Download - Public Bank | PBeBank.com

More documents

Recommendations

Info

195Chairman’s Review – Business Operations ReviewIslamic BankingIslamic Trade Finance ProductsPublic Islamic expanded its trade finance products with theintroduction of two trade finance facilities namely, AcceptedBill-i and Trust Receipt-i. These Shariah-compliant tradefinance products are offered to meet customers’ workingcapital requirements and improve efficiency in collection aswell as payments of trade transactions.Islamic Foreign Currency Deposit and FinancingA non-ringgit deposit, investment and financing product tocater to customers’ business needs in foreign currency.Bancatakaful2012 marked the second year of collaboration betweenPublic Islamic and ING PUBLIC Takaful Ehsan Berhad(“IPTE”) in the family takaful business. During the year,Public Islamic has worked closely with IPTE to promotebancatakaful products which included the MortgageReducing Term Takaful and Hire Purchase Reducing TermTakaful. These two bancatakaful products has successfullycontributed RM2.6 million fee-based income to Public Islamicin 2012.In August 2012, a new Employee Benefits SME/SMI Planwhich is a health benefit package provided to SMEs/SMIsfor their employees was launched.Moving forward, IPTE expects to launch several bancatakafulproducts such as Group Term Takaful for BAE Personal orCash Line Financing and Investment Linked Education Planto further enhance Public Islamic’s fee-based revenue.Role and Authority of the ShariahCommitteeIn line with the requirements of the Bank Negara Malaysia’sShariah Governance Framework (“the Framework”), a ShariahCompliance Department was set up to assist the Board ofDirectors and management to ensure that the execution ofbusiness and operations are in accordance with Shariahprinciples.The Shariah Committee (“SCOM”), which comprise qualifiedmembers, deliberate on and endorse all Shariah mattersprior to the Board’s approval or noting. Periodically, SCOMmembers also perform on-site inspections at branches toreview business operations of Islamic banking products andservices to ensure that operations are conducted inaccordance with Shariah rules and principles. The SCOM’sroles and responsibilities, as guided by the Framework areas follows:1. Responsible and accountable for all Shariah decisions,opinions and views provided;2. Advise the Board on Shariah matters;3. Endorse Shariah policies and procedures;4. Endorse and validate relevant documentations;5. Assess work carried out by Shariah review and Shariahaudit;6. Assist related parties on Shariah matters;7. Advise on matters to be referred to the Shariah AdvisoryCouncil; and8. Provide written Shariah opinions.
196PUBLIC BANK BERHAD Annual Report 2012Resilient AlwaysChairman’s Review – Business Operations ReviewIslamic BankingProfile of Group Shariah Committee MembersShariah Committee MembersProfessor Emeritus Dato’ DrMahmood Zuhdi bin Haji Ab Majid(Chairman)Dean of Kulliyyah of Islamic RevealedKnowledge and Human Sciences atthe International Islamic UniversityMalaysia (“IIUM”)ProfileChairman of the Shariah Committee since 2004, Professor Emeritus Dato’ Dr MahmoodZuhdi bin Haji Ab Majid is an Islamic scholar and the Dean of Kulliyyah of Islamic RevealedKnowledge and Human Sciences at IIUM. He sits and serves on various advisory bodies andcommittees, which include Majlis Fatwa Negeri Kelantan, Commissioner of Human RightsCommission of Malaysia (“SUHAKAM”) and International Islamic Fiqh Academy for Organisationof Islamic Cooperation. He was conferred “Anugerah Perdana Maulidur Rasul PeringkatKebangsaan” in 2010.Associate Professor Mohd Ridzuanbin Awang(Member)Associate Professor at ShariahDepartment, Faculty of IslamicStudies, Universiti KebangsaanMalaysia (“UKM”)Member of the Shariah Committee since 2004, Associate Professor Mohd Ridzuan binAwang is currently attached to the Shariah Department, Faculty of Islamic Studies, UKM. Heis an expert in Comparative Land Law and Islamic Property Law and serves as ShariahAdvisor at several organisations which include Amanah Raya Berhad, Koperasi PermodalanFELDA, Jabatan Wakaf, Zakat dan Haji and Jabatan Perdana Menteri. Associate ProfessorMohd Ridzuan bin Awang is a frequent contributor to academic journals and books in hisrelated field.Assistant Professor Dr MohdAfandi bin Awang Hamat(Member)Assistant Professor in the Departmentof Usul and Fiqh, IIUMMember of the Shariah Committee since 2004, Assistant Professor Dr Mohd Afandi binAwang Hamat is currently the Assistant Professor and committee member for studentadvisory in the Department of Usul and Fiqh, IIUM. He specialises in Islamic Commercial Lawwhich he obtained from IIUM in 2004. Assistant Professor Dr Mohd Afandi has conductedvarious research and published several articles and academic papers such as “KedudukanWanita dalam Sistem Politik” and “Emas dalam Islam”. He also serves as Shariah Advisor toSyarikat Percagaran Islam, Kota Bharu.Dr Rusnah binti Muhamad(Member)Senior lecturer at the Department ofFinancial Accounting and Auditing,Faculty of Business and Accountancyin University of Malaya (“UM”)Member of the Shariah Committee since 2011, Dr Rusnah binti Muhamad is currently asenior lecturer at the Department of Financial Accounting and Auditing, Faculty of Businessand Accountancy in UM. She received her Doctorate specialising in accounting from UM in2007 and has conducted various research on Islamic audit and accounting as well aspublished several academic papers which were presented at local and internationalconferences. Dr Rusnah has vast teaching experience in under-graduate and post-graduatecourses and is an internal examiner and supervisor for a number of PhD thesis and MasterDissertation such as Masters in Business Administration and Masters in Management.Dr Rusnah is a committee member of the Association of Shariah Advisors in Islamic Finance(“ASAS”).Assistant Professor Dr Abdul Baribin Awang(Member)Assistant Professor in the Departmentof Fiqh & Usul al-Fiqh, Kulliyyah ofIslamic Revealed Knowledge andHuman Sciences, IIUMMember of the Shariah Committee since 2011, Assistant Professor Dr Abdul Bari bin Awangis currently the Assistant Professor in the Department of Fiqh & Usul al-Fiqh, Kulliyyah ofIslamic Revealed Knowledge and Human Sciences, IIUM. He received his Doctorate in Fiqhand Usul Fiqh from IIUM in 2005, specialising in Islamic Commercial Law and Islamic WealthManagement. Assistant Professor Dr Abdul Bari bin Awang has published several academicpapers and conducted several researches in the field of Islamic endowment system inMalaysia and Islamic almsgiving (“zakat”).
Page 1 and 2: 144PUBLIC BANK BERHAD Annual Report
Page 51: 194PUBLIC BANK BERHAD Annual Report

Download - Public Bank | PBeBank.com

Create successful ePaper yourself

Delete template?

Save as template?