| Notes forming part of accounts [line items] | | |
| Disclosure of notes and other explanatory information [text block] | | |
| Disclosure of general information about reporting entity [abstract] | | |
| Disclosure of general information about reporting entity [text block] | Saudi Enaya Cooperative Insurance Company (the “Company”) is a Saudi Joint Stock Company incorporated in theKingdom of Saudi Arabia as per the Ministry of Commerce and Industry’s Resolution number 98/Q dated 16 RabiAwwal 1433H (corresponding to 8 February 2012). The Commercial Registration number of the Company is4030223528 dated 27 Rabi Awal 1433H (corresponding to 19 February 2012).The Registered Office address of the Company is:Building No. 8433Prince Sultan Street, Al Rawdah DistrictP.O. Box 3528Jeddah 23435Kingdom of Saudi ArabiaFollowing is the branch of the Company:Branch Commercial Registration Number:Riyadh 1010421871The Company is licensed to conduct insurance business in the Kingdom of Saudi Arabia under cooperative principlesin accordance with Royal Decree No. M/49 dated 27 Rajab 1432H (corresponding to 29 June 2011) pursuant to theCouncil of Ministers’ Resolution No 224 dated 25 Rajab 1432H (corresponding to 27 June 2011). As of the date ofincorporation, the Company is 77% owned by the Saudi shareholders and the general public and 23% owned by non-Saudi shareholders. The Company was listed on the Saudi Stock Exchange (Tadawul) on 27 February 2012.The objective of the Company is to engage in cooperative insurance operations and related activities, includingreinsurance, agencies, representation, correspondence and brokerage, in the Kingdom of Saudi Arabia in accordancewith its Articles of Association, and applicable regulations in the Kingdom of Saudi Arabia. The Company is licensedto underwrite medical insurance only. The Company commenced its commercial operations on 7 January 2013. | 1 |
| Disclosure of basis of preparation of financial statements [text block] | The interim condensed financial statements for the three months and nine-months period ended 30 September2019 have been prepared in accordance with International Accounting Standard 34 - Interim Financial Reporting(“IAS 34”) endorsed in the Kingdom of Saudi Arabia, pursuant to SAMA circular dated 17 July 2019.Until the period ended 31 March 2019, the interim condensed financial statements of the Company were preparedin accordance with the International Accounting Standard - Interim Financial Reporting (“IAS 34”) as modified bySAMA for the accounting of Zakat and income tax.The Company changed its accounting policy for zakat and income tax as mandated by International AccountingStandard 8 – Accounting Policies, Changes in Accounting Estimates and Errors (“IAS 8”). The effects of this changeare disclosed in note 19 to the interim condensed financial statements.The interim condensed financial statement is prepared under the going concern basis and the historical costconvention, except for the measurement of investments at their fair value. The Company’s interim condensedstatement of financial position is not presented using a current / non-current classification. However, the followingbalances would generally be classified as current: cash and cash equivalents, investment in Murabaha deposits,premiums receivable-net, due from reinsurers-net, reinsurers’ share of unearned premiums, deferred policyacquisition costs, deferred excess of loss premiums, prepayments and other assets, due to policyholders, reinsurersand brokers, accrued expenses, unearned premiums and reinsurance commission, outstanding claims and claimsIBNR, provision for premium deficiency reserve, other technical reserves and accrued Zakat. The following balanceswould generally be classified as non-current: outstanding claims, claims IBNR, end-of-service indemnities, relatedparties balances, accrued interest on statutory deposit, investments held at fair value through income statement,available-for-sale investment, goodwill, statutory deposit, property and equipment, and intangible assets.As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts forInsurance Operations and Shareholders’ Operations and presents the financial information accordingly. Assets,liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts.Similarly, in the past, the Company’s interim condensed and annual financial statements presented separately thestatements of financial position, income, comprehensive income and cash flows for the insurance operations andshareholders operations. The basis of allocation of expenses from joint operations is determined and approved bythe management and the Board of Directors.The interim condensed statement of financial position, statements of income and statement of comprehensiveincome and cash flows of the insurance operations and shareholders operations which are presented on pages 24to 31 of the financial statements have been provided as supplementary financial information and to comply with therequirements of the guidelines issued by SAMA implementing