Deloitte & Touche Ernst & Young Bakr Abulkhair & Co. P.O. Box 1994 P.O. Box 442 Jeddah 21441 Jeddah 21411 Saudi Arabia Saudi Arabia

FINANCIAL STATEMENTS
DELOITTE & TOUCHE

BAKR ABULKHAIR & CO.
P.O. Box 442
Jeddah 21411
Saudi Arabia
ERNST & YOUNG

P.O. Box 1994
Jeddah 21441
Saudi Arabia
ISLAMIC BANKS PORTFOLIO

FOR INVESTMENT AND DEVELOPMENT
31 December 2004
WITH
AUDITORS REPORT
IDB ANNUAL REPORT 1425H
271

31 December 2004
CONTENTS
Page
272
Auditors Report
273
Statement of Net Assets
274
Statement of Operations
275
Statement of Cash Flows
276
Statement of Changes in Net Assets
277
Statement of Portfolio Investments, Receivables and Financing
278
Statement of Financial Highlights
279
Notes to the Financial Statements
280-291
DELOITTE & TOUCHE

P.O. Box 442
Jeddah 21411
Saudi Arabia
ERNST & YOUNG

P.O. Box 1994
Jeddah 21441
Saudi Arabia
AUDITORS REPORT
Your Excellencies the Chairman and Members of the Board of Governors

Islamic Development Bank
We have audited the accompanying statement of net assets of Islamic Banks Portfolio for Investment and Development
(the Portfolio) as of 31 December 2004, and the related statements of operations, cash ows, changes in net assets,
portfolio investments, receivables and nancing and of nancial highlights for the year then ended. These nancial
statements and the Portfolios undertaking to operate in accordance with Islamic Shariah are the responsibility of
the Portfolios management. Our responsibility is to express an opinion on these nancial statements based on our
audit.
We conducted our audit in accordance with auditing standards for Islamic Financial Institutions. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the nancial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the nancial statements. An audit also includes assessing the accounting principles used and signicant
estimates made by management, as well as evaluating the overall nancial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the nancial statements referred to above present fairly, in all material respects, the nancial position of
Islamic Banks Portfolio for Investment and Development as of 31 December 2004, and the results of its operations and
its cash ows for the year then ended in accordance with the Financial Accounting Standards issued by the Accounting
and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Shariah rules and principles as
determined by the Shariah Board of the Portfolio.
We also note that the Portfolio has followed other accounting standards with respect to accounting measurement,
recognition, presentation and disclosure matters not covered by the AAOIFI standards, which are disclosed in note
2(a).
For DELOITTE & TOUCHE
For ERNST & YOUNG
Dr. Abdullah A. Baeshen

Registration No. 66
Al-Mutahhar Y. Hamiduddin
Registration No. 296
17 Safar, 1426H
27 March, 2005
273

STATEMENT OF NET ASSETS
31 December 2004
Notes
ASSETS
Cash and cash equivalents
Investments:
Islamic Ijarah Sukuk
IDB - Unit Investment Fund
Mudaraba funds
Ijarah Muntahia Bittamleek, net
Receivables:
Murabaha, net
Instalment sales
Istisnaa
Accrued income and other assets
Total Portfolios assets
Net assets nanced by variable capital
Total assets
LIABILITIES
Payable to Islamic Development Bank - Ordinary Capital
Resources
Dividends payable
Accruals and other liabilities
Total liabilities
NET ASSETS
REPRESENTED BY
FIXED CAPITAL FUNDS
Paid-up capital
Reserve
Retained earnings
Total xed capital funds
VARIABLE CAPITAL FUNDS
Paid-up capital
Retained earnings
Total variable capital funds
Number of shares outstanding, xed capital funds
Net assets per share (USD), xed capital funds
(In Thousands of Islamic Dinars)

2004
2003
3, 13
26,258
34,992
4
5, 13
13
6
15,625
10,937
2,202
28,948
15,625
15,937
2,127
38,591
31,021
574
4,442
4,849
124,856
11
124,867
12,876
865
1,964
3,431
126,408
11
126,419
8, 13
15,857
17,822
10
2,187
535
18,579
106,288
1,738
786
20,346
106,073
11
10
100,000
6,277
106,277
100,000
6,062
106,062
11
11
11
106,288
100,000
1,063
11
11
106,073
100,000
1,061
The nancial statements were authorized for issue in accordance with a resolution of the Board of Executive
Directors on 17 Safar, 1426H (27 March, 2005).
The attached notes from 1 through 17 form an integral part of these nancial statements.
274

