4.11 CITYBANK ISLAMIC DIVISION

Citibank division of Islamic banking was established in 2013. As of 2014 Citibank has allocated RM309,627,000 for this division to run its Islamic banking business. So far, it provides two financing services namely bai’ bithaman ajil and musharakah mutanaqisah.

Table 4.11: 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	35.0%
4.	Statement of profit or loss	27.8%
5.	Statement of changes in equity	95%
6.	Statement of cash flow	100%
7.	Statement of sources and uses of charity fund	No
8.	Statement of restricted investment	No

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. Its SOFP complies 35% whereas SOPL 27.8% to AAOIFI. SOCIE is at 95% whereas SCF is at 100%. SSUCF and SORI are not presented as financial statement or shown in the notes to financial statements.