2021 Highlights Objective, Policy & Strategies Corporate Profile Corporate Information Letter to Stakeholders Salient Features 5-Year Financial Performance Trading Performance Analysis of Unitholdings SECTION 1 CORPORATE OVERVIEW 03 04 06 08 10 14 15 16 17 INSIDE THIS REPORT Trust Structure Organisation Structure The Board of Directors The Shariah Committee The Management Team SECTION 2 THE DRIVING FORCES 20 21 22 31 34 Management Discussion and Analysis 38 Financial Review 42 Operations Review 53 Capital Review 55 Risk Management Market Report Summary Portfolio Summary and Details SECTION 3 STRATEGIC PERFORMANCE 38 57 61 The office building Menara KOMTAR is connected to the shopping mall KOMTAR JBCC. COVER RATIONALE Rebounding With Resilience Al-Salām REIT's commercial asset portfolio, namely the KOMTAR JBCC mall was adversely impacted by Covid-19 in line with retail market performance at large for the past year. In light of the anticipated recovery, we believe that better times are ahead. We are positioning ourselves to capitalise on the opportunities presented by this new era of growth and change. The cover depicts the company's properties, emphasising its dynamism and determination during this hard time.
About This Statement Approach To Sustainable Development Engaging Stakeholders Material Sustainability Matters Robust Corporate Governance Sustainable Trust Fund Strong Social Relationships Environmental Stewardship Conclusion GRI Content Index SECTION 4 SUSTAINABILITY STATEMENT 76 79 81 82 86 88 89 95 97 98 Corporate Governance Statement Board Audit and Risk Committee Report Statement on Risk Management & Internal Control Additional Compliance Information 119 Recurrent Related Party Transaction 122 Shariah Committee's Report 123 Trustee’s Report SECTION 5 CORPORATE GOVERNANCE 100 106 112 119 Manager’s Report Statement by Directors of the Manager Statutory Declaration Independent Auditors’ Report Statements of Comprehensive Income Statements of Financial Position Statements of Changes in Net Asset Value Statements of Cash Flows Notes to the Financial Statements 125 129 129 130 134 136 138 139 141 SECTION 6 FINANCIAL REPORTS Get it Download the “QR Code Reader” app from Google Play (Android Market), BlackBerry AppWorld, App Store (iOS/iPhone) or Windows Phone Store Run it Run the QR Code Reader app and point your camera at the QR Code Access it Get access to Al-Salām Annual Report 2021 online Scan Here Letter to Stakeholders pg.10 Financial Reports pg.124 Scan QR Code to Al-Salām Annual Report 2021 1 2 3 A L - S A L Ā M R E I T • A N N U A L R E P O R T 2 0 2 1
CORPORATE OVERVIEW S E C T I O N 1 2021 Highlights Objective, Policy & Strategies Corporate Profile Corporate Information Letter to Stakeholders Salient Features 5-Year Financial Performance Trading Performance Analysis of Unitholdings 03 04 06 08 10 14 15 16 17 KOMTAR JBCC
S E C T I O N 1 C O R P O R A T E O V E R V I E W 3 2021 HIGHLIGHTS PROPERTY VALUE 56% 5% 24% 15% NET PROPERTY INCOME 40% 9% 31% 20% REVENUE 48% 12% 24% 16% RM55.0 million NET PROPERTY INCOME RM281.3 million MARKET CAPITALISATION 2.30 sen DISTRIBUTION PER UNIT 2.7 million sq.ft GROSS FLOOR AREA 54 NUMBER OF PROPERTIES RM1.18 billion PROPERTY VALUE 4.74% DISTRIBUTION YIELD RM71.5 million GROSS REVENUE RETAIL Legend: OFFICE F&B RESTAURANTS F&B NON-RESTAURANTS
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 4 OBJECTIVE, POLICY & STRATEGIES Objective The Manager’s key objective is to provide Unitholders with regular and stable distributions, sustainable long-term unit price and distributable income and capital growth of Al-Salām REIT. In the long run, through its key investment strategies, Al-Salām REIT maintains an optimum level of financing and equity capital structure. Policy Al-Salām REIT is an Islamic REIT established with the principal investment policy of investing, directly and indirectly, in a diversified shariah-compliant portfolio with income producing real estate which are used primarily for commercial retail, office and industrial purposes in Malaysia as well as real estate-related assets. @Mart Kempas, Johor
S E C T I O N 1 C O R P O R A T E O V E R V I E W 5 OBJECTIVE, POLICY & STRATEGIES 1. Active Asset Management The Manager will seek to optimise the rental rates, occupancy rates and net lettable area of the subject properties in order to improve the returns from Al-Salām REIT’s property portfolio. 2. Acquisition Growth Strategy The Manager will source for and acquire properties that fit within Al-Salām REIT’s investment strategy to enhance returns to Unitholders and capitalise on opportunities for future income and NAV growth. 3. Capital and Risk Management The Manager will endeavour to employ an appropriate mix of debt and equity in financing acquisitions, seek to manage financing and refinancing risk and to adopt an active financing rate management strategy to manage the risks associated with changes in financing rates. Strategies KOMTAR JBCC and Menara KOMTAR is strategically located in Johor Bahru's city centre and located directly across from the CIQ & Rapid Transit System (RTS) Station in Singapore, allowing Singaporeans easy access to the properties. Malaysian College of Hospitality & Management, Johor.
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 6 Al-Salām Real Estate Investment Trust (Al-Salām REIT) is a Shariah-compliant fund that invests in diversified Shariah-compliant properties. The properties of Al-Salām REIT, which has a diverse portfolio, are strategically located throughout Malaysia. Al-Salām REIT achieved its first milestone on 29 September 2015, when it was listed on Bursa Malaysia Securities Berhad's Main Market with an initial asset value of RM903.1 million. Al-Salām REIT began with 31 properties in 2015 and has grown to 54 properties across Malaysia, including 3 retail malls, an office building, 43 food and beverage restaurants, and 7 food and beverage non-restaurant assets. Al-Salām REIT's asset value had increased to RM1.18 billion as of 31 December 2021 from its initial investment. The Manager of Al-Salām REIT, Damansara REIT Managers Sdn Berhad (DRMSB or The Manager), is a subsidiary of the Johor Corporation (JCorp) Group of Companies. DRMSB is licenced to manage Islamic REITs under the Capital Markets and Services Act 2007. Al-Salām REIT's market capitalisation was RM281.3 million as of 31 December 2021.
S E C T I O N 1 C O R P O R A T E O V E R V I E W 7 CORPORATE PROFILE Al-Salām REIT is a diversified Islamic real estate investment trust in Malaysia with assets strategically located in Johor Bahru as well as in major towns throughout Malaysia. Aerial view of the Johor Bahru Customs, Immigration, and Quarantine Complex (CIQ) in Johor Bahru, as well as the KOMTAR JBCC and Menara KOMTAR.
