DMIT Annual Report 2017

N OTES TO THE C ONSOLIDATED F INANCIAL S TATEMENTS (Thousands of US dollars) Dar Al-Maal Al-Islami Trust 78 35. Retirement benefit plans (continued) At year end the present value of the defined benefit obligation comprised approximately USD 19.5 million (2016: USD 28.9 million) relating to active employees, USD 4.6 million (2016: USD Nil million) relating to deferred members and USD 17.5million (2016: USD 14.2 million) relating to members in retirement. The movement in the defined benefit obligation over the year was as follows: Present value of obligation Fair value of plan assets Total At 1 January 2017 43,179 (39,551) 3,628 Current service cost 926 (229) 697 Financial costs/(income) 250 - 250 Past service cost (3,316) - (3,316) 41,039 (39,780) 1,259 Remeasurements: Return on plan assets, excluding amounts included in financial (income)/costs - (1,251) (1,251) Loss/(gain) from change in demographic assumptions - - - Loss/(gain) from change in financial assumptions - - - Experience (gains)/losses 64 - 64 41,103 (41,031) 72 Exchange differences 1,895 (1,773) 122 Contributions: Employers - (643) (643) Plan participants 153 (153) - Payments from plans: Benefit payments (1,418) 1,418 - Insurance premiums for risk benefits (78) 78 - At 31 December 2017 (Excedent) 41,655 (42,104) (449)