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Shariah Adviser

Kenanga Investment Bank Berhad
(“KIBB”)

KIBB is the Shariah Adviser for the following:

- Kenanga OnePRS Shariah Equity Fund
- Kenanga Shariah OnePRS Conservative Fund
- Kenanga Shariah OnePRS Growth Fund
- Kenanga Shariah OnePRS Moderate Fund
- Kenanga Islamic Fund
- Kenanga Syariah Growth Fund
- Kenanga Islamic Balanced Fund
- Kenanga i-Enhanced Cash Fund
- Kenanga Islamic Money Market Fund
- Kenanga Shariah Growth Opportunities Fund
- Kenanga Ekuiti Islam Fund
- Kenanga Bon Islam Fund

KIBB shall advise on the mechanics of the operations of the Funds to ensure the operations of the Funds comply with Shariah requirements.

General Information of KIBB

KIBB is a licensed investment bank approved to carry on Islamic banking business. KIBB Shariah Committee was formed on 12 November 2012 after the approval from Bank Negara Malaysia.

Experience in Advisory and Services

KIBB Shariah Committee acts as the Shariah Adviser for Islamic collective investment schemes. KIBB is also involved in Islamic private mandates and is also the Shariah Adviser for sukuk.

Roles and Responsibilities of KIBB as the Shariah-Adviser

As Shariah Adviser, KIBB will ensure the operations and investments of the Funds are in compliance with Shariah requirements. KIBB shall review the Funds’ 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/ the PRS Provider.

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

  1. Ensuring that the Islamic unit trust funds (“the funds”) are managed and administered in accordance with the Shariah principles;
  2. Providing expertise and guidance for the funds in all matters relating to Shariah principles, including on the funds’ 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 Securities Commission Malaysia (“SACSC”) 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 funds’ investments are in line with the Shariah principles;
  5. Preparing a report to be included in the funds’ interim and annual report certifying whether the funds have been managed and administered in accordance with the Shariah principles;
  6. Ensuring that the funds 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 funds; and
  8. Assisting and attending to any ad-hoc meeting called by the SC and/or any other relevant authority.
Profile of KIBB Shariah Committee

Dr. Ghazali Jaapar is the Chairman of Shariah Committee of Kenanga Investment Bank Berhad. He is currently an Assistant Professor at the Department of Islamic Law, Ahmad Ibrahim Kulliyyah of Laws of International Islamic University Malaysia (IIUM). He holds a Bachelor of Shariah from University of Malaya, Master in Comparative Law (MCL) from International Islamic University Malaysia (IIUM) and PhD in Islamic Jurisprudence from University of Birmingham United Kingdom. He is also the Shariah Committee of FWD Takaful Malaysia.

Dr. Mohammad Firdaus is a Senior Lecturer of Arshad Ayub Graduate Business School, Universiti Teknologi Mara (UiTM) Shah Alam, Selangor. He received his first degree in Shariah Islamiyyah from University of Medina, Saudi Arabia. He then successfully completed his Masters in Fiqh and Usul Fiqh from the International Islamic University of Malaysia (IIUM) and obtained his PhD in Islamic Banking from University of Wales, Lampeter, United Kingdom. He is also received a Diploma in Islamic Finance from Markfield Institute of Higher Education, United Kingdom. He is also the Shariah Committee of Great Eastern Takaful Berhad.

Dr. Fadillah Mansor is the Shariah Committee of Kenanga Investment Bank Berhad. She is currently a Head of Department of Shariah and Management, University of Malaya. She holds a Bachelor of Shariah (Honours) specialized in economics and a Master of Business Administration (MBA) in finance from University of Malaya, Kuala Lumpur. She obtained her PhD in Islamic finance from the La Trobe University, Australia. Her areas of research include Islamic banking and finance, Islamic investment and capital market, takaful and also Islamic management. She is also the panel assessor of the Malaysian Qualifications Agency (MQA) that responsible for programme accreditation in the areas as mentioned above.