regulations. SAMA implementing regulations requiresthe clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholdersoperations. Accordingly, the interim condensed statements of financial position, statements of income,comprehensive income and cash flows prepared for the insurance operations and shareholders operations asreferred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of therespective operations.In preparing the Company-level financial statements in compliance with IFRS, the balances and transactions of theinsurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperationbalances, transactions and unrealised gains or losses, if any, are eliminated in full during amalgamation. Theaccounting policies adopted for the insurance operations and shareholders operations are uniform for liketransactions and events in similar circumstances.The inclusion of separate information of the insurance operations with the financial information of the Company inthe interim condensed statements of financial position, statement of income, statement of comprehensive income,statement of cash flows as well as certain relevant notes to the financial statements represents additionalsupplementary information required as required by the implementing regulations.The interim condensed financial statements do not include all of the information required for full annual financialstatements and should be read in conjunction with the annual financial statements as of and for the year ended 31December 2018.The interim condensed financial statements may not be considered indicative of the expected results for the fullyear.These interim condensed financial statements are expressed in Saudi Arabian Riyals (SAR) and are rounded off tothe nearest thousands. | 2-A |
| Disclosure of statement of compliance [text block] | As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts forInsurance Operations and Shareholders’ Operations and presents the financial information accordingly. Assets,liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts.Similarly, in the past, the Company’s interim condensed and annual financial statements presented separately thestatements of financial position, income, comprehensive income and cash flows for the insurance operations andshareholders operations. The basis of allocation of expenses from joint operations is determined and approved bythe management and the Board of Directors.The interim condensed statement of financial position, statements of income and statement of comprehensiveincome and cash flows of the insurance operations and shareholders operations which are presented on pages 24to 31 of the financial statements have been provided as supplementary financial information and to comply with therequirements of the guidelines issued by SAMA implementing regulations. SAMA implementing regulations requiresthe clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholdersoperations. Accordingly, the interim condensed statements of financial position, statements of income,comprehensive income and cash flows prepared for the insurance operations and shareholders operations asreferred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of therespective operations.In preparing the Company-level financial statements in compliance with IFRS, the balances and transactions of theinsurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperationbalances, transactions and unrealised gains or losses, if any, are eliminated in full during amalgamation. Theaccounting policies adopted for the insurance operations and shareholders operations are uniform for liketransactions and events in similar circumstances. | 2-A |
| Disclosure of new standards and amendments in standards [text block] | The Company has adopted the following new standards, amendments and revisions to existing standards, whichwere issued by the International Accounting Standards Board (IASB):Standard/Amendments DescriptionIFRS 2 Amendments to IFRS 2 Classification and Measurement of share-based Payment transactions.IAS 40 Amendments to IAS 40 Transfers of investment propertyIFRIC 22 Foreign Currency Transactions and Advance considerationIFRIC 23 Uncertainty over Income Tax TreatmentsIFRS 15 Revenue from Contracts with CustomersIFRS 16 LeasesIFRS 1 and IAS 28 Annual Improvements 2016 to IFRS 2014 – 2016 cycle.IFRS 16 - LeasesIFRS 16 replaces IAS 17 ‘Leases’, IFRIC 4 ‘Determining whether an Arrangement contains a Lease’, SIC 15 ‘OperatingLeases-Incentives’ and SIC 27 ‘Evaluating the Substance of Transactions Involving the Legal Form of a Lease’.IFRS 16 ‘Leases’ introduces a single, on-balance sheet accounting model for lessees. A lessee recognises a right-ofuseasset representing its right to use the underlying asset and a lease liability representing its obligation to makelease payments. There are optional exemptions for short-term leases and leases of low-value items. Lessoraccounting remains similar to the current standard – i.e. lessors continue to classify leases as finance or operatingleases.The Company