The Shariah Adviser
Since 1 November 2014, MIDF Amanah Asset Management Berhad ("MIDF Amanah") had appointed MIDF Amanah Investment Bank Berhad (backed by Malaysian Industrial Development Finance Berhad (“MIDF”) Shariah Committee) comprising 5 individual members, as the Shariah Adviser for its Islamic Funds. Prior to the appointment of MIDF Amanah Investment Bank Berhad as the Shariah Adviser, the MIDF Shariah Committee has been advising MIDF Amanah on Shariah matters since 1 November 2010. In addition to MAIF and MASMMF, MIDF Amanah Investment Bank Berhad as the Shariah Adviser also review and supervise four (4) Islamic wholesale funds and eleven (11) Shariah-compliant mandated accounts by corporate clients that are manage by MIDF Amanah.
MIDF Amanah Investment Bank Berhad (“MIDF Investment”), is the result of the integration of four subsidiaries within the MIDF Group, namely Amanah Short Deposits Berhad (now known as MIDF ASD Berhad) (under members' voluntary liquidation), Malaysia Discount Berhad (now known as MIDF MDB Berhad) (under members' voluntary liquidation), MIDF Sisma Securities Sdn. Bhd (now known as MIDF MS Sdn Bhd) (under members' voluntary liquidation) and United Merchant Bank Berhad (UMBB). MIDF Investment takes pride in its comprehensive range of investment banking-related services including financial advisory, underwriting of equities and debt instruments, treasury activities, equity brokerage service and Shariah advisory.
Roles and Responsibilities of the Shariah Adviser
In line with the Securities Commission Guidelines, the role of the Shariah Adviser is as follows;
- To ensure that the Shariah-compliant unit trust funds are managed and administered in accordance with the Shariah principles;
- To provide expertise and guidance for the Funds in all matters relating to Shariah principles, including the Funds’ deed and prospectus, its structure and investment process, and other operational and administrative matters;
- To consult the SC who may consult the Shariah Advisory Council whenever there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process;
- To scrutinise the Funds’ 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;
- To prepare a report for inclusion in the Funds’ interim and annual report certifying that the Funds have been managed and administered in accordance with the Shariah principles;
- To ensure that the Funds comply, with any guideline, ruling or decision issued by the SC, with regard to Shariah matters;
- To vet and advise on the promotional materials of the Funds;
- To assist and attend any ad-hoc meeting called by the SC and/or any other relevant authority.
The Shariah Adviser is responsible for advising the fund managers and/or the Investment Committee on the selection of investment tools to be adopted, as well as on the mechanism of operations for activities of the Islamic funds/accounts, in order to ensure that the operations of the Islamic funds/accounts comply with Shariah principles at all times.
The Shariah Adviser is scheduled to meet the fund managers on quarterly basis, where it will advise on the selection of investment tools to be adopted as well as the mechanism of operations of the Funds’ activities in order to ensure that the operations of the Funds comply with Shariah principles at all times.
The Shariah Adviser will review the Funds’ investments on a monthly basis as to ensure compliance with Shariah requirements at all times and meet with the fund managers on a quarterly basis to review and advise on the Funds’ compliance with Shariah requirements. The final responsibility for ensuring Shariah compliance of the Funds in all relevant aspects rests solely with the Manager. All the members of the Shariah Committee will be responsible for Shariah matters of the funds.
Profiles of the members of MIDF Shariah Committee
The profiles of the Shariah Committee are as follows;
Ir. Dr. Hj. Muhamad Fuad Abdullah
Ir. Dr. Hj. Muhamad Fuad Abdullah is the Chairman of MIDF Shariah Committee and a member of the Shariah Adviser to MIDF Amanah Asset Management Berhad.
He holds a Doctorate in Muslim Civilisation from Aberdeen University, Scotland and a BA (Jayyid) in Shariah from Jordan University, Jordan; beside a BSc (Hons) and Masters Degree in Engineering from Southampton University. He is a Fellow of the Institution of Engineers Malaysia and a registered ASEAN Chartered Professional Engineer, APEC Engineer and International Professional Engineer. He is also a registered Shariah lawyer of Majlis Agama Islam Negeri Perak.
He is currently a Board member of Mesiniaga Berhad, Institute Kefahaman Islam Malaysia (IKIM), MIDF Property Berhad and Universiti Sains Islam Malaysia (USIM). He is a member of the Shariah Advisory Committee of BIMB Securities Sdn. Bhd. He is also a registered Shariah Adviser with the Securities Commission. Ir. Dr. Muhamad Fuad is also an Advisor of the Putrajaya Malay Chamber of Commerce Malaysia and an Adjunct Professor of Universiti Teknikal Malaysia Melaka.