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 8 CORPORATE INFORMATION MANAGER DAMANSARA REIT MANAGERS SDN BERHAD (2005013558) Registered Office : Level 16, Menara KOMTAR, Johor Bahru City Centre, 80000 Johor Bahru, Johor Tel : (+607) 226 7692 / 226 7476 Fax : (+607) 222 3044 Principal Place Of Business : Unit 1-19-02, Level 19, Block 1 V SQUARE, Jalan Utara, 46200 Petaling Jaya, Selangor Tel : (+603) 7932 1692 / 7932 3692 Fax : (+603) 7932 0692 TRUSTEE: AMANAHRAYA TRUSTEES BERHAD (200701008892) Level 14, Wisma AmanahRaya, No. 2, Jalan Ampang, 50508 Kuala Lumpur Tel : (+603) 2036 5129 Fax : (+603) 2072 0320 Email : art@arb.com.my Website : www.artrustees.my SHARIAH COMMITTEE: 1. Dato’ (Dr) Haji Nooh bin Gadot 2. Professor Madya Dr. Ab. Halim bin Muhammad 3. IBFIM (200701005076) Level 5, Bangunan AICB, No. 10, Jalan Dato’ Onn, 50480 Kuala Lumpur, Malaysia. Tel : (603) 2031 1010 Fax : (603) 2026 9988 E-mail : info@ibfim.com / shariah.advisory@ibfim.com Website : www.ibfimonline.com PROPERTY MANAGER: EXASTRATA SOLUTIONS SDN BHD (201001042323) E-5-4, 4th Floor, East Wing Subang Square, Jalan SS 15/4G 47500 Subang, Jaya Selangor Tel : (+603) 5632 7686 Fax : (+603) 5613 1686 Email : admin@exastrata.net Website : www.exastrata.net SERVICE PROVIDER DASB PROPERTY MANAGEMENT SDN BHD (201001022192) Level 5, Menara KOMTAR, Johor Bahru City Centre 80000 Johor Bahru, Johor Tel : (+607) 267 9900 Fax : (+607) 267 9926 AUDITOR ERNST & YOUNG PLT (LLP0022760-LCA)(AF0039) Level 23A, Menara Millineum, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur Tel : (+603) 7495 8000 Fax : (+603) 2095 5332 Website : www.ey.my
S E C T I O N 1 C O R P O R A T E O V E R V I E W 9 CORPORATE INFORMATION REGISTRAR JOHOR CORPORATION Level 16, Menara KOMTAR, Johor Bahru City Centre 80000 Johor Bahru, Johor Tel : (+603) 219 5064 Fax : (+603) 223 3175 INDEPENDENT PROPERTY VALUER NAWAWI TIE LEUNG PROPERTY CONSULTANTS SDN BHD (200201011415) Suite 34.01, Level 34, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur Tel : (+603) 2161 7228 Fax : (+603) 2161 1633 Email : mail@ntl.my Website : www.ntl.my STOCK EXCHANGE LISTING Main Market of Bursa Malaysia Securities Berhad Stock Name: ALSREIT Stock Code: 5269 WEBSITE www.alsalamreit.com.my SOLICITOR ABDUL RAMAN SAAD & ASSOCIATES C-2-1, Pacific Place Commercial Centre Jalan PJU 1A/4, Ara Damansara, 47301 Petaling Jaya, Selangor Tel : (+603) 7859 9229 Fax : (+603) 7734 5777 Email : arsakl@arsa.com.my Website : www.arsa.com.my KADIR ANDRI & PARTNERS Suite A-38-8, Level 38, Menara UOA Bangsar 5, Jalan Bangsar Utama 1, 59000 Kuala Lumpur Tel : (+603) 2780 2888 Fax : (+603) 2780 2833 Email : partner@kaaplaw.com Website : www.kaaplaw.com ALBAR & PARTNERS Suite 14-3, Level 14, Wisma UOA Damansara II, No. 6 Changkat Semantan, Damansara Heights, 50490 Kuala Lumpur Tel : (+603) 7890 3288 Fax : (+603) 2780 3266 Email : albar@albar.com.my Website : www.albar.com.my
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 10 LETTER TO STAKEHOLDERS OVERVIEW OF THE MACRO OPERATING ENVIRONMENT FY2021 was another challenging year. Businesses and industrial sectors were slowly recovering after a year of restrictions that had brought operations to a standstill. Lives were similarly impacted, and as a result, consumer habits changed to accommodate spending most of our time at home. Al-Salām REIT’s overall performance was impacted due to the Fund’s exposure to the retail segment. Dear Stakeholders, On behalf of the Board of Directors of the Manager, I present to you the Annual Report and Audited Financial Statements of Al-Salām REIT (the “Fund”) for the financial year ended 31 December 2021 (“FY2021”). My first full year as Chairman of the Manager was indeed a challenging one. When I was appointed on 14 February 2020, the pandemic was in full swing across the globe, and Malaysia soon entered lockdown. We began 2021 with optimism, but that was soon halted as nationwide containment measures were reimplemented (MCO 2.0 in January 2021 and MCO 3.0 in May 2021) to curb the resurgence of the virus, which had already impacted the nation both socially and economically. “
S E C T I O N 1 C O R P O R A T E O V E R V I E W 11 LETTER TO STAKEHOLDERS Following the impact of the restrictions on both a domestic and international scale, Malaysia’s labour market recovery has been on a slower trajectory compared to most countries, owing to its reliance on external trade. In October 2021, the International Monetary Fund (IMF) maintained its projected global GDP growth in 2022 at 4.9% but revised its 2021 global GDP forecast downwards to 5.9% from 6.0%. Continued supply chain issues in advanced economies, slow take up of vaccinations and the discovery of newer, more resistant strains of the virus have led to slowed momentum in recovery. This makes near-term prospects challenging for the Fund, in part due to the supply disruptions. In addition to that, the difficult capital market landscape further hindered the planned placement of units. At home, the domestic economy is on track to expand by between 3% and 4%, according to Bank Negara Malaysia (BNM). This expansion will be supported by increased economic activity, low-interest rate environment and supportive policies as the nation moves toward the endemic phase. Tourism, particularly interstate travel, is expected to bounce back as vaccination rates increase and restrictions are tapered. Additionally, global demand will continue to support export growth. DATO’ HAJI MOHD REDZA SHAH BIN ABDUL WAHID CHAIRMAN
