Page 191 - Bank Muamalat_AR24

ANNUAL REPORT 2024 1 2 3 4 5 6 7 Our Numbers 8 189

RATING BY EXTERNAL RATING AGENCIES

Details of the Bank’s ratings are as follows:

Rating Agency Date Classification Rating
RAM Rating Services Berhad August 2024 Long term A2
Short term P1
Subordinated Sukuk A3

Outlook Stable
Malaysian Rating Corporation Berhad October 2024 Long term A+
Short term MARC-1
Senior Sukuk A+
Additional Tier-1 Sukuk BBB
Outlook Stable

DISCLOSURE OF SHARIAH COMMITTEE
The Bank’s business activities are required to be in full compliance with the Shariah requirements, as governed and guided by the
Shariah Committee (“SC”). The duties and responsibilities of the Shariah Committee are prescribed by the Shariah Governance
Policy Document (“SGPD”) issued by Bank Negara Malaysia (“BNM”). The key responsibilities of the Shariah Committee are as
follows:

(a) To have a charter that sets out the mandate, responsibilities and procedures of the SC including matters reserved for its
decision or advice.

(b) To provide objective and sound advice to the Bank to ensure that its aims and operations, business, affairs and activities are
in compliance with Shariah. This includes:-
(i) to provide a decision or advice to the Bank on the application of any rulings of the Shariah Advisory Council (“SAC”) or
standards on Shariah matters that are applicable to the operations, business, affairs and activities of the Bank;
(ii) to provide a decision or advice on matters which require a reference to be made to the SAC;

(iii) to provide a decision or advice on the operations, business, affairs and activities of the Bank which may trigger a Shariah
non-compliance event;

(iv) to deliberate and affirm any Shariah non-compliance finding by any relevant functions; and
(v) to endorse rectification measure to address any Shariah non-compliance event.

(c) To be accountable for the quality, accuracy and soundness of its own decision or advice.
(d) To establish a robust methodology to guide its decision-making process. The SC must take into account relevant business
and risk practices in arriving at a decision or advice.

(e) Where the SC has reason to believe that any Shariah issues or matter may affect the safety and soundness of the Bank, the
SC must immediately update the Board of Directors (“BOD”) on such matter.