Page 105 - ICD AR21 EN

13 OTHER ASSETS
Positive fair value of Islamic derivative financial instrument (note a)
Due from related parties (note 21.3) Accrued income
Advances to employees
Unamortised portion of Sukuk issuance cost Other receivables
Less: allowance for credit losses (note 23)
7,721,386
9,625,081 16,814,801 8,117,563 4,001,171 4,083,273
50,363,275 (2,701,219)
10,552,558 10,139,826 16,653,303
8,126,057 3,231,426 4,075,772
52,778,942 (3,525,696)
ANNEXES
31 December 2021 USD
31 December 2020 USD
47,662,056
49,253,246
(a) The Islamic derivative financial instruments represent foreign currency forwards and swaps’ contracts. The forward and cross currency profit rate swaps are used as economic hedges to mitigate the risk of currency fluctuation for placements with financial institutions, Sukuk investments, financing assets and Sukuk issued. Profit rate swaps are held to mitigate the effects of the fluctuation in the changes in the cost of financing by matching the floating rate financing with floating rate income. The Corporation has not designated these instruments in a hedging relationship and, therefore, does not follow hedge accounting requirements of the relevant standards. Included
in the table below is the positive and negative fair values of Islamic derivative financial instruments, together with their notional amounts:
Islamic derivative financial instrument
Notional amount USD
Positive fair value USD
Negative fair value USD
Cross currency swaps
Profit rate swaps
Forward contracts 56,906,930 5,310,760 2,600
235,235,907 144,116,667
2,410,626 198,444 - 4,357,705
31 December 2021
436,259,504
7,721,386
4,558,749
Islamic derivative financial instrument
Notional amount USD
Positive fair value USD
Negative fair value USD
Cross currency swaps
Profit rate swaps
Forward contracts 126,998,317 4,563,298 507,152
In addition to above, the Corporation entered into cross currency swaps and forward contracts on behalf of Arab Bank for Economic Development for Africa (BADEA) through a master agreement dated 13 June 2016. The notional value of such swaps is USD 37,891,102.3 million (31 December 2020: USD 50.67 million).
335,319,077 225,785,000
5,989,260 4,640,961 - 9,222,027
31 December 2020
688,102,394
10,552,558
14,370,140
STRONGER TOGETHER 103