abrdn Islamic World Equity fund (AIWEF)

Background Information
The Manager is abrdn Islamic Malaysia Sdn Bhd (“AIMSB”), whose place of business is at Suite 26.3 Level 26, Menara IMC, No. 8 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.

AIMSB is a locally incorporated foreign financial institution involved in Islamic asset management. A wholly-owned subsidiary of abrdn Malaysia Sdn Bhd, it was awarded the Islamic fund management licence in March 2009. Our long term objective is to build an Islamic asset management business, beginning with Malaysian investors - both institutional and retail. The abrdn Group has been managing funds for almost three decades, and been operating in the region for almost 20 years. With an international presence, we hope to extend our Shariah asset management services to clients globally.

The Manager currently manages abrdn Islamic World Equity Fund. It is also responsible for abrdn Group’s Shariah business.
Role of Directors
The board of directors (“the Board”) is responsible for the overall management of the Manager and the Fund. The Board not only ensures corporate governance is practised but policies and guidelines are adhered to. The Board meets once every quarter of the year to discuss and decide on the business strategies, operational priorities and ways of managing risks within the Manager.
The Board of Directors
Gerald Michael Ambrose @ Johari Ali Bin Abdullah (Non-independent director)
Amarjit Singh Chhina (Independent director)
Kenric Ansel Lee Taylor (Non-independent director)
Lim Sock Hwei (Non-independent director)
Joanne Marie Lopez (Independent director)
Designated Fund Manager of the Fund
The Manager’s designated person responsible for the fund management function of the Fund:

Gerald Michael Ambrose @ Johari Ali Bin Abdullah, Chief Executive Officer

Gerald is the Chief Executive Officer of abrdn Islamic Malaysia Sdn Bhd. He was previously the Managing Director of abrdn Malaysia Sdn Bhd, which he joined in 2005, shortly after which he helped to set up the company after it was awarded the first foreign-owned fund manager licence under the government's Special Scheme. Before joining abrdn, Gerald was an institutional sales director covering ASEAN equities at Kim Eng Securities in Singapore, HSBC James Capel in London and BNP Paribas in London, the latter having sent him to set up the institutional broking operations of its associate, Mohaiyani Securities Sdn Bhd in Malaysia in 1990. Prior to that, Gerald served seven years as an officer in the Royal Navy, completing his commission in 1987 as a submarine navigator. Gerald Ambrose graduated with an MA (Honours) degree in Land Economy from Pembroke College, Cambridge University.
External Investment Manager for the Fund

abrdn Investments Limited

Dominic Bryne, Head of Global Equities
Dominic is Head of the Global Equity Team and he is also co-manager of the SLI Global Equity Impact SICAV at abrdn. Dominic joined Standard Life in 2000 as part of our UK Equity Team. In December 2008, he joined the Global Equity Team and has managed a range of global equity strategies. In 2020, Dominic was appointed Head of Global Equity at abrdn. Dominic graduated with a MEng in Engineering Science and is a CFA charterholder.
Fund Management Function
The fund management function of abrdn Islamic World Equity Fund has been delegated to abrdn Investments Limited. abrdn Investments Limited manages RM 532.39 million as at 30 June 2022 for the abrdn Islamic World Equity Fund.

abrdn Investments Limited

The Manager has delegated the fund management function of the Fund to abrdn Investments Limited. abrdn Investments Limited’s duties include, amongst others, managing the Fund’s investments in accordance with the objective, investment strategy and policy, permitted investments and investment restrictions and limits of the Fund.

abrdn Investments Limited is an investment manager entity within the abrdn Group. abrdn Investments Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom. The company manages corporate funds, investment trusts, unit trusts and life and pension funds and has been doing so since 1988.

As at 1 March 2022, abrdn Investments Limited is not engaged in any material litigation and arbitration, including those pending or threatened, and is not aware of any facts likely to give rise to any proceedings which might materially affect its business/financial position.
Material Litigation
As at 1 March 2022, the Manager is not engaged in any material litigation and arbitration, including those pending or threatened, and is not aware of any facts likely to give rise to any proceedings which might materially affect the business/financial position of the Manager and any of its delegates.
Shariah Adviser

Amanie Advisors Sdn Bhd

Amanie Advisors Sdn Bhd (''Amanie'') is a Shariah advisory, consultancy, training and research and development boutique for institutional and corporate clientele focusing on Islamic financial services. Amanie is a registered Shariah advisory company for Islamic unit trust with the SC. It has been established with the aim of addressing the global needs for experts' and Shariah scholars' pro-active input. This will ultimately allow the players in the industry to manage and achieve their business and financial goals in accordance with the Shariah Principles. Amanie also focuses on organizational aspect of the development of human capital in Islamic finance worldwide through providing updated quality learning embracing both local and global issues on Islamic financial products and services.

