KENANGA ANNUAL REPORT 2023

142 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 SHARIAH COMMITTEE’S REPORT In the name of Allah, the Most Beneficent, the Most Merciful. In compliance with the letter of appointment, we are required to submit the following report: We have reviewed the principles and the contracts relating to the transactions and applications introduced by the Skim Perbankan Islam of Kenanga Investment Bank Berhad (“KIBB SPI”) during the financial year ended 31 December 2023. We have also conducted our review to form an opinion as to whether KIBB SPI has complied with the Shariah principles and with the Shariah rulings issued by the Shariah Advisory Council of Bank Negara Malaysia, as well as Shariah decisions made by us. The management of KIBB is responsible for ensuring that KIBB SPI conducts its business in accordance with Shariah principles. It is our responsibility to form an independent opinion, based on our review of the operations of KIBB SPI, and to report to you. We have assessed the work carried out by Shariah review which included examining, on a test basis, each type of transaction, the relevant documentation adopted by KIBB SPI. We planned and performed our review so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that KIBB SPI has not violated the Shariah principles. In our opinion: (1). The contracts, transactions and dealings entered into by KIBB SPI during the financial year ended 31 December 2023 that we have reviewed are in compliance with the Shariah principles; (2). The allocation of profit and charging of losses relating to investment accounts conform to the basis that had been approved by us in accordance with Shariah principles; (3). Money which derived from the gharamah (penalty) shall be channel to the eligible beneficiaries; (4). Relating to the financial year 2023, KIBB SPI will make zakat payment on its business to two (2) states zakat authorities and the zakat is computed using the profit and loss method. The beneficiaries of the zakat fund are Pusat Pungutan Zakat Majlis Agama Islam Wilayah Persekutuan and Lembaga Zakat Selangor; and (5). Nothing has come to the Shariah Committee’s attention that causes the Shariah Committee to believe that the operations, business, affairs and activities of KIBB SPI involve any material Shariah non-compliances. We, the members of the Shariah Committee of KIBB, do hereby confirm that the operations of KIBB SPI for the financial year ended 31 December 2023 have been conducted in conformity with the Shariah principles. Chairman of the Shariah Committee: Dr. Ghazali Jaapar Shariah Committee Member: Dr. Mohammad Firdaus Mohammad Hatta Dr. Fadillah Mansor

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