Page 212 - Bank Muamalat_AR24

210 BANK MUAMALAT MALAYSIA BERHAD

NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024 (29 JAMADIL AKHIR 1446H)

CORPORATE INFORMATION

The Bank is a licensed Islamic Bank under the Islamic Financial Services Act, 2013 (“IFSA”),incorporated and domiciled in
Malaysia. The registered office and principal place of business ofthe Bank is located at 30th Floor, Menara Bumiputra, Jalan Melaka,
50100 Kuala Lumpur.

The Bank is principally engaged in Islamic banking business and the provision of related financial services. The principal activities
of the subsidiaries are disclosed in Note 11 to the financial statements.

There has been no significant change in the nature of these activities during the financial year.
The immediate holding and ultimate holding companies of the Bank are DRB-HICOM Berhad and Etika Strategi Sdn. Bhd.
respectively, both of which are incorporated in Malaysia. DRB-HICOM Berhad, is a public limited liability company listed on
the Main Market of Bursa Malaysia Securities Berhad. DRB-HICOM Berhad holds 70% of the Bank’s shares, whilst the remaining
30% is held by Khazanah Nasional Berhad.

The consolidated financial statements of the Bank as of and for the year ended 31 December2024 comprise the Bank and
its subsidiaries (together referred to as “the Group”).

The financial statements were authorised for issuance by the Board of Directors in accordance with a resolution of the Board
of Directors on 27 March 2025.

1. BASIS OF PREPARATION

1.1 Statement of compliance
The financial statements of the Group and of the Bank have been prepared in accordance with MFRS Accounting
Standards as issued by the Malaysian Accounting Standards Board (“MFRS Accounting Standards”), IFRS Accounting
Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and the
requirements of the Companies Act 2016 in Malaysia.
The following are accounting standards, interpretations and amendments of the MFRS Accounting Standards that
have been issued but have not been adopted by the Group and the Bank:

MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after
1 January 2025

- Amendments to MFRS 121, The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability
MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after
1 January 2026
- Amendments to MFRS 9, Financial Instruments and MFRS 7, Financial Instruments: Disclosures - Classification and
Measurement of Financial Instruments
- Amendments that are part of Annual Improvements - Volume 11:
• Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards
• Amendments to MFRS 7, Financial Instruments: Disclosures
• Amendments to MFRS 9, Financial Instruments
• Amendments to MFRS 10, Consolidated Financial Statements
• Amendments to MFRS 107, Statement of Cash Flows
- Amendments to MFRS 9, Financial Instruments and MFRS 7, Financial Instruments: Disclosures - Contracts Referencing
Nature-dependent Electricity