ANNUAL REPORT 2022 AL-SALĀM REIT STRENGTHENING OUR POSITION ANNUAL REPORT 2022
SCeocrtpioorna1t: e Overview 2022 Highlights 03 Objective, Policy & Strategies 04 Corporate Profile 06 Corporate Information 08 Letter to Stakeholders 10 Salient Features 14 5-Year Financial Performance 15 Trading Performance 16 Analysis of Unitholdings 17 SThecetDiorniv2in:g Force Trust Structure 20 Organisation Structure 21 The Board of Directors 22 The Shariah Committee 33 The Management Team 36 SSetcrtaitoeng3ic: Performance Management Discussion and Analysis 42 Financial Review 42 Overview of Properties 46 Capital Management 56 Key Risk Factors 57 Market Report Summary 59 Portfolio Summary and Details 63 Marketing Activities 77 ANNUAL REPORT 2022 AL-SALĀM REIT STRENGTHENING OUR POSITION ANNUAL REPORT 2022 ITNHSI SI D E SO TU RR EPNOGSTI TH IEONNI N G As Al-Salām REIT’s diversified stable of Islamic assets portfolio strategically located in Johor Bahru as well as major towns throughout the Nation undergoes the staggering economic landscape, the fund’s business operations are taking on the challenges head-on with optimism and by strengthening it’s position. Leveraging on Johor Corporation’s major industrial state land ownership, the Group has the capability of exploring the potential surge of new sales and leaseback opportunities ahead. With this, the cover echoes Al-Salām REIT’s uplifting spirit on a towering future. Scan Here Get access to Al-Salām REIT Annual Report 2022 online 3 Access it Run the QR Code Reader app and point your camera at the QR Code 2 Run it Download the “QR Code Reader” app from Google Play (Android Market), BlackBerry App World, App Store (iOS/iPhone) or Windows Phone Store 1 Get it
SSeucsttaioinna4b:ility Statement About this Statement 84 Approach to Sustainable Development 88 Stakeholder Engagement 91 Material Sustainability Matters 92 Strong Corporate Governance 96 Sustainable Trust Fund 97 Strong Social Relationship 99 Environmental Stewardship 104 Conclusion 108 GRI Content Index 109 SCeocrtpioorna5t:e Governance Corporate Governance Statement 112 Board Audit and Risk Committee Report 118 Board Investment Committee Report 124 Board Nomination and Remuneration Committee Report 127 Statement on Risk Management and Internal Control 132 Additional Compliance Information 141 Shariah Adviser’s Report 144 Trustee’s Report 145 SFiencatniocnial6:Reports Manager’s Report 148 Statement by Directors of the Manager 154 Statutory Declaration 154 Independent Auditors’ Report 155 Statements of Comprehensive Income 159 Statements of Financial Position 161 Statements of Changes in Net Asset Value 163 Statements of Cash Flows 164 Notes to the Financial Statements 165 REPORT
2022 Highlights 03 Objective, Policy & Strategies 04 Corporate Profile 06 Corporate Information 08 Letter to Stakeholders 10 Salient Features 14 5-Year Financial Performance 15 Trading Performance 16 Analysis of Unitholdings 17 SEC1 COOVRERPVOIREAWTE
03 ANNUAL REPORT 2022 NET LETTABLE AREA 1.9 million sq.ft. NUMBER OF PROPERTIES 54 MARKET CAPITALISATION RM214.6 million NET PROPERTY INCOME RM51.4 million DISTRIBUTION PER UNIT 2.50 sen DISTRIBUTION YIELD 6.76 % PROPERTIES' VALUE RM1.22 billion RM71.8 GROSS REVENUE million 2022 HIGHLIGHTS NET PROPERTY INCOME PROPERTIES' VALUE REVENUE RETAIL OFFICE F&B RESTAURANTS INDUSTRIAL & OTHERS 36% 9% 34% 21% 54% 6% 25% 15% 47% 12% 25% 16%
04 AL-SALAM REIT 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. OPOBJLEICCYTIV&ES, TRATEGIES 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.
