Public Islamic Bank is a wholly owned subsidiary of Public
Bank, which commenced its operations on 1 November 2008. As of 2015 it has
a paid up ordinary share capital of RM200,217,000. It offers Islamic financing
for personal as well as for business organisations.
Its
compliance level to MFRS and AAOIFI accounting standards are as follows:
Table
4.8: 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
|
50.0%
|
|
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
|
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 70% whereas SOPL 50% to AAOIFI. SOCIE is at 95%
whereas SCF is at 100%. SSUCF and SORI are not presented as financial statement
but SSUCF is shown in the notes to financial statements.
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