STATEMENT OF OPERATIONS
For the year ended 31 December 2004
(In thousands of United States Dollars)
Note
INCOME
Income from cash and cash equivalents
2004
2003
181
207
436
395
74
9,936
367
503
64
7,704
846
53
220
145
74
12,179
767
76
60
288
9,829
(8,110)
102
(55)
(8,063)
4,116
4,297
(645)
3,652
(6,192)
(109)
(6,301)
3,528
3,735
(560)
3,175
Income from investments, sales and nancing:

Investments:
Mudaraba funds
Ijarah Muntahia Bittamleek
Sales:
Murabaha transactions
Instalment sales
Istisnaa
Mudaraba fees
Other income
Total income from investments, sales and nancing
EXPENSES
Depreciation expense
Impairment reversal
Other expenses
Net income from investments, sales and nancing
Net income before Mudaribs share
Less: Mudaribs share
INCREASE IN NET ASSETS AFTER MUDARIBS SHARE
275

STATEMENT OF CASH FLOWS
2004
2003
4,297
3,735
8,110
12,407
6,192
9,927
(18,145)
291
(2,478)
(1,418)
(1,965)
(251)
(11,559)
(645)
(12,204)
17,230
266
(1,964)
(2,349)
629
17,288
548
41,575
(560)
41,015
5,000
1,533
(75)
6,458
(219)
(5,625)
(17,106)
(127)
(23,077)
(2,988)
(2,988)
(8,734)
34,992
26,258
(629)
(5,482)
(6,111)
11,827
23,165
34,992
2,187
1,738
OPERATING ACTIVITIES
Increase in net assets before Mudaribs share
Adjustments for:
Depreciation
Changes in operating assets and liabilities:
Murabaha receivable
Instalment sales receivable
Istisnaa receivable
Variable capital nanced net assets
Payable to Islamic Development Bank - Ordinary Capital Resources
Cash (used in)/from operations
Mudaribs Fee
Net cash (used in)/provided by operating activities
INVESTING ACTIVITIES
Net decrease/(increase) in investment in IDB - Unit Investment Fund
Net increase in investment in Islamic Ijarah Sukuk
Net decrease/(increase) in Ijarah Muntahia Bittamleek
Net increase in Mudaraba funds
Net cash provided by/(used in) investing activities
FINANCING ACTIVITIES
Change in variable capital funds
Dividends paid
Net cash used in nancing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Supplemental Schedule on Non-Cash Items
Dividends payable
276

STATEMENT OF CHANGES IN NET ASSETS
Paid-up capital
Balance at 31
December 2002
Net income for
the year
Increase in net
assets for the year
Appropriations:
Transfer to
reserve
Dividends
Balance at 31
December 2003
Increase in net
assets for the year
Appropriations:
Transfer to
reserve
Dividends
Balance at 31
December 2004
Reserve
Retained earnings
Total
Variable
Grand
Total
Fixed
Variable
Fixed
Variable
Fixed
Variable
Fixed
100,000
5,875
2,932
640
108,807
11
11
11
3,175
3,175
3,175
187
(187)
100,000
6,062
(5,920)
-
(640)
11
(5,920)
106,062
3,652
3,652
3,652
215
(215)
100,000
6,277
(3,437)
-
11
(3,437)
106,277
640 109,447
(640) (6,560)
11 106,073
(3,437)
11 106,288
277

STATEMENT OF PORTFOLIO
INVESTMENTS, RECEIVABLES AND FINANCING
31 December 2004
2004
Percentage
of portfolio
2003
Percentage
of portfolio
INVESTMENTS
Mudaraba funds
Ijarah Muntahia Bittamleek, net
RECEIVABLES
15,625
10,937
2,202
28,948
17%
12%
2%
31%
15,625
15,937
2,127
38,591
18%
18%
2%
44%
Murabaha, net
Instalment sales
Istisnaa
TOTAL INVESTMENTS, RECEIVABLES
AND FINANCING
31,021
574
4,442
93,749
33%
1%
4%
100%
12,876
865
1,964
87,985
15%
1%
2%
100%
278