05 ANNUAL REPORT 2022 STRATEGIES 1. Active Asset Management T he 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 T he 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. @Mart Kempas
06 AL-SALAM REIT CPROORFPIOLERATE Menara KOMTAR
Al-Salām Real Estate Investment Trust (“Al-Salām REIT”) ia a Shariah-compliant fund that invests in diversified Shariah-compliant properties. Al-Salām REIT was listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) on 29 September 2015. The market capitalisation of Al-Salām REIT stood at RM214.6 million as of 31 December 2022. Al-Salām REIT portfolio began with 21 properties and has grown to 54 properties comprising 3 retail malls, an office building, 43 F&B restaurants, 6 industrial buildings and a college, with a combined property value of RM1.22 billion as at 31 December 2022. The properties are strategically located throughout Malaysia. The Manager of Al-Salām REIT, Damansara REIT Managers Sdn Berhad (“DRMSB” or the “Manager”), is a subsidiary of Johor Corporation (“JCorp”). DRMSB is licenced to manage Islamic REITs under the Capital Markets and Services Act 2007. 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. 3 43 6 1 Food and beverage restaurants 07 ANNUAL REPORT 2022 College Industrial buildings Office building Retail malls
CI NOFROPROMRAATTI OEN MANAGER DAMANSARA REIT MANAGERS SDN BERHAD (200501035558) Registered Office: Level 14, 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.com.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. Tel : (+603) 2031 1010 Fax : (+603) 2026 9988 Email : info@ibfim.com shariah.advisory@ibfim.com Website : www.ibfimonline.com PROPERTY MANAGER EXASTRATA SOLUTIONS SDN BHD (201001042323) W-10-4, 4th Floor, West Wing, Subang Square, Jalan SS 15/4G, 47500 Subang Jaya, Selangor. Tel : (+603) 5632 7686 / 5636 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) (AF 0039) Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur. Tel : (+603) 7495 8000 Fax : (+603) 2095 5332 Website : www.ey.com REGISTRAR LARKIN SENTRAL PROPERTY BERHAD Lot S8, Podium 1, Menara Ansar, 65, Jalan Trus, 80000 Johor Bahru, Johor. Tel : (+607) 297 2521 Fax : (+607) 223 3275 AL-SALAM REIT 08
CORPORATE INFORMATION SOLICITORS 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 : partne@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) 7890 3266 Email : albar@albar.com.my Website : www.albar.com.my INDEPENDENT PROPERTY VALUERS CHESTON INTERNATIONAL (KL) SDN BHD Suite 2A, 2nd Floor, Plaza Flamingo, No. 2, Tasik Ampang, Jalan Hulu Kelang, 68000 Ampang, Selangor, Malaysia. Tel : (+603) 4251 2599 Fax : (+603) 4251 6599 / 4253 1393 Email : cikl@chestonint.com Website : www.chestonint.com LISTING Main Market of Bursa Malaysia Securities Berhad Stock Name: ALSREIT Stock Code: 5269 WEBSITE www.alsalamreit.com.my 09 ANNUAL REPORT 2022
10 AL-SALAM REIT DATO’ HAJI MOHD REDZA SHAH BIN ABDUL WAHID Chairman
“ Dear Stakeholders, On behalf of the Board of Directors of the Manager, it is my pleasure to present Al-Salām REIT ("Al-Salām", the "Fund" or the "Group") Annual Report for the financial year ended 31 December 2022 (“FY2022”). FY2022 was a strenuous year for the Fund due to the lingering effects of the coronavirus disease 2019 (“COVID-19”) pandemic and an arduous operating climate. Against this backdrop, AlSalām REIT leveraged on our strengths and experience to deliver a commendable set of results. The Fund posted a realised profit of RMRM15.8 million on the back of a RM71.8 million revenue in FY2022. The total income distribution for FY2022 is 2.50 sen per unit (FY2021: 2.30 sen) totalling RM14.5 million, which represents 92.0% of the income available for distribution. LETTER TO STAKEHOLDERS 11 ANNUAL REPORT 2022
12 AL-SALAM REIT ECONOMIC LANDSCAPE As Malaysia transitioned into the endemic phase, the government allowed businesses to reopen with more relaxed standard operating procedures. Business operating hours were no longer restricted, the 50% capacity limit for event venues were lifted and international borders reopened for travel into Malaysia in April 2022. The full opening of borders between Malaysia and Singapore also led to an upswing in cross-border travellers, particularly Singaporeans crossing over to shop in Johor. The return of foreign shoppers to Johor had a significant stimulating effect on the state’s retail sector. This paved the way for the retail sector to emerge from the worst performing period in its history. Nonetheless, mall occupancy rates and rents had not recovered to pre-pandemic levels despite a significant improvement in footfall and expenditure. The office sector continued to record a decline in occupancy rates due to the substantial increase in supply without any corresponding increase in demand. Nevertheless, rental rates which registered a drop in 2020 appeared to have stabilised in 2021/2022 with the reopening of the economy and return to normality. More office workers returned to work in their offices although some companies continued to adopt a hybrid system of work from home/work in the office. BUSINESS HIGHLIGHTS Al-Salām REIT’s diversified asset portfolio enabled us to remain resilient during this challenging time. Performance of the Fund’s retail properties coincided with a recovery in consumer sentiment. @Mart Kempas and Mydin Hypermart continued to demonstrate their resilience as community-centric hypermarkets that provide daily essentials. In addition, the Fund’s sizable triple nett lease assets portfolio (comprising Mydin Hypermart Gong Badak and F&B related properties) continued to contribute to Al-Salām REIT’s core earnings. The reopening of the Singapore-Johor Causeway has improved the performance of KOMTAR JBCC, which was previously affected by the border closure. Despite the setback, the mall was able to endure the situation thanks to its prime location in the heart of Johor Bahru. Menara KOMTAR expects to maintain its position as a strategic office space in Johor Bahru’s central business district as well as having a continuous strong tenancy by JCorp Group of Companies. Assets operated by QSR Brands (M) Holdings Bhd ("QSR") LETTER TO STAKEHOLDERS continued to provide income stability on the back of a triple net lease arrangement with Al-Salām REIT. QSR