199 Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank

Asia Pacific Journal of Accounting and Finance

Volume 1 (2), June 2011

BANK ETHICAL DISCLOSURE LEVEL:

MALAYSIAN ISLAMICS BANK

Siti Normala Sheikh Obida, Abdi Fatah Hajjb

a
Associate Professor at Department of Accounting, Kulliyyah of Economics and
Management Sciences, International Islamic University Malaysia
b
Department of Accounting, Kulliyyah of Economics and Management Sciences,
International Islamic University Malaysia

Abstract

Purpose: This paper aims to examine the ethical disclosure level (EDL) of Islamic Banks
(IBs)in Malaysia, which is influenced by factors such as institutional differences that may
exist in Malaysia as compared to other countries. Secondly, Malaysian environment offers
identifiable difference in religious segments that divide by the ethnic lines.
Design/methodology/approach: The study used EDL to measure the extent to which each
bank’s ethical disclosure level met the benchmark. The examination involves a comparison of
the actual disclosures of 10 local IBs in their 2009 annual reports against the Islamic ethical
disclosure index benchmarking.
Findings: The findings reveal that IBs fall short in comparison with the ideal benchmark of
the study. Areas they appear to fall very short include among others such as qard hasan and
zakah related disclosures.
Research Limitation: The study used only annual reports in exploring the disclosures level
of IBs that give very limited information. The small sample of the study could make
generalazability to the wider population more difficult.
Originality/value: This study reveals the IBs level of ED practices (for banks that claimed to
be operating within the Shariah principles). Despite IBs operates in an environment where
the economy is under the domination of Conventional Banks (CBs), adoption of International
Financial Reporting Standards (IFRS), operation under different ethnic group and religion,
which may influence the IBs reporting practices in the Malaysian context.

Keywords: Islamic Banks, Ethical Disclosure, Internal Disclosure Index &Disclosure

Level.

1. INTRODUCTION

In fulfilling the banking image and expectations, every Islamic Bank (IBs)is required
to adhere to shariah principles in all activities. More transparency needed in their annual
Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank 200

report by providing full disclosure as suggested by Baydoun and Willet (2000). However,
prior studies show some IBs failed to provide full disclosure and adhere to the Ideal Islamic
Ethical Identities in their annual report (e.g., Haniffa and Hudaib 2007; Maali et al. 2006).
In line with the above studies, this paper examines and investigates the disclosure
level of IBs Malaysia in comparison with an ideal Islamic benchmark index (Haniffa and
Hudaib 2007; Maali et al. 2006).
The study is motivated by two factors. First, institutional differences of IBs Malaysia
appear to be different from those practiced in other parts of the world such as The Gulf
Cooperation Council (GCC) countries, in which prior studies have focused. These
institutional differences may arguably affect the disclosure practices of Malaysian IBs.
Second, the Malaysian environment offers identifiable differences in religious segments that
are divided by the ethnic lines. These religious differences may influence the IBs to function
in a non-Islamic worldview.

2. LITERATURE REVIEW

2.1. Previous Research

Following the rapid expansion of IBs in Islamic and non-Islamic countries, there have
been calls for IBs to provide better and improved disclosures in the annual reports (Haniffa
2004; Baydoun and Willet 2000). They should disclose voluntary information, which
facilitates socio-economic decisions of their stakeholders. Similarly, Chapra and Ahmed
(2002) suggest that to sustain the growth and international recognition, IB should enhance
their corporate governance and voluntary disclosure practices.
However, study conducted by Maali et al. (2006) for 29 IBs of 16 countries found that
there are gaps between benchmark social disclosures to the actual social disclosures
published in the annual reports except matters related to zakat and charity. Similarly, the
study conducted by Haniffa and Hudaib (2007)on 7 IBs in Gulf region shows there’s a
discrepancy exists between the communication based on information disclosed in the annual
reports and the ideal disclosure of information (IDI).This highlights that there is a difference
between the ideal communication required and the actual ethical identities.
Study undertaken by Sulaiman (2005)and Kasim et al. (2009) found that there is a gap
between the ideal theoretical framework and what actually is in practice. While, study
conducted by Adnan and Arifin (2010) found that even though local IBs are in favor of
offering qardhassan, yet they are reluctant to proceed aggressively due to fear that IBs may
not be able to generate profit or recover their financing cost.
Hameed (2000) argued that there could be real dangers to IBs with the objective to
achieve falah that use conventional accounting. Hameed, among others, proposed an “Islamic
Accounting” that could suit better IBs operational activities. This is because Islamic
accounting holds shariah compliant principles unlike conventional accounting that currently
dominate the IBs. In addition, Hameed (2009)is concerned on the adoption of IFRS
standards, may prevent realization of its Shari’a, oriented ethical and social goals. This is
where IBs may fall short to the stakeholders’ expectations.
201 Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank

