Laporan Tahunan bagi Tahun Berakhir 31 Ogos 2011 Annual Report ...

Al-Munsif

Al-Falah Al-Fakhim

Laporan Tahunan bagi Tahun Berakhir 31 Ogos 2011 Annual Report for the Year Ended 31 August 2011

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(formerly known as BIMB Unit Trust Management Berhad)

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CONTENTS Manager’s Report

4

Trustee’s Report

55

Shariah Panel’s Report

56

Director’s Declaration

57

Independent Auditors’ Report

58

Financial Statement (Audited)

60

Corporate Directory

125

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1.0 MANAGER‘S REPORT Dear Unit Holders, We are pleased to present the Manager’s report of ASBI Dana Al-Fakhim, ASBI Dana Al-Munsif and ASBI Dana Al-Falah for the 12-month financial year ended 31 August 2011. 1.1

FUND NAME, FUND TYPE, FUND CATEGORIES AND FUND INVESTMENT OBJECTIVE Fund Name

Fund Type Fund Categories

ASBI Dana Al-Fakhim

ASBI Dana Al-Munsif

ASBI Dana Al-Falah

Income

Income & Growth

Growth

Bond

Balance

Equity

The principal The principal investment The principal investment objective of investment objective of the Fund is to objective of the the Fund is to achieve long Fund is to provide provide a steady term capital a regular income and consistent appreciation stream to the Unit income and of the Units by Holders through capital investing in investment appreciation of a diversified primarily in the Units over portfolio of Fund Islamic Bonds the medium Equities, Bonds Investment and other Islamic to long term and Money Objective Money Market period. Market Instruments. Accordingly, Instruments. Accordingly, all returns shall be Accordingly, or substantially in the form of all investment all, of the Fund’s long term income investment capital growth (if any) shall be income may be and regular reinvested for distributed to Unit income long term capital Holders. distribution to growth rather the Unit Holders. than distributed annually.

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1.2 Fund Performance Benchmark and Fund Distribution Policy Fund Name

Fund Performance Benchmark

Fund Distribution Policy

ASBI Dana Al-Fakhim

ASBI Dana Al-Munsif

ASBI Dana Al-Falah

12-Month Bank Islam General Investment Account (GIA) rates.

60:40 ratios of the “FBM Emas Shariah Index” and 12-month Bank Islam General Investment Account (GIA) rates.

70:30 ratios of the “FBM Emas Shariah Index” and 12-month Bank Islam General Investment Account (GIA) rates.

The Fund intends to pay out all or substantially all of its investment income each year to Unit Holders.

The Fund intends to pay out annual income distribution to Unit Holders if sufficient investment income has been accumulated during the year.

Distribution income (if any) shall be reinvested for long term capital growth.

1.3

PERFORMANCE FOR FINANCIAL YEAR ENDED 31 AUGUST 2011

1.3.1

PERFORMANCE REVIEW FOR ASBI DANA AL-FAKHIM

For the financial period under review, ASBI Dana Al-Fakhim (Al-Fakhim) registered a return of +3.31% as compared to its Benchmark’s return of +3.08%. From its commencement on 27 December 2001 to 31 August 2011, Al-Fakhim registered a total return of +44.79% as compared to its Benchmark’s return of +31.60% and outperformed the Benchmark’s return by +13.19%. The selected performance benchmark for Al-Fakhim is based on 12-month Bank Islam General Investment Account (GIA) rates. Our strategy has consistently been to managed in fairly conservative manner with the primary aim of outperforming traditional investment ı

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account returns. This will result in our portfolios in achieving moderate stability in the investor’s principal investment besides providing annual income to the investors. During its financial year ending 31 August 2011, the Fund has met its objectives of providing a regular income stream to the Unit Holders. As at end August 2011, the Fund had 83.3% exposure to Islamic Debt Securities and 16.7% in Islamic Money Market and Cash. Thus far, the Fund continues to be managed in line with its stated objective by investing primarily in Islamic Bonds/ Sukuk and other Islamic Money Market Instruments. The total NAV was RM14.55 million on 31 August 2011 and RM14.54 million on 31 August 2010. The net asset value (NAV) of the Fund increased to RM0.5220 per unit on 31 August 2011 from RM0.5199 per unit on 31 August 2010. During the period under review, the Fund realised RM432,878 in capital gains and profit on Islamic debt securities and short term investment and declared distributions amounting to 1.50 sen per unit, equivalent to a yield of 2.89%. For the financial year ended 31 August 2011, there were no other significant changes to the state of affairs of the Fund and no circumstances that materially affect the interest of Unit Holders that have taken place up to the date of this Manager’s report.

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Figure 1 : Movement of the ASBI Dana Al-Fakhim versus the Benchmark Return

Note : Data source from BIMB Invest (Data verified by Perkasa Normandy Advisers Sdn. Bhd.) Benchmark : 12-month Bank Islam General Investment Account (GIA) rates 1.3.2

PERFORMANCE REVIEW FOR ASBI DANA AL-MUNSIF

For the financial period under review, ASBI Dana Al-Munsif (Al-Munsif) registered a return of +2.07% as compared to its Benchmark’s return of +3.67%. From its commencement on 27 December 2001 to 31 August 2011, Al-Munsif registered a total return of +80.64% as compared to its Benchmark’s return of 67.06% and outperformed the Benchmark’s return by +13.58%. The selected performance benchmark for Al-Munsif is based on 60:40 ratios of the “FBM Emas Shariah Index” and 12-month Bank Islam General Investment Account (GIA) rates. Our strategy has consistently been to remain focused on well-established companies that could potentially pay sustainable dividends and have better prospects for earnings growth. This will result in our portfolios over the long term by providing high income-flow to the Fund for potential income distribution to Unit Holders. ı

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During its financial year ending 31 August 2011, the Fund has met its objectives of providing a steady and consistent income and capital appreciation over the medium to long term period despite the heightened global equity market corrections and protracted market volatilities continued to impact on the Fund’s performance. As at 31 August 2011, the Fund had 51% exposure to equities and 49% in Islamic Debt Securities and Cash. Thus far, the Fund continues to be managed in line with its stated objective and to better reflect its asset allocation over the medium to long term basis. In terms of total NAV, the Fund size as at 31 August 2011 was at RM50.3 million compared to RM31.5 million a year ago. The net asset value (NAV) of the Fund decreased to RM0.5107 per unit on 31 August 2011 from RM0.5252 per unit on 31 August 2010. During the period under review, the Fund realised RM2,748,239 in capital gains, dividends and profit on Islamic debt securities and short term investment and paid out distributions amounting to 2.50 sen per unit, equivalent to a yield of 4.76%. For the financial year ended 31 August 2011, there were no other significant changes to the state of affairs of the Fund and no circumstances that materially affect the interest of Unitholders that have taken place up to the date of this Manager’s report. Figure 2 : Movement of the ASBI Dana Al-Munsif versus the Benchmark Return

Note: Data source from BIMB Invest (Data verified by Perkasa Normandy Advisers Sdn. Bhd.) Benchmark: 60:40 ratios of the “FBM Emas Shariah Index” and 12-month Bank Islam General Investment Account (GIA) rates 8

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1.3.3

PERFORMANCE REVIEW FOR ASBI DANA AL-FALAH

For the financial period under review, ASBI Dana Al-Falah (Al-Falah) registered a return of +3.09% as compared to its Benchmark’s return of +3.72%. From its commencement on 27 December 2001 to 31 August 2011, Al-Falah registered a total return of +82.36% as compared to its Benchmark’s return of +72.38% and outperformed the Benchmark’s return by +9.98%. The selected performance benchmark for Al-Falah is based on 70:30 ratios of the “FBM Emas Shariah Index” and 12-month Bank Islam General Investment Account (GIA) rates. Our strategy has consistently been to remain focused on accumulating stocks relating to companies which potentially are able to achieve above average earnings growth in the medium to long term. During its financial year ending 31 August 2011, the Fund has met its objectives of achieving capital growth through steady and consistent income and capital appreciation over the medium to long term period despite the heightened global equity market corrections and protracted market volatilities continued to impact on the Fund’s performance. As at end August 2011, the Fund had 45.6% exposure to equities and 54.4% in Islamic Debt Securities and Cash. Thus far, the Fund continues to be managed in line with its stated objective by investing in diversified portfolio of Equities, Islamic Bonds/ Sukuk and Islamic Money Market Instruments. In terms of total NAV, the Fund size as at 31 August 2011 was at RM23.1 million compared to RM8.4 million a year ago. The net asset value (NAV) of the Fund decreased to RM0.5469 per unit on 31 August 2011 from RM0.5504 per unit on 31 August 2010. During the period under review, the Fund realised RM883,583 in capital gains, dividends and profit on Islamic debt securities and short term investment and declared distributions amounting to 2.00 sen per unit, equivalent to a yield of 3.64%. Accordingly, the distribution income shall be reinvested for long term capital growth. For the financial year ended 31 August 2011, there were no other significant changes to the state of affairs of the Fund and no circumstances that materially affect the interest of Unitholders that have taken place up to the date of this Manager’s report.

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Figure 3: Movement of the ASBI Dana Al-Falah versus the Benchmark Return

Note: Data source from BIMB Invest (Data verified by Perkasa Normandy Advisers Sdn. Bhd.) Benchmark: 70:30 ratios of the “FBM Emas Shariah Index” and 12-month Bank Islam General Investment Account (GIA) rates 1.4

ECONOMIC AND MARKET REVIEW

i) Economy Global •

The Organisation for Economic Cooperation and Development (OECD) composite leading indicators (CLIs) fell 0.31pt to 102.21pts in Jun (-0.25pt to 102.52 in May) for the third consecutive month, lend credence to the risk of a double-dip as the index in OECD area.

•

The United State (US) Gross Domestic Product (GDP) growth bounced back to grow at an annualised rate of 1.3% in the second quarter (2Q)2011, after slowing down sharply to a revised growth of just +0.4% in the first quarter (1Q) and compared with +1.9% estimated previously. Despite the rebound, growth remained weak, hurt by the lagged impact of rising crude oil and commodity prices that eroded consumer spending power, Japan’s earthquake disruption to the supply chain and a deepening sovereign debt crisis in the Eurozone.

•

Standard and Poor’s (S&P) downgraded US credit rating by one notch to AA+ from AAA. This was the first cut for the US since the AAA rating was granted in 1941. S&P also issued a negative outlook,

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which means that there is a chance of a further cut within the next two years. The credit downgrade could derail the already-fragile recovery of the US economy. •

The global Purchasing Managers Index (PMI) for the manufacturing sector slowed down to 50.6 in July, from 52.3 in June and a high of 57.4 in February. Readings above 50 indicate the sector is expanding while readings below 50 denote contraction. This was the fifth straight month of easing and the slowest pace of increase in 2 years, suggesting that global manufacturing activities continued to expand, albeit at a slower pace during the month.

•

The US exports unexpectedly slumped by 2.3% month on month (mom) in June 2011, following a fall of 0.5% in May 2011 and compared with +1.4% in April 2011. This was the second straight month of decline, signaling that global demand is slowing down.

•

Eurozone’s industrial production fell by 0.7% mom in June 2011, after holding stable at +0.2% in April and May 2011. The Eurozone economy is estimated to have slowed down to +0.3% quarter on quarter (qoq) in the 2Q2011, from +0.8% in the 1Q2011, as a deepening sovereign debt crisis forced the highly-indebted nations to adopt more austerity measures, while global economic growth weakened further during the period.

•

Japan’s GDP contracted at an annualised rate of 1.3% in the 2Q2011, smaller than the contraction of 3.6% in the 1Q2011, and better than the median estimate of -2.7% by economists, adding to evidence that Japan’s economy is rebounding from the 11 March disasters faster than anticipated.

Local •

The Malaysian real GDP growth slowing down to 4.0% year on year (yoy) in 2Q2011, from a revised +4.9% in the 1Q2011 and compared with +9.0% in the corresponding quarter of 2010. This was due to a moderation in consumer and business spending during the quarter. The disruption in the supply of component parts to the automotive industry caused by Japan’s earthquake and a production problem faced by a major oil field in Malaysia worsened the situation. These were, however, mitigated by a pick-up in exports in the 2Q2011.

•

The Leading Index (LI), which provides an early signal of the direction that the economy is heading, rose by 0.4% mom in June 2011, after stagnating in May 2011. This was reflected in a rebound in both the real money supply (+0.2%) and real imports of semi-conductors (+0.2%) during the month, following a contraction of 0.2% and 0.1% respectively in May 2011. ı 11

•

Exports picked up to 8.6% yoy in June 2011, after decelerating to +5.4% in May 2011, but off the high of +11.1% in April 2011. This was reflected in a surge in the exports of major commodity products as well as a rise in the exports of non-electronic & electrical (E&E) manufactured goods.

•

The broader money supply, M3, eased to 11.6% yoy in July 2011, off the 30-month high of +12.4% in June 2011 but higher than +11.5% in May 2011, indicating that economic activities are cooling but remained resilient. This was mainly due to a sharper decline in government operations and a moderation in the demand for funds by the private sector during the month. These were, however, mitigated by a pick-up in external operations.

•

The headline inflation rate eased to 3.4% yoy in July 2011, marking the first month of easing after seven straight months of increase, off a 26-month high of +3.5% in June 2011. This was primarily due to a moderation in the core inflation rate, which was offset partially by a rise in food & non-alcoholic beverage prices during the month.

ii) Market Review Equity FTSE Bursa Malaysia Emas Shariah Index (“FBM Shariah”) commenced the period under review at 9301.15 points before it declined to the lowest of 9,300.2 points on 8 September 2010. It touched the highest of 10,604.43 points on 6 July 2011 and closed at 9603.77 points on 31 August 2011. For the period, the FBM Shariah gained 353.57 points or 3.82% meanwhile the FBM KLCI gained 24.78 points or 1.74% to close at 1,447.27 points. Among the key factors that contributed to the movement of the index are highlighted below: •

The US implemented another round of QE, with the Fed announcing that it will buy US$600 billion of treasuries to boost growth.

•

The influx of short-term capital to emerging markets, which was reinforced by the countries improved economic fundamentals and an appreciating currency. Global investors reduced their exposure in the developed markets as economic growth in these countries had started to lose momentum, reviving the fear of a “double-dip” recession.

•

Announcement of rescue loan packages for the highly-indebted European nations. Subsequently, investor sentiment improved further as signs of European debt crisis eased.

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•

China’s move to abandon their currency peg to the dollar, opening the way for a gradual appreciation of its currency. This lowered the risk of a damaging trade conflict that could hamper the global economic recovery. At the same time, it spurred demand for Asian currencies, including the ringgit, seen as proxies to China’s growth and this boosted the local market sentiment further.

•

Malaysia unveiled the Economic Transformation Program (ETP) and part 2 of New Economic Model (NEM).

•

Further aided by the Bank Negara Malaysia (BNM) announcing further liberalisation in the country’s foreign exchange rules that boosted the ringgit. Expectations of further strengthening of the ringgit in turn attracted more foreign capital inflows into the country, which had already started flooding the emerging markets since June.

•

Standard & Poor’s cut the US long-term rating to AA+ from triple-A, while keeping the outlook at negative, as it becomes less confident that the US Congress will end President George Bush-era tax cuts or tackle entitlements.

•

Concerns over credit tightening measures in China and euro-debt fears in Ireland returned to haunt investors. This was reinforced by surging commodity prices and concerns of rising inflation, particularly in China, and further policy tightening in emerging economies.

•

Geopolitical risks in the Korean Peninsula emerged following North Korea’s artillery attack on a South Korean island.

•

Oil price spike as tension in the Middle East and North Africa (MENA) fanned fears of oil supply disruption. A sustained high oil price would put a damper on economic activity, corporate earnings and fuel inflation.

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Bond Global In the US, for the period under review the US Treasury yields ended slightly lower as markets priced in the possibility of a US recession. This is mostly due to the markets response to the weak macro data and supported by the downgraded of the US long term sovereign credit ratings to AA+ from AAA, with negative outlook by Standard & Poor’s (S&P). Figure 4 : US Treasury Yields

Source : US Treasury Department, as at 31 August 2011. Local On the local front, sovereign bonds dominated the local bond market activities when Malaysian Government Securities (MGS) and Government Investment Issue (GII) recorded a notable stronger secondary market trade volume of RM644.96 billion for the period under review (September 2010 - August 2011) as compared to September 2009 – August 2010 total volume of RM443.18 billion. The local government bond yields were mostly higher due to : • • •

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The downward trend of US Treasury yields. The increasing inflow of foreign investor. The downward trend of local interest rate swap.

Sukuk / Islamic Bond Yields

Source : Bond Pricing Agency Malaysia (BPAM), as at 31 August 2011. Figure 5 : Overnight Policy Rate (OPR)

Source: Bank Negara Malaysia (BNM), as at 31 August 2011.

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Figure 6 : Interest Rate SWAP (IRS)

Source : Bank Negara Malaysia (BNM), as at 31 August 2011. Trading activities on Islamic sovereign bond, Government Investment Issue (GII) were mainly concentrated on the 3 to 7 year tenors due to : • • •

The participation from the foreign investor who prefer the shorter tenure securities. The unattractive yield on the longer tenors. The high possibility for Bank Negara not to hike the Overnight Policy Rate (OPR) in 2011.

Over the Islamic corporate bonds market, risk aversion continued to lurk in the market as trading concentrated within the AAA-rated and AA-rated bonds as: • •

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Investor can sell down their liquid bonds when there is an announcement on the interest rate hike. Investors accumulate liquid assets to protect their investment portfolio from future interest rate hike.

1.5

MARKET OUTLOOK AND STRATEGY

Equity •

With all the global economic slowdown mainly due to the debt crisis which hit the European countries as well as the US. We have negative outlook on market. We expect the spill-over effect towards Malaysia will remain till 4Q2011 which will later be boosted by the government’s infrastructure projects as well as the General Election which we expect to be in the later part of 4Q2011.

•

Going forward, we will focus on a defensive investment strategy. Our stocks selection will be based on stocks with good earnings visibility and strong balance sheet, high dividend yield, high liquidity and low beta.

Bond and Money Market •

On the corporate bond market, concerns on the news of the corporate debt securities downgrades and negative outlook for the lower credit segments had prompted the market players and investors to continue concentrating on higher credit segments.

•

The continued worries over US and global as well as from the European credit front will continued to dictate cross border fund flows. Though emerging market equities may be on the losing end. It is expected to see support for emerging market government debt securities (i.e. GII) amidst the continued volatility.

