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 49 21. Due to banks and other financial institutions 2024 2023 Due to banks 1,665,120 1,101,110 Due to financial and other institutions 54,029 86,933 1,719,149 1,188,043 Due to banks and financial institutions includes balances totalling USD 419.5 million from two counterparties (2023: USD 424.8 million) which were subject to sanctions under US measures. Due to banks, financial and other institutions include USD 96.2 million (31 December 2023: USD 96 million) consisting of a repo with another counterparty. 22. Provisions Included under liabilities are the following provisions: 2024 2023 Funds under management guarantee* 69,480 70,244 Total 69,480 70,244 * This includes provision related indemnity agreement. As per the indemnity agreement dated 12 April 2011, IICG subsidiary, acting as Modareb for funds managed by IICG, purchased certain assets from another related party for which the value exceeded the fair value by US dollars 55 million as at that date. DMI has given an unconditional and irrevocable guarantee to IICG funds under management (IICG FUM) for this fair value difference of US dollars 55 million. This obligation under the indemnity agreement will remain in force till assets are liquidated and the IICG FUM can request indemnity for US dollars 55 million during the term of the agreement. 23. Income from investment carried at FVTPL 2024 2023 Income from foreign exchange trading 18,883 19,792 18,883 19,792 Foreign exchange trading includes gains and losses from spot and forward contracts translated from foreign currency assets and liabilities. 24. Income from investments carried at FVOCI 2024 2023 Income from government securities 1,352 1,814 Income from investment securities 432,203 335,657 Income from investments (2,640) 1,138 430,915 338,609 Income from government securities mainly represents income from investment in treasury bills with the government of Pakistan. It represents treasury bills with a maturity period 3 months up to 1 year and profit rates range is 18.68% - 20.03% (2023 8.75% - 16.1%). 25. Income from investments carried at amortised cost 2024 2023 Investment securities carried at amortised cost 8,490 8,514 Income from investment represents a mixture of dividend and profit income.