Search
ISLAMIC DEVELOPMENT BANK ORDINARY CAPITAL RESOURCES FINANCIAL STATEMENTS 29 Dhul Hijjah 1434H (3 November 2013) with INDEPENDENT JOINT AUDITORS’ REPORT ISLAMIC DEVELOPMENT BANK ORDINARY CAPITAL RESOURCES FINANCIAL STATEMENTS 29 Dhul Hijjah 1434H (3 November 2013) Page Independent joint auditors’ report 2 Statement of financial position 3 Income statement 4 Statement of cash flows 5 Statement of changes in members’ equity 6 Notes to the financial statements 7 - 40 ISLAMIC DEVELOPMENT BANK ORDINARY CAPITAL RESOURCES STATEMENT OF FINANCIAL POSITION As of 29 Dhul Hijjah 1434H (3 November 2013) (All amounts in thousands of Islamic Dinars unless otherwise stated) 1434H 1433H Restated 210,458 2,468,335 595,450 233,450 297,499 3,181,353 1,174,984 1,709,374 2,069,506 713,064 602,178 112,874 57,262 469,972 1,357,530 388,549 214,438 480,775 2,538,153 1,026,479 1,659,954 1,864,050 717,065 560,680 110,915 58,102 13,425,787 11,446,662 4,205,004 1,560,211 406,894 3,101,322 893,219 439,305 6,172,109 4,433,846 4,799,791 2,274,446 179,441 4,590,239 2,292,330 130,247 7,253,678 7,012,816 13,425,787 11,446,662 56,267 53,403 Notes Assets Cash and cash equivalents Commodity placements through banks Investments in Sukuk Murabaha financing Accrued income and other assets Istisna'a assets Instalment financing receivables Loans Ijarah Muntahia Bittamleek Investments in equity capital Investments in associates Other investments Fixed assets 4 5 6 7 8 9 10 11 12 14 15 16 17 Total assets Liabilities and members’ equity Liabilities Sukuk liability Commodity purchase liabilities Accruals and other liabilities 18 19 20 Total liabilities Members’ equity Paid-up capital Reserves Retained earnings 22 Total members’ equity Total liabilities and members’ equity Restricted investment accounts 27 The accompanying notes from 1 to 35 form an integral part of these financial statements. 3 ISLAMIC DEVELOPMENT BANK ORDINARY CAPITAL RESOURCES INCOME STATEMENT For the year ended 29 Dhul Hijjah 1434H (3 November 2013) (All amounts in thousands of Islamic Dinars unless otherwise stated) 1434H 1433H Restated 19,725 517 9,384 122,813 44,657 10,843 201,714 33,234 26,134 1,612 12,435 483,068 19,562 21,914 8,311 102,164 41,212 8,820 189,789 41,953 14,928 19,776 468,429 (133,949) 349,119 (147,254) 321,175 Notes Income from: Commodity placements through banks Investments in Sukuk Murabaha financing Istisna'a assets Instalment financing Loans service fees Ijarah Muntahia Bittamleek Investments in equity capital Share of income in associates Net gain on disposal and acquisition of associates Other income 6 15 15 Depreciation of assets under Ijarah Muntahia Bittamleek Foreign exchange gain, net Gain/(loss) from Murabaha based profit rate and cross currency profit rate swaps Financing costs Income from operations 12 8 18,19 6,780 4,456 8,263 (5,028) (64,197) 299,965 (57,358) 263,245 General and administrative expenses Income before provision for impairment of financial assets 24 (99,796) 200,169 (98,231) 165,014 Provision for impairment of financial assets Net income 13 (20,728) 179,441 (34,767) 130,247 The accompanying notes from 1 to 35 form an integral part of these financial statements. 