2.2. Ethical Disclosure Level (EDL)

The EDL study develops five (5) broad dimensions, namely the Mission and Vision;
Shariah Advisory Board (SAB)opinion on involvement in non-permissible activities;
QardHassan; Employee Benefits and Welfare, and Zakat against 15-disclosure index
elements adopted from Maali et al. (2006) and Haniffa and Hudaib (2007). The study
suggests that the benchmark is based on broader concept of accountability, where IBs should
follow.

1. Vision and Mission

a) Commitments of operating within Shari’ah Principles
IBs need to differentiate themselves from CBs by stating their commitment in
operating within the Shariah principles and guidelines in their mission and vision
statements. Most importantly is to ensure that all their business operations comply
with the shariah and disclose in their annual reports.
b) Profile of SAB
Stakeholders of the IBs may want to know information about those who conduct the
shariah review, namely the SAB, to judge and evaluate their credentials. The opinion
of this board is a unique position in the IBs. Therefore, the researchers expect that IBs
will disclose profile of the SAB, as indicators of their knowledge of fiqh muamalat
and competency in banking and Shari’ah.

2. SAB Opinion: Involvement in non-permissible activities

Opinion of SAB on IBs’ involvement in non-permissible activities is important in the
IBs’ annual reports. This disclosure may add value to the company’s credibility. (The
main issue that SAB provides opinion on appears to be the activities the IBs involved).
Oftentimes, they provide reasonable assurance rather than absolute assurance about how
the activities of IB were permissible according to shariah (Hameed 2009).
Equally important could be the requirement of ex ante approval of any new products,
investments and financing decisions by the Shariah Board. IBs should not enter into any
transaction that violates Islamic principles both ex ante and ex post. As a result, it could
be vital whether IBs principally require the existence of such Shariah Board ex ante
approval. The study, however, explores whether IBs disclose such ex ante approval in
their annual reports.

3. Qard Hassan (benevolent loan/contribution)

Qard Hassan provided particularly to help the stakeholders at large who are in need of
help that IBs may provide to individuals for socially beneficial purposes(Adnan and
Arifin 2010; Maali et al. 2006). It could be imperative for annual reports users to know
the bank’s performance, which may help them to assess whether the bank is undertaking
its social duties and following the Islamic principles.
Hence, IBs shall provide full disclosure on such contributions in their annual reports the
following elements:
Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank 202

a) Funds allocated to qard hassan in the Balance sheet.

b) The policy in providing qard Hassan.
c) The policy of dealing with insolvent beneficiaries and clients and
d) The amount charged as late penalty, if any.

4. Employee Benefits and Welfare

Islam puts emphasis on employees’ treatment, be Muslim or Non-Muslim. This includes
remunerations, benefits and welfare, which might determine the organization’s failure or
success. Haniffa and Hudaib (2007) argue that an organization’s ethical stand from an
Islamic perspective are the ways the organization treats the employees and debtors as well
as its commitments to society because employees arguably are the greatest asset of a firm
and their welfare should be given due attention.
The importance of employees’ welfare has been cited in the Hadith. On the day of
Resurrection, Allah will be an opponent to three types of people: Who makes a covenant
in my name, but proves treacherous; Who sells a free person and eats his price; and Who
employs a laborers and takes full work from him but does not pay him for his labors"
(Haniffa and Hudaib 2007).
Hence, it is important for the IB to take care of employee’s benefits and welfare. IBs may
arguably need to disclose in their annual reports the type of benefits and welfare extended
to the employee as follows:
a) Employees’ benefits and welfare.
b) Training and development (especially on Shari’ah awareness).
c) Amounts spent on training.

