RHB RETIREMENT SERIES - ISLAMIC BALANCED FUND ANNUAL ... · ANNUAL REPORT 2020 For the financial...

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RHB RETIREMENT SERIES -

ISLAMIC BALANCED FUND

INTERIM REPORT 2020

For the financial period ended 30 November 2020

1

GENERAL INFORMATION ABOUT THE FUND

Name, Category and Type

Fund Name - RHB Retirement Series - Islamic Balanced Fund

Fund Category - Feeder Fund - Balanced (Shariah-Compliant)

Fund Type - Private Retirement Scheme

Investment Objective, Policy and Strategy

Objective of the Fund

The Fund aims to maximise total returns through a combination of long term^

growth of capital and current income# consistent with the preservation of capital* by

investing in one target fund.

Note:

^ “long term” in this context refers to a period between 5 - 7 years.

# Income is in the form of units.

* The Fund is not a capital protected or a capital guaranteed fund.

Strategy

The Fund will invest principally in the target fund, i.e. the RHB Dana Hazeem

(“Dana Hazeem”), a Malaysia domiciled fund established on 28 February 2013 and

managed by the Private Retirement Scheme (“PRS”) Provider. Both the PRS

Provider and Dana Hazeem are regulated by the Securities Commission Malaysia

under the Capital Markets and Services Act 2007. The investment objective of Dana

Hazeem is to maximize total returns through a combination of long term^ growth of

capital and current income consistent with the preservation of capital.

Although the Fund is passively managed, the investments of the Fund will be

rebalanced from time to time to meet sales and redemption transactions and to enable

the proper and efficient management of the Fund.

The asset allocation of the Fund will be as follows:-

At least 95% of

Net Asset Value

- Investments in units of Dana Hazeem

1% to 5% of

Net Asset Value

- Investments in liquid assets including Islamic money market

instruments and placements of cash

2

Performance Benchmark

Composite benchmark comprising:

50% FTSE Bursa Malaysia (“FBM”) Emas Shariah Index or such other

equivalent index as may be substituted by Bursa Malaysia Securities Berhad

(“Bursa”); and

50% Maybank Islamic Bank Berhad 12-month Islamic fixed deposit.

Permitted Investments

This Fund may invest in one collective investment scheme i.e. RHB Dana Hazeem,

participate in Islamic financial derivatives for hedging purpose, invest in Islamic

money market instruments and make placements of cash, and any other shariah

investment permitted by the Securities Commission Malaysia from time to time.

Distribution Policy

The Fund will declare distributions, if any, depending on the level of income

generated at each relevant period. Distributions, if any, after deduction of taxation

and expenses (i.e. net distributions) are declared annually.

Note: The following additional disclosure was made in the second disclosure

document of the RHB Retirement Series dated 21 June 2019 :–

The designated fund manager is Encik Mohd Fauzi bin Mohd Tahir.

Mohd Fauzi bin Mohd Tahir (“En. Mohd Fauzi”) is the chief investment officer for

equity in RHB Asset Management Sdn Bhd (“RHBAM”). En. Mohd Fauzi has a total

of 26 years of working experience in managing life, corporations, government linked

funds as well as portfolios for retail and high net worth individuals. In his previous

employment, En. Mohd Fauzi was the executive director and head of equities for

AmIslamic Funds Management Berhad. He was responsible for the investment of all

Islamic equity funds.

En. Mohd Fauzi holds a degree in Accounting & Finance from Leeds Metropolitan

University, United Kingdom, and is also a graduate of the professional Association

of Chartered Certified Accountants (“ACCA”) qualification. He holds a Capital

Market Services Representative’s Licence for the regulated activity of fund

management and investment advice.

Trustee

Deutsche Trustees Malaysia Berhad has given notice to retire as trustee in respect of

the Scheme and the Funds under the Scheme and CIMB Commerce Trustee Berhad

has been appointed to be the replacement trustee for the Scheme and the Funds under

the Scheme effective 1 December 2020.