has assessed the impact and concludes that the relevant new standard and interpretations applicableto the Company did not have any significant impact on these interim condensed financial statements.Change in accounting for Zakat and income taxAs mentioned in note 2, the basis of preparation has changed as a result of the issuance of Circular by SAMA, dated17 July 2019. Previously, Zakat and income tax were recognized in the statement of changes in equity under retainedearnings as per the SAMA Circular No. 381000074519 dated 11 April 2017. With the latest instructions issued bySAMA dated 17 July 2019, Zakat and income tax shall be recognized in the statement of income.The Company amended its accounting policy relating to zakat and have started to apply International AccountingStandard – Income Taxes (“IAS 12”) and IFRIC 21 – Levies so far as these relate to Zakat. The Company has accountedfor this change in the accounting policy relating to zakat retrospectively (see note 2) and the effects of the abovechange are disclosed in note 20 to the interim condensed financial statements. The change has resulted in reductionof reported income for the period ended 30 September 2018 by SR 1.8 million. The change has had no impact onthe statement of cash flows for the period ended 30 September 2018.The financial impact of adoption of accounting policy for Deferred tax is not material to the interim condensedfinancial statements, therefore prior period amounts have not been restated. | 3-A |
| Disclosure of issued IFRS not yet adopted [text block] | Standards issued but not yet effective up to the date of issuance of the Company’s interim condensed financialstatements are listed below. The listing is of standards and interpretations issued, which the Company reasonablyexpects to be applicable at a future date. The Company intends to adopt these standards when they are effective.Standard/InterpretationDescriptionEffective from periodsbeginning on or afterthe following dateIFRS 9 Financial Instruments Refer belowIFRS 17 Insurance Contracts (note below) 1 January 2022IFRS 9 and IFRS 17In July 2014, the IASB published IFRS 9 Financial Instruments which will replace IAS 39 Financial Instruments:Recognition and Measurement. The standard incorporates new classification and measurements requirements forfinancial assets, the introduction of an expected credit loss (ECL) impairment model which will replace the incurredloss model of IAS 39, and new hedge accounting requirements. Under IFRS 9: All financial assets will be measured at either amortised cost or fair value. The basis of classification will dependon the business model and the contractual cash flow characteristics of the financial assets. The standard retainsmost of IAS 39’s requirements for financial liabilities except for those designated at fair value through profit orloss whereby that part of the fair value changes attributable to own credit is to be recognised in othercomprehensive income instead of the statement of income. IFRS 9 requires entities to record an allowance for ECLs for all loans and other debt financial assets not held atfair value through statement of income as well we finance lease receivables, together with loan commitmentsand financial guarantee contracts. The allowance is based on the ECLs associated with the probability of defaultin the next twelve months unless there has been a significant increase in credit risk since origination. Under IFRS9, credit losses are recognised earlier than under IAS 39. The hedge accounting requirements are more closely aligned with risk management practices and follow a moreprinciple based approach.In September 2016, the IASB published amendments to IFRS 4 Insurance Contracts that address the accountingconsequences of the application of IFRS 9 to insurers prior to the publication of the forthcoming accounting standardfor insurance contracts. The amendments introduce two options for insurers: the deferral approach and the overlayapproach. The deferral approach provides an entity, if eligible, with a temporary exemption from applying IFRS 9until the earlier of the effective date of a new insurance contract standard or 2022. The overlay approach allows anentity to remove from profit or loss the effects of some of the accounting mismatches that may occur before thenew insurance contracts standard is applied.Under the temporary exemption as introduced by amendments to IFRS 4, the reporting entities whose activitiespredominantly relate to “insurance” can defer the implementation of IFRS 9. The Company having assessed theimplications and has concluded to defer the implementation of IFRS 9 until a later date which will not be later than1 January 2022.The impact of the adoption of IFRS 9 on the Company’s interim condensed financial statements will, to a large extent,have to take into account the interaction with the forthcoming insurance contracts standard. As such, it is notpossible to fully assess the effect of the adoption of IFRS 9. | 3-B |
