al-ahli international trade fund unaudited interim financial statements ...
AL-AHLI INTERNATIONAL TRADE FUND UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2015
Al-Ahli International Trade Fund BALANCE SHEET As at 30 June 2015
Note
30 June 2015 $ 000 (Unaudited)
31 December 2014 $ 000 (Audited)
30 June 2014 $ 000 (Unaudited)
258
190
150
190,230 ─────── 190,488
195,015 ─────── 195,205
198,374 ─────── 198,524
177 ─────── 190,311 ═══════ 76,044 ═══════ 2.503 ═══════
553 ─────── 194,652 ═══════ 77,913 ═══════ 2.498 ═══════
32 ─────── 198,492 ═══════ 79,592 ═══════ 2.494 ═══════
ASSETS Cash and cash equivalents Investments in murabaha contracts
6
LIABILITY Payable to unitholders on account of redemptions Net assets attributable to unitholders Units at issue in thousands Per unit value in US Dollars
7
The attached notes 1 to 9 form part of these unaudited interim financial statements. 2
Al-Ahli International Trade Fund STATEMENT OF OPERATIONS For the six-month period ended 30 June 2015
30 June 2015 $ 000 (Unaudited)
30 June 2014 $ 000 (Unaudited)
787 ───────
1,113 ───────
425
468
Audit fee
4
4
Shariah audit fee
4
4
Fund Board remuneration
3
3
CMA fee
1
1
25 ─────── 462 ───────
30 ─────── 510 ───────
325 ═══════
603 ═══════
Note INVESTMENT REVENUE Investment income EXPENSES
5
Management fee
Administrative expenses
INCREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS
The attached notes 1 to 9 form part of these unaudited interim financial statements. 3
Al-Ahli International Trade Fund STATEMENT OF CASH FLOWS For the six-month period ended 30 June 2015
OPERATING ACTIVITIES Increase in net assets attributable to unitholders Adjustment for: Value of units reinvested
Changes in operating assets and liabilities: Investments in murabaha contracts Payable to unitholders on account of redemptions Net cash from operating activities FINANCING ACTIVITIES Proceeds from units sold Value of units redeemed Net cash used in financing activities INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
The attached notes 1 to 9 form part of these unaudited interim financial statements. 4
30 June 2015 $ 000 (Unaudited)
30 June 2014 $ 000 (Unaudited)
325
603
462 ─────── 787
510 ─────── 1,113
4,785 (376) ─────── 5,196 ───────
11,826 (168) ─────── 12,771 ───────
68,407 (73,535) ─────── (5,128) ─────── 68
101,160 (113,864) ─────── (12,704) ─────── 67
190 ───────
83 ───────
258 ═══════
150 ═══════
Al-Ahli International Trade Fund STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS For the six-month period ended 30 June 2015
Note
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AT THE BEGINNING OF THE PERIOD INCREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS DECREASE IN NET ASSETS FROM UNIT TRANSACTIONS
30 June 2014 $ 000 (Unaudited)
194,652 ───────
210,083 ───────
325 ───────
603 ───────
68,407
101,160
462
510
(73,535) ─────── (4,666) ───────
(113,864) ─────── (12,194) ───────
190,311 ═══════
198,492 ═══════
7
Proceeds from units sold Value of units reinvested
30 June 2015 $ 000 (Unaudited)
5
Value of units redeemed
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AT THE END OF THE PERIOD
The attached notes 1 to 9 form part of these unaudited interim financial statements. 5
Al-Ahli International Trade Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS At 30 June 2015 (Unaudited) 1.
NATURE OF THE FUND
Al-Ahli International Trade Fund (the "Fund") is an open-end, short-term investment Fund, managed by NCB Capital Company ("the Fund Manager"), a subsidiary of The National Commercial Bank (“the Bank”), for the benefit of the Fund's unitholders. The Fund is ultimately supervised by the Fund Board. NCB Capital Company acts as the custodian of the Fund. The assets of the Fund principally comprise trading contracts and the Fund offers investors the opportunity to participate in trade transactions which conform to Shariah principles. The Fund purchases goods, and then contracts to sell them at a mark-up on deferred payment terms. The murabaha trading contracts are for terms of less than a year, and usually less than 6 months, and are with large, well-established multi-national corporations. The terms and conditions of the Fund were originally approved by the Saudi Arabian Monetary Agency (SAMA) and subsequently endorsed by the Capital Market Authority (CMA) through a letter dated 18 Dhul Hijja 1429H (corresponding to 16 December 2008). The Fund commenced its activities on 6 March 1987. The books and records of the Fund are maintained in United States (U.S.) Dollars which represents the functional and presentation currency of the Fund. All financial information presented in U.S. Dollars has been rounded to the nearest thousand. The results for the six month period ended 30 June 2015 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2015. 2.
