Page 114 - ICD AR21 EN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
(CONTINUED)
18 ICD SOLIDARITY FUND
This represents net accumulated income up to 31 December 2021 generated from liquid fund placements with certain conventional banks and financial institutions which was discontinued by ICD and other income which were not considered in compliance with the Shari’ah principles. As per the recommendation of the Shari’ah Board of IsDB Group, this income needs to be utilized for charitable purposes and, therefore, has been classified as a liability. The disposition of this liability is the responsibility of the Charity Committee formed within the Corporation. The sources and uses of ICD Solidarity Fund during the year ended are as follows:
At the beginning of the year 1,201,580 1,249,356 Income during the year:
Income from Solidarity Fund 1 5,174 - - Forex valuation 2 62 10 (11) Penalty to customers on default 1 13,306 7 88,905
Sources & Uses of Shari’ah non-compliant income
31 December 2021
31 December 2020
Description
No. of events
Amount (USD)
No. of events
Amount (USD)
18,542
88,894
Paid during the year:
Medical expenses
Water supply
Support for orphanage
Others - - 2 1,640
- -
- - 1 20,000
-
-
3 75,030 1 40,000
-
136,670
At the end of the year
1,220,122
1,201,580
112 ICD ANNUAL REPORT 2021