5. Zakah
Zakah is a religious duty levied onto Muslim individual for socio-economic justice. There
is hot debate in the literature regarding who is liable for zakah payment, whether the
organization or the shareholders. Gambling and Karim (1991)opine that zakah is
obligatory onto individuals Muslims, and therefore, organizations are not liable. Others
argue that both shareholders and entities should pay the zakah. Despite these opposing
ideas, Shihaddeh (1987) as cited in (Maali et al. 2006) remarks that the Islamic Fiqh
Academy, at its first Zakah conference held in Kuwait in 1984, reached the conclusion
that businesses are not required to pay Zakah, unless such a requirement is imposed by
law or agreed by their shareholders.
It is important is for the IB to disclose the following details in their annual reports:
a) Which party is liable for zakah.
b) Statement of sources and uses of Zakah and
c) Shariah Boards’ attestation regarding the computation and distribution of Zakah.

3. RESEARCH METHOD, SAMPLE AND DATA COLLECTION

The initial population of the study consisted of all IBs in Malaysia. Currently, there
are 17 IBs in Malaysia; eleven are local owned while six are foreign owned banks (Bank
203 Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank

Negara Malaysia Report 2009). As foreign owned IBs, their reporting and disclosure is
influenced by their home countries’ reporting standard. Hence, the study excludes these
foreign owned banks and focuses on 11 local IBs. The annual reports of IBs are retrieved
from their websites. However, there are only 10 individual annual reports that are available.
AmIB seems to be the only IBs that provide its annual report in a group. To ensure high
objectivity in examining the annual reports, we decided to exclude AmIB from the sample.
This leaves us with the final sample of 10 local IBs. This sample represents 59% of total IBs
in Malaysia.
The analysis is for one-year, 2009.The study adopts content analysis as prior studies
in the area of IBs did previously (Maali et al. 2006; Haniffa and Hudaib 2007). Un-weighted
disclosure index is used in the study where if the item in the index is disclosed in the annual
report is regarded as 1 and 0 otherwise. Meanwhile, Yes and No are used to represent 1 and 0
respectively, later in the findings presentations.
This study limits its analysis on banks annual reports. As Haniffa and Hudaib (2007)
pointed out, one of the most important things in dealing with content analysis is the selection
and development of categories into which content units are classified. Following that, a self-
constructed EDL dimension is constructed.

4. EMPIRICAL RESULTS

The results of the content analysis are set out in Table 1. The results reveal that some
banks disclose fully on items of shariah compliance while some are not. This shows that the
overall extent of the ethical disclosure benchmark by the 10 IBs in Malaysia falls short.
The overall mean level of disclosure compared to the study’s benchmark was 47.33%.
The bank which coming closest to meeting the benchmark is Bank Islam Malaysia (BIMB).
However, BIMB fails to disclose items of Qard Hassan. Banks Muamalat and Alliance
disclosed slightly on Qard Hassan. None of the Banks reviewed disclosed in their annual
reports the ‘Statement of sources and uses of Zakah’. However, BIMB explicitly disclosed
SAB attestation regarding the computation and distribution of Zakah.

4.1. Vision and Mission Dimension

This dimension focuses on two elements namely, ‘IBs’ operation commitment within
the Shariah Principles and the profile of SAB, as in Table 2. These two elements were
included in the index due to IBs compliance shariah seen what differentiates them from their
counterparts, the CBs. SAB profile could be vital as mentioned by the prior studies that the
users of IBs are interested in the report of the SAB. It shows whether the bank has complied
with the Islamic principles or not.
The result shows that only six banks disclosed their commitment in operating within
shariah principles’ 4 banks disclosed the profile of SAB. This could be due to little
importance given to the disclosure of SAB profile by the Regulator such as Central Bank
(BNM). Following is an example of the annual report from Affin IBs on bank commitment in
operating within shariah principles. “The Bank’s business activities are subject to Shariah
compliance and conformation by the Shariah Committee…..As for Affin Islamic future plans,
Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank 204

the Bank will continue to grow beyond the traditional role of IBs by providing more
innovative Shariah-based products and services, in particular equity-based financing
structures encompassing Musharakah and Mudharabah contracts…. As a full fledged IBs,
customers are assured that all banking transactions are free from the elements of interests
(riba), uncertainty (gharar), gambling (maisir) and other un-Islamic fundamentals as these
are monitored by the Bank’s Shariah Department and supervised by the Shariah Committee”.

