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Takaful Emarat- Insurance (P.S.C) P.O.BOX 64341 Dubai United Arab Emirates.
Tel (+971) 04 2309 300 Fax (+971) 04 2309 333
• Board of Directors
• Board of Directors Report
• Sharia Advisory Board approval on Financial Statements
• Independent Auditor’s Report
• Statement of Financial Position
• Statement of Comprehensive Income
• Statement of Changes in Equity
• Statement of Cash Flows
• Notes to the Financial Statements
BOARD OF DIRECTORS
MR. MOHAMED ALI ABDALLA AL SARI
Chairman of the Board
MR. AHMAD OBAID HUMAID ALMAZROOEI
Deputy Chairman of the Board
MR. MOHAMED HUMAID MOHAMAD AL MARRI
Board Member
MR. BASHAR NAYEL MOHAMMAD AL ZOUBI
Board Member
MR. ABDELAZIZ ALI SAEED ALSHEYOUM ALSHEHHI
Board Member
MR. KAMAL DEEP CHHABRA
Board Member
TAKAFUL EMARAT - INSURANCE (PSC)
Independent auditor’s report and financial
statements for the year ended 31 December 2013
TAKAFUL EMARAT - INSURANCE (PSC)
Contents Pages
Independent auditor’s report 1 - 2
Statement of financial position 3
Statement of comprehensive income 4
Statement of changes in equity 5
Statement of cash flows 6
Notes to the financial statements 7 - 48
TAKAFUL EMARAT - INSURANCE (PSC) 4
Statement of comprehensive income
for the year ended 31 December 2013
Notes
2013 2012
AED AED
Attributable to policyholders:
Takaful contributions earned 19 107,331,142 41,444,144
Retakaful contributions ceded 19 (59,123,047) (22,920,852)
------------------------ ------------------------
Net earned contributions 19 48,208,095 18,523,292
------------------------ ------------------------
Gross claims incurred 20 (42,902,080) (19,514,833) Retakaful share of claims incurred 20 18,205,980 11,167,806
------------------------ ------------------------
Net claims incurred 20 (24,696,100) (8,347,027)
------------------------ ------------------------
Commission and other expenses (13,207,810) (6,441,655)
------------------------ ------------------------
Net takaful income 10,304,185 3,734,610
------------------------ ------------------------
Wakalah fees 21 (30,574,046) (9,465,985)
------------------------ ------------------------
Net deficit from takaful operations (20,269,861) (5,731,375)
------------------------ ------------------------
Attributable to shareholders:
Investment income - net 22 6,579,188 2,083,411
Wakalah fees from policy holders 21 30,574,046 9,465,985
Other income-net 23 1,327,652 11,568,478
General and administrative expenses 24 (35,469,667) (33,244,867)
Provision for Qard Hassan to
policyholder’s fund
(20,269,861)
(5,731,375)
------------------------ ------------------------
Loss for the year attributable to
shareholders
(17,258,642)
(15,858,368)
Other comprehensive income
-
-
------------------------ ------------------------
Total comprehensive loss for the year (17,258,642) (15,858,368)
============ ============
Basic and diluted loss per share
25
(0.12)
(0.11)
============ ============
The accompanying notes form an integral part of these financial statements.
TAKAFUL EMARAT - INSURANCE (PSC) 5
Statement of changes in equity
for the year ended 31 December 2013
Share
Accumulated
capital losses Total
AED AED AED
Balance at 31 December 2011 150,000,000 (49,326,641) 100,673,359
Total comprehensive loss for the year - (15,858,368) (15,858,368)
------------------------ ------------------------ ------------------------
Balance at 31 December 2012 150,000,000 (65,185,009) 84,814,991
Total comprehensive loss for the year - (17,258,642) (17,258,642)
------------------------ ------------------------ ------------------------
Balance at 31 December 2013 150,000,000 (82,443,651) 67,556,349
============ ============ ============
The accompanying notes form an integral part of these financial statements.
TAKAFUL EMARAT - INSURANCE (PSC) 6
Statement of cash flows
for the year ended 31 December 2013
2013 2012
AED AED
Cash flows from operating activities
Loss for the year (17,258,642) (15,858,368)
Adjustments for:
Depreciation of property and equipment 2,841,069 2,043,791
Amortisation on investments carried at amortised cost (427,259) (318,118)
Profit on investments carried at amortised cost (300,593) (701,078)
Gain on sale of property and equipment (39,265) -
Gain on sale of investments at FVTPL (3,862,178) -
Gain on sale of investments at amortised cost (660,893) -
Gain on revaluation of investments at FVTPL (2,035,641) (35,164)
Provision for employee’s end of service indemnity 392,418 461,434
Allowance for doubtful debts 1,260,616 -
Allowance for doubtful staff receivables 1,229,155 732,193
Impairment loss on investments carried at amortised cost 827,897 - ------------------------ ------------------------
Operating cash flow before working capital changes (18,033,316) (13,675,310)
Decrease/(increase) in retakaful contract assets 16,570,347 (37,351,203)
Decrease/(increase) in takaful and other receivables 16,380,867 (60,726,074)
Increase in due from a related party - (2,370,804)
(Decrease)/increase in takaful contract liabilities (9,265,746) 60,947,926
(Decrease)/increase in takaful and other payables (18,022,595) 41,912,679 ------------------------ ------------------------
Cash used in operating activities (12,370,443) (11,262,786)
Employees’ end of service indemnity paid (143,306) (76,208) ------------------------ ------------------------
Net cash used in operating activities (12,513,749) (11,338,994) ------------------------ ------------------------
Cash flows from investing activities
Decrease in investment deposits with banks 5,714,169 4,285,831
Purchase of investments at FVTPL (57,653,904) (19,744,874)
Proceeds from sale of investments at FVTPL 61,782,105 -
Profit received on investments carried at amortised cost 27,755 701,078
Proceeds from sale of investments carried at amortised cost 13,484,201 -
Purchase of property and equipment (1,512,151) (6,429,331)
Proceeds from sale of property and equipment 233,924 -
Increase in development work-in-progress (16,282,360) - ------------------------ ------------------------
Net cash generated from/(used in) investing activities 5,793,739 (21,187,296) ------------------------ ------------------------
Net decrease in cash and cash equivalents (6,720,010) (32,526,290)
Cash and cash equivalents at beginning of year 11,721,919 44,248,209
------------------------ ------------------------
Cash and cash equivalents at end of the year (Note 5) 5,001,909 11,721,919
============ ============
The accompanying notes form an integral part of these financial statements.
TAKAFUL EMARAT - INSURANCE (PSC) 7 Notes to the financial statements
for the year ended 31 December 2013
1. General information
Takaful Emarat - Insurance (PSC), Dubai, United Arab Emirates (the “Company”) is incorporated as a
public joint stock company in accordance with the U.A.E. Federal Law No. 8 of 1984 (as amended) and
with U.A.E. Federal Law No. 6 of 2007, concerning formation of Insurance Authority of U.A.E. and
organizing its working in United Arab Emirates.
The Company carries out Takaful Insurance Activities in Health Insurance, Life Insurance and Credit and
Saving Insurance in accordance with the Islamic Sharia’a and within the provisions of the Articles of
Association of the Company.
The registered address of the Company is P.O. Box 64341, Dubai, United Arab Emirates.
The Company has accumulated losses of AED 82.4 million as at 31 December 2013 which exceeds 50% of
the share capital. As required by the Article 285 of U.A.E. Federal Commercial Law No. 8 of 1984, as
amended, if a Joint-Stock Company sustains loss amounting to one half of the capital, the Board of
Directors shall convene an Extra-Ordinary General Meeting and resolve whether the Company shall be
maintained or dissolved before the term fixed in its Articles of Association. On 2 October 2013, the Extra-
Ordinary General Meeting was convened and shareholders authorised the Board of Directors to do all the
transactions and actions necessary to decrease the paid up capital by AED 50 million and thereby set off the
accumulated losses by the same amount. Further, the Board of Directors are in process of obtaining
approval from government authorities as resolved by shareholders in the Extra-Ordinary General Meeting.
2. Application of new and revised International Financial Reporting Standards (“IFRSs”)
2.1 New and revised IFRSs affecting amounts reported and/or disclosures in the financial
statements
In the current year, the Company for the first time has applied the following new and revised IFRSs issued
by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting
period that begins on or after 1 January 2013.
IFRS 13 Fair Value Measurement
IFRS 13 establishes a single source of guidance for fair value measurements and disclosures about fair
value measurements. The scope of IFRS 13 is broad; the fair value measurement requirements in IFRS 13
apply to both financial instrument items and non-financial instrument items for which other IFRSs require
or permit fair value measurement and disclosures about fair value measurements except for share-based
payment transactions that are within the scope of IFRS 2 Share-based payment, leasing transactions that are
within the scope of IAS 17 Leases, and measurements that have some similarities to fair value but are not
fair value (e.g. net realizable value for the purposes of measuring inventories or value in use for impairment
assessment purpose).
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction in the principal (or most advantageous) market at the measurement date under current
market conditions. Fair value under IFRS 13 is an exit price regardless of whether that price is directly
observable or estimated using another valuation technique. Also, IFRS 13 includes extensive disclosure
requirements.
TAKAFUL EMARAT - INSURANCE (PSC) 8 Notes to the financial statements
for the year ended 31 December 2013 (continued)
2. Application of new and revised International Financial Reporting Standards (“IFRSs”)
(continued)
2.1 New and revised IFRSs affecting amounts reported and/or disclosures in the financial
statements (continued)
• IFRS 13 Fair Value Measurement (continued)
IFRS 13 requires prospective application from 1 January 2013. In accordance with the transitional
provisions, the Company has not made any new disclosures required by IFRS 13 for 2012 comparative
periods (please see Note 32 for 2013 disclosures). Other than the additional disclosures, the application of
IFRS 13 has not had any material impact on the amounts recognised in the financial statements.
