21 Islamic financing and investing assets

	2020	2019
	AED’000	AED’000
Commodity Murabaha	74,993	88,492
Covered card and drawings	34,575	49,354
Ijarah	7,776	10,008
Purchase and lease back	919	1,000
Others	2,987	2,937
	———————	———————
Gross Islamic financing and investing assets	121,250	151,791
Less: Allowance for impairment	(60,869)	(60,941)
	———————	———————
Islamic financing and investing assets	60,381	90,850

 

Islamic financing and investing assets are stated net of allowance for impairment. The movement in the allowance during the period/year is as follows:

	2020	2019
	AED’000	AED’000
At 1 January	60,941	59,741
Charge for the year	1,825	1,200
Reversal no longer required (impairment charges)	(1,897)	–
	———————	———————
At 31 December	60,869	60,941

 

The Allowance for impairment includes a specific provision of AED 59.1million (2019 AED 56.8 million) for stage 3 Islamic financing and investing assets of the Group.

The gross Ijara and purchase and leaseback and the related present value of minimum Ijara and purchase and leaseback payments are as follows:

	2020	2019
	AED’000	AED’000
Gross Ijara and purchase and lease-back
Less than one year	4,095	5,155
Between one and three years	4,327	6,047
Between three and five years	1,401	1,778
More than five years	558	–
	———————-	———————-
Less: deferred income	10,381	12,980
Net Ijara and purchase and lease-back	(1,686)	(1,972)
	———————-	———————-
	8,695	11,008
	=============	=============

 

Present value of minimum Ijara and purchase and leaseback payments

	2020	2019
	AED’000	AED’000
Less than one year	3,309	3,936
Between one and three years	3,680	5,128
Between three and five years	1,179	1,944
More than five years	527	–
	———————-	———————-
	8,695	11,008
	=============	=============