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Question 1

Al-Salam REIT buys Mydin hypermarket in Terengganu

BUSINESS NEWS
Tuesday, 3 Oct 2017
KUALA LUMPUR: Al-Salam Real Estate Investment Trust

(REIT) is buying a Mydin double-storey hypermarket in Gong Badak, Kuala Terengganu, for RM155mil in
cash.

Johor Corp’s unit Damansara REIT Managers Sdn Bhd, which manages the Islamic REIT, told Bursa Malaysia
that AmanahRaya Trustees Bhd, acting on behalf of Al-Salam REIT, had on Monday inked a conditional
agreement with Mydin Wholesale Cash and Carry Sdn Bhd to acquire Mydin Hypermarket Gong Badak.

The three-years-old hypermarket includes 796 car park bays (634 covered parking bays and 162 surface car
parking bays).

On completion of the proposed acquisition, the property will be leased back to Mydin Mohamed Holdings Bhd for
a period of 30 years with a 5% rent increment every two years.

Following the aquisition, Al-Salam REIT’s portfolio of investment properties will increase in value from
RM922.1mil to RM1.077bil.

Damansara REIT Managers believes that the proposed purchase represented a good opportunity for Al-Salam
REIT to expand its existing portfolio of investment properties that could provide a stable and sustainable income
stream pursuant to the lease agreement.

The proposed acquisition is expected to be completed in the first quarter of 2018.

Al-Salam REIT, set up in March 2015, has a portfolio of properties ranging from Komtar Johor Baru City Centre to
KFC/Pizza Hut restaurants.

Read more at
https://www.thestar.com.my/business/business-news/2017/10/03/al-salam-reit-buys-mydin-hypermarket-
in-terengganu/#fwio4WAhfvqdow6u.99

Based on the above statement, discuss


1. Objectives of Islamic Reits
2. Reits Player in Al-salam Reits
3. Why Al-salam Reits acquire Mydin Hypermarket ?
Question 2
PMB Investment declares distributions for 3 funds

BUSINESS NEWS
Tuesday, 4 Aug 2015
KUALA LUMPUR: PMB Investment Bhd has declared income distributions for its PMB Shariah
Aggressive Fund (PMB SAF), PMB Shariah Wholesale Income Fund (PMB SWIF1) and PMB Shariah
Cash Management Fund (PMB SCMF) for the financial year ended July 31, 2015.

PMB Investment, which is a member of Pelaburan Mara Bhd, said on Tuesday the income distribution
for PMB SAF was 2.20 sen nett in the form of units.

It said despite the challenges in the equities market, PMB SAF could register a total return of 8.3% to
58.29 sen per unit from the 53.84 sen per unit a year ago, out of which 4.1% was distributed as income.

After the distribution, its net asset value (NAV) per unit as at July 31, 2015 was adjusted to 56.09 sen.

As for the PMB Shariah Wholesale Income Fund 1 (PMB SWIF1), the monthly income distribution
declared was 0.28 sen nett in the form of units.

The money market unit trust fund for PMB Investment, PMB Shariah Cash Management Fund (PMB
SCMF), declared a monthly income distribution of 0.10 sen nett in the form of units.

PMB SAF is an equity growth fund, providing high-risk investors an opportunity to earn high capital
return over the medium and long term investment in Shariah approved securities listed on the Bursa
Malaysia.

As for PMB SWIF1, the wholesale Shariah money market fund suitable for qualified investors, aims to
provide investors with regular income stream and maintain the fund's NAV per unit at RM1.

Read more at
https://www.thestar.com.my/business/business-news/2015/08/04/pmb-investment-declares-
distributions-for-3-funds/#LcT5bMu6T4Lw1Q4c.99

Based on the above statement, discuss


1.Definition of structure Islamic Unit Trust ?
2.How Islamic Unit Trust give advantage of investing for investor ?
3. Why Investor need to choose Islamic Equity Fund for high risk profile investor?
Question 3

Syariah scheme tends to do better in a financial crisis

SO what happens now that the Employees Provident Fund (EPF) has announced that it will kick off its
fully syariah-compliant investment scheme with an initial fund size of RM100bil?
Could this perhaps see a bigger jump and demand in syariah assets, and hence an inflation in prices?
“When the economy is weak, and the banking stocks tend to underperform, the syariah stocks do
better. So, the syariah-compliant funds will outperform,” he says.
Similarly, a look at our benchmark indexes show that as of Dec 31, 2015, the FBM KLCI was down
3.9% from a

Ahkter: ‘When the economy is weak and banking stocks tend to underperform, the syariah stocks do
better.’

