Page 166 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

SHARIAH
COMMITTEE

RESIGNATION AND TERMINATION OF THE SHARIAH For the period of January to December 2023, 12 Shariah
COMMITTEE Committee meetings were held, of which all Shariah
decisions were disseminated for further action by relevant
Where a Shariah Committee member resigns or is
business units:
disqualified pursuant to the relevant paragraphs in PDSG,
section 33(2) and 34(1) of the IFSA impose obligations
No. Meeting Date
on the Bank and the Shariah Committee member to notify
st
the BNM of that fact and its reason immediately or in any 1. 1 Monthly Meeting 2023 11 January 2023
cases no later than fourteen (14) days of such circumstances. 2. 2 Monthly Meeting 2023 25 January 2023
nd
rd
For the purpose of the application for termination, the Bank 3. 3 Monthly Meeting 2023 23 February 2023
must provide justifications as well as assessment on the 4. 4 Monthly Meeting 2023 8 March 2023
th
performance of such member to BNM.
th
5. 5 Monthly Meeting 2023 22 March 2023
th
6. 6 Monthly Meeting 2023 10 May 2023
NEGATIVE LIST
7. 7 Monthly Meeting 2023 24 May 2023
th
The Shariah Committee member or his immediate family th
8. 8 Monthly Meeting 2023 21 June 2023
member must not:
9. 9 Monthly Meeting 2023 27 July 2023
th
a. be an executive of the Bank during the tenure of 10. 10 Monthly Meeting 2023 14 September 2023
th
his appointment or within the last two (2) years of
11. 11 Monthly Meeting 2023 19 October 2023
th
his proposed appointment as a Shariah committee
th
member; 12. 12 Monthly Meeting 2023 22 November 2023
b. be a substantial shareholder, executive director The Shariah Committee member is expected to contribute
or senior officer of the Bank or any of its affiliates; or and allocate adequate time and efforts to discharge his
duties effectively. The Shariah Committee member must
c. have a significant business or other contractual attend at least 75% of the Shariah Committee meetings held
relationship with the Bank or any of its affiliates in each financial year. Where necessary, the participation of
within the last two (2) years the Shariah Committee can be facilitated by way other than
physical presence, remains the exception rather than the norm,
and is subject to appropriate safeguards to preserve
SHARIAH COMMITTEE MEETINGS
confidentiality of the deliberations.
According to PDSG, the Shariah Committee meetings shall be
held at least once in every two (2) months. Meetings shall be In respect of the quorum for Shariah committee meetings,
held regularly to ensure that: the Bank must ensure that there is a majority of Shariah qualified
members to be present at each meeting. The Bank shall ensure
a. the Shariah Committee is kept sufficiently in touch with that any decision of the Shariah Committee must be made on
the business of the Bank; the basis of simple majority.

b. the operations of the Bank are not adversely The Shariah Committee shall put on record in its report or
affected because of the difficulty in securing the statements directed to the board, its concerns over any
Shariah Committee’s approval for policy and decision. Shariah non-compliance issues.

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