• Amendments to IAS 1 Presentation of Items of Other Comprehensive Income
The main amendment to IAS 1 requires items of other comprehensive income to be grouped into two
categories in the other comprehensive income section:
a) Items that will not be reclassified subsequently to profit or loss; and
b) Items that may be reclassified subsequently to profit or loss when specific conditions are met.
Income tax on items of other comprehensive income is required to be allocated on the same basis. The
amendments do not change the option to present items of other comprehensive income either before tax or
net of tax.
The amendments have been applied retrospectively, and hence the presentation of items of other
comprehensive income has been modified to reflect the changes. Other than the above mentioned
presentation changes, the application of amendments to IAS 1 does not result in any impact on profit or
loss, other comprehensive income and total comprehensive income.
2.2 New and revised IFRSs applied with no material effect on the financial statements
The following new and revised IFRSs have been adopted in these financial statements. The application of
these revised and new IFRSs has not had any material impact on the amounts reported for the current and
prior years but may affect the accounting for future transactions or arrangements.
• Amendments to IFRS 7 Financial Instruments: Disclosures enhances disclosures about
offsetting of financial assets and liabilities.
• IFRS 10 Consolidated Financial Statements uses control as the single basis for consolidation,
irrespective of the nature of the investee. IFRS 10 requires retrospective application subject to
certain transitional provisions providing an alternative treatment in certain circumstances.
Accordingly, IAS 27 Separate Financial Statements and IAS 28 Investments in Associates and
Joint Ventures have been amended for the issuance of IFRS 10.
• IFRS 11 Joint Arrangements establishes two types of joint arrangements: Joint operations and
joint ventures. The two types of joint arrangements are distinguished by the rights and
obligations of those parties to the joint arrangement. Accordingly, IAS 28 Investments in
Associates and Joint Ventures has been amended for the issuance of IFRS 11.
TAKAFUL EMARAT - INSURANCE (PSC) 9 Notes to the financial statements
for the year ended 31 December 2013 (continued)
2. Application of new and revised International Financial Reporting Standards (“IFRSs”)
(continued)
2.2 New and revised IFRSs applied with no material effect on the financial statements (continued)
• IFRS 12 Disclosure of Interests in Other Entities combines the disclosure requirements for an
entity’s interests in subsidiaries, joint arrangements, associates and structured entities into one
comprehensive disclosure standard.
• Amendments to IAS 19 Employee Benefits eliminate the “corridor approach” and therefore
require an entity to recognise changes in defined benefit plan obligations and plan assets when
they occur.
• IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine clarifies the requirements
for accounting for stripping costs associated with waste removal in surface mining, including
when production stripping costs should be recognised as an asset, how the asset is initially
recognised, and subsequent measurement.
2.3 New and revised International Financial Reporting Standards (IFRSs) in issue but not yet
effective and not early adopted
The Company has not early applied the following new standards, amendments and interpretations that have
been issued but are not yet effective:
New and revised IFRSs
Effective for
annual periods
beginning on or after
• Amendments to IFRS 7 Financial Instruments: Disclosures
relating to disclosures about the initial application of IFRS 9.
When IFRS 9 is first applied
• IFRS 7 Financial Instruments: Additional hedge accounting
disclosures (and consequential amendments) resulting from
the introduction of the hedge accounting chapter in IFRS 9.
When IFRS 9 is first applied
• IFRS 9 Financial Instruments (2009) issued in November
2009 introduces new requirements for the classification and
measurement of financial assets. IFRS 9 Financial
Instruments (2010) revised in October 2010 includes the
requirements for the classification and measurement of
financial liabilities, and carrying over the existing
derecognition requirements from IAS 39 Financial
Instruments: Recognition and Measurement.
At its November 2013 meeting, the
IASB tentatively decided that the
mandatory effective date of IFRS 9
will be no earlier than annual
periods beginning on or after 1
January 2017. However, IASB
allows each version of the standard
to be available for early
application.
TAKAFUL EMARAT - INSURANCE (PSC) 10 Notes to the financial statements
for the year ended 31 December 2013 (continued)
2. Application of new and revised International Financial Reporting Standards (“IFRSs”)
(continued)
2.3 New and revised International Financial Reporting Standards (IFRSs) in issue but not yet
effective and not early adopted (continued)
New and revised IFRSs
Effective for
annual periods
beginning on or after
IFRS 9 Financial Instruments (2013) was revised in November
2013 to incorporate a hedge accounting chapter and permit the
early application of the requirements for presenting in other
comprehensive income the own credit gains or losses on financial
liabilities designated under the fair value option without early
applying the other requirements of IFRS 9.
IFRS 9 (2009) and IFRS 9 (2010) were superseded by IFRS 9
(2013) and IFRS 9 (2010) also superseded IFRS 9 (2009). The
various standards also permit various transitional options.
Accordingly, entities can effectively choose which parts of IFRS 9
they apply, meaning they can choose to apply: (1) the
classification and measurement requirements for financial assets
(2) the classification and measurement requirements for both
financial assets and financial liabilities (3) the classification and
measurement requirements and the hedge accounting
requirements.
• Amendments to IAS 19 Employee Benefits - to clarify the
requirements that relate to how contributions from employees or
third parties that are linked to service should be attributed to
periods of service.
1 July 2014
• Amendments to IAS 36 – recoverable amount disclosures
The amendments restrict the requirements to disclose the
recoverable amount of an asset or CGU to the period in which an
impairment loss has been recognised or reversed. They also
expand and clarify the disclosure requirements applicable when an
asset or CGU’s recoverable amount has been determined on the
basis of fair value less costs of disposal.
1 January 2014
• Amendments to IAS 39 Financial Instruments: Recognition and
Measurement, Novation of Derivatives and Continuation of Hedge
Accounting
The amendment allows the continuation of hedge accounting when
a derivative is novated to a clearing counterparty and certain
conditions are met.
1 January 2014
• IFRIC 21 – Levies
Interpretation was developed to address the concerns about how to
account for levies that are based on financial data of a period that is
different from that in which the activity that give rise to the
payment of the levy occurs.
1 January 2014
TAKAFUL EMARAT - INSURANCE (PSC) 11 Notes to the financial statements
for the year ended 31 December 2013 (continued)
2. Application of new and revised International Financial Reporting Standards (“IFRSs”)
(continued)
2.3 New and revised International Financial Reporting Standards (IFRSs) in issue but not yet
effective and not early adopted (continued)
New and revised IFRSs
Effective for
annual periods
beginning on or after
• Amendments to IFRS 10, IFRS 12 and IAS 27 – Guidance on
Investment Entities.
On 31 October 2012, the IASB published a standard on investment
entities, which amends IFRS 10, IFRS 12, and IAS 27 and
introduces the concept of an investment entity in IFRSs.
1 January 2014
Management anticipates that these new standards, interpretations and amendments will be adopted in the
Company’s financial statements for the period beginning 1 January 2014 or as and when they are
applicable and adoption of these new standards, interpretations and amendments may have no material
impact on the financial statements of the Company in the period of initial application.
3. Significant accounting policies
3.1 Statement of compliance
The financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRS) and applicable requirements of United Arab Emirates (U.A.E) Federal Law No. 8 of
1984 (as amended) and United Arab Emirates (U.A.E) Federal Law No. 6 of 2007 on Establishment of
Insurance Authority and Organisation of its Operations.
3.2 Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the revaluation of
financial instruments and investment property that have been measured at fair value. Historical cost is
generally based on the fair value of the consideration given in exchange for assets. The principal
accounting policies adopted are set out below.
TAKAFUL EMARAT - INSURANCE (PSC) 12 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.3 Gross takaful contributions
3.3.1 Medical
Gross takaful contributions comprise the total contributions receivable for the whole period of cover provided
by takaful contracts entered into during the accounting period and are recognised on the date on which the
takaful policy incepts. Contributions include any adjustments arising in the accounting period for
contributions receivable in respect of takaful contracts executed in prior accounting periods.
Unearned contributions are those proportions of contributions written in a year that relate to period of risk
after the reporting date. Unearned contributions is calculated on a daily prorate basis or “1/365” method whilst
maintaining the minimum reserve requirements required by the regulations relating to takaful companies. The
proportion attributable to subsequent year is deferred as a provision for unearned contributions.
3.3.2 Life assurance contracts
In respect of the short term life assurance contracts, contributions are recognised as revenue (earned
contributions) proportionately over the period of coverage. The portion of the contribution received in respect
of in-force contracts that relates to unexpired risks at the end of the reporting period is reported as the
unearned contribution liability. Contributions are shown before the deduction of the commission.
In respect of long term life assurance contracts, contributions are recognised as revenue (earned contributions)
when they become payable by the contract holder. Contributions are shown before deduction of commission.
A liability for contractual benefits that are expected to be incurred in future is recorded when the contributions
are recognised. The liability is based on the assumptions as to mortality, persistency, maintenance expenses
and investment income that are established at the time the contract is issued. A margin for adverse deviation is
included in the assumptions.
Where a life assurance contract has a single contribution or limited number of contribution payments due over
a significantly shorter period than the period during which the benefits are provided, the excess of the
contributions payable over the valuation premiums is deferred and recognised as income in line with the
decrease of unexpired insurance risk of the contract in-force or for annuities in force, in line with the decrease
of the amount of future benefits expected to be paid.
The liabilities are recalculated at the end of each reporting period using the assumptions established at the
inception of the contract.
Claims and benefits payable to contract holders are recorded as expenses when they are incurred.