STATEMENT OF FINANCIAL HIGHLIGHTS
31 December 2004
Data per share (In United States Dollars)
Net assets value (xed capital funds) at the beginning of the year
Net income from investments, sales and nancing before Mudaribs share
Less: Mubaribs share
Net income from investment, sales and nancing after Mudaribs share
Distribution to shareholders:
From net prots on investments, sales and nancing
Total distributions
Net assets value (xed capital funds) at the end of the year
Financial ratios/supplementary data (thousands of United States Dollars)
Total net assets at the end of the year
Average net assets*
Ratio of expenses to average net assets
Turnover rate of portfolio investments, receivables and nancing
Annual rate of return
2004
2003
1,061
43
(6)
37
1,088
37
(5)
32
(35)
(35)
1,063
(59)
(59)
1,061
106,277
107,370
8%
13%
3%
106,062
108,068
6%
11%
3%
*The average net assets is calculated on a simple average basis using quarter-end net asset balances.
279

NOTES TO FINANCIAL STATEMENTS
31 December 2004
1.
INCORPORATION AND ACTIVITIES
Islamic Banks Portfolio for Investment and Development (the Portfolio) is a trust fund established under Article 23
of the Articles of Agreement of Islamic Development Bank (the Bank or IDB) and pursuant to the Memorandum
of Understanding signed by the Islamic banks in 1407H (1987). The objective of the Portfolio is to mobilize the
liquidity available with Islamic banks and nancial institutions and the savings of investors and channel them to
nance trade of Islamic countries in accordance with the principles of Shariah.
The Bank consults on behalf of the Portfolio, the Islamic Fiqh Academy, an institution established by the Organization
of the Islamic Conference, to obtain Shariah advice. During 1422H (2001), the Bank also established its own Shariah
Advisory Board.
The Bank manages the Portfolio as a Mudarib based upon the regulations of the Portfolio. The Portfolio has a
Participants Committee chosen by the founding member banks of the Portfolio. This committee oversees the actions
of the Mudarib and the general policies of the Portfolio.
The duration of the Portfolio is 25 years. This period may be extended by equal periods. The Portfolio may be
liquidated at any time by the Bank and with approval of the Participants Committee.
The Portfolio carries out its business activities through the Banks headquarters in Jeddah, Saudi Arabia.
As a trust fund of the Bank, the Portfolio is not subject to an external regulatory authority.
The nancial statements of the Portfolio are expressed in thousands of United States dollars. All disbursements on
operations are made in United States dollars and all repayments are payable in United States dollars.
2.
SIGNIFICANT ACCOUNTING POLICIES
The signicant accounting policies adopted in the preparation of the nancial statements are set out below:
a)
Basis of preparation
The nancial statements are prepared in accordance with Article 12 of the Financial Regulations of the Portfolio
and with the Financial Accounting Standards issued by the Accounting and Auditing Organization for Islamic
Financial Institutions (AAOIFI) and the Shariah rules and principles as determined by the Shariah Board of
the Portfolio. For matters which are not covered by AAOIFI standards, the Portfolio uses the relevant standard
issued or adopted by the International Acccounting Standards Board (the IASB) and the relevant interpretation
issued by the International Financial Reporting Interpretations Committee of the IASB.
The nancial statements are prepared under the historical cost convention as modied for the measurement at
fair value of available-for-sale investments.
280
b)
Foreign currencies
Transactions in foreign currencies are translated into United States dollars by applying exchange rates ruling
at the dates of such transactions. Assets and liabilities denominated in foreign currencies are retranslated into
United States dollars at the rate of exchange ruling at the date of the statement of net assets. Realized and
unrealized gains or losses on exchange are credited or charged to the statement of operations.
c)
Revenue recognition
1. Cash and cash equivalents
Income from liquid funds is recognized when such income is earned. Income from short-term commodity
transactions is accrued evenly over the period from the actual disbursement date of the funds to the date
of maturity.
2. Investments
Income from investment in Islamic Ijarah Sukuk is recognized as declared by the investee banks
includes accretions of any discounts, net of amortization of any premium on acquisition.
and
Income from investment in IDB - Unit Investment Fund is recognized when dividends are declared.
Income from investment in Mudaraba funds is recognized when such income is earned.
Revenue from Ijarah Muntahia Bittamleek is allocated proportionately to the nancial periods over the
lease term.
3. Operations
Income from Murabaha and instalment sales nancing is accrued on a time apportionment basis over the
period from the actual disbursement of the funds to the scheduled repayment of instalments.
Income from Istisnaa is recognized using the percentage of completion method. The percentage of
completion is determined based on the proportion of the cost incurred to date to the total cost of the
project.
d)
Cash and cash equivalents comprise balances with maturities of less than 90 days from the date of acquisition and
represent short-term investments with banks.
e)
Financial contracts
Financial contracts consist of Murabaha, Instalment sales and Istisnaa receivable, Mudaraba nancing and Musharaka
nancing. Balances relating to these contracts are stated at the cost of goods sold or disbursements made to the
beneciaries plus income recognized by the Portfolio to the statement of net assets date, less repayments received.
281
f)
The investment in IDB - Unit Investment Fund is held as available-for-sale and is initially recorded at cost and
remeasured at fair value. Unrealized gains are reported as a separate component of equity until the investment is
derecognized. On derecognition the cumulative gain previously reported in equity is included in the statement of
operations for the year.
g)
The investment in Islamic Ijarah Sukuk is held to maturity and is carried at amortised cost, less provision for impairment
in value. Amortised cost is calculated by taking into account any discount or premium on acquisition.
h)
Ijarah Muntahia Bittamleek
This represents assets purchased by the Portfolio either individually or as a part of a syndication with other nancial
institutions or entities and leased to beneciaries for their use under Ijarah Muntahia Bittamleek agreements whereby
the ownership of the assets is transferred to the beneciaries at the end of lease term and the completion of all
payments under the agreement. The assets are stated at their acquisition cost less accumulated depreciation up to the
date of the statement of net assets. The assets are depreciated using the straight-line method over the related lease
period. No depreciation expense is recorded in respect of assets not yet put to use.
i)
Variable capital, net assets and income
The variable capital is subscribed and called to nance specic operations identied by the Portfolio. Net assets
nanced by variable capital represent the assets nanced by the variable capital for these operations, net of specic
liabilities. As the assets are realized, the proceeds will be used to redeem the variable capital contributed for their
acquisition.
Income from assets nanced by variable capital is recognized on the same basis as that applicable to various modes of
nancing as explained in these accounting policies and is included, net of expenses, as part of retained earnings of the
variable capital to be distributed based on the Regulations of the Portfolio.
j)
Reserve
In accordance with the Regulations of the Portfolio, 5% of net income before Mudaribs share is transferred annually
at the year-end to a reserve account, which is not available for distribution. No transfer to reserve is made in respect
of income arising from restricted assets nanced by variable capital.
k)
Impairment of nancial assets
Impairment of receivable from operations:

