العائد الإجمالي السنوي للصندوق خلال العشر سنوات الماضية: 22 لتر صلاة أضفه الشروط والأحكام التغييرات الجوهرية تحديث مستندات الصندوق بما يلي: المعلومات. يقر مدير الصندوق بأن مسؤوليات أمين الحفظ لا تشمل ضمان التزام مدير الصندوق بمضمون الفقرات الفرعية (أ، ب، ج) من الفقرة (د-3) من الملحق رقم (5) من لائحة صناديق الاستثمار.
AlAhli Diversified US Dollar Fund ("the Fund") is an open-end Shariah-compliant 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 established under Article 30 of the Investment Funds Regulations (“the Regulations”) issued by the Capital Markets Authority (“CMA”).
BASIS OF ACCOUNTING
The fund offers investors the opportunity to participate in commercial transactions that are in accordance with the principles of Shariah, to invest in sukuk and other mutual funds or instruments that comply with the investment principles of Islamic Shariah. The terms and conditions of the Fund were initially approved by the Saudi Arabian Monetary Authority ("SAMA") and subsequently approved by the CMA through its letter dated 16 December 2008. The Fund is governed by Regulations pursuant to resolution number 3 dated Dhul Hijja 1427H (corresponding to December 24, 2006) amended by Resolution No.
The financial statements have been prepared on a historical cost basis, using the accounting basis and the going concern principle, with the exception of investments measured at fair value through profit or loss (“FVTPL”), which are measured at fair value is included. The Fund does not have a clearly recognizable operating cycle and therefore does not present current and long-term assets and liabilities separately in the balance sheet.
FUNCTIONAL AND PRESENTATION CURRENCY
CHANGES IN FUND’S TERMS AND CONDITIONS
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (continued)
The principal accounting policies applied in the preparation of these financial statements are set out below. Cash equivalents include cash at bank and short-term, highly liquid investments that are readily convertible into known amounts of cash and that are subject to an insignificant risk of changes in value. Receivables without a significant financing component are initially measured at the transaction price and subsequently at their amortized cost using the effective commission rate method.
The allowance for receivables is always measured in an amount equal to expected credit losses over the entire lifetime. The accounting guidelines regarding the initial recognition of financial assets and liabilities are consistent with the previous SSRN and IFRS 9. Financial assets and financial liabilities are recognized when the company becomes a party to the contractual provisions of the instrument.
On initial recognition, the Fund measures a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, the transaction costs that are accrued and attributable directly buying or issuing the financial asset or financial liability, such as fees and commissions. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expenses in the statement of comprehensive income. Immediately after initial recognition, financial assets are subsequently measured at cost less impairment for financial assets measured at amortized cost and at fair value for financial assets held at fair value.
The change in the amount upon subsequent measurement is recognized in the statement of comprehensive income.
SIGNIFICANT ACCOUNTING POLICIES (continued) 3 Financial Instruments (continued)
Business model: The business model reflects how the Fund manages the assets to generate cash flow. That is, whether the Fund's objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If none of these apply (eg financial assets are held for trading purposes), then the financial assets are classified as part of 'other' business model and measured against FVTPL.
Factors considered by the Fund in determining the business model for a group of assets include past experience of how the cash flows for these assets have been raised, how the asset's performance is internally evaluated and reported to key management personnel, how risks are assessed and managed and how managers are compensated. SPPP: Where the business model is to hold assets to collect contractual cash flows or to collect and sell contractual cash flows, the Fund assesses whether the financial instruments' cash flows solely represent payment of principal and profit (the "SPPP" test ). In making this assessment, the Fund considers whether the contractual cash flows are consistent with a basic lending arrangement, i.e.
The Fund reclassifies debt investments when and only when its business model for managing these assets changes. Amortized cost: Assets held to collect contractual cash flows where those cash flows represent only payments of principal and profit (SPPP), and which are not defined in FVTPL, are measured at amortized cost. Fair value through profit or loss (FVTPL): If the cash flows of the debt instrument do not represent only SPPP or if they are not held within the held-to-collect or held-to-collect-and-sell business model, or if it is defined in FVTPL , then it is measured by FVTPL.
The Fund has conducted a detailed analysis of its business models for managing financial assets and analysis of their cash flow characteristics.