REGULATING AUTHORITY
The Fund is governed by the Investment Funds Regulations (the Regulations), issued by the Capital Market Authority (CMA) pursuant to resolution number 1-219-2006 dated 3 Dhul Hijja 1427H (corresponding to 24 December 2006), detailing requirements for all funds within the Kingdom of Saudi Arabia. 3.
SIGNIFICANT ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with accounting standards generally accepted in the Kingdom of Saudi Arabia and they are in conformity with the guidelines of the CMA, in so far as they affect the preparation and presentation of the interim financial statements. The significant accounting policies adopted are consistent with those used and disclosed in the annual financial statements for the year ended 31 December 2014. 4.
CHANGES IN FUND’S TERMS AND CONDITIONS
During the period ended 30 June 2015, the fund manager has made certain revisions to the terms and conditions of the Fund with the objective of complying with the Investment Funds Regulations issued by the CMA. The main change in the terms and conditions relate to change in the Fund Board members. The changes in the term and conditions do not have any impact on these financial statements. The change in the Fund Board members was approved by CMA through its letter dated 15 December 2014 and was notified by the Fund manager to the unitholders through a letter dated 25 December 2014. The revised terms and conditions became effective from 24 February 2015 5.
MANAGEMENT FEE AND OTHER EXPENSES
The Fund is managed and administered by the Fund Manager. For these services, the Fund accrues daily a management fee, as determined by the Fund Manager, but which is no more than the maximum annual rate of 0.75% p.a., as set out in the Fund’s terms and conditions, of the Fund's daily net assets. The Fund Manager is also entitled to recover expenses incurred on behalf of the Fund relating to audit, custody, data processing and other similar charges. The maximum amount of such expenses that can be recovered from the Fund by the Fund Manager is restricted to 0.5% per annum of the Fund's net assets at the respective valuation days. These expenses have been recovered by the Fund Manager on an actual basis. The Fund Manager is allocated units in settlement of the management fee and other expenses on every valuation day, which are reinvested in the Fund.
6
Al-Ahli International Trade Fund NOTES TO THE INTERIM FINANCIAL STATEMENT (continued) At 30 June 2015 (Unaudited) 6.
INVESTMENTS IN MURABAHA CONTRACTS
Murabaha commodity investments comprise the following:
Ahli United Bank, Bahrain National Bank of Kuwait Arab Petroleum Investments Corporation Turkiye Finans Katilim Bankasi A.S. (see note 8) First Gulf Bank Saudi Investment Bank Abu Dhabi Commercial Bank Emirates NBD SAMBA Qatar Islamic Bank 30 June 2015 (Unaudited) 31 December 2014 (Audited) 30 June 2014 (Unaudited)
% of value
Cost $ 000
Value $ 000
21.03 15.04 11.72 11.28 10.96 8.52 7.40 6.99 3.69 3.37 ──── 100 ════ 100 ════ 100 ════
39,900 28,600 22,100 21,300 20,800 16,200 14,000 13,300 7,000 6,400 ───── 189,600 ═════ 194,500 ═════ 197,640 ═════
40,014 28,609 22,295 21,465 20,856 16,203 14,068 13,306 7,000 6,414 ───── 190,230 ═════ 195,015 ═════ 198,374 ═════
The contractual maturity profile of the above investments was as follows:
Up to 1 month $ 000
1-3 months $ 000
3-6 months $ 000
6 months - 1 year $000
Total $000
50,433 ═══════ 51,753 ═══════ 62,825 ═══════
42,939 ═══════ 50,061 ═══════ 61,688 ═══════
39,327 ═══════ 38,395 ═══════ 54,216 ═══════
57,531 ═══════ 54,806 ═══════ 19,645 ═══════
190,230 ═══════ 195,015 ═══════ 198,374 ═══════
Murabaha contracts 30 June 2015 (Unaudited) 31 December 2014 (Audited) 30 June 2014 (Unaudited)
7
Al-Ahli International Trade Fund NOTES TO THE INTERIM FINANCIAL STATEMENT (continued) At 30 June 2015 (Unaudited) 7.