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 12 LETTER TO STAKEHOLDERS REPOSITIONING IN THE FACE OF CHANGE Al-Salām REIT has taken a longer-term approach to these challenges. As the pandemic continues to dictate the shape of the economic landscape, the Fund has undertaken the strategy of providing rental support/rebates to maintain long-term tenant relationships commensurate with the tenants’ financial performance. This is the first step in ensuring the sustainability of the Fund’s portfolio of properties while helping secure our relationship with our tenants. As the operating environment improves and business picks up for our tenants, this support will be lowered gradually. We also continued to undertake Asset Enhancement Initiatives (AEIs) on a case-by-case basis to ensure all our assets are operating at the optimum level. This included working closely with the management of our commercial assets to develop a more attractive and facilitative environment for consumers. FINANCIAL HIGHLIGHTS The Fund’s overall financial performance in FY2021 is commendable, given the challenging operating landscape. Through prudent cost measures and resource management, earnings improved, despite a reduction in revenue. Net property income remained positive at RM55.0 million. Total distribution per unit (DPU) was 2.30 sen, totalling RM13.3 million, representing 91% of the income available for distribution. As at 31 December 2021, our cash position stands at RM30.6 million (2020:RM28.8 million). Debts and liabilities have continued to be well managed, and sufficient working capital has been retained to meet operational requirements as well as debt obligations. Lower revenues of RM71.5 million were recorded (FY2020: RM86.1 million) mainly due to the lower performance of the retail segment, particularly KOMTAR JBCC, as the continuing closure of the Malaysia-Singapore border has a bearing upon the performance. BUSINESS HIGHLIGHTS Al-Salām REIT’s financial performance was driven by the Fund’s sizeable triple nett lease assets portfolio, consisting of Mydin Hypermart Gong Badak and F&B-related properties, which continued to provide a sustained core income. The continued containment measures, as well as border closure, had significantly affected the footfall in malls under Al-Salām REIT's portfolio - KOMTAR JBCC and @Mart Kempas, to a certain extent. In order to keep the long-term tenant relationship, we chose to take the strategy of providing rental support in accordance with their business performance to ensure long-term tenancy sustainability. For KOMTAR JBCC, we had expected to field new tenants on the renovated ground floor, but this was delayed due to the current challenging environment. Weekends and weekdays footfall remains low due to the extended MCO implementation. Rental revenues were negatively impacted as many tenants recorded subdued business performance. However, the reopening of the Singapore-Johor Causeway is expected to improve the mall’s performance. Meanwhile, Menara KOMTAR, with Johor Corporation being the anchor tenant, had continued to provide good earnings for the property. @Mart Kempas continued to prove it's resilience as a community-centric hypermarket throughout the MCO. Given the strategic location and high convenience factor to property's captive consumer market, @Mart Kempas continued to be a preferred location with both shoppers and retailers alike as evidenced by the improved occupancy rate (FY2021: 97% as compared to FY2020: 96%) The Fund’s sole education property asset, the Malaysian College of Hospitality and Management, has also contributed stable earnings from the master lease agreement with KPJ Group’s education arm. TOTAL DISTRIBUTION PER UNIT (DPU) 2.30 NET PROPERTY INCOME RM55.0 m i l l i i o n s e n
S E C T I O N 1 C O R P O R A T E O V E R V I E W 13 LETTER TO STAKEHOLDERS The Fund’s overall financial performance in FY2021 is commendable, given the challenging operating landscape. Through prudent cost measures and resource management, earnings improved, despite a reduction in revenue. Assets under the QSR Brands (M) Holdings Berhad umbrella continued to provide income stability. QSR continued to perform well amidst a challenging business environment given their sizeable market share and robust branding, which continues to see continued traction with consumers, contributing positively to Al-Salām’s financial performance. SUSTAINABLE BUSINESS PRACTICES The pandemic has proven the importance of sustainable business practices to foster long-term value creation and business longevity. As such, we have embedded Environmental, Social, and Governance ("ESG") aspects into the heart of our operations and recovery plans. The year under review saw Al-Salām REIT form a Sustainability Framework to provide a comprehensive view of the Fund’s material sustainability matters and further strengthen our Sustainability Governance Structure. LOOKING AHEAD Moving ahead, I am cautiously optimistic of our prospects in FY2022. We will tread with caution, being mindful of the residual impact of the pandemic on the retail, hospitality, and tourism segments. The major upheaval caused by the pandemic will be taken as an opportunity to reconfigure our assets to meet the requirements of the working place and commercial centres of today and ensure value to stakeholders. In the immediate term, Al-Salām REIT looks to moderately improve our performance, compared to FY2021, as the nation’s anticipated economic recovery, driven by supportive policies and high vaccination rates, will bring about relative stability and create room for growth through transformation. On our end, Al-Salām REIT plans to diversify our asset class, leveraging on Johor Corporation's position as a major industrial land owner in the state of Johor. We will focus on the industrial spectrum and explore opportunities to undertake sale and leaseback arrangements of assets under Johor Corporation. APPRECIATION AND ACKNOWLEDGEMENTS On behalf of the Board, I would like to express my deepest appreciation to the employees of Al-Salām REIT for their perseverance and continued dedication in ensuring our strategies are in motion. To my fellow Board members, I give my humblest thanks and utmost gratitude for their guidance and counsel during these tough times. I would also like to take this opportunity to express my gratitude to the previous Directors, Zainah binti Mustafa and Mohd Yusof bin Ahmad for their positive contribution to the Board. Besides, I wish to express my cordial salutation to the newly joined Directors, Encik Abdullah bin Abu Samah and Datuk Hashim bin Wahir as Independent Non-Executive Directors who have been appointed to the Board on 10 March 2021 and 24 January 2022 respectively. I would also like to extend my gratitude to the Shariah Committee for their guidance and advice in ensuring our assets and operations remained shariah-compliant and true to our principals. The Board is also thankful to our unitholders, trustees, financiers, business partners, regulatory authorities and other stakeholders for their continued trust and support. With all our combined efforts, Al-Salām REIT has proven again that we can rise to any occasion. We have made it through another challenging year, wiser and more ready than ever to look forward. Together, as we embrace the future, we will continue to ensure the performance and sustainability of the Fund. Dato’ Haji Mohd Redza Shah bin Abdul Wahid CHAIRMAN “ ”
