Page 102 - EXIM-Bank_Annual-Report-2023

EXIM BANK MALAYSIA
100 A Vision to Serve Empowering Growth Management Discussion and Analysis
ANNUAL REPORT 2023
ShaRIah COmmITTEE’S REPORT

IN ThE NAME oF ALLAh, ThE BENEFICENT, ThE MoST MErCIFuL

All Praise is due to Allah, the Cherisher of the World, and Peace and Blessing be upon the Prophet of Allah, on his Family and all
his Companions.

and “Salam Sejahtera”

To the shareholders, customers, and stakeholders of Export-Import Bank of Malaysia (“EXIM Bank” or the “Bank”):

In carrying out the roles and responsibilities as EXIM Bank’s Shariah Committee (“SC”) as prescribed in the Bank’s Shariah Committee
Charter and Bank Negara Malaysia (“BNM”) Shariah Governance Policy Document (“Shariah Governance”), we hereby submit the
following report in respect of Shariah compliant business activities of EXIM Bank for the financial year ended 31 December 2023.

BoArD oF DIrECTor’S rESPoNSIBILITy
As part of the board’s responsibility to promote sustainable growth and financial soundness of the Bank, the board must
institutionalise a robust Shariah governance framework that is commensurate with the size, complexity and nature of the Bank’s
business. The board’s oversight accountability over Shariah governance and compliance must reflect the integration of Shariah
governance considerations within the business and risk strategies of the Bank.

MANAGEMENT’S rESPoNSIBILITy

The management of the Bank shall at all times be responsible for ensuring that the Bank’s aims and operations, business affairs
and activities in relation to its Islamic banking and takaful businesses (Islamic financial business) are conducted in accordance with
Shariah.

ShArIAh CoMMITTEE’S rESPoNSIBILITy
We, the Shariah Committee of the Bank shall be responsible to form an independent advise and opinion, based on our review of
the aims and operations, business, affairs and activities in relation to the Islamic financial business of the Bank and to produce this
report. Our responsibility is to express an opinion on the state of Shariah compliance of the Bank based on our deliberation of the
information obtained from the Bank during the reporting period.

The Shariah Committee of the Bank is assisted by the Secretariat to the Shariah Committee and internal control functions to carry
out the specified roles under the BNM’s Shariah Governance. Shariah Management Department (“SMD”) takes the role as the
Secretariat to the Shariah Committee to carry out the functions related to Shariah advisory, research and secretarial as required
under BNM’s Shariah Governance. Meanwhile, the role of internal control functions is taken out by Shariah and Operational Risk
Department, Shariah Review and Shariah Audit that resides in the Risk Management Division, Compliance Department, and Audit
& Assurance Department, respectively, where they have the functions to continuously assess and manage Shariah non-compliance
(“SNC”) risks, conduct Shariah review and Shariah audit in relation to the Bank’s Islamic finance businesses.
During the financial year, there were ten (10) meetings held by the Shariah Committee of the Bank in which we reviewed and
deliberated on, among others; the Bank’s Islamic banking and takaful products, operational processes, guidelines and manuals
relating to Shariah compliant transactions which were presented to us by the Bank. In performing our roles and responsibilities,
we had obtained the information and explanations which we considered necessary to provide us with sufficient evidence to give
reasonable assurance that the Bank has complied with Shariah.