In line with the SC guidelines, the roles of BIMB Securities as the Shariah Adviser are:

  1. To advise on the Shariah aspects of the Funds and Funds’ operation and processes such that they are in accordance with Shariah, and specifically the resolutions issued by the SACSC;
  2. To provide Shariah expertise and guidance on all matters related to the Funds, particularly on the Funds’ Deed and Prospectus, structure, investments and related operational matters;
  3. To ensure that the Funds are managed and operated in accordance with Shariah as determined by the relevant SC regulations and standards, including resolutions issued by the SACSC;
  4. To review the Funds’ compliance reports as provided by the Manager’s compliance officer and investment transaction reports provided or duly approved by the Trustee to ensure that the Funds’ investments are in line with Shariah;
  5. To issue a report for inclusion in the interim and annual reports of the Funds stating the Shariah Adviser’s opinion on the Funds’ compliance with Shariah in its investment, operation and processes for the financial period concerned;
  6. To consult the SC where there is ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process; and
  7. To meet with the Manager on a quarterly basis, when urgently required for review of the Funds’ operation and processes.
BIMB Securities Sdn. Bhd.
(“BIMB Securities”)

BIMB Securities is the Shariah Adviser for the following:

- Kenanga Amanah Saham Wanita
- Kenanga SyariahEXTRA Fund
- Kenanga ASnitaBOND Fund
- Kenanga Dana Safa
- Kenanga Shariah Liquidity Fund
- Kenanga Shariah Liquidity Fund Series 3

BIMB Securities will provide Shariah advisory services on the mechanism of the operations of the Funds to ensure the operations of the Funds comply with Shariah requirements as stipulated by the SC.

General Information of BIMB Securities Sdn Bhd

BIMB Securities is a stockbroking subsidiary of BIMB Holdings Bhd. It was incorporated on 21 February 1994. The corporate mission of BIMB Securities is to be an active participant in a modern, innovative and dynamic Islamic capital market in Malaysia, catering for the needs of all investors, Muslims or non-Muslims, looking for Shariah-compliant investment products and services.

Experience in Advisory and Services

BIMB Securities is registered with the SC to act as a Shariah Adviser for Islamic products and services regulated by the SC, which include Islamic collective investment schemes. BIMB Securities is a corporate Shariah Adviser to 84 Islamic funds including one (1) Islamic real estate investment trust (REIT).

Roles and Responsibilities of BIMB as the Shariah-Adviser

As Shariah Adviser, BIMB Securities will ensure that the operation and processes of the Funds are in compliance with Shariah requirements. BIMB Securities shall review the Funds’ investments on a monthly basis to ensure adherence with Shariah requirements at all times Including the reviewing of the interim and annual reports of the Funds. Notwithstanding the role played by the Shariah Adviser, the ultimate responsibility for ensuring Shariah compliance of the Funds in all aspects of operation and processes rests solely with the Fund Manager.

In line with the SC Guidelines, the roles of BIMB Securities as the Shariah Adviser are:

  1. To advise on the Shariah aspects of the Funds and Funds’ operation and processes such that they are in accordance with Shariah, and specifically the resolutions issued by the SACSC;
  2. To provide Shariah expertise and guidance on all matters related to the Funds, particularly on the Funds’ Deed and Prospectus, structure, investments and related operational matters;
  3. To ensure that the Funds are managed and operated in accordance with Shariah as determined by the relevant SC regulations and standards, including resolutions issued by the SACSC;
  4. To review the Funds’ compliance reports as provided by the Manager’s compliance officer and investment transaction reports provided or duly approved by the Trustee to ensure that the Funds’ investments are in line with Shariah;
  5. To issue a report for inclusion in the interim and annual reports of the Funds stating the Shariah Adviser’s opinion on the Funds’ compliance with Shariah in its investment, operation and processes for the financial period concerned;
  6. To consult the SC where there is ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process; and
  7. To meet with the Manager on a quarterly basis, when urgently required for review of the Funds’ operation and processes.
Profile of BIMB Securities Shariah Committee