3.4 Retakaful contribution
Gross retakaful contribution written comprise the total contribution payable for the whole cover provided by
contracts entered into during the period and are recognised on the inception date of the policy. Contributions
include any adjustments arising in the accounting period in respect of retakaful contracts incepting in prior
accounting periods. Unearned retakaful contributions are those proportions of contribution written in a year
that relate to periods of risk after the reporting date. Unearned retakaful contributions are deferred over the
term of the underlying direct insurance policies.
Gross retakaful contribution on life is recognised as an expense when the policy becomes effective.
TAKAFUL EMARAT - INSURANCE (PSC) 13 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.5 Wakalah fees
The Company manages the takaful operations on behalf of the policyholders for a wakalah fee which is
recognised on an accrual basis. A similar amount is shown as expense in statement of income attributable to
policyholders.
3.6 Claims
Claims consist of amounts paid and payable to takaful contract holders and third parties and related loss
adjustment expenses, net of other recoveries and are charged to statement of income as incurred. Provision
for incurred but not reported claims is reflected in the statement of income.
The Company generally estimates its claims based on previous experience. Any difference between the
provisions at the end of each reporting date and settlements in the following period is included in the
underwriting account for that year.
3.7 Retakaful share of claims incurred
Retakaful share of claims are recognised when the related gross claim is recognised according to the terms of
the relevant contract.
3.8 Policy acquisition costs
Commissions and other acquisition costs that vary with and are related to securing new contracts and
renewing existing contracts are amortised over the terms of the policies as takaful contribution is earned.
3.9 Realised gains and losses
Realised gains and losses recorded in the statement of income on investments include gains and losses on
financial assets. Gains and losses on the sale of investments are calculated as the difference between net
sales proceeds and the carrying amount and are recorded on occurrence of the sale transaction.
3.10 General and administration expenses
Administration expenses are charged to the statement of income under shareholders’ fund.
3.11 Liability adequacy test
At the end of each reporting date the Company assesses whether its recognised takaful liabilities are
adequate using current estimates of future cash flows under its takaful contracts. If that assessment shows
that the carrying amount of its takaful liabilities is inadequate in the light of estimated future cash flows, the
entire deficiency is immediately recognised as charge against income and an additional reserve created.
The Company does not discount its liability for unpaid claims as substantially all claims are expected to be
paid within one year of the reporting date.
TAKAFUL EMARAT - INSURANCE (PSC) 14 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.12 Retakaful contract assets
The Company cedes Takaful risk in the normal course of business for all of its businesses. Retakaful assets
represent balances due from retakaful companies. Recoverable amounts are estimated in a manner consistent
with the outstanding claims provision and are in accordance with the retakaful contracts.
An impairment review is performed at each reporting date or more frequently when an indication of
impairment arises during the reporting year. Impairment occurs when objective evidence exists that the
Company may not recover outstanding amounts under the terms of the contract and when the impact on the
amounts that the Company will receive from the retakaful can be measured reliably. The impairment loss is
recorded in the statement of income. Ceded retakaful arrangements do not relieve the Company from its
obligations to policyholders.
The Company also assumes reinsurance risk in the normal course of business for insurance contracts where
applicable. Contributions and claims on assumed retakaful are recognised as income and expenses in the
same manner as they would be if the retakaful were considered direct business, taking into account the
product classification of the reinsured business. Retakaful liabilities represent balances due to retakaful
companies. Amounts payable are estimated in a manner consistent with the associated retakaful contract.
Contributions and claims are presented on a gross basis for both ceded and assumed retakaful.
Retakaful assets or liabilities are derecognised when the contractual rights are extinguished or expire or when
the contract is transferred to another party.
3.13 Receivables and payables related to Takaful contracts
Receivables and payables are recognised when due. These include amounts due to and from agents, brokers
and Takaful contract holders.
If there is objective evidence that the Takaful receivable is impaired, the Company reduces the carrying
amount of the Takaful receivable accordingly and recognises that impairment loss in the statement of
income.
3.14 Investment income
Profit from investment deposits is recognised on a time proportion basis.
Dividend income is accounted for when the right to receive payment is established.
Gains and losses on the sale of investments are calculated as the difference between net sales proceeds and
the carrying amount and are recorded on occurrence of the sale transaction.
3.15 Takaful contract liabilities
(i) Unearned contributions reserve
Unearned contributions are those proportions of contributions written in a year that relate to period of risk
after the reporting date. Unearned contribution is calculated on a daily prorate basis or “1/365” method
whilst maintaining the minimum reserve requirements required by the regulations relating to insurance
companies. The proportion attributable to subsequent year is deferred as a provision for unearned
contributions.
TAKAFUL EMARAT - INSURANCE (PSC) 15 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.15 Takaful contract liabilities (continued)
(ii) Claims reported unsettled
Contract liabilities are recognised when contracts are entered into and contributions are charged. These
liabilities are known as the claims reported unsettled provision, which are based on the estimated ultimate
cost of all claims incurred but not settled at the reporting date, whether reported or not, after reduction for the
other recoveries. Delays can be experienced in the notification and settlement of certain types of claims,
therefore the ultimate cost of claims cannot be known with certainty at the reporting date. The liability is not
discounted for the time value of money. No provision for equalisation or catastrophic reserves is recognised.
The liability is derecognised when the contract expires, is discharged or is cancelled.
(iii) Claims incurred but not reported
A provision is made for the estimated excess of potential claims over unearned contribution and for claims
incurred but not reported at the financial position date.
The reserves represent management’s best estimates on the basis of:
a) claims reported during the year
b) delay in reporting these claims
(iv) Life assurance fund
The life assurance fund is determined by independent actuarial valuation of future policy benefits at the end of
each reporting period. Actuarial assumptions include a margin for adverse deviation and generally vary by
type of policy, year of issue and policy duration. Mortality and withdrawal rate assumptions are based on
experience and industry mortality tables. Adjustments to the balance of the fund are effected by charging to
profit or loss.
(v) Unit linked liabilities For unit linked policies, liability is equal to the policy account values. The account value is the number of
units times the bid price/NAV.
The investment component of these insurance contracts are designated as at FVTPL. Refer to 3.24.3
3.16 Leases
The Company has no finance leases. Leases where the lessor retains substantially all the risks and benefits of
ownership of the asset are classified as operating leases
Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except
where another systematic basis is more representative of the time pattern in which economic benefits from
the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an
expense in the period in which they are incurred.
TAKAFUL EMARAT - INSURANCE (PSC) 16 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.16 Leases (continued)
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as
a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line
basis, except where another systematic basis is more representative of the time pattern in which economic
benefits from the leased asset are consumed.
3.17 Product classification
Takaful contracts are those contracts where a group of participants (the policyholders) mutually guarantee
one another against prescribed uncertain future events of loss or damage, where the Company acts as a
Wakil (agent) on their behalf in managing the Islamic insurance operations in consideration for a Wakalah
fee. The contribution amounts paid net of the Wakalah fee are considered as funds available for the
Company. The policyholders further donate their contribution to those other policyholders who suffer a
prescribed event of loss or damage, payable per the policies of the Company, in its capacity as an agent. As a
general guideline, the Company determines whether there is significant takaful risk, by comparing benefits
paid with benefits payable if the insured event did not occur.
In case of deficit in policyholders operation, such deficit is funded by the shareholders as a Qard Hassan
loan.
3.18 Property and equipment
The property and equipment are carried at cost less any accumulated depreciation and any identified
impairment losses.
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, using the
straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at
each year end, with the effect of any changes in estimate accounted for on a prospective basis.
An item of property and equipment is derecognised upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of
an item of property and equipment is determined as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in the statement of income.
Depreciation is calculated on a straight line basis over the estimated useful lives. Annual rates of depreciation
used are as follows:
%
Office equipment 20
Furniture and fixtures 20
Motor vehicles 20
TAKAFUL EMARAT - INSURANCE (PSC) 17 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.19 Investment property
Investment property, which is properties held to earn rentals and/or for capital appreciation, is stated at its
fair value at the reporting date. Gains or losses arising from changes in the fair value of investment property
are included in the statement of income.
3.20 Impairment of tangible assets
At the end of each reporting period, the Company reviews the carrying amounts of its tangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,
the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to
individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating
units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount
of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of
the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised
immediately in the statement of income, unless the relevant asset is carried at a revalued amount, in which
case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the
statement of income, unless the relevant asset is carried at a revalued amount, in which case the reversal of the
impairment loss is treated as a revaluation increase.
3.21 Financial assets
All financial assets are recognised and derecognised on trade date where the purchase or sale of a financial
asset is under a contract whose terms require delivery of the financial asset within the timeframe established
by the market concerned, and are initially measured at fair value, plus transaction costs, except for those
financial assets classified as at fair value through profit or loss, which are initially measured at fair value.
Financial assets are classified into the following specified categories: financial assets ‘at fair value through
profit or loss’ (FVTPL) and ‘other financial assets’. The classification depends on the nature and purpose of
the financial assets and is determined at the time of initial recognition.
‘Other financial assets ’comprise of: cash and bank balances, takaful and other receivables and investments
carried at amortised cost.
The effective profit method is a method of calculating the amortised cost of a financial asset and of allocating
profit income over the relevant period. The effective profit rate is the rate that exactly discounts estimated
future cash receipts through the expected life of the financial asset, or, where appropriate, a shorter period, to
the net carrying amount on initial recognition.
TAKAFUL EMARAT - INSURANCE (PSC) 18 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.21 Financial assets (continued)
3.21.1 Cash and bank balances
Cash and bank balances comprise cash on hand and investment deposits and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
changes in value.
3.21.2 Investments
Investments of the Company are recognised and derecognised on a trade date basis where the purchase or sale
of an investment is under a contract whose terms require delivery of the investment within the timeframe
established by the market concerned, and are initially measured at fair value, plus transaction costs, except for
those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.
3.21.2.1 Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Company designates an investment
that is not held for trading as at fair value through other comprehensive income (FVTOCI) on initial
recognition.
