Page 39 - Bank-Muamalat_Annual-Report-2023

ANNUAL REPORT 2023
MESSAGE FROM LEADERSHIP

THE YEAR IN FOCUS Towards this end, SC helped the Bank progress on its
VBI journey during the year by actively advising the Bank
on introducing products based on financial support and
Allah SWT says: “Help one another in acts of piety inclusion, aiming to generate sustainable economic impact,
and righteousness. And do not assist each other in especially for the B40 and asnaf (Zakat-eligible) communities.
acts of sinfulness and transgression. Be aware of Notably, we initiated the development of social welfare
Allah. Verily, Allah is severe in punishment.” products like iTEKAD Mahabbah, offered to asnaf (zakat
beneficiaries) and B40 through the i-PUSH scheme.
(Surah al-Maidah: 2)

FUTURE OBJECTIVES AND ACKNOWLEDGEMENTS
In FY2023, as part of the RISE26+ strategy to develop
Bank Muamalat as an Islamic Bank for All, the SC played a
vital role in advising the Bank on the development of new Rasulullah SAW says: “I am amazed by the believer.
products, services, and initiatives to diversify our offerings. If he is granted goodness, he praises Allah and is
Towards this end, the SC actively supported the development grateful. If he is afflicted with a calamity, he praises
of products applying Shariah contracts other than Tawarruq Allah and is patient. The believer is rewarded for
to reduce contract concentration. This encompassed every matter, even lifting a morsel of food to his
contributing ideas and solutions to address the challenges wife’s mouth.”
faced; guiding the Bank in researching and exploring new
(Musnad Ahmad 1495)
innovative products and services that meet market demand; and
encouraging digitalisation while ensuring Shariah compliance.
Looking ahead, the SC aims to guide the Bank in exploring
Further, the SC has approved various products, services, and
new hybrid Shariah contracts, and continue to help the
initiatives proposed by the Bank to cater to different societal
development of products and services that benefit all customer
needs. Notable endorsements granted during the year
ranges, especially asnaf (zakat beneficiaries) and B40.
include the RM5.0 billion Program Sukuk Wakalah (Project
Snow), Cash-i Muamalat for Employees Provident Fund I take this opportunity to thank the SC for its steadfast
(EPF) members under the "Fasiliti Sokongan Akaun 2 (FSA dedication in fulfilling its duty. The SC's power is rooted in
2)" programme, Multi-Currency Trade Financing (MCTF), the honesty, expertise, and commitment of our members.
Collateralised Commodity Murabahah, Term Investment I am honored to lead a team of dedicated professionals
Account, and the new VISA B2B payment gateway service. who strive to advance Shariah governance and drive
innovation for everyone's benefit.
Beyond this, Shariah governance, transparency, and
integrity continued to be fortified with the SC ensuring that I would like to take this opportunity to express the SC’s
decision-making processes comply with governance gratitude to our former chairman Tn. Hj. Azizi Che Seman
standards and that honesty, ethics, and consistency are for his 18 years of service with Bank Muamalat, and his
applied to every SC decision. excellent contribution and commitment up until the end
of his term of service on 31 March 2023. I would also like to
ADVANCING THE BANK'S VALUE-DRIVEN JOURNEY welcome Dr. Badruddin Hj. Ibrahim and En. Khairun Najmi
Saripudin who joined the SC on 15 January 2023.

Rasulullah SAW says: “Protect yourself from Insya-Allah, may our lofty aspirations and constructive efforts
create a path towards a better future for all stakeholders.
hell-fire even by giving a piece of date as charity.
If one cannot find it, then with a kind word.”
(Sahih Bukhari 6540 and Sahih Muslim 1016)
DR. YUSRI MOHAMAD
Chairman, Shariah Committee
As we continue to enhance the impact of Islamic finance,
we drive the development of ethical products, compliant
with Maqasid Shariah, that emphasise sustainable,
environmentally and socially responsible finance principles.
They promote justice and fairness through profit-sharing
principles in mudarabah and musharakah-based products.

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