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 14 SALIENT FEATURES Diversified Real Estate Investment Trust Category of fund: Stock Name and Code: 29 September 2015 Listing Date: Main Market of Bursa Malaysia Securities Berhad At least 90% from distributable income Listing: Distribution Policy: 31 December Financial Year End: Al-Salam Real Estate Investment Trust Name of Fund: REVENUES BY GEOGRAPHIC ZONE 4% 4% 17% 24% 51% CIS (excl. Russia) Europe Russia Americas Asia 10 20 30 40 580,000,000 units Fund Size: Income and Growth ALSREIT/5269 Type of Fund:
FINANCIAL HIGHLIGHTS - GROUP Statement Of Comprehensive Income FY2017 FY2018 FY2019 FY2020 FY2021 - Key Data & Financial Ratios RM’000 RM’000 RM’000 RM’000 RM’000 Gross Revenue 80,033 82,151 94,912 86,101 71,543 Net Property Income 56,887 58,245 69,121 64,970 54,994 Income Available for Distribution (Realised) 35,542 31,867 28,395 12,537 14,644 Earnings Per Unit (Realised) (Sen) 6.13 5.49 4.90 2.51 2.52 Distribution Per Unit (DPU) (Sen) 6.00 5.35 4.75 2.08 2.30 Annualised Distribution Yield (%) 6.00 6.60 5.86 3.78 4.74 Management Expenses Ratio (%) 0.66 6.60 5.86 0.60 0.63 Statement of Financial Position – Key Data & Financial Ratios Investment Properties 927,470 1,092,686 1,187,635 1,189,365 1,177,237 Other Non-Current Assets 557 895 931 3686 708 Current Assets 60,729 62,858 60,614 61,503 75,555 Total Asset Value 988,756 1,157,161 1,249,180 1,254,554 1,253,500 Current Liabilities 10,412 12,732 524,775 65,125 17,810 Non-Current Liabilities 362,048 523,502 100,327 592,048 645,080 Total Liabilities 372,460 625,102 657,173 661,747 662,890 Net Asset Value (NAV) 616,296 620,927 624,078 597,381 590,609 Total Unitholders’ Fund 616,296 620,927 624,078 597,381 590,609 NAV Per Unit (Before Income Distribution) (RM) 1.0626 1.0760 1.0760 1.0300 1.0183 NAV Per Unit (After Income Distribution) (RM) 1.0311 1.0471 1.0619 1.0178 1.0003 FINANCIAL HIGHLIGHTS - FUND Statement of Comprehensive Income FY2017 FY2018 FY2019 FY2020 FY2021 - Key Data & Financial Ratios RM’000 RM’000 RM’000 RM’000 RM’000 Gross Revenue 80,033 82,151 94,912 86,101 71,543 Net Property Income 56,887 58,245 69,121 64,970 54,994 Income Available for Distribution (Realised) 35,542 31,867 28,395 12,537 14,704 Earnings Per Unit (Realised) (Sen) 6.13 5.49 4.90 2.51 2.54 Statement of Financial Position – Key Data & Financial Ratios Investment Properties 927,470 1,092,686 1,187,635 1,189,365 1,177,237 Other Non-Current Assets 557 895 931 3,686 708 Current Assets 60,729 62,858 58,062 61,503 69,955 Total Asset Value 988,756 1,157,161 1,249,180 1,254,554 1,247,900 Current Liabilities 10,412 12,732 524,775 65,125 17,441 Non-Current Liabilities 362,048 523,502 100,327 592,048 640,772 Total Liabilities 372,460 536,234 625,102 657,173 658,213 Net Asset Value (NAV) 616,296 620,927 624,078 597,381 589,687 Total Unitholders’ Fund 616,296 620,927 624,078 597,381 589,687 NAV Per Unit (Before Income Distribution) (RM) 1.0626 1.0706 1.0760 1.0300 1.0167 NAV Per Unit (After Income Distribution) (RM) 1.0311 1.0471 1.0621 1.0180 0.9987 Unit Price as at 31 Dec (RM) 1.00 0.81 0.81 0.55 0.485 S E C T I O N 1 C O R P O R A T E O V E R V I E W 15 FINANCIAL PERFORMANCE
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 16 TRADING PERFORMANCE Trading Summary FY2017 FY2018 FY2019 FY2020 FY2021 Closing unit (RM) 1.00 0.81 0.81 0.55 0.485 52-weeks Highest Traded Price (RM) 1.67 0.99 0.94 0.87 0.63 52-weeks Lowest Traded Price (RM) 0.97 0.83 0.78 0.50 0.475 Price Movement (%) (6.5) (19.0) - (32.1) (12.6) Annual Total Return (%) (1.0) (12.4) 5.9 (28.32) (7.08) Number of Units in Circulation (unit ‘000) 580,000 580,000 580,000 580,000 580,000 Market Capitalisation (RM’000) 580,000 469,800 469,800 319,000 281,300 0 100 200 300 400 500 600 700 1.000 0.485 0.550 0.810 0.810 2017 2018 2019 2020 2021 0.000 0.200 0.400 0.600 0.800 1.000 1.200 Units in Circulation (million in units) Market Capitalisation (RM million) Unit Price (RM) 580 580.00 580 469.80 580 469.80 580 319.00 580 281.30 $YHUDJH 7UDGLQJ 9ROXPH C XQLWV Closing Market Price 0.0 20.0 40.0 60.0 80.0 100.0 120.0 0 0.100 0.200 0.300 0.400 0.500 0.600 0.700 0.570 0.590 0.600 0.600 0.550 0.555 0.520 0.530 0.505 0.490 0.485 Jan Feb Mac Apr May Jun Jul Aug Sep 0.530 Oct Nov Dec 56.5 59.5 34.1 5.2 43.9 100.1 12.5 36.6 30.3 32.3 25.5 34.3 ¶ 8QLW 50 VHQ 1 2 3 4 5 0 Overnight Policy rate 12 month FD rate 10 years Govt Security $O 6DOăP 'LVWULEXWLRQ \LHOG 1.75% 1.85% 3.68% 4.74% MARKET CAPITALISATION, UNIT PRICE AND UNITS IN CIRCULATION FY2021 TRADING PERFORMANCE COMPARATIVE YIELD Source: Bank Negara Malaysia, Maybank, Damansara REIT Managers Sdn Berhad
S E C T I O N 1 C O R P O R A T E O V E R V I E W 17 ANALYSIS OF UNITHOLDINGS Unitholdings Statistics as at 31 December 2021 as per Record of Depositor TOTAL NUMBER OF UNITS ISSUED : 580,000,000 units FULLY PAID-UP CAPITAL : RM580,000,000 BREAKDOWN OF UNIT HOLDINGS Size of Unitholdings No. of Unitholders % No. of Units % Less than 100 263 3.26 10,853 - 100 -1000 3,764 46.65 2,085,444 0.36 1,001 -10,000 3,447 42.72 10,606,166 1.83 10,001 -100,000 533 6.61 13,723,619 2.37 100,001 to less than 5% of Issued Capital 57 0.71 124,691,526 21.50 5% and above of Issued Capital 4 0.05 428,882,392 73.94 TOTAL 8,068 100.00 580,000,000 100.00 Top Thirty Securities Account Holders (Without aggregating the securities from different securities accounts belonging to the same depositor) Name No. of Units % 1 Maybank Noms (T) Sdn Bhd - A/C Pledged Securities Account For Damansara Assets Sdn Bhd (551016692898A) 240,000,000 41.38 2 Tabung Amanah Warisan Negeri Johor 96,153,900 16.58 3 Waqaf An-Nur Corporation Berhad 57,994,701 10.00 4 Maju Noms (T) Sdn Bhd - A/C Pledged Securities Accounts For Damansara Assets Sdn Bhd 34,733,791 5.99 5 CIMB Group Noms (T) Sdn Bhd - A/C Pledged Securities Account For Kulim (Malaysia) Berhad (CBMS-KTISB-OCN) 27,060,600 4.67 6 Maybank Noms (T) Sdn Bhd - A/C Pledged Securities Account For Johor Corporation (551016692898) 22,000,000 3.79 7 Pelaburan Hartanah Berhad 20,000,000 3.45 8 Lembaga Tabung Haji 16,859,100 2.91 9 Cartaban Noms (T) Sdn Bhd - A/C Standard Chartered Saadiq Bhd SCBMB