The Shariah Adviser

Shariah Adviser

IBFIM will counsel on the mechanics of the operations of the Funds to ensure the operations of the Funds comply with Shariah requirements.
 

General Information on 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.
 

Experience in Advisory and Services

IBFIM is registered with the SC to act as a Shariah Adviser for Islamic CISs. IBFIM is also involved in Islamic 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 Funds are in compliance with Shariah requirements. IBFIM will 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.  

In line with the SC Guidelines, the roles of IBFIM 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 SC where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process;
  4. Scrutinising 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;
  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;
  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 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 Islamic funds management-related activities.


Nazmi Ashraf Bin Mohd Nazim (Consultant - Shariah)

Nazmi Ashraf is currently a Shariah Consultant at IBFIM which he joins since January 2015. He graduated from Muktah University of Jordan, Bachelor in Islamic Jurisprudence (Majoring in Fiqh and Usul al-Fiqh) (Hons) Degree. After completed his degree, he pursued his studies in Master of Arts in Islamic Finance at Markfield Institute of Higher Education, United Kingdom and Master in Islamic Finance Practice (MIFP) at INCEIF.

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 Islamic 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 foe several financial institutions. He is the designated person responsible for Shariah matters related to the Islamic funds management-related activities.

Further information on the Shariah Adviser is provided in our website at www.manulifeinvestment.com.my