| Disclosure of critical accounting judgements, estimates and assumptions, general [text block] | The preparation of interim condensed financial statements requires management to make judgments, estimatesand assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities,income and expense. Actual results may differ from these estimates.In preparing these interim condensed financial statements, the significant judgments made by management inapplying the Company’s accounting policies and the key sources of estimation uncertainty including the riskmanagement policies were the same as those that applied to the annual financial statements as at and for the yearended 31 December 2018. | 2-b |
| Disclosure of going concern [text block] | On 8 May 2018, the Company announced on Tadawul that as on 31 March 2018, the Company’s accumulated lossesreached 74.5% of its share capital. Further, on 10 June 2018, in an Extraordinary General Assembly Meeting, it wasresolved to reduce the Company’s share capital from SR 200 million to SR 100 million. Accordingly, the Companyabsorbed SR 100 million of accumulated losses against its share capital of 10 million shares. As of 30 June 2018 and30 September 2018, Company’s accumulated losses represents 26.19% and 23.08% of the share capital, respectively.On 27 May 2018, the Company received a letter from SAMA regarding non-compliance with the solvencyrequirement. As at 31 December 2018, the Company is not in full compliance with Article 66 of SAMA InsuranceImplementing Regulations in relation to its solvency requirements. Further, SAMA instructed the Company to hirean independent consultant within 15 working days to perform a detailed review over the weaknesses andobservations identified and update SAMA weekly on the progress. The Company has submitted the report asreceived from independent consultant to SAMA regarding the improvement in solvency requirement.On 18 July 2018, the Company received a letter from SAMA indicating issues concerning the risk assessmentprocedures, corporate governance, contingency planning and internal control environment among other things.Further, SAMA instructed the Company to hire an independent consultant within 15 working days to perform adetailed review over the weaknesses and observations identified and to provide final report from the consultant toSAMA within 60 working days from the date of the original letter. The Company has taken necessary actions tocomply with SAMA’s letter and has appointed the consultant to report on deficiencies in risk assessment procedures,corporate governance and other related matters. On 18 October 2018, the Company has submitted the report asreceived from consultant to SAMA. On 12 December 2018, in an extra ordinary general meeting, the shareholders’approved to increase the share capital by SR 200 million through right issue. On 24 December 2018, the right issueprocedures had finalized and the Company received the increased share capital on 16 January 2019. On 24 January2019, the Company received a letter from SAMA uplifting the suspension on underwriting business.During the period ended 30 September 2019, the Company has suffered losses amounting to SR 79.976 million thatresulted in an increase of accumulated losses reaching 41.56% of the Share Capital of SR 300 million. The Company’smanagement is in the process of preparing a business plan to rectify the capital position. The Management isconfident that the Company’s operations shall continue for foreseeable future. | 4 |
| Disclosure of other general disclosures about reporting entity [text block] | There are no seasonal changes that may affect insurance operations of the Company. | 2-c |
| Disclosure of summary of significant accounting policies [abstract] | | |
| Disclosure of summary of significant accounting policies, general comment [text block] | The accounting policies adopted by the Company for the preparation of these interim condensed financialstatements are in accordance with International Financial Reporting Standards (IFRS) as endorsed in the Kingdom ofSaudi Arabia and are consistent with those used for the preparation of the annual financial statements for the yearended 31 December 2018 and new amended IFRS and International Financial Reporting Interpretations CommitteeInterpretations (IFRIC) as mentioned in note 3(a) which had no impact on the financial position or financialperformance of the Company. Certain comparative amounts have been reclassified / regrouped to conform with thecurrent period’s presentation. This did not have any impact on interim condensed statement of changes inshareholders’ equity for the period. | 3 |
| Description of accounting policy for time (murabaha) deposit [text block] | Murabaha deposits having original maturity of more than three months but less than a year, amounting to SR 80,902thousand (2018: SR 82,882 thousand), which are held in Saudi Arabian Riyals in the Kingdom of Saudi Arabia, arepresented in the statement of financial position of the shareholders separately. As of 30 September 2019, thedeposit carrying commission rates ranges from 1.9% to 3.1% (31 December 2018: 1.9% to 3.1%). | 6 |
