Page 77 - ICD-AR22-English

Separate Statement of changes in off-balance-sheet assets under Management
FOR THE YEAR ENDED 31 DECEMBER 2022
Net assets managed on behalf 43,900,000 of a financial institution
Net assets managed on behalf - of a financial institution
The Corporation has Wakala based arrangement with a financial institution in which it provides investment management services to the financial institution and acts as its agent. The Corporation is not exposed to any variable returns on
the investment of these funds and accordingly does not control these funds. Therefore, the Corporation does not recognize these funds on its separate statement of financial position. No amounts were outstanding in respect of
this arrangement at the end of 2022. During the year, the corporation earned USD289k (2021: USD49k) as agent’s remuneration. The remuneration is agreed upon through the Framework Agreement between the corporation and the financial Institution.
January 1, 2021
Additions
Net disposals/ withdrawals
Mudarib's Share
December 31, 2021
-
370,600,000
(326,700,000)
-
Total
-
370,600,000
(326,700,000)
-
43,900,000
January 1, 2022
Additions
Net disposals/ withdrawals
Mudarib's Share
December 31, 2022
43,900,000
389,800,000
(433,700,000)
-
Total
43,900,000
389,800,000
(433,700,000)
-
-
REINVIGORATING THE PRIVATE SECTOR TO SHAPE A BETTER FUTURE 75