UNIT TRANSACTIONS
Transactions in units are summarized as follows: For the sixmonth period ended 30 June 2015 Units 000 (Unaudited)
For the year ended 31 December 2014 Units 000 (Audited)
For the sixmonth period ended 30 June 2014 Units 000 (Unaudited)
77,913 ──────
84,486 ──────
84,486 ──────
27,361
61,132
40,626
Units reinvested
185
394
205
Units redeemed
(29,415) ────── (1,869) ────── 76,044 ══════
(68,099) ────── (6,573) ────── 77,913 ══════
(45,725) ────── (4,894) ────── 79,592 ══════
UNITS AT BEGINNING OF THE PERIOD / YEAR
Units sold
NET DECREASE IN UNITS UNITS AT END OF THE PERIOD / YEAR
As at 30 June 2015, top five unitholders represented 40.77% (30 June 2014 – 36.47%) of the Fund’s units. 8.
RELATED PARTY TRANSACTIONS
The Fund Manager’s investment in the Fund at 30 June 2015 was $ 21,084,000: 8,425,000 units (30 June 2014 - $ 13,573,000: 5,443,000 units). Al-Ahli Diversified US Dollar Trade Fund (DUSTF), also managed and administered by the Fund Manager, is a unitholder of the Fund. DUSTF’s investment in the Fund at 30 June 2015 was $ 13,023,000: 5,204,000 units (30 June 2014 - $ 17,928,000 : 7,189,000 units). Al-Ahli Short Term Dollar Fund (STDF), also managed and administered by the Fund Manager, is a unitholder of the Fund. STDF’s investment in the Fund at 30 June 2015 was nil (30 June 2014 - $ 2,762,000 : 1,107,500 units). Al-Ahli US Dollar Sukuk and Murabaha Fund (USDSMF), also managed and administered by the Fund Manager, is a unitholder of the Fund. USDSMF’s investment in the Fund at 30 June 2015 was $ 4,145,000: 1,656,000 units (30 June 2014 - $ 4,738,000 : 1,900,000 units). Al-Ahli Takaful Company (ATC), an associate of the Bank, is a unitholder of the Fund. ATC’s investment in the Fund at 30 June 2015 was $ 1328,500: 531,000 units (30 June 2014 - $ 360,600 : 144,600 units). Al Manarah Conservative Growth Portfolio (MCGP), also managed and administered by the Fund Manager, is a unitholder of the Fund. MCGP’s investment in the Fund at 30 June 2015 was $ 19,995,000: 7,990,000 units (30 June 2014 - $ 10,287,000 : 4,125,000 units). Al Manarah Medium Growth Portfolio (MMGP), also managed and administered by the Fund Manager, is a unitholder of the Fund. MMGP’s investment in the Fund at 30 June 2015 was $ 10,137,000: 4,050,500 units (30 June 2014 - $ 5,574,000 : 2,235,000 units). Al Manarah High Growth Portfolio (MHGP), also managed and administered by the Fund Manager, is a unitholder of the Fund. MHGP’s investment in the Fund at 30 June 2015 was $ 4,540,500: 1,814,000 units (30 June 2014 - $ 2,413,000 : 967,500 units).
8
Al-Ahli International Trade Fund NOTES TO THE FINANCIAL STATEMENT (continued) At 30 June 2015 (Unaudited) 8.
RELATED PARTY TRANSACTIONS (continued)
Turkiye Finans Katilim Bankasi A.S., a subsidiary of the Bank, is the counterparty for 11.28% of the outstanding murabaha contracts as at 30 June 2015 (30 June 2014:16.43 %) (see note 6). The National Commercial Bank acts as the Fund’s banker. 9.
LAST VALUATION DAY
The last valuation day for the period was 30 June 2015 (30 June 2014: 30 June 2014).