3

PRS PROVIDER’S REPORT

FIXED INCOME MARKET REVIEW

As Malaysia emerges from months of lockdown and economy slowly reopens in June

2020, fixed income investors were seen unloading positions in the first two weeks of

the month. However, market turned net buyers towards end of the month in view of

further rate cut. Bank Negara Malaysia (“BNM”) cut its Overnight Policy Rate

(“OPR”) rate by another 25 bps in July, making it the fourth consecutive cut this year

for a total of 125 basis points (“bps”) to reach a record low of 1.75%, the lowest since

the global financial crisis back in year 2008 to 2009. That resulted to an immediate

follow through rally in the local bond/sukuk market as investors citing the latest cut as

a sign of further deterioration in economic numbers.

At the start of the month August 2020, United States Treasuries (“UST) continued to

advance with overall yields down by 2-7 bps across the curve, as patchy economic

data continued to stimulate fear of a more fragile recovery in the United States (“US”)

economy. Mirroring the UST market, a follow through rally with active trades were

seen in the first week of the month for local bond market. Nevertheless, the

government’s move to raise the country's statutory debt limit to 60% of Gross

Domestic Product (“GDP”) from 55.00% triggered profit-taking and selling activities

in the following week until towards end of month. The overall benchmark Malaysia

Government Securities (“MGS”) and Government Investment Issue (“GII”) yields

closed higher between 0-34bps; as the 7-year to 20-year tenures felt the most pressure.

In September 2020, UST yields remained traded within tight range amidst

uncertainties surrounding the vaccine hope, US-China relations and US fiscal stimulus

impasse. Local Govvies succumbed to selling pressure post BNM decision to stand

pat on the OPR at 1.75% during the September’s Monetary Policy Committee

(“MPC”) meeting plus weak bidding metrics on the 30-year GII. Yields spiked up by

5-17 bps with the long end suffered the most. Furthermore, split market view on

Financial Times Stock Exchange (“FTSE”) Russell announcement on Malaysia

maintained in the index with possible of exclusion in the next review, gave rise to

more uncertainties thus dampen the investors’ appetite.

Demand for govvies remained supported in October 2020 as investors stay defensive

amid concern over downside risk to growth following the resurgence of COVID-19

cases and prospect of further monetary easing by BNM in the upcoming MPC

meeting. Yields of the MGS and GII ended tightened across the curve following

positive vibes emerging from the well-supported 5y GII `3/26 reopening tender.

Despite slew of issuances in govvies bond supply in October 2020, they were well

received by market players. Yield of the MGS and GII tightened lower across the

curve led by the shorter end portion, the 3y and 5y MGS benchmark yield eases more

than 20bps lower Month-on-Month (“MoM”) to settle around unprecedented low level

of 1.75% and 2.01% on 30th October 2020. November 2020 was a roller coaster

month for the UST market, with the 10y UST yield advancing up to 0.94% the day

4

before US Presidential Election on bets of more stimulus if Joe Biden wins against

current President Donald Trump. However, yields reversed sharply two days later to

settle at 2-week low of 0.78% given the tight race between both parties, before rising

back to 0.97% the following week on news from pharmaceutical Pfizer and German’s

BioNtech vaccines were more than 90% effective in shielding against COVID-19

infections. UST closed slightly bull flatter over the month while front end rates remain

anchored. On the local rates, both Malaysia’s sovereign papers curves were generally

softer. The uncertainties ahead of the Budget 2021 debate and passing vote added in

pressuring sentiment of Malaysia’s bond market during the month. MoM, MGS space

was bear-steepened with the front-end yields adjusted higher after the rate cut

expectation did not materialize. Overall, the 3-, 5-, 7-, 10-, 15-, 20- and 30-year MGS

closed the month at 1.75% (October 2020: 1.75%), 2.00% (2.00%), 2.32% (2.32%),

2.61% (2.61%), 3.10% (3.10%), 3.45% (3.45%) and 3.89% (3.89%) respectively. On

the other hand, action on the GII – the Shariah compliant version of MGS, appeared to

also been in a same trend of bear-steepening curve on softer overall local bond

market. At month end, the 3-, 5-, 7-, 10-, 15-, 20- and 30-year GII were reported at

