Consolidated Statement of Financial Position

as at 31 December

		2022		2021
	Note	AED’000		AED’000
Assets
Cash and cash equivalents	17	8,407		8,096
Due from banks	17	758,080		593,791
Investment securities	18	268,348		319,015
Loans and advances	19	2,001,148		2,082,265
Islamic financing and investing assets	20	22,636		30,305
Investment in equity accounted investees	21	82,613		86,881
Interest receivable and other assets	22	107,360		96,382
Insurance receivables and contract assets	23	247,943		175,958
Property, fixtures and equipment	24	105,669		99,260
Intangibles	25	6,705		6,705
Investment properties	26	4,100		3,500
		———————————————		———————————————-
Total assets		­3,613,009		3,502,158
		==========		==========
Liabilities and Equity
Liabilities
Customers’ deposits and margin accounts	27	2,060,674		1,716,385
Due to banks and other financial institutions	17	30,059		26,720
Short term borrowings	28	340,000		441,910
Medium term loan	28	66,667		100,000
Unearned premiums		112,657		81,377
Gross claims outstanding		91,669		82,982
Lease liabilities		537		1,105
Interest payable and other liabilities	29	141,188		235,685
Provision for employees’ end of service benefits	30	14,371		14,328
		———————————————		———————————————
Total liabilities		2,857,822		2,700,492
		==========		==========

 

		2022		2021
	Note	AED’000		AED’000
Equity
Share capital	31	302,838		302,838
Treasury shares	32	(46,535)		(29,823)
Employees’ share-based payment scheme	33	­(1,750)		(1,750)
Statutory reserve	34	151,671		151,671
Fair value reserve		(56,968)		(21,800)
Retained earnings		4,072		2,379
Tier 1 Sukuk	35	276,200		276,200
Tier 1 Bonds	35	15,000		15,000
Proposed directors’ remuneration		2,048		2,251
		———————————————		———————————————
		646,576		696,966
Non-controlling interests		108,611		104,700
		———————————————		———————————————
Total equity		755,187		801,666
		———————————————		———————————————
Total liabilities and equity		3,613,009		3,502,158
		==========		==========
Commitments and contingent liabilities	36	509,478		600,387
		———————————————		———————————————

 

To the best of our knowledge, the consolidated financial statements present fairly in all material respects the financial position, financial performance and cash flows of the Group as of, and for, the periods presented therein.

These consolidated financial statements were authorized and approved for issue by the Board of Directors on 14 February 2023 and signed on their behalf by:

 

___________________________		__________________________
Mr. Mohammed Alqubaisi		Mr. T.K. Raman
Vice Chairman		Chief Executive Officer

 

The notes on pages 15 to 105 are an integral part of these consolidated financial statements.