Page 50 - Q4-2024-EN

AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)

AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2023
(All amounts are in Kuwaiti Dinars)

13. Islamic bank facilities
These facilities represent tawarruq and musharaka facilities as follows:

Tawarruq facilities Musharaka facilities Total
2023 2022 2023 2022 2023 2022
Gross payable amount 61,422,912 91,604,204 4,854,560 4,923,880 66,277,472 96,528,084
Less: Unamortized future finance charge (478,627) (474,030) (266,612) (261,448) (745,239) (735,478)

Carrying value 60,944,285 91,130,174 4,587,948 4,662,432 65,532,233 95,792,606

Classified as:
Current Non – current Total
Due date Currency 2023 2022 2023 2022 2023 2022
Various
maturities
Tawarruq facilities from local banks carrying ended at
average finance cost rate of 2.75% (2022 – January Kuwait
2.75 %) above CBK discount rate 2030 Dinars 2,363,320 4,672,102 58,580,965 85,080,582 60,944,285 89,752,684
Tawarruq facilities from foreign bank carrying
average finance cost rate of 8.95% (2022 – June US
8.32%). 2024 Dollars - 920,425 - 457,065 - 1,377,490
Musharaka facilities from foreign bank
carrying average finance cost rate of 6% December Omani
(2022 – 5.75%). 2029 Rial 350,174 125,676 4,237,774 4,536,756 4,587,948 4,662,432

2,713,494 5,718,203 62,818,739 90,074,403 65,532,233 95,792,606

T

46