Notes to the Consolidated Financial Statements
(Thousands of US dollars)
72
Dar Al-Maal Al-Islami Trust
Annual Report 2013
35. Related party
transactions and
balances
(continued)
36. Contingent liabilities
and commitments
b) Loans to employees
All employees of the Group are entitled to receive employee loans on favourable
terms not equivalent to those of transactions made on an arm’s length
basis. Included in accounts receivable are amounts due from employees at
31 December 2013 of $22.0 million (2012: $31.0 million).
During 2012 a real estate asset was sold to an employee for an amount of
$0.6 million, what was considered to be an arm’s length transaction.
c) Current and investment accounts
Associated companies
Period ended
2013
2012
Amounts payable to:
Faisal Islamic Bank of Egypt
20,000
20,000
Naseej B.S.C. (c)
260,342
257,188
d) Key management compensation
2013
2012
Salaries and other short-term benefits
16,277
18,607
Post-employment benefits
600
861
Other long-term benefits
1,966
163
18,843
19,631
2013
2012
Contingent liabilities
Acceptances and endorsements
125,327
119,952
Performance bid bonds
26,233
33,010
Customer claims
430,128
389,771
Guarantees and irrevocable
letters of credit
584,245
607,608
1,165,933 1,150,341
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.
