Page 37 - Bank-Muamalat-Annual-Report-2021

ANNUAL REPORT 2021 35
SUSTAINABILITY STATEMENT OUR GOVERNANCE OUR NUMBERS OTHER INFORMATION

Allah SWT says, meaning: “…Help Rasulullah SAW says, meaning: “The upper hand is better than
one another in acts of piety and the lower hand, the upper hand being the one that gives and the
righteousness. And do not assist lower being the one that receives”
each other in acts of sinfulness and (Sahih Muslim 1033)
transgression, and be aware of Allah.
Verily, Allah is severe in punishment"
ADVANCING THE BANK’S VALUE DRIVEN JOURNEY
(Surah al-Maidah: 2)
The quote above inspires and guides the SC in our day to day decision
making and our support of the Bank’s VBI agenda. As we continue to expand
THE YEAR IN FOCUS the impact of Islamic finance, we actively advise the Bank on introducing
products based on financial support and inclusion that aim to sustainable
In FY2021, the SC’s role and responsibilities has economic impact specifically for B40 and asnaf (Zakat eligible) communities.
been further enhanced through a review and While fulfilling our role to ensure every activity of the Bank complies with
update of the Shariah Committee Charter in Shariah requirements, the SC will play a stronger part in building inclusivity
order to enhance roles and responsibilities of by offering new products and initiatives to meet more diverse customer
the SC and expand our involvement in governance preferences and demands. Customer satisfaction and fairness in services or
and innovation. The Charter has been refined to charges will be another area looked into as the SC continuously provides
awareness to the public on Islamic banking and finance to increase the
include Shariah Committee development and
succession plan. With the development plan number of Islamic banking customers.
in place, the SC is expected to have a better Towards this end, we have extended our scope to include system
understanding of the business and operations enhancements to improve online communication platforms reach and
of the Bank and to keep abreast with relevant accessibility, reduce human intervention and error, and continue to ensure the
market and regulatory developments. Due to new Bank maintains robust processes and policies on Shariah compliance.
requirements on nine years' of service by each
SC for the same Islamic Financial Institution, the Another core commitment of the SC is to increase Shariah awareness and
Bank has developed a succession plan to ensure understanding among the Bank’s employees in order to raise the quality
that the appointment and reappointment of SC of information and service imparted to customers. To this end, 16 Shariah
training programmes, conducted internally by the Shariah Department,
is a smooth transition process that is completed were organised in 2021. A total of 700 participants, mostly newly recruited
within the stipulated period.
and sale staff, benefitted from these programmes. A Shariah e-learning
module was also launched with nearly all of the Bank's employees
The enhanced role of the SC has also led to participating. Further, the Shariah Department conducted three Shariah
dynamic explorations of a variety of product e-Tests.
offerings through varied contracts available
such as Mudarabah, and paved the way forward
for the development of the Bank’s iTEKAD Rasulullah SAW says, meaning: "How wonderful is the case of
Mawaddah social support product through
two-tier Mudarabah contract, and optimised believer, there is good for him in everything and this applies only
the zakat fund for training and halal certification. to a believer. If prosperity attends him, he expresses gratitude
We also supported research from the Shariah to Allah and that is good for him; and if adversity befalls him, he
Department in proposing alternative contracts endures it patiently and that is better for him."
and products other than tawarruq. (Sahih Muslim 2999)
During the year, the SC also continued to provide
approval on new products initiated by the Bank APPRECIATION & ACKNOWLEDGEMENTS
as well as on payment assistance programmes
rendered to customers affected by pandemic. The SC’s strength is made up of the integrity, competency and commitment
of our members. I am thankful to lead a team of true professionals who
The following new products and services were are dedicated to the cause of uplifting Shariah governance and innovation
approved by the SC in FY2021: for the benefit of all.
I would like to take this opportunity to express the SC’s gratitude to
iTEKAD Mawaddah Dr. Wan Marhaini Wan Ahmad and Prof. Madya Dr. Mohamad Sabri Haron
for their excellent contribution and commitment up until the end of their
EasiGold term of service on 31 March. In their place we bid a warm welcome to
Muamalat Excess Payment Dr. Ahmad Zakirullah Mohamed Shaarani and Dr. Muhamad Azhari Wahid
who joined us on 1 April 2021.
Collateralised Commodity Murabahah
Insya-Allah, may our sincere intentions and positive action build a future of
Dana Sukuk Muamalat Invest 1, 2 sustainability and shared progress for all stakeholders.
Wakaf Prihatin Hibah product Thank you and regards,

Hj. Azizi Che Seman
Chairman, Shariah Committee