He is the designated person in-charge of all Shariah matters in BIMB Securities Sdn Bhd (BIMBSEC) is also appointed to the Shariah Advisory Committee of BIMBSEC effective 1st June 2011. He graduated with a Bachelor of Science Degree in Electrical Engineering in 1977 and a Master of Philosophy Degree in Electrical Engineering in 1982, both from the University of Southampton, England. He also obtained a Bachelor of Arts (Jayyid) Degree in Shariah from the University of Jordan in 1994 and a Doctor of Philosophy in Muslim Civilization from the University of Aberdeen, Scotland in 1996. Currently, he serves as the Chairman of the Shariah Committee of MIDF Group of Companies. He is a registered Shariah Adviser with the Securities Commission Malaysia (SC). He sits on the boards of Gagasan Nadi Cergas Berhad, Mesiniaga Berhad, PNB Commercial Sdn Bhd, Universiti Tun Abd Razak Sdn Bhd, Universiti Sains Islam Malaysia (USIM) and its subsidiary USIM Tijarah Holdings Sdn Bhd. Dr. Muhamad Fuad is a recipient of the National Book Award 2015 for his book published by IKIM entitled "The influence of Islam Upon Classical Arabic Scientific Writings: An examination of the Extent of Their Reference to Quran, Hadith and Related Texts”.
Islamic Banking and Finance Institute Malaysia
(“IBFIM”)

IBFIM is the Shariah Adviser for Kenanga Waqf Al-Ihsan Fund.

General Information of IBFIM

IBFIM is a registered Shariah adviser with the SC to act as a Shariah adviser for Shariah-compliant collective investment schemes, private mandates, Islamic REITs and Islamic asset management houses. IBFIM also has been providing a wide range of Shariah advisory and consultancy services for Islamic financial services industry since 2001.

Experience in Advisory and Services

IBFIM is registered with the SC to act as a Shariah Adviser for Islamic products and services regulated by the SC, which include Islamic collective investment schemes.

Roles and Responsibilities of IBFIM as the Shariah Adviser

As the Shariah Adviser, the role of IBFIM is to ensure that the operations and investments of the Fund are in compliance with Shariah requirements. The Shariah Adviser reviews the Fund’s investments on a monthly basis to ensure compliance with Shariah requirements at all times and meets with the Manager on a quarterly basis to review and advise on the Fund’s compliance with Shariah requirements. Final responsibility for ensuring Shariah compliance of the Fund with Shariah requirements in all relevant aspects rests solely with the Manager.

In line with the Guidelines, the roles and responsibilities of the Shariah Adviser are:

  1. Ensuring that the Fund is managed and administered in accordance with Shariah principles and complies with the additional requirements for an Islamic fund with waqf feature as stipulated in Chapter 14 of the Guidelines.
  2. providing Shariah expertise and guidance on all matters in relation to the Fund, particularly on the Deed and Prospectus, structure and investment instruments, and ensuring compliance with relevant securities laws and guidelines issued by the SC;
  3. Reviewing the Fund’s compliance report as provided by the compliance officer, investment transaction report provided by or duly approved by the Trustee and any other report deemed necessary for the purpose of ensuring the Fund’s investments are in line with the Shariah principles;
  4. Ensuring that the Fund complies with the applicable Shariah principles, concepts and rulings endorsed by SACSC;
  5. Preparing a report to be included in the Fund’s interim and/or annual report (where applicable), confirming that the Fund has been managed and administered in compliance with Shariah; including Shariah principles, concepts and rulings endorsed by the SACSC;
  6. Consulting the SC and/or any other relevant authority (which includes attending to any ad-hoc meeting called by them) where there is any ambiguity or uncertainty relating to any Shariah matters;
  7. Providing response and/or answer to any query(ies) and question(s) by the Manager pertaining to the Fund, including procuring advices from IBFIM’s appointed Subject Matter Experts, as and when required, in a timely manner;
  8. Vetting and advising on the promotional materials of the Fund; and
  9. Attending a maximum of four (4) meetings per year with the Manager to discuss any arising Shariah matters.
Profile of IBFIM Shariah Committee

Dr Aznan Hasan is an Associate Professor in Shariah at Institute of Islamic Banking and Finance (IIiBF), IIUM. He is the Founding President, Association of Shariah Advisors in Islamic Finance (ASAS). He is also the Deputy Chairman, Shariah Advisory Council, Securities Commission and Deputy Chairman, Shariah Advisory Committee, Employee Provident Fund (EPF). He is also a member, Shariah Advisory Council, AAOIFI, Bahrain and Higher Shariah Authority, Central Bank of UAE.