- SIGNIFICANT ACCOUNTING POLICIES (continued) 6 Offsetting
- SIGNIFICANT ACCOUNTING POLICIES (continued) 11 Taxation / zakat
- CASH AND CASH EQUIVALENTS
- INVESTMENTS
- UNITS TRANSACTIONS
- RELATED PARTY TRANSACTIONS AND BALANCES
- RELATED PARTY TRANSACTIONS AND BALANCES Transactions with related parties
The Fund estimates that it is unlikely that the debtor will settle his credit obligations to the Fund in full. The fund classifies its financial liabilities according to amortized value, unless it has determined the liabilities according to the fair value of the net profit. The Fund classified the issued financial instruments as financial liabilities or equity instruments in accordance with the content of the instruments' contractual terms.
The issued units of the fund are classified as equity in accordance with IAS 32 and are therefore equal to the residual value of the fund. During the year, the fund entered into the following transactions with related parties as part of its regular operations. These transactions were carried out on the basis of the approved conditions of the Fund.
The Fund Board supervises the Fund Manager and is ultimately responsible for the overall management of the Fund. Currently, all of the fund's investments are in Murabaha deposits and Sukuks, which have a fixed commission rate. Price risk is the risk that the value of the fund's financial instruments will fluctuate as a result of changes in market prices caused by factors other than movements in foreign currency and commission rates.
Price risk arises mainly from the uncertainty regarding the future prices of the financial instruments held by the fund. The Fund is exposed to credit risk for its investment portfolio, receivables and bank balances. The Fund recognizes impairment losses for ECL on financial assets that are debt instruments that are not measured under FVTPL.
Lifetime
The Fund also considers the forward-looking information in its assessment of significant deterioration in credit risk since inception as well as the measurement of ECLs. The table below shows the maximum exposure to credit risk - financial instruments subject to impairment.
Lifetime
The credit quality of the financial assets is managed using the ratings of reliable credit rating agencies. The Fund Manager also reviews the credit concentration of the investment portfolio based on counterparties' geographic locations. The following table explains the changes in the loss allowance of Murabaha contracts and Sukuk carried at amortized cost:.
12-month
Lifetime-
Liquidity risk is the risk that the Fund will not be able to generate sufficient cash resources to meet its obligations in full as they fall due or can only do so on terms that are materially adverse. The Fund's terms and conditions provide for subscription and redemption of units on each Saudi business day and it is therefore exposed to the liquidity risk of meeting unitholder redemptions on these days, which are of a short-term nature. The Fund Manager monitors liquidity requirements by ensuring that sufficient funds are available to meet any obligations as they arise, whether through new subscriptions, liquidation of the investment portfolio or by taking short-term loan facilities obtained by the Fund Manager.
- FIRST-TIME ADOPTION OF IFRS
- STANDARDS ISSUED BUT NOT YET EFFECTIVE
- STANDARDS ISSUED BUT NOT YET EFFECTIVE (continued) (a) Other Amendments
- LAST VALUATION DAY
- APPROVAL OF THE FINANCIAL STATEMENTS
Operational risk is the risk of direct or indirect loss arising from a variety of causes related to the processes, technology and infrastructure that support the Fund's activities either internally or externally at the Fund's service provider and from external factors other than credit, liquidity , currency and market risks such as those arising from the legal and regulatory requirements. The Fund's objective is to manage operational risk to balance the limitation of financial losses and damage to its reputation with the achievement of its investment objective of generating returns to unitholders. As stated in note 2, these are Fund's first financial statements prepared in accordance with IFRS as endorsed in the Kingdom of Saudi Arabia and other standards and rulings issued by SOCPA.
In the preparation of these financial statements, the opening statement of the Fund's financial position was prepared on January 1, 2017, being the date of the Fund's transition to IFRS. In preparing the initial statement of financial position under IFRS, in accordance with IFRS, the Fund has adjusted the amounts previously reported in the financial statements prepared in accordance with the previous GAAP. An explanation of how the transition from previous GAAP to IFRS has affected the Fund's financial position and financial performance is presented in the notes below.
For information about the previous year, the fund has decided to exempt IFRS 9 and IFRS 15 retrospectively. The Fund adopted IFRS 9 as issued by the International Accounting Standards Board in July 2014 with a transition date of January 1, 2018, resulting in adjustments to amounts previously recognized in the financial statements. As permitted by the transitional provisions of IFRS 9, the Fund has decided not to restate comparative figures.
The following are the new standards and amendments to standards are effective for annual years beginning after January 1, 2019 and earlier application is permitted; however, the Fund did not adopt this early in the preparation of these financial statements.
