Page 35 - Bank Muamalat_AR24

ANNUAL REPORT 2024 1 2 Message from Leadership 3 4 5 6 7 8 33

Transparency is paramount, and we continue to emphasise its And that’s not all. Towards community well-being, the Shariah
importance in all financial dealings. We are committed to clear Committee strongly supports charity and Zakat initiatives
and consistent disclosure of the Bank’s Shariah compliance to within the Bank. We drive the Bank’s commitment to social
all stakeholders, including open communication about product welfare programmes, Zakat (almsgiving), and other forms of
structures, investment management, and all information charity, fostering a culture of giving back to the community
disclosed to customers and the public. and contributing to societal well-being.
Integrity is another cornerstone of Shariah governance, and KEY OBJECTIVES FOR 2025
the Shariah Committee’s independence is vital in upholding
this principle. Composed of independent Islamic scholars and Rasulullah SAW says: “None of you truly believes until he loves
experts, the Committee ensures objective decisions, free from for his brother what he loves for himself.”
external influence or conflicts of interest. This independence
strengthens the Bank’s integrity, guaranteeing that our [Sahih Al-Bukhari: 13 and Sahih Muslim: 45]
decisions are rooted in Islamic principles, not solely profit-
driven motives. Looking ahead to 2025, the Shariah Committee remains
committed to ensuring Bank Muamalat’s financial products
and services are designed to protect Maqasid al-Shariah
EMPOWERING LIVES AS AN INCLUSIVE ISLAMIC BANK
and align with Islamic finance’s broader social welfare goals,
Allah SWT says: “Whoever intercedes for a good cause will have ensuring the Bank continues to contribute positively to
a share in its reward and whoever intercedes for an evil cause society’s well-being.
will have a share in its burden. And Allah is Ever All-Able to do
everything.” Recognising the rapid advancement of financial technology,
the Shariah Committee will focus on providing comprehensive
[Surah an-Nisa:85]
guidelines for the ethical and Shariah-compliant use of
Fintech and digital transformation within Bank Muamalat,
FY2024, the Shariah Committee has been central to Bank helping the Bank navigate these technologies while ensuring
Muamalat’s “RISE 26+” strategy, focusing on becoming an full compliance with Islamic law. To enhance our capabilities
“Islamic Bank for All.” Our key contribution has been the on this front, committee members participate in training
thorough review and approval of all new financial products and courses on technological advancements and innovation,
and services, ensuring Shariah compliance across all aspects, enabling us to assist Bank Muamalat in adapting technology
from contracts and processes to documentation and while complying with Shariah law.
marketing.
Furthermore, the Shariah Committee will continue its focus
We also helped facilitate the creation of financial products on upholding the highest standards of ethics and transparency
promoting social welfare, financial inclusion, and economic in all Bank Muamalat’s financial transactions, ensuring
justice, including microfinance, affordable housing finance, all products and services are fair to all parties, avoiding
and ethical investment, ensuring Bank Muamalat’s offerings exploitation, ambiguity, or injustice in contracts.
benefit the broader community according to Islamic values.
We look forward with optimism to the year ahead, confident
New products endorsed during the year include the ATLAS in the Bank’s continued success and its enduring contribution
Digital Banking, MG-i Signature, Ar-Rahnu non-Individual, to the Islamic financial landscape.
Corporate credit card, and MiGold, a new investment product
by MISB targeting gold investments that are fully compliant
with Shariah principles. In particular, the ATLAS Digital
Banking endorsement highlights our commitment to using DR. YUSRI MOHAMAD
technology to enhance accessibility and financial inclusion, Chairman, Shariah Committee
reaching more people with convenient, Shariah-compliant
solutions.

The integration of technology through Fintech solutions
is increasingly encouraged to enhance accessibility,
efficiency, and transparency. During the year under review,
the Committee has explored robo-advisory services tailored
to Shariah-compliant investment strategies, believing that
AI and machine learning can create personalised investment
portfolios aligned with clients’ risk profiles and financial
goals, while adhering to Islamic principles.