Page 103 - ICD-AR22-English

Notes to the Separate Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022
13.1 Investments in subsidiaries
Effective ownership percentage in subsidiaries and their countries of incorporation at the end of the year and
nature of business are as follows:
Azerbaijan Leasing Company Limited
ICD Asset Management Limited
Islamic Banking Growth Fund
Taiba Leasing
Tamweel Africa Holding
Ijara Management Company
Capitas Group (Formerly Capitas)
Taiba Titrisation SA
ASR Leasing LLC
Al Majmoua Al Mauritania
Ewaan Al Fareeda Residential Co.
Taha Alam Sdn Bhd
Azerbaijan
Malaysia
Malaysia
Uzbekistan
Senegal
Saudi Arabia
Saudi Arabia
Senegal
Tajikistan
Mauritania
Saudi Arabia
Malaysia
Leasing
Asset management
Private equity fund
Leasing
Banking
Leasing
Advisory
Sukuk advisory
Leasing
Real estate
Real estate
Hajj & Umra Services
100 100
100 100
100 100
100 100
100 100
100 100
100 100
100 -
67 67
53 53
50 50
50 50
Name of the entity
Country of incorporation
Nature of business
Effective ownership %
2022
2021
(a) In the above table, certain subsidiaries are carried at nil value where the Corporation had invested in earlier years and were fully impaired.
(b) There are no regulatory or contractual arrangements that restrict the subsidiaries’ ability to transfer funds in the form of cash dividends or repay financing or advances made to them by the Corporation. The Corporation sometimes extends financial assistance in the form of advances to its subsidiaries.
REINVIGORATING THE PRIVATE SECTOR TO SHAPE A BETTER FUTURE 101