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» 18 Related parties : Insurance House 18 Related parties – Insurance House
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NOTES TO FINANCIAL STATEMENT


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Related parties


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Related parties comprise the major Shareholders, the Board of Directors and key management personnel of the Company and those entities in which they have the ability to control or exercise significant influence in financial and operation decisions. The transactions with these related parties are primarily financing in nature as follows:

  2020 2019
  AED AED
     
Premium and insurance balances receivables    
Shareholder    
Finance House PJSC 816,813 2,396,175
Others    
Finance House LLC 72,390 230,372
Abdul Hamid Umer Taylor 1,840  
Mohamed Abdulla Jumaa Al Qubaisi 1,601
Finance House PJSC on behalf of Finance House

Securities LLC

 

 

128,709

 

891,043

2,756,857

Insurance and other payables    
Shareholder    
Finance House PJSC 5,200,000             –
Others    
FH Capital 572,447 1,000,000
Finance House Securities LLC

962

 

5,773,409

 1,000,000

Investments    
Shareholder    
Finance House PJSC – Sukuks 6,950,000 6,950,000
Finance House PJSC – Quoted investments in equity 4,157,360 3,172,122
Others    
Finance House Securities LLC – Commercial papers

5,000,000

2,000,000

 

16,107,360

12,122,122

Cash and cash equivalents    
Shareholder    
Cash at bank – call account 7,211,257 6,663,241
Cash at banks – current accounts 94,687 15,070,652
Others    
Cash at banks – current accounts

668,973

416,749

 

7,974,917

22,150,642

Tier 1 capital    
Others    
Abdul Hamid Umer Taylor 2,000,000 2,000,000
Abdulmajeed Al Fahim

500,000

500,000

 

2,500,000

2,500,000

Finance House P.J.S.C is one of the major shareholders of the company as of 31 December 2020. FH Capital, Finance House Securities L.L.C and Finance House LLC are subsidiaries of Finance House P.J.S.C.

The Company, in the normal course of business, collects premiums from and settles claims of other businesses that fall within the definition of related parties as contained in IFRS.

The following are the details of significant transactions with related parties:

  2020 2019
  AED AED
Finance House PJSC    
Management fee 5,200,000 2,800,000
Gross premiums written 4,007,808 5,226,860
Fixed deposits placed 89,000,000 15,000,000
Fixed deposits redeemed 69,000,000 15,000,000

Purchase of Sukuk

1,100,000

     
Finance House Securities    
Disposal of shares 14,086,596 8,444,655
Purchase of shares 2,997,765 11,187,699
Interest on investment in commercial paper 137,271 100,625
Gross premiums written 300,433 291,797
Fixed deposits placed 30,000,000
Fixed deposits redeemed

20,000,000

     
Finance House LLC    
Interest on investment in sukuks 521,250 474,875
Interest on Wakala fixed deposit 423,028
Gross premium written

171,170

 

 

FH Capital

   
Consultancy fees

572,447

1,000,000

     
Board of directors    
Remuneration

1,450,000

839,000

     
Gross premiums written    
Mohamed Abdulla Jumaa Al Qubaisi 134,354 121,714
Emirates National Holding LLC 107,066
Finance House LLC

171,170

269,544

 

 

 



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