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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC) AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2023
(All amounts are in Kuwaiti Dinar)

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

Tawarruq facilities Ijara and mushakraka facilities Total
June 30, June 30, June 30,
2023 December 31, June 30, 2023 December 31, June 30, 2023 December 31, June 30,
(Audited) 2022 (Audited) 2022 (Audited) 2022 (Audited) 2022 (Audited) 2022 (Audited) 2022
Gross payable amount 81,609,336 91,604,204 94,842,660 4,936,393 4,923,880 5,605,977 86,545,729 96,528,084 100,448,637
Less: Unamortized future
finance charge (1,253,624) (474,030) (915,676) (274,389) (261,448) (262,394) (1,528,013) (735,478) (1,178,070)
Carrying value 80,355,712 91,130,174 93,926,984 4,662,004 4,662,432 5,343,583 85,017,716 95,792,606 99,270,567

Classified as:

Current Non – current Total
June 30, December June 30, December June 30, December
2023 31, 2022 June 30, 2023 31, 2022 June 30, 2023 31, 2022 June 30,
Due date Currency (Audited) (audited) 2022 (Audited) (audited) 2022 (Audited) (audited) 2022
Tawarruq facilities from local
banks carrying average Various
finance cost rate of 2.75% maturities
(December 31, 2022 - 2.75 %, ended at
June 30, 2022 - 2.75%) above March Kuwaiti
CBK discount rate. 2029 Dinars 2,079,334 4,672,102 4,249,959 78,276,378 85,080,582 87,834,975 80,355,712 89,752,684 92,084,934
Tawarruq facilities from foreign
bank carrying average finance
cost rate of 8.95% (December
31,2022 - 8.32%, June 30, June US
2022 - 8.32%). 2024 Dollars - 920,425 921,025 - 457,065 921,025 - 1,377,490 1,842,050
Musharaka facilities from foreign
bank carrying average finance
cost rate of 6% (December
31,2022 - 5.75%, June 30, December Omani
2022 - 5.75%). 2029 Rial 263,293 125,676 - 4,398,711 4,536,756 4,656,553 4,662,004 4,662,432 4,656,553
Ijara facilities from foreign banks
carrying average finance cost
rate 5.75% (December 31,
2022 - 5.75% and June 30, August UAE
2022 - 5.75%). 2033 Dirhams - - 84,586 - - 602,444 - - 687,030
2,342,627 5,718,203 5,255,570 82,675,089 90,074,403 94,014,997 85,017,716 95,792,606 99,270,567

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