Page 104 - ICD-AR22-English

Notes to the Separate Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022
13.2 Investments in associates
Effective ownership percentage in associates and their countries of incorporation at the end of the year and
nature of business are as follows:
Al-Akhdar Bank
Enmaa Ijara Company
Bank Islamic Du Senegal
Theemar Investment Fund
Anfaal Capital
Kyrgyzstan Ijara Company
Kazakhstan Ijara Company
Albania Leasing
Maldives Islamic Bank
Palestine Ijarah Company
Halic Finansal Kiralama A.S.
Al Fareeda Residential Fund Wifack International Bank ICD Money Market Labuan Royal Atlantic Residence Saudi SME Fund (Afaq)
Al Sharkeya Sugar
Jordan Pharmaceutical Manufacturing Co. Saba Islamic Bank
Arab Leasing Company
PMB Tijari Berhad
Turkish Asset Management (K.A.M.P)
Morocco
Egypt
Senegal
Tunisia
Saudi Arabia
Kyrgyzstan
Kazakhstan
Albania
Maldives
Palestine
Türkiye
Saudi Arabia Tunisia Malaysia Gambia Saudi Arabia Egypt Jordan Yemen Sudan Malaysia Türkiye
Banking
Leasing
Banking
Fund
Investment Advisory
Leasing
Leasing
Leasing
Banking
Leasing
Leasing
Real Estate Leasing Asset Mgt. Real Estate Fund Manufacturing Manufacturing Banking Leasing Leasing Fund
49 49
47 47
27 27
40 40
38 38
37 37
36 36
36 36
33 36
33 33
33 33
33 33 30 30 29 29 25 25 25 25 22 22 22 22 20 20 20 20 20 20 20 20
Name of the entity
Country of incorporation
Nature of business
Effective ownership %
2022
2021
(a) In the above table, certain associates 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 associates.
102 ICD ANNUAL REPORT 2022