Investment linked components of insurance contracts are classified as at FVTPL. Any gains or losses arising
on remeasurement of these assets and equivalent movements in reserves attributable to policyholders are
offset within the statement of income.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or
losses arising on remeasurement recognised in the statement of income.
3.21.2.2 Investments carried at amortised cost
Debt instruments are measured at amortised cost if both of the following conditions are met:
• the asset is held within a business model whose objective is to hold assets in order to collect
contractual cash flows; and
• the contractual terms of the instrument give rise on specified dates to cash flows that are solely
payments of principal and profit on the principal amount outstanding.
Debt instruments meeting these criteria are measured initially at fair value plus transaction costs (except if
they are designated as at FVTPL). They are subsequently measured at amortised cost using the effective
profit method less any impairment, with profit recognised on an effective yield basis.
The effective profit method is a method of calculating the amortised cost of a debt instrument and of
allocating profit over the relevant period. The effective profit rate is the rate that exactly discounts the
estimated future cash receipts (including all fees on points paid or received that form an integral part of the
effective profit rate, transaction costs and other premiums or discounts) through the expected life of the
debt instrument, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.
The Company may irrevocably elect at initial recognition to classify a debt instrument that meets the
amortised cost criteria above as at FVTPL if that designation eliminates or significantly reduces an
accounting mismatch had the financial asset been measured at amortised cost.
TAKAFUL EMARAT - INSURANCE (PSC) 19 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.21 Financial assets (continued)
3.21.3 Impairment of financial assets
Financial assets, other than those at fair value through profit or loss, are assessed for indicators of impairment
at the end of each reporting period. Financial assets are considered to be impaired when there is objective
evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset,
the estimated future cash flows of the investment have been affected.
For all other financial assets, objective evidence of impairment could include:
• significant financial difficulty of the issuer or counterparty; or
• breach of contract, such as a default or delinquency in profit or principal payments; or
• it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
• the disappearance of an active market for that financial asset because of financial difficulties
For certain categories of financial assets, such as takaful receivables, assets that are assessed not to be
impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of
impairment for a portfolio of receivables could include the Company's past experience of collecting payments,
an increase in the number of delayed payments in the portfolio past the average credit period, as well as
observable changes in national or local economic conditions that correlate with default on receivables
For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference
between the asset's carrying amount and the present value of estimated future cash flows, discounted at the
financial asset's original effective profit rate. For financial assets carried at cost, the amount of the impairment
loss is measured as the difference between the asset's carrying amount and the present value of the estimated
future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment
loss will not be reversed in subsequent periods.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets
with the exception of takaful receivables, where the carrying amount is reduced through the use of an
allowance account. When a takaful receivable is considered uncollectible, it is written off against the
allowance account. Subsequent recoveries of amounts previously written off are credited against the
allowance account. Changes in the carrying amount of the allowance account are recognised in statement of
income.
For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss
decreases and the decrease can be related objectively to an event occurring after the impairment was
recognised, the previously recognised impairment loss is reversed through statement of income to the extent
that the carrying amount of the investment at the date the impairment is reversed does not exceed what the
amortised cost would have been had the impairment not been recognised.
3.22 Derecognition of financial assets
The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the
asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of
ownership and continues to control the transferred asset, the Company recognises its retained profit in the
asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the
risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the
financial asset.
TAKAFUL EMARAT - INSURANCE (PSC) 20 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.23 Equity instruments
3.23.1 Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangement and the definitions of a financial liability and
an equity instrument.
3.23.2 Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds
received, net of direct issue costs.
3.24 Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective profit rate method or
at FVTPL.
However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition
or when the continuing involvement approach applies, financial guarantee contracts issued by the Company,
and commitments issued by the Company to provide an Islamic financing at below market profit rate are
measured in accordance with the specific accounting policies set out below.
3.24.1 Takaful, retakaful and other payables
Takaful, retakaful and other payables are initially measured at fair value, plus transaction costs and are
subsequently measured at amortised cost using the effective profit method
3.24.2 Financial liabilities subsequently measured at amortised cost
Financial liabilities that are not held for trading and are not designated as at FVTPL are measured at
amortised cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that
are subsequently measured at amortised cost are determined based on the effective profit method. Profit
expense that is not capitalised as part of costs of an asset is included in the statement of income.
The effective profit method is a method of calculating the amortised cost of a financial liability and of
allocating profit expense over the relevant period. The effective profit rate is the rate that exactly discounts
estimated future cash payments (including all fees and points paid or received that form an integral part of
the effective profit rate, transaction costs and other contributions or discounts) through the expected life of
the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial
recognition.
3.24.3 Financial liabilities designated as at FVTPL
Investment linked components of insurance contracts are designated as at FVTPL. Any gains or losses
arising on remeasurement of these liabilities due to equivalent movements in remeasurement of assets
attributable to policyholders are offset within the statement of income.
TAKAFUL EMARAT - INSURANCE (PSC) 21 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.24.4 Foreign exchange gains and losses
For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the
end of each reporting period, the foreign exchange gains and losses are determined based on the amortised
cost of the instruments and are recognised in the statement of income.
The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency
and translated at the spot rate at the end of the reporting period.
3.24.5 De-recognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company’s obligations are
discharged, cancelled or they expire. The difference between the carrying amount of the financial liability
derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities
assumed, is recognised in the statement of income.
3.25 Surplus/deficit in policyholders’ fund
If the surplus in the policyholders' fund at the end of a year is sufficiently large, a percentage of the surplus
shall be distributed between policyholders that have not made a claim, in proportion to their risk
contributions to the fund after accounting for reserves. The distributions will be approved by the Company's
Sharia'a Supervisory Board. Any remaining surplus after the distribution will remain in the policyholders'
fund.
A deficiency in policyholders' fund is made good by a profit free loan (Qard Hassan) from the shareholders'
fund. This loan is to be repaid from future surpluses arising from takaful operations on a priority basis. This
loan is tested for impairment anuualy and the portion of the loan that is considered impaired is charged to the
statement of income.
On liquidation of the fund, the accumulated surplus in the policyholders' fund, if any, after meeting all
obligations (including repayment of the outstanding amount of profit free loan), will be dealt with after
consulting with the Company's Sharia’a Supervisory Board. In case of an accumulated deficit, any profit free
loan outstanding at the time of liquidation will not be repayable by the policyholders' fund and the
shareholders' fund will forego such outstanding amount.
Any deficit in the policyholders’ fund is financed by the shareholders through a Qard Hassan (a finance cost
free loan with no repayment terms). The Company maintains a full provision against the Qard Hassan.
3.26 Employee benefits
3.26.1 Defined contribution plan
UAE national employees of the Company are members of the Government-managed retirement pension and
social security benefit scheme pursuant to U.A.E. labour law no. 7 of 1999. The Company is required to
contribute 12.5% of the “contribution calculation salary” of payroll costs to the retirement benefit scheme to
fund the benefits. The employees and the Government contribute 5% and 2.5% of the “contribution
calculation salary” respectively, to the scheme. The only obligation of the Company with respect to the
retirement pension and social security scheme is to make the specified contributions. The contributions are
charged to the statement of income.
TAKAFUL EMARAT - INSURANCE (PSC) 22 Notes to the financial statements
for the year ended 31 December 2013 (continued)
3. Significant accounting policies (continued)
3.26 Employee benefits (continued)
3.26.2 Annual leave and leave passage
An accrual is made for the estimated liability for employees' entitlement to annual leave and leave passage
as a result of services rendered by eligible employees up to the end of the year.
3.26.3 Provision for employees’ end of service benefits
Provision is also made for the full amount of end of service benefit due to non-UAE national employees
in accordance with the UAE Labour Law and is based on current remuneration and their period of service
at the end of the reporting period.
The accrual relating to annual leave and leave passage is disclosed as a current liability, while the
provision relating to end of service benefit is disclosed as a non-current liability.
3.27 Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of
a past event, it is probable that the Company will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the end of the reporting period, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the
present obligation, its carrying amount is the present value of those cash flows (where the effect of time
value of money is material).
3.28 Foreign currencies
The financial statements of the Company are presented in the currency of the primary economic
environment in which the Company operates (its functional currency). For the purpose of the financial
statements, the results and financial position of the Company are expressed in Arab Emirates Dirhams
(“AED”), which is the functional currency of the Company and the presentation currency for the financial
statements.
In preparing the financial statements of the Company, transactions in currencies other than the Company’s
functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated in foreign currencies are
retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are
denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value
was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency
are not retranslated.
3.29 Development properties
Development properties consists of property being developed principally for sale and is stated at the lower
of cost or net realisable value. Cost comprises all direct costs attributable to the design and construction of
the property including direct staff costs. Net realisable value is the estimated selling price in the ordinary
course of the business less estimated costs to complete and applicable variable selling expenses.
TAKAFUL EMARAT - INSURANCE (PSC) 23 Notes to the financial statements
for the year ended 31 December 2013 (continued)
4. Critical accounting judgments and key sources of estimation uncertainty
In the application of the Company’s accounting policies, which are described in Note 3 to these financial
statements, management is required to make judgments, estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period or in the period of the revision and future periods if the revision affects both current and future
periods.
The significant judgments and estimates made by management, that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next financial year are
described below:
4.1 Critical judgements in applying accounting policies
4.1.1 Classification of investments
Management decides on acquisition of an investment whether it should be classified as investments at fair
value through profit or loss or investment at amortised cost. The Company classifies investments at fair
value through profit or loss, if they are acquired primarily for the purpose of making a short term profit by
the dealers. Other investments are classified as investments at amortised cost.