9
Al-Ahli International Trade Fund BALANCE SHEET As at 30 June 2015
Note
30 June 2015 $ 000 (Unaudited)
31 December 2014 $ 000 (Audited)
30 June 2014 $ 000 (Unaudited)
258
190
150
190,230 ─────── 190,488
195,015 ─────── 195,205
198,374 ─────── 198,524
177 ─────── 190,311 ═══════ 76,044 ═══════ 2.503 ═══════
553 ─────── 194,652 ═══════ 77,913 ═══════ 2.498 ═══════
32 ─────── 198,492 ═══════ 79,592 ═══════ 2.494 ═══════
ASSETS Cash and cash equivalents Investments in murabaha contracts
6
LIABILITY Payable to unitholders on account of redemptions Net assets attributable to unitholders Units at issue in thousands Per unit value in US Dollars
7
The attached notes 1 to 9 form part of these unaudited interim financial statements. 2
Al-Ahli International Trade Fund STATEMENT OF OPERATIONS For the six-month period ended 30 June 2015
30 June 2015 $ 000 (Unaudited)
30 June 2014 $ 000 (Unaudited)
787 ───────
1,113 ───────
425
468
Audit fee
4
4
Shariah audit fee
4
4
Fund Board remuneration
3
3
CMA fee
1
1
25 ─────── 462 ───────
30 ─────── 510 ───────
325 ═══════
603 ═══════
Note INVESTMENT REVENUE Investment income EXPENSES
5
Management fee
Administrative expenses
INCREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS
The attached notes 1 to 9 form part of these unaudited interim financial statements. 3
Al-Ahli International Trade Fund STATEMENT OF CASH FLOWS For the six-month period ended 30 June 2015
OPERATING ACTIVITIES Increase in net assets attributable to unitholders Adjustment for: Value of units reinvested
Changes in operating assets and liabilities: Investments in murabaha contracts Payable to unitholders on account of redemptions Net cash from operating activities FINANCING ACTIVITIES Proceeds from units sold Value of units redeemed Net cash used in financing activities INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
The attached notes 1 to 9 form part of these unaudited interim financial statements. 4
30 June 2015 $ 000 (Unaudited)
30 June 2014 $ 000 (Unaudited)
325
603
462 ─────── 787
510 ─────── 1,113
4,785 (376) ─────── 5,196 ───────
11,826 (168) ─────── 12,771 ───────
68,407 (73,535) ─────── (5,128) ─────── 68
101,160 (113,864) ─────── (12,704) ─────── 67
190 ───────
83 ───────
258 ═══════
150 ═══════
Al-Ahli International Trade Fund STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS For the six-month period ended 30 June 2015
Note
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AT THE BEGINNING OF THE PERIOD INCREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS DECREASE IN NET ASSETS FROM UNIT TRANSACTIONS
30 June 2014 $ 000 (Unaudited)
194,652 ───────
210,083 ───────
325 ───────
603 ───────
68,407
101,160
462
510
(73,535) ─────── (4,666) ───────
(113,864) ─────── (12,194) ───────
190,311 ═══════
198,492 ═══════
7
Proceeds from units sold Value of units reinvested
30 June 2015 $ 000 (Unaudited)
5
Value of units redeemed
NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AT THE END OF THE PERIOD
The attached notes 1 to 9 form part of these unaudited interim financial statements. 5
Al-Ahli International Trade Fund NOTES TO THE INTERIM FINANCIAL STATEMENTS At 30 June 2015 (Unaudited) 1.
NATURE OF THE FUND
Al-Ahli International Trade Fund (the "Fund") is an open-end, short-term investment Fund, managed by NCB Capital Company ("the Fund Manager"), a subsidiary of The National Commercial Bank (“the Bank”), for the benefit of the Fund's unitholders. The Fund is ultimately supervised by the Fund Board. NCB Capital Company acts as the custodian of the Fund. The assets of the Fund principally comprise trading contracts and the Fund offers investors the opportunity to participate in trade transactions which conform to Shariah principles. The Fund purchases goods, and then contracts to sell them at a mark-up on deferred payment terms. The murabaha trading contracts are for terms of less than a year, and usually less than 6 months, and are with large, well-established multi-national corporations. The terms and conditions of the Fund were originally approved by the Saudi Arabian Monetary Agency (SAMA) and subsequently endorsed by the Capital Market Authority (CMA) through a letter dated 18 Dhul Hijja 1429H (corresponding to 16 December 2008). The Fund commenced its activities on 6 March 1987. The books and records of the Fund are maintained in United States (U.S.) Dollars which represents the functional and presentation currency of the Fund. All financial information presented in U.S. Dollars has been rounded to the nearest thousand. The results for the six month period ended 30 June 2015 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2015. 2.