4 ISLAMIC DEVELOPMENT BANK ORDINARY CAPITAL RESOURCES STATEMENT OF CASH FLOWS For the year ended 29 Dhul Hijjah 1434H (3 November 2013) (All amounts in thousands of Islamic Dinars unless otherwise stated) Notes Cash flows from operations Net income Adjustments to reconcile net income for the year to net cash utilized in operating activities: Depreciation Share of income in associates and other Provision for impairment of financial assets Investment fair value losses/(gains) on Sukuk Amortization of deferred grant income Foreign exchange losses/(gains) Gain on disposal of investment in equity capital 12,17 15 13 6 Changes in operating assets and liabilities: Murabaha financing Accrued income and other assets Istisna'a assets Instalment financing receivables Ijarah Muntahia Bittamleek Loans Accruals and other liabilities Net cash utilized in operating activities Cash flows from investing activities Commodity placements through banks Investments in Sukuk Proceeds from disposal/redemption of investments in Sukuk Investments in equity capital Proceeds from disposal of investments in equity capital Additions to other investments Proceeds from disposal of other investments Investments in associates, net Additions to fixed assets Net cash utilized in investing activities 6 6 14 14 16 16 15 17 1434H 1433H Restated 179,441 130,247 141,552 (27,746) 20,728 18,670 (567) 7,545 (372) 154,693 (14,928) 34,767 (8,397) (567) (6,941) - (18,317) 183,276 (645,820) (149,225) (348,226) (58,682) (55,558) (753,301) 6,196 (32,556) (462,536) (20,323) (229,836) (33,485) (29,641) (513,307) (1,110,805) (549,230) 319,479 (35,733) 1,432 (18,681) 9,723 (22,342) (6,763) (1,412,920) (701,746) (156,241) 47,831 (4,099) 908 (2,127) 18,653 (37,331) (5,563) (839,715) 209,552 (11,029) 216,435 (7,714) (66,124) (64,803) Cash flows from financing activities Net increase in paid-up capital Technical assistance and scholarship program grants Contribution to the principal amount of Islamic Solidarity Fund for Development (ISFD) Payment of Islamic Corporation for the Development of the Private Sector (ICD) capital on behalf of Member Countries Proceeds from issuance of Sukuk Redemption of Sukuk Commodity purchase liabilities Net cash generated from financing activities - (8,167) 1,171,626 (64,310) 666,992 1,906,707 1,288,953 (89,001) (466,683) 869,020 Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the year (259,514) 469,972 (484,002) 953,974 210,458 469,972 Cash and cash equivalents at end of the year 4 The accompanying notes from 1 to 35 form an integral part of these financial statements. 5 6 23 23 21 25 14,16 22 4,799,791 - 209,552 (66,124) (311) 130,247 (11,029) 1,987,975 9,218 - 1,925,974 4,590,239 23 23 25 (8,167) (64,803) 109,000 (7,714) - 21 - 22 - 1,896,315 1,343 - 4,373,804 216,435 14,16 1,769,766 58,153 68,396 4,373,804 - General reserve 21 32 Paid-up capital The accompanying notes from 1 to 35 form an integral part of these financial statements. Balance at 29 Dhul Hijjah 1434H Increase in paid-up capital Net unrealized losses from investment in equity capital and other investments Reversal of impairment on investment in equity capital Increase in the actuarial losses relating to retirement pension and medical plans Contribution to the principal amount of ISFD Share in associates’ reserve movement Net income for the year ended 29 Dhul Hijjah 1434H Transfer to general reserve