1. PRINCIPAL ACTIVITIES AND GENERAL INFORMATION The Bank is principally engaged in Islamic banking business and the provision of related financial services. The principal activities of its subsidiaries are as disclosed in Note 13 to the financial statements. The Bank is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The address of its registered office and principal place of business is as follows: Level 32, Menara Bank Islam No. 22, Jalan Perak, 50450 Kuala Lumpur. The consolidated financial statements comprise the Bank and its subsidiaries (together referred to as the “Group”). These financial statements were approved by the Board of Directors on 19 March 2024. 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to the periods presented in these financial statements and have been applied consistently by Group entities, unless otherwise stated. 2.1 Basis of preparation (a) Statement of compliance The financial statements of the Group and of the Bank have been prepared in accordance with the applicable Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”), the requirements of Companies Act 2016 in Malaysia and Shariah requirements. On 1 January 2023, the Group and the Bank adopted the following amendments to MFRSs; • Amendments to MFRS 101, MFRS Practise Statement 2 and MFRS 108 on Disclosure of Accounting Policies and Definition of Accounting Estimates. The amendments to MFRS 101 require companies to disclose material accounting policies rather than significant accounting policies. Entities are expected to make disclosure of accounting policies specific to the entity and not generic disclosures on MFRS applications. The amendment explains an accounting policy is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. Also, accounting policy information is expected to be material if, without it, the users of the financial statements would be unable to understand other material information in the financial statements. Accordingly, immaterial accounting policy information need not be disclosed. However, if it is disclosed, it should not obscure material accounting policy information. 275 1 2 3 4 5 6 7 8 9 www.bankislam.com FINANCIAL STATEMENTS Notes to the Financial Statements for the financial year ended 31 December 2023
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