REGULATING AUTHORITY
The Fund is governed by the Investment Funds Regulations (the Regulations), issued by the Capital Market Authority (CMA) pursuant to resolution number 1-219-2006 dated 3 Dhul Hijja 1427H (corresponding to 24 December 2006), detailing requirements for all funds within the Kingdom of Saudi Arabia. 3.
SIGNIFICANT ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with accounting standards generally accepted in the Kingdom of Saudi Arabia and they are in conformity with the guidelines of the CMA, in so far as they affect the preparation and presentation of the interim financial statements. The significant accounting policies adopted are consistent with those used and disclosed in the annual financial statements for the year ended 31 December 2014. 4.
CHANGES IN FUND’S TERMS AND CONDITIONS
During the period ended 30 June 2015, the fund manager has made certain revisions to the terms and conditions of the Fund with the objective of complying with the Investment Funds Regulations issued by the CMA. The main change in the terms and conditions relate to change in the Fund Board members. The changes in the term and conditions do not have any impact on these financial statements. The change in the Fund Board members was approved by CMA through its letter dated 15 December 2014 and was notified by the Fund manager to the unitholders through a letter dated 25 December 2014. The revised terms and conditions became effective from 24 February 2015 5.
MANAGEMENT FEE AND OTHER EXPENSES
The Fund is managed and administered by the Fund Manager. For these services, the Fund accrues daily a management fee, as determined by the Fund Manager, but which is no more than the maximum annual rate of 0.75% p.a., as set out in the Fund’s terms and conditions, of the Fund's daily net assets. The Fund Manager is also entitled to recover expenses incurred on behalf of the Fund relating to audit, custody, data processing and other similar charges. The maximum amount of such expenses that can be recovered from the Fund by the Fund Manager is restricted to 0.5% per annum of the Fund's net assets at the respective valuation days. These expenses have been recovered by the Fund Manager on an actual basis. The Fund Manager is allocated units in settlement of the management fee and other expenses on every valuation day, which are reinvested in the Fund.
6
Al-Ahli International Trade Fund NOTES TO THE INTERIM FINANCIAL STATEMENT (continued) At 30 June 2015 (Unaudited) 6.
INVESTMENTS IN MURABAHA CONTRACTS
Murabaha commodity investments comprise the following:
Ahli United Bank, Bahrain National Bank of Kuwait Arab Petroleum Investments Corporation Turkiye Finans Katilim Bankasi A.S. (see note 8) First Gulf Bank Saudi Investment Bank Abu Dhabi Commercial Bank Emirates NBD SAMBA Qatar Islamic Bank 30 June 2015 (Unaudited) 31 December 2014 (Audited) 30 June 2014 (Unaudited)
% of value
Cost $ 000
Value $ 000
21.03 15.04 11.72 11.28 10.96 8.52 7.40 6.99 3.69 3.37 ──── 100 ════ 100 ════ 100 ════
39,900 28,600 22,100 21,300 20,800 16,200 14,000 13,300 7,000 6,400 ───── 189,600 ═════ 194,500 ═════ 197,640 ═════
40,014 28,609 22,295 21,465 20,856 16,203 14,068 13,306 7,000 6,414 ───── 190,230 ═════ 195,015 ═════ 198,374 ═════
The contractual maturity profile of the above investments was as follows:
Up to 1 month $ 000
1-3 months $ 000
3-6 months $ 000
6 months - 1 year $000
Total $000
50,433 ═══════ 51,753 ═══════ 62,825 ═══════
42,939 ═══════ 50,061 ═══════ 61,688 ═══════
39,327 ═══════ 38,395 ═══════ 54,216 ═══════
57,531 ═══════ 54,806 ═══════ 19,645 ═══════
190,230 ═══════ 195,015 ═══════ 198,374 ═══════
Murabaha contracts 30 June 2015 (Unaudited) 31 December 2014 (Audited) 30 June 2014 (Unaudited)
7
Al-Ahli International Trade Fund NOTES TO THE INTERIM FINANCIAL STATEMENT (continued) At 30 June 2015 (Unaudited) 7.
