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 47 17. Intangible assets (continued) The valuation methodology for the separately identified parts at Ithmaar Holding level based on the operational activities is the following: - Ithmaar CGU (formerly “Shamil Bank”): net asset value methodology; (2023: comparable companies multiple); - Faysal Bank Limited: average of the market multiples and dividend discount model based on the expected dividends that shareholders will receive (2023: dividend discount model) - Ithmaar Holding residual assets: investments measured at their carrying value adjusted for fair value changes. - The Group obtained an independent valuation from a Big 10 international accounting firm to support its assessment of the business value of the Group’s interest in Ithmaar Holding. The valuation was in the range of USD 119 million. Hence, management has concluded that no impairment provision is required 18. Accounts payable 2024 2023 Demand drafts 140,582 58,872 Accounts payable 122,201 106,105 Lease liability (Note 35) 58,250 52,866 Accruals 49,700 47,171 Due to related party 19,944 21,198 Dividends payable 14,290 14,524 Employee payables 10,513 11,323 Deferred income 6,672 8,511 Derivative financial instruments 3,528 - Advance received from customers 486 1,576 Security deposits on consumer leases 337 345 426,503 322,491