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  • PD-3.1 PD-3.1 Reviewed (unaudited) quarterly financial statements

    • PD-3.1.1

      The content of this section is applicable only to locally incorporated banks licensed by the Agency.

    • PD-3.1.2

      All banks referred to under paragraph PD-3.1.1 should prepare and disclose the following information to the public on a quarterly basis:

      (a) A Statement of Financial Position (Balance Sheet)
      (b) An Income Statement
      (c) A Statement of Cash Flows
      (d) A Statement of Changes in Restricted Investment Accounts.
      (e) A Statement of Changes in Owners' Equity.
      (f) Changes to Accounting Policies.

    • Presentation

      • PD-3.1.3

        The presentation of the above statements should be in accordance with Financial Accounting Standards (FAS) No. 1 issued by the Accounting & Auditing Organization for Islamic Financial Institutions and the statements should be prepared on a consolidated basis.

      • PD-3.1.4

        The statements should include comparative data for income related items to the identical period in, and the year to date for, the bank's previous financial year.

      • PD-3.1.5

        The balance sheet should be compared with the balance sheet in the bank's previous audited annual accounts.

    • Review by External Auditors

      • PD-3.1.6

        Such statements should be reviewed by banks' external auditors, in accordance with International Standards on Auditing and the Auditing Standards for Islamic Financial Institutions where applicable.

    • Publication

      • PD-3.1.7

        The statements should be published in one of the local newspapers and a copy submitted to the Agency within eight weeks of the statements' date. The copy should be accompanied by a letter clearly showing on which date and in which publication(s) the statements were published.

    • Additional requirements

      • PD-3.1.8

        The quarterly statements should include the following items:

        (a) (as a minimum) each of the headings and subtotals included in the most recent annual financial statements as presented under FAS 1. Notes should be included if their omission would make the quarterly statement misleading.
        (b) Basic and diluted earnings per share in the earnings statement.
        (c) A statement to the effect that the same accounting policies and methods of computation are followed in the quarterly statements as compared with the most recent financial statements or, where these policies or methods have changed, a description of the nature and effect of the change.
        (d) Explanatory comments concerning the seasonality of the quarterly operations.
        (e) The nature and amount of any unusual items affecting assets, liabilities, income or cash flows.
        (f) Information on the nature and amount of changes in estimates of amounts reported in prior quarterly periods of the current financial year, or changes in estimates of amounts reported in prior financial years, if these changes have a material effect in the current quarterly period.
        (g) Issuances, repurchases, and repayments of securities.
        (h) Dividends paid (aggregate or per share) for shares.
        (i) Any material events subsequent to the end of the quarterly period that have not been reflected in the Financial Statements for the quarterly period should be outlined.
        (j) The effect of changes in the composition of the bank during the quarterly period, including business combinations, acquisitions or disposal of subsidiaries and long-term investments, restructurings and discontinuing operations should be stated.
        (k) Changes to contingent liabilities and contingent assets since the last annual balance sheet should be disclosed.