Page 279 - Bank-Muamalat-Annual-Report-2021

ANNUAL REPORT 2021 277
SUSTAINABILITY STATEMENT OUR GOVERNANCE OUR NUMBERS OTHER INFORMATION

43. sIGNIfIcANT ReLATeD PARTy TRANsAcTIONs

For the purposes of these financial statements, parties are considered to be related to the Group and the Bank if the Group
or the Bank has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making
financial and operating decisions, or vice versa, or where the Group or the Bank and the party are subject to common control
or common significant influence. Related parties may be individuals or other entities.
The Group and the Bank have related party relationships with its substantial shareholders, subsidiaries and key management
personnel. The Group’s and the Bank’s significant transactions and balances with related parties are as follows:
Group Bank
2021 2020 2021 2020
rM’000 rM’000 rM’000 rM’000

holding company

expenditure
- hibah on deposit 3,127 817 3,127 817
Amounts due to
- deposits 72,512 21,136 72,512 21,136
- Group tax relief* 35,099 - 35,099 -

subsidiaries
Income
- dividend received - - 2,000 3,000
- rental income - - 120 120
- management fee - - 897 843
expenditure
- fund management fee - - 2,135 2,177
- profit sharing incentive - - - 936
- hibah on deposit - - 201 261
Amounts due from
- financing - - 70,148 71,144
Amounts due to
- management fee/profit sharing - - 179 1,120
- deposits - - 15,551 12,790

* Sharing of 70% tax savings utilised by the Bank for year of assessment 2020.