•

We have adopted the following investment strategies for the period under review : • To look for short term higher yielding money market instruments. • To invest in the high-rated Islamic bonds/sukuk. • To invest in short term government papers.

1.6

Asset Allocation for the Year Ended 31 August ASBI DANA AL-FAKHIM

INVESTMENT IN ISLAMIC DEBT SECURITIES: SHORT TERM INVESTMENTS :

(%) 2011

(%) 2010

(%) 2009

83

80

19

17

20

81

100

100

100

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1.7

Other Performance Data for the Year Ended 31 August

ASBI DANA AL-FAKHIM

2011

2010

2009

Highest NAV per unit for the period

0.5372

0.5332

0.5290

Lowest NAV per unit for the period

0.5198

0.5165

0.4935

Total NAV (MYR)

14,551,641

14,547,278

14,764,409

Unit in Circulation (UIC)

27,880,013

27,982,177

28,585,000

0.5220

0.5199

0.5165

Capital Growth (%)

0.40

0.64

1.43

Income Return (%)

2.88

2.42

2.45

3.28

3.06

3.88

Gross Distribution per Unit (Sen)

1.50

1.25

1.25

Net Distribution per Unit (Sen)

1.50

1.25

1.25

Management Expense Ratio (MER)

*1.88%

0.91%

0.91%

Portfolio Turnover Ratio (PTR)

**1.20x

1.34x

0.00x

Unit Prices (MYR)

Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Period

NAV per unit (MYR) Return of Fund (%)

*Due to increase in management fee and administration expenses from RM132,842 (2010) to RM137,837 (2011), while the Average NAV has reduced from RM14,556,692 (2010) to RM7,337,803 (2011). **Due to the sale and purchase of Government Investment Issue (GII) sukuk.

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1.8

Impact on NAV Arising From Distribution for the Financial Year Ended 31 August 2011

ASBI DANA AL–FAKHIM

SEN PER UNIT

Net asset value before distribution as at 31/8/2011

53.7

Less: Distribution of 1.50 sen (gross) per unit (net 1.50 sen per unit)

1.5

Net asset value per unit after distribution

52.2

1.9

Asset Allocation for the Year Ended 31 August

ASBI DANA AL-MUNSIF INVESTMENTS IN QUOTED SECURITES: Trading and Services Infrastructure Project Companies Plantation Properties Property Trust Fund Industrial Products Technology Consumer Products Construction INVESTMENT IN ISLAMIC DEBT SECURITIES: SHORT TERM INVESTMENTS:

(%) 2011

(%) 2010

(%) 2009

28 2 4 4 1 5 0 7

32 0 9 0 1 2 3 6

27 2 5 3 1 2 2 3 2

51

53

47

30 19

7 40

3 50

100

100

100

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1.10


ASBI DANA AL-MUNSIF

2011

2010

2009


0.5645

0.5458

0.5403


0.5256

0.5092

0.4778

Total NAV (MYR)

50,212,801

31,546,294

11,457,227


98,329,037

60,063,446

22,216,000

0.5107

0.5252

0.5157

Capital Growth (%)

-2.72

1.92

-1.36

Income Return (%)

4.79

4.36

4.31

2.07

6.28

2.95


2.52

2.25

2.25


2.50

2.22

2.21


1.68%

1.65%

1.82%


*0.89x

1.41x

0.75x

Unit Prices (MYR)

Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Period


*Due to decrease in transactions for equity during the period under review.

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1.11


ASBI DANA AL–MUNSIF

SEN PER UNIT


53.6

Less : Distribution of 2.52 sen (gross) per unit (net 2.50 sen per unit)

2.5


51.1

1.12

Asset Allocation for the Year Ended 31 August

ASBI DANA AL-FALAH INVESTMENTS IN QUOTED SECURITES: Trading and Services Infrastructure Project Companies Plantation Properties Property Trust Fund Industrial Products Information Technology Consumer Products Construction INVESTMENT IN ISLAMIC DEBT SECURITIES: SHORT TERM INVESTMENTS:

(%) 2011

(%) 2010

(%) 2009

26 3 5 4 0 7

41 0 8 0 0 0 2 4 7

26 3 15 2 0 2 0 0 6

45

62

54

18 37

38

46

100

100

100

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1.13


ASBI DANA AL-FALAH

2011

2010

2009


0.5997

0.5651

0.5444


0.5336

0.5248

0.4623

Unit Prices (MYR)

Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Period Total NAV (MYR)

23,114,940

8,449,260

1,773,026


42,266,252

15,351,730

3,365,630

0.5469

0.5504

0.5268

Capital Growth (%)

-0.63

4.44

4.13

Income Return (%)

3.65

3.42

2.47

3.02

7.86

6.60


2.01

1.80

1.25


2.00

1.77

1.18


1.76%

1.92%

2.78%


*0.88x

1.90x

0.97x


*Due to decrease in transactions for equity during the period under review.

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1.14


ASBI DANA AL–FALAH

SEN PER UNIT


56.7

Less: Distribution of 2.01 sen (gross) per unit (net 2.00 sen per unit)

2.0


54.7

Note : a) Return of the Fund Return of the Fund = Capital Growth + Income Return b) Capital Growth Capital Growth = {NAV per Unit @ 31 August 2011/NAV per Unit @ 31 August 2010 -1} x 100 c) Income Return Income Return = {Income distribution per unit / NAV per unit on @ 31 August 2010} x 100 d) Management Expenses Ratio The Management Expense Ratio for the annual period are as above. It is the total management expenses expressed as an annual percentage of the Fund’s average Net Assets Value. e) Portfolio Turnover Ratio The Portfolio Turnover Ratio for the annual period are as above. It represents the average of the total acqusitions and disposals of the investment in the Fund for the annual period over the average Net Assets Value of the Fund calculated on a daily basis. 1.15

Total Return and Average Total Return for the Year Ended 31 August

ASBI DANA AL-FAKHIM

Total Return (%)

Average Total Return (%)

1 Year’s Period

3.31

3.31

3 Year’s Period

10.61

3.54

5 Year’s Period

17.13

3.43

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ASBI DANA AL-MUNSIF

Total Return (%)


1 Year’s Period

2.07

2.07

3 Year’s Period

11.64

3.88

5 Year’s Period

36.21

7.24

Total Return (%)


1 Year’s Period

3.09

3.09

3 Year’s Period

18.51

6.17

5 Year’s Period

59.95

11.99

ASBI DANA AL-FALAH

Notes : 1. Total Return of the Fund have been verified by Perkasa Normandy Advisers Sdn. Bhd. (363145-w) 2. Average Total return is derived by this formula: Total Return Number of Years under Review The calculation of average annual returns is based on methods obtained from Lipper Asia Ltd. Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up.

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1.16

Unit Holding Statistics

Breakdown of unit holdings by size as at 31 August 2011 are as follows : Size of Holdings

ASBI DANA AL - FAKHIM No. of Unit Holders

No. of Units Held

No.

%

Units

%

5,000 and below

86

58.11

243,880

0.88

5,001 to 10,000

24

16.21

184,640

0.66

10,001 to 50,000

32

21.62

644,058

2.31

50,001 to 500,000

3

2.03

314,309

1.13

500,001 to above

3

2.03

26,493,126

95.02

Units Held by Holders

148

100

27,880,013

100

Nil

Nil

Units Held by Manager Grand Total for Fund

27,880,013

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Size of Holdings

ASBI DANA AL-MUNSIF No. of Unit Holders

No. of Units Held

No.

%

Units

%

5,000 and below

4,426

62.38

5,890,755

5.99

5,001 to 10,000

924

13.02

6,968,144

7.09

10,001 to 50,000

1,299

18.31

28,295,947

28.78

50,001 to 500,000

434

6.12

49,998,644

50.85

500,001 to above

12

0.17

7,175,547

7.29


7,095

100

98,329,037

100

Nil

Nil


Size of Holdings

98,329,037

ASBI DANA AL-FALAH No. of Unit Holders

No. of Units Held

No.

%

Units

%

5,000 and below

2,563

64.49

3,617,842

8.56

5,001 to 10,000

581

14.62

4,353,551

10.30

10,001 to 50,000

674

16.96

14,525,325

34.37

50,001 to 500,000

154

3.88

16,483,678

39.00

500,001 to above

2

0.05

3,285,856

7.77


3,974

100

42,266,252

100

Nil

Nil


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42,266,252

1.17

Policy on Rebate and Soft Commission

The Manager does not receive any soft commission from brokers. All dealings with brokers are executed at competitive market rates.

For and on behalf of The Manager BIMB INVESTMENT MANAGEMENT BERHAD

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1.0 LAPORAN PENGURUS Para pemegang Unit yang dihormati, Kami dengan sukacitanya membentangkan Laporan Pengurus ASBI Dana Al-Fakhim, ASBI Dana Al-Munsif dan ASBI Dana Al-Falah bagi tahun kewangan berakhir 31hb Ogos 2011. 1.1

Nama Dana, Jenis Dana, Kategori Dana dan Objektif Pelaburan Dana Nama Dana

Jenis Dana Kategori Dana

Objektif Pelaburan Dana

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ASBI Dana Al-Fakhim

ASBI Dana Al-Munsif

ASBI Dana Al-Falah

Pendapatan

Pendapatan & Pertumbuhan

Pertumbuhan

Bon

Imbangan

Ekuiti

Objektif pelaburan utama Dana ini adalah Objektif Objektif untuk pelaburan utama pelaburan menyediakan Dana ini adalah utama Dana ini pulangan untuk adalah untuk jangkamasa menyediakan menyediakan panjang melalui satu aliran pendapatan peningkatan pendapatan tetap yang konsisten harga dengan yang berpatutan dan kenaikan melabur dalam kepada pelabur modal untuk kepelbagaian melalui pelaburan jangkamasa portfolio yang terutamanya sederhana dan terdiri daripada dalam bon panjang kepada ekuiti, bon dan Islam (“sukuk”) pelabur. instrumen dan instrumen Sewajarnya, pasaran wang. kewangan Islam. pulangan adalah Sewajarnya, Sewajarnya, dalam bentuk kesemua kesemua atau pertumbuhan pendapatan sebahagian modal jangka (sekiranya ada) besar daripada panjang dan akan dilabur pelaburan pengagihan semula untuk pendapatan pendapatan pertumbuhan dana mungkin yang lazim modal jangkamasa diagihkan kepada kepada panjang pemegangpemegangberbanding pemegang unit. pemegang unit. dengan pengagihan tahunan.

1.2

Penanda Aras Prestasi Dana dan Polisi Agihan Dana

Nama Dana

ASBI Dana Al-Fakhim

ASBI Dana Al-Munsif

ASBI Dana Al-Falah

Penanda Aras Prestasi

Nisbah 60:40 Nisbah 70:30 daripada Indeks daripada Indeks Kadar 12 Syariah FBM Syariah FBM bulan Akaun Emas dan Emas dan Pelaburan-i Am Kadar 12 Kadar 12 Bank Islam. bulan Akaun bulan Akaun Pelaburan-i Am Pelaburan-i Am Bank Islam. Bank Islam.

Polisi Agihan Dana

Dana ini berhasrat untuk membayar pengagihan pendapatan Dana kepada pemegangpemegang unit jika pendapatan pelaburan mencukupi telah terkumpul dalam tahun tersebut.

Dana ini untuk mengagihkan kesemua atau sebahagian besar daripada pendapatan kepada pemegangpemegang unit setiap tahun.

Pengagihan pendapatan (sekiranya ada) akan dilaburkan semula untuk pertumbuhan modal jangkamasa panjang

1.3

PENCAPAIAN BAGI TAHUN KEWANGAN BERAKHIR PADA 31 OGOS 2011

1.3.1

KAJIAN PENCAPAIAN ASBI DANA AL-FAKHIM Sepanjang tempoh kewangan dalam kajian, ASBI Dana Al-Fakhim (Al-Fakhim) mencatatkan pulangan sebanyak +3.31% berbanding penanda aras sebanyak +3.08%. Sejak ditubuhkan pada 27 Disember 2001 hingga 31 Ogos 2011 Al-Fakhim mencatatkan pulangan berjumlah +44.79% berbanding pulangan penanda aras sebanyak +31.60% sekali gus memperlihatkan pulangan lebih tinggi sebanyak +13.19%. Penanda aras prestasi terpilih bagi Al-Fakhim ditentukan berdasarkan pada kadar 12-bulan Akaun Pelaburan Am Bank Islam (GIA). ı 29

Strategi kami sentiasa konsisten dalam menguruskan Al-Fakhim secara konservatif dengan bertujuan mengatasi pulangan akaun pelaburan tradisional. Ini akan memberi kesan dalam portfolio kami bagi mencapai kestabilan yang sederhana dalam modal pelaburan dan menyediakan pendapatan tahunan kepada pelabur-pelabur. Sepanjang tempoh tahun kewangan berakhir 31 Ogos 2011, Dana ini telah mencapai matlamatnya dengan menyediakan pendapatan yang stabil dan konsisten kepada pemegangpemegang Dana. Pada akhir Ogos 2011, Dana memiliki 83.3% pendedahan dalam sekuriti hutang Islam dan sebanyak 16.7% dalam pasaran wang Islam dan tunai. Setakat ini, Dana akan diuruskan selaras dengan matlamat yang dinyatakan dengan kebanyakannya melabur dalam bon Islam dan instrumen pasaran wang Islam yang lain. Dari segi jumlah Nilai Aset Bersih (NAB), saiz Dana pada 31 Ogos 2011 adalah RM14.55 juta berbanding RM14.54 juta setahun yang lalu. Nilai Aset Bersih (NAB) Dana meningkat kepada RM0.5220 seunit pada 31 Ogos 2011 daripada RM0.5199 seunit pada tahun sebelumnya. Sepanjang tempoh dalam kajian, Dana telah merealisasikan sejumlah RM432,878 keuntungan modal, dividen dan keuntungan pendapatan sekuriti hutang Islam dan pelaburan jangka pendek dan membuat pembayaran pengagihan berjumlah sehingga 1.50 sen seunit bersamaan hasil pulangan sebanyak 2.89%. Bagi tahun kewangan berakhir 31 Ogos 2011, tiada sebarang perubahan ketara pada hal ehwal Dana dan tiada keadaan yang menjejaskan kepentingan pemegang unit yang telah mengambil alih sehingga tarikh laporan pengurus ini.

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Rajah 1 : Pulangan ASBI Dana Al-Fakhim Berbanding Pulangan Penanda Aras

Nota : Sumber data daripada BIMB Invest (Data telah disahkan oleh Perkasa Normandy Advisers Sdn. Bhd.) Penanda aras: Kadar 12 bulan Akaun Pelaburan Am (GIA) Bank Islam 1.3.2

KAJIAN PENCAPAIAN ASBI DANA AL-MUNSIF Sepanjang tempoh kewangan dalam kajian, ASBI Dana Al-Munsif (Al-Munsif) mencatatkan pulangan sebanyak +2.07% berbanding pulangan penanda arasnya berjumlah+3.67%. Sejak ditubuhkan pada 27 Disember 2001 hingga 31 Ogos 2011, Al-Munsif mencatatkan pulangan sebanyak +80.64, berbanding pulangan penanda aras sebanyak 67.06%, sekali gus menunjukkan prestasi pulangan lebih baik sebanyak +13.58%. Penanda aras prestasi terpilih Al-Munsif ditentukan berdasarkan kepada nisbah 60:40 “Indeks Syariah Emas FBM” dan kadar 12-bulan Akaun Pelaburan Am Bank Islam (GIA). Strategi kami adalah untuk memberi tumpuan kepada syarikatsyarikat kukuh yang berpotensi untuk membayar dividen yang berterusan dan mempunyai prospek pertumbuhan pendapatan ı 31

yang lebih baik. Ini akan memberi kesan kepada portfolio dalam jangkamasa panjang dengan menyediakan aliran pendapatan yang tinggi kepada Dana bagi pengagihan pendapatan yang berpotensi kepada pemegang-pemegang unit. Sepanjang tempoh tahun kewangan berakhir 31 Ogos 2011, Dana ini telah mencapai matlamatnya dengan menyediakan pendapatan yang stabil dan konsisten dan peningkatan modal dalam jangkamasa sederhana dan jangkamasa panjang. Pun begitu, pemulihan pasaran ekuiti global yang meningkat dan ketidakstabilan pasaran yang berterusan memberi kesan kepada prestasi Dana. Pada akhir Ogos 2011, Dana memiliki 51% pendedahan dalam ekuiti dan sebanyak 49% dalam sekuriti hutang Islam dan tunai. Setakat ini, Dana akan diuruskan selaras dengan matlamat yang dinyatakan dan mencerminkan peruntukan aset dalam jangkamasa sederhana sehingga jangkamasa panjang. Dari segi jumlah Nilai Aset Bersih (NAB), saiz Dana pada 31 Ogos 2011 adalah RM50.3 juta berbanding RM31.5 juta setahun yang lalu. Nilai Aset Bersih (NAB) Dana susut kepada RM0.5107 seunit pada 31 Ogos 2011 daripada RM0.5252 seunit pada tahun sebelumnya. Sepanjang tempoh dalam kajian, Dana telah merealisasikan sejumlah RM2,748,239 keuntungan modal, dividen dan keuntungan pendapatan sekuriti hutang Islam dan pelaburan jangka pendek dan membuat pembayaran pengagihan berjumlah sehingga 2.50 sen seunit bersamaan hasil pulangan sebanyak 4.76%. Bagi tahun kewangan berakhir 31 Ogos 2011, tiada sebarang perubahan ketara pada hal ehwal Dana dan tiada keadaan yang menjejaskan kepentingan pemegang unit yang telah mengambil alih sehingga tarikh laporan pengurus ini.

