BIMB Integrated Annual Report 2019

Integrated Annual Report 2019 Group Overview Sustaining The Group Management Discussion & Analysis Group Governance 96 Our PILLARS Takaful Malaysia Regulatory Changes Takaful Malaysia continues to stay on top of the regulatory changes and developments of the industry as it strives to maintain a competitive edge in the market. Under the Life Insurance and Family Takaful (“LIFE”) framework, BNM has continued to implement a number of initiatives whereby the investment-linked product (“ILP”) policy document has been updated with wide-ranging changes that significantly impact the implementation of sustainability requirements and product disclosures. The year under review has seen issuance of policy documents covering Fair treatment of Financial Consumers, Outsourcing, Credit Risk, Shariah Governance, Risk Management in Technology and Takaful Operational Framework. The imposed guidelines further strengthened the corporate governance on business models and processes that will eventually mitigate risks that have been threatening the financial soundness and safety of Takaful operators and insurance players. BIMB Securities BIMB Securities has also put in place the appropriate corporate governance framework to set the strategic direction of the Company towards sustainability and long-term success and ensuring proper business conduct in increasing client’s trust and build a competitive Shariah-compliant organisation. BIMB Securities also adopts the principles and corporate governance conduct as stipulated in Best Practices for Islamic Stockbroking services undertaken by Participating Organisations. BIMB Securities has an effective compliance programme to ensure compliance with the applicable rules, securities laws, and regulatory requirements, guidance and business conduct as well as internal policies and procedures which qualified BIMB Securities as an eligible Participating Organisation under the Green Lane Policy of Bursa Malaysia Securities.