Page 104 - EXIM-Bank_Annual-Report-2023

EXIM BANK MALAYSIA
102 A Vision to Serve Empowering Growth Management Discussion and Analysis
ANNUAL REPORT 2023
Shariah Committee’S report

DISCLoSurE oN ShArIAh NoN-CoMPLIANT EvENT
Throughout 2023, we had confirmed the following one (1) incident of Actual SNC event with no financial impact to the Bank.

Event Measures taken

Advance payment by the Bank on behalf i. The protection to cover the Bank’s collateral currently being covered by the
of customers for insurance premium (fire fire Takaful protection.
insurance coverage) for asset collateral
without seeking Shariah Committee’s (SC) ii. Requirement to obtain advice from Shariah Management Department (SMD)
endorsement. and endorsement from Shariah Committee’s (SC) prior to any subscription of
insurance premium coverage for asset collateral protection charged to Islamic
financing facilities.

We were also informed of the causes of the incident and noted that the Bank had taken necessary corrective and preventive measures
to avoid the same incident from recurring in the future including reporting to the BNM in accordance with the requirements of
Policy Document on Operational Risk Integrated Online Network (“ORION”).

ZAkAT oN ISLAMIC BuSINESS
For financial year ended 31 December 2023, zakat was calculated based on growth method with appropriate adjustment. Shariah
Committee has reviewed and affirmed that the Bank was not paying zakat as the Bank’s financial position was not fulfilling the
eligibility requirements for zakat.

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. SMD and other Shariah Control Functions have been effectively discharging their role for ensuring the requirement of Shariah
compliant has been fulfilled within the institution.

ii. The Islamic financial business operations of EXIM Bank for the financial year ended 31 December 2023 have been conducted
in conformity with the Shariah rules and principles.

iii. The contracts, transactions and dealings entered by the Bank in relation to its Islamic financial business during the financial year
ended 31 December 2023 that were reviewed by SC, were in compliance with Shariah.
iv. The computation of zakat was in compliance with Shariah.

We pray to 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 2024.

Dr. Safinar Salleh Dr Ghazali Jaapar
Member Member
Kuala Lumpur, Malaysia