Page 100 - ICD-AR22-English

Notes to the Separate Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022
10 IJARAH MUNTAHIA BITTAMLEEK
Cost:
Assets not yet in use:
At the beginning of the year
22,602,000
-
28,795,093
(6,193,093)
22,602,000
444,373,514
6,193,093
(90,859,288)
(1,706,726)
358,000,593
215,182,365
26,895,744
(76,518,035) 40,634,975 (35,001,964)
31 December 2022 USD
31 December 2021 USD
Additions 50,184,833
Transferred to assets in use
Assets in use:
At the beginning of the year Transferred from assets acquired Assets transferred to beneficiaries Forex revaluation
Accumulated depreciation:
At the beginning of the year
Charge for the year
Depreciation on assets transferred to beneficiaries
Accrued income
Less: Allowance for credit losses (note 25)
(72,786,833)
-
358,000,593
72,786,833
(132,572,903)
264,132
298,478,655
165,560,074
23,823,800
(107,978,040) 22,510,102 (24,680,051)
Total cost
298,478,655
380,602,593
Total depreciation
81,405,834
165,560,074
Ijarah Muntahia Bittamleek, gross
239,582,923
255,677,494
Ijarah Muntahia Bittamleek, net
214,902,872
220,675,530
Ijarah Muntahia Bittamleek includes financing of USD 17,655,267 (31 December 2021: USD 13,400,484) provided to related parties of the Corporation over which the Corporation earned profit of USD 421,808 (31 December 2021: USD nil). Certain assets referred above represent the Corporation’s share in joint Ijarah Muntahia Bittamleek agreements.
98 ICD ANNUAL REPORT 2022