Shariah Adviser to PMB Investment - BIMB Securities Sdn Bhd (BIMBSEC)
BIMB Securities Sdn Bhd (BIMBSEC) is a stockbroking subsidiary of BIMB Holdings Bhd. It was incorporated on 21 February 1994.
The company’s corporate mission is to actively participate in a modern, innovative and dynamic Islamic capital market in Malaysia, catering for the needs of both Muslims and Non-Muslims investors looking for Shariah-compliant products and services. BIMBSEC is Corporate Shariah Adviser to 23 Islamic unit trust funds. As at 31 January 2017, the staff strength of BIMBSEC consists of 70 employees of whom 64 are executive staff and 6 are non-executive staff.
The company has an authorised share capital of RM250 million, and its current issued and paid-up share capital is RM100 million. The shareholdings of BIMBSEC are as follows:-
BIMB Securities Holdings Sdn Bhd (wholly owned subsidiary of BIMB Holdings Berhad) : 51%
BIMB Holdings Berhad : 49%
BOARD OF DIRECTORS
Zahari @ Mohd Zin bin Idris: Non-Executive Director
Rashid bin Ismail: Executive Director/CEO
Dato’ Johan bin Abdullah : Non-Executive Director
Abdul Kadir bin Sahlan : Non-Executive Director
Mohamad Rani Dali bin Samsudin : Executive Director
Mustapha bin Hamat : Non-Executive Director
DESIGNATED PERSON RESPONSIBLE FOR SHARIAH MATTERS
Ir. Dr. Muhamad Fuad bin Abdullah
Ir. Dr. Muhamad Fuad, the designated person in-charge of all Shariah matters in BIMBSEC is appointed to the Shariah Advisory Committee of BIMBSEC effective 1 June 2011.
He graduated with a Bachelor of Science Degree in Electrical Engineering in 1977 and a Master of Philosophy Degree in Electrical Engineering in 1982 both from the University of Southampton, England. He also obtained a Bachelor of Arts (Jayyid) Degree in Shariah from the University of Jordan in 1994 and a Doctor of Philosophy in Muslim Civilization from the University of Aberdeen, Scotland in 1996.
Currently Dr. Muhamad Fuad serves as the Chairman of the Shariah Committee of MIDF Group of Companies and a member of the Group Shariah Committee of MNRB Holdings Bhd. He is a registered Shariah Adviser with the Securities Commission Malaysia (SC) which qualifies him to advise on Shariah-compliant products and services regulated by the SC. He is also a registered Shariah lawyer of Majlis Agama Islam Perak and an Adjunct Professor of Universiti Teknikal Malaysia Melaka (UTeM).
He sits on the boards of MIDF Property Berhad, Mesiniaga Berhad, Universiti Sains Islam Malaysia (USIM) and Institut Kefahaman Islam Malaysia (IKIM), a public company limited by guarantee.
Dr. Muhamad Fuad is the designated Shariah person in-charge of PMB Investment’s funds.
ROLES AND FUNCTIONS OF SHARIAH ADVISER
To advise on all aspects of unit trust and fund management business in accordance with Shariah principles;
To provide Shariah expertise and guidance in all matters, particularly on the fund’s deed and prospectus, fund structure, investments and other operational matters;
To ensure that the fund is managed and operated in accordance with Shariah principles, relevant SC regulations and standards, including resolutions issued by the SC’s Shariah Advisory Council;
To review the fund’s compliance reports as provided by the compliance officer and investment transaction reports provided by or duly approved by the Trustee, to ensure that the Fund’s investments are in line with Shariah principles;
To prepare a report to be included in the fund’s annual and interim reports stating its opinion whether the fund has been operated and managed in accordance with the Shariah principles for the financial period concerned;
To consult the SC where there is ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process; and;
The Shariah Adviser shall meet with the Fund Manager on a quarterly basis for review of the Fund management or any other ad-hoc meeting as required.