The Portfolio determines its provision for the receivable from operations based on an assessment of collectibility
risks in the receivable from operations. The provision is periodically adjusted based on a review of the prevailing
circumstances. The assessment of the impairment is made on a case-by-case basis and long-term historical experience
of the Portfolio. In order to determine the adequacy of the provision, the Portfolio considers the net present value of
the expected future cash ows discounted at the nancial instruments implicit rate of return.
282
Adjustments to the provision are recorded as a charge or addition to income.

Impairment of other nancial assets:
An assessment is made at each statement of net assets date to determine whether there is objective evidence that a
nancial asset or a group of nancial assets may be impaired. The amount of the impairment losses for nancial assets
carried at amortised cost is calculated as the difference between the assets carrying amount and its fair value.
For nancial assets carried at amortised cost, the carrying amount of the asset is adjusted either directly or through the
use of an allowance account and the amount of the adjustment is included in the statement of operations.
3.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at 31 December comprise the following:

Liquid funds with Islamic banks
2004
26,258
2003
34,992
Liquid funds maintained with Islamic banks are utilized by the respective banks in the purchase and sale of commodities.
Such funds are maintained to meet approved investment operations.
4.
ISLAMIC IJARAH SUKUK
This represents investments held to maturity. The fair value of Islamic Ijara Sukuk approximates their carrying value
at 31 December 2004 and 2003.
5.
IDB - UNIT INVESTMENT FUND
The Portfolio has an investment in IDB - Unit Investment Fund (the Fund), which was established by the Bank as a
trust fund. The Bank manages the Fund as a Mudarib in accordance with the regulations of the Fund.
The Portfolio was a founding member of the Fund and in 1413H (1993) it increased its holdings to a level of 28.6%
of the issued units. At 31 December 2004, the Portfolio owned 3.3% of the issued units of the Fund (4.9% at 31
December 2003). The fair value of the Fund at 31 December 2004 and 2003 approximates its cost.
283
6.
IJARAH MUNTAHIA BITTAMLEEK, NET
Ijarah Muntahia Bittamleek at 31 December comprises the following:
Cost:
Assets not in use:
At the beginning of the year
Additions during the year
Transferred to assets in use during the year
At the end of the year
Assets in use:
Transferred from assets not in use during the year
Transferred to beneciaries during the year
Accumulated depreciation:
Charged during the year
Transferred during the year
Balance at the end of the year