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Rajah 2 : Pulangan ASBI Dana Al-Munsif Berbanding Pulangan Penanda Aras

Nota: Sumber data daripada BIMB Invest (Data telah disahkan oleh Perkasa Normandy Advisers Sdn. Bhd.) Penanda aras: Nisbah 60:40 “FBM Emas Shariah Index” dan 12 bulan kadar Akaun Pelaburan Am (GIA) Bank Islam 1.3.3

KAJIAN PENCAPAIAN ASBI DANA AL-FALAH Sepanjang tempoh kewangan dalam kajian, ASBI Dana Al-Falah (Al-Falah) mencatatkan pulangan sebanyak +3.09% berbanding pulangan penanda aras sebanyak +3.72%. Sejak ditubuhkan pada 27 Disember 2001 hingga 31 Ogos 2011, Al-Falah mencatatkan pulangan berjumlah +82.36%, berbanding pulangan penanda aras sebanyak +72.38% sekali gus memperlihatkan prestasi pulangan lebih tinggi sebanyak +9.98%. Penanda aras prestasi terpilih Al-Falah ditentukan berdasarkan kepada nisbah 70:30 “Indeks Syariah Emas FBM” dan kadar 12-bulan Akaun Pelaburan Am Bank Islam (GIA). Strategi kami sentiasa konsisten dalam memberi tumpuan pada pengumpulan saham-saham berkaitan dengan syarikat-syarikat yang berpotensi mencapai pertumbuhan perolehan yang lebih dari kebiasaan dalam jangkamasa sederhana sehingga jangkamasa panjang. Sepanjang tempoh tahun kewangan berakhir 31 Ogos 2011, Dana ini telah mencapai matlamatnya dengan menyediakan ı 33

pendapatan yang stabil dan konsisten dan peningkatan modal dalam jangkamasa sederhana sehingga jangkamasa panjang. Pun begitu, pemulihan pasaran ekuiti global yang meningkat dan ketidakstabilan pasaran yang berterusan memberi kesan kepada prestasi Dana. Pada akhir Ogos 2011, Dana memiliki 45.6% pendedahan dalam ekuiti dan sebanyak 54.4% dalam sekuriti hutang Islam dan tunai. Setakat ini, Dana akan diuruskan selaras dengan matlamat yang dinyatakan dengan melabur dalam pelbagai portfolio ekuiti, bon Islam dan instrumen pasaran wang Islam. Dari segi jumlah Nilai Aset Bersih (NAB), saiz Dana pada 31 Ogos 2011 adalah RM23.1 juta berbanding RM8.4 juta setahun yang lalu. Nilai Aset Bersih (NAB) Dana susut kepada RM0.5469 seunit pada 31 Ogos 2011 daripada RM0.5504 seunit pada tahun sebelumnya. Sepanjang tempoh dalam kajian, Dana telah merealisasikan sejumlah RM883,583 keuntungan modal, dividen dan keuntungan pendapatan sekuriti hutang Islam dan pelaburan jangka pendek dan membuat pembayaran pengagihan berjumlah sehingga 2.00 sen seunit bersamaan hasil pulangan sebanyak 3.64%. Sewajarnya, pengagihan pendapatan hendaklah dilaburkan semula untuk pertumbuhan modal jangkamasa panjang. Bagi tahun kewangan berakhir 31 Ogos 2011, tiada sebarang perubahan ketara pada hal ehwal Dana dan tiada keadaan yang menjejaskan kepentingan pemegang unit yang telah mengambil alih sehingga tarikh laporan pengurus ini.

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Rajah 3 : Pulangan ASBI Dana Al-Falah Berbanding Pulangan Penanda Aras

Nota: Sumber data daripada BIMB Invest (Data disahkan oleh Perkasa Normandy Advisers Sdn. Bhd.) Penanda aras: Nisbah 70:30 “FBM Emas Shariah Index” dan kadar 12 bulan Akaun Pelaburan Am (GIA) Bank Islam 1.4

EKONOMI DAN KAJIAN PASARAN

i) Ekonomi Global •

Petunjuk utama komposit (CLI) bagi Pertubuhan Kerjasama dan Pembangunan Ekonomi (OECD) jatuh 0.31 mata kepada 102.21 mata pada bulan Jun (-0.25 mata kepada 102.52 pada bulan Mei) selama tiga bulan berturut-turut, mengukuhkan kepercayaan bahawa terdapatnya risiko kemelesetan berganda seperti yang digambarkan oleh indeks kawasan OECD.

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Pertumbuhan Keluaran Dalam Negara Kasar (KDNK) Amerika Syarikat (AS) melonjak semula untuk mencatatkan pertumbuhan pada kadar tahunan sebanyak 1.3% dalam suku kedua tahun 2011, selepas menyusut secara ketara kepada kadar pertumbuhan yang disemak semula sebanyak hanya +0.4% pada suku pertama dan berbanding +1.9% yang diunjurkan sebelum ini. Walaupun berlaku lonjakan semula, pertumbuhan kekal lemah. Ia dijejaskan dengan kelambatan kesan kenaikan harga minyak mentah dan komoditi yang menghakis kuasa pengguna berbelanja, gangguan terhadap rantaian bekalan akibat gempa bumi di Jepun dan krisis hutang kerajaan Eropah yang mendalam. ı 35

•

Standard and Poor’s (S&P) telah menurunkan taraf kredit AS sebanyak satu takuk kepada AA+ daripada AAA. Ini merupakan penurunan pertama bagi AS sejak penarafan AAA itu diberikan pada tahun 1941. S&P turut memberikan tinjauan negatif yang bermaksud terdapat kemungkinan berlaku penurunan lagi dalam tempoh dua tahun akan datang. Penurunan gred kredit ini boleh menyebabkan ekonomi AS yang sememangnya lemah itu tersasar daripada landasan pemulihannya.

•

Indeks Pengurus Pembelian (PMI) global bagi sektor pembuatan merosot kepada 50.6 pada bulan Julai, berbanding 52.3 pada bulan Jun dan paras tertinggi sebanyak 57.4 pada bulan Februari. Bacaan melebihi 50 menunjukkan bahawa sektor itu berkembang manakala bacaan di bawah 50 menunjukkan pengecutan. Ini merupakan penurunan untuk bulan kelima berturut-turut dan kadar kenaikan paling perlahan dalam masa dua tahun, menandakan kegiatan pembuatan global terus mengembang, meskipun pada kadar yang lebih perlahan pada bulan tersebut.

•

Eksport AS tanpa dijangka telah merudum sebanyak 2.3% dalam perbandingan bulan-ke-bulan pada bulan Jun 2011, berikutan kejatuhan sebanyak 0.5% pada bulan Mei 2011 dan berbanding +1.4% pada bulan April 2011. Ini merupakan kejatuhan untuk bulan kedua berturut-turut yang mengisyaratkan bahawa permintaan global mulai perlahan.

•

Pengeluaran perindustrian Zon Euro telah jatuh sebanyak 0.7% dalam perbandingan bulan-ke-bulan pada bulan Jun 2011, setelah stabil pada paras +0.2% dalam bulan April dan bulan Mei 2011. Ekonomi Zon Euro diunjurkan berkembang perlahan kepada +0.3% dalam perbandingan suku-ke-suku pada suku kedua tahun 2011, daripada +0.8% pada suku pertama tahun 2011, apabila krisis hutang kedaulatan atau kerajaan semakin memburuk sehingga memaksa negara-negara yang banyak berhutang mengambil langkah yang lebih berjimat cermat, manakala pertumbuhan ekonomi global terus lemah dalam tempoh berkenaan.

•

KDNK Jepun menguncup pada kadar tahunan sebanyak 1.3% dalam suku kedua tahun 2011, ia adalah lebih kecil berbanding penguncupan sebanyak 3.6% pada suku pertama tahun yang sama, dan lebih baik daripada anggaran purata pakar-pakar ekonomi sebanyak -2.7%, sekali gus meningkatkan lagi bukti bahawa ekonomi Jepun sedang melonjak semula selepas bencana 11 Mac dengan lebih cepat berbanding jangkaan.

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Tempatan •

Pertumbuhan KDNK benar Malaysia menurun kepada 4.0% dalam perbandingan tahun-ke-tahun pada suku kedua tahun 2011 daripada +4.9%, kadar yang disemak semula pada suku pertama tahun 2011 dan berbanding +9.0% pada suku yang berkenaan pada tahun 2010. Keadaan ini adalah disebabkan oleh perbelanjaan pengguna dan perniagaan yang sederhana pada suku tersebut. Gangguan bekalan bahagian-bahagian komponen kegunaan industri automotif akibat gempa bumi di Jepun serta masalah pengeluaran yang dihadapi oleh medan minyak utama di Malaysia memburukkan lagi keadaan. Keadaan ini semua, bagaimanapun, dikurangkan oleh peningkatan eksport pada suku kedua 2011.

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Indeks Utama (LI), yang memberikan isyarat awal terhadap hala tuju ekonomi meningkat sebanyak 0.4% dalam perbandingan bulan-ke-bulan pada Jun 2011, setelah tidak bergerak pada bulan Mei 2011. Ini dapat dilihat melalui lonjakan semula di dalam bekalan wang benar (+0.2%) serta import benar semi-konduktor (+0.2%) pada bulan tersebut, berikutan penguncupan, masing-masing sebanyak 0.2% dan 0.1% pada bulan Mei 2011.

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Eksport meningkat kepada 8.6% dalam perbandingan tahunan pada bulan Jun 2011, setelah merosot kepada +5.4% pada bulan Mei 2011, tetapi lebih rendah daripada paras tertinggi sebanyak +11.1% yang dicapai pada bulan April 2011. Keadaan ini timbul akibat peningkatan mendadak eksport produk komoditi utama dan juga kenaikan eksport barangan pembuatan bukan elektronik & elektrik.

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Bekalan wang yang lebih meluas M3, susut sedikit kepada 11.6% dalam perbandingan tahun-ke-tahun pada bulan Julai 2011, iaitu lebih rendah daripada paras tertinggi 30-bulan sebanyak +12.4% pada bulan Jun 2011 tetapi lebih tinggi daripada +11.5% yang dicatat pada bulan Mei 2011, menandakan bahawa kegiatan ekonomi mulai perlahan tetapi kekal bertahan. Ia disebabkan terutamanya oleh operasi kerajaan yang sangat berkurangan serta permintaan sederhana terhadap Dana-dana sektor swasta pada bulan tersebut. Keadaan ini semua, bagaimanapun, dikurangkan oleh peningkatan operasi luaran.

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Kadar inflasi kasar berkurangan kepada 3.4% dalam perbandingan tahun-ke-tahun pada bulan Julai 2011, menandakan bulan pertama berlaku penurunan selepas meningkat selama tujuh bulan berturutturut, tetapi kurang daripada paras tertinggi 26-bulan sebanyak +3.5% pada bulan Jun 2011. Ini terutamanya disebabkan oleh penyederhanaan kadar inflasi tunjang, yang ditampung sebahagiannya oleh kenaikan harga-harga makanan & minuman bukan alkohol pada bulan tersebut. ı 37

ii) Kajian Pasaran Ekuiti Indeks Syariah Emas FTSE Bursa Malaysia (“FBM Syariah”) mula memasuki tempoh kajian pada paras 9,301.15 mata sebelum jatuh ke paras terendah sebanyak 9,300.2 mata pada 8 September 2010. Ia, kemudiannya meningkat ke paras tertinggi iaitu 10,604.43 pada 6 Julai 2011 dan ditutup pada paras 9,603.77 mata pada 31 Ogos 2011. Bagi tempoh kajian, FBM Syariah meningkat sebanyak 353.57 mata atau 3.82% manakala FBM KLCI menokok sebanyak 24.78 mata atau 1.74% untuk ditutup pada 1,447.27 mata. Antara faktor utama yang menyumbang kepada pergerakan indeks adalah seperti yang dinyatakan di bawah : •

AS melaksanakan pusingan kedua Kelonggaran Kuantitatif (QE), dengan Rizab Persekutuan mengumumkan pembelian AS$600 bilion sekuriti perbendaharaan untuk menggalakkan pertumbuhan.

•

Kemasukan modal jangka pendek dalam pasaran-pasaran baru muncul yang diperkukuhkan lagi oleh asas ekonomi yang bertambah baik dan peningkatan nilai mata wang negara-negara berkenaan. Para pelabur global mengurangkan pendedahan mereka dalam pasaran negara-negara maju kerana pertumbuhan ekonominya telah pun hilang momentum, sekali gus menimbulkan semula kebimbangan terhadap kemelesetan berganda.

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Pengumuman pakej-pakej pinjaman penyelamatan untuk negaranegara Eropah yang mempunyai jumlah hutang yang amat besar. Sentimen pelabur, kemudiannya bertambah baik lagi berikutan tandatanda krisis hutang Eropah menjadi reda.

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Tindakan China tidak lagi menambat mata wang mereka kepada dolar, membawa kepada peningkatan beransur-ansur nilai mata wang republik itu. Tindakan ini mengurangkan risiko konflik perdagangan yang boleh merosakkan sehingga menghalang pemulihan ekonomi dunia. Pada masa yang sama, ia merangsang permintaan terhadap mata wang-mata wang Asia, termasuk ringgit yang dilihat sebagai proksi kepada pertumbuhan China dan ini menggalakkan lagi sentimen pasaran tempatan.

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Malaysia mengumumkan Program Transformasi Ekonomi (ETP) dan bahagian kedua Model Baru Ekonomi (MBE).

•

Bank Negara Malaysia (BNM) mengumumkan liberalisasi seterusnya dalam peraturan-peraturan pertukaran mata wang asing negara yang merangsang nilai mata wang ringgit. Jangkaan nilai mata wang tempatan terus kukuh menarik lebih banyak aliran modal asing memasuki Malaysia setelah membanjiri pasaran negara-negara baru membangun sejak bulan Jun.

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Standard & Poor’s telah menurunkan penarafan jangka panjang AS kepada AA+ daripada AAA, sambil memberikan tinjauan negatif kerana kurang yakin bahawa Kongres AS akan menamatkan pemotongan cukai yang dilakukan ketika era Presiden George Bush ataupun menangani kelayakan mendapatkan pemotongan. Kebimbangan terhadap langkah-langkah pengetatan kredit di China dan juga hutang euro di Ireland kembali menghantui pelabur-pelabur. Ini diburukkan lagi oleh lonjakan harga-harga komoditi dan kebimbangan kenaikan inflasi, terutamanya di China, dan pengetatan seterusnya dalam ekonomi-ekonomi yang baru membangun.

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Risiko geopolitik di Semenanjung Korea timbul berikutan berlakunya serangan bedilan meriam oleh Korea Utara terhadap pulau milik Korea Selatan.

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Harga minyak melonjak apabila ketegangan di Timur Tengah dan Afrika Utara (MENA) menyemarakkan kebimbangan terhadap berlakunya gangguan bekalan komoditi itu. Harga minyak yang kekal tinggi akan menjejaskan kegiatan ekonomi, pendapatan korporat dan meningkatkan inflasi.

Bon Global Di AS, bagi tempoh dalam kajian, hasil Perbendaharaan negara tersebut ditutup lebih rendah sedikit kerana pasaran telah mengambil kira kemungkinan AS mengalami kemelesetan. Ini terutamanya disebabkan oleh reaksi pasaran terhadap data makro yang lemah dan disokong pula oleh penurunan taraf penarafan kredit kedaulatan jangka panjang AS kepada AA+ daripada AAA, dengan tinjauan yang negatif diberikan oleh Standard & Poor’s (S&P).

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Rajah 4 : Kadar Pulangan Perbendaharaan AS

Sumber : Jabatan Perbendaharaan AS setakat 31 Ogos 2011. Tempatan Di pasaran tempatan, bon-bon kedaulatan menguasai aktiviti-aktiviti pasaran bon tempatan apabila Sekuriti Kerajaan Malaysia (MGS) dan Terbitan Pelaburan Kerajaan (GII) mencatatkan jumlah dagangan pasaran sekunder yang kukuh sebanyak RM644.96 bilion untuk tempoh dalam kajian (September 2010 - Ogos 2011) berbanding jumlah dagangan sebanyak RM443.18 bilion pada bulan September 2009 - Ogos 2010. Hasil bon kerajaan tempatan kebanyakannya lebih tinggi disebabkan oleh: •

Arah aliran menurun dalam hasil Perbendaharaan AS.

•

Aliran kemasukan pelabur asing meningkat.

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Arah aliran menurun pertukaran atau swap kadar faedah tempatan.

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Sukuk / Hasil Bon Islam

Sumber : Agensi Penetapan Harga Malaysia (BPAM), setakat 31 Ogos 2011. Rajah 5 : Kadar Polisi Semalaman (OPR)

Sumber: Bank Negara Malaysia (BNM), setakat 31 Ogos 2011.

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Rajah 6 : Pertukaran Kadar Faedah (IRS)

Sumber: Bank Negara Malaysia (BNM), setakat 31 Ogos 2011. Aktiviti-aktiviti perdagangan bon kedaulatan Islam, Terbitan Pelaburan Kerajaan (GII) tertumpu terutamanya kepada tempoh pemegangan 3 hingga 7 tahun disebabkan oleh : •

Penyertaan pelabur asing yang lebih menyukai sekuriti-sekuriti dengan tempoh pemegangan lebih singkat.

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Hasil yang tidak menarik bagi tempoh pemegangan yang panjang.

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Terdapat kemungkinan besar Bank Negara tidak akan menaikkan Kadar Dasar Semalaman (OPR) pada tahun 2011.

Pasaran bon korporat Islam menyaksikan kegiatan mengelak risiko terus berlaku dalam pasaran apabila urus niaga tertumpu sekitar bon-bon bertaraf AAA dan AA kerana : •

Pelabur boleh menjual kesemua pegangan bon-bon mudah tunai mereka apabila terdapat pengumuman kenaikan kadar faedah.

•

Pelabur mengumpul aset mudah tunai untuk melindungi portfolio pelaburan mereka daripada kenaikan kadar faedah pada masa depan.

42 ı

1.5

TINJAUAN PASARAN DAN STRATEGI

Ekuiti •

Berikutan ekonomi dunia mengalami penurunan akibat krisis hutang yang melanda Eropah dan juga AS. Kami mempunyai tinjauan yang negatif terhadap pasaran. Kami menjangka limpahan kesan terhadap Malaysia akan kekal sehingga suku keempat tahun 2011 yang kemudiannya akan dirangsang oleh projek-projek infrastruktur kerajaan dan juga Pilihan Raya Umum yang dijangka pada akhir suku berkenaan.

•

Dalam melangkah ke hadapan, kami menumpukan kepada strategi pelaburan yang defensif. Pemilihan saham kami adalah berdasarkan saham-saham yang dilihat menawarkan pendapatan baik dan memiliki lembaran imbangan kukuh, hasil dividen yang tinggi, mudah tunai dan mempunyai beta rendah.

