21 Islamic financing and investing assets

	2021	2020
	AED’000	AED’000
Commodity Murabaha	61,752	74,993
Covered card and drawings	20,673	34,575
Ijarah	7,005	7,776
Purchase and lease back	711	919
Others	3,123	2,987
	————————-	————————-
Gross Islamic financing and investing assets	93,264	121,250
Less: Allowance for impairment	(62,959)	(60,869)
	————————-	————————-
Islamic financing and investing assets	30,305 =========	60,381 =========

 

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

	2021	2020
	AED’000	AED’000
At 1 January	60,869	60,941
Charge for the year	200	1,825
Reversal no longer required (impairment charges)	(245)	(1,897)
Intercompany movement	2,135	–
	————————-	————————-
At 31 December	62,959 ==========	60,869 ==========

The Allowance for impairment includes a specific provision of AED 62.3 million (2020 AED 59.1 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:

 

		2021		2020
		AED’000		AED’000
Gross Ijara and purchase and lease-back
Less than one year		5,187		4,095
Between one and three years		3,491		4,327
Between three and five years		415		1,401
More than five years		–		558
		————————-		————————-
		9,093		10,381
Less: Deferred income		(1,377)		(1,686)
		————————-		————————-
Net Ijara and purchase and lease-back		7,716		8,695
		=============		=============

 

Present value of minimum Ijara and purchase and leaseback payments

 

		2021		2020
		AED’000		AED’000
Less than one year		4,171		3,309
Between one and three years		3,019		3,680
Between three and five years		526		1,179
More than five years		–		527
		————————-		————————-
		7,716		8,695
		=============		=============