Page 22 - Bank-Muamalat-AR2020

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

CHAIRMAN’S

STATEMENT

The Bank introduced
the Muamalat
Application Platform
(“MAP”), a financing
application platform
that allows customers to
apply financing online
and track their financial
journey anytime and
anywhere.

Our efforts are guided by Last but not least, an Integrity and Governance unit has been established
Islamic Financial Services Act 2013, within the Bank as a dedicated function to oversee the Bank’s overall
Companies Act 2016 and Policy anti-corruption efforts and enhance integrity as well as promote good
Document on Shariah Governance, workplace conduct.
and are directed to ensure effective,
inclusive and responsive risk and SHAPING STRONGER SAFEGUARDS
governance mechanism. On Shariah
governance requirements, our The Board has intensified the assessment and monitoring of risks,
Shariah Committee ensures that all including thoroughly reviewing the risk assessment processes and risk
banking activities are in line with appetite considerations in addressing the shifting market and regulatory
Shariah principles. Following the developments.
issuance of the new Policy Document
on Shariah Governance that was In strengthening risk management, an Enterprise Risk Management (“ERM”)
effective by 1 April 2020, the Shariah Framework was implemented as a more structured approach towards managing
Committee updated our Shariah risks. It consists of a few framework documents that focus on operational,
Governance framework to be in line credit, market, model risk, technology and Shariah risk framework. Given the
with the new requirements. increased harnessing of technology and digital channels, we also established a
Technology Risk Management Framework (“TRMF”), a structured approach
In July 2020, at Board level, we of defining, evaluating, managing, monitoring and governing technology
have strengthened our Anti-Bribery related risks in the Bank.
and Corruption policy to address
corporate liability issues as required SHAPING FUTURE-READINESS
by Section 17A of the Malaysian
Anti-Corruption Commission Act. The International Monetary Fund (“IMF”) via its April 2021’s World Economic
Additionally, a “No Gift” Policy has Outlook (“WEO”) Update projected the global economy to grow 6.0% in 2021
been adopted to avoid conflict of and 4.4% in 2022, reflecting the expectations of positive impacts of global
interest. COVID-19 vaccination programmes and additional policy support especially in
large world economies.