JABATAN PERDAGANGAN

DPD40103 ACCOUNTING FOR ISLAMIC FINANCIAL INSTITUTIONS

(SESSION 1:2021/2022)

MALAKOFF CORPORATION BERHAD

PREPARED BY :

NAME REGISTRATION NUMBER

MARINA BINTI SYAFRIZAL 17DIB19F2033

SITI NOR ZULAIKAH BINTI AS’RI 17DIB19F2031

WAN ZAFRAN ZUHAILI BIN WAN 17DIB19F2025
SHAMSUDIN
WAN UMMA NATASYA BINTI WAN 17DIB19F2051
SAFFIEE
MUHAMMAD SYARIFUDDIN BIN 17DIB19F2013
ZULKIFLI

CLASS: DIB4B

LECTURER NAME: SITI AISHAH BINTI MOHAMAD SIS

SEMESTER 4

TABLE OF CONTENTS
1
 TOPIC PAGES

Introduction 3

Profile and background company 4

3.1. Syari’yyah (Adjusted Working Capital 5-7

Method)

Zakat calculation 3.2. Urfiyyah (Adjusted Growth Capital 8-9

Method)

4.1. Statement of Financial Position 10-11

Annual report 4.2. Statement of Comprehensive Income 12

4.3. Cash Flow 13-14

1. Introduction

2
Zakat is a religious obligation, ordering all Muslims who meet the necessary criteria to donate a
certain portion of wealth each year to charitable causes. Zakat is said to purify yearly earnings
that are over and above what is required to provide the essential needs of a person or family.
Religious texts offer comprehensive descriptions of the minimum amount of zakat that should be
distributed to those less fortunate. It generally varies, depending on whether wealth came from
farm produce, cattle, business activities, paper currency, or precious metals, such as gold and
silver. Zakat is based on income and the value of possessions. The common minimum amount
for those who qualify is 2.5%, or 1/40 of a Muslim's total savings and wealth.

The words of Allah SWT which means:

“(The worship is performed by) those who are strong in faith who are not neglected by business
or trade from mentioning and remembering Allah, and establishing prayer and giving zakat; they
fear the day (of resurrection) on which hearts and eyes will be turned. " [Surah Al-Nur (24): 37]

Hadith of the Prophet SAW which means:Anas RA narrated that Abu Bakr RA prescribed for
him what the Prophet (peace and blessings of Allah be upon him) prescribed: And if a property is
shared by two people, then both of them pay zakat to each other fairly (according to their
respective rates or shares). [HR Bukhari]

2. Profile and background company

3
Malakoff Berhad ("MB") was incorporated on 9 October 1975 as a plantation-based company. It
was listed on the Main Board of the Kuala Lumpur Stock Exchange (currently known as Bursa
Malaysia) in 1976. A shift in its corporate direction resulted in the disposal of its plantation-
based assets in October 1993 and the subsequent venture into the power sector .On 17 May 2006,
MMC Corporation Berhad through its wholly owned subsidiary, Nucleus Avenue (M) Berhad
("NAB") made an offer to acquire all the assets (other than cash) of MB, including the
assumption of all the liabilities of MB for a total cash consideration of RM9,307.6 million (less
any available cash balance in MB at the completion of the acquisition).

The acquisition was completed on 30 April 2007, with the transfer of all the assets (other than
cash) of MB, including the assumption of all the liabilities of MB to NAB. MB was delisted
from the official list of the Main Board of Bursa Securities (now known as Main Market of
Bursa Securities) on 18 July 2007. Following the acquisition, NAB assumed its present name,
Malakoff Corporation Berhad (Malakoff) on 25 April 2007. On 15 May 2015, Malakoff made its
debut on the Bursa Malaysia.Committed to sustainability, we hold the health, safety and security
of our staff paramount. We take great care to minimize the impact on the environment in which
we operate and as a responsible corporate citizen, we set out to be a good neighbor in whatever
we do and wherever we go.

At present, Malakoff is the leading independent power producer in Malaysia with an effective
capacity of 5,836 MW comprising of six power plants that run on coal, gas, oil and one solar
farm. On 5 December 2019, Malakoff completed its acquisition of 97.37% equity interest in
Alam Flora Sdn Bhd (“Alam Flora”) marking the first step of a synergistic journey between
Malakoff and Alam Flora to develop Waste-to-Energy (“WTE”) projects and expand our role in
the Waste Management and Environmental Services by leveraging on our respective core
competencies and experience.

On the international front, as an independent water and power producer, we own a net capacity
of approximately 588 MW of power production and 472,975 m³/day of water desalination. Our
overseas projects are located in Bahrain, Saudi Arabia and Oman.

