Page 188 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

DIRECTORS’
REPORT

DISCLOSURE OF SHARIAH COMMITTEE (CONT’D.)
(i) In the event that the SC delegates any of its responsibilities to any persons or functions:

(i) The Bank must ensure that the mandate, areas of delegated authority and operating procedures are set out clearly
in the SC’s charter and the Bank’s internal policies;
(ii) The Bank must establish reporting arrangements to keep the SC informed of the work, key deliberations and
decisions on the delegated matters; and
(iii) The SC must remain fully accountable for the decisions and any ensuing implications arising from the delegated
responsibility.
(j) To exercise objectivity in coming up with the SC judgement and be free from associations or circumstances that may
impair the exercise of professional objectivity. In fulfilling the responsibility, a SC member must ensure that the
judgement in arriving at a Shariah decision or advice is not affected by other professional commitments.
(k) To devote sufficient time to prepare for and attend SC meetings.

(l) To ensure consistency in providing the SC views and must not act in manner undermine the rulings of the SAC or
any decisions of the SC that they represent.

(m) To disclose the nature and extent of the SC interest that constitutes or gives rise to a conflict or potential conflict of
interest upon the appointment, reappointment or as soon as there is any changes in SC circumstances that may affect
SC status.

(n) To continuously develop a reasonable understanding of the business and operations of the Bank and keep abreast
with relevant market and regulatory developments. The chairman of the SC must lead efforts to manage the SC’s developmental
plans.

ZAKAT OBLIGATIONS

The Bank pays zakat on its business to the state zakat authorities, based on the growth model method as approved by the
Shariah Committee. The Bank does not pay zakat on behalf of the shareholders or depositors, unless upon request by the
shareholders or depositors.

For the year ended 31 December 2023, the Group and the Bank have allocated an amount of RM10.6 million and RM10.3 million
respectively, as provision for zakat on its business.

AUDITORS AND AUDITORS’ REMUNERATION
The auditors’ remuneration related to the statutory audit of the Group and of the Bank for the financial year is RM640,000 and
RM620,000 respectively.
Signed on behalf of the Board in accordance with a resolution of the Board of Directors dated 29 April 2024.

Tan Sri Tajuddin Atan, FCB Roshidah Abdullah
Chairman Director

Kuala Lumpur, Malaysia

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