4.1.2 Classification of properties
In the process of classifying properties, management has made various judgments. Judgements are needed
to determine whether a property qualifies as an investment property, property and equipment, property
under development and/or property held for sale. Management develops criteria so that it can exercise that
judgement consistently in accordance with the definitions of investment property, property and
equipment, property under development and property held for sale. In making its judgement, management
has considered the detailed criteria and related guidance set out in IAS 2 – Inventories, IAS 16 – Property,
Plant and Equipment, and IAS 40 – Investment Property, with regards to the intended use of the property.
4.2 Key sources of estimation uncertainty
The following are the key assumptions concerning the future, and other key sources of estimation
uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the next financial year.
4.2.1 The ultimate liability arising from claims made under takaful contracts
The estimation of ultimate liability arising from the claims made under takaful contracts is the Company’s
most critical accounting estimate. There are sources of uncertainty that need to be considered in the
estimate of the liability that the Company will eventually pay for such claims. Estimates have to be made
both for the expected ultimate cost of claims reported at the end of each reporting period and for the
expected ultimate cost of claims incurred but not reported (“IBNR”) at the end of each reporting period.
Liabilities for unpaid reported claims are estimated using the input of assessments for individual cases
reported to the Company and management estimates based on past claims settlement trends for the claims
incurred but not reported. At each reporting date, prior year claims estimates are reassessed for adequacy
and changes are made to the provision.
TAKAFUL EMARAT - INSURANCE (PSC) 24 Notes to the financial statements
for the year ended 31 December 2013 (continued)
4. Critical accounting judgments and key sources of estimation uncertainty (continued)
4.2 Key sources of estimation uncertainty (continued)
4.2.2 Fair value of investment properties
The best evidence of fair value is current prices in an active market for similar properties. In the absence
of such information, the Company determined the amount within a range of reasonable fair value
estimates. In making its judgment, the Company considered recent prices of similar properties in the same
location and similar conditions, with adjustments to reflect any changes in the nature, location or
economic conditions since the date of the transactions that occurred at those prices. Such estimation is
based on certain assumptions, which are subject to uncertainty and might materially differ from the actual
results.
4.2.3 Useful lives of property and equipment
Property and equipment is depreciated over the estimated useful life, which is based on expected usage of
the asset, expected physical wear and tear, which depends on operational factors. The management has
not considered any residual value as it is deemed immaterial.
4.2.4 Retakaful
The Company is exposed to disputes with, and possibility of defaults by, its retakaful providers. The
Company monitors on a quarterly basis the evolution of disputes with and the financial strength of its
retakaful providers and seeks legal opinion on such disputes as and when needed.
4.2.5 Impairment of takaful receivables
An estimate of the collectible amount of takaful receivables is made when collection of the full amount is
no longer probable. This determination of whether the takaful receivables are impaired entails the
Company evaluating, the credit and liquidity position of the policy holders and the takaful companies,
historical recovery rates including detailed investigations carried out during 2013 and feedback received
from the legal department. The difference between the estimated collectible amount and the book amount
is recognised as an expense in the statement of income. Any difference between the amounts actually
collected in the future periods and the amounts expected will be recognised in the statement of income at
the time of collection.
4.2.6 Liability adequacy test
At end of each reporting period, liability adequacy tests are performed to ensure the adequacy of takaful
contract liabilities. The Company makes use of the best estimates of future contractual cash flows and
claims handling and administration expenses, as well as investment income from the assets backing such
liabilities in evaluating the adequacy of the liability. Any deficiency is immediately charged to the
statement of income.
4.2.7 Actuarial valuation of life takaful provision
Mortality and withdrawal rate assumptions used in actuarial valuation of life fund are based on experience
and the most current industry standard mortality table.
TAKAFUL EMARAT - INSURANCE (PSC) 25 Notes to the financial statements
for the year ended 31 December 2013 (continued)
5. Cash and bank balances
2013 2012
AED AED
Cash on hand 38,537 12,828
Bank balances
Current accounts 4,963,372 9,709,091
Investment deposits - 7,714,169
------------------------ ------------------------
5,001,909 17,436,088
Investment deposits with maturity over
three months from the date of placements
-
(5,714,169)
------------------------ ------------------------
Cash and cash equivalents 5,001,909 11,721,919
============ ============
6. Statutory deposit
Statutory deposit is maintained in accordance with the requirements of U.A.E. Federal Law No. 6 of
2007 concerning the formation of Insurance Authority of U.A.E. and are not available to finance the day
to day operations of the Company.
7. Takaful and other receivables
2013 2012
AED AED
Takaful receivables 30,828,351 53,129,258
Allowance for doubtful debts (1,260,616) -
------------------------ ------------------------
29,567,735 53,129,258
Staff receivables 6,117,290 2,270,763
Allowance for doubtful staff receivables (1,961,348) (732,193)
------------------------ ------------------------
Due from retakaful companies
33,723,677
8,730,936
54,667,828
8,048,315
Prepaid expenses and other receivables 7,360,559 5,696,829
------------------------ ------------------------
49,815,172 68,412,972
============ ============
TAKAFUL EMARAT - INSURANCE (PSC) 26 Notes to the financial statements
for the year ended 31 December 2013 (continued)
7. Takaful and other receivables (continued)
The average credit period for policyholders is 90 days. Takaful receivables outstanding between 90 days
and 365 days are provided for based on estimated irrecoverable amounts determined by reference to past
default experience in addition to specific provision made on identified customers.
Before accepting any new customer, the Company assesses the potential customers’ credit quality and
defines credit limits by customer. Takaful receivables include balances due from 3 customers amounting
to AED 19,194,990 (2012: 25,734,286) which represent 62% (2012: 48%) of takaful receivables as at
reporting date.
Aging of takaful receivables:
2013 2012
AED AED
Neither past due nor impaired 20,341,475 20,967,158
------------------------ ------------------------
Past due but not impaired
91-120 days 6,755,374 23,720,887
121 days and above 2,470,886 8,441,213
------------------------ ------------------------
9,226,260 32,162,100
------------------------ ------------------------
Past due and impaired 1,260,616 -
------------------------ ------------------------
Total takaful receivables 30,828,351 53,129,258
============ ============
Movement in the allowance for doubtful debts:
2013 2012 AED AED
Balance at the beginning of the year - -
Allowance made during the year 1,260,616 -
Balance at the end of the year 1,260,616 -
Movement in the allowance for doubtful staff receivables:
2013 2012 AED AED
Balance at the beginning of the year 732,193 -
Allowance made during the year 1,229,155 732,193
Balance at the end of the year 1,961,348 732,193
TAKAFUL EMARAT - INSURANCE (PSC) 27 Notes to the financial statements
for the year ended 31 December 2013 (continued)
8. Transactions with related parties
The Company enters into transactions with companies and entities that fall within the definition of a related
party as contained in International Accounting Standard 24. Related parties comprise companies and
entities under common ownership and/or common management and control, their partners and key
management personnel. The management decides on the terms and conditions of the transactions with
related parties.
At the reporting date, due from a related party is as follows:
2013 2012
AED AED
Due from a related party
Company under common management
UNIQA Re AG-Austria, Switzerland 2,413,743 2,413,743
============ ============
The amount outstanding is unsecured and will be settled in cash. No guarantees have been received.
During the year, the Company entered into the following transactions with related parties:
2013 2012
AED AED
Income from stop loss reinsurance - 8,243,500
Retakaful contribution - 1,000,000
Payment on account of development work-in-progress
(Note 13)
16,282,360
-
Compensation of key management personnel
2013 2012
AED AED
Short and long term benefits 2,502,212 3,756,000
TAKAFUL EMARAT - INSURANCE (PSC) 28 Notes to the financial statements
for the year ended 31 December 2013 (continued)
9. Takaful contract liabilities and retakaful contract assets
2013 2012 AED AED
Gross takaful contract liabilities
Claims reported unsettled 5,632,562 3,007,868
Claims incurred but not reported 4,019,442 664,000
Unearned contributions 39,460,430 58,635,417
Life takaful provision 316,819 196,396
Payable to policyholders of investment linked contracts 9,660,820 5,852,138
59,090,073 68,355,819
Retakaful contract assets
Claims reported unsettled 2,112,932 1,807,146
Claims incurred but not reported 2,038,287 398,400
Unearned contributions 18,986,489 37,502,509
23,137,708 39,708,055
Net takaful contract liabilities
Claims reported unsettled 3,519,630 1,200,722
Claims incurred but not reported 1,981,155 265,600
Unearned contributions 20,473,941 21,132,908
Life takaful provision 316,819 196,396
Payable to policyholders of investment linked contracts 9,660,820 5,852,138
35,952,365 28,647,764
10. Investments at fair value through profit or loss
2013 2012 AED AED
Quoted equity securities 16,129,529 -
Mutual funds 16,451,324 30,811,235
32,580,853 30,811,235
Movements during the year were as follows:
2013 2012
AED AED
Fair value at the beginning of the year 30,811,235 11,031,197
Purchases during the year 57,653,904 19,744,874
Disposals during the year (57,919,927) -
Increase in fair value during the year 2,035,641 35,164
-------------------------- ------------------------
Fair value at the end of the year 32,580,853 30,811,235
TAKAFUL EMARAT - INSURANCE (PSC) 29 Notes to the financial statements
for the year ended 31 December 2013 (continued)
10. Investments at fair value through profit or loss (continued)
Investments at fair value through profit of loss comprise of the following:
2013 2012 AED AED
Within U.A.E. 16,205,629 10,559,448
Outside U.A.E. 16,375,224 20,251,787
32,580,853 30,811,235
11. Investments carried at amortised cost
2013 2012 AED AED
Debt securities 6,713,816 19,937,762
Movements during the year were as follows:
2013 2012 AED AED
Amortised cost at the beginning of the year 19,937,762 19,619,644
Disposals during the year (12,823,308) -
Effect of amortisation during the year 427,259 318,118
Impairment loss (827,897) -
6,713,816 19,937,762
Investments at amortised cost comprise of the following:
2013 2012 AED AED
Within U.A.E. 6,713,816 19,937,762
TAKAFUL EMARAT - INSURANCE (PSC) 30 Notes to the financial statements
for the year ended 31 December 2013 (continued)
12. Investment property
2013 2012
AED AED
Fair value at the end of the year 10,500,000 10,500,000
The investment property represents the fair value of the property located in U.A.E.
