Notes to the Consolidated Financial Statements
(Thousands of US dollars)
52
Dar Al-Maal Al-Islami Trust
Annual Report 2013
14. Investments in
associates
(continued)
Faisal Islamic Bank of Egypt, an Egyptian joint stock company, provides retail,
corporate banking services and investment activities in the Arab Republic of
Egypt and abroad and is listed on the Cairo and Alexandria Stock Exchange.
BBK B.S.C., one of the largest commercial banks in Bahrain with a presence
in Kuwait, India and Dubai, provides services in the following four segments:
•
Retail Banking customer deposit, consumer finance and credit facilities
•
Corporate Banking deposits and current account facilities to corporations
•
International Banking loans, deposits and credit facilities to international units
•
Investment Banking treasury and other activities.
Solidarity Group Holding B.S.C. (c) is a Bahrain based joint stock company
engaged in providing cooperative insurance services according to the Islamic
Sharia principles. There is no quoted market price for its shares. The company’s
products are structured in two segments; individual products and corporate
products.
As at 31 December the Group held the following interest at fair value:
2013
2012
Stock
Fair
Carrying
Fair
Carrying
Exchange
value
amount
value amount
Faisal Islamic Bank
of Egypt
Egypt Stock Exchange
230,064 272,656 223,674 249,885
BBK B.S.C.
Bahrain Bourse
268,545 431,236 225,702 409,333
Contingent liabilities relating to the Group’s interest in the associates are found
in note 36.
Summarised financial information for associates
Set out below are the summarised financial information for Faisal Islamic
Bank of Egypt, BBK B.S.C. and Solidarity Group Holding B.S.C. (c) which are
accounted for using the equity method.
Summarised balance sheet
As at 31 December
Faisal Islamic Bank
Solidarity Group
of Egypt
BBK B.S.C.
Holding B.S.C. (c)
Total
2013
2012 2013 2012 2013 2012 2013 2012
Cash and cash
equivalents
491,357 467,002 595,098 696,926 33,668 59,458 1,120,123 1,223,386
Other assets
6,035,916 6,058,844 7,974,303 7,545,941 318,327 308,694 14,328,546 13,913,479
Total assets
6,527,273 6,525,846 8,569,401 8,242,867 351,995 368,152 15,448,669 15,136,865
Financial liabilities
10,739
7,742 1,266,138 1,435,149
-
- 1,276,877 1,442,891
Other liabilities
6,050,387 6,098,470 6,420,167 6,039,371 94,318 73,300 12,564,872 12,211,141
Total liabilities
6,061,126 6,106,212 7,686,305 7,474,520 94,318 73,300 13,841,749 13,654,032
Net assets
466,147 419,634 883,096 768,347 257,677 294,852 1,606,920 1,482,833