In fact, the general beta scores between the equity for the conventional and syariah index is almost the
same.
“The correlation between the FBM Emas Index and the FBM Emas Syariah Index over the past five
years was near perfect (positive),” says Akmal Hassan, the managing director of Asian Islamic
Investment Management Sdn Bhd.
Eastspring Investments Bhd chief investment officer Chen Fan Fai says he would expect returns
between the conventional and syariah funds to differ in the short term, given that conventional funds can
invest in banks.
“Typically, at the start of a market uptrend due to an economic recovery, the banks tend to outperform,
as they are a broad indicator of the health of the economy. Syariah funds that are benchmarked against
the FBM Shariah Emas Index, meanwhile, would be exposed to sectors such as plantation, oil and gas
and telecommunications. Hence, due to market volatilities the performance may deviate in the short
term, but is likely to perform in tandem over the longer term,” he says.
Mohd Shahir Seberi, portfolio fund manager at Asian Islamic Investment Management Sdn Bhd, says
returns between the conventional funds and syariah funds tend to track each other very closely.
“From a domestic fixed-income perspective, corporates now prefer to issue sukuk rather than
conventional bonds due to a wider investor base. Hence, conventional and syariah fixed-income funds
tend to have a largely similar investment universe which explains the close performance.”
Akmal adds that in the short term, syariah funds tend to have a higher volatility due to the nature of the
syariah market, which has a smaller stock universe compared with the conventional funds.
“Over the long term, the returns will be about the same for conventional and syariah, as syariah stocks
are just a subset of the conventional stocks. There is still a 60% to 70% commonality, hence the
difference will be in the weight of each individual stock and sector,” says Akmal.

Akmal adds that syariah funds tend to do better due to the higher weighting of stocks in the portfolio.
“Since the universe is smaller, the natural thing is to be more concentrated on the stocks or in other
words have a higher weight. Secondly, the syariah funds tend to do better not because of the limited
supply of Islamic products. There are plenty of syariah products in the market and more are coming up.
Funds tend to do better due to the nature of the fund wanting to be nimble to avoid major declines. With
a smaller syariah universe, the strategy is to be early in and early out,” explains Akmal.
With the EPF launching its syariah-compliant scheme, Akhter maintains that he does not expect a surge
in syariah-compliant stocks as the EPF is not starting from scratch. It is already starting from its existing
portfolio.
“Also, we are not short of syariah assets. So, many of our stocks on the FBM KLCI are syariah-
compliant stocks,” says Akhter.
Chen says few details have been announced as to how the EPF will carve out the syariah funds, but
given that it will be from the existing pool of funds invested in Malaysian equities, it could be a case of
transferring syariah stocks that have been identified for the fund, without the need to inject new cash for
the full RM100bil.
“Hence, if this were the case, then it is not likely to see stock prices surge,” says Chen.
Akmal says there could be greater market support on the syariah-compliant stocks because more
money is being poured into this asset class.
“However, it won’t just go up because once again, it all boils down to the fundamentals of the sector and
company. Just because a stock is syariah does not necessarily mean it is investable. One has to also
take into account valuations and market capitalisation,” he says.
Nonetheless, Akhter adds that this move by the EPF is significant because the participation of the EPF
in syariah stocks will now increase.
“You will see more Muslims converting to the syariah-compliant funds and moving forward, you will see
two distinct funds from the EPF,” says
Read more at

https://www.thestar.com.my/business/business-news/2016/06/04/syariah-scheme-tends-to-do-better-in-a-
financial-crisis/#atkKpjM1jK7bERB7.99

Based on the above statement, discuss


1. Concept of Syariah Investment for KWSP
2. Advantages of Syariah investment in KWSP
Question 4

MIDF may become an Islamic financial institution

CORPORATE NEWS
Saturday, 26 Aug 2017
The MIDF Group, which is the investment banking and asset-management arm of Permodalan Nasional
Bhd (PNB), could be converted into a full-fledged Islamic financial institution and make its way back to
the stock exchange after being taken private a decade ago.
PNB group chairman Tan Sri Abdul Wahid Omar says these are possibilities as part of the state-owned,
fund-management company’s efforts to support the promotion of Islamic finance services in the country.
“Of course, for that you need a banking licence. So, I think that’s something we are thinking about and
we will come back to the market later (on this),” he tells StarBizWeek.
MIDF, he admits, is operating in a segment of the financial sector that is no longer attractive, mostly
because of rising costs and competition.
On whether PNB, which already holds a 48% stake in the country’s largest bank Malayan Banking Bhd
“Basically, our interest is to further promote the Islamic finance business, that’s our intention.”
Besides MIDF and Maybank, PNB also owns a 59% stake in Malaysia’s only national reinsurer, MNRB
Holdings Bhd
.