Bon dan Pasaran Wang •

Dalam pasaran bon korporat, kebimbangan terhadap berita sekuriti hutang korporat diturun taraf dan tinjauan negatif untuk segmen kredit lebih rendah telah mendorong pemain-pemain pasaran dan pelabur-pelabur terus menumpukan pada segmen kredit lebih tinggi.

•

Kekhuatiran berterusan terhadap pasaran AS dan global serta kemelut kredit Eropah akan terus menjadi penentu kepada aliran dana rentas sempadan. Walaupun pasaran ekuiti di negara-negara ekonomi baru muncul mungkin kerugian, sokongan dijangka diperoleh terhadap sekuriti-sekuriti hutang kerajaan (iaitu GII) ketika keadaan naik turun yang berterusan.

•

Kami telah menerima pakai strategi-strategi pelaburan berikut dalam tempoh kajian : •

Mendapatkan instrumen pasaran wang jangka pendek yang memberikan hasil lebih tinggi.

•

Melabur dalam bon Islam/sukuk yang mendapat penarafan atau diberikan nilai tinggi.

•

Melabur dalam kertas kerajaan jangka pendek.

ı 43

1.6

Peruntukan Aset Bagi Tahun Kewangan Berakhir 31hb Ogos ASBI DANA AL-FAKHIM

PELABURAN DALAM SEKURITI HUTANG SECARA ISLAM: PELABURAN JANGKA PENDEK:

1.7

(%) 2011

(%) 2010

(%) 2009

83

80

19

17

20

81

100

100

100

Lain-lain Data Prestasi Bagi Tahun Kewangan Berakhir 31hb Ogos

ASBI DANA AL-FAKHIM

2011

2010

2009

NAB tertinggi seunit bagi tempoh

0.5372

0.5332

0.5290

NAB terendah seunit bagi tempoh

0.5198

0.5165

0.4935

Jumlah NAB (MYR)

14,551,641

14,547,278

14,764,409

Unit Dalam Edaran (UDE)

27,880,013

27,982,177

28,585,000

0.5220

0.5199

0.5165

Pertumbuhan Modal (%)

0.40

0.64

1.43

Pulangan Pendapatan (%)

2.88

2.42

2.45

Harga Unit (MYR)

Nilai Aset Bersih (NAB) dan Unit Dalam Edaran (UDE) pada Akhir Tempoh

NAB seunit (MYR) Pulangan Dana (%)

3.28

3.06

3.88

Agihan Kasar seunit (Sen)

1.50

1.25

1.25

Agihan Bersih seunit (Sen)

1.50

1.25

1.25

Nisbah Perbelanjaan Pengurusan (NPP)

*1.88%

0.91%

0.91%

Nisbah Pusing Ganti Portfolio (NPGP)

**1.20x

1.34x

0.00x

44 ı

*Disebabkan oleh peningkatan dalam fi pengurusan dan perbelanjaan pentadbiran daripada RM132,842 (2010) kepada RM137,837 (2011), manakala purata Nilai Aset Bersih (NAB) berkurangan daripada RM14,556,692 (2010) kepada RM7,337,803 (2011). **Disebabkan oleh penjualan dan pembelian sukuk Terbitan Pelaburan Kerajaan (GII). 1.8

Kesan ke atas Nilai Aset Bersih (NAB) selepas Pengagihan Bagi Tahun Berakhir 31 August 2011

ASBI DANA AL–FAKHIM

SEN SEUNIT

Nilai aset bersih sebelum pengagihan pada 31/8/2011

53.7

Tolak : Pengagihan 1.50 sen (kasar) seunit (1.50 sen bersih seunit)

1.5

Nilai aset bersih seunit selepas pengagihan

52.2

1.9

Peruntukan Aset Bagi Tahun Kewangan Berakhir 31hb Ogos

ASBI DANA AL-MUNSIF PELABURAN SEKURITI TERSIARHARGA: Perdagangan dan Perkhidmatan Syarikat Projek Infrastruktur Perladagangan Hartanah Tabung Amanah Hartanah Barangan Industri Teknologi Barangan Pengguna Pembinaan PELABURAN DALAM SEKURITI HUTANG SECARA ISLAM: PELABURAN JANGKA PENDEK:

(%) 2011

(%) 2010

(%) 2009

28 2 4 4 1 5 0 7

32 0 9 0 1 2 3 6

27 2 5 3 1 2 2 3 2

51

53

47

30 19

7 40

3 50

100

100

100

ı 45

1.10


ASBI DANA AL-MUNSIF

2011

2010

2009


0.5645

0.5458

0.5403


0.5256

0.5092

0.4778

Jumlah NAB (MYR)

50,212,801

31,546,294

11,457,227


98,329,037

60,063,446

22,216,000

0.5107

0.5252

0.5157


-2.72

1.92

-1.36


4.79

4.36

4.31

Harga Unit (MYR)



2.07

6.28

2.95


2.52

2.25

2.25


2.50

2.22

2.21


1.68%

1.65%

1.82%


*0.89x

1.41x

0.75x

*Disebabkan oleh transaksi-transaksi saham yang rendah dalam tempoh kajian.

46 ı

1.11

Kesan ke atas Nilai Aset Bersih (NAB) selepas Pengagihan Bagi Tahun Berakhir 31 August 2011

ASBI DANA AL–MUNSIF

SEN SEUNIT


53.6

Tolak: Pengagihan 2.52 sen (kasar) seunit (2.50 sen bersih seunit)

2.5


51.1

1.12

Peruntukan Aset Bagi Tahun Kewangan Berakhir 31hb Ogos

ASBI DANA AL-FALAH PELABURAN SEKURITI TERSIARHARGA: Perdagangan dan Perkhidmatan Syarikat Projek Infrastruktur Perladagangan Hartanah Tabung Amanah Hartanah Barangan Industri Teknologi Maklumat Barangan Pengguna Pembinaan PELABURAN DALAM SEKURITI HUTANG SECARA ISLAM: PELABURAN JANGKA PENDEK:

(%) 2011

(%) 2010

(%) 2009

26 3 5 4 0 7

41 0 8 0 0 0 2 4 7

26 3 15 2 0 2 0 0 6

45

62

54

18 37

38

46

100

100

100

ı 47

1.13


ASBI DANA AL-FALAH

2011

2010

2009


0.5997

0.5651

0.5444


0.5336

0.5248

0.4623

Jumlah NAB (MYR)

23,114,940

8,449,260

1,773,026


42,266,252

15,351,730

3,365,630

0.5469

0.5504

0.5268


-0.63

4.44

4.13


3.65

3.42

2.47

Harga Unit (MYR)



3.02

7.86

6.60


2.01

1.80

1.25


2.00

1.77

1.18


1.76%

1.92%

2.78%


*0.88x

1.90x

0.97x

*Disebabkan oleh transaksi-transaksi saham yang rendah dalam tempoh kajian.

48 ı

1.14

Kesan ke atas Nilai Aset Bersih (NAB) selepas Pengagihan Bagi Tahun Berakhir 31 August 2011 ASBI DANA AL–FALAH

SEN SEUNIT


56.7

Tolak: Pengagihan 2.01 sen (kasar) seunit (2.00 sen bersih seunit)

2.0


54.7

Nota : a) Pulangan Ke atas Dana Pulangan ke atas Dana = Pulangan modal + Pulangan pendapatan b) Pertumbuhan Modal Penambahan Modal = {NAB se unit@31 Ogos 2011 / NAB se unit@ 31 Ogos 2010 -1} x 100 c) Pulangan Pendapatan Pulangan Pendapatan = {Pengagihan pendapatan se unit / NAB se unit pada 31 Ogos 2010} x 100 d) Nisbah Perbelanjaan Pengurusan Nisbah Perbelanjaan Pengurusan bagi tempoh tahunan ialah seperti di atas. Ia dikira dengan mengambil jumlah perbelanjaan pengurusan sepertimana yang dinyatakan sebagai peratusan tahunan daripada jumlah purata Nilai Bersih Aset Dana. e) Nisbah Pusing Ganti Portfolio Nisbah Pusing Ganti Portfolio bagi tempoh tahunan ialah seperti di atas. Ia dikira dengan mengambil purata jumlah perolehan dan pelupusan pelaburan dalam Dana bagi tempoh tahunan dibahagi dengan purata Nilai Aset Bersih Dana yang dikira pada asas harian.

ı 49

1.15

Jumlah Pulangan dan Jumlah Pulangan Purata Bagi Tahun Berakhir 31hb Ogos ASBI DANA AL-FAKHIM

Jumlah Pulangan (%)

Purata Jumlah Pulangan (%)

Jangkamasa 1 tahun

3.31

3.31

Jangkamasa 3 tahun

10.61

3.54

Jangkamasa 5 tahun

17.13

3.43

ASBI DANA AL-MUNSIF

Jumlah Pulangan (%)


Jangkamasa 1 tahun

2.07

2.07

Jangkamasa 3 tahun

11.64

3.88

Jangkamasa 5 tahun

36.21

7.24

ASBI DANA AL-FALAH

Jumlah Pulangan (%)


Jangkamasa 1 tahun

3.09

3.09

Jangkamasa 3 tahun

18.51

6.17

Jangkamasa 5 tahun

59.95

11.99

Nota : 1. Jumlah Pulangan Dana telah disahkan oleh Perkasa Normandy Adviser Sdn. Bhd. (363145-w) 2. Jumlah Pulangan Purata adalah berpandukan formula berikut : Jumlah Pulangan Bilangan Tahun Bawah Kajian Pengiraan pulangan di atas adalah berdasarkan kepada kaedah-kaedah diperolehi daripada Lipper Asia Ltd. Prestasi tahun-tahun sebelum ini tidak semestinya menjadi petunjuk prestasi masa depan dan harga unit serta pulangan pelaburan mungkin turun dan naik.

50 ı

1.16

Statistik Pegangan Unit

Pecahan pegangan unit mengikut saiz pada 31 Ogos 2011 adalah seperti berikut : Saiz Pegangan

ASBI DANA AL - FAKHIM Pemegang unit

Unit dipegang

Bilangan

%

Bilangan

%

Kurang daripada 5,000

86

58.11

243,880

0.88

5,001 hingga 10,000

24

16.21

184,640

0.66

10,001 hingga 50,000

32

21.62

644,058

2.31

50,001 hingga 500,000

3

2.03

314,309

1.13

500,001 ke atas

3

2.03

26,493,126

95.02

Unit yang dipegang oleh pemegang unit

148

100

27,880,013

100

Tiada

Tiada

Unit yang dipegang oleh Pengurus Jumlah Keseluruhan Dana

27,880,013

ı 51

Saiz Pegangan

ASBI DANA AL-MUNSIF Pemegang unit

Unit dipegang

Bilangan

%

Bilangan

%


4,426

62.38

5,890,755

5.99

5,001 hingga 10,000

924

13.02

6,968,144

7.09

10,001 hingga 50,000

1,299

18.31

28,295,947

28.78

50,001 hingga 500,000

434

6.12

49,998,644

50.85

500,001 ke atas

12

0.17

7,175,547

7.29


7,095

100

98,329,037

100

Tiada

Tiada


52 ı

98,329,037

Saiz Pegangan

ASBI DANA AL-FALAH Pemegang unit

Unit dipegang

Bilangan

%

Bilangan

%


2,563

64.49

3,617,842

8.56

5,001 hingga 10,000

581

14.62

4,353,551

10.30

10,001 hingga 50,000

674

16.96

14,525,325

34.37

50,001 hingga 500,000

154

3.88

16,483,678

39.00

500,001 ke atas

2

0.05

3,285,856

7.77


3,974

100

42,266,252

100

Tiada

Tiada


42,266,252

ı 53

1.14

Polisi Rebat dan Komisyen Ringan

Pihak pengurus tidak menerima sebarang komisyen ringan daripada broker. Semua urusniaga dengan broker telah dilaksanakan pada kadar pasaran yang berdaya saing. Untuk dan bagi pihak Pengurus BIMB INVESTMENT MANAGEMENT BERHAD Nota : Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan Bahasa Inggeris.

54 ı

2.0

TRUSTEE’S REPORT AMANAH SAHAM BANK ISLAM TRUSTEE’S REPORT FOR THE YEAR ENDED 31 AUGUST 2011

To the Unit Holder’s of ASBI DANA AL-FAKHIM ASBI DANA AL-MUNSIF ASBI DANA AL-FALAH We, ABB Trustee Berhad have acted as Trustee of ASBI Dana Al-Fakhim, ASBI Dana Al-Munsif and ASBI Dana Al-Falah for the financial year ended 31 August 2011. In our opinion, BIMB INVESTMENT MANAGEMENT BERHAD, has managed the Fund in the period under review in accordance with the following : 1.

The limitation imposed on the investment powers of the Management Company and the Trustee under the Deed, the Supplementary Deed, the Securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable laws;

2.

The valuation or pricing of the Funds is carried out in accordance with the Deed and any regulatory requirement;

3.

The creation and cancellation of units of the Funds are carried out in accordance with the Deed, the Supplementary Deed and any regulatory requirement;

4.

The income distribution is accordance with the Funds’ objectives.

For ABB Trustee Berhad _____________________ AHMAD FATHI MOHD NOOR Vice President Date: 13 October 2011

ı 55

3.0

SHARIAH PANEL’S REPORT SHARIAH PANEL’S REPORT FOR THE YEAR ENDED 31 AUGUST 2011

To the Unit Holder’s of ASBI DANA AL-FAKHIM ASBI DANA AL-MUNSIF ASBI DANA AL-FALAH We have acted as the Shariah Committee of ASBI Dana Al-Fakhim, ASBI Dana Al-Munsif and ASBI Dana Al-Falah which has been appointed by BIMB INVESTMENT MANAGEMENT BERHAD. Our responsibilities is to ensure that the procedures and processes employed by BIMB INVESTMENT MANAGEMENT BERHAD and that the provisions of the BIMB Investment Master Deed dated 6 December 2001 and other Supplementary Deeds are in accordance with Shariah principles. In our opinion, BIMB INVESTMENT MANAGEMENT BERHAD has managed and administrated ASBI Dana Al-Fakhim, ASBI Dana Al-Munsif and ASBI Dana Al-Falah in accordance with Shariah principles and complied with applicable guidelines, ruling or decision issued by the Securities Commission pertaining to Shariah matters for the financial year ended 31 August 2011. In addition, we also confirm that the investment portfolio of ASBI Dana Al-Fakhim, ASBI Dana Al-Munsif and ASBI Dana Al-Falah with Licensed Financial Institution/Bank is Shariah-compliant. For and on behalf of the Shariah Panel _________________________________ DR. AHMAD SHAHBARI@SOBRI SALAMON (Chairman) _________________________________ PROF. MADYA DR. YUSOF RAMLI (Panel Member) _________________________________ DR. ASMAK AB. RAHMAN (Panel Member) Date: 13 October 2011 56 ı

4.0

DIRECTORS’ DECLARATION ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2011

To the Unit Holder’s of ASBI DANA AL-FAKHIM ASBI DANA AL-MUNSIF ASBI DANA AL-FALAH We, MUSTAPHA BIN HAMAT and GHAZALI AWANG, being two of the directors of the Manager, BIMB INVESTEMENT MANAGEMENT BERHAD, for ASBI Dana Al-Fakhim, ASBI Dana Al-Munsif and ASBI Dana Al-Falah do hereby state that in our opinion of the Manager, the accompanying Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Net Asset Value and Cash Flows Statement are drawn up so as to give true and fair view of the Assets and Liabilities of the Fund as at 31 August 2011 and the Statement of Comprehensive Income, the Statement of Changes in Net Asset Value and Cash Flows Statement for the Year Ended on that date. For and on behalf on the Board of Directors,

_________________________________ MUSTAPHA BIN HAMAT (Non Executive Independent Director)

_________________________________ GHAZALI BIN AWANG (Non Executive Independent Director) Date: 13 October 2011

ı 57

5.0

INDEPENDENT AUDITORS’ REPORT

(Established in Malaysia) Independent Auditors’ Report to the Unit Holders of ASBI Dana Al-Fakhim, ASBI Dana Al-Munsif and ASBI Dana Al-Falah Report on the Financial Statements We have audited the financial statements of ASBI Dana Al-Fakhim, ASBI Dana Al-Munsif, and ASBI Dana Al-Falah (“the Fund”), which comprise the Statement of Financial Position as at 31 August 2011, and the Statements of Comprehensive Income, Changes in Net Assets Value and Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 60 to 124. Managers’ Responsibility for the Financial Statements The Manager of the Fund is responsible for the preparation of financial statements that give a true and fair view in accordance with Financial Reporting Standards and the Securities Commission’s Guidelines on Unit Trust Funds, and for such internal control as the Manager determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the management company’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the management company’s internal control. An audit also includes evaluating the appropriateness of accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial statements.

58 ı

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards and Securities Commission’s Guidelines on Unit Trust Funds so as to give a true and fair view of the state of affairs of the Fund as of 31 August 2011 and of the results of its operations, changes in net asset value and cash flows for the year then ended. Other Matters This report is made solely to the unitholders of the Fund, and for no other purpose. We do not assume responsibility to any other person for the content of this report. KPMG Desa Megat & Co. Firm Number: AF 0759 Chartered Accountants Ahmad Nasri Abdul Wahab Approval Number: 2919/03/12(J) Chartered Accountant Petaling Jaya, Selangor Date: 13 October 2011

ı 59

6.0

FINANCIAL STATEMENT (AUDITED)

ASBI DANA AL-FAKHIM 6.1 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2011 NOTES

2011 (RM)

2010 (RM)

Islamic Debt Securities

4

12,125,100

11,652,400

Short Term Investment

5

2,667,874

3,189,563

14,792,974

14,841,963

Other Receivables

189,395

49,376

Cash at Bank

17,271

31,231

14,999,640

14,922,570

Other Payables

29,799

25,515

Distribution Payable

418,200

349,777

FINANCIAL INSTRUMENTS

OTHER ASSETS

TOTAL ASSETS LIABILITIES

TOTAL LIABILITIES

447,999

375,292

14,551,641

14,547,278

14,354,254

14,408,149

197,387

44,529

-

94,600

TOTAL UNIT HOLDERS’ FUND

14,551,641

14,547,278

NUMBER OF UNITS IN CIRCULATION

27,880,013

27,982,177

NET ASSET VALUE AS AT 31 AUGUST UNIT HOLDERS’ FUND Unit Holders’ Capital

6

Retained Profits Investment Fluctuation Reserve

7

NET ASSET VALUE PER 52.2 UNIT (SEN) The notes are an integral part of these financial statements.

