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Auditors'
Report
To
the Members
Islamic Corporation for the Development of the Private Sector
Jeddah,
Saudi Arabia
We have audited the accompanying statement of financial position
of the Islamic Corporation for the Development of the Private
Sector ("the Corporation") as of Dhul Hijja 30, 1421 (March 25,
2001) and the related statements of income, cash flows and changes
in members' equity for the period from Rabi Thani 6, 1421 (July
8, 2000) to Dhul Hijja 30, 1421 (March 25, 2001) and notes 1 to
14 which form an integral part of these financial statements.
These financial statements and the Corporation's undertaking to
operate in accordance with Islamic Shari'a are the responsibility
of the Corporation's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards issued
by the Accounting and Auditing Organization for Islamic Financial
Institutions (AAOIFI). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements give a true and fair
view of the financial position of the Corporation as of Dhul Hijja
30, 1421 (March 25, 2001) and of the results of its operations
and its cash flows for the period from Rabi Thani 6, 1421 (July
8, 2000) to Dhul Hijja 30, 1421 (March 25, 2001) in accordance
with the Shari'a Rules and Principles as determined by the Shari'a
Committee of the Corporation and the accounting standards of the
AAOIFI.
Bakr Abulkhair & Co
Al-Mutahhar Y. Hamiduddin
Licence No.296
Safar 9, 1422
May 2, 2001
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