7 Islamic Financing and Investing Assets

Islamic financing and investing assets

  2018   2017
  AED’000   AED’000
       
Commodity Murabaha 115,530   134,942
Covered card and drawings 67,503   62,894
Purchase and lease back 2,094   5,346
Ijarah 14,284   18,211
Others

2,944

 

2,921

Gross Islamic financing and investing assets

202,355

 

224,314

Less: assessed allowance for impairment

(59,741)

 

(50,944)

Net Islamic financing and investing assets

142,614

 

173,370

 

The movement in the allowance during the year is as follows:

  2018   2017
  AED’000   AED’000
       
At 1 January 50,944   38,421
Changes on initial application of IFRS 9

4,484

 
Restated balance at 1 January 2018 (Note 2.3) 55,428   38,421
Impairment charges for the year

4,313

 

12,523

At 31 December

59,741

 

50,944



The gross Ijara and purchase and leaseback and the related present value of minimum Ijara and purchase and leaseback payments are as follows:

  2018   2017
  AED’000   AED’000
Gross Ijara and purchase and lease-back      
Less than one year 6,538   7,156
Between one and three years 8,019   11,878
Between three and five years 4,252   6,796
More than five years

263

 

2,157

  19,072   27,987
Less: deferred income (2,694)  

(4,430)

Net Ijara and purchase and lease-back

16,378

 

23,557

Present value of minimum Ijara and purchase and leaseback payments.

  2018   2017
  AED’000   AED’000
       
Less than one year 5,441   5,690
Between one and three years 6,734   9,860
Between three and five years 3,958   5,978
More than five years 245   2,029
 
16,378
 
23,557