Trustee For Muamalat 1 13,293,400 2.29 10 CIMB Group Noms (T) Sdn Bhd - A/C Pledged Securities Account For Damansara Assets Sdn Bhd (CBMS-KTISB-OCN) 3,805,626 0.66 11 Maybank Noms (T) Sdn Bhd - A/C Bank Kerjasama Rakyat (M) Berhad (412803) 3,600,000 0.62 12 CIMB Group Noms (T) Sdn Bhd - A/C Pledged Securities Account For Johor Corporation (CBMS-KTISB-OCN) 2,436,600 0.42 13 KPJ Healthcare Berhad 2,000,000 0.34 14 CIMB Group Noms (T) Sdn Bhd - A/C Pledged Securities Account For Johor Land Berhad (CBMS-KTISB-OCN) 1,499,500 0.26 15 Labuan Reinsurance (L) Ltd 1,472,800 0.25 16 Chu Leong Lam 700,000 0.12 17 CIMB Group Noms (T) Sdn Bhd - A/C Exempt An For CIMB Bank Bhd (Dana Johor) 604,311 0.10 18 Tenh Hong Way 600,000 0.10 19 Chong Teck Seng 557,400 0.10 20 Maybank Securities Noms (T) Sdn Bhd - A/C Malayan Banking Berhad For Pelaburan Johor Berhad (MBB Dana Johor) 520,501 0.09 21 Ng Kim Yuen 408,100 0.07 22 Ong Ah How @ Ong Beng Hwa 390,700 0.07 23 Kwan Chee Tong 387,200 0.07 24 Boon Hin Pow 341,100 0.06 25 Weng Hua Machinery Hardware Sdn. Bhd. 320,000 0.06
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 18 ANALYSIS OF UNITHOLDINGS Top Thirty Securities Account Holders (Without aggregating the securities from different securities accounts belonging to the same depositor) Name No. of Units % 26 Wong Wai Kuan 300,000 0.05 27 CIMB Group Noms (T) Sdn Bhd - A/C Pledged Securities Account For Kumpulan Bertam Plantations Berhad (CBMS-KTISB-OCN) 296,000 0.05 28 Lim Yaw Yeu 259,700 0.04 29 Maybank Noms (T) Sdn Bhd - A/C Pledged Securities Account For Kamaruzzaman bin Abu Kassim 251,100 0.04 30 Labuan Reinsurance (L) Ltd 250,000 0.04 Substantial Unitholders (5% and Above) Name Direct Indirect No. of Units % No. of Units % 1 Johor Corporation 24,436,600 4.21 309,403,2051 53.35 2 Damansara Assets Sdn Bhd 240,000,000 278,539,417 48.02 Maju Noms (T) Sdn Bhd - 34,733,791 A/C Damansara Assets Sdn Bhd CIMB Group Noms (T) Sdn Bhd - 3,805,626 A/C Damansara Assets Sdn Bhd 3 Tabung Amanah Warisan Negeri Johor 96,153,900 16.58 - - 4 Waqaf An-Nur Corporation Berhad 57,994,701 10.00 - - Note: - 1 Deemed interested by virtue of its interest in Damansara Assets Sdn Bhd, Kulim (Malaysia) Berhad, KPJ Healthcare Berhad, Johor Land Berhad, Kumpulan Bertam Plantation Berhad and Tenaga Utama (J) Berhad under Section 8 of the Companies Act, 2016 Unit Analysis as at 31 December 2021 TOTAL BUMIPUTRA NON - BUMIPUTRA FOREIGN Holder No. of Unit Holder No. of Unit Holder No. of Unit Holder No. of Unit Government Bodies 1 96,153,900 1 96,153,900 - - - - Finance 1 16,859,100 1 16,859,100 - - - - Investment Trust 1 7,400 0 0 1 7,400 - - Nominees 561 354,345,435 403 339,927,088 148 14,168,947 10 249,400 Companies 18 82,218,050 10 81,791,530 8 426,520 - - Clubs / Association 3 23,686 2 20,726 1 2,960 - - Co - Operatives 14 329,929 12 320,035 2 9,894 - - Others 1 9 - - 1 9 - - Individual 7,468 30,062,491 1,553 5,609,186 5,884 23,966,742 31 486,563 Total 8,068 580,000,000 1,982 540,681,565 6,045 38,582,472 41 735,963 % 100.00 100.00 24.57 93.22 74.93 6.65 0.51 0.13 ROD
THE DRIVING FORCES S E C T I O N 2 Trust Structure Organisation Structure The Board of Directors The Shariah Committee The Management Team 20 21 22 31 34 @MART KEMPAS
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 20 TRUST STRUCTURE UNITHOLDERS REIT PROPERTIES REIT TRUSTEE REIT MANAGER SHARIAH COMMITTEE PROPERTY MANAGER SERVICE PROVIDER Distributions Holding of funds Net Property Income Ownership of Properties Management Services Property Management Service Advisor on Shariah related matters Shariah advisor’s fee Property Management Fees Management Fees Acts on behalf of unitholders Trustee’s Fees AMANAHRAYA TRUSTEES BERHAD EXASTRATA SOLUTIONS DAMANSARA REIT MANAGERS SDN BERHAD DASB PROPERTY MANAGEMENT
S E C T I O N 2 D R I V I N G F O R C E 21 ORGANISATION STRUCTURE
Board of Board Board Nomination & Directors Audit & Risk Investment Remuneration Committee Committee Committee 1. Dato' Haji Mohd Redza Shah bin Abdul Wahid 2. Wan Azman bin Ismail 3. Dato’ Wan Kamaruzaman bin Wan Ahmad 4. Abdullah bin Abu Samah 5. Datuk Hashim bin Wahir 6. Datuk Sr Akmal bin Ahmad 7. Shamsul Anuar bin Abdul Majid A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 22 THE BOARD OF DIRECTORS CHAIRMAN MEMBER 1 2 3
S E C T I O N 2 D R I V I N G F O R C E 23 Notes: - None of the Board of Directors member have: • Any family relationship with any Director of Manager and/or major unitholder of Al-Salām REIT; • Any conflict of interest with Al-Salām REIT; • Any conviction of interest within the past 5 years (other than traffic offences); and • Any public sanctions or penalties imposed by the relevant regulated bodies during the financial year ended 31 December 2021 THE BOARD OF DIRECTORS NURALIZA BINTI A. RAHMAN (MAICSA 7067934) ROHAYA BINTI JAAFAR (LS0008376) COMPANY SECRETARIES 4 5 6 7
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 24 THE BOARD OF DIRECTORS DATO' HAJI MOHD REDZA SHAH BIN ABDUL WAHID Chairman Independent Non-Executive Director Nil 14 February 2020 1. Bachelor of Science in Economic (Industry and Trade), London School of Economic, University of London, United Kingdom 2. Master of Science of Economics (International Banking and Finance), University of Wales, Cardiff, United Kingdom 3. Member, Institute of Chartered Accountant in England and Wales (ICAEW) 4. Chartered Bankers, Asian Institute of Chartered Bankers Present Appointment Nil Past Experiences 1. Chief Executive Officer, Bank Muamalat Malaysia Berhad (2019) 2. Group Chief Operating Officer, DRB-Hicom Berhad (2006) 3. Group Chief Executive Officer, Tradewinds Corporation Berhad (2005) 4. Chief Financial Officer, Silterra Malaysia Berhad (2001) Listed Issuer- Al-`Aqar Healthcare REIT EA Technique (M) Berhad KPJ Healthcare Berhad Public Companies Nil 1. Kuala Lumpur Islamic Finance Forum 2021 (KLIFF 2021) - Global Islamic Capital Market Outlook 2. Shariah Audit Best Practice Guide: Islamic Cooperatives & Ar-Rahnu Roundtable Discussion 3. Malaysian Institute of Accountants (MIA) Conference 2021 4. Wacana Al Quran – Membangun Sinergi Waqaf Others Chairman, Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM) Other Directorships Committee Member Appointment Date Academic & Professional Qualifications Working Experience Nationality : Malaysian Gender : Male Age : 59 Number of Meetings Attended: 12/12 Courses Attended