MNRB, which at last look was trading at RM2.66, some 42% below its net tangible assets of RM4.59
per share, is seeing improving financials after a tough 2016 where it reported a net loss.
Asked if PNB would drive any changes within MNRB moving forward, Wahid says as an institutional
shareholder, PNB’s role is to make sure that it has the right board and management in place “to pursue
the right businesses”.
“But we don’t get involved in the day-to-day operations. We appoint directors to the board and they, in
turn, will appoint the management. “They (the MNRB board) will have to think about how to improve
performance and evolve,” he adds.
i-shares
PNB had last week announced that it was planning to designate 20% of Maybank shares as Islamic
shares or i-shares, of which income and dividend flow would be generated from the banking group’s
existing syariah-compliant activities.
“About four months ago, I was asked to speak at a forum where they asked me, what can we do within
the Islamic fund management industry.
“The fact is that in my view, there is still a shortage of syariah-compliant equity instruments. So, the i-
shares was something that was articulated at that point in time,” Wahid, who headed Maybank from
2008 to 2013, says.
The plan to designate 20% of Maybank shares as i-shares is very much driven by the issue of supply
and demand, as the market has a growing size of syariah-compliant funds seeking to invest in
appropriate syariah-compliant instruments.
“If you look at the broader stock market, I don’t think there is really an issue in the sense that more than
60% of the market capitalisation of Bursa Malaysia-listed companies are already syariah-compliant.
“But where it is very, very apparent in terms of shortage is within the Islamic financial services sector.”
Now, the natural suggestion would be why not list the Islamic subsidiary of the banks?
He says in Maybank’s case, the reason this is not feasible is because Islamic banking has already
become an integral part of the Maybank group, embedded within the group’s operations.
Notably, Maybank has adopted the Islamic first strategy, a strategy which focuses on offering customers
syariah-compliant products and services as a standard product.
For example, when a customer goes to the bank looking for a housing or car loan, he will automatically
be given a syariah-compliant product without him asking for it.
Wahid says by using this strategy, Maybank Islamic has been able to grow very fast, double the rate of
conventional banking services, to the extent that today, more than half of the bank’s financing in
Malaysia is already syariah-compliant.
“So, can you carve out the Islamic banking services separately and list it? You can’t because it is
already embedded.”
In terms of size, based on Maybank’s market capitalistion of about RM100bil and assuming 20% of its
shares are to be designated as i-shares, the shares would be valued at some RM20bil, which is around
three times more than BIMB Holdings Bhd
“If this works, it can be applied to other banks,” says Wahid.
About 28% of total financing in Malaysia is now Islamic financing, moving towards the 40% target set by
Bank Negara.

Read more at

https://www.thestar.com.my/business/business-news/2017/08/26/midf-may-become-an-islamic-financial-
Based on the above issue,
1. Give 2 ways how MIDF will become an Islamic Financial Institution
2. Give 4 players involved in converting conventional financial instrument to
Islamic Financial Instruments.
3. Give 4 example of Islamic Financial Instruments and describe briefly.
Question 5
Bursa’s FCPO to be revamped
February 05, 2018 22:46 pm +08

KUALA LUMPUR: Bursa Malaysia Bhd says it will be revamping its crude palm oil futures (FCPO)
to make it more attractive to investors.

“We aim to introduce new products and will make the necessary announcements as we go along,”
chief executive officer (CEO) Datuk Seri Tajuddin Atan said at a media briefing today.

In the meantime, the bourse is focused on improving liquidity in its derivatives market first by
understanding the players and reaching out to a new set of investors, he said.

“We are still in the process of getting approvals, decoupling memberships and increase selling
agents,” he said.

Bursa Malaysia Derivatives Bhd CEO Jamaluddin Nor Mohamad said the revamp will include the
tracking of crude palm oil origins and tracing Malaysian Sustainable Palm Oil (MSPO) certification,
which could be rolled out as soon as the first quarter of 2018.

