SHARIAH REVIEW & SHARIAH AUDIT The Shariah Review and Shariah Audit functions play a vital role in ensuring Shariah compliance by evaluating and assessing activities in the Bank. Shariah Compliance Department performs shariah review under Group Compliance Division, which conducts regular assessment and validation on the Bank’s compliance with Shariah in its operations, business, affairs and activities, including new products and services implementation alongside adherence with relevant regulatory requirements. Shariah Audit Department carries out Shariah Audit under Group Internal Audit Division which provides an independent assurance to add value and improve the degree of Shariah compliance concerning such activities. Both Shariah Review and Shariah Audit plans for the financial year were reviewed and approved by us for their implementation. Their reports were deliberated in our meetings to confirm that the Bank has complied with the applicable rulings issued by the Shariah Advisory Council (SAC) of Bank Negara Malaysia, the SAC of Securities Commission (for capital market-related matters) and our decisions. Throughout the year, the Shariah review and Shariah audit functions have been conducted by the Bank, covering the following entities/areas: Shariah Audit Shariah Review 1) Trade Operations Department 2) Consumer Collections Department and Consumer Recovery Department 3) Corporate Recovery Department 1) Trade Tawarruq-i (TTQ-i) 2) Ar Rahnu Tawarruq 3) Personal Financing-i Asnaf 4) Consumer Banking Division 4) Takaful – 3rd Party New Products: a) Takaful myWealth Plus; and b) Takaful Tunai Ehsan. 5) Shariah Risk Management 5) Unit Trust - 3rd Party New Products: a) BIMB Shariah IncomePlus Fund (BSIF); b) Bank Islam Premier Fund (BIPF); c) Eastspring Investments Dana Al-Islah; d) Eastspring Investments Islamic Income Fund; e) Eastspring Investments Dinasti Equity Fund; f) Eastspring Investments Islamic Small-Cap Fund; and g) Eastspring Investments Islamic Equity Income Fund. 6) Shariah Compliance Department 6) ASB Financing-i 7) Treasury & Markets Division 7) Targeted Repayment Assistance (TRA) (joint review) 8) Corporate Support Division 8) Annual Shariah Compliance Review on Compliance with Labuan Financial Services Authority’s Guidelines on Shariah Governance for Labuan Islamic Financial Institutions (joint review) 9) Group Shariah Division 9) Assessment on the Implementation of Bank Negara Malaysia’s Guidelines on Late Payment Charges for Islamic Financial Institutions 10) Financial Inclusion Division 10) Assessment on the Implementation of Bank Negara Malaysia’s Policy Document on Credit Card-i INTEGRATED ANNUAL REPORT 202 1 Key Messages Overview Value Creation MD&A Sustainability Leadership Accountability Financial Additional Information 221
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