Page 118 - ICD-AR22-English

Notes to the Separate Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022
19 AMOUNTS DUE TO ICD SOLIDARITY FUND
This represents net accumulated income up to 31 December 2022 generated from liquid fund placements with certain conventional banks and financial institutions which was discontinued by ICD and other income which were not considered in compliance with the Shari’ah principles. As per the recommendation of the Shari’ah Board of IsDB Group, this income needs to be utilized for charitable purposes and, therefore, has been classified as a liability. The disposition of this liability is the responsibility of the Charity Committee formed within the Corporation. The sources and uses of ICD Solidarity Fund during the year are as follows:
Description
Sources & Uses of Shari’ah non-compliant income
31 December 2022
31 December 2021
No. of events
Amount (USD)
No. of events
Amount (USD)
At the beginning of the year
Income during the year:
Income from Solidarity Fund Forex valuation
Penalty to customers on default
1,220,122 1,201,580
- - 5,174
12 134 10 62
2 19,262 7 13,306
19,396
18,542
Paid during the year:
Medical expenses
Water supply
Support for orphanage
Others 2
- - - - - - - - - - - -
50,968 - -
50,968
-
At the end of the year
1,188,550
1,220,122
116 ICD ANNUAL REPORT 2022