Page 206 - Bank-Muamalat-Annual-Report-2021

204 bank MuaMalat Malaysia berhaD
ABOUT US OUR LEADERSHIP OUR STRATEGY OUR PERFORMANCE

NOTES TO THE FINANCIAL STATEMENTS
31 DECEMbEr 2021 (26 JAMADIL AwAL 1443H)

2. sIGNIfIcANT AccOuNTING POLIcIes (cONT’D.)

2.4 changes in accounting policies and disclosures
The significant accounting policies and methods of computation applied by the Group and the Bank are consistent with
those adopted in the most recent audited financial statements for the financial year ended 31 December 2020 except
for adoption of the following MFRS and Interpretations of the Issues Committee (“IC Interpretations”) during the current
financial year with effective dates as follows:
effective for annual periods
Description beginning on or after

Amendments to MFRS 4, MFRS 7, MFRS 9, MFRS 16 and MFRS 139 Interest Rate 1 January 2021
Benchmark Reform - (Phase 2)
Amendment to MFRS 16 Leases: Covid-19-Related Rent Concessions beyond 1 April 2021
30 June 2021

The adoption of the MFRS and IC Interpretations above does not have material impact to the financial statements of
the Group and the Bank.

2.5 significant changes in regulatory requirements
Measures announced by Bank Negara Malaysia (“BNM”) to assist individuals, small-medium enterprises (“sMes”)
and corporates affected by cOvID-19
During the financial year ended 31 December 2021, BNM had announced the extension of various COVID-19 assistance
programmes which aimed to support economy at large and provide relief to all affected individuals, SMEs and
corporations. The support measures include the following:

Targeted payment assistance (“TRA”) and moratorium
(i) Targeted payment assistance under Program Strategik Memperkasa Rakyat dan Ekonomi Tambahan
(“PEMERKASA+”)
TRA under PEMERKASA+ was announced on 31 May 2021. The TRA was applicable to all customers who have
lost their employment, B40 customers registered under Bantuan Sara Hidup (“BSH”) or Bantuan Prihatin Rakyat
(“BPR”), SMEs and microenterprises with financing facilities not more than RM150,000 whose financing were
approved on or before 30 June 2021 and not in arrears for more than 90 days. All these affected customers may
opt for 3-month deferment of instalment or a 50% reduction in their monthly instalment payment for a period of
6 months.
(ii) Six-month moratorium under Perlindungan Rakyat dan Pemulihan Ekonomi (“PEMULIH”)

The six-month moratorium under PEMULIH was announced on 28 June 2021. The moratorium applies to ringgit
and foreign currency denominated financing approved on or before 30 June 2021, not in arrears exceeding 90
days and customers must not be adjudicated bankrupts or under bankruptcy proceedings. All individuals, SMEs
and microenterprises may opt for 6-month deferment of instalment or 50% reduction in their monthly instalment
payment for a period of 6 months. There will be no compounding of profit and any penalty profit during the
moratorium period.

The payment assistance/moratorium did not automatically result in stage transfer under MFRS 9 in the absence
of other factors relevant to the assessment. The financial impact of the moratorium is reflected at the financing
income of the Bank (see Notes 27(a) and 29(a)).