80 / 87
Notes to the Consolidated Financial Statements
(Thousands of US dollars)
78
Dar Al-Maal Al-Islami Trust
Annual Report 2014
37. Contingent liabilities
and commitments
(continued)
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.
Faisal Islamic Bank of Egypt carried at 31 December 2013 contingent liabilities
of $61.3 million of which the Group’s share was $30.0 million. These related
to guarantees and letters of credit issued as part of their normal banking
operations.
BBK carried at 31 December 2014 contingent liabilities of $1,281.8 million
(2013: $1,318.3 million), of which the Group’s share was $151.4 million
(2013: $165.1 million). These related to guarantees and letters of credit issued
as part of their normal banking operations.
Naseej B.S.C. (c) carried at 31 December 2014 contingent liabilities of $32.4
million (2013: $199.7 million), of which the Group’s share was $4.2 million
(2013: $28.8 million). These related to guarantees and letters of credit issued
as part of their normal banking operations.
Sanpak Engineering carried at 31 December 2014 contingent liabilities of $2.5
million (2013: $1.8 million), of which the Group’s share was $0.4 million
(2013: $0.3 million). These related to guarantees and letters of credit issued
as part of their normal banking operations.
2014
2013
Commitments
Undrawn facilities, financing lines
1,042,264
900,180
Other commitments to finance
23,594
25,642
Repurchase and resale transactions
398,570
224,634
1,464,428 1,150,456
Operating lease commitments
Commitments for operating leases included cars and office equipment.
The future minimum lease payments under non-cancellable operating leases
are as follows:
2014
2013
Not later than one year
51
58
Later than one year and not
later than five years
58
129
109
187
Significant net open foreign
currency position
1,056,364
927,741