The company is led by Tan Sri Dr Mohd Daud Bakar and teamed by an active and established panel of consultants covering every aspect related to the Islamic banking and finance industry both in Malaysia and the global market. Currently the team comprises of eight (8) full-time consultants who represent dynamic and experienced professionals with a mixture of corporate finance, accounting, product development, Shariah law and education. As at 1 March 2022, Amanie has acquired over seventeen (17) years of experience in the advisory role of unit trusts with one hundred and sixteen (116) funds which Amanie acts as Shariah adviser.

Amanie meets every quarter to address Shariah advisory matters pertaining to the Manager’s Islamic funds. Amanie also review the Fund’s investment on a monthly basis to ensure compliance with Shariah principles or any other relevant principle at all times.

The roles of Shariah Adviser are:

  • To ensure that the Fund is managed and administered in accordance with Shariah Principles.
  • To provide expertise and guidance 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.
  • To consult with SC where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process.
  • To act with due care, skill and diligence in carrying out its duties and responsibilities.
  • Responsible for scrutinizing the Fund's compliance report as provided by the compliance officer and investment transaction reports provided by, or duly approved by, the Trustee to ensure that the Fund's investments are in line with Shariah Principles.
  • To prepare a report to be included in the Fund's interim and annual reports certifying whether the Fund have been managed and administered in accordance with Shariah Principles for the period concerned.
The designated person responsible for Shariah advisory matters of the Fund is Tan Sri Dr. Mohd Daud Bakar as the Executive Chairman.

Tan Sri Dr. Mohd Daud Abu Bakar, Executive Chairman

Tan Sri Dr Mohd Daud Bakar is the Founder and Executive Chairman of Amanie Group. One of its flagship companies namely Amanie Advisors, is operating in a few cities globally. He serves as the Chairman of the SAC of BNM, the SC, the Labuan Financial Services Authority, the Astana International Financial Centre (AIFC), Kazakhstan, the First Abu Dhabi Bank (UAE), and Permodalan Nasional Berhad (PNB).

Ph.D., University of St. Andrews, Scotland
Bachelor of Shariah (Fiqh wa Usuluhu), Kuwait University, Kuwait
Bachelor of Jurisprudence (external), University of Malaya, Malaysia

Other consultants are:
Suhaida Mahpot
Muhammad Hafizuddin Abd Hamid

Fund Valuation and Fund Accounting Functions

abrdn Islamic Malaysia Sdn Bhd, Company No. 200801026015 (827342-W) (the “Islamic Entity”) appointed Citibank Berhad as its fund valuation and fund accounting provider. With a continuing presence in Malaysia for almost 62 (since 1959) years, Citibank Berhad has offered securities services in Malaysia since 1985 and was the first American bank to open a branch in the country. Its roles and responsibilities as the fund valuation and fund accounting agent include:

  • Maintaining financial accounting records of portfolio including all transactions data, records and investment ledgers
  • Monitoring and recording of corporate actions
  • Performing cash and securities reconciliation with financial institutions and custodian records
  • Performing valuation of the investments and the fund
  • Provision of a reporting package that includes statement of assets and liabilities, statement of income and expenditure, portfolio valuation report and transaction schedules
  • Providing relevant information to facilitate the preparation of statistical returns for submission to regulatory bodies
  • Submitting accounts/accounting records to the appointed external auditor and providing relevant information for disclosure in the annual financial statements, whenever applicable.
Registrar and Transfer Agency Functions
The lslamic Entity appointed KFin Technologies (Malaysia) Sdn Bhd. (“KFin”) as the registrar and transfer agent. KFin was incorporated in Malaysia on 8 March 2016. The roles and duties of KFin as the registrar and transfer agent include:
  • New account opening including registration, KYC, FATCA,CRS and all transactions data.
  • Trade acceptance workflow for subscription, redemption, switching and other trade.
  • Transaction processing
  • Corporate action for Income Distribution / Units Split
  • New fund launch to facilitate fund setup
  • End of Day process
  • MIS reporting for daily , monthly or yearly as well ad- hoc reporting
  • Banking & Reconciliation with financial institutions
  • Agency/IUTA/Distributor Process which include registration, FEL commission and Trail Fee computation
  • Submitting accounts to the appointed external auditor and providing relevant information for disclosure in the annual financial statements
CIMB Islamic Trustee Berhad was incorporated on 19 January 1988 and registered as a trust company under the Trust Companies Act, 1949 and having its registered office at Level 13, Menara CIMB, Jalan Stesen Sentral 2, Kuala Lumpur Sentral 50470, Kuala Lumpur, Malaysia. The Trustee is qualified to act as a trustee for collective investment schemes approved under the Capital Markets and Services Act 2007.
CIMB Islamic Trustee Berhad has been involved in unit trust industry as trustee since 1990. It acts as trustee to various unit trust funds, real estate investment trusts, wholesale funds, private retirement schemes and exchange traded funds.