Page 96 - ICD-AR22-English

Notes to the Separate Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022
5 CASH AND CASH EQUIVALENTS Cash at banks
Commodity Murabaha and Wakala placements (note 6)
Accrued income on Commodity Murabaha and Wakala placement Less: allowance for credit losses (note 25)
Bank balance relating to ICD Solidarity Fund
72,824,430
108,082,400
129,631
(391) 181,036,070
1,188,459
52,427,875
105,000,000
41,681
(655) 157,468,901
1,220,242
31 December 2022 USD
31 December 2021 USD
182,224,529
158,689,143
Certain bank accounts with balance of USD 2,197,720 (31 December 2021: USD 4,862,916) are in the name of Islamic Development Bank (IsDB). However, these bank accounts are beneficially owned and managed/ operated by the Corporation.
Commodity Murabaha placements included within cash and cash equivalents are those placements which have original maturity of equal to or less than three months. Commodity Murabaha placements with original maturity of above three months are disclosed in note 6.
6 COMMODITY MURABAHA AND WAKALA PLACEMENTS
31 December 2022 USD
31 December 2021 USD
Commodity Murabaha and Wakala placements
Accrued income on Commodity Murabaha and Wakala placements
Less: Commodity Murabaha and Wakala placements with an original maturity of three months or less (note 5)
Less: allowance for credit losses (note 25)
132,226,973
3,978,356
(11,646,271)
317,144,759
4,731,519 (105,000,000)
(14,078,240)
(108,082,400)
16,476,658
202,798,038
a) All the above Commodity Murabaha and Wakala placements are with international financial institutions and denominated in US Dollars.
b) Commodity Murabaha and Wakala placements include an amount of USD 316,790 (2021: USD 316,790) provided to a related party of the Corporation, over which the Corporation earned profit of USD nil
(31 December 2021: USD nil).
94 ICD ANNUAL REPORT 2022