Allocation for grants Balance at 29 Dhul Hijjah 1433H Balance at 29 Dhul Hijjah 1432H, as previously stated Regrouping the reserve accounts Prior period adjustments Balance at 29 Dhul Hijjah 1432H, as restated Impact of equity accounting on reserves Increase in paid-up capital Net unrealized gains from investment in equity capital and other investments Increase in the actuarial losses relating to retirement pension and medical plans Payment of ICD share capital on behalf of Member Countries Contribution to the principal amount of ISFD Net income for the year ended 29 Dhul Hijjah 1433H Transfer to general reserve Allocation for grants Notes ISLAMIC DEVELOPMENT BANK ORDINARY CAPITAL RESOURCES STATEMENT OF CHANGES IN MEMBERS’ EQUITY For the year ended 29 Dhul Hijjah 1434H (3 November 2013) (All amounts in thousands of Islamic Dinars unless otherwise stated) (12,983) 377,651 (43,188) - - 433,822 - 83,198 346,706 3,918 - 377,116 (30,410) (23,714) (91,180) - - (67,466) (9,313) - - (58,153) - (58,153) - Reserves Fair value Pension and and other medical reserve obligation (23,714) (66,124) (13,294) 130,247 (11,029) 2,274,446 (43,188) 9,218 - 2,292,330 (9,313) (8,167) (64,803) 109,000 (7,714) 83,198 2,184,868 5,261 - 2,146,882 37,986 Total 179,441 (130,247) 179,441 - - 130,247 130,247 (109,000) - - - 109,000 109,000 - Retained earnings (23,714) (66,124) (13,294) 179,441 (11,029) 7,253,678 (43,188) 9,218 209,552 7,012,816 (9,313) (8,167) (64,803) 130,247 (7,714) 83,198 6,667,672 5,261 216,435 6,629,686 37,986 Total ISLAMIC DEVELOPMENT BANK ORDINARY CAPITAL RESOURCES NOTES TO THE FINANCIAL STATEMENTS For the year ended 29 Dhul Hijjah 1434H (3 November 2013) (All amounts in thousands of Islamic Dinars unless otherwise stated) 1.
The global health crisis caused by the Coronavirus pandemic has diverted much of the world from the already uphill battle to achieve the United Nations Sustainable Development Goals (SDGs). ... SDGs Supported 2021 MEMBER STATE DEVELOPMENT IMPACT $2,241 million $8,973 million Member State inward investment supported Total Member State Intra-OIC Trade & Investment supported1 $908 million $7,258 million Investment Supported In LDMSs Total insured in Member State strategic sectors Member States Benefited SDGs Supported 1 The City of Dakar, Senegal, will have improved wastewater management.
IsDB Trust Services No. 2 SARL (Incorporated as a Private limited liability company in Luxembourg) Financial Statements and Independent Auditor’s Report For the year ended 31 December 2021 IsDB Trust Services No. 2 SARL (Incorporated as a limited liability par value company in Luxembourg) Financial Statements For the year ended 31 December 2021 Contents Page Sole Manager’s Report 3-5 Statement of Sole Manager’s Responsibilities 6-12 Report of the réviseur d’entreprises agréé” 13-15 Statement of Financial Position 16 Statement of Comprehensive Income 17 Statement of Cash Flows 18 Statement of Changes in Equity 19 Notes to the Financial Statements 20-28 General Information 29 Page 2 of 21 IsDB Trust Services No. 2 SARL SOLE MANAGER’S REPORT For the year ended 31 December 2021 To the Sole Shareholder, The Sole Manager is pleased to present the annual accounts of IsDB Trust Services No.2 S.à r.l. (the “Company”) for the year ended 31 December 2021. 1.