continued to persevere by virtue of their time-tested operational excellence and sustainable market share amidst the challenging business environment. The Fund’s sole education asset, the KPJ International College of Nursing and Health Sciences ("KPJIC"), also generated a steady income from a master lease agreement with KPJ Group’s education arm. On the back of the ongoing recovery, Al-Salām REIT witnessed notable bottom line improvement as the Fund’s total income available for distribution rose by 7.2% year-on-year to RM15.8 million (FY2021: RM14.7 million) mainly derived from lower rental support. Correspondingly, distribution per unit also improved by 8.7% to 2.50 sen (FY2021: 2.30 sen) with distribution yield increased from 4.74% to 6.76% due to higher DPU and lower closing price. ENSURING SUSTAINABILITY Sustainability is the key to long-term value creation for our various stakeholders, so it was especially important during this challenging time to ensure sustainability across all aspects of the Fund in the economic, environmental, social and governance ("ESG") contexts. To demonstrate our commitment towards ESG principles and the promotion of environmental sustainability in our operations, the Fund has implemented ESG initiatives such as the installation of solar panels at @Mart Kempas and EV charging stations at KOMTAR JBCC. We will continue to adopt appropriate sustainability practices into our daily operations to achieve our strategic business objectives while minimising our environmental footprint. At the same time, we are committed to providing our employees with a balanced, safe and healthy workplace. FUTURE PROSPECTS Going into 2023, we believe that retail spending momentum will continue, starting with the festive seasons in Q1 2023 (Chinese New Year) and Q2 2023 (Aidilfitri). Footfall in our mall will continue to be encouraging. To this, Al-Salām REIT expects the surge in cross-border activity to continue to have a positive impact on KOMTAR JBCC’s performance as the mall primarily caters to shoppers from across the strait. ESG Initiatives REVENUE RM71.8million REALISED PROFIT RM15.8million FY2022
13 ANNUAL REPORT 2022 LETTER TO STAKEHOLDERS Additionally, in anticipation of an eventual increase in retail crowd and changes in consumer shopping behavior, the Manager continues to engage with the property manager to undertake a repositioning of the mall by incorporating more experiential shopping in KOMTAR JBCC. The Manager also has taken a complementary approach by appointing a reputable retail consultant to assist property manager for the repositioning, particularly in the asset enhancement initiatives. In the long term, the return of foreign shoppers and the ensuing repositioning exercise is expected to be an important catalyst to improve the mall’s yield performance moving forward. The Johor Bahru-Singapore Rapid Transit System (“RTS”) scheduled for completion by 2026 also bodes well for Johor, especially KOMTAR JBCC. With a capacity of 10,000 passengers per hour, the Johor Bahru-Singapore RTS is well-equipped to handle the anticipated increase in incoming travellers to the region and the subsequent rise in retail spending. The close proximity of Bukit Chagar station to KOMTAR JBCC makes travelling across the Causeway more convenient, which can make KOMTAR JBCC a more attractive destination for Singaporean shoppers. We also look forward to the upcoming development of the RM25 billion Ibrahim International Business District (“IIBD”) as a catalytic plan that will attract much welcomed foreign direct investment through the establishment of new businesses into the inner-city core of Johor Bahru. DATO’ HAJI MOHD REDZA SHAH BIN ABDUL WAHID CHAIRMAN These positive developments will ultimately attract more consumer footfall and should augur well for businesses based in the area. We also anticipate the enhanced commercial value of the area will draw more multinational firms to lease therein, resulting in a beneficial spillover effect on the office market, particularly on Menara KOMTAR. Looking into the industrial market segment, Al-Salām REIT plans to undertake diversification of asset class with more focus on the industrial spectrum and to take advantage of JCorp as the major industrial landowner in Johor via exploring opportunities to undertake sale leaseback arrangements of assets located within JCorp’s major industrial parks including Tanjung Langsat Industrial Park, Muar Furniture Park; Pengerang Industrial Park and the upcoming Sedenak Tech Park (“STeP”). Given the strategic location and brand familiarity of Al-Salām REIT’s properties, the Fund is in a favorable position to reap the benefits of these forthcoming developments. APPRECIATION AND ACKNOWLEDGEMENTS As we know, running a business is not without its challenges and cannot be done in isolation. It takes each and every one of us to pull together to come out of these trying times ahead as a team. I would like to thank Wan Azman bin Ismail who resigned as Non-Independent Executive Director and Chief Executive Officer after serving for five years. On behalf of the Board, Management and employees of the Manager, we wish him every success in his future endeavours. I am pleased to welcome Dato’ Salehuddin bin Hassan, Ng Yan Chuan and Lailatul Azma binti Abdullah to the Board and I look forward to working with them and the rest of the Board to sustain the Fund’s legacy and build on its success. On 11 January 2023, we welcome on board YM Raja Nazirin Shah bin Raja Mohamad as our new Chief Executive Officer. He joins Al-Salām REIT with a wealth of experience. We look forward to working with him in strengthening the Fund to meet new challenges that are before us. I would like to extend my gratitude to the Shariah Committee for their guidance and advice in ensuring that our assets and operations are shariah-compliant and true to our principles. We did well for FY2022. In line with this, I would like to express my gratitude to the management and employees for their loyalty, dedication and continued efforts. On behalf of the Board, I would also like to thank our unitholders, trustees, business partners, bankers, government authorities and other stakeholders for their continued support and confidence in the Fund.