1.79% (October 2020: 1.79%), 1.96% (1.96%), 2.34% (2.34%), 2.59% (2.59%),

3.21% (3.21%), 3.51% (3.51%) and 4.00% (4.00%) respectively.

EQUITY MARKET REVIEW

A looming threat of a second wave of infections, coupled with an equity market that

had largely shrugged off the epidemic, weighed on the otherwise stronger June 2020

performance. Nevertheless, US equity market advanced 2.10% during the month to

finish its best quarter (2Q: 21.20%) in 35 years. Technology-heavy countries, Taiwan

and Korea (up 7.80%) reflected the sharp rebound in semiconductor trade. Meanwhile,

Standard & Poor (“S&P”) downgraded Malaysia outlook to negative from stable, with

A- rating. Despite rising COVID-19 cases around the world, global equities continued

to rally in July 2020, rising 5.10% during the month. The unabated spread of COVID-

19 in multiple geographies risked delaying the opening up of economies, and

consequently the sustenance of normalization in activity. As a result, market

participants flocked to safe havens, re-pricing 10-year UST to their lowest ever

closing yield of 0.53% and precious metals higher, with Gold (10.90%) scaling an all-

time high and Silver (34.00%) registering its best monthly performance since year

1979. Meanwhile, Asia Ex-Japan pulled off yet another strong performance in July

2020 (8.00%) to register its year-to-date (“YTD”) returns into positive territory. Main

driver was from China, started off strongly rising 8.90% by 9 July 2020 on state media

reports that suggested that the onshore market was ready for a healthy bull market,

while ASEAN (1.30%) continued to lag the broader region.

The MSCI Asia Ex Japan rallied 3.60% in August 2020, but underperformed World

Equity Index which rose 6.00%. Asian equities rallied amidst declining dollar,

progress on vaccine development and relaxed stance on US inflation targeting. US-

China tensions broadly remained mixed with commitment towards Phase I deal was a

positive, while sanctions on Huawei, export controls and the South China dispute

5

were clear negatives. Oil prices continued to move higher on expected recovery as

economic activity normalize, while on the supply side Organization of Petroleum

Exporting Countries (“OPEC”) complied with production cuts. Weakness in dollar

also supported oil prices. Global equities market took a beating in the month of

September 2020. MSCI World Equity Index declined 3.40% during the month. YTD

returns was 0.00%, as it witnessed the first monthly loss since bottoming out on 23

March 2020. Investors were concerned over high valuation in particular the

technology sector and also partly attributed to the drying up of stimulus in US. In

addition, US Presidential elections, as well as the rise in the number of new virus

cases in Europe and other parts of the world may dampened global recovery.

Commodities plunged on investor concerns over the sustainability of the sharp

recovery in economic activity witnessed over the past few months, with the Brent

Crude falling 9.60% over the month, Silver 17.40%, Iron Ore 6.30%, Aluminum

1.90%, and even Gold (-4.20%) failing to protect the downside. Asia ex-Japan

declined marginally by 1.70% in September 2020 (YTD: 3.50%) but was the best

performing region in emerging market (“EM”), owing to performances by tech-heavy

Korea (2.90%) and Taiwan (1.80%). ASEAN (-5.90%) was dragged down by

Indonesia (-13.00%) and Thailand (-9.60%).