UNIT TRANSACTIONS
Transactions in units are summarized as follows: For the sixmonth period ended 30 June 2015 Units 000 (Unaudited)
For the year ended 31 December 2014 Units 000 (Audited)
For the sixmonth period ended 30 June 2014 Units 000 (Unaudited)
77,913 ──────
84,486 ──────
84,486 ──────
27,361
61,132
40,626
Units reinvested
185
394
205
Units redeemed
(29,415) ────── (1,869) ────── 76,044 ══════
(68,099) ────── (6,573) ────── 77,913 ══════
(45,725) ────── (4,894) ────── 79,592 ══════
UNITS AT BEGINNING OF THE PERIOD / YEAR
Units sold
NET DECREASE IN UNITS UNITS AT END OF THE PERIOD / YEAR
As at 30 June 2015, top five unitholders represented 40.77% (30 June 2014 – 36.47%) of the Fund’s units. 8.
RELATED PARTY TRANSACTIONS
The Fund Manager’s investment in the Fund at 30 June 2015 was $ 21,084,000: 8,425,000 units (30 June 2014 - $ 13,573,000: 5,443,000 units). Al-Ahli Diversified US Dollar Trade Fund (DUSTF), also managed and administered by the Fund Manager, is a unitholder of the Fund. DUSTF’s investment in the Fund at 30 June 2015 was $ 13,023,000: 5,204,000 units (30 June 2014 - $ 17,928,000 : 7,189,000 units). Al-Ahli Short Term Dollar Fund (STDF), also managed and administered by the Fund Manager, is a unitholder of the Fund. STDF’s investment in the Fund at 30 June 2015 was nil (30 June 2014 - $ 2,762,000 : 1,107,500 units). Al-Ahli US Dollar Sukuk and Murabaha Fund (USDSMF), also managed and administered by the Fund Manager, is a unitholder of the Fund. USDSMF’s investment in the Fund at 30 June 2015 was $ 4,145,000: 1,656,000 units (30 June 2014 - $ 4,738,000 : 1,900,000 units). Al-Ahli Takaful Company (ATC), an associate of the Bank, is a unitholder of the Fund. ATC’s investment in the Fund at 30 June 2015 was $ 1328,500: 531,000 units (30 June 2014 - $ 360,600 : 144,600 units). Al Manarah Conservative Growth Portfolio (MCGP), also managed and administered by the Fund Manager, is a unitholder of the Fund. MCGP’s investment in the Fund at 30 June 2015 was $ 19,995,000: 7,990,000 units (30 June 2014 - $ 10,287,000 : 4,125,000 units). Al Manarah Medium Growth Portfolio (MMGP), also managed and administered by the Fund Manager, is a unitholder of the Fund. MMGP’s investment in the Fund at 30 June 2015 was $ 10,137,000: 4,050,500 units (30 June 2014 - $ 5,574,000 : 2,235,000 units). Al Manarah High Growth Portfolio (MHGP), also managed and administered by the Fund Manager, is a unitholder of the Fund. MHGP’s investment in the Fund at 30 June 2015 was $ 4,540,500: 1,814,000 units (30 June 2014 - $ 2,413,000 : 967,500 units).
8
Al-Ahli International Trade Fund NOTES TO THE FINANCIAL STATEMENT (continued) At 30 June 2015 (Unaudited) 8.
RELATED PARTY TRANSACTIONS (continued)
Turkiye Finans Katilim Bankasi A.S., a subsidiary of the Bank, is the counterparty for 11.28% of the outstanding murabaha contracts as at 30 June 2015 (30 June 2014:16.43 %) (see note 6). The National Commercial Bank acts as the Fund’s banker. 9.
LAST VALUATION DAY
The last valuation day for the period was 30 June 2015 (30 June 2014: 30 June 2014).
9