3.Zakat calculation

4
 3.1 Urfiyyah (Adjusted Growth Capital Method)

Shareholder's Equity      
Share capital   5,693,055  
Treasury shares   -(98,647)  
Reserves   61,969  
(Accumulated losses)/Retained profits   -(348,468)  
Perpetual sukuk   800,000  
336,802.0
Non-controlling interests
  0  
TOTAL EQUITY     6,444,711
       
(+) Non-Current Liabilities      
Loans and borrowings   9,717,431  
Lease liabilities   6,746  
Employee benefits   100,483  
Provision for decommissioning cost   99,893  
Provision for concession assets   267,715  
Deferred income   3,357,888  
Derivative financial liabilities   15,381  
Deferred tax liabilities   1,200,943  
TOTAL NON-CURRENT LIABILITIES     14,766,480
       
(-) Non-Current Asset      
12,391,42
Property, plant and equipment
  8  
Investment properties   15,300  
Concession assets   167,837  
Intangible assets   3,144,168  
Investments in associates   798,841  
Investments in joint ventures   668,364  
Other investments   23,999  
Derivative financial assets   231,170  
Trade and other receivables   480,666  
Deferred tax assets   194,583  
TOTAL NON-CURRENT ASSET
    (18,116,356)
      3,094,835
(+/-) Adjustment      
Allowance for diminution in value of consumables   29,161  
Amortisation of intangible assets   321,175  
Amortisation of transaction costs of hedging instruments   10,482  

5
Amortisation of concession assets   20,525  
Depreciation of property, plant and equipment   870,019  
Depreciation for the right-of-use assets   18,583  
(Gain)/Loss on disposal of property, plant and equipment   (416)  
Net gain on lease modification   (146)  
Expenses related to retirement benefit plans   8,338  
Finance costs   743,633  
Finance income   (163,522)  
Finance costs on lease liabilities   1,063  
Gain arising from change in fair value of derivative financial instruments   (18,374)  
Property, plant and equipment written off   6,772  
Impairment loss on concession assets   5,858  
Concession assets written off   16,510  
Impairment loss on financial instruments   19,996  
Reversal of impairment loss on trade receivables   (1,644)  
Share of (profit)/loss of equity-accounted associates and joint ventures,
net of tax   (171,778)  
Net unrealised foreign exchange loss/(gain)   8,179 (1,724,414)
ZAKATABLE AMOUNT     1,370,421

Zakat payable = Zakatable amount x zakat rate

= 1,370,421 x 2.5%

= RM 34,260.53

6
 3.2 Syari’yyah (Adjusted Working Capital Method)

Current Asset      
884,184.0
Trade and other receivables
  0  
Inventories   591,799  
Current tax assets   90,627  
Other investments   3,378,157  
Cash and cash equivalents   1,062,600  
Assets classified as held for sale   65,000  
TOTAL CURRENT ASSET     6,072,367
       
(-) Current Liabilities      
Trade and other payables   1,360,268  
Current tax liabilities   16,894  
Loans and borrowings   1,164,663  
Lease liabilities   6,616  
Provision for decommissioning cost   11,809  
Provision for concession assets   26,691  
Deferred income   390,591  

7
 -
TOTAL CURRENT LIABILITIES
    (2,977,532)
      3,094,835
(+/-) Adjustment      
Allowance for diminution in value of consumables   29,161  
Amortisation of intangible assets   321,175  
Amortisation of transaction costs of hedging instruments   10,482  
Amortisation of concession assets   20,525  
Depreciation of property, plant and equipment   870,019  
Depreciation for the right-of-use assets   18,583  
(Gain)/Loss on disposal of property, plant and equipment   (416)  
Net gain on lease modification   (146)  
Expenses related to retirement benefit plans   8,338  
Finance costs   743,633  
Finance income   (163,522)  
Finance costs on lease liabilities   1,063  
Gain arising from change in fair value of derivative financial instruments   (18,374)  
Property, plant and equipment written off   6,772  
Impairment loss on concession assets   5,858  
Concession assets written off   16,510  
Impairment loss on financial instruments   19,996  
Reversal of impairment loss on trade receivables   (1,644)  
Share of (profit)/loss of equity-accounted associates and joint ventures,
net of tax   (171,778)  
Net unrealised foreign exchange loss/(gain)   8,179 (1,724,414)
ZAKATABLE AMOUNT     1,370,421

Zakat payable = Zakatable amount x zakat rate

= 1,370,421 x 2.5%

= RM 34,260.53

8
4. Attachment Annual report from Company Malakoff Corporation Berhad

4.1. Statements of Financial Position

9
10
4.2. Statements of Comprehensive Income

11
4.3. Statements of Cash Flow
12
13
14