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Notes to the Consolidated Financial Statements
(Thousands of US dollars)
50
Dar Al-Maal Al-Islami Trust
Annual Report 2014
12. Accounts receivable
2014
2013
Accounts receivable
135,385
115,833
Provision for bad and doubtful
debts (note 9)
(48,535)
(47,303)
Funds under management
99,617
92,814
Derivative financial instruments
34
3,614
186,501
164,958
Included in accounts receivable are prepayments in the amount of $15.6 million
(2013: $14.1 million) and loans to employees and directors of $19.9 million
(2013: $22.0 million). The remaining balance relates primarily to project
management fees and balances due from customers. Included in the receivable
from funds under management at 31 December 2014 was $23.1 million
(2013: $24.9 million) in bridge financings made to real estate development
funds which were sponsored by a subsidiary of the Group. Bridge financings are
generally short term in nature and are repaid following the sale of participation
units in the funds to external investors.
Derivative financial instruments
Foreign exchange derivatives held for trading:
2014
Contractual amount
Fair value
Equity futures
9,168
48
Currency forwards
674
(14)
2013
Currency swap
6,121
(947)
Interest rate swap
185,305
4,090
Currency forwards
2,000
471