60 ı

52.0

ASBI DANA AL-FAKHIM 6.2 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2011 NOTES INCOME Income from Islamic Debt Securities Income from Short Term Investments Gain on Disposal of Islamic Debt Securities Hibah from Al-Wadiah account Net gain from financial instruments at fair value through profit or loss EXPENSES Management Fee Trustee’s Fee Audit Fee Administrative Expenses Tax Agent Fee

NET INCOME BEFORE TAXATION Taxation NET INCOME FOR THE YEAR / TOTAL COMPREHENSIVE INCOME AFTER TAXATION Income after taxation is made up of as follows : Realised amount Unrealised amount Total distribution for the year is as follows : Total distribution (net) Gross distribution per unit (sen) Net distribution per unit (sen) Distribution date

8 9

10

2011

2010

(RM)

(RM)

437,507 82,867 50,150

316,400 161,824 54,320

191 43,580

141 -

614,295

532,685

110,378 11,774 10,000 3,685 2,000

109,234 11,652 5,000 4,956 2,000

137,837

132,842

476,458 -

399,843 -

476,458

399,843

432,878 43,580

399,843 -

476,458

399,843

418,200 1.50 1.50 31/08/2011

349,777 1.25 1.25 31/08/2010

The notes are an integral part of these financial statements.

ı 61

ASBI DANA AL-FAKHIM 6.3 STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE YEAR ENDED 31 AUGUST 2011 2011 (RM)

2010 (RM)

14,547,278

14,764,409

476,458

399,843

-

41,120

(418,200)

(349,777)

58,258

91,186

Creation of Units

201,704

314,363

Less: Cancellation of Units

(255,599)

(622,680)

(53,895)

(308,317)

14,551,641

14,547,278

Net Asset Value as at 1 September Movement In Reserves Net Income for the Year Net Decrease in Investment Fluctuation Reserve Less: Distribution for the Year Movement due to Units Created and Released During the Year

Net Asset Value as at 31 August


62 ı

ASBI DANA AL-FAKHIM 6.4 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2011 NOTES Cash Flows from Operating and Investing Activities Proceeds from Sale of Investment Debt Securities Purchase of Investments Income from Islamic Debt Securities and Short Term Investments Management Fee Paid Trustee Fee Paid Audit Fee Paid Payment for other Fee and Expenses Net Cash used in Operating and Investing Activities Cash Flows from Financing Activities Cash Receipt for Creation of Units Cash Payment for Cancellation of Units Payment of Distribution Net Cash Used in Financing Activities Net Decrease in Cash and Cash Equivalents Cash and Cash Equivalents at beginning of the year Cash and Cash Equivalents as at end of the year Cash and Cash Equivalents Comprise : Cash at Bank Short Term Investments

(i)

2011 (RM)

2010 (RM)

8,618,150

2,963,643

(8,997,120) 380,546

(11,721,443) 548,917

(110,335) (11,799) (7,608) (3,811)

(109,219) (11,512) (5,000) (3,262)

(131,977)

(8,337,876)

201,704 (255,599)

314,363 (622,680)

(349,777)

(357,313)

(403,672)

(655,630)

(535,649)

(9,003,506)

3,220,794

12,224,300

2,685,145

3,220,794

17,271 2,667,874

31,231 3,189,563

2,685,145

3,220,794

(i) Cash at Bank This represents current account balance kept with a related company of the Manager, Bank Islam Malaysia Berhad. The notes are an integral part of these financial statements. ı 63

6.5

NOTES TO THE FINANCIAL STATEMENT AUDITED FOR THE YEAR ENDED 31 AUGUST 2011

1.

INFORMATION ON THE FUND

ASBI Dana Al-Fakhim (hereinafter referred to as “the Fund”) was constituted pursuant to the execution of a Deed dated 6 December 2001 and the various Supplemental Deeds between the Manager BIMB Investment Management Berhad, the Trustee - ABB Trustee Bhd and the registered holders of the Fund. The addresses of the registered office and principle place of business of the Fund are as follows: Registered Office 11th Floor, Wisma Bank Islam Jalan Dungun, Bukit Damansara 50490 Kuala Lumpur Principal Place of Business 19th Floor, Menara Bank Islam No.22, Jalan Perak 50450 Kuala Lumpur The principal activity of the Fund is to invest in Authorised Investments as defined in the Deed, which include Islamic Debt Securities and short-term deposits. The Manager, BIMB Investment Management Berhad, a company incorporated in Malaysia, is a subsidiary of Bank Islam Malaysia Berhad. The financial statements were approved by the Board of Directors on 13 October 2011. 2.

BASIS OF PREPARATION

(a)

Statement of Compliance

The financial statements of the Fund have been prepared in accordance with applicable approved Financial Reporting Standards (FRS), accounting principles generally accepted in Malaysia and the Securities Commission’s Guidelines on Unit Trust Funds. The Fund has not applied the following accounting standards, amendments and interpretations that have been issued by the Malaysian Accounting 64 ı

Standards Board (MASB) but are not yet effective for the Fund : FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2011 • Amendments to FRS 1, First-time Adoption of Financial Reporting Standards – Limited Exemption from Comparative FRS 7 Disclosures for First-time Adopters – Additional Exemption for First-time Adopters • Amendments to FRS 7, Financial Instruments : Disclosures – Improving Disclosures about Financial Instruments • Amendments to FRS 2, Group Cash-settled Share Based Payment* • IC Interpretation 4, Determining whether an Arrangement contains a Lease* • IC Interpretation 18, Transfers of Assets from Customers* • Improvements to FRSs (2010) FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 July 2011 • IC Interpretation 19, Extinguishing Financial Liabilities with Equity Instruments • Amendments to IC Interpretation 14, Prepayments of a Minimum Funding Requirement * FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2012 • FRS 124, Related Party Disclosures (revised) • IC Interpretation 15, Agreements for the Construction of Real Estate* * Not applicable to the Fund. The Fund plans to apply the abovementioned applicable standards, amendments and interpretations: •

from the annual period beginning 1 September 2011 for those standards, amendments and interpretations that will be effective for annual periods beginning on or after 1 January 2011 and 1 July 2011;

•

from the annual period beginning 1 September 2012 for those standards, amendments and interpretations that will be effective for annual periods beginning on or after 1 January 2012.

The initial application of the above standards, amendments and interpretations are not expected to have any material financial impact on the financial statements. ı 65

(b)

Basis of Measurement

The financial statements are prepared on the historical cost basis except as disclosed in note 3(a). (c)

Functional and Presentation Currency

These financial statements are presented in Ringgit Malaysia (RM), which is the Fund’s functional currency. (d)

Use of Estimates and Judgments

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods effected. There are no significant areas of estimation uncertainty and critical judgments in applying accounting policies that have a significant effect on the amounts recognised in the financial statements. 3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to the periods presented in these financial statements, and have been applied consistently by the Fund, other than those specified in Note 3(a) – Financial Instruments. (a)

Financial Instruments

Arising from the adoption of FRS 139, Financial Instruments : Recognition and Measurement, with effect from 1 September 2010, financial instrument are categorised and measured using accounting policies as mentioned below. Before 1 September 2010, different accounting policies were applied. Significant changes to the accounting policies are discussed in note 6. (i) Initial Recognition and Measurement A financial instrument is recognised in the statement of financial statements when, and only when, the Fund becomes a party to the contractual provisions of the instrument. 66 ı

A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. (ii) Financial Instrument Categories and Subsequent Measurement The Fund categorise financial instruments as follows: Financial assets (a) Financial assets at fair value through profit or loss Fair value through profit or loss category comprises financial assets that are held for trading, or financial assets that are specifically designated into this category upon initial recognition. These include quoted securities and Islamic debt securities. Financial assets categorised as fair value through profit or loss are subsequently measured at their fair values with the gain or loss recognised in the statement of comprehensive income. (b) Loans and receivables Loans and receivables category are debt instruments that are not quoted in an active market and these comprises other receivables, cash at bank and short term investments. Financial assets categorised as loan and receivables are subsequently measured at amortised cost using the effective interest method. All financial assets except for these measured at fair value through profit or loss, are subject to review for impairment. Financial liabilities All financial liabilities are subsequently measured at amortised cost. Financial liabilities measured at amortised cost comprises amount due to stockbroker, other payables and distribution payable.

ı 67

(b) Revenue Recognition (i) Dividend Income Dividend from quoted investments is recognised when right to receive payment is established. (ii) Income from Short Term Investments and Islamic Debt Securities Income from short term investments and Islamic debt securities are recognised in the statement of comprehensive income as it accrues. (c) Cash and Cash Equivalents Cash and cash equivalents consist of cash at bank and short term investments with licensed financial institutions which are readily convertible to cash with an insignificant risk of changes in value. Cash and cash equivalents are categorised and measured as loans and receivables in accordance with policy Note 3(a)(ii)(b). (d) Receivables Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from another entity is established. Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts. Following the adoption of FRS 139 on 1 September 2010, receivables are categorised and measured as loans and receivables in accordance with Note 3(a)(ii)(b). Receivables are not held for the purpose of trading. (e) Income Tax Tax expense comprises current and deferred tax. Tax expense is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

68 ı

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. 4.

Issuer

ISLAMIC DEBT SECURITIES

Maturity Date

Rating

Cost (RM)

Market Value (RM)

Percentage of Net Asset Value 31.08.2011 %

Government Investment Issuance GH 100001 15/07/2013

N/A

3,000,000

3,011,700

20.7

GH 110001 30/08/2018

N/A

9,000,000

9,113,400

62.6

12,000,000 12,125,100

83.3

Total

ı 69

4.


Maturity Date

Issuer

Rating

Cost (RM)

Market Value (RM)


Government Investment Issuance GH 090042 31/07/2014

N/A

8,500,000

8,653,000

59.5

GH 100001 15/07/2013

N/A

3,000,000

2,999,400

20.6

11,500,000 11,652,400

80.1

Total 5.

SHORT TERM INVESTMENTS 2011 (RM)

2010 (RM)

-

3,189,563

Wakalah i Deposit

1,159,264

-

Special Investment Account

1,508,610

-

Total

2,667,874

3,189,563

Negotiable Islamic Debt Certificates

Included in the Negotiable Islamic Debt Certificates in 2010 is RM1,700,000 issued by Bank Islam Malaysia Berhad, the holding company of the Manager. Wakalah i Deposit and Special Investment Account are held with other licensed financial institutions. 6.

UNIT HOLDERS’ CAPITAL 2011 No of Units

As at 1 September 2010/2009

2010 (RM)

No of Units

27,982,177 14,408,149 28,585,000

(RM) 14,716,466

Creation of Units

382,486

201,704

597,177

314,363

Release of Units

(484,650)

(255,599)

(1,200,000)

(622,680)

As at 31 August

70 ı

27,880,013 14,354,254 27,982,177

14,408,149

In accordance with the Deed, the maximum number of units that can be issued out for circulation is 400,000,000 units. As at 31 August 2011, the number of units yet to be issued is 372,119,987 (2010-372,017,823) and the Manager held nil units (2010-8,583) in the Fund. 7.

INVESTMENT FLUCTUATION RESERVE 2011 (RM)

2010 (RM)

Islamic Debt Securities At Market Value

-

11,652,400

At Average Cost

-

(11,557,800)

Investment Fluctuation Reserve

-

94,600

8.

MANAGEMENT FEE

The Management Fee is based on 0.75% (2010 – 0.75%) per annum of the net asset value of the Fund calculated on a daily basis. 9.

TRUSTEE’S FEE

The Trustee Fee is based on 0.08% (2010 – 0.08%) per annum of the net asset value of the Fund calculated on a daily basis. 10. TAXATION There is no current and prior year tax expense as the investment income received are exempted from tax, pursuant to Schedule 6 of the Income Tax Act, 1967. 11. DISTRIBUTION 2011 (RM)

2010 (RM)

Income from Islamic Debt Securities

426,255

286,662

Gain on Disposal from Islamic Debt Securities

48,860

49,215

Distribution to Unit Holders is from the following sources :

ı 71

11.

DISTRIBUTION (CONTINUED) 2011 (RM)

2010 (RM)

80,736

146,614

186

128

556,037

482,619

Expenses

(137,837)

(132,842)

Net Distribution

418,200

349,777

Gross Distribution per Unit (sen)

1.50

1.25

Net Distribution per Unit (sen)

1.50

1.25

Income from Short Term Investment Hibah from Al-Wadiah Account Less :

12.

UNITS HELD BY RELATED PARTIES

The number of units held by management company and other related parties are as follows : 2011

2010

UNITS

(RM)

BIMB Investment Management Berhad

-

-

Bank Islam Malaysia Berhad

2,000,000

BIMB Holdings Berhad 13.

UNITS

(RM)

8,583

4,461

1,044,000

2,000,000

1,039,600

23,297,193 12,161,135

23,297,193

12,109,881

MANAGEMENT EXPENSE RATIO (“MER”)

The Management Expense Ratio for the financial year is 1.88% (2010: 0.91%). It is the total management expenses expressed as an annual percentage of the Fund’s average net asset value.

72 ı

14.

PORTFOLIO TURNOVER RATIO (“PTR”)

The Portfolio Turnover Ratio for the financial year is 1.20 times (2010: 1.34 times). It represents the average of total acquisitions and disposals of the investments in the Fund for the financial year over the average net asset value of the Fund calculated on a daily basis. 15.


Certain comparative figures have not been presented for 31 August 2010 by virtue of the exemption given in paragraph 44AA of FRS 7. 15.1

Categories of Financial Instruments

The table below provides an analysis of financial instruments categorised as follows : (a) Loans and receivables (L&R); (b) Fair value through profit or loss (FVTPL): (c) Other financial liabilities measured at amortised cost (OL). Carrying Amount (RM)

L&R/(OL) (RM)

FVTPL (RM)

Islamic debt securities

12,125,100

-

12,125,100

Receivables

189,395

189,395

-

2,685,145

2,685,145

-

14,999,640

2,874,540

12,125,100

(447,999)

(447,999)

-

2011 Financial Assets

Cash and cash equivalents Financial Liabilities Payables 15.2

Financial Risk Management

The Fund has exposure to the following risks from its use of financial instruments : • Credit risk • Liquidity risk • Market risk ı 73

15.3

Credit Risk

Credit risk is the risk of a financial loss to the Fund if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Fund’s exposure to credit risk arises principally from its investment securities and receivables. The Manager manages the credit risk by setting counterparty limits and undertaking credit evaluation to minimize the risk. The exposure to credit risk is monitored on an ongoing basis. The Fund’s maximum credit risk exposure at the reporting date is represented by the respective carrying amounts of the relevant financial assets in the statement of financial position. No financial assets carried at amortised cost were past due or impaired as at date of statement of financial position. 15.4

Liquidity Risk

Liquidity risk is the risk that the Fund will not be able to meet its financial obligations as they fall due. The Fund’s exposure to liquidity risk arises principally from its various payables which are due within one year. The Fund maintains sufficient level of liquid assets, after consultation with the Trustee, to meet anticipated payments and cancellation of units by unit holders. Liquid assets comprise cash and other instruments, which are capable of being converted into cash within 7 days. 15.5

Market Risk

Market risk is the risk that changes in market prices, such as profit rates and market prices will affect the Fund’s financial position or cash flows.

74 ı

Profit rate risk The profit rate profile of the Fund’s significant profit-bearing financial instruments, based on carrying amounts as at the end of reporting period was : 2011 (RM)

2010 (RM)


12,125,100

11,652,400

Short term investments with licensed financial institutions

2,667,874

3,189,563

Fixed Rate Instruments

Fair value sensitivity analysis for fixed rate instruments The Fund accounts for the Islamic debt securities and short term investments with licensed financial institutions at fair value through profit and loss, and loans and receivables, respectively. A increase of 100 basis points (bp) in interest rates at the end of the reporting period would have decreased on the unitholders’ Fund and statement of comprehensive income by RM589,379. A decrease of 100 basis point (bp) in interest rates would have equal but opposite effect on the equity and statement on comprehensive income respectively. 15.6

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, short term receivables and payables approximate fair values due to the relatively short term nature of these financial instruments. Investments Islamic debt securities The fair values of financial assets that are quoted in an active market are determined by reference to their quoted closing bid price at the end of the reporting period.

ı 75

16.

SIGNIFICANT CHANGES IN ACCOUNTING POLICIES

16.1 FRS 139, Financial Instruments: Recognition and Measurement The adoption of FRS 139 has resulted in changes to accounting policy relating to recognition and measurement of financial instruments. Financial impact arising from the change in accounting policy is as follows: Investments in Islamic debt securities Prior to the adoption of FRS 139, investments in Islamic debt securities were stated at market value as at the close of market trading on the date of balance sheet. The difference between the aggregate market value and cost on that date (if any) is treated as investment fluctuation reserve in the balance sheet. With the adoption of FRS 139, Islamic debt securities are now categorised and measured as fair value through profit or loss as detailed in note 3(a)(ii). Adjustment due to change in accounting polices The change in accounting policies as described above has resulted in adjustments to opening retained profits and investment fluctuation reserve of the Fund as follows :

Retained Profit (RM)

Investment Fluctuation Reserve (RM)

2011

2010

At 1 September 2010, as previously stated

44,529

94,600

Adjustment arising from adoption of FRS 139

94,600

(94,600)

At 1 September 2011, as restated

139,129

-

16.2

FRS 101, Presentation of Financial Statements (revised)

The Fund applies FRS 101 (revised) which became effective as of 1 September 2010. As a result, the Fund presents all non-owner changes in equity in the statement of comprehensive income.

76 ı

Comparative information has been re-presented so that it is in conformity with the revised standard. Since the change only affects presentation aspects, there is no impact on net assets value attributable to unitholders per unit. Arising from the adoption of FRS 101 (revised), income statement for the year ended 31 August 2010 have been re-presented as statement of comprehensive income. All non-owner changes in equity that were presented in the statement of changes in equity are now included in the statement of comprehensive income as other comprehensive income. Consequently, components of comprehensive income are not presented in the statement of changes in net assets value.