The Company has entered into a sale and purchase agreement with master developer for purchase of plot
of land in prior years. The management of the Company is in the process of registering the title deed of
the investment property.
13. Development work-in-progress 2013 2012 AED AED
Balance at the end of the year 16,282,360 -
Development work-in-progress represents payments based on memorandum of understanding for
acquiring investment in the Axis Gold 1 Real Estate Project based in U.A.E. The project is promoted by
Gulf General Investment Company (P.S.C.), a related party acting as custodian of the Company’s share of
investment in the project. The title deed of the project has been registered in the name of GGICO Real
Estate Development L.L.C., a related party.
TAKAFUL EMARAT - INSURANCE (PSC) 31
Notes to the financial statements
for the year ended 31 December 2013 (continued)
14. Property and equipment
Office Furniture Motor
equipment & fixtures vehicles Total
AED AED AED AED
Cost
Balance at 31 December 2011 4,598,234 4,741,605 481,900 9,821,739
Additions during the year 4,005,683 2,423,648 - 6,429,331
-------------------- -------------------- -------------------- --------------------
Balance at 31 December 2012 8,603,917 7,165,253 481,900 16,251,070
Additions during the year 1,324,437 163,190 24,524 1,512,151
Disposals during the year - - (385,824) (385,824)
-------------------- -------------------- -------------------- --------------------
Balance at 31 December 2013 9,928,354 7,328,443 120,600 17,377,397
-------------------- -------------------- -------------------- --------------------
Accumulated depreciation
Balance at 31 December 2011 966,683 3,197,043 105,063 4,268,789
Charged for the year 1,266,899 680,512 96,380 2,043,791
-------------------- -------------------- -------------------- --------------------
Balance at 31 December 2012 2,233,582 3,877,555 201,443 6,312,580
Charge for the year 1,906,638 867,125 67,306 2,841,069
Disposals during the year - - (191,165) (191,165)
-------------------- -------------------- -------------------- --------------------
Balance at 31 December 2013 4,140,220 4,744,680 77,584 8,962,484
-------------------- -------------------- -------------------- --------------------
Carrying amount
Balance at 31 December 2013 5,788,134 2,583,763 43,016 8,414,913
Balance at 31 December 2012 6,370,335 3,287,698 280,457 9,938,490
TAKAFUL EMARAT - INSURANCE (PSC) 32 Notes to the financial statements
for the year ended 31 December 2013 (continued)
14. Property and equipment (continued)
As at 31 December 2013, motor vehicles include Nil (2012: 2) motor vehicles amounting to AED Nil
(2012: AED 348,900) registered in the name of the employees.
At 31 December 2013, the cost of fully depreciated property and equipment that was still in use
amounted to AED 3,302,081 (2012: AED 3,094,072).
15. Takaful and other payables
2013 2012 AED AED
Takaful payables 49,969 1,660,007
Retakaful payables 18,498,879 41,683,621
Accrued expenses and other payables 12,671,192 5,899,007
------------------------ ------------------------
31,220,040 49,242,635
============ ============
16. Provision for employees’ end of service indemnity
Movements in the provision for employees’ end of service indemnity during the year were as follows:
2013 2012 AED AED
Balance at the beginning of the year 744,900 359,674
Charge for the year 392,418 461,434
Paid during the year (143,306) (76,208)
------------------------ ------------------------
Balance at the end of the year 994,012 744,900
============ ============
17. Policyholders’ fund
2013 2012 AED AED
Deficit in policy holders’ fund
Balance at beginning of year (8,701,793) (2,970,418)
Deficit for the year (20,269,861) (5,731,375) ------------------------ ------------------------
Balance at the end of the year (28,971,654) (8,701,793)
------------------------ ------------------------
Qard Hassan from shareholders
Balance at beginning of year 8,701,793 2,970,418
Provision during the year 20,269,861 5,731,375
------------------------ ------------------------
Balance at the end of the year 28,971,654 8,701,793
------------------------ ------------------------
Total deficit in policy holders’ fund - -
============ ============
TAKAFUL EMARAT - INSURANCE (PSC) 33
Notes to the financial statements
for the year ended 31 December 2013 (continued)
18. Share capital
2013 2012 AED AED
Issued and fully paid:
150,000,000 ordinary shares of AED 1 each
(2012: 150,000,000 ordinary shares) 150,000,000 150,000,000
============ ============
TAKAFUL EMARAT - INSURANCE (PSC) 34 Notes to the financial statements
for the year ended 31 December 2013 (continued)
19. Net earned contributions
31 December 2013 . 31 December 2012 . Medical Life Total Medical Life Total AED AED AED AED AED AED
Gross contributions written 81,080,448 10,884,389 91,964,837 89,136,863 11,117,190 100,254,053
Change in unearned contributions and
changes in payable to policyholders of
investment linked contract 19,747,217 (4,380,912) 15,366,305 (52,680,667) (6,129,242) (58,809,909)
Takaful contributions earned 100,827,665 6,503,477 107,331,142 36,456,196 4,987,948 41,444,144
Retakaful contributions 39,324,988 1,282,039 40,607,027 57,148,940 1,523,156 58,672,096
Change in unearned contributions provision 18,589,821 (73,801) 18,516,020 (35,358,910) (392,334) (35,751,244)
Retakaful contributions ceded 57,914,809 1,208,238 59,123,047 21,790,030 1,130,822 22,920,852
Net earned contributions 42,912,856 5,295,239 48,208,095 14,666,166 3,857,126 18,523,292
=========== =========== =========== =========== ========== ==========
TAKAFUL EMARAT - INSURANCE (PSC) 35
Notes to the financial statements
for the year ended 31 December 2013 (continued)
20. Claims incurred
31 December 2013
Gross Retakaful Net
Medical Life Total Medical Life Total Medical Life Total
AED AED AED AED AED AED AED AED AED
Takaful claims paid 36,783,150 138,794 36,921,944 (16,248,655) (11,652) (16,260,307) 20,534,495 127,142 20,661,637
Movement in provision for
claims reported unsettled
2,624,694
-
2,624,694
(305,786)
-
(305,786)
2,318,908
-
2,318,908
Movement in provision for
claims incured but not
reported
3,355,442
-
3,355,442
(1,639,887)
-
(1,639,887)
1,715,555
-
1,715,555
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Claims recorded in the
statement of income
42,763,286
138,794
42,902,080
(18,194,328)
(11,652)
(18,205,980)
24,568,958
127,142
24,696,100
=========== =========== =========== =========== =========== =========== =========== =========== ===========
31 December 2012
Gross Retakaful Net
Medical Life Total Medical Life Total Medical Life Total
AED AED AED AED AED AED AED AED AED
Takaful claims paid 17,573,212 - 17,573,212 (9,567,847) - (9,567,847) 8,005,365 - 8,005,365
Movement in provision for claims
reported unsettled
1,686,641
-
1,686,641
(1,344,716)
-
(1,344,716)
341,925
-
341,925
Movement in provision for claims
insurred but not reported
254,980
-
254,980
(255,243)
-
(255,243)
(263)
-
(263)
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Claims recorded in the statement
of income
19,514,833
-
19,514,833
(11,167,806)
-
(11,167,806)
8,347,027
-
8,347,027
=========== =========== =========== =========== =========== =========== =========== =========== ===========
TAKAFUL EMARAT - INSURANCE (PSC) 36
Notes to the financial statements
for the year ended 31 December 2013 (continued)
21. Wakalah fees
Wakalah fees for the year ended 31 December 2013 amounted to AED 30,574,046 (2012: AED
9,465,985). The fee is calculated at a maximum of 30% of takaful contribution earned for group medical
policies and at a maximum of 60% of takaful donations for life takaful policies. Wakalah fee is charged to
the statement of income when incurred.
22. Investment income - net
2013 2012
AED AED
Return on investment in fixed deposits 120,521 529,051
Effect of amortisation on investment carried at
amortised cost
Gain on sale of investments at fair value
427,259 318,118
through profit or loss 3,862,178 -
Unrealised gain on investments at fair value
through profit or loss
2,035,641
35,164
Dividends received from investments at fair value
through profit or loss - 500,000
Gain on sale of investments carried at amortised cost 660,893 -
Profit on investments carried at amortised cost 300,593 701,078
Impairment loss on investments carried at amortised cost (827,897) -
6,579,188 2,083,411
=========== ===========
23. Other income-net
2013 2012
AED AED
Gain on sale of property and equipment 39,265 -
Allocation charge on life takaful policies
and other charge – net 935,616 3,121,959
Income from stop loss reinsurance - 8,243,500
Miscellaneous Income 352,771 203,019
1,327,652 11,568,478
=========== ===========
TAKAFUL EMARAT - INSURANCE (PSC) 37
Notes to the financial statements
for the year ended 31 December 2013 (continued)
24. General and administrative expenses
2013 2012
AED AED
Salaries and other benefits 17,674,782 18,037,344
Rent 1,730,290 1,544,804
Legal fees 1,882,260 1,195,257
Remuneration of Sharia Supervisory Board 154,135 156,957
Depreciation 2,841,069 2,043,791
Third party administration fees (TPA) – medical insurance 2,974,464 1,970,697
Stop loss reinsurance contributions - 1,000,000
Allowance for doubtful debts 1,260,616 -
Allowance for doubtful staff receivables 1,229,155 732,193
Miscellaneous expenses 5,722,896 6,563,824
35,469,667 33,244,867
=========== ===========
25. Basic and diluted loss per share
Basic loss per share is calculated by dividing the loss for the year by the weighted average number of
ordinary shares outstanding during the year as follows:
2013 2012
Loss for the year attributable to shareholders (AED) (17,258,642) (15,858,368)
Weighted average number of shares outstanding during the year 150,000,000 150,000,000
Basic loss per share (AED) (0.12) (0.11)
=========== ===========
No figure for diluted earnings per share has been presented since the Company has not issued any
instruments which would have an impact on earnings per share when exercised.
