CIMB : Islamic Bank Unaudited Results for the 1st Quarter Ended 31 March 2024 - Interim 1st Quarter

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CIMB ISLAMIC BANK BERHAD

Registration No: 200401032872 (671380-H)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2024

Note

ASSETS

The Group

31 March	31 December
2024	2023
RM'000	RM'000

	The Bank
31 March	31 December
2024	2023
RM'000	RM'000

Cash and short term funds	A6
Reverse Collateralised Commodity Murabahah
Deposits and placements with banks and other financial institutions	A6
Financial investments at fair value through profit or loss	A7
Debt instruments at fair value through other comprehensive income	A8
Debt instruments at amortised cost	A9
Islamic derivative financial instruments	A27(i)
Financing, advances and other financing/loans	A10
Other assets	A11
Amount due from holding company and ultimate holding company
Amount due from related companies
Tax recoverable
Deferred taxation
Statutory deposits with Bank Negara Malaysia
Investment in subsidiaries
Property, plant and equipment
Right-of-use assets
Intangible assets
Goodwill
TOTAL ASSETS
LIABILITIES AND EQUITY
Deposits from customers	A12
Investment accounts of customers	A13
Deposits and placements of banks and other financial institutions	A14
Collateralised Commodity Murabahah
Investment accounts due to designated financial institutions	A15
Financial liabilities designated at fair value through profit or loss	A16
Islamic derivative financial instruments	A27(i)
Amount due to subsidiaries
Amount due to related companies
Other liabilities	A17
Lease liabilities
Recourse obligation on loans and financing sold to Cagamas
Senior Sukuk
Subordinated Sukuk
TOTAL LIABILITIES
EQUITY
Capital and reserves attributable to owners of the Parent
Ordinary share capital
Reserves
Perpetual preference shares
TOTAL EQUITY
TOTAL EQUITY AND LIABILITIES
RESTRICTED AGENCY INVESTMENT ACCOUNT (*)	A29
TOTAL ISLAMIC BANKING ASSET

8,393,596

705,197

-

5,996,225

6,306,092

14,415,837

345,122

124,759,655

914,984

649,715

7

120,990

289,548

1,898,550

-

461

427

3,100

136,000

164,935,506

111,747,471

20,014,076

4,751,700

2,503,116

3,375,313

2,791,822

382,359

-

1,153

1,019,035

638

2,816,348

4,508,397

1,105,610

155,017,038

1,000,000

8,568,468

9,568,468

350,000

9,918,468

164,935,506

15,222,454

180,157,960

10,517,811

700,067

138,065

3,754,473

5,362,764

13,995,085

357,161

121,476,487

349,993

635,013

40

84,999

282,971

1,870,210

-

503

569

3,550

136,000

159,665,761

110,831,744

18,984,125

5,533,506

2,229,121

3,424,851

2,821,784

433,440

-

976

818,080

786

2,822,998

1,009,474

1,109,424

150,020,309

1,000,000

8,295,452

9,295,452

350,000

9,645,452

159,665,761

15,482,815

175,148,576

8,393,596

705,197

-

5,996,225

6,306,092

14,415,837

345,122

124,759,655

914,984

649,715

7

120,990

289,548

1,898,550

11

461

427

3,100

136,000

164,935,517

111,747,471

20,014,076

4,751,700

2,503,116

3,375,313

2,791,822

382,359

46

1,153

1,019,035

638

2,816,348

4,508,397

1,105,610

155,017,084

1,000,000

8,568,433

9,568,433

350,000

9,918,433

164,935,517

15,222,454

180,157,971

10,517,811

700,067

138,065

3,754,473

5,362,764

13,995,085

357,161

121,476,487

349,993

635,013

40

84,999

282,971

1,870,210

11

503

569

3,550

136,000

159,665,772

110,831,744

18,984,125

5,533,506

2,229,121

3,424,851

2,821,784

433,440

46

976

818,080

786

2,822,998

1,009,474

1,109,424

150,020,355

1,000,000

8,295,417

9,295,417

350,000

9,645,417

159,665,772

15,482,815

175,148,587

COMMITMENTS AND CONTINGENCIES	A27(ii)
Net assets per ordinary share attributable to
owners of the Parent (RM)

76,849,889 68,795,415

9.579.30

76,849,889 68,795,415

9.579.30

* The disclosure is in accordance with the requirements of Bank Negara Malaysia guideline on Financial Reporting for Islamic Banking Institutions.