World equity markets started off strongly in the month of October 2020 on the back of

continued improvement in economic data. However, the resurgence of new COVID-

19 cases particularly in US and Europe resulted most equity markets ended the month

on the red. For the month, US declined 2.70%, Europe 5.70%, Japan 1.60%. Asia ex-

Japan (+2.80% in October 2020, YTD: 6.4%) was the stand-out performer in October

2020 as it was the only region in the world to register an advance. China (5.30%) rode

on rising investor optimism, as it unveiled the 14th Five Year Plan to set out on

becoming an advanced socialist country with leading global influence by year 2049.

ASEAN advanced 0.40% after two consecutive down months, driven by Indonesia

(8.60%) and the Philippines (7.90%), while political uncertainties weighed on Thai

stocks (-2.30%). Global equities rallied by 12.20% in the month of November 2020,

lifting YTD returns (9.40%). Reopening themes such as tourism and other beaten

down sectors sprung back on the prospects of normalization in global economic

activity, triggering a raft of analyst upgrades globally, especially for under-owned

stocks and value stocks.

Looking at the domestic market more closely, the FTSE Bursa Malaysia (“FBM”)

Kuala Lumpur Composite Index (“KLCI”) struggled to stay above 1500 level during

the month of June 2020 due to the absence of positive fresh leads and global negative

factors that affected the sentiment of the equity market. The index consolidated

touching the high of 1,590. July saw improvement as the FBM KLCI closed above

1,600 (+6.90%) despite month-end sell down. Malaysia is one of the worst performing

market for month of August 2020, dragged down by poor earnings particularly

banking sector, causing the Index to decline by 78 points to close at 1,525 points. The

FBM KLCI fell for the second consecutive month by 1.3% M.o.M in September due

to concerns over political uncertainty, the end of the loan moratorium on 30

6

September 2020 and rising new COVID-19 cases post-Sabah election. Similarly, the

FBM Emas Shariah Index also fell 2.00% during the month. Retail participation share

of trades fell M.o.M for the first time since March 2020. October was a less favorable

month for Malaysia. KLCI retraced -2.52% MoM to 1,467 points, while the FBM

Emas Shariah Index also declined -1.23% to 12,741 points. Foreigners net sold

RM669mn worth of equities last month bringing YTD net outflow to RM22.97bn.

Retailers were again the biggest net buyers in October 2020, accounting for 39.9% of

trades (September 2020: 38.2%), suggesting the impact of loan moratorium ending is

not as bad as initially feared. November 2020 was the second-best month for KLCI in

year 2020 with a +6.53% gain (July 2020: +6.85%) to 1,563 points, as gainers

significantly outnumbered losers. Investors bought into value stocks which were

bashed down year to date.

REVIEW OF FUND PERFORMANCE DURING THE PERIOD

For the financial period under review, the Fund registered a total return of 11.08%*,

outperforming the benchmark return of 4.84%*.

The investment strategy and policy employed during the period under review were in

line with the investment strategy and policy as stated in the prospectus.

* Source: Lipper Investment Management (“Lipper IM”), 07 December 2020

FIXED INCOME MARKET OUTLOOK AND STRATEGY

We are still maintaining our expectation that the local government space to stay

supported on widening yield differential versus the UST. We opine that investing in

Malaysian Ringgit (“MYR”) bonds is attractive from a real yield perspective given the

benign outlook on growth and moderate inflation prospects globally. With subdued

inflation which will likely be in negative territory in year 2020, we view it will further

boost the attractiveness of MYR bond market, thus keeping real yields attractive. On

top of that, with US Federal Reserve (“The Fed”) is pledging for interest rates to

remain unchanged at current level at least until year 2022, we see the increase of

attractiveness towards emerging market yields which are still decent compared to

develop nation. Therefore, the prospect of lower global interest rates for longer also

may increase the appeal for yield hunting strategies which may potentially see foreign

inflows. Nevertheless, we will continue to monitor the market situation given cautious

investors’ sentiment due to higher supply going forward in both government securities

and corporate space as well as heightened policy and political uncertainty

domestically. Vaccines and US politics may reshape global growth and inflation

outlook in the next few months with rising external yields will weigh on local bond

sentiments. With these views, we remain positioned to capture opportunities to

actively trade in the government securities space as volatility is expected to present

value from a risk-reward perspective especially on recent yields’ correction which

deemed healthy and more attractive compared to previously. In the corporate space,

7

we will remain selectively invested for portfolio yield preservation, amidst historical

low yield environment. While cognizant of higher supply of bond issuances ahead,

we are holding on towards our higher yielding bonds for income accrual of the

portfolio going forward.

