Page 97 - EXIM-Bank_Annual-Report-2022

A VISION COMMITMENT EMPOWERING ENSURING ENHANCING FINANCIAL
TO SERVE TO LEAD GROWTH SUSTAINABILITY GOVERNANCE STATEMENTS 95

Disclosure on shariah Non-Compliant event
During the financial year, we have identified one (1) Actual SNC event with no financial impact to the Bank.

Events Measures taken
Non-adherence to the Requirement of Ijarah Rental Based i. The Bank had communicated with the affected customers

on Benchmark (Variable Rate) on the requirement of specifying maximum limit of Ijarah
for variable rate based on certain benchmarks or formula.
There is no minimum and/or maximum limit of Ijarah rental
stipulated in any Islamic Transaction documents based on ii. Included minimum and maximum limit of Ijarah rental
variable rate. payment in the internal document i.e., Procedures on
Islamic Financing.
iii To standardise the legal documentation for Ijarah-based
product.
We were informed that the Bank has taken adequate measures to avoid recurrence of the incident.

The rectification plan was presented to the Board and reported to BNM in accordance with the BNM’s reporting requirement of
Operational Risk Integrated Online Network (“ORION”).

Zakat on Islamic Business
For financial year ended 31 December 2022, zakat was calculated based on growth method with appropriate adjustment.
Shariah Committee has reviewed and affirmed that the Bank was not eligible to pay zakat as the Bank was in net liabilities position.

Shariah Committee has reviewed the financial statements of the Bank, including the calculation of Zakat and confirmed that
the financial statements prepared were in compliance with the Shariah rules and principles as well as the minimum disclosure
requirements as stipulated by Bank Negara Malaysia.

shArIAh oPINIoN
We, as EXIM Bank’s Shariah Committee, to the best of our knowledge, have obtained sufficient and appropriate evidence to
form Shariah compliant opinion with regards to EXIM Bank’s Islamic business operations. Hence to the best of our knowledge based
on the information provided to us and decisions made during the Shariah Committee meeting, we are of the opinion that:-

i. The Islamic financial business operations of EXIM Bank for the financial year ended 31 December 2022 have been conducted in
conformity with the Shariah rules and principles.
ii. The contracts, transactions and dealings entered by the Bank in relation to its Islamic financial business during the financial year
ended 31 December 2022 that were reviewed by SC, were in compliance with Shariah.
iii. The computation of zakat was in compliance with Shariah.
We beg Allah the Almighty to grant us all the success and straight-forwardness and Allah knows best.

Signed on behalf of the Committee in accordance with a resolution of the Shariah Committee dated 22 March 2023.

Prof. Dr Rusni Hassan Dr. Safinar Salleh
Chairman Member

Kuala Lumpur, Malaysia