S E C T I O N 2 D R I V I N G F O R C E 25 THE BOARD OF DIRECTORS Listed Issuer Al-`Aqar Healthcare REIT Public Companies Nil 1. Financial Master Class-History repeats itself! Learn from the past financial market crashes & position for the future 2. Future Hospital Strategy & Development Forum 2021 3. Business Foresight Forum 2021 : Transformative Innovation - Reshaping Business Realities in Extraordinary Times WAN AZMAN BIN ISMAIL Chief Executive Officer Non-Independent Executive Director Nil 27 March 2017 Bachelor of Arts, (Hons) in Accounting and Financial Analysis, University of Newcastle upon Tyne, United Kingdom Present Appointment Chief Executive Officer, Damansara REIT Managers Sdn Berhad Past Experiences 1. Vice President (Strategic Development Department) Johor Corporation (2017) 2. Managing Director, Damansara Realty Berhad (2014) 3. Senior Manager (Corporate Finance), Johor Corporation (2000) 4. Senior Manager (Corporate Finance), BSN Merchant Bank Berhad (1999) 5. Manager, Perwira Affin Merchant Bank Berhad (1996) Other Directorships Courses Attended Committee Member Appointment Date Academic & Professional Qualifications Working Experience Number of Meetings Attended: 12/12 Nationality : Malaysian Gender : Male Age : 58
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 26 THE BOARD OF DIRECTORS Other Directorships Courses Attended 1. Chairman, Board Investment Committee 2. Member, Board Audit & Risk Committee 3. Member, Nomination and Remuneration Committee 24 August 2020 1. Bachelor of Economics (Analytical Economic) with Hons, Universiti Malaya 2. Chartered Banker, Asian Institute of Chartered Banker Present Appointment Nil Past Experiences Committee Member Appointment Date Academic & Professional Qualifications 1. Chief Executive Officer Kumpulan Wang Persaraan (Diperbadankan) (2018) 2. General Manager, Treasury Department, Employees Provident Fund (2013) 3. Finance Director, Izoma Sdn Bhd and Kemuncak Facilities Management Sdn Bhd (2007) 4. Chief Executive Officer, Affin Trust Management Bhd and Affin Fund Management Sdn Bhd (2005) 5. Chief Executive Officer, Affin Moneybrokers Sdn Bhd (2003) 6. FX Trader/Chief Dealer/Treasury Manager, Treasury Dept. KL, London and Hamburg, Malayan Banking Berhad (1994) Listed Issuer Al-`Aqar Healthcare REIT Malaysian Resources Corp Bhd (MRCB) Bermaz Auto Berhad Public Companies Nil 1. Launch of the Malaysia Ageing and Retirement Survey (MARS) 2. Sustainability Day - In The New Normal 3. World Pension Summit 2021 4. Majlis Amanat GLIC - Perkukuh Pelaburan Rakyat Other Appointment 1. Independent Director, Bond and Sukuk Information Exchange Sdn Bhd 2. Director, Malaysia Convention & Exhibition Bureau (MyCEB) 3. Director, Minority Shareholder Watchdog Group (MSWG) 4. Investment Panel Member of Employees Provident Fund (EPF) 5. Director, Global LNG Sdn Bhd 6. Director, Iris Capital Sdn Bhd 7. Director, MIF Investments Ltd 8. Director, Massive Equity Sdn Bhd Nationality : Malaysian Gender : Male Age : 62 DATO’ WAN KAMARUZAMAN BIN WAN AHMAD Independent Non-Executive Director Working Experience Number of Meetings Attended: 11/12
S E C T I O N 2 D R I V I N G F O R C E 27 THE BOARD OF DIRECTORS Courses Attended 1. Chairman, Board Audit and Risk Committee 2. Member, Board Audit & Risk Committee 3. Member, Board Nomination & Remuneration Committee 10 March 2021 1. Masters of Business Administration University of Washington 2. Bachelor of Science in Business Administration University of the Pacific 3. Member Malaysian Institute of Accountants 4. Member Malaysian Institute of Certified Public Accountants Present Appointment Nil Past Experiences 1. Licensed Partner for Audit of Financial Statements of Companies Listed and Non Listed KPMG Malaysia Partner (Audit) (1997) 2. Managing the Audit and the Financial Statements of Companies KPMG Malaysia Audit Manager (1993) 1. Mandatory Accreditation Program (MAP) 2. KPMG Tax and Business Summit 2021 3. Managing Human Rights: Why is it important to corporations 3. Fieldwork of Audit of Financial Statements KPMG Malaysia Audit Staff (1983) Listed Issuer Al-`Aqar Healthcare REIT Media Prima Berhad Public Companies Kulim (M) Berhad Nationality : Malaysian Gender : Male Age : 56 Other Directorships Committee Member Appointment Date Academic & Professional Qualifications Working Experience ABDULLAH BIN ABU SAMAH Independent Non-Executive Director Number of Meetings Attended: 11/11
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 28 THE BOARD OF DIRECTORS Nationality : Malaysian Gender : Male Age : 64 DATUK HASHIM BIN WAHIR Independent Non-Executive Director Number of Meetings Attended: - Other Directorships Working Experience Listed Issuer Al-`Aqar Healthcare REIT Public Companies Nil Chairman, Board Nomination and Remuneration Committee (appointed w.e.f 24 January 2022) 24 January 2022 1. Bachelor of Engineering (Honours) in Mechanical Engineering, Universiti Teknologi Malaysia 2. Executive Development Program, Ashridge Management College, United Kingdom 3. Executive Development Program, Johnson School of Management, Cornell University, USA Present Appointment Nil Past Experiences 1. Director, PETRONAS Hartabina Sdn Bhd 2. Manager of KLCCP Stapled Group (5325SS) - KLCC REIT Management Sdn Bhd (2013) 3. Group Chief Executive Officer/Executive Director - KLCC(Holdings) Sdn Bhd /KLCC Property Holdings Berhad (2007) 4. Country Chairman - Petronas Sudan Operations, Khartoum (2004) 1. Khazanah Megatrends Forum 2021 5. General Manager, Planning and Resource Allocation - PETRONAS, Kuala Lumpur (2000) 6. General Manager of Chad/Cameroon JV Project, PCSB (1999) 7. Senior Manager, Petroleum Engineering Department of PETRONAS Carigali Sdn Bhd (1993) 8. Head of Production Technology - Baram Delta Operations, Miri, Sarawak (1983) 9. Engineer - Petronas Carigali Sdn Bhd (1981) Committee Member Appointment Date Academic & Professional Qualifications Courses Attended