ı 77

ASBI DANA AL-MUNSIF 6.1 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2011 NOTES

2011 (RM)

2010 (RM)

4 5 6

26,878,162 15,353,690 9,949,146

16,383,243 2,120,850 12,404,744

52,180,998

30,908,837

19,767 285,439 29,421 313,533

573,205 3,727,085 87,126 12,293 2,777,844

TOTAL ASSETS

52,829,158

38,086,390

LIABILITIES Amount due to Stockbroker Amount due to Fund Manager Other Payables Distribution Payable

72,714 85,417 2,458,226

5,135,990 52,678 1,351,428

TOTAL LIABILITIES

2,616,357

6,540,096

NET ASSET VALUE AS AT 31 AUGUST

50,212,801

31,546,294

7

52,182,176 (1,969,375)

31,111,429 270,766

8

-

164,099


50,212,801

31,546,294


98,329,037

60,063,446

51.1

52.6

FINANCIAL INSTRUMENTS Quoted Securities Islamic Sebt Securities Short Term Investment OTHER ASSETS Amount due from Manager Amount due from Stockbroker Other Receivables Current Tax Assets Cash at Bank

UNIT HOLDERS’ FUND Unit Holders’ Capital (Accumulated losses)/ Retained Profits Investment Fluctuation Reserve

NET ASSET VALUE PER UNIT (SEN)


78 ı

ASBI DANA AL-MUNSIF 6.2 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2011 NOTES INCOME Gross Dividends from Shares Quoted in Malaysia Net Realiased Gain on Sale of Investments Income from Islamic Debt Securities Income from Short Term Investments Hibah from Al-Wadiah Account Net loss from financial instruments at fair value through profit or loss

EXPENSES Management Fee Trustee’s Fee Audit Fee Administrative Tax Agent Fee

NET INCOME BEFORE TAXATION Taxation NET INCOME FOR THE YEAR/ TOTAL COMPREHENSIVE INCOME AFTER TAXATION Net income for the year consist of : Realised amount Unrealised amount Total distribution for the year is as follows : Total distribution (net) Gross distribution per unit (sen) Net distribution per unit (sen) Distribution date

9 10

11

2011 (RM)

2010 (RM)

981,565

427,519

-

1,127,801

319,833

51,261

318,564

218,320

1,387 (828,268)

810 -

v

v

793,081

1,825,711

642,931 34,290 10,000 28,612 2,000

318,577 16,991 5,000 6,285 2,000

717,833

348,853

75,248 (21,262)

1,476,858 (21,354)

53,986

1,455,504

2,748,239 (2,694,253)

1,455,504 -

53,986

1,455,504

2,458,226 2.52 2.50 31/08/2011

1,351,428 2.28 2.25 31/08/2010

The notes are an integral part of these financial statements. ı 79

ASBI DANA AL-MUNSIF 6.3

STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE YEAR ENDED 31 AUGUST 2011 2011 (RM)

Net Asset Value as at 1 September

2010 (RM)

31,546,294 11,457,227

Movement In Reserves Net Income for the Year Net Decrease In Investment Fluctuation Reserve Less : Distribution for the Year

53,986

1,455,504

-

23,830

(2,458,226) (1,351,428) (2,404,240)

127,906

Movement due to Units Created and Released during the Year Creation of Units

24,767,710 21,848,641

Less: Cancellation of Units

(3,696,963) (1,887,480) 21,070,747 19,961,161

Net Asset Value as at 31 August 2011

50,212,801 31,546,294


80 ı

ASBI DANA AL-MUNSIF 6.4 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2011 NOTES

2011 (RM)

2010 (RM)

30,384,366 (56,276,584) 963,492 418,291

20,012,064 (31,465,995) 410,933 264,921

(615,650) (32,835) 2,722 (7,376) (29,092)

(278,565) (14,857) (5,000) (93,706)

Net Cash Generated from Operating and Investing Activities

(25,192,666)

(11,170,205)

Cash Flows from Financing Activities Creation of Units Cancellation of Units Payment of Distribution

25,321,148 (3,696,963) (1,351,428)

22,270,851 (1,887,480) (491,238)

Net Cash Generated from Financing Activities

20,272,757

19,892,133

(4,919,909)

8,721,928

Cash and Cash Equivalents at 1 September 2010/2009

15,182,588

6,460,660

Cash and Cash Equivalents as at 31 August

10,262,679

15,182,588

313,533 9,949,146 10,262,679

2,777,844 12,404,744 15,182,588

Cash Flows from Operating and Investing Activities Proceeds from Sale of Investments Purchases of Investments Dividend Received Income on Islamic Debt Securities and Short Term Investments Management Fee Paid Trustee Fee Paid Tax Refund Audit Fee Paid Payment for other Fee and Expenses

Net (decrease)/increase in Cash and Cash Equivalents

Cash and Cash Equivalents comprise : Cash at Bank Short Term Investments

(i)

(i) Cash at Bank This represents current account balance kept with a related company of the Manager, Bank Islam Malaysia Berhad. The notes are an integral part of these financial statements.

ı 81

6.5

NOTES TO THE FINANCIAL STATEMENT AUDITED FOR THE YEAR ENDED 31 AUGUST 2011

1.


ASBI Dana Al-Munsif (hereinafter referred to as “the Fund”) was constituted pursuant to the execution of a Deed dated 6 December 2001 and the various Supplemental Deeds between the Manager - BIMB Investment Management Bhd, the Trustee - ABB Trustee Bhd and the registered holders of the Fund. The addresses of the registered office and principle place of business of the Fund are as follows: Registered Office 11th Floor, Wisma Bank Islam Jalan Dungun, Bukit Damansara 50490 Kuala Lumpur Principal Place of Business 19th Floor, Menara Bank Islam No.22, Jalan Perak 50450 Kuala Lumpur The principal activity of the Fund is to invest in Authorised Investments as defined in the Deed, which include stocks and shares of companies quoted on Bursa Malaysia, short-term deposits and Islamic debt securities. The Manager, BIMB Investment Management Bhd, a company incorporated in Malaysia, is a subsidiary of Bank Islam Malaysia Bhd. The financial statements were approved by the Board of Directors on 13 October 2011. 2.


(a)


These financial statements of the Fund have been prepared in accordance with applicable approved Financial Reporting Standards (FRS), accounting principles generally accepted in Malaysia and the Securities Commission’s Guidelines on Unit Trust Fund. The Fund have not applied the following accounting standards (including its consequential amendments) and interpretations that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective:

82 ı

FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2011 • Amendments to FRS 1, First-time Adoption of Financial Reporting Standards – Limited Exemption from Comparative FRS 7 Disclosures for First-time Adopters – Additional Exemption for First-time Adopters • • • • •

Amendments to FRS 7, Financial Instruments: Disclosures – Improving Disclosures about Financial Instruments Amendments to FRS 2, Group Cash-settled Share Based Payment* IC Interpretation 4, Determining whether an Arrangement contains a Lease* IC Interpretation 18, Transfers of Assets from Customers* Improvements to FRSs (2010)

FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 July 2011 • IC Interpretation 19, Extinguishing Financial Liabilities with Equity Instruments • Amendments to IC Interpretation 14, Prepayments of a Minimum Funding Requirement * FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2012 • FRS 124, Related Party Disclosures (revised) • IC Interpretation 15, Agreements for the Construction of Real Estate* * Not applicable to the Fund. The Fund plans to apply the abovementioned applicable standards, amendments and interpretations : •

•

from the annual period beginning 1 September 2011 for those standards, amendments and interpretations that will be effective for annual periods beginning on or after 1 January 2011 and 1 July 2011; from the annual period beginning 1 September 2012 for those standards, amendments and interpretations that will be effective for annual periods beginning on or after 1 January 2012.

The initial application of the above standards, amendments and interpretations are not expected to have any material financial impact on the financial statements.

ı 83

(b)






The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods effected. There are no significant areas of estimation uncertainty and critical judgments in applying accounting policies that have a significant effect on the amounts recognised in the financial statements. 3.

SIGNIFICANT ACCOUNTING POLICIES

The accounting policies set out below have been applied consistently to the periods presented in these financial statements, and have been applied consistently by the Fund, other than those specified in Note 3(a) – Financial Instruments. (a) Financial Instruments Arising from the adoption of FRS 139, Financial Instruments : Recognition and Measurement, with effect from 1 September 2010, financial instrument are categorised and measured using accounting policies as mentioned below. Before 1 September 2010, different accounting policies were applied. Significant changes to the accounting policies are discussed in note 18. (i) Initial Recognition and Measurement A financial instrument is recognised in the statement of financial statements when, and only when, the Fund becomes a party to the contractual provisions of the instrument.

84 ı

A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. (ii) Financial Instrument Categories and Subsequent Measurement The Fund categorise financial instruments as follows : Financial assets (a) Financial assets at fair value through profit or loss Fair value through profit or loss category comprises financial assets that are held for trading, or financial assets that are specifically designated into this category upon initial recognition. These include quoted securities and Islamic debt securities. Financial assets categorised as fair value through profit or loss are subsequently measured at their fair values with the gain or loss recognised in the statement of comprehensive income. (b) Loans and receivables Loans and receivables category are debt instruments that are not quoted in an active market and these comprises amount due from manager, other receivables, amount due from stockbroker, cash at bank and short term investments. Financial assets categorised as loan and receivables are subsequently measured at amortised cost using the effective interest method. All financial assets except for these measured at fair value through profit or loss, are subject to review for impairment. Financial liabilities All financial liabilities are subsequently measured at amortised cost. Financial liabilities measured at amortised cost comprises amount due to stockbroker, other payables and distribution payable. (b) Revenue Recognition (i)

Dividend Income

Dividend from quoted investments is recognised when right to receive payment is established. ı 85

(ii)

Income from Short Term Investments and Islamic Debt Securities

Income from short term investments and Islamic debt securities are recognised in the statement of comprehensive income as it accrues. (iii)

Profit on Sale of Investments

Profit on sale of investments is recognised on the date of the transaction. Profit is computed based on the difference between the realised net disposal proceeds and carrying value of the investments, calculated on the weighted average cost basis. (c) Cash and Cash Equivalents Cash and cash equivalents consist of cash at bank and short term investments with licensed financial institutions which are readily convertible to cash with an insignificant risk of changes in value. Cash and cash equivalents are categorised and measured as loans and receivables in accordance with policy Note 3(a)(ii)(b). (d) Receivables Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from another entity is established. Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts. Following the adoption of FRS 139 on 1 September 2010, receivables are categorised and measured as loans and receivables in accordance with Note 3(a)(ii)(b). Receivables are not held for the purpose of trading. (e) Income Tax Tax expense comprises current and deferred tax. Tax expense is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

86 ı

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

4.

QUOTED SECURITIES Number of Shares Held 31.08.2011

Cost (RM) 31.08.2011

Market Value (RM) 31.08.2011

Percentage of Value of Funds at 31.08.2011 %

(A) MAIN MARKET (i) Consumer Products MSM Malaysia Holdings Bhd.

37,000

130,795

197,950

0.4

Total

37,000

130,795

197,950

0.4

(ii) Infrastructure YTL Power International Bhd.

629,000

1,459,008

1,182,520

2.3

Total

629,000

1,459,008

1,182,520

2.3

Company’s Name

ı 87

4.

QUOTED SECURITIES (CONTINUED) Number of Shares Held 31.08.2011

Cost (RM) 31.08.2011



(iii) Plantation Genting Plantations Bhd. IOI Corporation Bhd.

54,000 370,000

427,962 1,956,635

381,780 1,668,700

0.7 3.2

Total

424,000

2,384,597

2,050,480

3.9

(iv) Properties Al-Aqar KPJ Reit IJM Land Bhd. SP Setia Bhd. UEM Land Holdings Bhd.

390,100 180,000 254,000 491,000

401,095 567,720 1,031,792 1,379,707

436,912 435,600 962,660 1,021,280

0.8 0.8 1.8 2.0

1,315,100

3,380,314

2,856,452

5.4

28,000

85,688

99,400

0.2

206,250 367,000

435,443 983,004

371,250 880,800

0.7 1.7

574,700 324,000

1,533,034 1,765,937

1,580,425 1,720,440

3.0 3.3

193,500

589,886

367,650

0.7

268,000

765,066

675,360

1.3

628,000

2,791,461

2,731,800

5.2

369,600 184,000

1,464,988 1,550,371

1,478,400 1,617,360

2.8 3.1

104,500

722,860

548,625

1.1

583,000

2,198,163

2,419,450

4.6

3,830,550

14,885,901

14,490,960

27.7

Company’s Name

Total (v) Trading & Services Bumi Armada Bhd. Dayang Enterprise Holdings Dialong Group Bhd. Kencana Petroleum Bhd. Maxis Bhd. Malaysian Bulk Carriers Bhd. MMC Corporation Bhd. Plus Expressways Bhd. Sapuracrest Petroleum Bhd. Sime Darby Bhd. Tenaga Nasional Bhd. Telekom Malaysia Bhd. Total

88 ı

4.

QUOTED SECURITIES (CONTINUED)

Company’s Name

(vi) Construction Gamuda Bhd. Hock Seng Lee Bhd. IJM Corporation Bhd. Malayan Resources Corporation WCT Bhd. Total

Number of Shares Held 31.08.2011

Cost (RM) 31.08.2011



509,000 206,000

1,900,244 375,924

1,516,820 306,940

2.9 0.6

88,000

466,031

499,840

1.0

556,000 140,000

1,258,504 417,389

1,123,120 359,800

2.2 0.7

1,499,000

4,418,092

3,806,520

7.4

(vii) Industrial Products KNM Group Bhd. Petronas Chemical Group Bhd.

356,000

1,025,505

477,040

0.9

292,000

1,959,637

1,816,240

3.5

Total

648,000

2,985,142

2,293,280

4.4

8,382,650

29,643,849

26,878,162

51.5

Total Portfolio Investment as at 31 August 2011

ı 89

4.


Cost (RM) 31.08.2010



(A) MAIN MARKET (i) Consumer Products PBB Group Berhad

42,000

716,062

717,360

2.3

Total

42,000

716,062

717,360

2.3

(ii) Plantation IOI Corporation Berhad

550,000

2,869,163

2,887,500

9.2

Total

550,000

2,869,163

2,887,500

9.2

(iii) Property Trust fund Al-Aqar KPJ Reit

390,100

401,095

436,912

1.4

Total

390,100

401,095

436,912

1.4

35,000

211,315

240,100

0.8

379,700

1,157,053

1,082,145

3.4

255,000 240,000

2,225,132 1,316,763

2,241,450 1,291,200

7.1 4.1

250,000

1,019,495

1,050,000

3.3

259,600 230,000

593,324 1,813,061

599,676 1,920,500

1.9 6.1

20,000

66,547

70,600

0.2

167,000

1,440,278

1,479,620

4.7

1,836,300

9,842,968

9,975,291

31.6

284,000

954,721

982,640

3.1

546,000

932,427

906,360

2.8

830,000

1,887,148

1,889,000

5.9

Company’s Name

(iv) Trading & Services Bintulu Port Holdings Berhad Malaysian Bulk Carriers Berhad Malaysian Int’l Shipping Corporation Berhad Maxis Berhad PLUS Expressways Berhad Sapuracrest Petroleum Berhad Sime Darby Berhad Telekom Malaysia Berhad Tenaga Nasional Berhad Total (v) Construction Gamuda Berhad Malayan Resources Corporation Berhad Total 90 ı

4.


Cost (RM) 31.08.2010



(vi) Technology Unisem (M) Berhad

241,000

515,818

477,180

1.5

Total

241,000

515,818

477,180

1.5

3,889,400

16,232,254

16,383,243

5.19

Company’s Name

Total Portfolio Investment as at 31 August 2010 5.


Maturity Date

Rating* Issuer

Cost (RM)

Market Value (RM)


11.09.2015

AA1

114,540

117,890

0.2

Govt 15.07.2013 Investment Issuance I

-

1,993,200

2,007,800

3.8

Govt 30.08.2018 Investment Issuance II

-

9,996,800

10,126,000

19.4

AA1

3,017,760

3,102,000

5.9

15,122,300 15,353,690

29.3

Issuer

TTPC Sdn. Bhd.

Sarawak Energy Bhd.

22.06.2018

ı 91

4.


Maturity Date

Rating* Issuer

Cost (RM)

Market Value (RM)


11.09.2015

AA1

114,540

121,250

0.4

-

1,993,200

1,999,600

6.3

2,107,740

2,120,850

6.7

Issuer

TTPC Sdn. Bhd.

Govt 15.07.2013 Investment Issue

*Ratings by Rating Agency Malaysia Bhd. 6.

SHORT TERM INVESTMENTS

Special Investment Account Negotiable Islamic Debt Certificates Wakalah i-Deposit

7.

2011 (RM)

2010 (RM)

7,063,629

5,604,744

-

6,800,000

2,885,517

-

9,949,146

12,404,744

UNIT HOLDERS’ CAPITAL 2011 No of Units

2010 (RM)

No of Units

(RM)


60,063,446 31,111,429

22,216,000

11,150,268

Creation of Units

44,970,184 24,767,710

41,447,446

21,848,641

Cancellation of Units

(6,704,593) (3,696,963)

(3,600,000)

(1,887,480)

At 31 August 98,329,037 52,182,176

60,063,446

31,111,429

In accordance with the Deed, the maximum number of units that can be issued out for circulation is 400,000,000 units. As at 31 August 2011, the number of units yet to be issued is 301,670,963 (2010: 339,936,554). 92 ı

8.


2010 (RM)

Quoted Securities

-

16,383,243

Islamic Debt Securities

-

2,120,850

At Market Value

-

18,504,093

At Average Cost

-

(18,339,994)


-

164,099

9.

MANAGEMENT FEE

The Management Fee is based on 1.5% (2010: 1.5%) per annum of the net asset value of the Fund calculated on a daily basis. 10. TRUSTEE’S FEE The Trustee Fee is based on 0.08% (2010: 0.08%) per annum of the net asset value of the Fund calculated on a daily basis. 11.