Islamic Solidarity Fund for Development (ISFD) 14th ANNUAL REPORT 1442-1443H (2021) 2 ISFD Annual Report 2021 TABLE OF CONTENTS LIST OF ABBREVIATIONS...................................................................... 2 LIST OF TABLES AND FIGURES............................................................ 3 LETTER OF TRANSMITTAL.................................................................... 4 MEMBERS OF THE ISFD BOARD OF DIRECTORS................................. 5 THE ISLAMIC SOLIDARITY FUND FOR DEVELOPMENT IN BRIEF......... 6 CHAIRMAN’S MESSAGE........................................................................ 7 EXECUTIVE SUMMARY......................................................................... 8 PART 01: POST-COVID RECOVERY AND ITS CHALLENGES................ 14 Socio-Economic Impact of the Covid-19 Pandemic.................................................. 14 Important but Uneven Recovery in 2021.....................................................................15 PART 02: POVERTY IN OIC MEMBER COUNTRIES.............................. 18 Income Poverty in OIC Member Countries..................................................................18 Multidimensional Poverty in OIC Member Countries................................................ 20 Food Security in OIC Member Countries.....................................................................20 PART 03: THE ROLE OF THE ISFD IN POVERTY REDUCTION IN MEMBER COUNTRIES................................ 24 3.1: ISFD Operations Since Inception...........................................................................24 3.2: ISFD Operations in 2021..........................................................................................26 3.3: Implementation of the 2030 Strategy...................................................................31 PART 04: CORPORATE GOVERNANCE................................................ 36 Activities of the Board of Governors ............................................................................36 Activities of the Board of Executive Directors ............................................................ 36 PART 05: FINANCIAL OVERVIEW........................................................ 42 Annex I: ISFD Grants and Loans Approved oin 2021................................................. 47 Annex II: Summary Description of Projects & Programmes Approved in 2021... 48 Annex III: Statement of Contributions to ISFD Capital.............................................. 52 Annex IV: Financial Statement and Independent Auditors Report......................... 54 List of Abbreviatiations 2 APIF Awqaf Properties Investment Fund AWP Annual Work Programme BOD Board of Directors of the ISFD BOG Board of Governors BTVET Business, Technical and Vocational Education and Training COMCEC Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation CSO Civil Society Organisation EEP Economic Empowerment Programme GDP Gross Domestic Product GHI Global Hunger Index GNI Gross National Index HDI Human Development Index ICD Islamic Corporation for the Development of the Private Sector ICERI ICIEC-ISFD COVID-19 Emergency Response Initiative ICIEC Islamic Corporation for the Insurance of Investment and Export Credit IDP Internally displaced persons IsDB Islamic Development Bank ISFD Islamic Solidarity Fund for Development ITFC International Islamic Trade Finance Corporation IWIF Ihsan Waqf Investment Fund KAAP King Abdullah Programme for Charity Works LDMCs Least Developed Member Countries LLF Lives and Livelihoods Fund MC Member countries MC Member country MPI Multidimensional poverty index MSME Micro, Small, and Medium Enterprises NGO Non-Governmental Organisation OIC Organisation of Islamic Cooperation P5P President’s Five-Year Programme PwC PricewaterhouseCoopers QnP Quality and Prioritisation SDGs Sustainable Development Goals SERVE Strengthening the Economic Resilience of Vulnerable Enterprises SME Small and Medium Enterprises SPRP Strategic Preparedness and Response Programme STI Science, Technology, and Innovation TVET Technical and Vocational Education and Training UN United Nations UNDP United Nations Development Programme WBG Waqf BID-Guinea (IsDB-Guinea Waqf) ISFD Annual Report 2021 List of Tables and Figures List of Tables Table 2.1 Income Groups of OIC Member Countries......................................................... 18 Table 2.2 Proportion of the Extreme Poor in the OIC Regions......................................... 19 Table 3.1 Summary of the Impact of the ISFD Support to Member Countries............ 25 Table 3.2 ISFD Grants and Loans Approved in 2021......................................................... 29 Table 3.3 Progress on the Implementation of the 10 Initiatives...................................... 32 Table 3.4 Capital Contributions in 2021............................................................................... 