36. Contingent liabilities
and commitments
Notes to the Consolidated Financial Statements
(Thousands of US dollars)
68
Dar Al-Maal Al-Islami Trust
Annual Report 2012
2012
2011
Contingent liabilities
Acceptances and endorsements
119,952
109,867
Performance bid bonds
33,010
18,093
Customer claims
389,771
413,939
Guarantees and irrevocable
letters of credit
607,608
491,175
1,150,341 1,033,074
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 2012 contingent liabilities
of $20.9 million (December 2011: $23.8 million), of which the Group’s
share was $10.2 million (December 2011: $11.6 million). These related
to guarantees and letters of credit issued as part of their normal banking
operations.
BBK carried at 31 December 2012 contingent liabilities of $1,565.7 million
(December 2011: $1,450.1 million), of which the Group’s share was $208.2
million (December 2011: $193.2 million). These related to guarantees and
letters of credit issued as part of their normal banking operations.
2012
2011
Commitments
Undrawn facilities, financing lines
728,529
691,589
Other commitments to finance
26,754
45,227
Repurchase and resale transactions
171,506
244,170
926,789
980,986
