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Management Discussion and Analysis Ensuring Sustainability Commitment to Lead Upholding Accountability Financial Statements 221

Notes to the fiNaNcial statemeNts

45. ISLAMIC BuSINESS FuNDS (cont’d)
Statement of profit or loss for the year ended 31 December 2023

2023 2022
Islamic Islamic
business Takaful business Takaful
fund fund Total fund fund Total
Note rM’000 rM’000 rM’000 rM’000 rM’000 rM’000
restated restated restated
Group and Bank
Income derived from
Islamic banking fund (h) 140,029 - 140,029 125,769 - 125,769
Financing cost (96,999) - (96,999) (52,277) - (52,277)
Net income from Islamic
banking fund 43,030 - 43,030 73,492 - 73,492

Takaful revenue - 5,610 5,610 - 3,811 3,811
Takaful service expenses - 10,419 11,364 - (2,627) (2,627)
Net expenses from
reinsurance contracts
held - (4,045) (4,045) - (1,981) (1,981)
Total takaful service results - 11,984 12,929 - (797) (797)
Takaful Finance Expense - (1,166) (1,166) - (35) (35)
Net income from takaful
service results - 10,818 11,763 - (832) (832)
Islamic banking fund and
Takaful fund results 43,030 10,818 54,793 73,492 (832) 72,660
Other expenses (i) (14,197) - (15,142) (23,958) - (23,958)
Net Income from Islamic
business 28,833 10,818 39,651 49,534 (832) 48,702
Administrative expenses (2,133) - (2,133) (877) - (877)
Writeback for expected
credit losses (“ECL”)
on advances and financing (j) 9,633 - 9,633 34,440 - 34,440
(Allowance)/writeback for
ECL on commitments
and contingencies (1,562) - (1,562) 14,947 - 14,947