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AL-SALAM REIT ANNUAL REPORT 2021

ALSREIT AR 2021 1
CORPORATE OVERVIEW 4
2021 HIGHLIGHTS 5
OBJECTIVE, POLICY & STRATEGIES 6
CORPORATE PROFILE 8
CORPORATE INFORMATION 10
LETTER TO STAKEHOLDERS 12
SALIENT FEATURES 16
FINANCIAL PERFORMANCE 17
TRADING PERFORMANCE 18
Analysis of Unitholdings 19
THE DRIVING FORCES 21
TRUST STRUCTURE 22
ORGANISATION STRUCTURE 23
THE BOARD OF DIRECTORS 24
THE SHARIAH COMMITTEE 33
THE MANAGEMENT TEAM 36
STRATEGIC PERFORMANCE 39
MANAGEMENT DISCUSSION AND ANALYSIS 40
FINANCIAL REVIEW 40
Operations Review 44
CAPITAL REVIEW 55
RISK MANAGEMENT 57
MARKET REPORT SUMMARY 59
PORTFOLIO SUMMARY AND DETAILS 63
SUSTAINABILITY STATEMENT 77
ABOUT THIS STATEMENT 78
APPROACH TO SUSTAINABLE DEVELOPMENT 81
ENGAGING STAKEHOLDERS 83
MATERIAL SUSTAINABILITY MATTERS 84
ROBUST CORPORATE GOVERNANCE 88
SUSTAINABLE TRUST FUND 90
STRONG SOCIAL RELATIONSHIPS 91
ENVIRONMENTAL STEWARDSHIP 97
CONCLUSION 99
GRI Content Index 100
CORPORATE GOVERNANCE 101
CORPORATE GOVERNANCE STATEMENT 102
BOARD AUDIT AND RISK COMMITTEE REPORT 108
STATEMENT ON RISK MANAGEMENT & INTERNAL CONTROL 114
ADDITIONAL COMPLIANCE INFORMATION 121
Recurrent Related Party Transactions 121
Shariah Committee's Report 124
TRUSTEE’S REPORT 125
FINANCIAL REPORTS 126
MANAGER’S REPORT 127
STATEMENT BY THE DIRECTORS OF THE MANAGER 131
STATUTORY DECLARATION 131
INDEPENDENT AUDITORS’ REPORT 132
STATEMENTS OF COMPREHENSIVE INCOME 136
STATEMENTS OF FINANCIAL POSITION 138
STATEMENTS OF CHANGES IN NET ASSET VALUE 140
STATEMENTS OF CASH FLOWS 141
NOTES TO THE FINANCIAL STATEMENTS 143
Corporate information 143
Significant accounting policies 144
Significant accounting judgements and estimates 156
Gross rental income 157
Other income 157
Investment income 157
Tax credit/(expenses) 157
Earnings/(loss) per unit 158
Income distribution 159
Investment properties 160
Equipment 165
Investments in a subsidiary 165
Trade receivables, other receivables and prepaid expenses 166
Cash and cash equivalents 169
Deferred tax liability 169
Other payables and accrued expenses 170
Islamic financing 171
Unitholders' capital 173
Management Expense Ratio ('MER') 174
Significant related party transactions 174
Fair values of financial instruments 175
Financial risk management objectives and policies 176
Segment reporting 178
Capital management 183
Commitments 183

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