26. Fatwa and Sharia’a supervisory board
The Company’s business activities are subject to the supervision of a Fatwa and Shari’a Supervisory Board
appointed by the shareholders. FSSB performs a supervisory role in order to determine whether the
operations of the Company are conducted in accordance with Sharia’a rules and principles.
27. Zakat
The Management has informed the shareholders the amount of Zakat payable by each shareholder,
requiring them to pay their share of Zakat directly.
TAKAFUL EMARAT - INSURANCE (PSC) 38 Notes to the financial statements
for the year ended 31 December 2013 (continued)
28. Segment information
For management purposes the Company is organised into two business segements; general takaful management and investment. The general takaful management
comprise the takaful business undertaken by the Company on behalf of policyholders. Investment comprises investment and cash management for the Company’s own
account. No operating segments have been aggregated to form the above reportable operating segments.
Segment performance is evaluated based on profit or loss which in certain respects is measured differently from profit or loss in the financial statements.
Except for wakalah fees and Qard Hassan, no other inter-segment transactions occurred during the year. If any other transactions were to occur, transfer prices
between operating segments are set on an arm’s length basis in a manner similar to transactions with third parties. Segment income, expenses and results will include
those transactions between business segments which will then be eliminated on consolidation as shown below.
Year ended 31 December 2013 Year ended 31 December 2012
Underwriting Sharesholders Underwriting Shareholders
Medical Life Total Investments Others Total Medical Life Total Investments Others Total
AED AED AED AED AED AED AED AED AED AED AED AED
Segment revenue 100,827,665 6,503,477 107,331,142 6,579,188 1,327,652 7,906,840 36,456,196 4,987,948 41,444,144 2,083,411 11,568,478 13,651,889
========= ======= ========= ========= ========= ========= ======== ======= ========= ======== ========= ========
Segment result 9,784,867 519,318 10,304,185 6,579,188 1,327,652 7,906,840 3,992,056 (257,446) 3,734,610 2,083,411 11,568,478 13,651,889
Wakalah fees (29,979,707) (594,339) (30,574,046) - 30,574,046 30,574,046 (9,003,377) (462,608) (9,465,985) - 9,465,985 9,465,985
_________ _________
Loss attributable
to
policy holders (20,269,861) (5,731,375)
========= ========
Unallocated costs (55,739,528) (38,976,242)
_________ ___________
Net loss for the
year
(17,258,642)
(15,858,368)
======== ==========
TAKAFUL EMARAT - INSURANCE (PSC) 39 Notes to the financial statements
for the year ended 31 December 2013 (continued)
28. Segment information (continued)
Other information
As at 31 December 2013 As at 31 December 2012
Underwriting Shareholders Total Underwriting . Shareholders Total
Medical Life Total Investments Total Medical Life Total Investments Total
AED AED AED AED AED AED AED AED AED AED AED AED
Segment assets 68,225,562 9,141,056 77,366,618 49,794,669 49,794,669 127,161,287 106,628,953 7,905,817 114,534,770 68,963,166 68,963,166 183,497,936
Unallocated assets - - - - 31,699,187 31,699,187 - - - - 19,660,409 19,660,409
Total assets 68,225,562 9,141,056 77,366,618 49,794,669 81,493,856 158,860,474 106,628,953 7,905,817 114,534,770 68,963,166 88,623,575 203,158,345
======== ======== ======== ======== ======== ========= ========= ======= ========= ======== ========= =========
Segment liabilities 79,054,572 11,255,541 90,310,113 - - 90,310,113 109,053,642 8,544,812 117,598,454 - - 117,598,454
Unallocated
liabilities
-
-
-
-
994,012
994,012
-
-
-
-
744,900
744,900
Total liabilities 79,054,572 11,255,541 90,310,113 - 994,012 91,304,125 109,053,642 8,544,812 117,598,454 - 744,900 118,343,354
======== ======== ======== ======== ======== ========= ========= ======= ========= ======== ========= =========
TAKAFUL EMARAT - INSURANCE (PSC) 40 Notes to the financial statements
for the year ended 31 December 2013 (continued)
29. Capital Management
(i) Governance framework
The primary objective of the Company’s risk and financial management framework is to protect the
Company’s shareholders from events that hinder the sustainable achievement of financial performance
objectives, including failing to exploit opportunities. Key management recognises the critical importance of
having efficient and effective risk management systems in place.
The Board of Directors meets regularly to approve any commercial, regulatory and organisational
decisions. The Management under the authority delegated from the Board of Directors defines the
Company’s risk and its interpretation, limits structure to ensure the appropriate quality and diversification
of assets, aligns underwriting and retakaful strategy to the corporate goals, and specifies reporting
requirements.
(ii) Capital management framework
The primary objective of the Company’s capital management is to comply with the regulatory requirements
in the U.A.E. and to ensure that it maintains a healthy capital ratio in order to support its business and
maximise shareholder value.
The Company manages its capital structure and makes adjustments to it, in light of changes in economic
conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares. The Company has fully complied with the
externally imposed capital requirements and no changes were made in the objectives, policies or processes
during the years ended 31 December 2013 and 2012.
(iii) Regulatory framework
Regulators are primarily interested in protecting the rights of the policyholders and monitor them closely to
ensure that the Company is satisfactorily managing affairs for their benefit. At the same time, the regulators
are also interested in ensuring that the Company maintains an appropriate solvency position to meet
unforeseen liabilities arising from economic shocks or natural disasters.
The operations of the Company are also subject to regulatory requirements within the jurisdictions where it
operates. Such regulations not only prescribe approval and monitoring of activities, but also impose certain
restrictive provisions (e.g. capital adequacy) to minimise the risk of default and insolvency on the part of
the insurance companies to meet unforeseen liabilities as these arise.
30. Financial instruments
(a) Significant accounting policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition,
the basis of measurement and the basis on which income and expenses are recognised, in respect of each
class of financial asset, financial liability and equity instrument are disclosed in Note 3 to the financial
statements.
TAKAFUL EMARAT - INSURANCE (PSC) 41 Notes to the financial statements
for the year ended 31 December 2013 (continued)
30. Financial instruments (continued)
(b) Categories of financial instruments
2013 2012
AED AED
Financial assets
At amortised cost 62,037,107 109,695,998
At fair value 32,580,853 30,811,235
------------------------------- --------------------------------
94,617,960 140,507,233
========= =========
Financial liabilities
At amortised cost 29,147,927 46,702,555
At fair value 9,660,820 5,852,138
------------------------------- --------------------------------
38,808,747 52,554,693
========= =========
31. Risk management
(i) Takaful risk
The principal risk the Company faces under takaful contracts is that the actual claims and benefit
payments or the timing thereof, differ from expectations. This is influenced by the frequency of claims,
severity of claims, actual benefits paid and subsequent development of long-term claims. Therefore, the
objective of Company is to ensure that sufficient reserves are available to cover these liabilities.
Takaful risk is basically concentrated in medical class of business. However, the variability of risks is
improved by careful selection and implementation of underwriting strategy guidelines, as well as the use
of retakaful arrangements.
(ii) Retakaful risk
In common with other takaful companies, in order to minimise financial exposure arising from large
takaful claims, the Company, in the normal course of business, enters into arrangements with other
parties for retakaful purposes. Such retakaful arrangements provide for greater diversification of
business, allow management to control exposure to potential losses arising from large risks, and provide
additional capacity for growth. A significant portion of the retakaful is affected under treaty, facultative
and excess of loss retakaful contracts.
To minimise its exposure to significant losses from retakaful insolvencies, the Company evaluates the
financial condition of its retakaful and ensure diversification of retakaful providers. The Company deals
with retakaful approved by the Board of Directors.
(iii) Financial risk
The Company’s principal financial instruments are investment securities, investment deposits, takaful
receivables, other receivables and cash and cash equivalents.
TAKAFUL EMARAT - INSURANCE (PSC) 42 Notes to the financial statements
for the year ended 31 December 2013 (continued)
31. Risk management (continued)
(iii) Financial risk (continued)
The main risks arising from the Company’s financial instruments are credit risk, liquidity risk, foreign
currency risk, profit risk and equity price risk. The board reviews and agrees policies for managing each
of these risks and they are summarised below.
The Company does not enter into any derivative transactions.
(a) Credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause
the other party to incur a financial loss. For all classes of financial assets held by the Company, the
maximum exposure to credit risk to the Company is the carrying value as disclosed in the statement of
financial position.
The following policies and procedures are in place to mitigate the Company’s exposure to credit risk:
• The Company only enters into takaful and retakaful contracts with recognised, credit worthy third
parties. It is the Company’s policy that all customers who wish to trade on credit terms are subject to
credit verification procedures. In addition, receivables from takaful and retakaful contracts are
monitored on an ongoing basis in order to reduce the Company’s exposure against defaults.
• The Company’s bank balances are maintained with a range of local banks.
The table below shows the maximum exposure to credit risk for the components of the statement of financial
position:
2013 2012 AED AED
Statutory deposit 4,000,000 4,000,000
Takaful and other receivables 43,907,639 65,908,405
Bank balances 4,963,372 17,423,260
Retakaful share of claims 2,112,932 1,807,146
Investment carried at amortised cost 6,713,816 15,000,000
61,697,759 104,138,811
(b) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its commitments associated with takaful
contract liabilities and financial liabilities when they fall due.