EQUITY MARKET OUTLOOK AND STRATEGY

The resurgence of COVID-19 infections globally has resulted in lockdown measures

of varying degrees being imposed which has raised concerns of a slower-than-

expected global economic recovery. This implies that the prevailing coordinated

efforts by governments to stimulate economies via both fiscal and monetary policies

will stay for a prolonged period. Therefore, the flush of liquidity will continue to be

positive for the equity market, while economic recovery slowly makes its way back to

normalcy. As for Malaysia, the latest indicators point towards significant

improvement in economic activity in the third quarter. BNM acknowledged the

introduction of targeted measures to contain COVID-19 in several states could affect

the momentum of the recovery in the fourth quarter. Nonetheless, growth for the year

2020 is expected to be within the earlier forecasted range. On Malaysia’s inflation,

BNM said that in line with earlier assessments, headline inflation is likely to average

negative this year given the substantially lower global crude oil prices. For year 2021,

headline inflation is projected to average higher. The country’s inflation outlook will

continue to be significantly affected by global oil and commodity prices.

The rotation to value has already started but surely still has a long way to play out

given the gaps in price performance between victims and beneficiaries of the

pandemic are huge. The uncertain political backdrop continues to be a drag. It is,

however, not the overriding investment consideration. We believe the potential sharp

downgrade in corporate earnings will not happen unless the resurgence of COVID-19

is out of control. Fear that banking and gloves sectors’ earnings would be badly

affected by year 2021 budget did not materialise and was positive for the FBMKLCI’s

earnings. Index is expected to consolidate in the short term due to strong rebound

from end October 2020. However, we do expect index to go higher as corporate

earnings improve along with the gradual recovery in the economy and foreign inflows

might be back in Malaysia. Uncertainties are still prevailing due to the surging local

COVID-19 cases; this may force further lockdowns that would overshadow optimism

over recent vaccine developments.

8

PERFORMANCE DATA

31.05.2020-

Annual Total Return

Financial Year Ended 31 May

30.11.2020

%

2020

%

2019

%

2018

%

2017

%

RHB Retirement Series –

Islamic Balanced Fund

- Capital Return 11.08 (4.15) (0.20) (9.03) (2.32)

- Income Return - - - - -

- Total Return 11.08 (4.15) (0.20) (9.03) (2.32)

50% FTSE Bursa Malaysia Emas

Shariah Index + 50% Maybank

Islamic Bank Berhad 12-month

Islamic fixed deposit

4.84

2.46

0.22

(0.87)

2.96

Average Annual Returns

1 year

30.11.2019-

30.11.2020

%

3 years

30.11.2017-

30.11.2020

%

Since Launch

21.09.2016**-

30.11.2020

%

RHB Retirement Series – Islamic

Balanced Fund 12.74 (0.44) (1.36)

50% FTSE Bursa Malaysia

Emas Shariah Index + 50%

Maybank Islamic Bank

Berhad 12-month Islamic

fixed deposit 7.39 1.77 2.27

^ For the financial period since last day of Initial Offer Period

** Being the last day of the Initial Offer Period

9

Performance of RHB Retirement Series – Islamic Balanced Fund

For the period from 21 September 2016** to 30 November 2020

Cumulative Return Over The Period (%)

**Being the last day of Initial Offer Period

Source: Lipper IM, 7 December 2020

The abovementioned performance figures are indicative returns based on daily Net

Asset Value of a unit (as per Lipper Database) since inception.

