Change of circumstances At the date of this report, the Directors are not aware of any circumstances, not otherwise dealt with in this report or the financial statements which would render any amount stated in the financial statements of the Group and of the Bank misleading. Items of an unusual nature The results of the operations of the Group and of the Bank for the financial year were not, in the opinion of the Directors, substantially affected by any item, transaction or event of a material and unusual nature. There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature, likely to affect substantially the results of the operations of the Group or of the Bank for the current financial year in which this report is made. Compliance with Bank Negara Malaysia’s expectations on financial reporting In the preparation of the financial statements, the Directors have taken reasonable steps to ensure that Bank Negara Malaysia (“BNM”)’s expectations on financial reporting have been complied with, including those as set out in the Financial Reporting for Islamic Banking Institutions and Circular on the Application of Malaysian Financial Reporting Standards (“MFRS”). 2023 BUSINESS PLAN AND OUTLOOK Business Plan, Strategy and Future Outlook The concern on inflation and geopolitical conflict will remain in 2023, despite the opening of borders and China ending its zero-COVID policy. On the back of a strong performance in 2022, Bank Negara Malaysia (“BNM”) expects Malaysia’s growth for 2023 to be moderate amid a slower growth of global economy. Growth will remain supported by domestic demand. Malaysian banks remained steadfast in its role as the country’s financial backbone, supporting economic recovery by providing liquidity in the market. Analysts anticipated financing growth to hover at 5% – 6% in 2023. Banking sector is expected to continuously drive the ESG and climate change agenda under the National Budget 2023. As Malaysia’s economy is recovering steadily post COVID-19 crisis, Bank Islam (“the Bank” or “BIMB”) sets continuous effort to build on its core strengths, improving its mobile banking application and building strategic partnerships with targeted organisations. The Bank looks to provide financial solutions across segments through its Retail Banking distribution and Premier Wealth Banking. In addition, the newly established Institutional Banking target operating model also focuses on client centricity while manufacturing the right products. In advancing its goals to become future-ready, the Bank has embarked on the second phase of its four-year IT Blueprint in uplifting BIMB’s digitalisation aspiration and ways of working. BIMB launched its ESG Risk Management Framework on 30 October 2022 in line with regulators' key global and local efforts in building a resilient financial system. The Bank aims to double its Shariah-ESG assets to RM4 billion by the end of 2025 and continues its contribution to Malaysia's net-zero ambitions. Integrated Report 2022 228 Directors’ Report for the financial year ended 31 December 2022
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