14 AL-SALAM REIT SALIENT FEATURES Income and Growth Type of Fund: Stock Name and Code: ALSREIT/5269 31 December Financial Year End: 29 September 2015 Listing Date: 580,000,000 units Fund Size: Listing: Main Market of Bursa Berhad Securities Malaysia Al-Salām Real Estate Investment Trust Name of Fund: Diversi ed Real Investment Category of Fund: Estate Trust At least 90% from distributable Distribution Policy: income
15 ANNUAL REPORT 2022 5-YEAR FINANCIAL PERFORMANCE Financial Highlights – Group FY2018 RM`000 FY2019 RM`000 FY2020 RM`000 FY2021 RM`000 FY2022 RM`000 Statement of Comprehensive Income – Key Data & Financial Ratios Gross Revenue 82,151 94,912 86,101 71,543 71,800 Net Property Income 58,245 69,121 64,970 54,994 51,439 Profit for the Year (Realised) 31,867 28,395 14,555 14,644 15,733 Earnings Per Unit (Realised) (Sen) 5.49 4.90 2.51 2.52 2.71 Statement of Financial Position – Key Data & Financial Ratios Investment Properties 1,092,686 1,187,635 1,189,365 1,177,237 1,224,173 Other Non-current Assets 895 931 3686 708 803 Current Assets 63,580 60,614 61,503 75,555 80,138 Total Asset Value 1,157,161 1,249,180 1,254,554 1,253,500 1,305,114 Current Liabilities 12,732 531,919 65,125 17,180 473,105 Non-Current Liabilities 523,502 93,183 592,048 645,080 192,223 Total Liabilities 625,102 625,102 661,747 662,890 665,328 Net Asset Value (NAV) - Before Income Distribution 620,927 624,078 597,381 590,609 639,786 - After Income Distribution 607,297 615,900 590,305 580,169 631,086 Total Unitholders’ Fund 620,927 624,078 597,381 590,609 639,786 NAV Per Unit (Before Income Distribution) (RM) 1.0706 1.0760 1.0300 1.0183 1.1031 NAV Per Unit (After Income Distribution (RM) 1.0471 1.0619 1.0178 1.0003 1.0881 Financial Highlights – Fund FY2018 RM`000 FY2019 RM`000 FY2020 RM`000 FY2021 RM`000 FY2022 RM`000 Statement of Comprehensive Income – Key Data & Financial Ratios Gross Revenue 82,151 94,912 86,101 71,543 71,800 Net Property Income 58,245 69,121 64,970 54,994 51,439 Profit for the Year (Realised) 31,892 28,461 14,614 14,704 15,767 Income Available for Distribution (Realised) 31,892 28,461 12,596 14,704 15,767 Earnings Per Unit (Realised) (Sen) 5.50 4.91 2.52 2.54 2.72 Distribution Per Unit (DPU) (Sen) 5.35 4.75 2.08 2.30 2.50 Annualised Distribution Yield (%) 6.60 5.86 3.78 4.74 6.76 Management Expenses Ratio (%) 0.51 0.60 0.66 0.63 0.69 Statement of Financial Position – Key Data & Financial Ratios Investment Properties 1,092,686 1,187,635 1,189,365 1,177,237 1,224,173 Other Non-Current Assets 895 931 3,686 708 803 Current Assets 61,075 58,062 56,021 69,955 74,454 Total Asset Value 1,154,656 1,246,628 1,249,072 1,247,900 1,299,430 Current Liabilities 11,819 529,276 64,713 17,441 468,617 Non-Current Liabilities 521,885 93,183 586,827 640,772 192,220 Total Liabilities 533,704 622,459 651,640 658,213 660,837 Net Asset Value (NAV) - Before Income Distribution 620,952 624,169 597,532 589,687 638,593 - After Income Distribution 607,322 615,991 590,456 579,247 629,893 Total Unitholders’ Fund 620,952 624,169 597,532 589,687 638,593 NAV Per Unit (Before Income Distribution) (RM) 1.0706 1.0760 1.0302 1.0167 1.1010 NAV Per Unit (After Income Distribution) (RM) 1.0471 1.0621 1.0180 0.9987 1.0860 Unit Price as at 31 Dec (RM) 0.81 0.81 0.55 0.485 0.37
TPRE RAFDOI NRGM A N C E Trading Summary FY2018 FY2019 FY2020 FY2021 FY2022 Closing unit (RM) 0.810 0.810 0.550 0.485 0.370 52-weeks Highest Traded Price (RM) 0.990 0.940 0.870 0.630 0.520 52-weeks Lowest Traded Price (RM) 0.830 0.780 0.500 0.475 0.330 Price Movement (%) (19.0) - (32.1) (12.6) (23.7) Annual Total Return (%) (12.4) 5.9 (28.3) (7.1) (17.0) Number of Units in Circulation (unit ‘000) 580,000 580,000 580,000 580,000 580,000 Market Capitalisation (RM’000) 469,800 469,800 319,000 281,300 214,600 MARKET CAPITALISATION, UNIT PRICE AND UNITS IN CIRCULATION FY2022 TRADING PERFORMANCE COMPARATIVE YIELD Average Trading Volume (’000 units) Closing Market Price (RM) 0 20 40 60 80 100 120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0.360 0.370 0.425 0.400 0.445 0.460 0.445 0.485 0.465 0.490 0500 0.515 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 7,338 15,417 22,015 69,765 20,641 8,241 10,671 15,067 10,595 33,753 188,200 30,256 0 100 200 300 400 700 600 500 2018 2019 2020 2021 2022 0.20 0.40 0.60 0.80 1.00 1.20 Units in Circulation (million units) Market Capitalisation (RM million) Unit Price (RM) 580 580 580 580 580 281.3 214.6 319.0 469.8 469.8 0.81 0.81 0.55 0.485 0.37 Overnight Policy Rate ("OPR") 12 Months FD Rate 10 Years Govt Security Al-Salām REIT Distribution Yield 2.75% 0 1 2 3 4 5 6 7 8 2.85% 4.07% 6.76% AL-SALAM REIT 16 Source: Bank Negara Malaysia, Maybank, Damansara REIT Managers
