Page 230 - EXIM_AR2021

228 FINANCIAL EXIM BANK MALAYSIA
STATEMENTS

Notes to the fiNaNcial statemeNts

44. islamic bUsiness fUnDs (cOnt’D.)

Notes to the financial statements for Islamic business fund and Takaful fund for the financial year ended 31 December 2021
(cont’d.)
(l) Shariah disclosures

(i) Shariah non-compliant events
There are two (2) events related to Shariah non-compliant event occurred as follows:

Group and Bank
2021 2020
No. of events RM’000 No. of events RM’000

SNC income derecognised from the Bank’s due to:
Treatment NCB 1 1,262 - -
Absence of Tawarruq Transaction 1 2 1 1

2 1,264 1 1

(ii) Sources and uses of charity funds
Group and Bank
2021 2020
RM’000 RM’000

At 1 January 3,878 5,515
Funds distributed during the year
- Contribution to non-profit organisation (909) (1,637)
At 31 December 2,969 3 ,878

Monies derived from the Shariah non-compliant event and late payment charges on Islamic financing activities as
disclosed in Shariah Committee’s Report under note Disclosure on Shariah Non-Compliant Event were channelled
to charity fund and distributed progressively to the eligible beneficiaries. On 1 January 2020, the Group and the Bank
recognised the late payment charges on Islamic Financing activities to other income.