TAXATION 2011 (RM)

2010 (RM)

Current year

24,126

23,698

Previous year overprovision

(2,864)

(2,344)

21,262

21,354

75,248

1,476,858

Income tax using Malaysian tax rate @ 25%

18,812

369,215

Non-deductible expenses

835,989

78,946

Income not subject to tax

(830,674)

(424,463)

(2,865)

(2,344)

21,262

21,354

Tax expense

Reconciliation of effective tax expense Net income before taxation

Overprovision of tax in prior year

ı 93

12. DISTRIBUTION 2011 (RM)

2010 (RM)

899,936

403,148

1,710,806

1,063,510

Distribution to Unit Holders is from the following sources : Gross Dividends from Shares Quoted in Malaysia Profit on Sale of Investment Income from Islamic Debt Securities

293,235

48,339

Income from Short Term Investments

292,072

205,874

1,272

764

3,197,321

1,721,635

Expenses

(717,833)

(348,853)

Tax expense

(21,262)

(21,354)

2,458,226

1,351,428


2.52

2.28


2.50

2.25

Hibah from Al-Wadiah Account Less :

Net Distribution

Net distribution was only made from the current financial year’s realised income of RM2,748,239 (2010: RM1,455,504). During the financial year, the Fund recorded a total unrealised losses of RM2,694,253 (2010: NIL) as disclosed in the Statement of Comprehensive Income for the year ended 31 August 2011. The Fund decided to distribute the realised income although there is an unrealised amount in the account as unrealised losses are temporary in nature, a result of fluctuation of investment value as at 31 August 2011.

94 ı

13.


The number of units held by management company and other related party are as follows : 2011 BIMB Investment Management Berhad Bank Islam Malaysia Berhad 14.

2010

UNITS

(RM)

UNITS

(RM)

-

-

410

215

500,000

255,650

500,000

262,800

TRANSACTIONS WITH RELATED AND OTHER STOCKBROKING COMPANIES Value of Trade

Total Trade

Brokerage Fee

Total Brokerage Fee

(RM)

%

(RM)

%

AM Securities Sdn. Bhd.

9,720,325

17.76

36,705

20.93

BIMB Securities Sdn. Bhd.*

10,405,706

19.01

27,996

15.97

CIMB Securities Sdn. Bhd.

8,922,137

16.30

30,250

17.25

MIDF

11,800,989

21.56

25,800

14.72

OSK Investment Bank Bhd.

8,024,143

14.66

36,843

21.01

RHB Securities Sdn. Bhd.

5,860,270

10.71

17,744

10.12

Total

54,733,570

100.00

175,338

100.00

2011 Stockbroking Companies

ı 95

Value of Trade

Total Trade

Brokerage Fee

Total Brokerage Fee

(RM)

%

(RM)

%

BIMB Securities Sdn. Bhd.*

18,512,734

31.7

38,753

19.3

AMInvestment Bank Group

10,827,215

18.5

38,671

19.2


11,419,540

19.6

88,493

44.0

MIDF Amanah Investment Bank Bhd.

9,369,906

16.0

25,404

12.6


8,262,125

14.1

9,878

4.9

Total

58,401,520

100.0

201,199

100.00


* Transactions with the related party have been entered into in the normal course of business and have been transacted at arm’s length basis. 15.


The Management Expense Ratio for the financial year is 1.68% (2010: 1.65%). It is the total management expenses expressed as an annual percentage of the Fund’s average net asset value. 16.






The table below provides an analysis of financial instruments categorised as follows: (a) Loans and receivables (L&R); (b) Fair value through profit or loss (FVTPL): (c) Other financial liabilities measured at amortised cost (OL). 96 ı

Carrying Amount (RM)

L&R/(OL) (RM)

FVTPL (RM)

Quoted securities

26,878,162

-

26,878,162


15,353,690

-

15,353,690

305,206

305,206

-

10,262,679

10,262,679

-

52,799,737

10,567,885

42,231,852

(2,616,357)

(2,616,357)

-


Receivables Cash and cash equivalents Financial Liabilities Payables 17.2


The Fund has exposure to the following risks from its use of financial instruments: • • • 17.3

Credit risk Liquidity risk Market risk Credit Risk

Credit risk is the risk of a financial loss to the Fund if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Fund’s exposure to credit risk arises principally from its investment securities and receivables. The Manager manages the credit risk by setting counterparty limits and undertaking credit evaluation to minimize the risk. The exposure to credit risk is monitored on an ongoing basis. The Fund’s maximum credit risk exposure at the reporting date is represented by the respective carrying amounts of the relevant financial assets in the statement of financial position. No financial assets carried at amortized cost were past due or impaired as at date of statement of financial position.

ı 97

17.4 Liquidity Risk Liquidity risk is the risk that the Fund will not be able to meet its financial obligations as they fall due. The Fund’s exposure to liquidity risk arises principally from its various payables which are due within one year. The Fund maintains sufficient level of liquid assets, after consultation with the Trustee, to meet anticipated payments and cancellation of units by unit holders. Liquid assets comprise cash and other instruments which are capable of being converted into cash within 7 days. 17.5 Market Risk Market risk is the risk that changes in market prices, such as profit rates and market prices will affect the Fund’s financial position or cash flows. Profit rate risk The profit rate profile of the Fund’s significant profit-bearing financial instruments, based on carrying amounts as at the end of reporting period was: 2011 (RM)

2010 (RM)

Fixed Rate Instruments Islamic debt securities

15,353,690

2,120,850

Short term investments

9,949,146

12,404,744

Fair value sensitivity analysis for fixed rate instruments The Fund accounts for the Islamic debt securities and short term investments with licensed financial institutions at fair value through profit and loss, and loans and receivables, respectively. A increase of 100 basis points (bp) in interest rates at the end of the reporting period would have decreased on the unitholders’ fund and statement of comprehensive income by RM811,146. A decrease of 100 basis point (bp) in interest rates would have equal but opposite effect on the equity and statement on comprehensive income respectively. Market price risk Equity price risk arises from the Fund’s investments in equity securities. Risk management objectives, policies and processes for managing the risk. 98 ı

The Fund is restricted to invest in securities issued by any issuer of not more than a certain percentage of its net asset value. Under such restriction, the exposure risk to the securities of any issuer is mitigated. Equity price risk sensitivity analysis This analysis assumes that all other variables remain constant and the Fund’s equity investments moved in correlation with FTSE Bursa Malaysia KLCI (FBMKLCI). A 5% strengthening FBMKLCI at the end of the reporting period would have increased the net asset value and unitholders’ fund by RM1,343,908. A 5% weakening in FBMKLCI would have had equal but opposite effect on the net asset value and unitholders’ fund respectively. 17.6

Fair value of financial instruments

The carrying amounts of cash and cash equivalents, short term receivables and payables approximate fair values due to the relatively short term nature of these financial instruments. Investments in equity and Islamic debt securities The fair values of financial assets that are quoted in an active market are determined by reference to their quoted closing bid price at the end of the reporting period. 18.


18.1 FRS 139, Financial Instruments: Recognition and Measurement The adoption of FRS 139 has resulted in several changes to accounting policy relating to recognition and measurement of financial instruments. Financial impact arising from the change in accounting policy is as follows: Investments in equity securities Prior to adoption of FRS 139, equity securities are stated at market value on a portfolio basis. The difference between the total market value and cost at end of reporting date is treated as unrealised gain or loss which is recognised in the investment fluctuation reserve in the statement of financial position.

ı 99

With the adoption of FRS 139, equity securities are now categorised and measured as fair value through profit or loss as detailed in note 3(a)(ii). Investments in Islamic debt securities Prior to the adoption of FRS 139, investments in Islamic debt securities were stated at market value as at the close of market trading on the date of balance sheet. The difference between the aggregate market value and cost on that date (if any) is treated as investment fluctuation reserve in the balance sheet. With the adoption of FRS 139, Islamic debt securities are now categorised and measured as fair value through profit or loss as detailed in note 3(a)(ii). Adjustment due to change in accounting polices The change in accounting policies as described above has resulted in adjustments to opening accumulated losses and investment fluctuation reserve of the Fund as follows : Retained Profit (RM)



270,766

164,099


164,099

(164,099)


434,865

-

100ı

18.2


The Fund applies FRS 101 (revised) which became effective as of 1 September 2010. As a result, the Fund presents all non-owner changes in equity in the statement of comprehensive income. Comparative information has been re-presented so that it is in conformity with the revised standard. Since the change only affects presentation aspects, there is no impact on net assets value attributable to unitholders per unit. Arising from the adoption of FRS 101 (revised), income statement for the year ended 31 August 2010 have been re-presented as statement of comprehensive income. All non-owner changes in equity that were presented in the statement of changes in equity are now included in the statement of comprehensive income as other comprehensive income. Consequently, components of comprehensive income are not presented in the statement of changes in net assets value.

ı 101

ASBI DANA AL-FALAH 6.1 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2011 NOTES

2011 (RM)

2010 (RM)

4 5 6

10,541,435 4,071,800 6,942,731

4,832,082 3,007,271

21,555,966

7,839,353

OTHER ASSETS Amount due from Manager Amount due from Stockbroker Other Receivables Current Tax Assets Cash at Bank

16,802 90,991 7,766 2,333,127

310,755 1,240,153 13,853 2,511 1,097,333

TOTAL ASSETS

24,004,652 10,503,958

FINANCIAL INSTRUMENTS Quoted Securities Islamic Debt Securities Short Term Investment

LIABILITIES Amount due to Stockbroker Other Payables Distribution Payable

44,387 845,325

1,753,515 24,852 276,331

TOTAL LIABILITIES

889,712

2,054,698

23,114,940

8,449,260

7

24,063,577 (948,637)

8,361,482 44,910

8

-

42,868


23,114,940

8,449,260


42,266,252 15,351,730

NET ASSET VALUE AS AT 31 AUGUST UNIT HOLDERS’ FUND Unit Holders’ Capital (Accumulated losses)/ Retained Profits Investment Fluctuation Reserve

NET ASSET VALUE PER UNIT (SEN)

54.7

The notes are an integral part of these Financial Statements.

102ı

55.0

ASBI DANA AL-FALAH 6.2 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2011 NOTES INCOME Gross Dividends from Shares Quoted in Malaysia Net Realised Gain on Sale of Investments Income from Islamic Debt Securities Income from Short Term Investments Hibah from Al-Wadiah Account Net Loss from Financial Instruments at Fair Value Through Profit or Loss EXPENSES Management Fee Trustee’s Fee Audit Fee Administration Tax Agent Fee

9 10

NET (LOSS)/INCOME BEFORE TAXATION Taxation NET (LOSS)/INCOME FOR THE YEAR/ TOTAL COMPREHENSIVE INCOME AFTER TAXATION Net (loss)/income for the year consist of : Realised amount Unrealised amount

Total distribution for the year is as follows : Total distribution (net) Gross distribution per unit (sen) Net distribution per unit (sen) Distribution date

11

2011 (RM)

2010 (RM)

297,864

77,598

67,295 115,701 569 (424,071)

262,972 38,672 246 -

57,358

379,488

210,529 11,228 10,000 11,201 2,000

57,567 3,070 5,000 5,723 2,000

244,958

73,360

(187,600)

306,128

(3,490)

(3,898)

(191,090)

302,230

883,583 (1,074,673)

302,230 -

(191,090)

302,230

845,325 2.01 2.00 31/08/2011

276,331 1.82 1.80 31/08/2010


ı 103

ASBI DANA AL-FALAH 6.3 STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE YEAR ENDED 31 AUGUST 2011

Net Asset Value as at 1 September

2011 (RM)

2010 (RM)

8,449,260

1,773,026

(191,090)

302,230

-

30,168

(845,325)

(276,331)

1,040,313

56,067

16,237,069

6,620,167

Movement In Reserves Net Income/ (loss) for the Year Net Decrease In Investment Fluctuation Reserve Less : Distribution for the Year Movement due to Units Created and Released during the Year Creation of Units Less: Cancellation of Units Net Asset Value as at 31 August

(534,974)

-

15,702,095

6,620,167

23,114,940

8,449,260


104ı

ASBI DANA AL-FALAH 6.4 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2011 NOTES

2011 (RM)

2010 (RM)

8,559,474 (19,274,378) 229,604 159,299

4,229,807 (7,366,980) 63,124 38,918

(192,653) (10,275) 1,244 (7,416) (13,362)

(49,571) (2,644) (5,000) (3,006)

Net Cash Used In Operating and Investing Activities

(10,548,463)

(3,095,352)

Cash Flows from Financing Activities Creation of Units Cancellation of Units Payment of Distribution

16,531,022 (534,974) (276,331)

6,352,556 (39,610)

15,719,717

6,312,946

Net Increase In Cash and Cash Equivalents

5,171,254

3,217,594

Cash and Cash Equivalents at 1 September 2010/2009

4,104,604

887,010

Cash and Cash Equivalents as at 31 August

9,275,858

4,104,604

2,333,127 6,942,731

1,097,333 3,007,271

9,275,858

4,104,604

Cash Flows from Operating and Investing Activities Proceeds from Sale of Investments Purchases of Investments Dividend Received Income from Islamic Debt Securities and Short Term Investments Management Fee Paid Trustee Fee Paid Tax Refund Audit Fee Paid Payment for other Fee and Expenses

Net Cash Generated from Financing Activities

Cash and Cash Equivalents Comprise: Cash at Bank Short Term Investments

(i)

(i) Cash at Bank This represents current account balance kept with a related company of the Manager, Bank Islam Malaysia Berhad. The notes are an integral part of these financial statements.

ı 105

6.5

NOTES TO THE FINANCIAL STATEMENT AUDITED FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2011

1.


ASBI Dana Al-Falah (hereinafter referred to as “the Fund”) was constituted pursuant to the execution of a Deed dated 6 December 2001 and the various Supplemental Deeds between the Manager - BIMB Investment Management Bhd, the Trustee - ABB Trustee Bhd and the registered holders of the Fund. The addresses of the registered office and principle place of business of the Fund are as follows: Registered Office 11th Floor, Wisma Bank Islam Jalan Dungun, Bukit Damansara 50490 Kuala Lumpur Principal Place of Business 19th Floor, Menara Bank Islam No.22, Jalan Perak 50450 Kuala Lumpur The principal activity of the Fund is to invest in Authorised Investments as defined in the Deed, which include stocks and shares of companies quoted on Bursa Malaysia, short-term deposits and Islamic debt securities. The Manager, BIMB Investment Management Berhad, a company incorporated in Malaysia, is a subsidiary of Bank Islam Malaysia Berhad. The financial statements were approved by the Board of Directors on 13 October 2011. 2.


(a)


These financial statements of the Fund have been prepared in accordance with applicable approved Financial Reporting Standards (FRS), accounting principles generally accepted in Malaysia and the Securities Commission’s Guidelines on Unit Trust Fund. The Fund has not applied the following accounting standards (including its consequential amendments) and interpretations that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective: 106ı

FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2011 • Amendments to FRS 1, First-time Adoption of Financial Reporting Standards – Limited Exemption from Comparative FRS 7 Disclosures for First- time Adopters – Additional Exemption for First-time Adopters • Amendments to FRS 7, Financial Instruments : Disclosures – Improving Disclosures about Financial Instruments • Amendments to FRS 2, Group Cash-settled Share Based Payment* • IC Interpretation 4, Determining whether an Arrangement contains a Lease* • IC Interpretation 18, Transfers of Assets from Customers* • Improvements to FRSs (2010) FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 July 2011 • IC Interpretation 19, Extinguishing Financial Liabilities with Equity Instruments • Amendments to IC Interpretation 14, Prepayments of a Minimum Funding Requirement * FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2012 • FRS 124, Related Party Disclosures (revised) • IC Interpretation 15, Agreements for the Construction of Real Estate* * Not applicable to the Fund. The Fund plans to apply the abovementioned applicable standards, amendments and interpretations : •

•

from the annual period beginning 1 September 2011 for those standards, amendments and interpretations that will be effective for annual periods beginning on or after 1 January 2011 and 1 July 2011; from the annual period beginning 1 September 2012 for those standards, amendments and interpretations that will be effective for annual periods beginning on or after 1 January 2012.

The initial application of the above standards, amendments and interpretations are not expected to have any material financial impact on the financial statements.

ı 107

(b)






The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods effected. There are no significant areas of estimation uncertainty and critical judgments in applying accounting policies that have a significant effect on the amounts recognised in the financial statements. 3.

SIGNIFICANT ACCOUNTING POLICIES

The accounting policies set out below have been applied consistently to the periods presented in these financial statements, and have been applied consistently by the Fund, other than those specified in Note 3(a) - Financial Instruments. (a)

Financial Instruments

Arising from the adoption of FRS 139, Financial Instruments: Recognition and Measurement, with effect from 1 September 2010, financial instrument are categorised and measured using accounting policies as mentioned below. Before 1 September 2010, different accounting policies were applied. Significant changes to the accounting policies are discussed in note 18. (i) Initial Recognition and Measurement A financial instrument is recognised in the statement of financial statements when, and only when, the Fund becomes a party to the contractual provisions of the instrument. A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. 108ı

(ii) Financial Instrument Categories and Subsequent Measurement The Fund categorise financial instruments as follows: Financial assets (a) Financial assets at fair value through profit or loss Fair value through profit or loss category comprises financial assets that are held for trading, or financial assets that are specifically designated into this category upon initial recognition. These include quoted securities and Islamic debt securities. Financial assets categorised as fair value through profit or loss are subsequently measured at their fair values with the gain or loss recognised in the statement of comprehensive income. (b) Loans and receivables Loans and receivables category are debt instruments that are not quoted in an active market and these comprises amount due from manager, other receivables, amount due from stockbroker, cash at bank and short term investments. Financial assets categorised as loan and receivables are subsequently measured at amortised cost using the effective interest method. All financial assets except for these measured at fair value through profit or loss, are subject to review for impairment. Financial liabilities All financial liabilities are subsequently measured at amortised cost. Financial liabilities measured at amortised cost comprises amount due to stockbroker, other payables and distribution payable. (b)

Revenue Recognition (i)

Dividend Income

Dividend from quoted investments is recognised when right to receive payment is established.

ı 109

(ii)

Income from Short Term Investments and Islamic Debt Securities

Income from short term investments and Islamic debt securities are recognised in the statement of comprehensive income as it accrues. (c)

Cash and Cash Equivalents Cash and cash equivalents consist of cash at bank and short term investments with licensed financial institutions which are readily convertible to cash with an insignificant risk of changes in value. Cash and cash equivalents are categorised and measured as loans and receivables in accordance with policy Note 3(a)(ii)(b).

(d) Receivables Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from another entity is established. Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts. Following the adoption of FRS 139 on 1 September 2010, receivables are categorised and measured as loans and receivables in accordance with Note 3(a)(ii)(b). Receivables are not held for the purpose of trading. (e)

Income Tax

Tax expense comprises current and deferred tax. Tax expense is recognised

110ı

in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. 4.

QUOTED SECURITIES Number of Shares Held 31.08.2011

Cost (RM) 31.08.2011



(A) MAIN MARKET (i) Consumer Products MSM Malaysia Holdings Bhd.

