Al-Khair International Islamic Bank was established in 2007.
It is the first foreign Islamic Bank in Malaysia licensed to conduct a full
range of non-Malaysian Ringgit banking activities under the Malaysia
International Islamic Financial Centre (MIFC) initiative. Its paid up capital
as of 2015 is RM86,487,610 and its services comprise of treasury, deposits and
murabahah.
Table
4.14: 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
|
60.0%
|
|
4.
|
Statement of profit or
loss
|
33.3%
|
|
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 60% whereas SOPL 33.3% 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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