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 1

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CIMB ISLAMIC BANK BERHAD

Registration No: 200401032872 (671380-H)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF INCOME

FOR THE FINANCIAL PERIOD 31 MARCH 2024

				The Group and the Bank
		1st Quarter Ended		Three Months Ended
		31 March		31 March		31 March		31 March
		2024	2023	2024	2023
	Note	RM'000		RM'000		RM'000		RM'000
Income derived from investment of
depositors' funds and others	A18	1,351,184	1,225,330	1,351,184	1,225,330
Income derived from investment of
investment account	A19	308,586	237,388	308,586	237,388
Income derived from investment of
shareholder's funds	A20	317,627	246,819	317,627	246,819
Modification loss	A21	(1)	(7)	(1)	(7)
Expected credit losses on financing, advances
and other financing/loans	A22(a)	(106,029)	(31,425)	(106,029)	(31,425)
Expected credit losses written back/(made) for
commitments and contingencies		8,321	(44,596)	8,321	(44,596)
Other expected credit losses made	A22(b)	(21,473)		(1,095)		(21,473)		(1,095)
Total distributable income		1,858,215	1,632,414	1,858,215	1,632,414
Income attributable to depositors and others	A23	(971,349)	(850,328)	(971,349)	(850,328)
Profit distributed to investment account holder	A24	(214,666)		(155,557)		(214,666)		(155,557)
Total net income		672,200	626,529	672,200	626,529
Personnel expenses	A25	(8,298)	(7,627)	(8,298)	(7,627)
Other overheads and expenditures	A26	(323,741)		(351,038)		(323,741)		(351,038)
Profit before taxation and zakat		340,161	267,864	340,161	267,864
Taxation		(86,066)		(72,872)		(86,066)		(72,872)
Profit for the financial period		254,095		194,992		254,095		194,992
Earnings per share (sen)	B3	25.41	19.50	25.41	19.50

Page 2

CIMB ISLAMIC BANK BERHAD

Registration No: 200401032872 (671380-H)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

FOR THE FINANCIAL PERIOD 31 MARCH 2024

	The Group and the Bank
1st Quarter Ended	Three Months Ended
31 March	31 March	31 March	31 March
2024	2023	2024	2023
RM'000	RM'000	RM'000	RM'000

Profit for the financial period

Other comprehensive income/(expense):

Items that will not reclassified to profit or loss

Fair value changes on financial liabilities designated at fair value attributable to own credit risk

- Net gain from change in fair value

Items that may be reclassified subsequently to profit or loss

Debt instruments at fair value through other comprehensive income

• Net gain from change in fair value
• Realised gain transferred to statement of income on disposal
• Changes in expected credit losses
• Income tax effects

Other comprehensive income for the period, net of tax

Total comprehensive income for the financial period

254,095

71

18,588

27,144

(3,917)

935

(5,574)

18,659

272,754

194,992

11,324

50,378

65,401

(147)

785

(15,661)

61,702

256,694

254,095

71

18,588

27,144

(3,917)

935

(5,574)

18,659

272,754

194,992

11,324

50,378

65,401

(147)

785

(15,661)

61,702

256,694

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 3

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CIMB ISLAMIC BANK BERHAD

Registration No: 200401032872 (671380-H)

			CONDENSED INTERIM FINANCIAL STATEMENTS
			UNAUDITED STATEMENT OF CHANGES IN EQUITY
			FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024
			Attributable to owners of the Parent
		Fair value reserve-
		debt instruments					Capital
		at fair value					contribution
The Group	Ordinary	through other				Own credit	by Ultimate			Perpetual
	share	comprehensive	Merger	Capital	Regulatory	risk	Holding	Retained		preference	Total
31 March 2024	capital	income	reserve	reserve	reserve*	reserve	Company	earnings	Total	shares	Equity
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
At 1 January 2024	1,000,000	(54,640)	(2,457)	458	210,633	(477)	4,212	8,137,723	9,295,452	350,000	9,645,452
Profit for the financial period	-	-	-	-	-		-	254,095	254,095	-	254,095
Other comprehensive income (net of tax)	-	18,588	-	-	-	71	-	-	18,659	-	18,659
- debt instruments at fair value through other
comprehensive income	-	18,588	-	-	-	-	-	-	18,588	-	18,588
- fair value changes on financial liabilities
designated	-	-	-	-	-	71	-	-	71	-	71
Total comprehensive income
for the financial period	-	18,588	-	-	-	71	-	254,095	272,754	-	272,754
Share-based payment expense	-	-	-	-	-	-	262	-	262	-	262
Total transactions with owners recognised
directly in equity	-	-	-	-	-	-	262	-	262	-	262
Transfer from regulatory reserve	-	-	-	-	(36,037)	-	-	36,037	-	-	-
At 31 March 2024	1,000,000	(36,052)	(2,457)	458	174,596	(406)	4,474	8,427,855	9,568,468	350,000	9,918,468

*The regulatory reserve is maintained by the Bank to meet the local regulatory requirement.

