44. RELATED PARTY TRANSACTIONS Identity of related parties For the purposes of these financial statements, parties are considered to be related to the Group if the Group 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 and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. Related parties that have material transactions and their relationship with the Bank are as follows: Parties Relationship before reorganisation Relationship after reorganisation Lembaga Tabung Haji Ultimate holding entity Major shareholder* BIMB Holdings Sdn. Bhd. (formerly known as BIMB Holdings Berhad) Holding company Subsidiaries Syarikat Takaful Malaysia Berhad Subsidiary of holding company* Associate company of major shareholder* Subsidiaries of Bank Islam Malaysia Berhad as disclosed in Note 13 Subsidiaries Subsidiaries Associate company of Lembaga Tabung Haji Other related companies Other related companies Koperasi Kakitangan Kumpulan BIMB Holdings Malaysia Berhad Co-operative society in which the employees have interest Co-operative society in which the employees have interest Related party transactions have been entered into in the normal course of business under normal trade terms. * Balances are disclosed under other related companies BANK I SLAM MALAYS IA BERHAD NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2021 364
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