Microsoft Word - DMIT FINANCIAL STATEMENTS 2025-Final draft.

KPMG Fakhro Audit 12 th Floor, Fakhro Tower, P.O. Box 710, Manama, Kingdom of Bahrain Telephone +973 17224807 Telefax +973 17227443 Website: www.kpmg.com/bh CR No. 6220 - 2 1 © 2026 KPMG Fakhro, a Bahrain partnership registered with the Ministry of Industry and Commerce (MOIC), Kingdom of Bahrain and is a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Independent auditors’ report To the Shareholders of Dar Al-Maal Al-Islami Trust Nassau, Commonwealth of Bahamas Qualified Opinion We have audited the consolidated financial statements of Dar Al-Maal Al-Islami Trust (the “Company”) and its subsidiaries (together the “Group”), which comprise the consolidated statement of financial position as at 31 December 2025, the consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising material accounting policies and other explanatory information. In our opinion, except for the possible effects of the matter described in the ‘Basis for Qualified Opinion’ section of our report below, the accompanying consolidated financial statements presents fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards). Basis for Qualified Opinion As described in Note 17 to the consolidated financial statements, the Group holds intangible assets, including goodwill, with a net carrying value of USD 127 million as at 31 December 2025 (31 December 2024: USD 131 million) that relate to Ithmaar Holding B.S.C., a cash-generating unit (CGU) of the Group. Based on an impairment assessment of goodwill performed by management, no impairment loss was recognized during the year ended 31 December 2025 or 31 December 2024. However, our independent evaluation of the key assumptions and estimates used in the impairment assessment indicate that certain assumptions and inputs used were not reflective of the performance, markets and financial position of the cash generating unit being assessed, and therefore intangible assets including goodwill may not be fully recoverable and impairment should have been recognised. We were unable to reach agreement with management’s assessment of the recoverable amount of DMIT’s interest in Ithmaar Holding B.S.C. due to differing views on certain underlying assumptions and methodologies. It was impracticable for us to quantify the financial effects of the necessary adjustments to the carrying value of intangible assets, accumulated losses and net profit as at and for the year ended 31 December 2024 and 31 December 2025 respectively. This also caused us to qualify our audit opinion on the consolidated financial statements for the year. The Group has amounts due from funds under management of USD 119 million in the consolidated statement of financial position as at 31 December 2025 (31 December 2024: USD 109.6 million). The Group has not recorded expected credit losses on this asset in accordance with the requirements of IFRS 9 “Financial instruments”. Had the Group recorded expected credit losses, the amount of the due from funds under management as at 31 December 2025 would have reduced by USD 11.5 million (31 December 2024: USD 11 million), net profit for the year ended 31 December 2025 would have reduced by USD 0.5 million (31 December 2024: USD 1 million) and net equity as at 31 December 2025 would have reduced by USD 11.5 million (31 December 2024: USD 11 million). We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Kingdom of Bahrain, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.