20 Islamic financing and investing assets

	2024	2023
	AED’000	AED’000
Commodity Murabaha	51,834	52,635
Covered card and drawings	9,496	10,440
Ijarah	6,656	7,077
Purchase and lease back	–	–
Others	3,274	3,168
Gross Islamic financing and investing assets	71,260	73,320
Less: allowances for expected credit losses	(59,935)	(59,180)
Islamic financing and investing assets	11,325	14,140

 

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

 

	2024	2023
	AED’000	AED’000
At 1 January	59,180	60,616
Charges during the year	755	–
Reversal during the year	–	(1,436)
At 31 December	59,935	59,180

 

Allowance for impairment includes a specific provision of AED 59.8 million (2023: AED59.0 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:

		2024		2023
		AED’000		AED’000
Gross Ijara and purchase and lease-back
Less than one year		6,200		7,l22
Between one and three years		568		1,138
		6,768		8,260
Less: deferred income		(112)		(1,183)
Net Ijara and purchase and lease-back		6,656		7,077

 

 

Present value of minimum Ijara and purchase and leaseback payments

 

		2024		2023
		AED’000		AED’000
Less than one year		6,088		6,222
Between one and three years		568		855
		6,656		7,077