Page 289 - Bank Muamalat_AR24

ANNUAL REPORT 2024 1 2 3 4 5 6 7 Our Numbers 8 287

44. SIGNIFICANT RELATED PARTY TRANSACTIONS

For the purposes of these financial statements, parties are considered to be related to the Group and the Bank if the
Group or the Bank has the ability, directly or indirectly, to control the party or exercise significant influence over the party
in making financial and operating decisions, or vice versa, or where the Group or the Bank and the party are subject
to common control or common significant influence. Related parties may be individuals or other entities.
The Group and the Bank have related party relationships with substantial shareholders, subsidiaries and key management
personnel. The Group’s and the Bank’s significant transactions and balances with related parties are as follows:
Group Bank
2024 2023 2024 2023
RM’000 RM’000 RM’000 RM’000

Holding company
Expenditure
- hibah on deposit 7,382 3,202 7,382 3,202
Amounts due to
- deposits 151,513 119,216 151,513 119,216

Subsidiaries
Income
- dividend received - - 6,000 11,000
- rental income - - 120 120
- management fee - - 1,924 2,380
Expenditure
- fund management fee - - 2,130 2,097
- profit sharing incentive - - 746 422
- hibah on deposit - - 329 357
Amounts due from
- financing - - 39,722 49,781
Amounts due to
- management fee/profit sharing incentive - - 1,074 557
- deposits - - 14,832 16,066

Key management personnel and Directors
Amounts due to
- deposits 13,761 5,829 13,761 5,829
Amounts due from
- financing 4,529 29 4,529 29