Notes to the Consolidated Financial Statements
(Thousands of US dollars)
79
Dar Al-Maal Al-Islami Trust
Annual Report 2013
41. Trust capital
42. Comparatives
43. Date of authorisation
for issue
44. Principal subsidiaries
in the consolidated
financial statements
As at 31 December 2013 an amount of $20 million (2012: $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 due to the implementation of IAS 19
revised - Employee Benefits. This restatement impacted 2012 opening retained
earnings by a reduction of $3.4 million after consideration of non-controlling
interest.
2012
2012
Restated
Accounts payable
796,569
787,299
Trust capital
486,051
490,620
Non-controlling interests
533,912
538,613
These consolidated financial statements have been approved for issue by the
Board of Supervisors on 9 May 2014 and are subject to approval at the Annual
General Meeting, which will be held on 12 June 2014.
% owned
Nature of
Country of
Business Subsidiary DMI
incorporation
Islamic Investment Company
Investment
of the Gulf (Bahamas) Limited
Banking
100
100
Bahamas
Ithmaar Bank B.S.C.*
Retail
Banking
49
49 Kingdom of Bahrain
Faysal Bank Limited
Retail
Banking
67
33
Pakistan
Ithmaar Development Company
Real Estate
Limited
Investment
100
49
Cayman Islands
Sakana Holistic Housing
Mortgage
Solutions B.S.C. (C)
Finance
63
31 Kingdom of Bahrain
DMI Administrative Services S.A.
Management
Services
100
49
Switzerland
* Ithmaar Bank B.S.C. is subject to the consolidated supervision of the Central Bank of Bahrain.