13,000

45,955

69,550

0.3

Total

13,000

45,955

69,550

0.3

(ii) Plantation Genting Plantations Bhd. IOI Corporation Bhd.

24,000 108,600

190,306 579,381

169,680 489,786

0.7 2.1

Total

132,600

769,687

659,466

2.8

Company’s Name

ı 111

4.


Company’s Name

(iii) Properties IJM Land Bhd Mah Sing Group Bhd Naim Holding Bhd SP Setia Bhd UEM Land Holdings Bhd Total (iv) Trading & Services Axiata Group Bhd Bumi Armada Berhad Dayang Enterprise Holdings Dialog Group Berhad Kencana Petroleum Berhad Maxis Berhad Malaysian Bulk Carriers Bhd. MMC Corporation Bhd. Plus Expressways Bhd. Sapuracrest Petroleum Bhd. Sime Darby Bhd. Tenaga Nasional Bhd. Telekom Malaysia Bhd. Total

112ı


Cost (RM) 31.08.2011



76,800

239,687

185,856

0.8

51,000 48,800 112,000

126,583 158,526 455,863

111,180 92,720 424,480

0.5 0.4 1.8

217,000

609,046

451,360

1.9

505,600

1,589,705

1,265,596

5.4

41,000

190,404

193,520

0.8

11,000

33,663

39,050

0.2

127,281

243,110

229,105

1.0

212,000

572,901

508,800

2.2

223,000 61,000

578,353 334,888

613,250 323,910

2.7 1.4

38,000

118,104

72,200

0.3

100,000

287,022

252,000

1.1

287,000

1,273,283

1,248,450

5.4

148,000 92,000

572,218 783,346

592,000 808,680

2.6 3.5

35,500

245,190

186,375

0.8

217,000

851,311

900,550

3.9

1,592,781

6,083,793

5,967,890

25.9

4.


Cost (RM) 31.08.2011



207,100 100,500

771,965 182,686

617,158 149,745

2.7 0.7

46,000

261,504

261,280

1.1

227,000 75,000

502,435 224,145

458,540 192,750

2.0 0.8

Total

655,600

1,942,735

1,679,473

7.3

(vi) Industrial Products KNM Group Bhd. Petronas Chemical Group Bhd.

156,000

450,649

209,040

0.9

111,000

753,872

690,420

3.0

Total

267,000

1,204,521

899,460

3.9

3,166,581

11,636,396

10,541,435

45.6

Company’s Name


Cost (RM) 31.08.2010



(A) MAIN BOARD (i) Construction Gamuda Berhad Malayan Resources Corporation Berhad

72,000

242,264

249,120

3.0

160,000

272,007

265,600

3.1

Total

232,000

514,271

514,720

6.1

(ii) Consumer Products PPB Group Bhd. Tan Chong Motors Holdings Bhd.

10,000

170,249

170,800

2.0

34,000

163,479

161,500

1.9

Total

44,000

337,728

332,300

3.9

Company’s Name

(v) Construction Gamuda Bhd. Hock Seng Lee Bhd. IJM Corporation Bhd. Malayan Resources Corporation WCT Bhd.

Total Portfolio Investment as at 31 August 2011

ı 113

4.


Cost (RM) 31.08.2010



(iii) Technology Unisem (M) Berhad

66,000

141,931

130,680

1.5

Total

66,000

141,931

130,680

1.5

(iv) Plantation IOI Corporation Bhd

122,600

637,217

643,650

7.6

Total

122,600

637,217

643,650

7.6

62,000

127,134

125,240

1.5

103,000

158,148

158,620

1.9

38,000

118,104

108,300

1.3

56,000 61,000

486,835 334,888

492,240 328,128

5.8 3.9

45,000

252,798

247,500

2.9

82,000

333,887

334,400

4.1

106,000 77,000

237,601 604,200

244,860 642,950

2.9 7.6

3,300

10,957

11,649

0.1

57,200

497,515

506,793

6.0

690,500

3,162,067

3,210,732

38.0

1,155,100

4,789,214

4,832,082

57.1

Company’s Name

(v) Trading & Services Dayang Enterprise Holdings Berhad Kencana Petroleum Bhd Malaysian Bulk Carriers Bhd Malaysian International Shipping Corp Bhd Maxis Berhad Parkson Holdings Berhad Plus Expressway Berhad Sapuracrest Petroleum Bhd Sime Darby Bhd Telekom Malaysia Bhd Tenaga Nasional Bhd Total Total Portfolio Investment as at 31 August 2010

114ı

5. ISLAMIC DEBT SECURITIES

Maturity Date

Issuer

Rating* Issuer

Cost (RM)

Market Value (RM)


-

2,999,040

3,037,800

13.1

AA1

1,005,920

1,034,000

4.5

4,004,960

4,071,800

17.6

Govt Investment 30.08.2018 Issuance Sarawak Energy Bhd.

22.06.2018

*Ratings by Rating Agency Malaysia Bhd. 6.

SHORT TERM INVESTMENTS 2011 (RM)

2010 (RM)

Special Investment Account

3,514,196

3,007,271

Wakalah i-Deposit

3,428,535

-

6,942,731

3,007,271

All short term investments are placed with licensed financial institutions. 7.

UNIT HOLDERS’ CAPITAL 2011

2010

No of Units

(RM)

No of Units

(RM)


15,351,730

8,361,482

3,365,630

1,741,315

Creation of units

27,827,561 16,237,069

11,986,100

6,620,167

-

-

15,351,730

8,361,482

Cancellation of Units At 31 August

(913,039)

(534,974)

42,266,252 24,063,577

In accordance with the Deed, the maximum number of units that can be issued out for circulation is 400,000,000 units. As at 31 August 2011, the number of units yet to be issued is 357,733,748 (2010: 384,648,270). ı 115

8.


2010 (RM)

Quoted securities At market value

-

4,832,082

At average cost

-

(4,789,214)


-

42,868

9.

MANAGEMENT FEE

The Management Fee is based on 1.5% (2010: 1.5%) per annum of the net asset value of the Fund calculated on a daily basis. 10.

TRUSTEE’S FEE

The Trustee Fee is based on 0.08% (2010: 0.08%) per annum of the net asset value of the Fund calculated on a daily basis. 11.

TAXATION 2011 (RM)

2010 (RM)

Tax expense Current year

5,460

5,146

Previous year overprovision

(1,970)

(1,248)

3,490

3,898

Reconciliation of effective tax expense Net (loss)/income before tax

(187,600) 306,128

Income tax using Malaysian tax rate @ 25%

(46,900)

76,532

Non-deductible expenses

324,190

16,585

Income not subject to tax

(271,830) (87,971)

Overprovision of tax in prior year

116ı

(1,970)

(1,248)

3,490

3,898

12. DISTRIBUTION 2011 (RM)

2010 (RM)

Gross Dividends from Shares Quoted in Malaysia

287,797

72,302

Profit on Sale of Investment

628,614

245,025

Distribution to Unit Holders is from the following sources :

Income from Islamic Debt Securities

65,021

-

Income from Short Term Investment

111,791

36,033

550

229

1,093,773

353,589

(244,958)

(73,360)

Tax expense

(3,490)

(3,898)

Net Distribution

845,325

276,331


2.01

1.82


2.00

1.80

Hibah from Al-Wadiah Account Less : Expenses

Net distribution was only made from the current financial year’s realised income of RM883,583 (2010: RM302,230). During the financial year, the Fund recorded a total unrealised losses of RM1,074,673 (2010: NIL) as disclosed in the Statement of Comprehensive Income for the year ended 31 August 2011. The Fund decided to distribute the realised income although there is an unrealised amount in the account as unrealised losses are temporary in nature, a result of fluctuation of investment value as at 31 August 2011.

ı 117

13.


The number of units held by the management company and other related party are as follows : 2011 BIMB Investment Management Berhad Bank Islam Malaysia Berhad

14.

2010

UNITS

(RM)

UNITS

(RM)

-

-

6,565

3,611

131,206

71,783

127,215

69,981

TRANSACTIONS WITH RELATED AND OTHER STOCKBROKING COMPANIES Value of Trade

Total Trade

Brokerage Fee

Total Brokerage Fee

(RM)

%

(RM)

%

AM Securities Sdn. Bhd.

3,295,295

15.82

12,786

16.94

BIMB Securities Sdn. Bhd. *

4,999,569

24.00

17,424

23.09


3,288,718

15.79

12,637

16.75

MIDF

3,252,796

15.61

11,333

15.02


3,231,598

15.51

12,087

16.02

RHB Securities Sdn. Bhd.

2,763,798

13.27

9,190

12.18

Total

20,831,774

100.00

75,457

100.00


118ı

Value of Trade

Total Trade

Brokerage Fee

Total Brokerage Fee

(RM)

%

(RM)

%

BIMB Securiities Sdn Bhd*

3,252,704

23.22

12,166

22.36

AMInvestment Bank Group

3,203,634

22.86

13,622

25.03


2,692,298

19.22

10,207

18.76

MIDF Amanah Investment Bank Bhd.

2,467,151

17.62

9,335

17.15


2,392,420

17.08

9,088

16.70

Total

14,008,207

100.00

54,418

100.00


* Transactions with the related party have been entered into in the normal course of business and have been transacted at arm’s length basis. 15.


The Management Expense Ratio for the financial year is 1.76% (2010: 1.92%). It is the total management expenses expressed as an annual percentage of the Fund’s average net asset value. 16.






The table below provides an analysis of financial instruments categorised as follows : (a) Loans and receivables (L&R); (b) Fair value through profit or loss (FVTPL): (c) Other financial liabilities measured at amortised cost (OL). ı 119

Carrying Amount (RM)

L&R/(OL) (RM)

FVTPL (RM)

Quoted securities

10,541,435

-

10,541,435


4,071,800

-

4,071,800

107,793

107,793

-

9,275,858

9,275,858

-


Receivables Cash and cash equivalents

23,996,886 9,383,651

14,613,235

Financial Liabilities Payables 17.2

(889,712)

(889,712)

-


The Fund has exposure to the following risks from its use of financial instruments: • • • 17.3

Credit risk Liquidity risk Market risk Credit Risk

Credit risk is the risk of a financial loss to the Fund if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Fund’s exposure to credit risk arises principally from its investment securities and receivables. The Manager manages the credit risk by setting counterparty limits and undertaking credit evaluation to minimize the risk. The exposure to credit risk is monitored on an ongoing basis. The Fund’s maximum credit risk exposure at the reporting date is represented by the respective carrying amounts of the relevant financial assets in the statement of financial position. No financial assets carried at amortized cost were past due or impaired as at date of statement of financial position. 120ı

17.4

Liquidity Risk

Liquidity risk is the risk that the Fund will not be able to meet its financial obligations as they fall due. The Fund’s exposure to liquidity risk arises principally from its various payables which are due within one year. The Fund maintains sufficient level of liquid assets, after consultation with the Trustee, to meet anticipated payments and cancellation of units by unit holders. Liquid assets comprise cash and other instruments, which are capable of being converted into cash within 7 days. 17.5

Market Risk

Market risk is the risk that changes in market prices, such as profit rates and market prices will affect the Fund’s financial position or cash flows. Profit rate risk The profit rate profile of the Fund’s significant profit-bearing financial instruments, based on carrying amounts as at the end of reporting period was: 2011 (RM)

2010 (RM)

Fixed Rate Instruments Islamic debt securities

4,071,800

-

Short term investments

6,942,731

3,007,271

Fair value sensitivity analysis for fixed rate instruments The Fund accounts for the Islamic debt securities and short term investments with licensed financial institutions at fair value through profit and loss, and loans and receivables, respectively. A increase of 100 basis points (bp) in interest rates at the end of the reporting period would have decreased on the unitholders’ Fund and statement of comprehensive income by RM237,219. A decrease of 100 basis point (bp) in interest rates would have equal but opposite effect on the equity and statement on comprehensive income respectively.

ı 121

Market price risk Equity price risk arises from the Fund’s investments in equity securities. Risk management objectives, policies and processes for managing the risk The Fund is restricted to invest in securities issued by any issuer of not more than a certain percentage of its net asset value. Under such restriction, the exposure risk to the securities of any issuer is mitigated. Equity price risk sensitivity analysis This analysis assumes that all other variables remain constant and the Fund’s equity investments moved in correlation with FTSE Bursa Malaysia KLCI (FBMKLCI). A 5% strengthening FBMKLCI at the end of the reporting period would have increased the net asset value and unitholders’ fund by RM527,072. A 5% weakening in FBMKLCI would have had equal but opposite effect on the net asset value and unitholders’ fund respectively. 17.6

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, short term receivables and payables approximate fair values due to the relatively short term nature of these financial instruments. Investments in equity and Islamic debt securities The fair values of financial assets that are quoted in an active market are determined by reference to their quoted closing bid price at the end of the reporting period. 18.


18.1 FRS 139, Financial Instruments: Recognition and Measurement The adoption of FRS 139 has resulted in several changes to accounting policy relating to recognition and measurement of financial instruments. Financial impact arising from the change in accounting policy is as follows:

122ı

Investments in equity securities Prior to adoption of FRS 139, equity securities are stated at market value on a portfolio basis. The difference between the total market value and cost at end of reporting date is treated as unrealised gain or loss which is recognised in the investment fluctuation reserve in the statement of financial position. With the adoption of FRS 139, equity securities are now categorised and measured as fair value through profit or loss as detailed in note 3(a)(ii). Investments in Islamic debt securities Prior to the adoption of FRS 139, investments in Islamic debt securities were stated at market value as at the close of market trading on the date of balance sheet. The difference between the aggregate market value and cost on that date (if any) is treated as investment fluctuation reserve in the balance sheet. With the adoption of FRS 139, Islamic debt securities are now categorised and measured as fair value through profit or loss as detailed in note 3(a)(ii). Adjustment due to change in accounting polices The change in accounting policies as described above has resulted in adjustments to opening accumulated losses and investment fluctuation reserve of the Fund as follows: Retained Profit (RM)



44,910

42,868


42,868

(42,868)


87,778

-

ı 123

18.2


The Fund applies FRS 101 (revised) which became effective as of 1 September 2010. As a result, the Fund presents all non-owner changes in equity in the statement of comprehensive income. Comparative information has been re-presented so that it is in conformity with the revised standard. Since the change only affects presentation aspects, there is no impact on net assets value attributable to unitholders per unit. Arising from the adoption of FRS 101 (revised), income statement for the year ended 31 August 2010 have been re-presented as statement of comprehensive income. All non-owner changes in equity that were presented in the statement of changes in equity are now included in the statement of comprehensive income as other comprehensive income. Consequently, components of comprehensive income are not presented in the statement of changes in net assets value.

124ı

8.0

CORPORATE DIRECTORY

MANAGER BIMB INVESTMENT MANAGEMENT BERHAD (276246-X) Registered Office Tingkat 11, Wisma Bank Islam Jalan Dungun, Bukit Damansara 50490 Kuala Lumpur Business Office Level 19, Menara Bank Islam No.22, Jalan Perak 50450 Kuala Lumpur BOARD OF DIRECTORS Dato’ Sri Zukri Samat (Chairman – Non Executive) Mustapha Hamat (Non-Executive Independent Director) Ghazali Awang (Non-Executive Independent Director) Ahmad Mudahir Bin Omar (Non-Executive Non Independent Director) Khairul Kamarudin (Non-Executive Non Independent Director) INVESTMENT COMMITTEE Mustapha Hamat (Independent Member) Ghazali Awang (Independent Member) Norashikin Mohd Kassim Jeroen P.M.M Thijs COMPANY SECRETARY Norhidayati Mohamat Salim (MIA 27364) 33, Jalan Batu Jauhar Taman Rowther 68100 Batu Caves Kuala Lumpur Zuraidah Binti Zainudin (LS 8101) No.22, Jalan 7/3B, Seksyen 7 43650 Bandar Baru Bangi, Selangor

ı 125

KEY MANAGEMENT Dato’ Sri Zukri Samat (Principle Officer) Nazaruddin Othman (Chief Operating Officer) Fatimatul Zainulha Mohamed Isa (Compliance Manager) Hanafi Husin (Head of Investment) Lily Marlina Mohd Yunus (Head of Finance and Operation) Amirul Azim Mohd Hussain (IT Administrator) SHARIAH PANEL Dr. Ahmad Shahbari @ Sobri Salamon Prof. Madya Dr. Yusof Bin Ramli Dr. Asmak Binti Ab. Rahman PRINCIPAL BANKER BANK ISLAM MALAYSIA BERHAD Ground Floor, Menara Bank Islam, No.22, Jalan Perak, 50350 Kuala Lumpur TRUSTEE ABB Trustee Berhad Tingkat 17, Menara Affin 80, Jalan Raja Chulan 50200 Kuala Lumpur Company No: 208904-W SOLICITORS Messrs Naqiz & Partners No. 42A, Lorong Dungun Damansara Heights 50490 Kuala Lumpur AUDITOR AND REPORTING ACCOUNTANTS KPMG Desa Megat & Co. (AF 0759) Level 10, KPMG Tower 8, First Avenue, Bandar Utama 47800 Petaling Jaya Selangor 126ı

TAX ADVISERS Ernst & Young Tax Consultants Sdn Bhd Level 23A, Menara Milenium Jalan Damanlela,Pusat Bandar Damansara Damansara Heights 50490 Kuala Lumpur FEDERATION OF INVESTMENT MANAGERS MALAYSIA (FiMM) 19-07-3, 7th Floor, PNB Damansara No.19, Lorong Dungun Damansara Heights 50490 Kuala Lumpur DISTRIBUTORS Bank Islam Malaysia Berhad Branches IFast Capital Sdn. Bhd. Philip Mutual Berhad Registered Unit Trust Consultant with BIMB INVESTMENT MANAGEMENT BERHAD TOLL FREE NUMBER : 1-800-88-1196

ı 127

This page is intentionally left blank

128ı


ı 129


130ı

(formerly known as BIMB Unit Trust Management Berhad)

ı 131

19th Floor, Menara Bank Islam, No. 22, Jalan Perak, 50450 Kuala Lumpur. Tel: 03-2161 2524 / 2924 Fax: 03-2161 2464 www.bankislam.com.my Monday - Friday, 8.45am - 5.45pm

Toll Free Number : 1-800-88-1196 Call Centre : 03- 26 900 900

132ı

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