The Shariah Adviser

Shariah Adviser

IBFIM has been appointed as the Shariah Adviser for MAF, MAS, MSIF, MAFZ, MAU, MAM, MCS, MSAP, MSPF, MHSF, MNS, MSDE, MSDS, MSPP and PRS funds under the Manulife Shariah PRS NESTEGG Series (“the Funds”). IBFIM will advise the Manager on the selection of investment tools to be adopted. IBFIM will also counsel the mechanism of the operations of the Funds to ensure that 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 Shariah-compliant collective investment schemes . IBFIM is also involved in numerous Shariah-compliant 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 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 SC 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 report 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; and
  8. Assisting and attending to any ad-hoc meeting called by the SC and/or any other relevant authority.


Profile of the Shariah Team

The designated persons responsible for Shariah matters of the Fund are Haji Azizi Che Seman, Dr. Ahmad Zakirullah Bin Mohamed Shaarani, Mohd Asyraf Bin Sharunudin and Muhammad Khairulnizam Bin Alias. 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 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.