Page 189 - Bank Muamalat_AR24

ANNUAL REPORT 2024 1 2 3 4 5 6 7 Our Numbers 8 187

OTHER STATUTORY INFORMATION (CONT’D.)

(b) As 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:

(i) the amount written off for bad debts, or the amount of the allowance for doubtful debts in the financial statements of
the Group and of the Bank inadequate to any substantial extent; and
(ii) the values attributed to current assets in the financial statements of the Group and of the Bank misleading.

(c) As at the date of this report, the Directors are not aware of any circumstances which have arisen which would render
adherence to the existing method of valuation of assets or liabilities of the Group and of the Bank misleading or inappropriate.

(d) As at the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or financial
statements of the Group and of the Bank which would render any amount stated in the financial statements misleading.
(e) As at the date of this report, there does not exist:

(i) any charge on the assets of the Group or of the Bank that has arisen since the end of the financial year and which secures
the liabilities of any other person; or

(ii) any contingent liability of the Group and of the Bank which has arisen since the end of the financial year other than those
arising in the normal course of business of the Group and of the Bank.

(f) In the opinion of the Directors:
(i) no contingent liability or other liability of the Group or the Bank has become enforceable or is likely to become
enforceable within the period of twelve (12) months after the end of the financial year which will or may affect the
ability of the Group or of the Bank to meet their obligations as and when they fall due; and
(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the
financial year and the date of this report which is likely to affect substantially the results of the operations of the
Group and of the Bank for the financial year in which this report is made.

COMPLIANCE WITH BANK NEGARA MALAYSIA’S POLICY DOCUMENTS ON FINANCIAL REPORTING FOR ISLAMIC
BANKING INSTITUTIONS
In the preparation of the financial statements, the Directors have taken reasonable steps to ensure that the preparation of
the financial statements of the Group and of the Bank are in compliance with the Bank Negara Malaysia’s Policy Documents on
Financial Reporting for Islamic Banking Institutions and the Policy Documents on Credit Risk.

BUSINESS REVIEW 2024
For the financial year ended 31 December 2024, the Group recorded a Profit Before Zakat and Taxation of RM129.3 million,
a decrease of RM166.3 million or 56.3% as compared to the previous corresponding financial year end.
The Group has demonstrated a commendable growth in revenue for the financial year under review, surging by 20.4% to
RM2.1 billion, primarily driven by a rise in financing income from the growth in gross financing and the increase in average profit
rate under yield optimisation initatives. The Group also sees its investment income increased as compared to the previous
corresponding financial year end from the increase in investment balances and its acquisitions of Treasury papers with higher yield.