Page 128 - Bank-Muamalat-Annual-Report-2021

126 BANK MUAMALAT MALAYSIA BERHAD
ABOUT US OUR LEADERSHIP OUR STRATEGY OUR PERFORMANCE

ENSURING

STRONG GOVERNANCE

The Board recognises the vital importance of a sound governance
culture to the continued success of the Group. Our core values
Bank Muamalat underpin our governance culture and emphasise the behaviours that will
Malaysia Berhad enable Bank Muamalat to continue to succeed in what we do. The governance
framework is designed to ensure that the Board, led by the Chairman, is able to
(“Bank Muamalat”)
monitor the sustainability of the business model, performance against strategy
is firmly committed and opportunities and threats as they arise. When reviewing performance against
to high standards of strategy, the Board looks to ensure it continues to align with the Group’s culture
and delivers long-term success to the Group and its stakeholders.
corporate governance
OUR GOVERNANCE FRAMEWORK
and maintaining a
sound framework Our governance framework takes guidance based on the following key statutory
provisions and best practices:
for the control and
management of the a. Companies Act 2016 (“CA 2016”)
Group’s business. b. Islamic Financial Services Act 2013 (“IFSA 2013”)

BOARD RESERVED BOARD OF
BOARD COMMITTEES
MATTERS DIRECTORS

Source of Authority/ Board Nomination & Remuneration Committee (“BNRC”)
Strategy
Roles and Responsibilities
specified in: Provides a formal and transparent procedure for the appointment and remuneration
of directors, PCEO and members of Shariah Committee as well as assessment
Capital and • Board Charter of effectiveness of the Board as a whole, Shariah Committee members and
Finance performance of PCEO and key senior management officers.
• Bank’s Constitution
Board Audit Committee (“BAC”)
Terms of • Terms of References
Reference of each of the Board Ensures the adequacy and integrity of system of internal controls and financial
Committees reporting, compliance with internal policies, procedures and external applicable
rules and regulations. The PCEO and Chief Internal Auditor attend all BAC meetings
Delegation of • Companies Act 2016 as permanent invitees to facilitate deliberation of the issues discussed.
Authority • IFSA 2013
Board Risk Management Committee (“BRMC”)
• BNM Policy Documents Responsible to oversee Management’s activities in managing all risks namely
Appointment and other applicable credit, market, liquidity, operational, legal and other risks and to ensure that the
regulatory requirements
risk management process is in place and functioning. The BRMC is assisted by
the PCEO, Chief Risk Officer, and Chief Compliance Officer who also attend the
Contracts and meeting as permanent invitees.
Transactions

Disclosures
SHARIAH COMMITTEE
Policy
Governing Advises the Board and Management, including the Bank’s subsidiaries and provides
Meetings input to the Bank on Shariah matters in order for the Bank to comply with Shariah
principles at all times. Endorses Shariah policies and procedures prepared by the
Bank and ensures that the contents do not contain any elements which are not in
Legal