19. DEPOSITS AND PLACEMENTS OF BANKS AND OTHER FINANCIAL INSTITUTIONS Group and Bank 2024 RM’000 2023 RM’000 Licensed investment bank – 50,305 Commercial bank – 301,482 Development financial institution 321,095 – 321,095 351,787 20. RECOURSE OBLIGATIONS ON FINANCING SOLD TO CAGAMAS Recourse obligations on financing sold to Cagamas represents home financing accounts that are sold to Cagamas with recourse. Under the agreement, the Bank undertakes to administer the financing on behalf of Cagamas and to buy back any financing which are regarded as defective based on pre-determined and agreed-upon prudential criteria with recourse against the Bank. Such financing transactions and the obligation to buy back the financing are reflected as a liability on the statements of financial position. The financing are not de-recognised and are analysed in Note 8. The details are as follows: Note Nominal value RM’000 Issue date Maturity Date Profit rate (% p.a.) (a) 1,000,000 4 November 2022 4 November 2027 4.83 (b) 500,000 28 June 2023 28 June 2028 4.16 Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2024 350 Notes to the Financial Statements for the financial year ended 31 December 2024
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