Assoc. Prof. Dato' Hj. Muhamad Asri Hj. Abdullah
Assoc. Prof. Dato’ Haji Muhamad Asri Haji Abdullah is a member of MIDF Shariah Committee and a member of the Shariah Adviser to MIDF Amanah Asset Management Berhad. He holds a Degree in Shariah and Islamic Studies from University of Baghdad and a Diploma in Islamic Administration and Judiciary from International Islamic University of Malaysia. He has attended a Special Course for Islamic Officer at the Muslim College in London, United Kingdom and holds a Certificate of Attainment of English Language from ELS Richmond, London, United Kingdom.
Currently he is attached as a Lecturer in Shariah Department for Sultan Azlan Shah University, Kuala Kangsar, Perak. He is also a registered Shariah Adviser with the Securities Commission. He was the Chief Shariah Justice and Head of Shariah Judiciary Department of Perak up until 16 July 2015. He was also on the Panel of Shariah Appeal Court for the States in Malaysia and was a Member of the Technical Committee for Civil and Shariah Law Malaysia. He had previously served as the Head of Dakwah and Information Section, Kadi and Chief Kadi of Perak.
Encik Ahmad Lutfi Abdull Mutalip
Encik Ahmad Lutfi was appointed as a member of MIDF Shariah Committee and a member of the Shariah Adviser to MIDF Amanah Asset Management Berhad on 1 January 2018. Encik Lutfi graduated from the International Islamic University Malaysia with an LLB (Hons.) in 1995. He spent the term of his pupilage with Messrs Allen & Gledhill and was admitted to the Malaysian Bar in 1996. Encik Ahmad Lutfi has also obtained his professional qualification from the Institute of Chartered Secretaries and Administrators (ICSA) and graduated from ICSA in February 1996.
He joined Messrs Hisham, Sobri & Kadir in April 1996 and had advised various clients in numerous exercises ranging from private debt securities, syndicated financing, structured & project financing, privatization and build-operate-transfer/build-operate-own projects including water privatization, mergers & acquisitions, energy & power related transactions, oil & gas, joint ventures to telecommunication projects and building contracts. He became a partner of Hisham Sobri & Kadir Advocates & Solicitors in January 2000. He is a founding partner of Azmi & Associates.
Encik Ahmad Lutfi had also presented a number of papers at various seminars on Islamic Banking in Malaysia and Singapore. He became a partner of Azmi & Associates in January 2000. He had also attended a course entitled “Building Knowledge and Expertise in Infrastructure Finance” organized by the World Bank Institute held in Washington DC from June to July 2000. Encik Ahmad Lutfi is a Managing Partner of Azmi & Associates and is responsible for the development of the Financial Services Practice Group and the Mergers, Acquisitions and New Ventures Practice Group. He was appointed to the Board of MIDF in February 2016.
Dr. Mohamad Sabri Zakaria
Dr. Mohamad Sabri was appointed as a member of MIDF Shariah Committee since 18 June 2013 and a member of the Shariah Adviser to MIDF Amanah Asset Management Berhad on 1 November 2014. He is also an Assistant Professor at the Department of Fiqh & Usul Fiqh, Kulliyyah of Islamic Revealed Knowledge & Human Sciences, IIUM since 1993.
He graduated from the Faculty of Syariah al-Azhar University, Cairo in 1992 and obtained his Masters Degree in Islamic Economic from Yarmouk University, Jordan in 1999. He also holds a Doctorate in Fiqh and Usul Fiqh from IIUM with a dissertation focusing on managing liquidity in Islamic banking.
Dr. Mohamad Sabri is currently a Shariah Advisor at Great Eastern Takaful Sdn. Bhd. and Agro Bank. He is also a registered Shariah Adviser with the Securities Commission (SC). He was a Shariah Advisor at Export-Import Bank of Malaysia Berhad from 2006 to 2012.
Ustaz Mazrul Shahir Md Zuki
Ustaz Mazrul was appointed as a member of MIDF Shariah Committee since 18 June 2013 and a member of the Shariah Adviser to MIDF Amanah Asset Management Berhad on 1 November 2014.
Ustaz Mazrul holds a Bachelor Degree of Art and Education, with a major in Islamic studies, from the University of Saba’, Republic of Yemen. He also completed his Masters Degree in Islamic Banking, Finance and Management from University of Gloucestershire, UK.
In January 2012, he joined International Shari'ah Research Academy for Islamic Finance (“ISRA”) as an Associate Researcher. Since July 2012, he holds the post of Manager (training and translation) under the ISRA Consultancy. He is also an interview committee for ISRA Scholarship. He was also the coordinator of the 6th Muzakarah Cendekiawan Shari'ah Nusantara (the Regional Shariah Scholars Dialogue).
Prior to joining ISRA, he worked as a consultant for Majlis Syura Muslimun, an Islamic youth movement for Malaysian students in UK and Eire. Ustaz Mazrul has published a number of research papers related to Takaful, Islamic capital market, Islamic banking and finance. His research interest is in Islamic banking and finance, microfinance, fiqh mu‘amalat, takaful, Islamic capital market and waqf (Islamic endowment).