| Description of accounting policy for statutory deposit [text block] | As required by the Saudi Arabian Insurance Regulations, the Company deposited an amount equivalent to 10% of itspaid up share capital, amounting to SR 30 million (31 December 2018: SR 30 million), in a bank designated by SAMA.This statutory deposit cannot be withdrawn without the consent of SAMA, and commission accruing on this depositis payable to SAMA. On 10 June 2018, the Company has reduced its share capital by SR 100 million (note 16) but hasnot withdrawn the surplus statutory deposit of SR 15 million as of 31 December 2018. On 16 January 2019, theCompany has increased its share capital by SR 200 million and on 25 April 2019 placed an additional depositamounting to SR 15 million. Therefore, the statutory deposit reached to SR 45 million equivalent to 15% of its paidup share capital. | 9 |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of zakat [text block] | a. Charge for the period / yearThe differences between the financial and the Zakatable results are mainly due to certain adjustments in accordancewith the relevant fiscal regulations.Movements in provision during the period / year 30 September2019(Unaudited)31 December2018(Audited)SAR’000Balance at the beginning of the period / year 10,698 8,298Charge for the period / year 1,800 2,400Balance at the end of the period / year 12,498 10,698As the Company has incurred a loss during the nine-months period ended 30 September 2019, and in previous years,no provision has been established in respect of income tax in these interim condensed financial statements.b. Status of zakat assessmentsThe Company has filed its Zakat and tax return for the first twelve month period ended 30 June 2012 with the GeneralAuthority of Zakat and Tax (“GAZT”). The Company has also filed its Zakat and income tax return for the long periodfrom 8 February 2012 to 31 December 2013 and for the years from 2014 to 2017 and obtained restricted zakatcertificates. The Company has submitted its Zakat and income tax return for the year ended 31 December 2018.The GAZT issued final assessment for the years 2011 to 2014 with an additional Zakat liability of SR 12.545 million.The Company has filed an appeal against such assessment. The Company submitted an appeal against the GAZTtreatment and is confident of a favourable outcome. Accordingly, no provision has been established in this regard inthese financial statements.During 2017, the Company filed an appeal to the Appellate Committee for Zakat and Tax Appeal (“ACZTA”) againstthe Preliminary Objection Committee’s (“POC”) decision for the years 2011 through 2014 and lodged a bankguarantee of SR 12.545 million, with respect to additional zakat liability.Zakat base has been computed based on the Company’s understanding of the zakat regulations enforced in theKingdom of Saudi Arabia. The Zakat regulations in Saudi Arabia are subject to different interpretations, and theassessments to be raised by the GAZT could be different from the declarations filed by the Company. The Zakat isapplicable on 81% of the shareholders’ while Income Tax on 19% of the shareholders’. | 15 |
| Disclosure of classes of share capital [text block] | As at 30 September 2019, the authorized, subscribed and paid up share capital of the Company was SR 300 million,divided into 30 million shares of SR 10 each.On 12 December 2018, the shareholders in extra ordinary general meeting approved the increase of Share Capitalby SR 200 million through right issue by offering 2 shares for every 1 share held by the shareholder. The right shareprocedures had finalized and the capital deposited on 16 January 2019. The Company incurred transaction cost ofSR 5.40 million in respect to the increase in share capital, which has charged directly to the Statement of Changes inEquity as at 31 December 2018. As of the date of approval of these Interim Condensed financial statements, theCompany has finalized the legal formalities included updated of Company Commercial Registration Certificate, bylawsamongst others legal formalities. | 16 |
| Disclosure of technical reserve for insurance/takaful/reinsurance/retakaful operations [text block] | 10.1 Net outstanding claims and reservesNet outstanding claims and reserves comprise of the following:30 September2019(Unaudited)SAR’00031 December2018(Audited)SAR’000Outstanding claims reserve 1 9,339 44,408Claims Incurred but not reported 16,086 15,94335,425 60,351Premium deficiency reserve 16,219 2,441Other technical reserves 1,288 57252,932 63,364Less:- Reinsurer share of outstanding claims reserve (725) (5,857)- Reinsurer share of claims incurred but not reported (411) (2,103)- Reinsurer share of premium deficiency reserve - (610)(1,136) (8,570)Net outstanding claims and reserves 51,796 54,79410.2 Movement in unearned premiums Movement in unearned premiums comprise of the following:Nine-months period ended 30 September 2019(Unaudited)Gross Reinsurance NetSAR’000Balance as at the beginning of the period 20,338 - 20,338Premium written during the period 118,012 - 118,012Premium earned during the period (63,317) - (63,317)Balance as at the end of the period 75,033 - 75,033Year ended 31 December 2018(Audited)Gross Reinsurance NetSAR’000Balance as at the beginning of the year 148,377 - 148,377Premium written during the year 138,244 (22,358) 115,886Premium earned during the year (266,283) 22,358 (243,925)Balance as at the end of the year 20,338 - 20,338 | 10 |
