86 / 87
84
Dar Al-Maal Al-Islami Trust
Annual Report 2014
42. Trust capital
43. Date of authorisation
for issue
44. Principal subsidiaries
in the consolidated
financial statements
The fiduciary reserve was created to cover potential risk which might arise in the
Group’s capacity as fund manager. During the year, DMI released the fiduciary
reserve as at 31 December 2013 amounting to $227.5 million to other reserves
in the statement of changes in equity.
As at 31 December 2014, an amount of $20 million has been appropriated
from other reserves to the fiduciary reserve to cover potential fiduciary risk which
might arise in the Group’s capacity as fund manager.
These consolidated financial statements have been approved for issue by the
Board of Supervisors on 13 May 2015 and are subject to approval at the
Annual General Meeting, which will be held on 11 June 2015.
% 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
46
46 Kingdom of Bahrain
Faysal Bank Limited
Retail
Banking
67
31
Pakistan
Ithmaar Development Company
Real Estate
Limited
Investment
100
46
Cayman Islands
Sakana Holistic Housing
Mortgage
Solutions B.S.C. (C)
Finance
63
29 Kingdom of Bahrain
DMI Administrative Services S.A.
Management
Services
100
46
Switzerland
* Ithmaar Bank B.S.C. is subject to the consolidated supervision of the Central Bank of Bahrain.
Notes to the Consolidated Financial Statements
(Thousands of US dollars)