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 55 36. Funds under management The Group manages Funds Under Management (“FUM”) through its different subsidiaries; Islamic Investment Company of the Gulf (Bahamas) Limited (“IICG”) and GIAMCO (together the “Investment Managers”). During the year, the Investment Managers have charged management fees of USD 15.4 million (2024: USD 15.7 million). Under the Modaraba's conditions, IICG must maintain the assets of the Modaraba separate from its own assets. As per the terms of the Modaraba and as per approval of the Shari’a Supervisory Board, IICG is entitled to a management fee of United States Dollars ("USD") 1 per USD 1,000 of investors' equity at the end of each month, irrespective of the expenses incurred. IICG has the right to its profit share of Modaraba as per the terms and conditions of the Modaraba agreement. However, since 2007, IICG has waived its right to receive its share of profit from the FUM. On the other hand, Deem real estate fund is represented by GIAMCO who manages this fund in exchange for an annual fee of 2%. As of 31 December 2025, FUM amounted to USD 5.08 billion (2024: USD 4.16 billion) of which USD 1.60 billion (2024: USD 1.61 billion) has been marketed in Saudi Arabia by the Private Offices of His Royal Highness Late Prince Mohamed Al Faisal Al Saud. In February 2016, IICG” communicated to its investors in Saudi Arabia that it intended to wind up IICG’s Funds Under Management (“FUM”) in Saudi Arabia as the regulator, Capital Markets Authority (“CMA”), declined to grant any exemptions with respect to the registration and transfer of such FUM to a CMA registered subsidiary of IICG. The FUM has commenced distribution of the disposal proceeds of the underlying assets to the investors as and when such proceeds are realised. The final liquidation proceeds will only be known upon completion of the liquidation process which may take several years. As a part of winding up of the Saudi operations, claims have been initiated against the Company by investors who are unlikely to recover the full value of their investments. As of 31 December 2025, as per the management assessment, three hundred and fifty-four investors (2024: three hundred and forty-six investors) have filed legal claims in Saudi Arabian courts against IICG claiming refund of the full value of their investments amounting to USD 105.8 million (2024: USD 104.8 million). Out of the three hundred and fifty-four legal cases, the court has rendered judgments against the Company in two hundred and forty-one claims (2024: two hundred and forty-one) amounting to USD 77.2 million (2024: USD 77.2 million). IICG has challenged such judgments in the Appeal and Supreme Courts. As at 31 December 2025, two hundred and five cases (2024: two hundred and five cases) have been resolved by the Supreme Court in favour of the claimants, while eight cases (2024: eight cases) are still under appeal in the Supreme Court. Management believes that, based on the Modaraba agreement and external lawyer's advice, any resultant liability will be ultimately settled from the assets of funds under management. In addition, based on external lawyer confirmation 11 June 2026, management believes that the courts in Saudi Arabia lack enforcement jurisdiction since IICG does not have any presence or assets in Saudi Arabia. Therefore, IICG does not carry provision for such claims.