| Disclosure of earnings per share [text block] | Loss per share for the period has been calculated by dividing the net income/ (loss) for the period by the weightedaverage number of issued and outstanding shares for the period.A) The weighted average number of shares has been retrospectively adjusted for prior period to reflect thebonus element of right share issue as required by IAS 33 “Earnings per share” as follows:Nine-months period ended30 September2019(Unaudited)30 September2018(Unaudited)SAR’000Issued ordinary shares as at 1 January 10,000 10,000Effect of bonus element of right share issue - 5,673Effect of right share issue 19,213 -Weighted average number of ordinary shares 29,213 15,673The weighted average number of ordinary shares for prior period is computed using an adjustment factor of 1.57which is a ratio of the theoretical ex-rights price of SR 13.96 per ordinary share and the closing price of SR 21.88 perordinary share on the last day on which the shares were traded before the right issue.B) The basic and diluted loss per share is calculated as follows:Nine-months period ended30 September2019(Unaudited)30 September2018(Unaudited)SAR’000Net loss for the period (79,976) (78,005)Weighted average number of ordinary shares 29,213 15,673Basic and diluted loss per share (SR) – Restated (2.74) (4.98 | 18 |
| Disclosure of related party transactions [text block] | Related parties represent major shareholders, directors and key management personnel of the Company, andcompanies of which they are principal owners and any other entities controlled, jointly controlled or significantlyinfluenced by them. Pricing policies and terms of these transactions are approved by the Company’s managementand Board of Directors. The following are the details of the major related party transactions during the period andthe related balances:Nature oftransactionsTransactions for thenine-months period endedBalance receivable / (payable) asat30 September 30 September 30 September 31 December2019 2018 2019 2018(Unaudited) (Unaudited) (Unaudited) (Audited)SAR’000Major shareholdersMunich Re Other recoveries (net) - - 794 1,587Entities controlled, jointly controlledor significantly influenced by relatedpartiesRelated parties of Juffali Group(affiliates)Insurance premiumwritten 2,208 2,602 2,091 1,911Claims paid 2,676 3,043 - -Purchase of computerequipment, licenses,vehicles and otherservices 329 27 - -Commission paid 100 180 - -Related parties of Dr. Soliman FakeehGroup– (affiliates)Insurance premiumwritten 20,059 - 17,388 -Claims paid 3,328 - (2,324) -The compensation of key management personnel during the nine-months period is as follows:30 September2019(Unaudited)30 September2018(Unaudited)SAR’000Salaries and other allowances 2,678 3,054End of service indemnities 97 1132,775 3,167 | 14 |
| Disclosure of entity's operating segments [text block] | The Company only issues insurance contracts for providing health care services (‘medical insurance’) and all theinsurance operations of the Company are carried out in the Kingdom of Saudi Arabia. The insurance operations arebeing monitored by management under one segment; hence no separate information is required. | 13 |
| Disclosure of capital management [text block] | Objectives are set by the Company to maintain healthy capital ratios in order to support its business objectives andmaximize shareholders’ value.The Company manages its capital requirements by assessing shortfalls between reported and required capital levelson a regular basis. Adjustments to current capital levels are made in light of changes in market conditions and riskcharacteristics of the Company’s activities. In order to maintain or adjust the capital structure, the Company mayadjust the amount of dividends paid to shareholders or issue shares. In the opinion of the Board of Directors thatthe Company has fully complied with the externally imposed capital requirements during the reported financialperiod.On 12 Ramadan 1439H, corresponding to 27 May 2018, the Company received a letter from Saudi Arabian MonetaryAuthority (SAMA) regarding the suspension of underwriting of new or renewal of existing medical policies. SAMAalso required the Company to appoint an approved advisor to study the reasons for the weak financial position andrecommend solutions to improve the situation. The Company has submitted the report as issued by the appointedconsultant as required by SAMA.On 24 January 2019, the Company received a letter from SAMA uplifting the ban on underwriting business. | 17 |
