Page 196 - Bank Muamalat_AR24

194 BANK MUAMALAT MALAYSIA BERHAD

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF BANK MUAMALAT MALAYSIA BERHAD
(INCORPORATED IN MALAYSIA)

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion
We have audited the financial statements of Bank Muamalat Malaysia Berhad, which comprise the statements of financial position
as at 31 December 2024 of the Group and of the Bank, and the statements of profit or loss and other comprehensive income,
statements of changes in equity and statements of cash flows of the Group and of the Bank for the year then ended, and notes to
the financial statements, including material accounting policy information, as set out on pages 197 to 352.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of the
Bank as at 31 December 2024, and of their financial performance and their cash flows for the year then ended in accordance with
MFRS Accounting Standards as issued by the Malaysian Accounting Standards Board (“MFRS Accounting Standards”),
IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and the
requirements of the Companies Act 2016 in Malaysia.

Basis for Opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing.
Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our auditors’ report. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

Independence and Other Ethical Responsibilities
We are independent of the Group and of the Bank in accordance with the By-Laws (on Professional Ethics, Conduct and
Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and
we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Information Other than the Financial Statements and Auditors’ Report Thereon
The Directors of the Bank are responsible for the other information. The other information comprises the information included
in the Directors’ Report and Report of the Shariah Committee, but does not include the financial statements of the Group and of
the Bank and our auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Bank does not cover the Directors’ Report and Report of the
Shariah Committee and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Bank, our responsibility is to read the Directors’
Report and Report of the Shariah Committee and, in doing so, consider whether the Directors’ Report and Report of the
Shariah Committee is materially inconsistent with the financial statements of the Group and of the Bank or our knowledge
obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude
that there is a material misstatement of the Directors’ Report and Report of the Shariah Committee, we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Statements

The Directors of the Bank are responsible for the preparation of financial statements of the Group and of the Bank that give a
true and fair view in accordance with MFRS Accounting Standards, IFRS Accounting Standards and the requirements of the
Companies Act 2016 in Malaysia. The Directors are also responsible for such internal control as the Directors determine is
necessary to enable the preparation of financial statements of the Group and of the Bank that are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements of the Group and of the Bank, the Directors are responsible for assessing the ability of
the Group and of the Bank to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Bank or to cease operations,
or have no realistic alternative but to do so.