Page 182 - Bank Muamalat_AR24

180 BANK MUAMALAT MALAYSIA BERHAD

SHARIAH COMMITTEE REPORT

Further approval and endorsement from Bank Negara For the period of January to December 2024, 13 Shariah
Malaysia must be obtained after approval from the Board Committee meetings were held, of which all Shariah decisions
at least three (3) months before it expects a proposed were disseminated for further action by relevant business
candidate to assume his/ her responsibilities. In the case of units:
reappointment, the application must be submitted three (3)
months prior to the expiry of the Shariah Committee member’s No. Meeting Date
tenure.
1. 1 Monthly Meeting 2024 10 January 2024
st
nd
RESIGNATION AND TERMINATION OF THE SHARIAH 2. 2 Monthly Meeting 2024 24 January 2024
COMMITTEE
3. 1 Special Meeting 2024 21 February 2024
st
Where a Shariah Committee member resigns or is disqualified 4. 3 Monthly Meeting 2024 20 Mac 2024
rd
pursuant to the relevant paragraphs in PDSG, section 33(2)
nd
and 34(1) of the IFSA impose obligations on the Bank and 5. 2 Special Meeting 2024 2 April 2024
the Shariah Committee member to notify the BNM of that 6. 3 Special Meeting 2024 23 May 2024
rd
fact and its reason immediately or in any cases no later than
th
fourteen (14) days of such circumstances. 7. 4 Monthly Meeting 2024 26 June 2024
th
For the purpose of the application for termination, the Bank 8. 5 Monthly Meeting 2024 18 July 2024
must provide justifications as well as assessment on the 9. 4 Special Meeting 2024 12 August 2024
th
performance of such member to BNM.
10. 6 Monthly Meeting 2024 21 August 2024
th
th
NEGATIVE LIST 11. 7 Monthly Meeting 2024 25 September 2024
th
The Shariah Committee member or his immediate family 12. 8 Monthly Meeting 2024 20 November 2024
member must not: 13. 5 Special Meeting 2024 29 November 2024
th
a. be an executive of the Bank during the tenure of his The Shariah Committee member is expected to contribute
appointment or within the last two (2) years of his and allocate adequate time and efforts to discharge his duties
proposed appointment as a Shariah Committee member; effectively. The Shariah Committee member must attend at
b. be a substantial shareholder, executive director or senior least 75% of the Shariah Committee meetings held in each
officer of the Bank or any of its affiliates; or financial year. Where necessary, the participation of the Shariah
Committee can be facilitated by way other than physical
c. have a significant business or other contractual presence, remains the exception rather than the norm, and is
relationship with the Bank or any of its affiliates within subject to appropriate safeguards to preserve confidentiality of
the last two (2) years. the deliberations.
In respect of the quorum for Shariah Committee meetings,
SHARIAH COMMITTEE MEETINGS the Bank must ensure that there is a majority of Shariah qualified
members to be present at each meeting. The Bank shall ensure
According to PDSG, the Shariah Committee meetings shall that any decision of the Shariah Committee must be made on
be held at least once in every two (2) months. Meetings shall the basis of simple majority.
be held regularly to ensure that:
The Shariah Committee shall put on record in its report or
a. the Shariah Committee is kept sufficiently in touch with statements directed to the board, its concerns over any
the business of the Bank; Shariah non-compliance issues.
b. the operations of the Bank are not adversely affected
because of the difficulty in securing the Shariah
Committee’s approval for policy and decision.