2004
2003
6,362
2,519
(5,068)
3,813
13,979
17,106
(24,723)
6,362
44,346
5,068
(8,347)
41,067
19,623
24,723
44,346
(12,117)
(8,110)
4,295
(15,932)
28,948
(5,925)
(6,192)
(12,117)
38,591
Certain of the assets referred to above represent the Portfolios share in the lease pool.
Future instalments receivable related to Ijarah Muntahia Bittamleek at 31 December are estimated as follows:

Ijarah operations in Egypt
Ijarah operations in Saudi Arabia
Ijarah operations in Brunei
Ijarah operations in Algeria
Ijarah operations in Sudan
Ijarah operations in Lebanon
Ijarah operations in Iran
Ijarah operations in Pakistan
Ijarah operations in United Arab Emirates
Ijarah operations in Turkey
Total
284
2004
2,356
6,515
3,722
3,814
4,232
3,076
4,588
5,093
833
34,229
2003
4,738
8,608
4,148
889
7,427
3,462
4,322
2,777
4,792
958
42,121
The precise amount of receivable for any year is only known prior to the commencement of the year, as the rentals
are determined annually based on prevailing London Inter Bank Offered Rates (LIBOR). The above amounts are
approximated based on estimated LIBOR.
7.
MURABAHA RECEIVABLES, NET
Murabaha receivables at 31 December comprise the following:

2004
32,316
(985)
(310)
31,021
Gross amounts receivable

Less: Unearned income
Provision for impairment
Murabaha receivables, net
2003
13,606
(334)
(396)
12,876
All goods purchased for resale under Murabaha contracts are made on the basis of specic purchase for resale to the
subsequent customer. The promise of the customer is considered to be binding and any loss suffered by the Portfolio,
as a result of default by the customer prior to the sale of goods, would be made good by the customer.
8.
PAYABLE TO ISLAMIC DEVELOPMENT BANK - ORDINARY CAPITAL RESOURCES
Payable to the Bank at 31 December comprises the following:

2004
645
15,212
15,857
Mudaribs share of prot (see note 10)

Short-term advances and inter-fund account
Total
2003
560
17,262
17,822
From time to time, the Bank makes advances for operations on behalf of the Portfolio. If these advances are outstanding
for more than ve days, the Portfolio compensates the Bank with its earnings on investments in short-term commodity
transactions for the period to repayment. The net charge to the Portfolio for the years ended 31 December 2004 and
2003 were nominal.
9.
NET ASSETS FINANCED BY VARIABLE CAPITAL
Net assets nanced by variable capital at 31 December comprise the following:

Total assets
Less: Accrued expenses and other liabilities
Net assets nanced by variable capital
2004
30
30
(19)
11
2003
30
30
(19)
11
285
The above net assets nanced are represented by the balance of retained earnings of the variable capital representing
net income retained in previous years.
10.
DISTRIBUTION OF NET INCOME
In accordance with the Participants Committees resolution number IBP/PC/Spl/3/24 adopted in a special meeting
held on 27 October 2003, the Regulations of the Portfolio were amended and the Mudarib fee was increased to 15% of
the Portfolios net income. Accordingly, the net income for each nancial year will be distributed as follows:
Mudaribs share of prot (for managing the Portfolio)
Transfer to reserve (non-distributable)
Dividends
15 %
5%
80 %
It was further resolved to introduce a stratied Mudarib fee over and above the 15% if the Portfolios return on equity
exceeds benchmarks based on the 12 months LIBOR, with a corresponding reduction in the rate of dividends.
Based on legal interpretation of its regulations, which was obtained from the Bank, the Portfolio makes no transfer to
reserve in respect of prots arising from assets nanced by variable capital.
11.
CAPITAL
Capital at 31 December comprises the following:

