KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED OUR VALUE CREATION APPROACH FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION 157 156 SHARIAH COMMITTEE’S REPORT CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 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 2024. 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 2024 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). No gharamah (penalty) being charged during the said financial period; (4). Relating to the financial year 2024, 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 2024 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 Group Note 2024 RM’000 2023 RM’000 Restated (Note 57) Assets Cash and bank balances 5 2,098,059 1,482,513 Financial assets at fair value through profit or loss 6 552,301 438,660 Debt instruments at fair value through other comprehensive income 7(a) 867,152 875,939 Equity instruments at fair value through other comprehensive income 7(a) 1,421 1,343 Debt instruments at amortised cost 7(b) 521,018 470,796 Derivative financial assets 8 49,697 75,938 Loans, advances and financing 9 1,823,852 1,701,004 Balances due from clients and brokers 10 454,947 570,715 Other assets 11 439,768 191,381 Statutory deposit with Bank Negara Malaysia 12 73,768 60,620 Tax recoverable 37,251 24,599 Investment in associates 14 158,996 121,619 Investment in joint ventures 15 27,710 31,650 Property, plant and equipment 16 154,441 152,776 Intangible assets 17 341,040 333,609 Right-of-use assets 18 22,543 24,226 Deferred tax assets 19 32,949 25,500 Total assets 7,656,913 6,582,888 Liabilities Deposits from customers 20 3,762,594 3,610,595 Deposits and placements of banks and other financial institutions 21 729,835 331,803 Balances due to clients and brokers 22 1,012,438 775,015 Derivative financial liabilities 23 60,133 45,097 Other liabilities 24 659,717 430,507 Obligations on securities sold under repurchase agreements 25 69,514 97,232 Borrowings 26 189,500 180,500 Lease liabilities 27 23,274 24,750 Provision for taxation and zakat 32,018 16,358 Deferred tax liabilities 19 48 56 Total liabilities 6,539,071 5,511,913 Equity Share capital 28 253,834 253,834 Treasury shares 28 (7,441) (11,739) Reserves 29 871,449 828,880 Total equity attributable to equity holders of the Bank 1,117,842 1,070,975 Total liabilities and shareholders’ equity 7,656,913 6,582,888 Commitments and contingencies 43 6,442,908 4,775,217 The accompanying notes form an integral part of these financial statements.
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