4.2. SAB Opinion: Involvement of Non-Permissible Activities

Table 3 presents SAB Opinion on Involvement of Non-Permissible Activities. The
opinion of SAB is to issue a reasonable opinion regarding the IBs’ business activities in
general and in particular to those that relate to the involvement of non-permissible
financing/investing activities. Disclosure of new products and activities are important before
IBs introduces it (ex ante approval of SAB).
The study reviews specifically the IBs disclosure regarding to the involvement of non-
permissible investment and financial activities and approval ex ante by SAB for new
products. The results indicate that all the IBs reviewed provide the report of SAB. The results
further show that all the IBs have a clean Shariah Advisory Opinion in their annual reports,
2009. It states that the IBs do not involve in any non-permissible activities according to the
Shariah principles. However, BIMB disclosed that they during the financial year has tracked
non-halal income from various sources amounting to RM10, 466 to be disposed off to the
charity with the approval of the Council.
For ex ante approval only BIMB reveals it. BIMB disclosed in its 2009 annual report
that one of the primary duties of Shariah Council is ”endorsing and validating relevant
documentations in the proposal of new products and services including contracts, agreements
or other legal documentations used in executing banking transactions”.
Following is a short summary of the CIMB IBs’s report on the Shariah Advisory
Board. “We, Professor Dr Mohammad Hashim Kamali and Associate Professor Dr. Shafaai
bin Musa, being two of the members of the Shariah Committee of CIMB IBs Berhad, do
hereby confirm on behalf of the Shariah Committee, that in our opinion, the operations of the
IBs and finance business of the Bank and the Group for the financial year ended 31
December 2009 have been conducted in conformity with the Shariah principles”.

4.3. Qard Hassan

Qard hassan is a kind of community involvement of IBs, therefore, IBs should
provide a large portion of such loans in their balance sheet with a specific policy in dealing
with Qard Hassan. For example, customers given to Qard Hassan when there is default
payment due to economic crisis where certain amount of loan can forfeit.
The current study reveals that there is low level of disclosure of qard Hassan as
shown on Table 4. Only Alliance and Muamalat banks disclosed amount of qard Hassan in
their annual reports. However, it appears that even these two banks are lacking in the policy
dealings with insolvent clients/beneficiaries. The other eight IBs did not disclose any policy
of qard Hassan’s dealing. (These findings are consistent with prior studies that found a low
level of qard Hassan both in Malaysian IBs (Adnan and Arifin 2010) and outside Malaysia
(Maali et al. 2006)). This remarks that IBs in Malaysia neglect qard Hassan as a product. The
205 Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank

result might imply that IBs in Malaysia fear that they may not generate profit from qard
Hassan since their main objective is to generate profit (Adnan and Arifin 2010).
4.4. Employee Benefits and Welfare
Employee welfare is a crucial aspect in which IBs have to maintain and improve
better. On contrary, the results of the study show that only selected IBs disclosed only
primary items such as employee salary and pension. Table 5 shows that only two banks,
namely BIMB and RHB, which constitute 20% of those IBs reviewed, disclosed that they
provide their staff training on shariah awareness. BIMB constitutes 1% of the sample of IBs
disclose the exact amount spent on employee’s training. BIMB stated clearly in the annual
report that, “During the financial year, more than 25 Shariah training sessions and courses
were organized which mainly aimed at enhancing the level of understanding of Shariah
application in the banking business among the staff. In FY2009, over RM6.5 million was
spent on training as part of our commitment towards human resource optimization”.
BIMB scores 100% of disclosure level with regard to employee benefits benchmark
followed by RHB discloses up to 67%. The other eight IBs have low disclosure level, ~33%.
The low level of employees training on shariah matters is found in other countries as
reported by Haniffa and Hudaib (2007). Hence, it could infer that IBs give little attention to
the employee training in general and especially Shariah related trainings.

