Page 164 - Bank-Muamalat-Annual-Report-2021

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

rePort of the

shariah coMMittee

In the name of Allah, The Most Beneficent, The Most Merciful

In compliance with the letter of appointment, we are required to submit the following report:
We have reviewed the principles and the contracts relating to the transactions and applications introduced by the Bank during
the year ended 31 December 2021. We have also conducted our review to form an opinion as to whether the Bank has complied
with the Shariah principles and with the Shariah rulings issued by the Shariah Advisory Council of Bank Negara Malaysia, as well as
Shariah decisions made by us.

The Management of the Bank is primarily responsible to ensure that the Bank conducts its business in accordance with Shariah
principles. It is our responsibility to form an independent opinion, based on our review of the operations of the Bank and to report
to you.

We planned and performed our review by obtaining all the information and explanations which we considered necessary in order to
provide us with sufficient evidence to give reasonable assurance that the Bank has not violated the Shariah principles and to rectify
to our reasonable satisfaction the matters that required improvements toward Shariah compliance.
To the best of our knowledge based on the information provided to us and discussions and decisions transpired and made in the
meetings of or attended by the Shariah Committee of the Bank as have been detailed out in the relevant minutes of meetings and
taking into account the advices and opinions given by the relevant experts, bodies and authorities, we are of the opinion that:
(a) the contracts, transactions and dealings entered into by the Bank during the year ended 31 December 2021 that we have
reviewed are in compliance with the Shariah principles;
(b) the allocation of profit and charging of losses relating to investment accounts conform to the basis that had been approved
by us in accordance with Shariah principles;

(c) all earnings that have been realised from sources or by means prohibited by the Shariah principles have been identified and
excluded from the Bank’s income and were disposed for charitable causes as disclosed in Note 52; and

(d) the financial statements of the Bank for the year ended 31 December 2021 together with the calculation of zakat disclosed to
us are in compliance with Shariah principles.

We, the members of the Shariah Committee of Bank Muamalat Malaysia Berhad, to the best of our knowledge, do hereby confirm
that the overall operations, business, affairs and activities of the Bank for the year ended 31 December 2021 are in compliance with
Shariah principles but it has come to the Shariah Committee’s attention that six (6) Shariah non-compliance events have occurred
and have been rectified, detail as follows:
(i) Delay in allocating the gold in Muamalat Gold-i (Account) due to system error;
(ii) Indication of repurchase term in the first aqad of Bai’ ‘inah;

(iii) Two (2) events related to late payment charges due to system error;
(iv) Two (2) events related to savings account used by customers for Shariah non-compliance purposes.