Alliance Islamic Bank was incorporated in June 2007
and commenced its operations in 2008. It has so far 8 branches in Malaysia. As
of 2015 it has a paid up ordinary share capital of RM300,000,000. It offers
Islamic financial products such Bai' Bithaman Ajil, Al-Ijarah Thumma
Al-Bai’, Qardhul Hassan, Bai' Al-Inah, Bai' Al-Dayn and Tawarruq.
Table
4.13: 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
|
38.9%
|
|
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, the bank adopts fully the requirements made by Malaysian
Financial Reporting Standards (MFRS) and adheres the requirements of AAOIFI at
certain levels. Its SOFP complies 70% whereas SOPL 38.9% 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.
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