Page 208 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

NOTES TO THE

FINANCIAL STATEMENTS
31 DECEMBER 2023 (18 JAMADIL AKHIR 1445H)

CORPORATE INFORMATION
The Bank is a licensed Islamic Bank under the Islamic Financial Services Act, 2013 (“IFSA”), incorporated and domiciled in
Malaysia. The registered office of the Bank is located at 30th Floor, Menara Bumiputra, Jalan Melaka, 50100 Kuala Lumpur.
The Bank is principally engaged in Islamic banking business and the provision of related financial services. The principal activities of
the subsidiaries are disclosed in Note 11 to the financial statements.

There has been no significant change in the nature of these activities during the financial year.
The holding and ultimate holding companies of the Bank are DRB-HICOM Berhad and Etika Strategi Sdn. Bhd. respectively,
both of which are incorporated in Malaysia. DRB-HICOM Berhad, is a public limited liability company listed on the Main
Market of Bursa Malaysia Securities Berhad. DRB-HICOM Berhad holds 70% of the Bank’s shares, whilst the remaining 30%
is held by Khazanah Nasional Berhad.

The financial statements were authorised for issuance by the Board of Directors in accordance with a resolution of the Board
of Directors on 29 April 2024.

1. BASIS OF PREPARATION
1.1 Statement of compliance

The financial statements of the Bank and its subsidiaries (“the Group”) have been prepared in accordance with
the Malaysian Financial Reporting Standards (“MFRS”), IFRS Accounting Standards as issued by the International
Accounting Standards Board (“IFRS Accounting Standards”) and the requirements of the Companies Act 2016
in Malaysia.

The following are accounting standards, interpretations and amendments of the MFRSs that have been issued by the
Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and the Bank:

MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2024
- Amendments to MFRS 16, Leases – Lease Liability in a Sale and Leaseback
- Amendments to MFRS 101, Presentation of Financial Statements – Non-current Liabilities with Covenants and
Classification of Liabilities as Current or Non-current
- Amendments to MFRS 107, Statement of Cash Flows and MFRS 7, Financial Instruments: Disclosures –
Supplier Finance Arrangements

MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2025
- Amendments to MFRS 121, The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability

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