Microsoft Word - DMIT FINANCIAL STATEMENTS 2025-Final draft.

Dar Al-Maal Al-Islami Trust NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2025 in thousands of USD 46 14. Development properties 2025 2024 Land 129,716 129,716 Development costs 52,060 46,560 At 31 December 181,776 176,276 Development costs represent the infrastructure costs incurred such as roads and networks, electricity stations and design and supervision costs and the infrastructure cost. The infrastructure cost commitments are expected to be met by anticipated sale of plots. Based on this, management has estimated that the current carrying value is lower than the net realisable value, and accordingly, no impairment has been considered necessary. The valuation of the development properties was carried out by an independent registered third-party valuer (“the Valuer”) in accordance with the RICS Appraisal and Valuation Manual issued by the Royal Institute of Chartered Surveyors (“RICS”) taking into account the most recent independent valuations. Below assumptions were used in the valuation of the development properties: ● land forming the valuation is saleable with freehold title, subject to site development covenants; ● any land plots sold to third party developers have specific covenants in place; ● plots are sold on a plot by plot basis with the current master developer being responsible for the implementation of infrastructure and services to each plot; ● all services are or will be available to the property; ● planning permissions are in place for the uses as provided. 15. Investment in associates Investment in associated entities, as adjusted for the Group’s share of their results comprise: Name of company 2025 % holding 2024 % holding Country of incorporation Nature of business Unlisted: Citic International Assets Management Limited 12,115 20 12,964 20 Hong Kong Asset Management Naseej B.S.C. (c) 65,956 31 68,231 31 Bahrain Infrastructure Dilmunia Eduprop Company W.L.L. 18,976 50 18,993 50 Bahrain Real Estate Faysal Halal Amdani Fund 4,790 4 2,423 1 Pakistan Mutual funds Faysal Islamic Saving Growth Fund 2,408 12 - - Pakistan Mutual funds Faysal Islamic Sovereign Fund FISIP-1 2,403 50 2,949 0 Pakistan Mutual funds Faysal Islamic Cash Fund 1,138 0 978 1 Pakistan Mutual funds Faysal Islamic Asset Allocation Fund – III 361 100 - - Pakistan Mutual funds Faysal Islamic Pension Fund – Money Market 194 12 - - Pakistan Mutual funds Faysal Islamic Pension Fund – Debt 188 26 - - Pakistan Mutual funds Faysal Islamic Stock Fund 16 - 18 - Pakistan Mutual funds Faysal Islamic Stock Fund II 16 1 - - Pakistan Mutual funds Faysal Islamic Financial Growth Fund FISIP-I - - 12 0 Pakistan Mutual funds Faysal Islamic Mehmood Moddat Plan -1 13 0 12 0 Pakistan Mutual funds Faysal Islamic Sovereign Fund FISIP-II - - 4 0 Pakistan Mutual funds Others 6 0 - - Pakistan Mutual funds 108,580 106,584