BUSINESS ZAKAT In the financial year 2024, the Bank had fulfilled its obligation to pay zakat on its business to state zakat authorities by adopting the capital growth/net invested fund method, in compliance with the Banking Zakat Management Manual (Pengurusan Zakat Perbankan) issued by the Wakaf, Zakat and Hajj Department (Jabatan Wakaf, Zakat dan Haji – JAWHAR). The Bank paid the zakat on the Bank’s portion namely, shareholders’ fund and other funds, without including the depositors’ and Investment Account Holders’ funds. Several zakat authorities had mandated the Bank as their agent (wakil) to distribute a portion of the zakat paid by the Bank to eligible beneficiaries (asnaf) as guided by the Business Zakat Guideline which we had approved. SAFEGUARDING THE INTEREST OF INVESTMENT ACCOUNT HOLDERS (IAH) In ensuring that the interest and rights of IAH were protected, we confirmed that the profit allocation for the IAH was as per the prevailing Shariah requirements and principles where the profit computation formula and expenses related to Investment Account had been duly presented and approved by us. The performance of the Investment Account had also been disclosed and reported via the issuance of Fund Performance Report (FPR), which had been made available on the Bank’s website. SADAQA HOUSE INITIATIVE In protecting the interest of Sadaqa House donors and beneficiaries, we confirmed that the fund management and distribution implemented by Sadaqa House had been guided by the Sadaqah House Management Guideline which we approved. At the management level, the Sadaqa House and Zakat Committee chaired by the Group Chief Social Finance Officer had been mandated to execute the Sadaqa House initiatives and its quarterly status reports had been presented in our SSC meetings for oversight and good governance. We had also taken note of the financial statements of the Bank and were not aware of any non-compliance with the applicable Shariah requirements and principles. Based on the above, it is our opinion that; 1) The contracts, transactions and dealings entered into by the Bank during the financial year ended 31 December 2024, were in compliance with the applicable Shariah requirements and principles; 2) The allocation of profits, the charging of losses and allowable expenses relating to Investment Accounts conformed to the basis that we have approved; 3) The computation, payment and distribution of business zakat comply with the applicable Shariah requirements and principles; 4) All earnings realised from sources or by means prohibited by the applicable Shariah requirements and principles were either disposed of to charitable causes or refunded to the deserving counterparties. 277 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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