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Notes to the Consolidated Financial Statements
(Thousands of US dollars)
44
Dar Al-Maal Al-Islami Trust
Annual Report 2014
8. Collateral received and
re-pledged
9. Allowance account from
credit losses
There were no assets held as collateral against advances to financial institutions
in the Group at 31 December 2014 (2013: $Nil million).
Repossessed collateral
There were no assets obtained by the Group during 2014 (2013: $Nil million)
in the form of repossessed collateral.
Repossessed properties are sold as soon as practicable, with the proceeds used
to reduce the outstanding indebtedness.
Allowance for impairment
Reconciliation of allowance account for losses on investments in financings by
class and receivables is as follows:
Investments in financings
Corporate
Bank
Agricultural Consumer
Other
Other
2014
financing financing financing financing financing receivables
Total
Balance at 1 January
238,030
-
5,715 16,305
455 47,303 307,808
Provisions for impairment
28,483 12,184
442 3,304 1,254 3,445
49,112
Reversal of impairment
provision
-
-
-
-
-
(4,432)
(4,432)
Foreign exchange
1,806
17
259 10,670
(5)
2,219
14,966
Balance at 31 December
268,319 12,201 6,416 30,279 1,704 48,535 367,454
General impairments
-
-
-
4,367
-
-
4,367
Individually impaired
loans
268,319 12,201 6,416 25,912 1,704 48,535 363,087
Fair value of collateral
39,408
11 10,085 11,119 6,275
-
66,898
2013
Balance at 1 January
208,487
-
5,598 17,092
502 41,899 273,578
Provisions for impairment
63,303
-
1,773 7,272
-
4,182
76,530
Reversal of impairment
provision
(8,600)
(640)
(6,097)
-
-
(15,337)
Amounts recovered
23,786
-
-
-
-
-
23,786
Loans written off as
uncollectable
(5,018)
-
-
(480)
-
(1,572)
(7,070)
Foreign exchange
(43,928)
-
(1,016)
(1,482)
(47)
2,794 (43,679)
Balance at 31 December
238,030
-
5,715 16,305
455 47,303 307,808
General impairments
25,862
-
-
3,770
-
-
29,632
Individually impaired
loans
212,167
-
5,715 12,535
455
-
230,872
Fair value of collateral
341,388
-
9,616 13,263
-
-
364,267