S E C T I O N 2 D R I V I N G F O R C E 29 THE BOARD OF DIRECTORS Courses Attended Other Directorships Committee Member Appointment Date Academic & Professional Qualifications Working Experience Listed Issuer Al-`Aqar Healthcare REIT Damansara Holdings Berhad 1. Mandatory Accreditation Program (MAP) Public Companies Johor Land Berhad Member, Board Audit & Risk Committee 21 January 2021 1. Diploma in Quantity Surveying, Universiti Teknologi MARA 2. Bachelor of Science in Quantity Surveying, Universiti Teknologi MARA Present Appointment 1. Director, Real Estate & Infrastructure, Johor Corporation 2. Group Managing Director, Johor Land Berhad Past Experiences 1. Chief Operating Officer, Iskandar Investment Berhad (2020) 2. Chief Executive Officer, Iskandar Development Management Services Sdn Bhd (IIB Subsidiary)(2018) 3. Chief Development Officer, Iskandar Investment Berhad (2016) 4. Director of Operations, Iskandar Development Management Services Sdn Bhd (2013) 5. General Manager, Nusajaya Development Sdn Bhd (UEM Land Berhad subsidiary) (2007) 6. Project Manager 1, (Prince Court Medical Centre Project) KLCC Projeks Sdn Bhd (2007) 7. Project Manager (University Technology of Petronas Development) KLCC Projeks Sdn Bhd (2003) 8. Project Manager (Petronas Twin Towers Fit-Out) KLCC Projeks Sdn Bhd (1999) 9. Contract Management Executive, KLCC Projek Sdn Bhd (1993) 10. Technical Services Executive, Island & Peninsular Berhad (1993) 11. Assistant Quantity Surveyor, Yong & Mohd Faiz Sdn Bhd (1989) DATUK Sr AKMAL BIN AHMAD Non-Independent Non-Executive Director Nationality : Malaysian Gender : Male Age : 56 Number of Meetings Attended: 12/12
Other Directorships Courses Attended Working Experience A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 30 THE BOARD OF DIRECTORS Committee Member Appointment Date Academic & Professional Qualifications Listed Issuer Al-`Aqar Healthcare REIT KPJ Healthcare Berhad Damansara Holdings Berhad 1. Global Health Transformation Roundtable(Asia-Pacific) 2. Exclusive Talks on Anti Bribery Management Systems (ABMS) ISO 370001:2016 & Corporate Liability Section 17 (A) 3. Virtual Business Dialogue on Indonesia New Economic Paradigm: Investment Opportunities in Special Economic Zones Public Companies QSR Brands (M) Holding Berhad Kulim (M) Berhad Johor Land Berhad Member, Board Investment Committee 24 August 2020 1. Bachelor of Science (Honours), Chemistry, Imperial College London, England 2. Master of Business Administration (MBA), Islamic Finance, International Islamic University Malaysia 3. Member, Chartered Financial Analyst (CFA), CFA Institute, Charlottesville, Virginia, USA Present Appointment Chief Investment Officer, Johor Corporation Past Experiences 1. General Manager, Johor Corporation (2017) 2. Director and Principal Partner, Fikiran Sepakat Sdn Bhd (2017) 3. Special Officer to the Managing Director, Iskandar Waterfront Holdings (2014) 4. Executive Vice President, Strategy & Feasibility Iskandar Investment Berhad (2011) 5. Vice President, Finance and Special Project, Greenland Malaysia (2007) 6. Energy Sector Specialist, the Boston Consulting Group (2001) 7. Planning Analyst, Downstream Economics, Planning Department, Shell Malaysia (1999) Nationality : Malaysian Gender : Male Age : 50 SHAMSUL ANUAR BIN ABDUL MAJID Non-Independent Non-Executive Director Number of Meetings Attended: 12/12
S E C T I O N 2 D R I V I N G F O R C E 31 THE SHARIAH COMMITTEE Other Directorships Appointment Date Academic & Professional Qualifications Working Experience 22 June 2006 1. Bachelor Islamic Law and Syariah Islamiah, Al-Azhar University, Egypt 2. Master of Arts, Asia e University 3. Doctor of Philosophy (Human Development), Universiti Tun Hussein Onn Malaysia Currently, he is the Islamic Advisor to DYMM Sultan Johor and Advisor to Johor State Islamic Council. He is a member of the Johor Royal Council and Islamic Religious Council (Johor). He retired as Mufti of Johor in November 2002 and continued his service until 13 November 2008 and now remains as the Advisor to the Islamic Religious Council (Johor). He was appointed as Federal Supreme Committee of Islamic Affairs Strengthening Management on 9 August 2018. His vast experience in Islamic practise and jurisprudence, juristic methodology, hadith and its sciences and spirituality was gained throughout his services as Acting Kadi, Syarie Lawyer Islamic Affair Officer Religious Department (Prime Minister Department), Acting Assistant Examination and Registrar Religious School of Johor State and Religious Teacher of Johor State. 1. Chairman, Shariah Committee of Al-`Aqar Healthcare REIT 2. Chairman of Yayasan Infaq Angkasa 3. Shariah Adviser Member, Permodalan Nasional Berhad 4. Board Member, Universiti Tun Hussein Onn 5. Board Member, Yayasan Wakaf Anak Yatim Malaysia 6. Committee Member, Johor Islamic Council including Zakat, Wakaf, Baitulmal, Teaching Certification and Education 7. Committee Member of various companies within the JCorp Group. 8. Committee Member of various councils including the Johor Royal Congregational Council, Johor Islamic Council’s Finance and Investment, Planning and Development units. Nationality : Malaysian Gender : Male Age : 76 DATO’ (DR.) HAJI NOOH BIN GADOT Chairman, Shariah Committee
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 32 THE SHARIAH COMMITTEE 22 June 2006 1. Bachelor in Shariah, Al-Azhar University, Egypt 2. Doctor of Philosophy (PhD) in Shariah, St. Andrews, University of Scotland He began his career with Universiti Kebangsaan Malaysia as the Head of Department of Quran and Sunnah, Faculty of Islamic Studies and Lecturer at Faculty of Law Universiti Kebangsaan Malaysia. He has served as Shariah Advisor and Shariah committee member at several corporate organisation such as Tabung Haji, Bank Negara Malaysia, Dewan Bahasa dan Pustaka, Takaful Nasional and Terengganu Trust Fund as well as financial institutions namely, Bank Muamalat Malaysia Berhad, Bank Kerjasama Rakyat Malaysia Berhad, RHB Bank Berhad and Bank Pembangunan Malaysia Berhad. 1. Shariah Committee Member of Al-`Aqar Healthcare REIT 2. Shariah Committee Member of Terengganu Trust Fund 3. Shariah Committee Member of Trust Fund Amanah of Saham Darul Iman 4. Kelantan Ulama Council PROFESSOR MADYA DR. ABDUL HALIM BIN MUHAMMAD Member, Shariah Committee Nationality : Malaysian Gender : Male Age : 77 Other Directorships Appointment date Academic & Professional Qualifications Working Experience