4.5. Zakah
All the matters discussed in the study might be insignificant compared to zakah, as
religious duty. IBs should disclose its payment as well as disclose its statement of sources and
uses. The first item included in the benchmark of the study is whether the IB is liable to pay
zakah or the owners of the IB have to pay it. Secondly, if the IB pays the zakah, it is ideal to
anticipate that the IB may provide statement of sources and the uses of zakah or perhaps IBs
rely on SAB attestation regarding the computation and distribution of Zakah.
The result indicated in Table 6 shows all IBs disclose their liability to pay the zakah.
Further analysis shows that nine banks are liable to pay the zakah except for RHB, where
shareholders pay zakah on behalf of their shareholding and clients. RHB reported in their
annual report as follows, “The Bank is not required to pay Zakat. This should be paid by
shareholders on their shareholding”.
As for statement of sources and uses of zakah, Table 6 shows that none of the IBs
surveyed in this study disclosed in their annual reports statement of sources and uses of
zakah. As for RHB, since it is not liable to pay zakah, therefore, they are not required to
provide such statement. Surprisingly, those banks combine the zakah and tax together. This
could imply that the bank did not recognized zakat payment as a religious levy. It is arguably
that IBs appear to use zakah as a public relation strategy instead of fulfilling their religious
duty as stated in the Quran such as to reduce the level of poverty in most Muslim countries
through this religious obligation.
Only BIMB disclosed SAB attestation regarding the computation and distribution of
Zakah in its annual report. Other nine IBs do not disclose such SAB role in zakat
computation and disbursement. BIMB has clearly mentioned in the 2009’s annual report of
this particular element specifically in the report of Shariah Advisory Council: The Council
Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank 206

reviewed the financial statements of the Bank and confirmed that the financial statements and
calculation of Zakat is in compliance with the Shariah requirements.

The result appears to be consistent with prior studies in this area. It reveals that IBs
have failed to disclose how zakah funds are distributed and computed.

5. CONCLUSION, DISCUSSION AND LIMITATION

The study reviews the annual reports of 10 local IBs in Malaysia to explore their EDL
by adopting the disclosure benchmark from Maali et al.(2006) and Haniffa and Hudaib
(2007). This benchmark later used to compare with IBs actual disclosures in the annual
reports. (IBs ideally are expected to possess a high ethical identity because as Haniffa and
Hudaib (2007) remarked, IBs have social goals, which is equally important to their financial
goals).
The empirical findings show that IBs in Malaysia have low level of disclosure
practices. This is startling but it may be because managers of IBs are trained with the
conventional-type banks administration, thus, not fully aware of the social implications of IBs
(Maali et al. 2006). Asecond reason might be that Malaysian IBs operate in an environment
where the economy is under the domination of CBs, followed by the adoption of
conventional IFRS. All these may influence the IBs reporting practices.
There are five (5) dimensions develop in this study, namely Vision and Mission, SAB
Opinion: Involvement of Non-Permissible Activities, Qard Hassan and Employees benefit,
and Zakat. These dimensions are later breakdown into 15 elements for the benchmark of the
study. Results indicate that only six (6) IBs had disclosed the profile of SAB. However, all
the IBs in the study disclosed their commitment in operating accordingly to the shariah.
The second dimension is SAB opinion on issues whether the IB operated within the
shariah principles. The findings show that all of the IBs had SAB and they all received a
clean opinion from their Shariah supervisors. This result indicates that the role of SAB is
restricted to give only ex post opinion rather than ex ante. Only BIMB disclosed SAB’s role
of ex ante approval of the banks’ products. The unqualified report all the banks received from
their SAB did not contain detailed information as to how such conclusion is reach.
The study reveals that the bank had a very low level of qard hasan disclosure. Only
two banks have had disclose slight amounts of qard hassan in the annual report. The results
of this study are consistent with a recent study conducted by Adnan and Arifin (2010) which
concluded that IBs in Malaysia forgot the qard hasan at all.
As for Employee benefits dimension’ all 10 IBs in the study disclose information that
relates to employee remunerations and pension plans. Only BIMB discloses training on
shariah awareness and the amount spent.
For zakah dimension, the analysis indicates that nine IBs are liable to pay zakah while
RHB do not pay it as an entity but as owners. Even though IBs disclosed the amount of zakah
paid, yet they failed to disclose the statement of sources and uses of zakat. Only BIMB
disclose whether attestation from SAB or not, is the only one bank that has the most score in
the benchmark of the study.
207 Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank

The study is subject to several limitations. Firstly, the use of content analysis could
raise more questions than answers. There is lots of subjectivity involved in such analysis
especially in terms of the determination of the quality of the information disclosed. Secondly,
the study used only annual reports for the information. Finally, the relatively small sample of
the study could make generalazability to the wider population more difficult.
For future research it is suggested that one may employ larger sample size by
including all the IBs in Malaysia or cross-country study, which may involve comparing the
IBs in different countries. Future studies may also employ a different methodology other than
reviewing just the annual reports, including questionnaire and interview to both management
and stakeholders that allow with different findings.

