SHARIAH REVIEW & SHARIAH AUDIT The Shariah Review and Shariah Audit functions play a vital role in ensuring Shariah compliance by evaluating and assessing operations, business, affairs and ongoing activities in the Bank. Shariah Review function is performed by the SCD Group Compliance Division. The SCD is responsible to conduct regular assessment and validation on the Bank’s compliance with Shariah in its operations, business, affairs and ongoing activities, covering the implementation processes of new products and services focusing on adherence to relevant regulatory requirements. The Shariah Audit Department is under the Group Internal Audit Division and is responsible to provide an independent assessment on the quality and effectiveness of the Bank’s internal control, risk management systems, governance process, and the overall compliance of the Bank’s operations, business, affairs and activities with Shariah. Both Shariah Review and Shariah Audit plans for the 2024 financial year were presented and noted by us for their implementation. Their completed reports were deliberated in our SSC meetings to confirm that the Bank had complied with the applicable rulings issued by the Shariah Advisory Council (SAC) of Bank Negara Malaysia, the SAC of Securities Commission (for capital market-related matters) and our decisions. Throughout the year, the Shariah Review and Shariah Audit exercises conducted covered the following entities/areas: Shariah Review Shariah Audit 1) Guidelines on Shariah Governance for Labuan Islamic Financial Institutions – Bank Islam Labuan Offshore Branch 1) Corporate Support Division 2) Marketing & Distributing of Third-party Product owned by Syarikat Takaful Malaysia Am Berhad: Takaful GPA 2) Treasury & Market Division 3) Marketing and Distribution of Third-Party New Product owned by BIMB Securities (BIMBSEC) 3) Non-Retail Special Assets Management 4) Marketing and Distribution of Third-Party Product offered by Maybank Asset Management Berhad Fund: Amanah Hartanah Berhad 4) Retail Special Assets Management 5) Marketing & Distributing of Third-party Product offered by Syarikat Takaful Malaysia Keluarga Bhd: Takaful MySmart Wealth Plus 5) Deposit & Cards Division 6) Ihsan Sustainability Investment Account (ISIA) 6) House & Fixed Asset Financing Department 7) Commodity Trading Provider Eiger Trading Advisors Limited 7) Personal Financing Department 8) Wakalah Policy Document (PD) – Wafiyah Investment Account 8) Social Finance Division 9) Performance Review on the existing Commodity Trading Providers 9) Bank Islam Labuan Offshore Branch (BILOB)¹ 10) Ijarah PD – AITAB Financing-i 10) 62 Bank Islam Branches¹ 11) Wa’d PD – Application for Financing Product 12) Qard PD – Savings Account-i 13) Hibah PD – Application for Deposit Products 14) Contract and Tenancy Management and Payments for Centralised Procurement and General Administration & Property 15) Treatment of Ibra’ for Abandoned Project of Home Financing 1 Only Shariah related findings were escalated for deliberation and decision of SSC. 275 w w w . b a n k i s l a m. c o m 01 02 03 04 05 06 07 08 FINANCIAL STATEMENTS 09
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