21 Islamic financing and investing assets

	2022	2021
	AED’000	AED’000
Commodity Murabaha	55,543	61,752
Covered card and drawings	17,411	20,673
Ijarah	6,641	7,005
Purchase and lease back	484	711
Others	3,173	3,123
	————————-	————————-
Gross Islamic financing and investing assets	83,252	93,264
Less: Allowance for impairment	(60,616)	(62,959)
	————————-	————————-
Islamic financing and investing assets	22,636	30,305
	=============	=============

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

	2022	2021
	AED’000	AED’000
At 1 January	62,959	60,869
Impairment charges for the year	(5,721)	200
Reversal no longer required (impairment charges)	–	(245)
Transfers	3,378	2,135
	————————-	————————-
At 31 December	­60,616	62,959
	=============	===============

Allowance for impairment includes a specific provision of AED 60.3 million (2021 AED 62.3 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:

	2022		2021
	AED’000		AED’000
Gross Ijara and purchase and lease-back
Less than one year	6,447		5,187
Between one and three years	1,816		3,491
Between three and five years	–		415
	————————-		—————–
	8,263		9,093
Less: Deferred income	(1,138)		(1,377)
	————————-		—————–
Net Ijara and purchase and lease-back	­7,125		7,716
	=============		=============

 

Present value of minimum Ijara and purchase and leaseback payments

 

	2022	2021
	AED’000	AED’000
Less than one year	5,428	4,171
Between one and three years	1,697	3,019
Between three and five years	–	526
	————————-	————————-
	7,125	7,716
	=============	=============