| Disclosure of commitments and contingencies, general [text block] | a. The Company’s commitments and contingencies are as follows:30 September2019(Unaudited)SAR’00031 December2018(Audited)SAR’000Letters of guarantee 12,545 13,045Total 12,545 13,045b. There were no capital commitments outstanding as at 30 September 2019 (31 December 2018:Nil).c. As at 30 September 2019, the Company has a letter of guarantee amounting to SR 12.545 million(31 December 2018: SR 12.545 million) in favour of General Authority of Zakat and Tax (GAZT),which is secured against the Company Murabaha deposit of SR 14 million (31 December 2018: SR14 million) with Saudi Arabian British Bank (SABB) | 11 |
| Disclosure of fair value of financial assets and liabilities [text block] | Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderlytransaction between market participants at the measurement date. The fair value measurement is basedon the presumption that the transaction takes place either:- in the accessible principal market for the asset or liability, or- in the absence of a principal market, in the most advantages accessible market for the asset orliabilityThe fair values of on-balance sheet financial instruments are not significantly different from their carryingamounts included in the interim condensed (consolidated) financial information.Determination of fair value and fair value hierarchyThe Company uses the following hierarchy for determining and disclosing the fair value of financialinstruments:Level 1: quoted prices in active markets for the same or identical instrument that an entity can access atthe measurement date;Level 2: quoted prices in active markets for similar assets and liabilities or other valuation techniques forwhich all significant inputs are based on observable market data; andLevel 3: valuation techniques for which any significant input is not based on observable market data.a. Carrying amounts and fair valueThe following table shows the carrying amount and fair values of financial assets and financial liabilities,including their levels in the fair value hierarchy for financial instruments measured at fair value. It doesnot include fair value information for financial assets and financial liabilities not measured at fair value ifthe carrying amount is a reasonable approximation to fair value.a. Carrying amounts and fair valueShareholders’ Operations Fair valueCarryingvalue Level 1 Level 2 Level 3 TotalSAR’00030 September 2019 (Unaudited)Financial assets measured at fair value- Investments held as FVSI 7,873 7,873 - - 7,8737,873 7,873 - - 7,873Financial assets not measured at fair value- Held to maturity investments 60,130 - 60,862 - 60,862- Murabaha deposits 80,902 - - 82,567 82,567141,032 - 60,862 82,567 143,429Shareholders’ Operations Fair valueCarryingvalue Level 1 Level 2 Level 3 TotalSAR’00031 December 2018 (Audited)Financial assets measured at fair value- Investments held as FVSI 7,695 7,695 - - 7,6957,695 7,695 - - 7,695Financial assets not measured at fair value- Held to maturity investments 5,000 - 5,008 - 5,008- Murabaha deposits 82,882 - - 83,724 83,72487,882 - 5,008 83,724 88,732 | 12 |
| Disclosure of comparative figures [text block] | 20. COMPARATIVE FIGURES A) Zakat As mentioned under note 2, the basis of preparation has changed as a result of the issuance on the new Circular bySAMA. The change in the accounting treatment for Zakat (as explained in note 3) has the following impact on theline items of the statements of income, comprehensive income and changes in shareholders’ equity:As at and for the three-months period ended 30 September 2018:AccountFinancial statement impactedBalancepreviouslyreportedEffect ofrestatementBalancerestatedSR’000 SR’000 SR’000Zakat Interim condensed statement ofincome -(600)(600)Net income for the periodInterim condensed statement ofincome 3,708(600)3,108income per share for the periodInterim condensed statement ofincome 0.24(0.04)0.20ZakatInterim condensed statement ofchanges in shareholders’ equity (600)600-Total comprehensive incomefor the yearInterim condensed statementsof comprehensive income andchanges in shareholders’ equity3,708(600)3,108As at and for the nine-months period ended 30 September 2018:AccountFinancial statement impactedBalancepreviouslyreportedEffect ofrestatementBalancerestatedSR’000 SR’000 SR’000Zakat Interim condensed statementof income -- (1,800) (1,800)Net loss for the period Interim condensed statementof income (76,205) (1,800) (78,005)Loss per share for theperiodInterim condensed statementof income (4.86) (0.12) (4.98)Zakat Interim condensed statementof changes in shareholders’equity(1,800) (1,800) -Total comprehensiveloss for the yearInterim condensed statementsof comprehensive income andchanges in shareholders’equity(76,205) (1,800) (78,005) | 20 |
| Disclosure of board of director's approval of the financial statements [text block] | The interim condensed financial statements have been approved by the Board of Directors, on 6 Rabi Al-Awwal1441H, corresponding to 3 November 2019. | 21 |
