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Notes to the Consolidated Financial Statements
(Thousands of US dollars)
66
Dar Al-Maal Al-Islami Trust
Annual Report 2014
21. Massaref accounts
22. Provisions
2014
2013
Customer current accounts
Individuals
577,006
469,941
Financial institutions
2,018
1,790
Corporate institutions
817,911
798,831
Customer investment accounts
Individuals
864,369
823,387
Financial institutions
71,838
66,643
Corporate institutions
1,034,863
965,739
Due to associated companies (note 36)
-
20,000
Investments from off balance sheet funds
138,676
251,441
Due to banks and financial institutions
1,493,298
1,313,882
4,999,979
4,711,654
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 $218.4 million (2013: $247.7 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.
Included in investments from off balance sheet funds at 31 December 2014
is an amount of $110.8 million (2013: $108.6 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 $657.6
million (2013: $685.7 million) from two counterparties having contractual
maturity ranging from one month to 3 years. Out of these, balances totalling
$417 million (2013: $430 million) is from one counterparty which is subject
to freeze and originating from jurisdiction under US and UN sanctions.
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 (2013: $55 million)
relating to a guarantee issued to certain funds under management, and $18
million (2013: $18 million) relating to a specific asset risk.