Shariah Adviser

Shariah Adviser Appointed for DMP : IBFIM

IBFIM has been appointed as the Shariah Adviser for Dana Makmur Fund (“the Fund”). IBFIM will counsel the mechanics of the operations of the Fund to ensure the operations of the Fund comply with Shariah requirements.  IBFIM was incorporated as a company limited by guarantee and not having share capital in Malaysia under the Companies Act, 1965 on 15 February 2007.  IBFIM is registered with the SC to act as a Shariah Adviser for Shariah-compliant collective investment schemes.  IBFIM is also involved in Shariah-compliant private mandates as well as the Shariah Adviser for Islamic REITs and Islamic asset management houses.

Roles and Responsibilities of IBFIM as the Shariah Adviser

As Shariah Adviser, IBFIM will ensure the operations and investments of the Fund are in compliance with Shariah requirements. IBFIM will review the Fund’s investments on a monthly basis to ensure adherence with Shariah requirements at all times  In the end , the final responsibility to ensure Shariah compliancy of the Funds rests solely with the Manager.

In line with the Guidelines, the roles of IBFIM as the Shariah Adviser are:

1. Ensuring that the Shariah-compliant unit trust fund (“the fund”) are managed and administered in accordance with the Shariah principles;

2. Providing expertise and guidance for the fund in all matters relating to Shariah principles, including on the fund’s Deed and Prospectus, its structure and investment process, and other operational and administrative matters;

3. Consulting the SC who may consult the Shariah Advisory Council of the SC where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process;

4. Scrutinising the fund’s compliance report as provided by the compliance officer, transaction report provided by or duly approved by the trustee and any other report deemed necessary for the purpose of ensuring that the fund’s investments are in line with the Shariah principles;

5. Preparing a report to be included in the fund’s interim and annual report certifying whether the fund have been managed and administered in accordance with the Shariah principles;

6. Ensuring that the fund comply, with any guideline, ruling or decision issued by the SC, with regard to Shariah matters;

7. Vetting and advising on the promotional materials of the fund;

8. Assisting and attending to any ad-hoc meeting called by the SC and/or any other relevant authority.

Profile of the Shariah Team 

IBFIM’s Shariah team is consists of the following personnel:

Dato’ Mohd Bakir Bin Haji Mansor - Chairman, IBFIM Shariah Committee

Dato’ Mohd Bakir is a member of Shariah Panel Committee of Amanah Ikhtiar Malaysia.  Prior to joining IBFIM, Dato’ Mohd Bakir was the Shariah Coordinator at Bank Islam Malaysia Berhad (“BIMB”) and then the Secretary of the Shariah Advisory Council of BIMB, from 1984 to 2001.  Previously, he served at the National Council for Islamic Religious Affairs in the Prime Minister’s Department for 10 years from 1971.  He was also a Chief Assistant Director at the Islamic Research Centre for 4 years from 1981.  He holds a Shahadah Ulya from Kolej Islam Malaya. Dato’ Mohd Bakir was awarded “Anugerah Maulidur Rasul 1434H/2013M” by the government of Malaysia for his services in the Islamic finance industry.

Ahmad Zakirullah Bin Mohamed Shaarani - Managing Advisor (Shariah)

Ahmad Zakirullah is a member of Shariah Committee of the United Overseas Bank Malaysia Berhad.  He joined IBFIM in February 2008.  He is responsible in providing Shariah input on the advisory, consultancy and research functions with regard to Islamic banking, takaful, Islamic capital market and Shariah-compliant funds.  Prior to joining IBFIM, he served at University Sains Islam Malaysia and PTPL College.  He obtained his Diploma of Shariah Islamiyyah (Hons) from Higher Institute of Islamic and Arabic Language (MADIWA), Perak, Bachelor of Shariah Islamiyyah (Hons) Degree from Al-Azhar University, Egypt and Master’s Degree (Hons) of Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh) from the International Islamic University Malaysia.  He is the designated person responsible for Shariah matters related to the Shariah-compliant funds management-related activities.

Mohd Asyraf Bin Sharunudin - Consultant (Shariah)

Mohd Asyraf is a designated person to led the IBFIM for Shariah matters.  Mohd Asyraf is a member of IBFIM’s Shariah Business Advisory team. He is responsible in providing input on advisory and intelligence regards to Islamic banking, takaful, Islamic capital market and Shariah-compliant unit trust funds. He was previously attached to Shariah Department of Bank Muamalat Malaysia Berhad. He also completed the Islamic Capital Market Graduate Training Scheme by the Securities Commission.  Asyraf is a graduate of the International Islamic University Malaysia in Bachelor of Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh) (Hons) Degree and Master’s Degree (Hons) of Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh) from the same university. He is the designated person responsible for Shariah matters related to the Shariah-compliant funds management-related activities.

