Shariah Adviser

Shariah Adviser Appointed for DMP : IBFIM

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. As at 13 April 2018, IBFIM has 134 funds under its supervision.

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 Fund rests solely with the Manager.

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

1. Ensuring that the Fund is 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. Reviewing 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 reports certifying whether the Fund has been managed and administered in accordance with the Shariah principles;

6. Ensuring that the Fund complies 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:

Haji Azizi Che Seman - Chairman, IBFIM Shariah Committee

Haji Azizi Che Seman is currently a senior lecturer at the Department of Shariah and Economics, Academy of Islamic Studies, University of Malaya, a position he has held since 2002.  He has been appointed as the Chairman of IBFIM Shariah Committee effective on October 2017. He is also the Chairman of the Shariah Committee of Bank Muamalat Malaysia Berhad and the Chairman of the Shariah Advisor of AIBIM.  In terms of qualification, he holds a Master Degree in Economics from International Islamic University of Malaysia in 2001 and a Bachelor of Shariah from University of Malaya in 1996. His specialisation areas are in Islamic Capital Market, Islamic Economics, Fiqh Muamalat and Islamic Research Methodology.

Dr. Ahmad Zakirullah Bin Mohamed Shaarani - Managing Advisor (Shariah)

Dr. 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, Master’s Degree (Hons) of Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh) from the International Islamic University Malaysia and Doctor of Philosophy of Usul al-Fiqh from University of Malaya.  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 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 of unit trusts and as at 31 January 2018 there are more than 150 funds which Amanie acts as Shariah adviser.

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/ Chief Executive Officer

Datuk Dr. Mohd Daud Bakar is the Founder and Executive Chairman of Amanie Group. One of its flagship companies namely Amanie Advisors, is operating in 8 cities globally. He currently serves as the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia and the Labuan Financial Services Authority. He is a Shariah board member of various global financial institutions, including the National Bank of Oman (Oman), 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.

In the corporate world, he sits as a Board Director at Sime Darby Berhad and a member of the PNB Investment Committee. He is also the third Chair Professor in Islamic Banking and Finance of Yayasan Tun Ismail Mohamed Ali Berdaftar (YTI) PNB at Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM).

In 2016, he received the “Award of Excellence for Outstanding Contribution for Shariah Leadership & Advisory” at London Sukuk Summit Awards and “Shariah Adviser Award” at The Asset Triple A Islamic Finance Award. In 2014, he received the “Most Outstanding Individual” award by His Majesty, the King of Malaysia, in conjunction with the national-level Prophet Muhammad’s birthday.  Under his leadership, Amanie Advisors received the “Islamic Economy Knowledge Infrastructure Award” at the Global Islamic Economy Summit, Dubai 2015, by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Oct 2015.

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.

His publications include articles in various academic journals and presentations of more than 150 papers in both local and international conferences. His first book entitled “Shariah Minds in Islamic Finance: An Inside Story of A Shariah Scholar” has won the “Islamic Finance Book of the Year 2016” by the Global Islamic Finance Award (GIFA).

Ainul Azura Zakiyudin – Deputy Chief Executive Officer

Ainul Azura Zakiyudin is the Deputy Chief Executive 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. 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 financial institutions and asset management companies.  Prior to joining Amanie, Azura was an in-house legal adviser in PLUS Expressways Berhad (PLUS), where 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.

Nurul Liyana Kasman  - Associate Consultant

Nurul Liyana is an associate consultant at Amanie Advisors Kuala Lumpur, Malaysia. She graduated with a Bachelor of Business Administration (HONS) Islamic Banking from Universiti Teknologi Mara (UiTM). Previously, she was positioned at Amanie Global Technology Sdn Bhd where she was exposed in the market research and evaluation of modules for Islamic core banking system. She started her career in February 2015 with Amanie Nexus Sdn Bhd and involved in assisting investors and fund managers to search, identify and monitor Shariah compliant stock for investment related decision before joining Amanie Advisors in 2017.