17 ANNUAL REPORT 2022 Size of Unitholdings No. of Unitholders % No. of Units % Less than 100 267 3.32 11,099 - 100 – 1000 3,731 46.43 2,053,800 0.35 1,001 – 10,000 3,406 42.38 10,717,567 1.85 10,001 – 100,000 563 7.01 15,319,616 2.64 100,001 to less than 5% of the total number of units issued 65 0.81 123,240,826 21.25 5% and above of the total number of units issued 4 0.05 428,657,092 73.91 TOTAL 8,036 100.00 580,000,000 100.00 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 57,769,401 9.96 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 CIMB Group Noms (T) Sdn Bhd - A/C Pledged Securities Account for Johor Corporation (CBMS-KTISB-OCN) 2,436,600 0.42 12 KPJ Healthcare Berhad 2,000,000 0.34 13 CIMB Group Noms (T) Sdn Bhd - A/C Pledged Securities Account for Johor Land Berhad (CBMS-KTISB-OCN) 1,499,500 0.26 14 Maybank Noms (T) Sdn Bhd - A/C AHAM Asset Management Berhad for Labuan Reinsurance (L) Ltd (442525) 1,053,700 0.18 15 Chu Leong Lam 800,000 0.14 16 Chong Teck Seng 657,400 0.11 17 CIMB Group Noms (T) Sdn Bhd - A/C Exempt An for CIMB Bank Bhd (Dana Johor) 604,311 0.10 18 Public Noms (T) Sdn Bhd - A/C Pledged Securities Account for Tay Chun Gee (E-KLC) 600,000 0.10 19 Tenh Hong Way 600,000 0.10 20 Maybank Secs Noms (T) Sdn Bhd - A/C Malayan Banking Berhad for Pelaburan Johor Berhad (MBB Dana Johor) 520,501 0.09 21 Public Noms (T) Sdn Bhd - A/C Pledged Securities Account for Siau Boon Fei (E-TSA) 442,600 0.08 22 Lim Yaw Yeu 408,300 0.07 23 Ng Kim Yuen 408,100 0.07 24 Ong Ah How @ Ong Beng Hwa 390,700 0.07 25 Abdul Rahim bin Bidin 383,600 0.07 26 Weng Hua Machinery Hardware Sdn Bhd 350,000 0.06 27 Boon Hin Pow 341,100 0.06 28 Wong Wai Kuan 300,000 0.05 29 CIMB Group Noms (T) Sdn Bhd - A/C Pledged Securities Account for Kumpulan Bertam Plantations Berhad (CBMS-KTISB-OCN) 296,000 0.05 30 Kwan Chee Tong 268,000 0.05 UANNI TAHLOYLSDI SI N GO SF Unitholdings Statistics as at 30 December 2022 as per Record of Depositor BREAK DOWN OF UNITHOLDINGS TOTAL NUMBER OF UNITS ISSUED : 580,000,000 units
18 AL-SALAM REIT ANALYSIS OF UNITHOLDINGS 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 - Maybank Noms (T) Sdn Bhd - Maju Noms (T) Sdn Bhd - CIMB Group Noms (T) Sdn Bhd 240,000,000 34,733,791 3,805,626 278,539,417 48.03 3. Tabung Amanah Warisan Negeri Johor 96,153,900 16.58 - - 4. Waqaf An-Nur Corporation Berhad 57,769,401 9.96 - - 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 2022 ROD 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 2 16,860,580 2 16,860,580 - - - - Investment Trust 2 8,140 1 740 1 7,400 - - Nominees 567 353,370,932 162 347,499,456 395 5,663,976 10 207,500 Companies 18 80,343,350 8 79,843,430 10 499,920 - - Clubs / Association 3 23,686 2 20,726 1 2,960 - - Co - Operatives 13 312,169 11 302,275 2 9,894 - - Others 1 9 - - 1 9 - - Individual 7,429 32,927,234 1,561 5,985,799 5,836 26,450,472 32 490,963 Total 8,036 580,000,000 1,748 546,666,906 6,246 32,634,631 42 698,463 % 100.00 100.00 21.75 94.25 77.73 5.63 0.52 0.12
SEC2 DF OR RI VCI NEG Trust Structure 20 Organisation Structure 21 The Board of Directors 22 The Shariah Committee 33 The Management Team 36
20 AL-SALAM REIT TRUST STRUCTURE UNITHOLDERS REIT PROPERTIES SHARIAH COMMITTEE PROPERTY MANAGER SERVICE PROVIDER REIT MANAGER REIT TRUSTEE EXASTRATA SOLUTIONS DASB PROPERTY MANAGEMENT DAMANSARA REIT MANAGERS SDN BERHAD AMANAHRAYA TRUSTEES BERHAD Management Services Acts on behalf of unitholders Management Fees Trustee’s Fees Ownership of Properties Holding of units Net Property Income Distributions Property Management Fees Property Management Service Advise on Shariah related matters Shariah Advisor’s Fees
21 ANNUAL REPORT 2022 ORGANISATION STRUCTURE 21 ANNUAL REPORT 2021 FINANCE CORPORATE SERVICES COMPLIANCE & RISK MANAGEMENT BUSINESS DEVELOPMENT & INVESTOR RELATIONS OPERATIONS COMPLIANCE OFFICER BOARD AUDIT AND RISK COMMITTEE BOARD INVESTMENT COMMITTEE BOARD OF DIRECTORS BOARD NOMINATION AND REMUNERATION COMMITTEE CHIEF EXECUTIVE OFFICER GENERAL MANAGER
22 AL-SALAM REIT 1 2 3 4 Chairman Member Board of Directors Board Audit and Risk Committee Board Investment Committee Board Nomination and Remuneration Committee 1. Dato’ Haji Mohd Redza Shah bin Abdul Wahid 2. Dato’ Wan Kamaruzaman bin Wan Ahmad 3. Abdullah bin Abu Samah 4. Datuk Hashim bin Wahir 5. Lailatul Azma binti Abdullah 6. Datuk Sr Akmal bin Ahmad 7. Dato’ Salehuddin bin Hassan 8. Shamsul Anuar bin Abdul Majid 9. Ng Yan Chuan
23 ANNUAL REPORT 2022 5 6 7 8 9 TDHIREECBTOOARRSD OF CS EO CMRPEATNAYR I E S Nuraliza binti A.Rahman (MAICSA 7067934) Rohaya binti Jaafar (LS0008376) Notes: - None of the Board of Directors 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 • A ny public sanctions or penalties imposed by the relevant regulated bodies during the financial year ended 31 December 2022
24 AL-SALAM REIT THE BOARD OF DIRECTORS Committee Member Nil Appointment Date 14 February 2020 Academic and Professional Qualifications 1. Bachelor of Science in Economics (Industry and Trade) London School of Economics and Political Science, 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 Working Experience 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) Other Directorship Listed Issuer • Al-`Aqar Healthcare REIT • E.A. Technique (M) Berhad • KPJ Healthcare Berhad Public Companies • Waqaf An-Nur Corporation Berhad Course Attended Nil DATO’ HAJI MOHD REDZA SHAH BIN ABDUL WAHID Chairman Independent Non-Executive Director 60 M Number of Meetings Attended 7/7
