DMIT Annual Report 2017

N OTES TO THE C ONSOLIDATED F INANCIAL S TATEMENTS (Thousands of US dollars) Dar Al-Maal Al-Islami Trust 71 19. Accounts payable 2017 2016 Accounts payable and other provisions 96,559 77,616 Advance received from customers 75,956 75,771 Demand drafts 66,162 57,329 Accruals 48,066 41,377 Security deposits on consumer leases 27,418 36,749 Dividends payable 33,998 13,604 Derivative financial instruments 39,912 8 Employee payables 18,546 18,370 Deferred income 316 201 406,933 321,025 There were no liabilities against assets subject to finance leases at 31 December 2017 (2016: Nil). Derivative financial instruments Foreign exchange derivatives held for trading: 2017 Contractual amount Fair value Equity futures 21,391 (595) 2016 Contractual amount Fair value Equity futures 2,706 8 20. Tax liability 2017 2016 Current tax (receivable)/payable At 1 January (17,693) (15,667) Charge for the period 17,089 15,214 Payments made (26,665) (17,147) Adjustment due to withholding tax payment 102 (80) Refund 23 - Exchange differences 1,448 (13) At 31 December (25,696) (17,693) Deferred tax (asset)/liability At 1 January (23,712) (30,352) Charge for the period 9,336 10,293 Changes due to fair value reserve (3,679) (3,487) Refund (6) (6) Exchange differences 1,274 (160) At 31 December (16,787) (23,712)