Page 81 - ICD AR21 EN
P. 81
STATEMENT OF CHANGES IN OFF-BALANCE SHEET
ASSETS UNDER MANAGEMENT FOR THE YEAR ENDED 31 DECEMBER 2021
Net assets managed on behalf of a 43,900,000 financial institution
ANNEXES
January 1, 2021
Additions
Net disposals/ withdrawals
Mudarib's Share
December 31, 2021
-
370,600,000
(326,700,000)
-
Total
-
370,600,00
(326,700,000)
-
43,900,000
January 1, 2020
Additions
Net disposals/ withdrawals
Mudarib's Share
December 31, 2020
-
-
-
-
Total
-
-
-
-
-
Net assets managed on behalf of a financial institution
-
The Corporation has Wakala based arrangement with a financial institution in which it provides investment management services to the financial institution and acts as its agent. The Corporation is not exposed to any variable returns on the investment of these funds and accordingly, does not control these funds. Therefore, the Corporation does not recognize these funds on its statement of financial position. During the year, the Corporation earned USD 49k (2020: USD Nil) as agent’s remuneration. The remuneration is agreed upon through the Framework Agreement between the Corporation and the financial institution.
STRONGER TOGETHER 79
