Page 138 - ICD-AR22-English

Notes to the Separate Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022
32 FAIR VALUE
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Consequently, differences can arise between carrying values and fair value estimates.
Fair valuation with respect to investments, is disclosed in note 13.3.
All of the Corporations’ Islamic derivatives are unquoted. Their fair values are estimated using a valuation technique and, accordingly, are level 3.
The carrying value of the Corporation’s all other financial assets and liabilities approximate their fair values.
33 COMMITMENTS
In the normal course of business, the Corporation is a party to financial instruments with off-statement of financial position risk. These instruments comprise commitments to make project related disbursements, equity contribution commitments and other items and are not reflected in the separate statement of financial position.
The Corporation uses the same credit control and management policies in undertaking off-statement of financial position commitments as it does for on-statement of financial position operations.
31 December 2022 USD
31 December 2021 USD
Ijarah Muntahia Bittamleek Murabaha financing Installment sales financing Equity investments
- 2,398,000
- 10,000,000
83,803,592 46,181,500
- 84,032,585
83,803,592
142,612,085
136 ICD ANNUAL REPORT 2022