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 4

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CIMB ISLAMIC BANK BERHAD

Registration No: 200401032872 (671380-H)

				CONDENSED INTERIM FINANCIAL STATEMENTS
			UNAUDITED STATEMENT OF CHANGES IN EQUITY
				FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024
				Attributable to owners of the Parent
		Fair value reserve-
		debt instruments						Capital
		at fair value						contribution
The Group	Ordinary	through other				Own credit	Share-based	by Ultimate			Perpetual
	share	comprehensive	Merger	Capital	Regulatory	risk	payment	Holding	Retained		preference	Total
31 March 2023	capital	income	reserve	reserve	reserve *	reserve	reserve	Company	earnings	Total	shares	Equity
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'001	RM'000	RM'000	RM'000	RM'000	RM'000
At 1 January 2023	1,000,000	(150,405)	(2,457)	458	184,715	112	22	2,514	7,271,332	8,306,291	350,000	8,656,291
Profit for the financial period	-	-	-	-	-	-	-	-	194,992	194,992	-	194,992
Other comprehensive expense (net of tax)	-	50,378	-	-	-	11,324	-	-	-	61,702	-	61,702
- debt instruments at fair value through other
comprehensive income	-	50,378	-	-	-	-	-	-	-	50,378	-	50,378
- fair value changes on financial liabilities
designated	-	-	-	-	-	11,324	-	-	-	11,324	-	11,324
Total comprehensive income
for the financial period	-	50,378	-	-	-	11,324	-	-	194,992	256,694	-	256,694
Share-based payment expense	-	-	-	-	-	-	3	425	-	428	-	428
Shares released under Equity Ownership Plan	-	-	-	-	-	-	(14)	-	-	(14)	-	(14)
Total transactions with owners recognised
directly in equity	-	-	-	-	-	-	(11)	425	-	414	-	414
Transfer from regulatory reserve	-	-	-	-	(35,871)	-	-	-	35,871	-	-	-
At 31 March 2023	1,000,000	(100,027)	(2,457)	458	148,844	11,436	11	2,939	7,502,195	8,563,399	350,000	8,913,399

*The regulatory reserve is maintained by the Bank to meet the local regulatory requirement.

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 5

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CIMB ISLAMIC BANK BERHAD

Registration No: 200401032872 (671380-H)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF CHANGES IN EQUITY

			FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024
			Non-distributable				Distributable
		Fair value reserve-debt
		instruments					Capital
		at fair value					contribution
The Bank	Ordinary	through other				Own credit	by Ultimate			Perpetual
	share	comprehensive	Merger	Capital	Regulatory	risk	Holding	Retained		preference	Total
31 March 2024	capital	income	reserve	reserve	reserve*	reserve	Company	earnings	Total	shares	Equity
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'001	RM'000	RM'000	RM'000	RM'000	RM'000
At 1 January 2024	1,000,000	(54,640)	(2,457)	458	210,633	(477)	4,212	8,137,688	9,295,417	350,000	9,645,417
Profit for the financial period	-	-	-	-	-		-	254,095	254,095	-	254,095
Other comprehensive income (net of tax)	-	18,588	-	-	-	71	-	-	18,659	-	18,659
- debt instruments at fair value through other
comprehensive income	-	18,588	-	-	-	-	-	-	18,588	-	18,588
- fair value changes on financial liabilities designated
at fair value attributable to own credit risk	-	-	-	-	-	71	-	-	71	-	71
Total comprehensive income
for the financial period	-	18,588	-	-	-	71	-	254,095	272,754	-	272,754
Share-based payment expense	-	-	-	-	-	-	262	-	262	-	262
Total transactions with owners recognised
directly in equity	-	-	-	-	-	-	262	-	262	-	262
Transfer from regulatory reserve	-	-	-	-	(36,037)		-	36,037	-	-	-
At 31 March 2024	1,000,000	(36,052)	(2,457)	458	174,596	(406)	4,474	8,427,820	9,568,433	350,000	9,918,433

*The regulatory reserve is maintained by the Bank to meet the local regulatory requirement.

