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202 EXIM BANK MALAYSIA
Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS

44. ISLAMIC BUSINESS FUNDS (CONT’D.)
Statement of profit and loss for the year ended 31 December 2020
Group and Bank
2020 2019
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

Income derived from Islamic
banking fund (g) 159,893 - 159,893 214,738 - 214,738
Financing cost (49,404) - (49,404) (94,011) - (94,011)
Net income from Islamic
banking fund 110,489 - 110,489 120,727 - 120,727
Gross contribution - 3,776 3,776 - 3,964 3,964
Wakalah fee 1,564 (1,564) - 1,687 (1,687) -
Reinsurance outward - (83) (83) - (139) (139)
Decrease/(increase) in contribution
liability - 231 231 - 6,142 6,142
Increase in claim liability (Note 22) - (4,023) (4,023) - (9,571) (9,571)
Increase in expenses liability
(Note 22) (124) - (124) (393) - (393)
Takaful fees and brokerage
commission 273 (19) 254 244 (29) 215
Income from Takaful activities 1,713 (1,682) 31 1,538 (1,320) 218
Islamic banking fund and Takaful
fund results 112,202 (1,682) 110,520 122,265 (1,320) 120,945
Other income/(expenses) (h) 10,888 - 10,888 (11,450) - (11,450)

Net Income from Islamic business 123,090 (1,682) 121,408 110,815 (1,320) 109,495
Administrative expenses (663) - (663) (812) - (812)
Reversal of allowance on
doubtful debt - (127) (127) - (217) (217)
Writeback/(allowances) for
losses on on financing (i) 3,055 - 3,055 (55,924) - (55,924)
Writeback/(allowances) for
commitments and contingencies 1,150 - 1,150 (28,481) - (28,481)
(Allowances)/writeback of
allowances on financial
investments (42,583) - (42,583) 10,322 - 10,322
Profit/(Loss) for the year
before zakat 84,049 (1,809) 82,240 35,920 (1,537) 34,383
Taxation - - - - - -
Zakat - - - - - -
Net profit/(loss) for the year 84,049 (1,809) 82,240 35,920 (1,537) 34,383