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 46 16. Property, equipment and right-of-use assets 31 December 2024 31 December 2023 Cost Accumulated depreciation Net book amount Cost Accumulated depreciation Net book amount Land and buildings 46,827 (7,896) 38,931 34,122 (6,742) 27,380 Leasehold improvements, furniture, equipment and motor vehicles 166,503 (24,638) 141,865 110,870 (11,675) 99,195 Right-of-use assets 113,035 (64,108) 48,927 95,093 (55,401) 39,692 326,365 (96,642) 229,723 240,085 (73,818) 166,267 17. Intangible assets Goodwill Customer relations Core deposits Other Total 2024 Year ended 31 December Opening net book amount 114,211 3,321 4,318 10,624 132,474 Additions - - - 4,331 4,331 Foreign exchange 32 1,100 2,262 410 3,804 Amortisation/impairment - (1,801) (3,500) (4,230) (9,531) Closing net book amount 114,243 2,620 3,080 11,135 131,078 At 31 December Cost 401,227 102,335 173,841 63,428 740,831 Accumulated amortisation and impairment (286,984) (99,715) (170,761) (52,293) (609,753) Net book amount 114,243 2,620 3,080 11,135 131,078 Goodwill Customer relations Core deposits Other Total 2023 Year ended 31 December Opening net book amount 117,167 5,744 4,689 10,760 138,360 Additions (1,052) - - - (1,052) Foreign exchange (1,904) (622) 4,423 3,753 5,650 Amortisation/impairment - (1,801) (4,794) (3,889) (10,484) Closing net book amount 114,211 3,321 4,318 10,624 132,474 At 31 December Cost 401,195 101,235 170,285 58,686 731,401 Accumulated amortisation and impairment (286,984) (97,914) (165,967) (48,062) (598,927) Net book amount 114,211 3,321 4,318 10,624 132,474 The carrying amount of goodwill relates to acquisition of Ithmaar Holding as follows: 2024 2023 Ithmaar Holding B.S.C. 114,243 114,211 During 2024 the Group used a sum-of- the-parts approach to arrive at a business value of the Ithmaar Holding CGU as Ithmaar Holding did not have any independent cash flow generating activity at its own level. Management has considered both Price to Book (“PB”) multiple and value in use calculation for the impairment assessment.