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AL MAlAYA HOLDING COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2008
(All amounts are in Kuwaiti Dinars)
15.
Term loans
Current
Overdraft bearing interest rate at 3.5% per annum
Bank loan bearing interest rate at 2% per annum over the
Central Bank of Kuwait discount rate
Bank loan bearing interest rate at 1
%
per annum over the
Central Bank of Kuwait discount rate
Bank loan bearing interest rate at 3.5% per annum over the
Central Bank of Kuwait discount rate
Bank loan bearing interest rate at 2% per annum over the
Central Bank of Kuwait discount rate
Bank loan bearing interest rate at 3.5% per annum over the
Central Bank of Kuwait discount rate
Non current
Bank loan bearing interest rate at 7.02% per annum
2008
5,093,743
10,000,000
19,970,000
15,000,000
50,063,743
50,063,743
2007
5,000,000
5,000,000
10,000,000
18,870,000
11,455,500
50,325,500
4,428,829
4,428,829
54,754,329
The Group has pledged a certain project with a carrying amount of KD 9,826,256 and ownership of a
subsidiary's shares with a fair market value of KD 10,000,000 as collaterals against a term loan
(Note 2.e, 12).
The fair value of term loans equals their carrying amount, as the impact of discounting is not significant.
The fair values are based on cash flows discounted using a rate based on the borrowing rate.
16.
Wakala and Murabaha payables
Wakala payables
Murabaha payable
2008
6,070,000
6,070,000
2007
7,039,068
3,000,000
10,039,068
Average cost rate attributable to Wakala payables during the year ended December 31,2008 was 7.625%
(2007 - 7.5%) per annum.
Average cost rate attributable to Murabaha payable during the year ended December 31, 2008 was NiI%
(2007 - 9.25%) per annum.
17.
Gross amount due to customers for properties under development
Balance at the beginning of the year
Additions
Transferred from properties under development (Note10)
Foreign currency translation adjustments
Balance at the end of the year
2008
9,646,389
1,978,949
(289)
11,625,049
There is no material difference between the fair value and the book value of gross amount due to
customers for properties under development.
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