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 48 19. Tax liability 2024 2023 Current tax payable At 1 January 10,765 9,687 Charge for the year (Note 33) 94,203 79,151 Payment made (126,936) (76,697) Adjustment due to withholding tax payment 5,004 - Refund 246 - Exchange differences 2,941 (1,376) At 31 December (13,777) 10,765 Deferred tax (asset)/liability At 1 January 5,327 (1,960) Charge/(reversal) for the year (Note 33) (5,651) (8,481) Gain due to fair value reserve 38,283 16,288 Adjustment 67 - Exchange differences 14 (520) At 31 December 38,040 5,327 Current tax receivable 14,026 - Current tax payable (249) (10,765) 13,777 (10,765) Deferred tax assets 10,858 - Deferred tax liabilities (48,898) (5,327) (38,040) (5,327) 20. Due to customers 2024 2023 Customer current accounts Individuals 1,083,843 992,376 Financial institutions 210,450 35,071 Corporate institutions 705,694 711,892 Customer investment accounts Individuals 745,220 659,937 Financial institutions 500,022 629,183 Corporate institutions 1,257,883 1,421,122 4,503,112 4,449,581 Customer current accounts include balances relating to a counterparty amounting to US dollars 186.9 million (2023: US dollars 198.3 million) which was subject to sanctions under US measures. The remaining due to customers represents Islamic deposits accepted by subsidiaries of the Group.