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COMPANY PROFILES



 
 
 

SHARIAH ADVISERS



PROFILE

BIMB Securities Sdn Bhd (BIMBSEC) is a stockbroking subsidiary of BIMB Holdings Bhd. It was incorporated on 21 February 1994.

 

The company’s corporate mission is to actively participate in a modern, innovative and dynamic Islamic capital market in Malaysia, catering for the needs of both Muslims and Non-Muslims. BIMBSEC is a registered Shariah Adviser under Securities Commission and has been offering Shariah advisory services for Islamic capital market products (ICM) such as Islamic investment funds, Sukuk issuance and other approved ICM instruments for more than 15 years.

 

BIMBSEC is a Corporate Shariah Adviser to 22 Islamic unit trust funds. As at 29 February 2016, the staff strength of BIMBSEC consists of 71 employees of whom 63 are executive staff and 8 are non-executive staff.

 

The company has an authorised share capital of RM250 million, and its current issued and paid-up share capital is RM100 million. The shareholdings of BIMBSEC are as follows:-

 

SHAREHOLDERS

  • BIMB Securities Holdings Sdn Bhd (wholly owned subsidiary of BIMB Holdings Berhad) : 51%
  • BIMB Holdings Berhad : 49%

BOARD OF DIRECTORS

  • Zahari @ Mohd Zin bin Idris : Non-Executive Director
  • Rashid bin Ismail : Executive Director/CEO
  • Dato’ Johan bin Abdullah : Non-Executive Director
  • Abdul Kadir bin Sahlan : Non-Executive Director
  • Mohamad Rani Dali bin Samsudin : Executive Director
  • Mustapha bin Hamat : Non-Executive Director

 

DESIGNATED PERSON RESPONSIBLE FOR SHARIAH MATTERS

  • Ir. Dr. Muhamad Fuad bin Abdullah

Ir. Dr. Muhamad Fuad, the designated person in-charge of all Shariah matters in BIMBSEC is appointed to the Shariah Advisory Committee of BIMBSEC effective 1 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 Dr. Muhamad Fuad serves as the Chairman of the Shariah Committee of MIDF Group of Companies and a member of the Group Shariah Committee of MNRB Holdings Bhd. He is a registered Shariah Adviser with the Securities Commission Malaysia (SC) which qualifies him to advise on Shariah-compliant products and services regulated by the SC.

 

He is also a registered Shariah lawyer of Majlis Agama Islam Perak and an Adjunct Professor of Universiti Teknikal Malaysia Melaka (UTeM).

 

He sits on the boards of Sime Darby Bhd, Sime Darby Energy Sdn Bhd, Sime Darby Utilities Sdn Bhd, MIDF Property Berhad, Mesiniaga Berhad and Institut Kefahaman Islam Malaysia (IKIM), a public company limited by guarantee.

 

Dr. Muhamad Fuad is the designated Shariah person in-charge of PMB Investment’s Funds.

 

ROLES AND FUNCTIONS OF SHARIAH ADVISER

  • The responsibilities of the Shariah Adviser are to ensure that the Funds are managed and operated in accordance with Shariah principles, relavant SC regulations and/or standards including resolutions issued by the SAC.
  • The Shariah Adviser shall provide expertise and guidance for the Funds in all matters relating to Shariah principles, including on the Deeds and prevailing Master Prospectus, its structure and investment process and other operational matters.
  • Where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process, the Shariah Adviser shall consult the SC.
  • The Shariah Adviser is responsible to review the Funds’ compliance report as provided by the compliance officer and investment transaction report provided by or duly approved by the Trustee, to ensure that the Funds’ investments are in line with Shariah principles.
  • The Shariah Adviser shall prepare a report to be included in the Funds’ interim and annual report certifying whether the Funds have been managed and operated in accordance with Shariah principles for the period concerned.
  • The Shariah Adviser shall meet with the Fund Manager on a quarterly basis or any other ad-hoc meeting as required for review of the Fund’s management and investment to ensure compliance with Shariah principles or any other relevant principle at all times.
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