12 Interest Receivable and other Assets

Interest receivable and other assets

  2018   2017
  AED’000   AED’000
       
Accounts receivable * 40,381   44,400
Less: impairment

(5,712)

 

(6,194)

  34,669   38,206
Insurance receivables 52,028   55,609
Re-insurance contract assets 42,434   11,727
Prepayments 39,773   27,871
Interest receivable and profit receivable 20,786   33,167
Advance for investments 5,352   4,302
Other assets 41,447   37,318
 
236,489
 
208,200

 

* In 2017, the Company has entered into a sale and purchase agreement with Infosec Ventures INC (Infosec) and Paramount Computer Systems FZ LLC in respect of the sale of the Company’s share in  Paramount Computer System. Accounts receivable includes an amount of AED 19,500 thousand (2017: AED 19,500 thousand) receivable from Infosec. It was agreed that payments will be made over 5 years in equal instalments commencing one year after the date of signing the agreement (i.e. AED 3,900 thousand each year).

(i)   No impairment charge or impairment reversals recognised at the end of the reporting periods ended 31 December 2018 and 2017, respectively.