He said that new products are likely to see variations of palm oil and other financial contracts,
although interest rate and bond futures have not been heavily traded.

“Given the stable interest rate environment we have in this country, the demand and usage of these
products is not forthcoming,” said Jamaluddin.

For the year ended Dec 31, 2017 (FY17), Bursa Malaysia's derivatives market saw a decline in the
growth of average daily contracts (ADC) and volatility.

Total ADC for FY17 fell 0.3% to 57,677 while the volatility of FCPO and FBM KLCI futures (FLKI)
declined 3% each.

"Volatility in commodity prices and the underlying equity market will continue to affect hedging and
trading activities of the FCPO and FKLI contracts," Tajuddin said, adding that it was therefore
important to focus on increasing liquidity.

The derivatives market was Bursa Malaysia’s second largest contributor to operating revenue in FY17
at 15.7% or RM80.6 million. This marked a decline in both value and percentage from RM88.7
million and 18.8% in FY16.
Read more at
http://www.theedgemarkets.com/article/bursas-fcpo-be-revamped

Based on the above issue,


1. Explain clearly concept of futures contract at Bursa Malaysia?
2. Explain why futures market more volatile than equity market?
3. Give 4 example of Futures Contract in Malaysia and describe briefly?
Question 6
Islamic banks face liquidity management issues, forum told
FRIDAY, MARCH 31ST, 2017 AT , BUSINESS | CORPORATE MALAYSIA
Liquidity management and effective Shariah governance are two major challenges faced by Islamic financial
institutions (IFIs) today, a global forum was told yesterday.
On the banking front, Islamic banks continue to face challenges on the liquidity management front despite many
jurisdictions having introduced certain measures to mitigate its impact.
“Islamic banks still face the challenge in their day-to-day management of cash because of the lack of a
comprehensive Islamic interbank money market today,” Bank Islam Malaysia Bhd general manager Norashikin
Mohd Kassim told one of the panels at the Global Islamic Finance Forum (GIFF) 2012 hosted by Bank Negara
Malaysia (BNM) in Kuala Lumpur yesterday.
At a parallel International Shariah Scholars Forum held under the GIFF umbrella, Shariah scholar Sheikh
Abdulrahman Al-Atram said Shariah governance standards issued by international bodies have yet to receive
international acceptance.
“The standards are there, but they are not being paid proper attention by Shariah boards and individual
institutions,” he told the forum. On this matter, International Shariah Research Academy for Islamic Finance
executive secretary Dr Mohamad Akram Laldin said issues related to Shariah governance were now emerging as
Islamic finance has now grown in size.
“Malaysia does not have many issues here as we have the framework issued by Bank Negara,” he told The
Malaysian Reserve on the sidelines of the forum.
The BNM-issued Shariah Governance Framework for the Islamic Financial Institutions, which took effect on Jan
1, 2011, marked a key milestone in the development of Islamic finance in Malaysia and was another first for
Malaysia in the global Islamic finance arena.
In the 50-page document, the central bank said it has developed the framework with “the primary objective of
enhancing the role of the board, the Shariah Committee and the management in relation to Shariah matters,
including enhancing the relevant key organs having the responsibility to execute the Shariah compliance and
research functions aimed at the attainment of a Shariah-based operating environment”.
The framework is applicable to all Islamic banks licenced under Islamic Banking Act 1983, takaful and retakaful
operators registered under the Takaful Act 1984, financial institutions licensed under the Banking and Financial
Institutions Act 1989 that participate in the Islamic banking scheme, and development financial institutions
prescribed under the Development Financial Institutions Act 2002 that participate in the Islamic banking scheme.
On liquidity management, Norashikin said Islamic money market faces issues with regard to lack of instruments,
non-standard documents and processes, counterparty or credit risk, and the Shariah-compliant poser.
“Funds must emanate from a Shariah-compliant source and they need to be taken up by a Shariah-compliant
source. In most places, there is no infrastructure in place to ensure that the funds are ‘clean’ Shariah-compliant,”
she said in her presentation.
Read more at
https://themalaysianreserve.com/2017/03/31/islamic-banks-face-liquidity-management-issues-forum-told/

Based on the above issue,


1. Explain liquidity management and its function for Islamic bank?
2. Explain 2 differences between Islamic and Conventional Interbank Money
Market?
3. Give 2 Islamic Interbank Money Market instruments and describe briefly?

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