Muhammad Khairulnizam Bin Alias - Consultant (Shariah)

Muhammad Khairulnizam, a graduate of Bachelor of Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh) (Hons) Degree from International Islamic University Malaysia (IIUM). Prior to joining IBFIM, he has worked as a customer service and technical support.  Currently, he is responsible in providing Shariah input on the advisory, consultancy and research functions with regard to Islamic banking, takaful, Islamic capital market and Shariah-compliant unit trust funds, including but not limited to conduct surveillance on non-financial institutions activities. He is experienced in conversion of conventional product to Islamic as well as audit and review for many financial institutions. He is the designated person responsible for Shariah matters related to the Shariah-compliant funds management-related activities.

Shariah Adviser Appointed For PAXJI : Amanie Advisors Sdn Bhd (”Amanie”)

Amanie Advisors Sdn Bhd (”Amanie”) is a Shariah advisory, consultancy, training, research and development boutique for institutional and corporate clientele focusing on Islamic financial services. Amanie is a registered Shariah advisory company for Islamic unit trust with the SC. It has been established with the aim of addressing the global needs for experts’ and Shariah scholars’ pro-active input. This will ultimately allow the players in the industry to manage and achieve their business and financial goals in accordance with the Shariah principles. Amanie also focuses on organizational aspect of the development of human capital in Islamic finance worldwide through providing updated quality learning embracing both local and global issues on Islamic financial products and services.

The company is led by Datuk Dr. Mohd Daud Bakar and teamed by an active and established panel of consultants covering every aspect related to the Islamic banking and finance industry both in Malaysia and the global market. Currently the team comprises of six (6) full-time consultants who represent dynamic and experienced professionals with a mixture of corporate finance, accounting, product development, Shariah law and education.

Amanie meets the fund manager every quarter to address Shariah advisory matters pertaining to our Shariah funds. Since 2005, Amanie has acquired twelve  (12) years of experience in the advisory role for unit trusts and as at 31 March 2017, there are more than 50 funds which Amanie acts as Shariah advisers.

The roles and responsibilities of Amanie as the appointed Shariah Adviser for the Fund  are as follows:

1. To ensure that the Fund is managed and administered in accordance with Shariah principles. The Shariah Adviser will meet with the Manager once every quarter to discuss Shariah matters relating to the Fund.

2. To provide expertise and guidance in all matters relating to Shariah principles, including the Fund’s deed and the Prospectus, its structure and investment process, and other operational and administrative matters.

3. To consult with SC where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process.

4. To act with due care, skill and diligence in carrying out its duties and responsibilities.

5. Responsible for scrutinizing the Fund’s compliance report as provided by the compliance officer and investment transaction report provided by, or duly approved by, the Trustee to ensure that the Fund’s investments are in line with Shariah principles.

6. To prepare a report to be included in the Fund’s interim and annual reports certifying whether the Fund has been managed and administered in accordance with Shariah principles for the period concerned.

Profile of the Shariah Team

The designated persons responsible for Shariah matters relating to the Fund are:

Datuk Dr. Mohd Daud Bakar - Shariah Adviser

Datuk Dr. Mohd Daud Bakar is the Founder and Executive Chairman of Amanie Group that deals with many facets of global Islamic finance from Shariah advisory to structured training to media and to Big Data Analytics. Amanie, one of the companies under the Group, has presence in eight major cities in the world. He currently sits as a Chairman of the Shariah Advisory Council of Bank Negara Malaysia, the SC SAC, the Labuan Financial Services Authority and the International Islamic Liquidity Management Corporation (IILM). He is also a Shariah board member of various financial institutions, including the National Bank of Oman (Oman), Noor Islamic Bank (Dubai), Amundi Asset Management (France), Morgan Stanley (Dubai), Bank of London and Middle East (London), BNP Paribas (Bahrain), Dow Jones Islamic Market Index (New York), First Gulf Bank (UAE), amongst many others. Prior to this, he was the deputy vice-chancellor at the International Islamic University Malaysia. He received his first degree in Shariah from University of Kuwait in 1988 and obtained his PhD from University of St. Andrews, United Kingdom in 1993. In 2002, he completed his external Bachelor of Jurisprudence at University of Malaya. He has published a number of articles in various academic journals and has made many presentations in various conferences both local and overseas.

