Notes to the Consolidated Financial Statements
(Thousands of US dollars)
61
Dar Al-Maal Al-Islami Trust
Annual Report 2013
20. Massaref accounts
21. Provisions
2013
2012
Customer current accounts
Individuals
469,941
426,610
Financial institutions
1,790
1,465
Corporate institutions
798,831
765,650
Customer investment accounts
Individuals
823,387
825,987
Financial institutions
66,643
68,652
Corporate institutions
965,739
1,012,531
Due to associated companies
(note 35)
20,000
20,000
Investments from off balance
sheet funds
251,441
246,855
Due to banks and financial
institutions
1,313,882
1,303,526
4,711,654
4,671,276
The nature of Massaref accounts is mainly short term therefore the carrying
value approximates fair value and would be classified as level 2.
Customer current accounts include balances relating to a counterparty
amounting to $247.7 million (2012: $237.4 million) which is subject to freeze
and originating from jurisdiction under US and UN sanctions.
The remaining due to customers represent conventional deposits accepted by
a subsidiary of the Group, and include floating rate unsecured term finance
certificates issued by a subsidiary.
Included in investments from off balance sheet funds at 31 December 2013
is an amount of $108.6 million (2012: $106.4 million), which relates to
investments received from off balance sheet funds and which was subsequently
reinvested in investments in financings outside of the Group. The remaining
amount represents off balance sheet funds invested with the Group’s
subsidiaries.
Due to banks and financial institutions include balances totalling $685.7
million (2012: $667.9 million) from two counterparties having contractual
maturity ranging from one month to 3 years. Out of these, balances totalling
$430.0 million (2012: $424.7 million) is from one counterparty which is
subject to freeze and originating from jurisdiction under US and UN sanctions.
The balance due to one counterparty was included under customer current
accounts as at 31 December 2012.
Due to banks include short and medium term borrowings by the Group under
bilateral and multilateral arrangement with maturities ranging from one year to
five years.
Included under liabilities are provisions of $55 million (2012: $55 million)
relating to a guarantee issued to certain funds under management, and $18
million (2012: $18 million) relating to a specific asset risk.