2004
2003
200,000
100,000
200,000
100,000
280,000
179,533
(132,089)
47,444
(47,444)
-
280,000
179,533
(132,089)
47,444
(47,444)
-
Fixed capital
Authorized
Issued, subscribed, called and paid-up
Variable capital
Authorized
Issued and subscribed
Capital not yet called
Capital called
Capital redeemed
Paid-up variable capital
At its meeting held on 10 Shaaban 1421H (6 November 2000), the Participants Committee approved an increase in
the authorized xed capital from US$ 100 million to US$ 200 million.
12.
THE PORTFOLIOS ROLE AS A MUDARIB
The Portfolio, in its own name and as a Mudarib, makes investments which are co-nanced by other institutions. The
Portfolio is entitled to an agreed share of prot from such investments, which is reected in the statement of operations
as Mudaraba fees, in addition to any share of prot attributable to its own investments.
286
Such investments consist of Mudaraba, Ijarah and Murabaha agreements to nance operations in Islamic countries.
The co-nanciers are liable to risks in the proportion of their respective investments. Accordingly, these investments,
which relate to co-nanciers, are not included in the accompanying nancial statements.
13.
RELATED PARTY TRANSACTIONS
In the ordinary course of its activities, the Portfolio transacts business with certain participants and/or their afliates.
The terms of these transactions are approved by the Portfolios management. The resulting balances from such
transactions are included in the statement of net assets as follows:

Cash and cash equivalents:
Shamil Bank of Bahrain
Investment:
Al Baraka Group - Mudaraba funds
Payable to the Bank:
Current account
As Mudaribs share of prot
2004
2003
26,251
34,985
10,937
2,202
15,937
2,127
15,212
(645)
(17,262)
(560)
287
14.
CONTRACTUAL MATURITIES OF ASSETS AND LIABILITIES
The contractual maturities of the Portfolios assets and liabilities according to their respective periods to maturity or
expected periods to cash conversion at 31 December are as follows:

2004
Maturity period determined
Less than 1
1 to 12
1 to 5
Over 5
month
months
years
years
Maturity
period not
determined
Total
12,790
2,777
15,567
10,937
10,937
26,258
57,712
36,037
4,849
124,856
2003
Maturity period determined
Less than 1
1 to 12
1 to 5
Over 5
month
months
years
years
15,857
2,187
535
18,579
Assets
Investments
Receivables
Liabilities
Payable in cash:
Payable to the Bank
Dividends payable
Total Portfolios liabilities
Assets
Investments
Receivables
Liabilities
Payable in cash:
Payable to the Bank
Dividends payable
Total Portfolios liabilities
288
26,258
427
2,088
28,773
13,162
24,660
4,849
42,671
15,857
15,857
2,187
535
2,722
20,396
6,512
26,908
Maturity
period not
determined
Total
34,992
2,072
273
37,337
5,777
12,960
3,431
22,168
40,021
1,244
41,265
8,473
1,228
9,701
15,937
15,937
34,992
72,280
15,705
3,431
126,408
17,822
1,738
786
20,346
17,822
1,738
786
20,346
15.
CONCENTRATION OF ASSETS
An analysis of the Portfolios assets by industry at 31 December is as follows:

Investments
Receivables
Total assets

Investments
Receivables
Total assets
Public
utilities
Transport
14,022
5,118
19,140
7,998
3,053
11,051
Public
utilities
Transport
19,743
19,743
7,566
7,566
2004
Industry
Social
and
services
mining
6,928
14,008
574
20,936
574
2003
Industry
Social
and
services
mining
11,282
2,828
11,282
2,828
Other
Total
26,258
28,764
13,284
4,849
73,155
26,258
57,712
36,037
4,849
124,856
Other
Total
34,992
33,689
12,877
3,431
84,989
34,992
72,280
15,705
3,431
126,408
289
15.
CONCENTRATION OF ASSETS (CONTINUED)
The geographical locations of the Portfolios assets at 31 December are as follows:
Saudi Arabia
Bahrain
Egypt
Bangladesh
Turkey
Lebanon
Iran
Morocco
Jordan
Malaysia
Kazakhistan
Algeria
Sudan
Brunei
Qatar
United Arab Emirates
Pakistan
Tunisia
Total assets
290
Cash and cash

equivalents
26,258
26,258
Investments
16,168
5,625
1,077
2,977
2,561
4,525
5,000
3,814
2,967
3,627
5,000
4,371
57,712
2004
Receivables
6,776
10,109
7,183
3,053
574
4,442
3,900
36,037
Total
22,944
31,883
1,077
10,109
10,160
2,561
7,578
5,000
574
3,814
2,967
3,627
9,442
4,371
3,900
120,007
4,849
124,856
15.
CONCENTRATION OF ASSETS (CONTINUED)