On the recognition side, Datuk Dr. Mohd Daud has been honored with “The Asset Triple A Industry Leadership Award” at The Asset Triple A Islamic Finance Award 2014 by The Asset magazine and been named as the “Most Outstanding Individual”, awarded by His Majesty, the King of Malaysia, in conjunction with the national-level Prophet Muhammad’s birthday 2014. Datuk is currently the 3rd Professorial Chairholder in Islamic Banking and Finance of Tun Ismail Foundation (YTI-PNB) by Islamic Science University of Malaysia (USIM) and also sits as a Board Director to Sime Darby Berhad.

Mohd Zikri Mohd Shairy - Chief Executive Officer

With more than 10 years’ experience in Islamic finance industry, Zikri spearheads Amanie Advisors (Kuala Lumpur office) as Chief Executive Officer. He read law in International Islamic University Malaysia for his LL.B (Hons) and Master of Comparative Laws.  He joined Amanie Advisors in 2015 and since then involved in various key Shariah consultancy and advisory services encompassing setting up Islamic banking window as well as conversion from conventional to Islamic financial institution, drafting Shariah related regulatory documents for central bank, funds and sukuk structuring, product development, asset management and many others. His hands on experience in Shariah risk management has remarkably enriched Shariah audit coverage undertaken by his team on local and international clients.  In the training field, Zikri is the Accredited Training Professional granted by Institute of Leadership and Management, United Kingdom. Zikri had conducted hundreds of training sessions on Shariah related modules including Shariah risk management in Malaysia, Singapore, Brunei and Afghanistan.Prior to join Amanie Advisors, Zikri gained his ground exposure as Financing Executive in Bank Muamalat Malaysia Berhad and RHB Islamic Bank Berhad. He then joined Bank Islam Malaysia Berhad where he led Shariah Risk Management Department before joining Amanie Advisors.

Ainul Azura Zakiyudin - Chief Operating Officer

Ainul Azura Zakiyudin is the Chief Operating Officer of Amanie Advisors Kuala Lumpur, Malaysia office. She holds Bachelor of Law (Honours), MARA University of Technology Malaysia and was admitted to Malaysian BAR as an Advocate and Solicitor of the High Courts of Malaya in 2000.  Azura joined Amanie Advisors (Kuala Lumpur) in 2013 and has been involved in various product structuring, development and enhancement of Shariah compliant products for Islamic Financial Institution, corporate bodies and non-Islamic financial institutions.  She has also involved in providing Shariah advisory services for issuance of sukuks, conversion exercises, establishment of Islamic financial business, establishment of Shariah compliant products for non-financial business,  Shariah monitoring and compliance review  for various clients including financial institutions and global asset management companies.  Prior to joining Amanie, Azura was an in-house legal adviser in PLUS Expressways Berhad (PLUS), a biggest highway concessionaire in Malaysia and listed in the Main Board of Bursa Listing Securities in Malaysia. In PLUS, she received wide exposure in corporate legal work and involved directly in the issuance of several sukuks, restructuring of sukuk and other corporate exercises initiated by the company.  Azura has a combined of more than 16-years’ experience mainly in corporate legal and Islamic financial matters.

Nurul Farhan Osman - Associate Consultant

Nurul Farhan binti Osman is an associate consultant at Amanie Advisors’ KL Office. She obtained her Diploma of Tahfiz and Qiraat (major in Shariah) with Mumtaz (Distinction) from Darul Quran JAKIM in 2011 and Bachelor’s degree of Muamalat Management with Honors (with Distinction) from University of Malaya with in 2015.  In the advisory services, she is responsible in the Shariah screening and compliance review for global asset management companies which involves in determining the Shariah status of existing securities listed. Other than that, she is also exposed and tasked with the Shariah product structuring, Shariah audit and monitoring for various Clients which includes both financial and non-financial institutions.  Prior to joining Amanie, she was an intern at the International Shariah Research Academy for Islamic Finance (ISRA) and a Research Assistant at the Department of Shariah and Management, Academy of Islamic Studies, University of Malaya.  She also had been appointed as one of the members of Bank Negara Malaysia (BNM) Shariah Standards team in drafting and preparing the standards for Bay’ al-Sarf and al-Rahn contracts. Apart from that, she was involved in translation works under ISRA in preparing the documentation of BNM Shariah Standards for Tawarruq, Musyarakah, Murabahah, Wakalah and Wa’d contracts among others.