AFFIN Islamic is a wholly-owned subsidiary of AFFIN
Bank Berhad, was incorporated on 13 September 2005 and commenced operations on
1 April 2006 (website). The Bank is principally engaged in all aspects of Islamic banking
and finance business and in the provision of related financial services in
accordance with the Shariah principles. As of 2015, it has a paid up capital of
RM460,000,000 and 263 employees.
In
term of financial reporting, it adopts fully the requirements made by Malaysian
Financial Reporting Standards (MFRS) and adheres the requirements of AAOIFI at
certain levels. SOFP and SOPL are at 70% and 55.6% levels. Whereas SOCIE and
SCF are at 95% and 100% respectively. SSUCF is written on the notes whereas
SORI is not shown anywhere in the annual report (Financial statement).
Table
4.2: Level of compliance to MFRS and AAOIFI standards
No.
|
Financial statement
|
Conformity
|
1.
|
Statement on adoption
of AAOIFI
|
Nil
|
2.
|
Statement on adoption
of MFRS
|
100%
|
3.
|
Statement of financial
position
|
70.0%
|
4.
|
Statement of profit or
loss
|
55.6%
|
5.
|
Statement of changes in
equity
|
95%
|
6.
|
Statement of cash flow
|
100%
|
7.
|
Statement of sources and uses of charity fund
|
Yes (notes)
|
8.
|
Statement of restricted
investment
|
No
|
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