Page 141 - Bank-Muamalat-AR2020

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Our Performance Sustainability Statement Our Governance Our Numbers Other Information
Governance

Resignation and Termination of the Shariah Committee For the period of January to December 2020, eleven (11) SC
meetings were held, of which all Shariah decisions were
Where a Shariah Committee member resigns or is disqualified disseminated for further action by relevant business units:
pursuant to the relevant paragraphs in PDSG, Sections 33(2)
and 34(1) of the IFSA impose obligations on the Bank and
the Shariah Committee member to notify the BNM of that Meeting Date
fact and its reason immediately or in any cases no later than
fourteen (14) days of such circumstances. 1 Monthly SC Meeting 2020 30 January 2020
st
For the purpose of the application for termination, the Bank 2 Monthly SC Meeting 2020 19 February 2020
nd
must provide justifications as well as assessment on the
st
performance of such member to BNM. 1 Special SC Meeting 2020 20 April 2020
rd
Negative List 3 Monthly SC Meeting 2020 15 May 2020
th
The Shariah Committee member or his immediate family 4 Monthly SC Meeting 2020 23 July 2020
member must not: 5 Monthly SC Meeting 2020 19 August 2020
th
a. be an executive of the Bank during the tenure of 6 Monthly SC Meeting 2020 29 September 2020
th
his/her appointment or within the last two (2) years of
nd
his/her proposed appointment as a Shariah committee 2 Special SC Meeting 2020 12 October 2020
member;
7 Monthly SC Meeting 2020 28 October 2020
th
b. be a substantial shareholder, executive director or senior rd
officer of the Bank or any of its affiliates; or 3 Special SC Meeting 2020 23 November 2020
8 Monthly SC Meeting 2020 9 December 2020
th
c. have a significant business or other contractual
relationship with the Bank or any of its affiliates within Total 11 meetings
the last two (2) years.
The Shariah Committee member is expected to contribute
Shariah Committee meetings
and allocate adequate time and efforts to discharge his/
The Shariah Committee meetings shall be held at least once her duties effectively. The Shariah Committee member must
in every two (2) months. Meetings shall be held regularly to attend at least 75% of the Shariah Committee meetings held
ensure that: in each financial year. Where necessary, the participation of
the Shariah Committee can be facilitated by way other than
a. the Shariah Committee is kept sufficiently in touch with physical presence, remains the exception rather than the
the business of the Bank; norm, and is subject to appropriate safeguards to preserve
confidentiality of the deliberations.
b. The operations of the Bank are not adversely affected
because of the difficulty in securing the Shariah
Committee’s approval for policy and decision.