Notes to the Consolidated Financial Statements
(Thousands of US dollars)
75
Dar Al-Maal Al-Islami Trust
Annual Report 2012
41. Trust capital
42. Comparatives
43. Date of authorisation
for issue
44. Principal subsidiaries
included in the
consolidated financial
statements
As at 31 December 2012 an amount of $20.0 million (2011: $20 million)
has been appropriated from other reserves to fiduciary reserve to cover potential
fiduciary risks which might arise in the Group’s capacity as fund manager.
Certain comparatives have been restated following an error in 2011, where the
recording of the IAS 19 pension liability was omitted for three subsidiaries. This
error has no impact on the 2011 opening retained earnings.
The impact of the restatement on the 2011 DMI Consolidated Financial
Statements is listed below:
2012
2011
Restated
Accounts payable
773,330
775,652
Trust capital
461,512
460,275
Non-controlling interests
535,822
534,737
Staff costs
107,950
110,416
Loss after income tax attributable to:
Equity participants
(29,582)
(30,896)
Non-controlling interests
(18,709)
(19,861)
These consolidated financial statements have been approved for issue by the
Board of Supervisors on 2 May 2013 and are subject to approval at the Annual
General Meeting, which will be held on 14 June 2013.
% owned
Country of
Subsidiary
DMI
incorporation
Islamic Investment Company
of the Gulf (Bahamas) Limited
100
100
Bahamas
Ithmaar Bank B.S.C.*
53
53
Kingdom of Bahrain
Faysal Bank Limited
67
35
Pakistan
Faisal Private Bank
(Switzerland) S.A.
100
53
Switzerland
Faisal Finance (Jersey) Limited
100
100
Jersey
Ithmaar Development Company
Limited
100
53
Cayman Islands
Sakana Holistic Housing
Solutions B.S.C. (C)
63
33
Kingdom of Bahrain
DMI Administrative Services S.A.
100
53
Switzerland
* Ithmaar Bank B.S.C. is subject to the consolidated supervision of the Central Bank of Bahrain.