He also serves as a member of Board of Directors, Maybank Islamic Berhad. Before that, he served as Independent Non-Executive Director, Hong Leong MISG Takaful Berhad (2016-2019). He was a member, Shariah Advisory Council of Bank Negara Malaysia for two terms (2006-2008, 2010-2013). Prior to joining SAC of Bank Negara Malaysia, he was the Chairman, Shariah Advisory Board, ACR Retakaful MEA, Bahrain and SEA, Malaysia, where he was instrumental in the setting up of ACR Retakaful model from a Shariah point of view. Currently, he is the Chairman, Shariah Committee, Maybank Islamic Berhad, Bank Pembangunan Malaysia Berhad, Etiqa General Takaful and Etiqa Family Takaful.

He is also a member, Board of Trustee, YAPEIM and the Chairman, Board of Director, YaPEIM Holding Sdn. Bhd. He also serves as the Chairman, Shariah Advisory Board, FNB Bank (South Africa), and Shariah Advisory Council, HSBC Amanah (Dubai), a member, Shariah Advisory Board, Standard Chartered (Global-DIFC-Dubai), Shariah Advisory Board, ABSA Islamic Bank (South Africa), Yasaar Limited (London), Khalij Islamic (UK) Limited (London), Bank Nizwa (Oman) and Amanah Raya Asset Management, as well as other financial institutions and corporate bodies located locally and internationally. He also serves as Shariah consultant to Maybank Investment Bank.

He also serves as the Chairman, Shariah Advisory Board, Amanah Hartanah Bumiputra and the Shariah Adviser for, Hong Leong Islamic Bhd, Public Investment Bank Bhd, Malacca Securities Bhd, Jupiter Securities Bhd, Inter-Pacific Bhd, OUB KayHian Sdn. Bhd for their Islamic Stockbroking Window (ISW).

He is also a member, Shariah Supervisory Board, Waqaf Foundation, a corporate entity formed by the Government to oversee the application of Waqaf in Malaysia. He is also invited by several Zakat Centres in Malaysia to give advice on zakat matters in Malaysia.

Dr. Azman is a senior lecturer at Institute of Islamic Banking and Finance (“IIiBF”), International Islamic University Malaysia (“IIUM”). His areas of expertise include Islamic law of Transactions, Islamic Banking and Capital Markets, Takaful and Retakaful, Zakat Management and Calculation. He has been supervising MA and PhD students in the field of Islamic Banking and Capital Market at Department of Fiqh, IIiBF since 2006.

Dr. Azman is currently the Deputy Chairman of Al-Rajhi Bank Malaysia Shariah Board and a member of the Shariah Committees of Bank Rakyat Malaysia Berhad and Etiqa Family Takaful Berhad. He served as a Shariah Committee member of SME Bank (2012-2014), Shariah advisor to Kenanga Capital Sdn Bhd (2013-2016) and as a Shariah Committee Member of MNRB Retakaful (2009-2011).

Dr. Azman is a registered Shariah Adviser with the SC for Islamic capital market products and services.

Irma Namira is currently a Manager, Business Advisory, IBFIM. She joined IBFIM in June 2020. She started her career at RHB Islamic Bank Berhad in 2012. Specialising in Shariah advisory, governance and management portfolios, she was entrusted to lead Shariah Secretariat unit of RHB Islamic Bank as Section Head from May 2015 until March 2020.

At IBFIM, she is responsible in providing input on the advisory, consultancy and research functions with regard to Islamic banking, takaful, Islamic capital market and Shariah-compliant unit trust funds. She is experienced in the Shariah application in Islamic products and services which includes retail banking, non-retail banking and Islamic capital markets.

Irma Namira graduated with Bachelor of Syariah and Laws (With Honours) from Universiti Sains Islam Malaysia. She also obtained Certificate in Islamic Law of Banking & Finance from IIUM. She is a member of Association of Shariah Advisors in Islamic Finance. She is registered with the SC as IBFIM’s designated person responsible for Shariah matters related to the Islamic fund management-related activities.