25 ANNUAL REPORT 2022 THE BOARD OF DIRECTORS Committee Member 1. Chairman, Board Investment Committee 2. Member, Board Audit and Risk Committee 3. Member, Board Nomination and Remuneration Committee Appointment Date 24 August 2020 Academic and Professional Qualifications 1. Bachelor of Economics with Hons (Analytical Economic) Universiti Malaya 2. Chartered Banker Asian Institute of Chartered Banker Working Experience Present Appointment Nil Past Experiences 1. Chief Executive Officer, Kumpulan Wang Persaraan (Diperbadankan) (2018) 2. General Manager, Treasury Department, Employees Provident Fund (2013) 3. Finance Director, Izoma Sdn Bhd (2002) and Kemuncak Facilities Management Sdn Bhd (2006) 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 Department KL, London and Hamburg, Malayan Banking Berhad (1994) Other Directorship Listed Issuer • Al-`Aqar Healthcare REIT • Malaysian Resources Corporation Berhad • Bermaz Auto Berhad Public Companies • Bank of America Malaysia Berhad Course Attended Nil DATO’ WAN KAMARUZAMAN BIN WAN AHMAD Independent Non-Executive Director 64 M Number of Meetings Attended 7/7
26 AL-SALAM REIT Committee Member 1. Chairman, Board Audit and Risk Committee 2. Member, Board Investment Committee 3. Member, Board Nomination and Remuneration Committee Appointment Date 10 March 2021 Academic and Professional Qualifications 1. Bachelor of Science in Business Administration University of the Pacific 2. Master of Business Administration University of Washington 3. Member Malaysian Institute of Accountants Malaysian Institute of Certified Public Accountants Working Experience 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) 3. Fieldwork of Audit of Financial Statements, KPMG Malaysia Audit Staff (1983) Other Directorship Listed Issuer • Al-`Aqar Healthcare REIT • Media Prima Berhad Public Companies • Kulim (M) Berhad Course Attended 1. Understanding the Requirements in Bursa Malaysia's Enhanced Sustainability Reporting Requirements 2. Inflation, Looming Recession and Climate Change ABDULLAH BIN ABU SAMAH Independent Non-Executive Director 58 M Number of Meetings Attended 7/7 THE BOARD OF DIRECTORS
27 ANNUAL REPORT 2022 Committee Member 1. Chairman, Board Nomination and Remuneration Committee Appointment Date 24 January 2022 Academic and Professional Qualifications 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 Working Experience Present Appointment Nil Past Experiences 1. Director, PETRONAS Hartabina Sdn Bhd (2013) 2. Chief Executive Officer, KLCC REIT Management Sdn Bhd - Manager of KLCCP Stapled Group (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) 5. General Manager, Planning and Resource Allocation - PETRONAS, Kuala Lumpur (2000) 6. General Manager of Chad/Cameroon JV Project, Petronas Carigali Sdn Bhd (1999) 7. Senior Manager, Petroleum Engineering Department, Petronas Carigali Sdn Bhd (1993) 8. Head of Production Technology Baram Delta Operations, Miri, Sarawak (1983) 9. Engineer, Petronas Carigali Sdn Bhd (1981) Other Directorship Listed Issuer • Al-`Aqar Healthcare REIT Public Companies • Pelaburan Hartanah Berhad Course Attended 1. Mandatory Accreditation Program (MAP) 2. Treasure Liquidity & Market Risk Management 3. Data Science & Machine Learning in Credit Risk Assessment & Fraud Detection Model DATUK HASHIM BIN WAHIR Independent Non-Executive Director 66 M Number of Meetings Attended 7/7 THE BOARD OF DIRECTORS
28 AL-SALAM REIT Committee Member Nil Appointment Date 16 December 2022 Academic and Professional Qualifications 1. Bachelor of Science, (First Class Honours), Quantity Surveying University of Reading, United Kingdom 2. M aster of Science, (Distinction), IT Management in Construction University of Salford, United Kingdom 3. Master of Laws (LLM), Corporate Governance The University of Law, United Kingdom Working Experience Present Appointment Nil Past Experiences 1. Head of Partnership, Specialized Sports Services Sdn Bhd (2022) 2. Head of Branding and Advertising, Destination, Resorts and Hotels Sdn Bhd (Subsidiary of Khazanah) (2014) 3. Director, Asset Management & Investment Committee for CIMB Trust-Capital Sdn Bhd, CIMB Group Berhad (2011) 4. Senior Manager (Asset Management), CIMB Group Berhad (2010) 5. Head of Property Development and Management, CIMB Group Berhad (2007) 6. Head of Business Development, X-Txt Asia Sdn Bhd (2006) 7. Chief of Operations, GCS Sdn Bhd (2004) 8. Quantity Surveyor - Project Executive, Davis, Langdon & Seah Malaysia (JUBM Sdn Bhd) (1997) 9. Contracts Manager, GCS Sdn Bhd (1995) Other Directorship Listed Issuer • Al-`Aqar Healthcare REIT Public Companies Nil Course Attended Nil LAILATUL AZMA BINTI ABDULLAH Independent Non-Executive Director 50 F Number of Meetings Attended 1/1 THE BOARD OF DIRECTORS
