Page 75 - EXIM-Bank_Annual-Report-2022

A VISION COMMITMENT EMPOWERING ENSURING ENHANCINg FINANCIAL
72 EXIM BANK MALAYSIA ANNUAL REPORT 2022 TO SERVE TO LEAD GROWTH SUSTAINABILITY gOVERNANCE STATEMENTS 73

SECRETARIAT TO THE SHARIAH COMMITTEE

Shariah Management Department (SMD) takes the roles as the secretariat to the Shariah Committee and has the responsibility of
providing operational support for effective functioning of the Shariah Committee.

SMD is structured into three (3) main categories to carry out its designated functions, inter alia, as per following:

Shariah Advisory
• Providing Shariah related advisory and consultancy on the Bank’s businesses, activities operation including but not limited to
Islamic banking and Takaful businesses.
• Review and vetting of Legal documents in relation to Shariah matters to ensure its’ compliance according to Shariah
requirements.
• Review and verify the supporting documents such as Islamic Transaction Forms (ITF) for disbursement are intact and in
order accordance to Shariah parameters via issuance of Shariah Certificate.
• Provide and arrange training on Shariah, Islamic Banking, Takaful awareness programme on governance and structures.

Shariah Research
• Conduct in-depth research and studies on Shariah issues which are relevant to the Islamic finance businesses and operations of
EXIM Bank.
• Assist Shariah Advisory in providing day–to-day Shariah advice and consultancy to relevant department/parties based on the
decision by the Shariah Committee.
• Conduct pre-product approval process, Takyif Fiqhi (Fiqh adaptation), vetting of issues for submission to the Shariah
Committee.

Shariah Secretariat
• Responsible in providing input and supports to the Shariah Committee which shall include but not limited to Shariah meeting
arrangement, takings minutes of meetings, compiling Shariah resolutions, circulating and contributing relevant information to
Shariah Committee members.

• Coordinating communications and disseminating information among the Shariah Committee, the Board and senior
management.

• Responsible for matters relating to appointment and re-appointment of the Shariah Committee.
• Ensuring the welfare of Shariah Committee members is accordingly served including payment of their allowances and sending
them to the seminars, trainings and/or workshops, as part of process of furnishing them with the latest development on
Islamic banking and finance.

INTERNAL SHARIAH CONTROL FuNCTIONS
In ensuring effective management of Shariah non-compliance risk within EXIM Bank, the following functions has performed its
roles on an ongoing basis:

i) Shariah risk management;
ii) Shariah review; and

iii) Shariah audit.