Page 191 - Bank-Muamalat_Annual-Report-2023

ANNUAL REPORT 2023
OUR NUMBERS

REPORT OF THE SHARIAH COMMITTEE (CONT’D.)
We, the members of the Shariah Committee of Bank Muamalat Malaysia Berhad, to the best of our knowledge, do hereby
confirm that the overall operations, business, affairs and activities of the Bank for the year ended 31 December 2023 are
in compliance with Shariah principles but it has come to the Shariah Committee’s attention that two (2) Shariah
non-compliance events have occurred and have been rectified, detail as follows:

Nature of event Measures undertaken Status
1. Element of profit compounding in restructured - Adjustment to the restructured financing Completed
account amount and issue new Supplementary Letter
of Offer
- Enhancement of process for Rescheduling &
Restructuring account in the respective SOP
2. Absence of Shariah screening process for - Enhanced the process SOP to ensure inclusion Completed
i-PUSH Scheme application which has led the of Shariah screening process
Bank to be involved in facilitating financing to
Shariah non-compliance business - Channeled the fee received to Maslahah
Ammah

We were informed on the causes for the events and noted that the Bank has taken the corrective as well as preventive measures in
order to avoid recurring events in the future. We also confirmed that the events together with the rectification plans were presented
to us and Board of Directors and reported to BNM in accordance with the reporting requirements by the regulator.

Signed on behalf of the Shariah Committee of Bank Muamalat Malaysia Berhad,

Dr. Yusri Mohamad Dr. Mohd Shahid Mohd Noh
Chairman of Shariah Committee Member of Shariah Committee

Kuala Lumpur, Malaysia
29 April 2024

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