Mazaya_FS_E Q4. 20

AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC) AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2020 (All amounts are in Kuwaiti Dinars) 39 13. Islamic bank facilities These facilities represent tawarruq, ijara and musharaka facilities as follows: Tawarruq facilities Ijara and musharaka facilities Total 2020 2019 2020 2019 2020 2019 Gross payable amount 93,567,457 92,259,810 5,677,073 8,123,495 99,244,530 100,383,305 Less: Unamortized future finance charge (899,831) (2,847,286) (326,467) (353,028) (1,226,298) (3,200,314) Carrying value 92,667,626 89,412,524 5,350,606 7,770,467 98,018,232 97,182,991 Classified as: Due date Currency Current Non – current Total 2020 2019 2020 2019 2020 2019 Tawarruq facilities from local banks carrying average finance cost rate of 2.5% (2019 – 2.5 %) above CBK discount rate Various maturities ended at May 2029 Kuwait Dinars 16,165,000 4,230,000 73,587,763 81,782,764 89,752,763 86,012,764 Tawarruq facilities from foreign bank carrying average finance cost rate of 3.27% (2019 – 5.0644%). March 2022 US Dollars 364,255 726,320 2,550,607 2,673,440 2,914,862 3,399,760 Musharaka facilities from foreign bank carrying average finance cost rate of 5.75% (2019 – 5.75%). December 2029 Omani Rial - 301,719 4,610,297 6,618,617 4,610,297 6,920,336 Ijara facilities from foreign banks carrying average finance cost rate 5.75% (2019 – 5.75%). August 2033 UAE Dirhams 44,725 56,705 695,585 793,426 740,310 850,131 16,573,980 5,314,744 81,444,252 91,868,247 98,018,232 97,182,991 The Group is currently in process of finalizing the reprofiling for most of its liabilities towards its lending banks during the next 12 months after reporting date, which is expected upon finalization to have a significant positive impact on reducing the Group’s current liabilities towards its banks, which in turn will enhance the Group’s liquidity to meet its commitments.