Page 184 - Bank-Muamalat-AR2020

182 BANK MUAMALAT MALAYSIA BERHAD About Us Our Leadership Our Strategy
ANNUAL REPORT FY2020

Notes to the fiNaNcial statemeNts

31 December 2020 (16 JamaDil awal 1442h)

1. COrPOrATE INFOrMATION
Bank Muamalat Malaysia Berhad (the “Bank”) is principally engaged in all aspects of Islamic banking business and related
financial services in accordance with Shariah principles.

The principal activities of the subsidiaries are as disclosed in Note 11.
There have been no significant changes in the nature of these activities during the financial year.

The Bank is a licensed Islamic Bank under the Islamic Financial Service Act, 2013 (“IFSA”), incorporated and domiciled in
Malaysia. The registered office of the Bank is located at 30th Floor, Menara Bumiputra, Jalan Melaka, 50100 Kuala Lumpur.

The holding and ultimate holding companies of the Bank are DRB-HICOM Berhad and Etika Strategi Sdn. Bhd. respectively,
both of which are incorporated in Malaysia. DRB-HICOM Berhad, is a public limited liability company listed on the Main
Market of Bursa Malaysia Securities Berhad. DRB-Hicom Berhad holds 70% of the Bank’s shares, whilst the remaining 30% is
held by Khazanah Nasional Berhad.
Following the approval by the Board of Directors, in its resolution dated 1 August 2019, on the change of the financial year
end from 31 March to 31 December, the previous financial period covered in the financial statements was for a period of nine
months from 1 April 2019 to 31 December 2019. Consequently, the comparatives for the statements of profit or loss, statements
of other comprehensive income, statements of changes in equity and statements of cash flows as well as their notes to the
financial statements of the Group and the Bank are not comparable to those of the current financial year ended 31 December
2020.

The financial statements were authorised for issuance by the Board of Directors in accordance with a resolution of the Board of
Directors on 17 March 2021.

2. SIGNIFICANT ACCOuNTING POLICIES

2.1 Basis of preparation

The financial statements of the Bank and its subsidiaries (the “Group”) have been prepared in accordance with the
Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”), and the
requirements of the Companies Act, 2016 in Malaysia.

The financial statements are presented in Ringgit Malaysia (“RM”) and rounded to the nearest thousand (RM’000) except
when otherwise indicated.

The financial statements of the Group and of the Bank are prepared under the historical cost basis, unless otherwise
indicated in the respective accounting policies highlighted in the following pages.
The Group and the Bank present the statements of financial position in order of liquidity.