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 6

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CIMB ISLAMIC BANK BERHAD

Registration No: 200401032872 (671380-H)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF CHANGES IN EQUITY

			FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024
				Non-distributable				Distributable
		Fair value
		reserve-debt
		instruments						Capital
		at fair value						contribution
The Bank	Ordinary	through other				Own credit	Share-based	by Ultimate			Perpetual
	share	comprehensive	Merger	Capital	Regulatory	risk	payment	Holding	Retained		preference	Total
31 March 2023	capital	income	reserve	reserve	reserve *	reserve	reserve	Company	earnings	Total	shares	Equity
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'001	RM'000	RM'000	RM'000	RM'000	RM'000
At 1 January 2022	1,000,000	(150,405)	(2,457)	458	184,715	112	22	2,514	7,271,297	8,306,256	350,000	8,656,256
Profit for the financial period	-	-	-	-	-	-		-	194,992	194,992	-	194,992
Other comprehensive expense (net of tax)	-	50,378	-	-	-	11,324	-	-	-	61,702	-	61,702
- debt instruments at fair value through other
comprehensive income	-	50,378	-	-	-	-	-	-	-	50,378	-	50,378
- fair value changes on financial liabilities designated
at fair value attributable to own credit risk	-	-	-	-	-	11,324	-	-	-	11,324	-	11,324
Total comprehensive income
for the financial period	-	50,378	-	-	-	11,324		-	194,992	256,694	-	256,694
Share-based payment expense	-	-	-	-	-	-	3	425	-	428	-	428
Shares released under Equity Ownership Plan	-	-	-	-	-	-	(14)	-	-	(14)	-	(14)
Total transactions with owners recognised
directly in equity	-	-	-	-	-	-	(11)	425	-	414	-	414
Transfer from regulatory reserve	-	-	-	-	(35,871)	-	-	-	35,871	-	-	-
At 31 March 2023	1,000,000	(100,027)	(2,457)	458	148,844	11,436	11	2,939	7,502,160	8,563,364	350,000	8,913,364

*The regulatory reserve is maintained by the Bank to meet the local regulatory requirement.

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 7

CIMB ISLAMIC BANK BERHAD

Registration No: 200401032872 (671380-H)

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

The Group

31 March 31 March

20242023

RM'000RM'000

The Bank

31 March	31 March
2024	2023
RM'000	RM'000

Profit before taxation and zakat

Adjustments for non-cash items

Operating profit before changes in working capital

Net changes in operating assets

Net changes in operating liabilities

Taxation paid

Net cash flows used in operating activities

Cash flows from investing activities

Profit income received from financial investments

Net purchase of financial investments

Net purchase of property, plant and equipment

Net purchase of intangible assets

Net cash flows used in investing activities

Cash flows from financing activities

Profit expense paid on recourse obligation on loans and financing sold to Cagamas Profit expense paid on Sukuk

Profit expense paid on subordinated Sukuk Proceeds from issuance of senior sukuk Other financing activities

Net cash flows generated from/(used in) financing activities

Net decrease in cash and cash equivalents

Effects of exchange rate differences (MFRS107)

Cash and cash equivalents at beginning of the financial period

Cash and cash equivalents at end of the financial period

Cash and cash equivalents comprise :

Cash and short-term funds

Deposits and placements with banks and other financial institutions

Cash and cash equivalents at end of the financial period

340,161

(18,840)

321,321

(6,258,611)

1,474,783

(134,208)

(4,596,715)

134,782

(1,266,787)

(21)

(177)

(1,132,203)

(27,924)

27,659

(14,958)

3,472,594

(152)

3,457,219

(2,271,699)

9,419

10,655,876

8,393,596

8,393,596

-

8,393,596

267,864

(208,272)

59,592

(4,029,370)

3,106,718

(182,917)

(1,045,977)

384,517

(2,817,081)

(22)

(1,201)

(2,433,787)

-

-

(14,959)

-

(519)

(15,478)

(3,495,242)

7,668

15,308,885

11,821,311

11,688,181

133,130

11,821,311

340,161	267,864
(18,840)	(208,272)
321,321	59,592
(6,258,611)	(4,029,370)
1,474,783	3,106,718
(134,208)	(182,917)
(4,596,715)	(1,045,977)
134,782	384,517
(1,266,787)	(2,817,081)
(21)	(22)

1. (1,201)
   (1,132,203) (2,433,787)

(27,924)	-
27,659	-
(14,958)	(14,959)
3,472,594	-

1. (519)
   3,457,219(15,478)

(2,271,699)	(3,495,242)
9,419	7,668
10,655,876		15,308,885
8,393,596	11,821,311
8,393,596	11,688,181

• 133,130
  8,393,596 11,821,311

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 8

PART A - EXPLANATORY NOTES

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A1. Basis of preparation

The unaudited condensed interim financial statements for the financial period ended 31 March 2024 have been prepared under the historical cost convention, except for financial assets at fair value through profit or loss, debt instruments at fair value through other comprehensive income, derivative financial instruments and financial liabilities designated at fair value through profit or loss, that are measured at fair value.

