Page 38 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

SHARIAH COMMITTEE CHAIRMAN’S

STATEMENT

In the Name of Allah, the Most Gracious, the Most Merciful

Peace Be Upon You And Mercy of Allah and His Blessings

MAKING ISLAMIC BANKING BETTER

“To Allah alone belongs whatever is in the
heavens and whatever is on the earth.
And to Allah all matters will be returned
for judgment.”
(Surah Ali ‘Imran :109)

Islamic finance products offer unique and sustainable
benefits through the foundational principles of profit
and risk-sharing, which promote equitable income and
wealth distribution, and foster social justice. As social
finance instruments, these provide essential financial
solutions to the underserved and unserved groups,
which significantly impact small businesses and
contribute to the real economy.

As these products are governed by Shariah law, any
breach of Shariah principles results in non-compliance,
rendering contracts void. Thus, as the highest authority
on Shariah at the Bank, the Bank’s Shariah Committee
(SC) plays a vital role to ensure that the Bank’s
activities, business, and operations comply with Shariah
requirements. We are tasked to approve products,
services, documentation and initiatives initiated by
the Bank, ensuring compliance with Shariah principles
in all aspects.

The SC also advises the Bank on developing new
products using various Shariah contracts, providing
Shariah perspectives on various matters upon request,
and at the same time, endeavour to increase public
awareness to promote the adoption of Islamic banking
products and services.

DR. YUSRI MOHAMAD
Chairman, Shariah Committee

36