S E C T I O N 2 D R I V I N G F O R C E 33 THE SHARIAH COMMITTEE ABOUT THE SHARIAH ADVISER IBFIM is a registered Shariah Adviser under the Capital Market Services Act 2007 and has been providing a wide range of Shariah advisory and consultancy services for Islamic financial services industry since 2001. IBFIM is also a lifelong learning institution that specialises in technical certifications for Islamic financial services industry. As Shariah Adviser to Al-Salām REIT, IBFIM is providing necessary advice to ensure that Al-Salām REIT business is Shariah compliant. IBFIM was appointed as the Shariah Adviser for Al-Salām REIT effective 2 July 2020. Profile of Designated Person responsible for Shariah matters relating to Al-Salām REIT In relation to Shariah matters, the designated persons responsible for the fund investment activities under Al-Salām REIT are Mohamad Salihin Deris and Irma Namira Missnan. Mohamad Salihin Deris is the Director, Business Advisory of IBFIM. He brings with him approximately 20 years of blended experience in Islamic finance and Shariah advisory in both roles: as a policy maker in a regulatory authority and as an industry practitioner. At IBFIM, he leads the Shariah advisory and consultancy team helping the clients to achieve a comprehensive and optimal Shariah compliance solution. Mohamad Salihin started his career with Bank Negara Malaysia’s Islamic Banking & Takaful Department. He then served CIMB Islamic Bank, Hong Leong Islamic Bank and Association of Islamic Banking Institutions Malaysia (AIBIM) before joining Bank Pembangunan Malaysia Berhad (BPMB). He had gained experience in Shariah advisory, research, secretariat and review functions, developed and implemented the overall Shariah governance framework. He had involved in conversion into a fullfledged Islamic development bank initiative. Currently he is a Shariah Committee member of Affin Islamic Bank. Mohamad Salihin holds double-degree in LLB(Hons) and LLB(Shariah)(Hons) from International Islamic University Malaysia. He also holds Associate Qualification in Islamic Finance (AQIF) and has obtained Certified Shariah Advisor (CSA) from the Association of Shariah Advisors in Islamic Finance (ASAS). He is an exco, a trainer and reviewer of contents of the Shariah certification modules for ASAS. Occasionally, he speaks in Islamic finance events on Shariah governance. He is registered with the Securities Commission Malaysia as IBFIM’s designated person responsible for Shariah matters in relation to the Islamic capital market-related product and services. Irma Namira Missnan is currently a Manager, Business Advisory of IBFIM. She brings with her approximately 9 years of experience in Islamic finance and Shariah advisory. At IBFIM, she is responsible to lead and provide relevant inputs for the Shariah advisory, consultancy and research functions with regard to Islamic banking, takaful, Islamic capital market, Islamic REITs and Islamic unit trust funds. Irma Namira started her career as a Shariah executive in RHB Islamic Bank Berhad since 2012. Specializing in Shariah advisory, governance and management portfolios, she was then entrusted as a Section Head of the Shariah Secretariat of RHB Islamic Bank from May 2015 until March 2020 before joining IBFIM. She is experienced in the Shariah application in Islamic products and services which includes retail banking, non-retail banking and Islamic capital markets. Irma Namira graduated with Bachelor of Shariah and Laws (Hons) from Universiti Sains Islam Malaysia and obtained Certificate in Islamic Law of Banking & Finance from International Islamic University Malaysia. She is a member of Association of Shariah Advisors in Islamic Finance (ASAS). She is registered with the Securities Commission Malaysia as IBFIM’s designated person responsible for Shariah matters in relation to the Islamic capital market-related product and services. Notes: - None of the Shariah Advisory Committee member have: • Any family relationship with any Director of Manager and/or major unitholder of Al-Salām REIT; • Any conflict of interest with Al-Salām REIT; • Any conviction of interest within the past 5 years (other than traffic offences); and • Any public sanctions or penalties imposed by the relevant regulated bodies during the financial year ended 31 December 2021
A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 34 THE MANAGEMENT TEAM WAN AZMAN BIN ISMAIL Chief Executive Officer Non-Independent Executive Director For further information, please refer to the Board of Directors’ profile SHAHRIL ZAIRIS BIN RAMLI Qualifications • Diploma in Investment Analysis, Institut Teknologi MARA • Bachelor of Banking and Finance, Bangor University, Wales, United Kingdom • Capital Markets Services Representatives License holder Directorship Nil Working Experience • Senior Manager, Tanjung Langsat Port Sdn Bhd (2012) • Senior Manager, Langsat Marine Base Sdn Bhd (2011) • Manager, Johor Corporation (2009) Responsibilities • Develop investment strategies and investment portfolio through strategic acquisitions • Responsible to overall day to day management and operations of Al-Salām REIT Qualifications • Bachelor of Arts in International Relations, the University of British Columbia, Canada • Masters in Business Administration, Henley Business School, University of Reading, United Kingdom • Enterprise Risk Advisor Certificate, Institute of Enterprise Risk Practitioners Directorship Nil Working Experience • Senior Manager, KFCH International College (2013) • Manager, Akademi Johor Corporation (2010) • Deputy Manager, Chief Operating Officer Office, Johor Corporation • Senior Executive, Business Development Department, Johor Corporation (2004) • Executive, Corporate Office, Johor Corporation (2000) Responsibilities • Ensure compliance with internal control policies and procedures, securities laws, regulations and relevant guidelines • Detect and prevent breaches of securities laws, regulations and relevant guidelines and provide regular reports on the effectiveness of a business’ compliance measure • Reviews, monitors and oversees risk profiles (strategic & business, operational, finance, compliance and integrity risks) and their related mitigation programmes • Reviews internal audit reports and monitors the performance on internal auditors • Ensures the development and implementation of the Business Continuity Management Plan • Oversees the implementation of Sustainability programme Nationality Malaysian Age 52 Gender Male Appointment Date 1 July 2012 Nationality Malaysian Age 54 Gender Female Appointment Date 1 March 2016 ROZIAH BINTI ABU BAKAR General Manager Head of Compliance and Risk Management
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