7 Islamic Financing and Investing Assets

Islamic financing and investing assets

2017 2016
AED’000 AED’000
 
Commodity Murabaha 134,942 134,762
Covered card and drawings 62,894 56,959
Purchase and lease back 5,346 8,062
Ijarah 18,211 15,458
Others

2,921

3,196

Gross islamic financing and investing assets

224,314

218,437

 
Less: assessed allowance for impairment  
 – Collectively assessed allowances (3,629) (3,523)
 – Individually assessed allowances (47,315) (34,898)
Net Islamic financing and investing assets
173,370
180,016


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

2017 2016
AED’000 AED’000
At 1 January 38,421 11,846
Impairment charges for the year 12,523 26,575
At 31 December
50,944
38,421

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

  2017 2016
AED’000 AED’000
Gross Ijara and purchase and lease-back
Less than one year 7,156 7,350
Between one and three years 11,878 11,712
Between three and five years 6,796 5,877
More than five years

2,157

3,382

27,987 28,321
Less: deferred income (4,430) (4,801)
Net Ijara and purchase and lease-back
23,557
23,520

 

Present value of minimum Ijara and purchase and leaseback payments

2017 2016
AED’000 AED’000
 
Less than one year 5,690 5,774
Between one and three years 9,860 9,625
Between three and five years 5,978 4,994
More than five years 2,029 3,127
23,557
23,520