Page 207 - Bank-Muamalat-Annual-Report-2021

ANNUAL REPORT 2021 205
SUSTAINABILITY STATEMENT OUR GOVERNANCE OUR NUMBERS OTHER INFORMATION

2. sIGNIfIcANT AccOuNTING POLIcIes (cONT’D.)

2.5 significant changes in regulatory requirements (cont’d.)
Measures announced by Bank Negara Malaysia (“BNM”) to assist individuals, small-medium enterprises (“sMes”)
and corporates affected by cOvID-19 (cont’d.)
Credit risk monitoring, stress testing and classification in the Central Credit Reference Information System (“CCRIS”)

The payment assistance/moratorium do not automatically result in a stage transfer under MFRS 9 in the absence of other
factors indication evidence of significant increase in credit risk (“SICR”). The Bank will continue to apply judgement and
perform more holistic assessment of all relevant indicators and information such as historical payment and delinquency
trend in determining SICR.

The financing that are approved under payment assistance on or before 31 December 2021 are exempted to be reported
as rescheduling and restructuring (“R&R”) in CCRIS. However, the Bank is required to report the credit impaired status
consistently with the accounting classification.
Financial management and resilience programme (“URUS”)

Pursuant to the statement issued by the Prime Minister on 13 October 2021, banking industry, represented collectively
by The Association of Banks in Malaysia (“ABM”), Association of Islamic Banking and Financial Institutions Malaysia
(“AIBIM”) and Association of Development Finance Institutions of Malaysia (“ADFIM”) had on 14 October 2021
announced its continued support to individual customers. The Bank has worked alongside with Agensi Kaunseling
dan Pengurusan Kredit (“AKPK”) to offer a comprehensive extended financial assistance scheme called Financial
Management and Resilience Programme (“URUS”).

The scheme is open to individual customers, on application, who are under an existing payment assistance (e.g. Targeted
Payment Assistance, PEMERKASA+, PEMULIH, the Bank’s own rescheduling and restructuring, etc.) as at 31 December
2021 and meet the following criteria:
(i) From B50 income segment i.e. customer with household income of RM5,880 or lower based on definition by the
Department of Statistic of Malaysia;

(ii) Have experience either loss of employment or reduction of income of at least 50%; and
(iii) Whose financing is still performing (not in arrears exceeding 90 days) as at the date of their application.

Under URUS, AKPK will provide the customer with a personalised financial plan that encompass the following
options:

(a) A profit waiver for a period of 3 months, commencing the month following the customer’s on boarding into the
scheme; or

(b) A 3-month profit waiver together with reduced instalments for a period of up to 24 months. This option will also
benefit customers with unsecured personal financing and credit cards.

Individual customers who fulfil the abovementioned criteria can apply for URUS effective 15 November 2021 until 31
January 2022.