29 ANNUAL REPORT 2022 Committee Member 1. Member, Board Audit and Risk Committee Appointment Date 21 January 2021 Academic and Professional Qualifications 1. Diploma in Quantity Surveying Universiti Teknologi MARA 2. Bachelor of Science in Quantity Surveying Universiti Teknologi MARA Working Experience Present Appointment 1. Director, Real Estate and Infrastructure Division, JCorp 2. Group Managing Director, Damansara Holdings Berhad Past Experiences 1. Executive Director, JLand Group (2022) 2. Group Managing Director, Johor Land Berhad (2020) 3. Chief Operating Officer, Iskandar Investment Berhad (2020) 4. Chief Executive Officer, Iskandar Development Management Services Sdn Bhd (IIB subsidiary) (2018) 5. Chief Development Officer, Iskandar Investment Berhad (2016) 6. Director of Operations, Iskandar Development Management Services Sdn Bhd (2013) 7. General Manager, Nusajaya Development Sdn Bhd (UEM Land Berhad subsidiary) (2007) 8. Project Manager 1, (Prince Court Medical Centre Project) KLCC Projeks Sdn Bhd (2007) 9. Project Manager, (University Technology of Petronas Development) KLCC Projeks Sdn Bhd (2003) 10. Project Manager, (Petronas Twin Towers Fit-Out) KLCC Projeks Sdn Bhd (1999) 11. Contract Management Executive, KLCC Projeks Sdn Bhd (1993) Other Directorship Listed Issuer • Al-`Aqar Healthcare REIT • Damansara Holdings Berhad Public Companies Nil Course Attended Nil DATUK SR AKMAL BIN AHMAD Non-Independent Non-Executive Director 57 M Number of Meetings Attended 7/7 THE BOARD OF DIRECTORS
30 AL-SALAM REIT Committee Member Nil Appointment Date 4 March 2022 Academic and Professional Qualifications 1. Diploma in Banking Studies Institut Teknologi MARA 2. Bachelor of Business Administration with Honours Universiti Utara Malaysia Working Experience Present Appointment 1. State Financial Officer of Johor Past Experiences 1. Mayor (Datuk Bandar), Majlis Bandaraya Iskandar Puteri (MBIP) (2021) 2. Chief Executive Officer (CEO), YPJ Holdings Sdn Bhd (2019) 3. Deputy Secretary of State Government of Johor (Development), Unit Perancang Ekonomi Negeri Johor (2017) 4. Yang DiPertua, Majlis Perbandaran Johor Bahru Tengah (2015) 5. Chief Executive Officer (CEO), Yayasan Pembangunan Keluarga Darul Ta’zim (2013) 6. Yang DiPertua, Majlis Perbandaran Batu Pahat (MPBP) (2011) 7. Chief Deputy Secretary, Pejabat Setiausaha Kerajaan Johor, Cawangan Kerajaan Tempatan (2009) 8. Secretary, Majlis Perbandaran Johor Bahru Tengah (2007) 9. Deputy Secretary 1, Pejabat Setiausaha Kerajaan Johor (Sumber Manusia) (2004) 10. Deputy Director, Pejabat Tanah Dan Galian Johor (Bahagian Kemajuan) (2003) 11. Deputy Land Director, Pejabat Tanah Mersing (2001) 12. Deputy Land Director, Pejabat Tanah Daerah Segamat (2000) Other Directorship Listed Issuer • Al-`Aqar Healthcare REIT Public Companies Nil Course Attended 1. Mandatory Accreditation Program (MAP) DATO’ SALEHUDDIN BIN HASSAN Non-Independent Non-Executive Director 59 M Number of Meetings Attended 2/7 THE BOARD OF DIRECTORS
31 ANNUAL REPORT 2022 Committee Member Member, Board Investment Committee Appointment Date 24 August 2020 Academic and Professional Qualifications 1. Bachelor of Science (Honours), Chemistry Imperial College London, United Kingdom 2. Master of Business Administration (MBA) Islamic Finance International Islamic University Malaysia 3. Member, Chartered Financial Analyst (CFA) CFA Institute, Charlottesville, Virginia, USA Working Experience Present Appointment 1. Chief Investment Officer, Johor Corporation Past Experiences 1. General Manager, Johor Corporation (2019) 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 Projects, Greenland Malaysia (2007) 6. Energy Sector Specialist, The Boston Consulting Group (2001) 7. Planning Analyst, Downstream Economics Planning Department, Shell Malaysia (1999) Other Directorship Listed Issuer • Al-`Aqar Healthcare REIT • KPJ Healthcare Berhad • Damansara Holdings Berhad Public Companies • QSR Brands (M) Holdings Berhad • Kulim (M) Berhad Course Attended 1. Executive Education: University of Cambridge, Judge Business School, UK - Platform Strategies Digital Transformation. 2. Executive Education: Northwestern University, Kellogg School of Business, USA - Strategic Change Management. SHAMSUL ANUAR BIN ABDUL MAJID Non-Independent Non-Executive Director 52 M Number of Meetings Attended 7/7 THE BOARD OF DIRECTORS
32 AL-SALAM REIT Committee Member Nil Appointment Date 16 December 2022 Academic and Professional Qualifications 1. Bachelor of Building University of New South Wales, Sydney Australia 2. Master of Applied Science Macquarie University, New South Wales, Australia Working Experience Present Appointment 1. Chief Commercial Officer, JLand Group Sdn Bhd 2. Deputy Director, Real Estate and Infrastructure Division, JCorp Past Experiences 1. CEO, Southern Region Distinctive Group (2021) 2. Executive Director, Business Development Gamuda Land Sdn Bhd (2020) 3. Executive Director of Iskandar Coast Iskandar Investment Berhad (2019) 4. Executive Vice President, Strategic Marketing Iskandar Investment Berhad (2018) 5. Senior Vice President, Marketing Iskandar Investment Berhad (2010) 6. Senior Vice President, Residential Development Iskandar Investment Berhad (2009) Other Directorship Listed Issuer • Al-`Aqar Healthcare REIT Public Companies • Johor Land Berhad Course Attended Nil NG YAN CHUAN Non-Independent Non-Executive Director 59 M Number of Meetings Attended 1/1 THE BOARD OF DIRECTORS