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APPENDIX

Table 1. Main Results of The Study

Disclosed Not Disclosed
Dimensions
(%) (%)
1 Vision and Mission
Commitment in operating within shariah law 100 0
SAB profile 60 40
2 SAB Opinion: Involvement of Non Permissible Activities
No involvement in non-permissible financing activities 100 0
No involvement in non-permissible Investment activities 100 0
Approval ex ante by SAB for new product 90 10
3 Qard Hassan
Funds allocated to qard Hassan in the Balance sheet 20 80
The policy of the bank in providing qard Hassan loans 0 100
The policy of dealing with insolvent CB 0 100
The amount charged as late penalty if any 0 100
4 Employee Benefits and Welfares
Employee Welfare and Benefit 100 0
Training and development on Shari’ah awareness 20 80
Amount Spent on Training 10 90
5 Zakat
Which party is liable for zakah; 100 0
209 Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank

Statement of sources and uses of Zakah 0 100

SAB Attestation: Computation and distribution of Zakah 10 90
Overall Mean 47.33 52.67

Table 2. Vision and Mission

Commitment in Operating Disclosure Level
Banks SAB Profile
within Sharia Law (%)
Affin IB Yes Yes 100
Alliance Yes No 50
CIMB IB Yes Yes 100
ECONCAP Yes No 50
HL IB Yes Yes 100
BankIslam Yes Yes 100
MayBank Yes No 50
Muamalat Yes Yes 100
Public IB Yes No 50
RHB IB Yes Yes 100

Table 3. SAB Opinion: Involvement of Non-Permissible Activities

No Involve in Non-
Not Involve in Non- Approval ex ante Disclosure
Permissible
Banks Permissible Financial by SAB for New Level
Investment
Activities Product (%)
Activities
Affin IB Yes Yes No 67
Alliance Yes Yes No 67
CIMB IB Yes Yes No 67
ECONCAP Yes Yes No 67
HL IB Yes Yes No 67
BIMB Yes Yes Yes 100
MayBank Yes Yes No 67
Muamalat Yes Yes No 67
Public IB Yes Yes No 67
RHB IB Yes Yes No 67

Table 4. Qard Hassan

Policy in Amount
Funds Policy Disclosure
Providing Charged as
Banks Allocated to Dealing with Level
Qard Hassan Late Penalty if
Qard Hassan Insolvent (%)
Loans any
Affin IB No No No No 0
Alliance Yes No No No 25
CIMB IB No No No No 0
ECONCAP No No No No 0
HL IB No No No No 0
BIMB No No No No 0
Obid, Hajj, Bank Ethical Disclosure Level: Malaysian Islamics Bank 210

MayBank No No No No 0
Muamalat Yes No No No 25
Public IB No No No No 0
RHB IB No No No No 0

Table 5. Employee Benefits and Welfares

Training on Disclosure
Employee Amount Spent
Banks Shariah Level
Welfare on Training
Awareness (%)
Affin IB Yes No No 33
Alliance Yes No No 33
CIMB IB Yes No No 33
ECONCAP Yes No No 33
HL IB Yes No No 33
BIMB Yes Yes Yes 100
MayBank Yes No No 33
Muamalat Yes No No 33
Public IB Yes No No 33
RHB IB Yes Yes No 67

Table 6. Zakah
Statement of SAB Attestation: Disclosure
Party Liable Computation and
Banks Sources and Uses Level
for Zakah Distribution of Zakah
of Zakah (%)
Affin IB Yes No No 33
Alliance Yes No No 33
CIMB IB Yes No No 33
ECONCAP Yes No No 33
HL IB Yes No No 33
BankIslam Yes N0 Yes 67
MayBank Yes No No 33
Muamalat Yes No No 33
Public IB Yes No No 33
RHB IB Yes NA No 33