Fund Valuation and Fund Accounting Functions

abrdn Islamic Malaysia Sdn Bhd (formerly known as Aberdeen Standard Islamic Investments (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 Karvy Computershare (Malaysia) Sdn. Bhd. (“Karvy”) as the registrar and transfer agent. Karvy was incorporated in Malaysia on 8 March 2016. The roles and duties of Karvy 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

Internal Audit and Risk Management Functions

The Islamic entity appointed abrdn PLC for its internal audit function on 31 July 2009 and risk management function on 11 September 2014.

Warning
Risk warning – The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the risk factors in the prospectus for general and specific investment risks attached to the individual funds.