2003
Saudi Arabia
Bahrain
Egypt
Bangladesh
Turkey
Lebanon
Iran
Morocco
Jordan
Malaysia
Kazakhistan
Algeria
Sudan
Brunei
Qatar
United Arab Emirates
Pakistan
Tunisia
Cash and cash

equivalents
34,992
34,992
Investments
5,773
491
5,365
(8)
(2)
864
1,964
1,258
15,705
Total
29,023
40,617
3,396
491
8,435
3,028
4,322
(8)
(2)
5,000
864
2,041
5,870
4,112
6,964
4,789
2,777
1,258
122,977
3,431
Total assets
126,408
16.
23,250
5,625
3,396
3,070
3,028
4,322
5,000
2,041
5,870
4,112
5,000
4,789
2,777
72,280
Receivables
ZAKAT AND TAX
Any liability for zakat and income tax is the responsibility of the individual participants.
17.
COMMITMENTS
At 31 December 2004, undisbursed commitments for investing in operations and other investments amount to US$
69.6 million (US$ 57.1 million at 31 December 2003).
291

Deloitte & Touche Ernst & Young Bakr Abulkhair & Co. P.O. Box 1994 P.O. Box 442 Jeddah 21441 Jeddah 21411 Saudi Arabia Saudi Arabia

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FINANCIAL STATEMENTS

DELOITTE & TOUCHE

ERNST & YOUNG

ISLAMIC BANKS PORTFOLIO

IDB ANNUAL REPORT 1425H

ISLAMIC BANKS PORTFOLIO

Statement of Net Assets

Statement of Cash Flows

Statement of Changes in Net Assets

Statement of Portfolio Investments, Receivables and Financing

Statement of Financial Highlights

Notes to the Financial Statements

IDB ANNUAL REPORT 1425H

DELOITTE & TOUCHE

ERNST & YOUNG

Your Excellencies the Chairman and Members of the Board of Governors

For ERNST & YOUNG

Dr. Abdullah A. Baeshen

IDB ANNUAL REPORT 1425H

ISLAMIC BANKS PORTFOLIO

(In Thousands of Islamic Dinars)

IDB ANNUAL REPORT 1425H

ISLAMIC BANKS PORTFOLIO

Income from investments, sales and nancing:

ISLAMIC BANKS PORTFOLIO

IDB ANNUAL REPORT 1425H

ISLAMIC BANKS PORTFOLIO

ISLAMIC BANKS PORTFOLIO

IDB ANNUAL REPORT 1425H

ISLAMIC BANKS PORTFOLIO

ISLAMIC BANKS PORTFOLIO

INCORPORATION AND ACTIVITIES

SIGNIFICANT ACCOUNTING POLICIES

IDB ANNUAL REPORT 1425H

Cash and cash equivalents

IDB ANNUAL REPORT 1425H

IDB - Unit Investment Fund

Islamic Ijarah Sukuk

Ijarah Muntahia Bittamleek

Variable capital, net assets and income

Impairment of nancial assets

Impairment of receivable from operations:

IDB ANNUAL REPORT 1425H

Adjustments to the provision are recorded as a charge or addition to income.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents at 31 December comprise the following:

(In thousands of United States Dollars)

ISLAMIC IJARAH SUKUK

IDB - UNIT INVESTMENT FUND

IDB ANNUAL REPORT 1425H

IJARAH MUNTAHIA BITTAMLEEK, NET

Ijarah Muntahia Bittamleek at 31 December comprises the following:

(In thousands of United States Dollars)

(In thousands of United States Dollars)

IDB ANNUAL REPORT 1425H

MURABAHA RECEIVABLES, NET

Murabaha receivables at 31 December comprise the following:

(In thousands of United States Dollars)

Gross amounts receivable

PAYABLE TO ISLAMIC DEVELOPMENT BANK - ORDINARY CAPITAL RESOURCES

Payable to the Bank at 31 December comprises the following:

(In thousands of United States Dollars)

Mudaribs share of prot (see note 10)