Page 345 - Bank Muamalat_AR24

ANNUAL REPORT 2024 1 2 3 4 5 6 7 Our Numbers 8 343

49. OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Financial assets and financial liabilities subject to offsetting, enforceable master netting arrangements and similar
agreements are as follows:

Amount not set-off
in the statement of
financial position
Gross
amount of Gross Net amount
recognised amount set- presented Amount
financial off in the in the related to Amount
assets/ statement statement recognised related to
(financial of financial of financial financial financial Net
liabilities) position position instruments collateral amount
Group and Bank RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

2024
Derivative assets 14,496 - 14,496 - - 14,496
Derivative liabilities (17,309) - (17,309) - - (17,309)

2023
Derivative assets 12,819 - 12,819 - - 12,819
Derivative liabilities (21,519) - (21,519) - - (21,519)

Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position
when there is a legally enforceable right to off-set the recognised amounts and there is an intention to settle on a net basis,
or realise the asset and settle the liability simultaneously.

The amount not set-off in the statement of financial position relate to transactions where:
(i) the counterparty has an offsetting exposure with the Group and the Bank and a master netting or similar
arrangements is in place with a right to set off only in the event of default, insolvency or bankruptcy; and
(ii) cash or securities are received or cash pledged in respect of the transaction described above.