1. PRINCIPAL ACTIVITIES AND GENERAL INFORMATION The Bank is principally engaged in Islamic banking business and the provision of related financial services. The principal activities of its subsidiaries are as disclosed in Note 13 to the financial statements. The Bank is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The address of its registered office and principal place of business is as follows: Level 32, Menara Bank Islam No. 22, Jalan Perak, 50450 Kuala Lumpur. The consolidated financial statements comprise the Bank and its subsidiaries (together referred to as the “Group”). These financial statements were approved by the Board of Directors on 26 March 2025. 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to the periods presented in these financial statements and have been applied consistently by Group entities, unless otherwise stated. 2.1 Basis of preparation (a) Statement of compliance The financial statements of the Group and of the Bank have been prepared in accordance with the applicable Malaysian Financial Reporting Standards (MFRS), International Financial Reporting Standards (IFRS), the requirements of Companies Act 2016 in Malaysia and Shariah requirements. The relevant new accounting standards, annual improvements and amendments to published standards and interpretations to existing accounting standards that are effective for the Group and the Bank’s financial year beginning on or after 1 January 2024 are as follows: • Amendments to MFRS 101 ‘Classification of liabilities as Current or Non-Current’ There are two amendments to MFRS 101 ‘Presentation of Financial Statements’: The first amendment, Classification of liabilities as current or non-current’ clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity’s expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant that an entity is required to comply with only after the reporting period). The second amendment, ‘Non-current liabilities with covenants’ specify that covenants of financing arrangements which an entity must comply with only after the reporting date would not affect classification of a liability as current or noncurrent at the reporting date. However, those covenants that an entity is required to comply with on or before the reporting date would affect classification of a liability as current or non-current, even if the covenant is only assessed after the reporting date. Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2024 292 Notes to the Financial Statements for the financial year ended 31 December 2024
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