,386
Experience adjustments on plan
assets
(348)
328
(1,583)
Experience adjustments on plan
iabilities
(5,032)
812
2,298
Plan assets invested in real
estate currently used by a
subsidiary of the Group
14,208
13,985
13,932
Related parties include equity participation holders, directors, associated
companies and other companies, whose ownership and management is
common with DMI or its subsidiaries and associates. A number of transactions
are entered into with related parties in the normal course of business. These
include loans, current and investment accounts. Transactions and balances
disclosed as with associated companies are those with companies in which
DMI owns 20% to 50% of the voting rights and over which it exerts significant
influence, but does not have control. The volumes of related party transactions,
outstanding balances at the year end, and relating income and expense for the
year are as follows.
a) Loans to key management personnel
2012
2011
Loans
Loans outstanding at 1 January
2,065
1,014
Loans issued during the year
731
1,667
Loan repayments during the year
(1,264)
(588)
Foreign exchange
17
(28)
Loans outstanding at 31 December
1,549
2,065
No provisions were recognised in respect of loans given to related parties
(2011: $Nil).
Loans advanced to key management personnel bear no return and are
unsecured.
