Page 99 - ICD AR21 EN

10 IJARAH MUNTAHIA BITTAMLEEK
Cost:
Assets not yet in use:
At the beginning of the year - Additions 28,795,093
- 41,075,556 (41,075,556) -
406,092,168 41,075,556 (4,792,094)
1,997,884 444,373,514
194,554,093 20,628,272 -
41,728,040 (52,783,631)
ANNEXES
31 December 2021 USD
31 December 2020 USD
Transferred to assets in use
Assets in use:
At the beginning of the year Transferred from assets acquired Transferred assets to beneficiaries Forex revaluation
Accumulated depreciation:
At the beginning of the year
Charge for the year
Depreciation on assets transferred to beneficiaries
Accrued income
Less: allowance for credit losses (note 23)
(6,193,093) 22,602,000
444,373,514 6,193,093 (90,859,288) (1,706,726) 358,000,593
215,182,365 26,895,744 (76,518,035)
40,634,975 (35,001,964)
Total cost
380,602,593
444,373,514
Total depreciation
165,560,074
215,182,365
Ijarah Muntahia Bittamleek, gross
255,677,494
270,919,189
Ijarah Muntahia Bittamleek, net
220,675,530
218,135,558
Ijarah Muntahia Bittamleek includes financing of USD 13,400,484 (31 December 2020: USD 13,400,484) provided to related parties of the Corporation. Certain assets referred above represent the Corporation’s share in joint Ijarah Muntahia Bittamleek agreements.
Future rentals receivable relating to Ijarah Muntahia Bittamleek as at 31 December 2021 are estimated to be USD346.77 million (2020: USD386.05 million). The precise amount at the end of each period is only known prior to the commencement of the period, as some of the rentals are determined based on floating rates. Detail of the receivables is shown below:
137,716,313 117,872,019 130,458,244
31 December 2021 USD
31 December 2020 USD
Expected within 12 months
Expected after 12 months but less than 5 years 117,872,019 Expected after 5 years 130,458,244
98,435,903
Total Income
346,766,166
386,046,576
Future cash outflows related to Ijarah contracts are summarized in note 32 and these are expected to be paid within 12 months.
STRONGER TOGETHER 97