Page 158 - Bank-Muamalat-Annual-Report-2021

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

Directors’ rePort

Directors’ benefits

Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Bank was
a party, whereby directors might acquire benefits by means of the acquisition of shares in, or debentures of the Bank or any other
body corporate.

Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits
included in the aggregate amount of emoluments received or due and receivable by the directors from or the fixed salary of a full-
time employee of the Bank as shown in Note 35 to the financial statements or from related corporations) by reason of a contract
made by the Bank or a related corporation with any director or with a firm of which he/she is a member, or with a company in which
he/she has a substantial financial interest.

Directors’ inDeMnity
Directors’ liability takaful is in place to protect the directors of the Group and of the Bank against potential costs and liabilities arising
from claims brought against the directors. The Bank has maintained a Directors’ and Officers’ liability takaful up to an aggregate
limit of RM 20.0 million against any liability incurred by the Directors and Officers. The gross amount of takaful premium paid by the
Bank for the directors and officers of Bank Muamalat Malaysia Berhad (“BMMB”) and its subsidiaries for the current financial
year was RM84,000.

other statutory inforMation

(a) Before the statements of profit or loss, statements of comprehensive income and statements of financial position of the Group
and of the Bank were made out, the directors took reasonable steps:

(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance
for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate allowance
had been made for doubtful debts; and

(ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the
ordinary course of business had been written down to an amount which they might be expected so to realise.
(b) As at the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or the
financial statements which would render:
(i) the amount written off for bad debts, or the amount of the allowance for doubtful debts in the financial statements of
the Group and of the Bank inadequate to any substantial extent; and
(ii) the values attributed to current assets in the financial statements of the Group and of the Bank misleading.

(c) As at the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence
to the existing method of valuation of assets or liabilities of the Group and of the Bank misleading or inappropriate.
(d) As at the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or
financial statements of the Group and of the Bank which would render any amount stated in the financial statements
misleading.

(e) As at the date of this report, there does not exist:
(i) any charge on the assets of the Group or of the Bank which has arisen since the end of the financial year which secures
the liabilities of any other person; or

(ii) any contingent liability of the Group and of the Bank which has arisen since the end of the financial year other than those
arising in the normal course of business of the Group and of the Bank.