DMIT Annual Report 2017

N OTES TO THE C ONSOLIDATED F INANCIAL S TATEMENTS (Thousands of US dollars) Dar Al-Maal Al-Islami Trust 83 36. Related party transactions and balances (continued) c) Current and investment accounts Associated companies Period ended 2017 2016 Amounts receivable from: Naseej B.S.C. (c) 10,456 10,456 Amounts payable to: Naseej B.S.C. (c) 51,667 33,813 d) Key management compensation 2017 2016 Salaries and other short term benefits 13,262 13,981 Post-employment benefits 221 394 Other long term benefits 341 333 13,824 14,708 Related party transactions, balances and other relevant disclosures with IICG FUM are disclosed in Note 15, Note 19, Note 22 and Note 34. 37. Contingent liabilities and commitments Contingent liabilities 2017 2016 Acceptances and endorsements 62,824 72,669 Performance bid bonds 54,600 41,601 Customer claims 327,178 369,907 Guarantees and irrevocable letters of credit 820,707 709,662 1,265,309 1,193,839 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. One of the subsidiary which operates in Saudi Arabia is registered in the Commonwealth of the Bahamas and regulated by the Bahamian authorities. The Private offices of Late HRH Price Mohammad Al Faisal Al Saud (Ex- Chairman and major shareholder of DMIT) is the representative to market its investment products in Saudi Arabia. A potential risk of tax liability in Saudi Arabia is remote and no inquiries or notifications have been received from the authorities in Saudi Arabia. Therefore, no provision for tax has been recorded in this consolidated financial statements.