20 Islamic financing and investing assets

	2023	2022
	AED’000	AED’000
Commodity Murabaha	52,635	55,543
Covered card and drawings	10,440	17,411
Ijarah	7,077	6,641
Purchase and lease back	–	484
Others	3,168	3,173
Gross Islamic financing and investing assets	73,320	83,252
Less: allowances for expected credit losses	(59,180)	(60,616)
Islamic financing and investing assets	14,140	22,636

 

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

 

	2023	2022
	AED’000	AED’000
At 1 January	60,616	62,959
Reversal for the year	(1,436)	(5,721)
Transfers	–	3,378
At 31 December	59,180	60,616

 

Allowance for impairment includes a specific provision of AED 59.0 million (2022: AED 60.3 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:

		2023		2022
		AED’000		AED’000
Gross Ijara and purchase and lease-back
Less than one year		7,l22		6,447
Between one and three years		1,138		1,816
		8,260		8,263
Less: deferred income		(1,183)		(1,138)
Net Ijara and purchase and lease-back		7,077		7,125

 

Present value of minimum Ijara and purchase and leaseback payments

 

		2023		2022
		AED’000		AED’000
Less than one year		6,222		5,428
Between one and three years		855		1,697
		7,077		7,125