Annual Report 2024

Dar Al-Maal Al-Islami Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2024 in thousands of USD 44 13. Investment properties (continued) 13.1 Fair values of land and buildings (continued) Description At 31 December 2023 Fair Value Valuation technique(s) Unobservable inputs Range of unobservable inputs (probability – weighted average) Relationship of unobservable inputs to fair value Health Island Bahrain 110,515 Sales Comparable Approach Price per square foot BD 30 The higher the price per square foot the higher the fair value. Domaine Saint Alexandre Canada 42,756 Development (Subdivision) Approach - Development Method and Cost approach – cost method Price per square foot CAD 7.25 CAD15 (CAD 9.23) The higher the price per square foot the higher the fair value. 14. Development properties 2024 2023 Land 138,715 138,715 Development costs 37,561 35,947 At 31 December 176,276 174,662 Development costs represent the infrastructure costs incurred such as roads and networks, electricity stations and design and supervision costs and the infrastructure cost. The infrastructure cost commitments are expected to be met by anticipated sale of plots. Based on this, management has estimated that the current carrying value is lower than the net realisable value, and accordingly, no impairment has been considered necessary. The valuation of the development properties was carried out by an independent registered third-party valuer (“the Valuer”) in accordance with the RICS Appraisal and Valuation Manual issued by the Royal Institute of Chartered Surveyors (“RICS”) taking into account the most recent independent valuations. Below assumptions were used in the valuation of the development properties: ● land forming the valuation is saleable with freehold title, subject to site development covenants; ● any land plots sold to third party developers have specific covenants in place; ● plots are sold on a plot by plot basis with the current master developer being responsible for the implementation of infrastructure and services to each plot; ● all services are or will be available to the property; ● planning permissions are in place for the uses as provided.