Liquidity requirements are monitored on a monthly basis and management ensures that sufficient liquid
funds are available to meet any commitments as they arise.
TAKAFUL EMARAT - INSURANCE (PSC) 43 Notes to the financial statements
for the year ended 31 December 2013 (continued)
31. Risk management (continued)
(iii) Financial risk (continued)
(b) Liquidity risk (continued)
The table below summarises the maturity profile of the Company’s financial instruments. The contractual
maturities of the financial instruments have been determined on the basis of the remaining period at the
reporting date to the contractual maturity date. The maturity profile is monitored by management to ensure
adequate liquidity is maintained. The maturity profile of the financial assets and financial liabilities at the
reporting date based on contractual repayment arrangements was as follows:
As at 31 December 2013:
Less than
From 3
months
three months to one year Over 1 year Total
AED AED AED AED
Financial assets
Cash and bank balances 5,001,909 - - 5,001,909
Statutory deposit - - 4,000,000 4,000,000
Takaful and other receivables 15,741,088 28,166,551 - 43,907,639
Due from a related party 2,413,743 - - 2,413,743
Investments at FVTPL 32,580,853 - - 32,580,853
Investments carried at amortised cost - - 6,713,816 6,713,816
--------------------- -------------------- ------------------- --------------------
Total 55,737,593 28,166,551 10,713,816 94,617,960 =========== =========== ========== ==========
Financial liabilities
Takaful and other payables 6,521,894 22,626,033 - 29,147,927
Investment linked contracts 9,660,820 - - 9,660,820
--------------------- -------------------- ------------------- --------------------
Total 16,182,714 22,626,033 - 38,808,747
=========== =========== ========== ==========
As at 31 December 2012:
Less than
From 3
months
three months to one year Over 1 year Total
AED AED AED AED
Financial assets
Cash and bank balances 11,000,053 6,436,035 - 17,436,088
Statutory deposit - - 4,000,000 4,000,000
Takaful and other receivables 34,711,925 31,196,480 - 65,908,405
Due from a related party 2,413,743 - - 2,413,743
Investments at FVTPL 30,811,235 - - 30,811,235
Investments carried at amortised cost - 4,937,762 15,000,000 19,937,762
--------------------- -------------------- ------------------- --------------------
Total 78,936,956 42,570,277 19,000,000 140,507,233 =========== =========== ========== ==========
Financial liabilities
Takaful and other payables 68,503 46,634,052 - 46,702,555
Investment linked contracts 5,852,138 - - 5,852,138
--------------------- -------------------- ------------------- --------------------
Total 5,920,641 46,634,052 - 52,554,693
=========== =========== ========== ===========
TAKAFUL EMARAT - INSURANCE (PSC) 44 Notes to the financial statements
for the year ended 31 December 2013 (continued)
31. Risk management (continued)
(iii) Financial risk (continued)
(c) Market risk
Market risk arises from fluctuations in foreign exchange rates, profit rates and equity prices. The value of
risk that may be accepted by the Company is monitored on a regular basis by management.
(d) Foreign currency risk
Foreign currency risk is the risk that the value of a financial instrument will fluctuate due to changes in
foreign exchange rates.
Management believes that there is minimal risk of significant losses due to exchange rate fluctuations and
consequently the Company does not hedge its foreign currency exposure.
There are no significant exchange rate risks as substantially all financial assets and financial liabilities are
denominated in U.A.E. Dirhams or US Dollars to which the Dirham is fixed.
(e) Profit rate risk
Profit rate risk is the risk that the value or future cash flows of a financial instrument will fluctuate because
of changes in market rates. Floating rate instruments expose the Company to cash flow risk.
The Company is exposed to profit rate risk on certain of its investments and bank balances and cash. The
Company limits its risk by monitoring changes in such rates.
Details of maturities of the major classes of profit generating financial instruments as at 31 December are
as follows:
Increase in Effect on profit
basis points for the year
AED
2013
Profit bearing assets +100 86,099
2012
Profit bearing assets +100 222,790
Any movement in profit rates in the opposite direction will produce exactly opposite results.
The impact of changes in profit rate risk is not expected to be significant for the Company, as all financial
assets and financial liabilities bears fixed profit rates.
TAKAFUL EMARAT - INSURANCE (PSC) 45 Notes to the financial statements
for the year ended 31 December 2013 (continued)
31. Risk management (continued)
(iii) Financial risk (continued)
(f) Equity price risk
Equity price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market prices (other than those arising from profit rate risk or currency risk), whether
those changes are caused by factors specific to the individual financial instrument or its issuer, or factors
affecting all similar financial instruments traded in the market.
The Company has no significant concentration of price risk. The price risk is managed by outsourcing the
trading of securities held by the Company to professional brokers. However the activities of brokers are
also monitored and supervised by the management.
The following table shows the sensitivity of fair values to 20% increase or decrease as at 31 December:
Favorable Unfavorable
change
AED
change
AED
2013
Equity securities 6,516,171 (6,516,171)
2012
Equity securities 6,162,247 (6,162,247)
(g) Operational risk
Operational risk is the risk of loss arising from systems failure, human error, fraud or external events.
When controls fail to perform, operational risks can cause damage to reputation, have legal or regulatory
implications, or lead to financial loss. The Company cannot expect to eliminate all operational risks, but
through a control framework and by monitoring and responding to potential risks, the Company is able to
manage the risks. Controls include effective segregation of duties, access, authorisation and reconciliation
procedures, staff education and assessment processes.
32. Fair value measurements
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. As such, differences can arise between
book values and the fair value estimates. Underlying the definition of fair value is the presumption that the
Company is a going concern without any intention or requirement to materially curtail the scale of its
operation or to undertake a transaction on adverse terms.
Fair value of financial instruments carried at amortised cost
Management considers that the carrying amounts of financial assets and financial liabilities recognised at
amortised cost in the financial statements approximate their fair values.
TAKAFUL EMARAT - INSURANCE (PSC) 46 Notes to the financial statements
for the year ended 31 December 2013 (continued)
32. Fair value measurements (continued)
Valuation techniques and assumptions applied for the purposes of measuring fair value
The fair values of financial assets and financial liabilities are determined using similar valuation
techniques and assumptions as used in the audited annual financial statements for the year ended 31
December 2012.
Fair value of the Company’s financial assets that are measured at fair value on recurring basis
Some of the Company’s financial assets are measured at fair value at the end of the reporting period.
The following table gives information about how the fair values of these financial assets are
determined;
Fair value as at Financial assets
31 December
2013
31 December
2012
AED AED
Fair value
hierarchy
Valuation
techniques and key
inputs
Significant
unobservable
input
Relationship
of
unobservable
inputs to fair
value
Financial assets at
FVTPL
Quoted equity
securities
16,129,529 - Level 1 Quoted bid prices in
an active market.
None N/A
Mutual funds 16,451,324 30,811,235 Level 3 Net assets valuation
method.
Net assets
value
Higher the net
assets value of
the investees,
higher the fair
value.
Fair value measurements recognised in the statement of financial position
The following table provides an analysis of financial instruments that are measured subsequent to
initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value
is observable.
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets
for identical assets or liabilities;
Level 2 fair value measurements are those derived from inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices); and
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the
asset or liability that are not based on observable market data (unobservable inputs).
TAKAFUL EMARAT - INSURANCE (PSC) 47 Notes to the financial statements
for the year ended 31 December 2013 (continued)
32. Fair value measurements (continued)
Fair value measurements recognised in the statement of financial position (continued)
Level 1 Level 2 Level 3 Total
AED AED AED AED
Financial assets
31 December 2013
Investments at FVTPL
Quoted equities 16,129,529 - - 16,129,529
Mutual funds - - 16,451,324 16,451,324
Investment property - - 10,500,000 10,500,000
16,129,529 - 26,951,324 43,080,853
Financial liabilities
Investment linked contract - - 9,660,820 9,660,820
There were no transfers between each of level during the year.
The disclosure of comparative information in respect of the above is not made in these financial
statements as IFRS 13 does not require to provide comparative information for period before initial
application
33. Contingent liabilities and commitments
Contingent liabilities
2013 2012
AED AED
Letters of guarantee 187,127 262,272
TAKAFUL EMARAT - INSURANCE (PSC) 48 Notes to the financial statements
for the year ended 31 December 2013 (continued)
33. Contingent liabilities and commitments (continued)
Commitments
The Company has lease agreements which are payable as follows:
2013 2012
AED AED
Less than one year 1,308,126 1,053,917
Between one and five years 498,520 92,436
1,806,646 1,146,353
=========== ===========
2013 2012
AED AED
Commitments towards purchase of property and equipment - 251,850
=========== ===========
34. Comparatives
The following balances in the statement of financial position for the prior year have been reclassified
to conform to the current year presentation.
As previously
reported at 31
December 2012
Reclassifications
As restated at 31
December
2012
AED AED AED
Cash and bank balances (i)
Statutory deposit (i)
Post dated cheques received (ii)
21,436,088
-
2,014,768
(4,000,000)
4,000,000
(2,014,768)
17,436,088
4,000,000
-
Post dated cheques issued (ii) 1,146,353 (1,146,353) -
Takaful and other receivables (ii) 67,544,557 868,415 68,412,972
Statement of cash flows and all comparative account balances presented in the notes to the financial
statements have been adjusted to reflect the above changes. There was no impact on the reported loss
of the prior period due to the above reclassifications.
(i) Reclassification was made to reflect the statutory deposit with bank and cash and bank balances.
(ii) Reclassification was made to reflect the post dated cheques received and issued by the Company
and takaful and other receivables.
35. Approval of financial statements
The financial statements for the year ended 31 December 2013 were approved by the Board of
Directors and authorised for issue on 16 March 2014.
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