33 Table 3.5 Pipelines of IWIFs...................................................................................................34 Table 5.1 ISFD Assets..............................................................................................................43 Table 5.2 Total and Net Income.............................................................................................44 Table 5.3 Gross Income from Treasury Assets.................................................................. 44 List of Figures Figure 1.1 Economic Decline in the OIC Group in 2020...................................................... 14 Figure 1.2 Growth Projections in the OIC Group 2021........................................................ 15 Figure 2.1 Number of People living in Extreme Poverty in OIC Member Countries...... 19 Figure 2.2 2018 Hunger Index of the OIC Low Income Member Countries.................... 20 Figure 3.1 ISFD Approvals 2009-2021................................................................................... 24 Figure 3.2 ISFD Operations by Sector 2009-2021................................................................ 26 Figure 3.3 Sustainable Development Goals.......................................................................... 26 Figure 3.4 ISFD Loans and Grants in 2021............................................................................ 26 Figure 3.5 ISFD Approvals by Sector in 2021....................................................................... 27 Figure 3.6 ISFD Approvals by Region in 2021....................................................................... 28 Figure 3.7 ISFD Approvals by Country in 2021..................................................................... 28 Figure 3.8 Approvals by Programmes and Projects 2021................................................. 30 Figure 3.9 Capital Resource Mobilized from Member Countries 2016-2021................. 33 Figure 5.1 Sources of Treasury Income by %....................................................................... 44 Figure 5.2 Disbursement Rate of ISFD Financed Projects 2010-2021............................ 46 ISFD Annual Report 2021 3 Letter of Transmittal In the name of Allah, the Beneficent, the Merciful H.E. the Chairwoman, ISFD Board of Governors, Dear Madam Chairwoman, Assalamu Alaikum Warahmatullah Wabarakatuh. ... In 2021 alone, the ISFD provided over USD62 million in concessional loans and grants to member states.
Ahmad Mohamed Ali, stated that the Board has accepted to submit a recommendation to the upcoming meeting of IDB's Board of Governors in Kuwait for creating a Poverty Alleviation Fund (PAF) within the IDB. ... It also indorsed the Audited Financial Statements of IDB Unit Investment Fund and Islamic Bank's Portfolio and the Declaration and Distribution of Final Semi- Annual Cash Dividends for both for the Financial Year ended 31/12/2005 which will be submitted for the approval of the Board of Governors" he stated.
., Mauritania, Uganda, Pakistan and Senegal, and seven special assistance operations from Wagf Fund for projects in Somalia, China, Bosnia Herzegovina, Canada, USA, United Kingdom and India, in addition to technical assistance in favor of Kazakhstan and Afghanistan. ... Grammar School for Boys, Manchester, United Kingdom. - US$ 190,000 for the Construction of a Secondary School for South Eastern India Minorities, Manshidanga Village, Howrah District, West Bengal State, India.
Ali made his remarks in an address to the Iraqi parliament on Saturday 26 March during his visit to the region with United Nations Secretary-General Ban Ki-moon and World Bank President Dr. ... Ali stated that the joint visit aimed to confirm the international community’s support for the region as it faces many challenges, including the refugees and the displaced.
The two-day workshop was hosted by the Government of the United Arab Emirates during the period 13-14 Sept. 2005 in the city of Dubai. ... Minister of State for Finance and Industry of the United Arab Emirates, was a forum to facilitate better comprehension of the global economic changes facing the region and how to reap benefit from the great potential of Middle Eastern and North African countries in the new global economic framework.
Positively, the growing number of bank and non-bank financial institutions which already have or have expressed interest in implementing Shariah units as part of their business models is proof that Islamic finance is gaining traction in the country. ... Firdaus Djaelani, Board of Commissioner of Otoritas Jasa Keuangan/Executive Head of Non-Bank Financial Institution Supervisory stated that, "One of our responsibilities is to develop the Islamic finance industry in Indonesia, as it is still far from its potential.
Positively, the growing number of bank and non-bank financial institutions which already have or have expressed interest in implementing Shariah units as part of their business models is proof that Islamic finance is gaining traction in the country. ... Firdaus Djaelani, Board of Commissioner of Otoritas Jasa Keuangan/Executive Head of Non-Bank Financial Institution Supervisory stated that, "One of our responsibilities is to develop the Islamic finance industry in Indonesia, as it is still far from its potential.