The calculation of the above returns is based on computation methods of Lipper.

Note : Past performance is not necessarily indicative of future performance

and unit prices and investment returns may go down, as well as up.

The abovementioned performance computations have been adjusted to

reflect distribution payments and unit splits wherever applicable.

10

Fund Size

As at As at 31 May

30.11.2020 2020 2019 2018

Net Asset Value (RM million) 0.98 0.87 0.77 0.51

Units In Circulation (million) 2.08 2.05 1.74 1.15

Net Asset Value Per Unit (RM) 0.4721 0.4250 0.4434 0.4443

Historical Data

01.06.2020-

30.11.2020

Financial Year Ended 31 May

2020 2019 2018

Unit Prices

NAV - Highest (RM) 0.4742 0.4442 0.4517 0.4926

- Lowest (RM) 0.4231 0.3752 0.4124 0.4413

Distribution and Unit Split - - - -

Others

Management Expense Ratio (MER)

(%) #

-

-

-

-

Portfolio Turnover Ratio (PTR)

(times) ##

-

0.09

0.18

0.36

# The MER is not applicable as the expenses are borne by the PRS Provider.

## The PTR for the financial period was lower compared with previous financial

period due to nil investment activities for the financial period under review.

DISTRIBUTION

During the financial period under review, no distribution has been proposed by the

Fund.

11

PORTFOLIO STRUCTURE

The asset allocations of the Fund as at reporting date were as follows:

As at As at 31 May

30.11.2020 2020 2019 2018

Sectors % % % % Collective investment scheme 96.71 97.84 97.15 101.02

Liquid assets and other net current

assets/(liabilities)

3.29 2.16 2.85 (1.02)*

100.00 100.00 100.00 100.00

The asset allocation was reflective of the PRS Provider’s stance to risk manage its

portfolio in an environment of volatile markets.

* The excess over 100% of total net asset value is mainly due to other payables and

accruals which have not been paid as at reporting date.

BREAKDOWN OF UNIT HOLDINGS BY SIZE

Size of Holdings

Account Holders No. of Units Held*

No. % (‘000) %

5,000 and below

5,001 to 10,000

10,001 to 50,000

50,001 to 500,000

500,001 and above

338

95

35

-

-

72.22

20.30

7.48

-

-

842

628

599

-

-

40.73

30.34

28.93

-

-

Total 468 100.00 2,069 100.00

* Excluding PRS Provider’s stock

SOFT COMMISSION

The PRS Provider may only receive soft commission in the form of research and

advisory services that assist in the decision-making process relating to the Fund’s

investments.

During the financial period under review, the soft commission received from the

brokers had been retained by the PRS Provider as the goods and services provided are

of demonstrable benefit to the members.

12

RHB RETIREMENT SERIES – ISLAMIC BALANCED FUND

UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2020

Note 30.11.2020 31.05.2020

RM RM

ASSETS

Investments 5 948,648 852,114

Bank balances 24,274 18,754

Amount due from PRS Provider 9,436 -

Other receivables 10 30

TOTAL ASSETS 982,368 870,898

LIABILITIES

Amount due to PRS Provider 1,422 -

TOTAL LIABILITIES 1,422 -

NET ASSET VALUE 980,946 870,898

MEMBERS’ FUND

Members’ capital 964,407 950,893

Retained earnings/(accumulated loss) 16,539 (79,995)

980,946 870,898

UNITS IN CIRCULATION (UNITS) 6 2,078,000 2,049,000

NET ASSET VALUE PER UNIT (RM) 0.4721 0.4250

The accompanying notes are an integral part of the financial statements.