33 ANNUAL REPORT 2022 Appointment Date 22 June 2006 Academic and Professional Qualifications 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 Working Experience 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 were 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. Other Directorship 1. Chairman of Yayasan Infaq Angkasa 2. Shariah Adviser Member, Permodalan Nasional Berhad 3. Director, Universiti Tun Hussein Onn Malaysia 4. Director, Yayasan Wakaf Anak Yatim Malaysia 5. Committee Member, Johor Islamic Council including Zakat, Wakaf, Baitulmal, Teaching Certification and Education 6. Committee Member of various companies within the JCorp Group 7. Committee Member of various councils including the Johor Royal Congregational Council, Johor Islamic Council’s Finance and Investment, Planning and Development units DATO’ DR. HAJI NOOH BIN GADOT Chairman, Shariah Committee 77 M THE SHARIAH COMMITTEE
34 AL-SALAM REIT THE SHARIAH COMMITTEE Appointment Date 22 June 2006 Academic and Professional Qualifications 1. Bachelor in Shariah Al-Azhar University, Egypt 2. Doctor of Philosophy (PhD) in Shariah University of St Andrews, Scotland Working Experience 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. Other Directorship 1. Shariah Committee, ANGKASA 2. Shariah Committee, STUTE 3. Committee, Jamaah Ulama Majlis Istiadat Agama Islam dan Adat Istiadat Melayu Kelantan PROFESOR MADYA DR. ABDUL HALIM BIN MUHAMMAD Member, Shariah Committee 78 M
35 ANNUAL REPORT 2022 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 bin Deris and Irma Namira binti Missnan. Mohamad Salihin bin Deris is the Director, Business Advisory of IBFIM. He brings with him approximately 22 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 IBFIM, he served Bank Pembangunan Malaysia Berhad as the Group Head, Shariah Management. He had gained experience in Shariah advisory, research, secretariat and review functions, developed and implemented the overall Shariah governance framework as well as involved in Islamic conversion initiative for a development bank. Mohamad Salihin holds a double-degree in LLB(Hons) and LLB(Shariah)(Hons) from International Islamic University Malaysia. He also holds Associate Qualification in Islamic Finance (AQIF) from IBFIM and Certified Shariah Advisor (CSA) qualification from Association of Shariah Advisors in Islamic Finance (ASAS). He is a Member of ASAS and had previously served as its exco. He is a certified HRD Corp trainer and had contributed as reviewer of Shariah training modules. Occasionally, he speaks on Shariah governance topics in Islamic finance. Currently he is a Member of Affin Islamic Bank’s Shariah Committee, the Chairman of AmMetLife Takaful’s Shariah Committee and a registered Shariah adviser with the Securities Commission of Malaysia for IBFIM in relation to the Islamic capital market product and services. Irma Namira binti Missnan is currently a Manager, Business Advisory of IBFIM. She brings with her approximately 10 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 regarding Islamic banking, takaful, Islamic capital market, Islamic REITs and Islamic unit trust funds. Notes - None of the Shariah Committee members have: • a ny family relationship with any Director of the Manager and/or major unitholder of Al-Salām REIT; • any conflict of interest with Al-Salām REIT; • a ny 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 2022. 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. Irma Namira started her career as a Shariah executive in RHB Islamic Bank Berhad since 2012. Specialising 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). and a registered Shariah adviser with the Securities Commission of Malaysia for IBFIM in relation to the Islamic capital marketrelated product and services.
36 AL-SALAM REIT THE MANAGEMENT TEAM Appointment Date 11 January 2023 Qualifications • Diploma in Estate Management Universiti Teknologi MARA • Bachelor of Estate Management (Hons) Universiti Teknologi MARA • Post Graduate Research in Business Administration Kagawa University, Japan • Master in Business Administration, Finance Management and Science University • Registered Property Manager – PM0415 Board of Valuers, Appraisers & Estate Agents • Registered Valuer - V0415 Board of Valuers, Appraisers & Estate Agents • Registered Real Estate Agent - E1247 Board of Valuers, Appraisers & Estate Agents Directorship Nil Working Experience • Chief Executive Officer, AmFIRST REIT (2022) • V ice President and Head of Commercial, PNB Merdeka Ventures Sdn Bhd (2019) • Chief Operating Officer, PNB Commercial Sdn Bhd (2017) • G eneral Manager, Sales, Marketing & Asset Management, Malaysian Resources Corporation Berhad (2011) Responsibilities • D eveloping and executing a strategic plan for the Fund to achieve its investment goals and maximise returns for its shareholders. • O verseeing the acquisition, development, and management of the Fund overall portfolio. • W orking with the management team to implement effective property management and leasing strategies. • C ommunicating with the Board of directors, shareholders, and other stakeholders to provide regular updates on the company’s financial performance and growth prospects. • F ostering relationships with key industry players, including lenders, brokers, and property managers, to support the growth of the Fund portfolio. YM RAJA NAZIRIN SHAH BIN RAJA MOHAMAD Chief Executive Officer 59 M
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