Overview
This financial review covers the first nine-month accounting period, 6 Rabi Thani 1421H - 30 Dhull Hijjah 1421H (8 July 2000- 25 March 2001).
ICD started the period with a paid-up share capital of eighty-eight million one hundred and thirty-three thousand United States Dollars (USD 88,133,000). ICD registered a net income of two million six hundred and sixty-one thousand seven hundred and seventy-eight US Dollars (USD 2,661,778), and this represents a return on equity of three percent (3%). The net income and the return on equity both out-performed the targeted net income and return on equity of two million two hundred thousand US Dollars (USD 2,200,000) and 2.4 % respectively. Most of the income for the first nine months is from liquid fund management, and there was no income from operations due to the non-disbursement of the approved operations.

Share Capital
The subscribed share capital of ICD is five hundred million US Dollars (USD 500 million) and will be paid by the members in stages. IsDB owns 50% of the share capital of ICD and shall pay its subscribed capital of two hundred and fifty million US Dollars (USD 250 million) in three consecutive equal annual installments. The public financial institutions will pay their subscription in five consecutive equal annual installments. The subscription of member countries in the share capital of ICD will be paid on their behalf by IsDB out of its reserves. IsDB shall commence paying the subscriptions of the member countries when its reserves reach 25% of its subscribed capital.

The paid-up share capital of ICD for the first accounting period is eighty-eight million one hundred and thirty-three thousand US Dollars (USD 88,133,000). This initial share capital was paid by the following shareholders: Islamic Development Bank, eighty-three million three hundred and thirty-three thousand US Dollars (USD 83,333,000), Iran Foreign Investment Company, four million US Dollars (USD 4,000,000), Bank Keshavarsi of Iran, six hundred thousand US Dollars (USD 600,001), and Bank Melli of Iran, two hundred thousand US Dollars (USD 200,000). The net income of USD 2.661 million has increased the shareholders equity to USD 90.794 million.

 

Liquidity Management
The management of the liquid funds of ICD was entrusted to the treasury department of IsDB.
The investment of the liquid funds follows the stringent guidelines of IsDB as well as conformity with the investment guidelines of ICD. The key objectives of liquid fund management are the preservation of the capital, the conformity with Islamic principles of Shari'a, and a reasonable return.

The maturity profile of the liquid funds under placement takes into account the financial commitments of ICD. The total financing commitment for the nine-month period is thirty five million two hundred and ninety-one thousand US Dollars (USD 35,291,000). The fund available under short-term placement of 1- 3 months was fifty-five million US Dollars (USD 55,000,000) in addition to the five million US Dollars (USD 5,000,000) on call account. These are adequate to meet the approved commitments as well as any commitment that may arise at short notice, due to the dynamic nature of operations in the private sector, to enable ICD execute its financing operations expeditiously.

The bulk of the income (91%) in the first nine-month period is from the management of the liquid funds. The total income from commodity placement amounted to four million and seventy-one thousand seven hundred and thirty US Dollars (USD 4,071,730) and the total funds in the liquid funds management amounted to eighty-three million one hundred and thirty-three thousand US Dollars (USD 83,133,000). This represents a return of 5% on the liquid funds.


Operating Results
The net income for the first nine months of two million six hundred and sixty-one thousand seven hundred and seventy-eight US Dollars (USD 2,661,778) represents a net income margin of 60%. This means that for every 1US Dollar earned, only 40 cents have been utilized to meet the operating cost of ICD.

The total expenses for the nine-month period is USD 1.791 million. These total expenses consist of staff cost of USD 571,699 (32% of the total cost), administrative expenses of USD 637,711 (35% of the total cost), pre-operating expenses of USD 568,113 (32% of the total cost) and depreciation charge of USD 13,768 (1% of the total cost). The conservative accounting policies of ICD required a write-down of the entire pre-operating expenses. The relatively high administrative expenses are due to the costs involved in the organization of the inaugural General Assembly of ICD.

 

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Overview

Share Capital

Liquidity Management

Operating Results


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