21 Commitments and Contingent Liabilities

The Group has contractual amounts in respect of letters of credit and letters of guarantees that commits to extend credit to customers. These agreements have fixed limits and are generally for a certain period of time.

Capital commitments represent future capital expenditures that the Group has committed to spend on assets over a period of time.

Irrevocable commitments to extend credit represent contractual irrevocable commitments to make loans and revolving credits.

The Group had the following commitments and contingent liabilities outstanding at year end:

  2018   2017
  AED’000   AED’000
Letters of credit 169,522   218,437
Letters of guarantee 1,370,280   1,509,750
Capital commitments 4,200   4,200
Irrevocable commitments to extend credit   218,074

All financial guarantees issued are in the ordinary course of business.