Page 49 - Agib Bank Limited Annual Report 2021

Stage 1 Stage 2 Stage 3 Total
12-month Lifetime Lifetime
ECL ECL ECL
D'000 D'000 D'000 D'000

Total amount guaranteed as at 31 January 890,135 890,135
2021
Changes in amount guaranteed
––Transfer to stage 1 - -
––Transfer to stage 2 - -
––Transfer to stage 3 - -
––Changes due to modifications that did not result - -
in derecognition
New financial assets originated or purchased (97,076) (97,076)
Financial assets that have been derecognised - -
Write off - -

Other changes
Gross carrying amount as at 31 December 2021 793,059
793,059

Collateral held as security and other credit deeds/ property, other registered securities over
enhancements assets, and guarantees. Estimates of fair value are
based on the value of collateral assessed at the
The Bank holds collateral or other credit time of borrowing, and generally are not updated
enhancements to mitigate credit risk associated except when a loan is individually assessed as
with financial assets. The Bank did not hold any impaired. Collateral is not normally held for
financial instrument for which no loss allowance is advances to banks, except when securities are
recognised because of collateral at 31st December, held as part of reverse repurchase and securities
2021. The Bank holds collateral against account borrowing activity.
receivables from customers in the form of Title

An estimate of the fair value of collateral and other security enhancements held against financial assets is shown
below. It must however be noted that collateral values of impaired loans are at cash flows of the forced sale
values less estimated costs of sale as discounted to present values:

Islamic Finance
to customers to banks
2021 2020 2021 2020

Against individually impaired
Property 120,000 90,970 - -
Other - - - -
Against collectively impaired
Property 136,250 228,821 - -
Other - - - -
Against past due but not impaired
Property 321,600 264,333 -
Other - - - -
Against neither past due nor impaired Annual Report and IFRS Financial Statements
Property 1,742,727 836,222 - -
Other - - - -
Total 2,320,577 1,420,346 - -

Agib Bank Annual Report 2021 www.agib.gm 49