Page 190 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

REPORT OF THE

SHARIAH COMMITTEE

In the name of Allah, The Most Beneficent, The Most Merciful
In compliance with the letter of appointment, we are required to submit the following report:

We have reviewed the principles and the contracts relating to the transactions and applications introduced by the Bank during
the year ended 31 December 2023. We have also conducted our review to form an opinion as to whether the Bank has
complied with the Shariah principles and with the Shariah rulings issued by the Shariah Advisory Council of Bank Negara Malaysia
and Securities Commission Malaysia, as well as Shariah decisions made by us.
We, the members of the Shariah Committee as established under the Bank, are responsible to assist the Board in the
oversight and management of Shariah matters in the operation of the Bank. Although the Board is ultimately responsible and
accountable for all Shariah matters under the Bank, the Board relies on our independent advice on the same.
The Management of the Bank is primarily responsible to ensure that the Bank conducts its business in accordance with
Shariah principles. It is our responsibility to form an independent opinion, based on our review of the operations of the Bank
and to report to you.

We planned and performed our review by obtaining all the information and explanations which we considered necessary in
order to provide us with sufficient evidence to give reasonable assurance that the Bank has not violated the Shariah principles
and to rectify to our reasonable satisfaction the matters that required improvements toward Shariah compliance.

To the best of our knowledge based on the information provided to us and discussions and decisions transpired and made
in the meetings of or attended by the Shariah Committee of the Bank as have been detailed out in the relevant minutes of
meetings and taking into account the advices and opinions given by the relevant experts, bodies and authorities, we are of
the opinion that:
(a) the contracts, transactions and dealings entered into by the Bank during the year ended 31 December 2023 that we have
reviewed are in compliance with the Shariah principles;
(b) the allocation of profit and charging of losses relating to investment accounts conform to the basis that had been
approved by us in accordance with Shariah principles;

(c) all earnings that have been realised from sources or by means prohibited by the Shariah principles have been identified
and excluded from the Bank’s income and were disposed for charitable causes; and

(d) the financial statements of the Bank for the year ended 31 December 2023 together with the calculation of zakat disclosed to
us are in compliance with Shariah principles.

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