The unaudited condensed interim financial statements have been prepared in accordance with MFRS 134 "Interim

Financial Reporting" issued by the Malaysian Accounting Standards Board and paragraph 9.22 of Bursa Malaysia Securities Berhad's Listing Requirements.

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023. The explanatory notes attached to the unaudited condensed interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group and the Bank since the financial year ended 31 December 2023.

The material accounting policies and methods of computation applied in the unaudited condensed interim financial statements are consistent with those adopted in the most recent audited annual financial statements for the financial year ended 31 December 2023, and modified for the adoption of the following accounting standards and amendments to published standards applicable for financial periods beginning on or after 1 January 2024:

• Amendments to MFRS 101 "Classification of liabilities as current or non-current"
• Amendments to MFRS 101 "Non-current Liabilities with Covenants"
• Amendments to MFRS 16 "Lease Liability in a Sale and Leaseback"

The adoption of the above amendments to published standards did not give rise to material financial impact to the Group's and the Bank's financial statements.

The preparation of unaudited condensed interim financial statements in conformity with the MFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed interim financial statements, and the reported amounts of income and expenses during the reported period. It also requires Directors to exercise their judgement in the process of applying the Group and Bank's accounting policies. Although these estimates and assumptions are based on the Directors' best knowledge of current events and actions, actual results may differ from those estimates.

A2. Changes in estimates

There were no material changes to financial estimates made in respect of the current financial period that had previously been announced or disclosed.

Page 9

PART A - EXPLANATORY NOTES (CONTINUED)

A3. Issuance and repayment of debt and equity securities

1. On 27 March 2024, the Bank issued RM250.0 million of senior sukuk under its RM10.0 billion Sukuk Wakalah Programme. The senior sukuk, which bear a profit rate of 3.75% per annum payable semi-annually, will mature on 26 March 2027.
2. On 27 March 2024, the Bank issued RM300.0 million of senior sukuk under its RM10.0 billion Sukuk Wakalah Programme. The senior sukuk, which bear a profit rate of 3.86% per annum payable semi-annually, will mature on 27 March 2029.
3. On 27 March 2024, the Bank issued RM1,450.0 million of senior sukuk under its RM10.0 billion Sukuk Wakalah Programme. The senior sukuk, which bear a profit rate of 4.03% per annum payable semi-annually, will mature on 27 March 2031.
4. On 27 March 2024, the Bank issued RM1,500.0 million of senior sukuk under its RM10.0 billion Sukuk Wakalah Programme. The senior sukuk, which bear a profit rate of 4.13% per annum payable semi-annually, will mature on 27 March 2034.

A4. Proposed dividend

There were no dividends paid or proposed for the financial period ended 31 March 2024.

A5. Events during the reporting period/Significant events after the reporting period

There are no significant events other than those disclosed under issuance and repayment of debt equity securities that had occured between 31 March 2024 and the date of this announcement.

A6 Cash and short-term funds and Deposits and placements with banks and other financial institutions

As at 31 March 2024, the expected credit losses in deposit placements maturing within one month and deposits and

placements with banks and other financial institutions are both RMNil respectively (2023:both RMNil respectively). The 12-month expected credit losses made in the income statement during the financial period is amounting to RMNil (31 March 2023: RMNil).

	The Group and the Bank
	31 March		31 December
	2024	2023
	RM'000		RM'000
A7 Financial assets at fair value through profit or loss
Money market instruments
Unquoted
In Malaysia
Malaysian Government treasury bills	1,044,433	637,980
Bank Negara Malaysia monetary notes	1,993,910	152,491
Islamic negotiable instruments of deposits	1,590,298	1,389,444
Islamic commercial papers	343,525	528,475
Government Investment Issues	590,959	542,492
Islamic Cagamas bonds	360,304		328,536
	5,923,429	3,579,418
Unquoted securities
In Malaysia
Corporate Sukuk	72,796		175,055
	5,996,225	3,754,473

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