Notes to the Consolidated Financial Statements
(Thousands of US dollars)
60
Dar Al-Maal Al-Islami Trust
Annual Report 2013
18. Accounts payable
19. Tax liability
2013
2012
Restated
Accounts payable and other provisions
51,855
70,613
Advance received from customers
8,113
27,803
Demand drafts
47,248
43,731
Accruals
24,333
22,717
Security deposits on consumer leases
32,063
25,247
Funds under management
729,788
565,907
Dividends payable
15,214
15,597
Derivative financial instruments
103
84
Employee payables
27,520
24,485
Deferred income
1,602
385
937,839
796,569
There were no liabilities against assets subject to finance leases at
31 December 2013 (2012: $Nil million).
Derivative financial instruments
Foreign exchange derivatives held for trading:
2013
Contractual amount
Fair value
Currency forwards
10,800
103
2012
Currency forwards
23,800
84
2013
2012
Current tax (receivable)/payable
At 1 January
(14,390)
(12,084)
Charge for the period
(4,346)
2,408
Payments made
(12,717)
(6,269)
Refund
28
127
Exchange differences
831
1,428
At 31 December
(30,594)
(14,390)
Deferred tax (asset)/liability
At 1 January
(46,560)
(56,019)
Charge for the period
8,144
(1,149)
Changes due to fair value reserve
(3,931)
5,903
Refund
-
-
Exchange differences
3,276
4,705
At 31 December
(39,071)
(46,560)