13


UNAUDITED STATEMENT OF INCOME AND EXPENSES

FOR THE FINANCIAL PERIOD ENDED 30 NOVEMBER 2020

Note

01.06.2020-

30.11.2020

01.06.2019-

30.11.2019

RM RM

INCOME/(LOSS)

Net gain/(loss) on investments 5 96,534 (46,701)

96,534 (46,701)

Net income/(loss) before taxation 96,534 (46,701)

Taxation 10 - -

Net income/(loss) after taxation 96,534 (46,701)

Net income/(loss) after taxation is made up

of the following:

Unrealised amount 96,534 (46,701)

96,534 (46,701)


14


UNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUE


Members’

capital

(Accumulated

loss)/

retained

earnings

Total net

asset value

RM RM RM

Balance as at 1 June 2019 818,290 (45,907) 772,383

Movement in net asset value:

Net loss after taxation - (46,701) (46,701)

Creation of units arising from

applications

95,247

-

95,247

Cancellation of units (17,176) - (17,176)

Balance as at 30 November 2019 896,361 (92,608) 803,753

Balance as at 1 June 2020 950,893 (79,995) 870,898

Movement in net asset value:

Net income after taxation - 96,534 96,534

Creation of units arising from

applications 39,788 - 39,788

Cancellation of units (26,274) - (26,274)

Balance as at 30 November 2020 964,407 16,539 980,946


15


UNAUDITED STATEMENT OF CASH FLOWS


01.06.2020-

30.11.2020

01.06.2019-

30.11.2019

RM RM

CASH FLOWS FROM OPERATING

ACTIVITIES

Purchase of investments - (55,000)

Payment for other fees and expenses - (64)

Reimbursements from PRS Provider 20 -

Net cash generated from/(used in) operating

activities

20

(55,064)

CASH FLOWS FROM FINANCING

ACTIVITIES

Cash proceeds from units created 30,352 91,057

Cash paid for unit cancelled (24,852) (17,176)

Net cash generated from financing activities 5,500 73,881

Net increase in cash and

cash equivalents

5,520

18,817

Cash and cash equivalents at the beginning

of the financial period

18,754

25,306

Cash and cash equivalents at the end

of the financial period

24,274

44,123


16


NOTES TO THE UNAUDITED FINANCIAL STATEMENTS


1 THE FUND, THE PRS PROVIDER AND THEIR PRINCIPAL

ACTIVITIES

The RHB Retirement Series – Islamic Balanced Fund (hereinafter referred to as “the

Fund”) was constituted pursuant to the execution of a Deed (RHB Retirement Series

Scheme) dated 28 November 2012 as modified via first supplemental deed dated 23

September 2014, second supplemental deed dated 6 January 2015, third supplemental

deed dated 28 September 2015 and fourth supplemental deed dated 3 December 2015

(collectively referred to as “the Deeds”) between RHB Asset Management Sdn Bhd

(“the PRS Provider”) and Deutsche Trustees Malaysia Berhad (“the Trustee”).

The Fund was launched on 1 September 2016 and will continue its operations until

terminated according to the conditions provided in the Deeds. The principal activity of

the Fund is to invest in ‘Permitted Investments’ as defined in the Deeds.

All investments will be subject to the Securities Commission Malaysia’s (“SC”)

Guidelines on Private Retirement Schemes, SC requirements, the Deeds, except where

exemptions or variations have been approved by the SC, internal policies and

procedures and objective of the Fund.

The main objective of the Fund is to maximise total returns through a combination of

long term growth of capital and current income consistent with the preservation of

capital by investing in one Shariah-compliant target fund, i.e. RHB Dana Hazeem

(“Dana Hazeem”).

The PRS Provider, a company incorporated in Malaysia, is a wholly-owned subsidiary

of RHB Investment Bank Berhad, effective 6 January 2003. Its principal activities

include rendering of investment management services, management of unit trust funds

and private retirement schemes and provision of investment advisory services.

These financial statements were authorised for issue by the PRS Provider on 25

January 2021.

17

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation of the financial statements

The financial statements have been prepared under the historical cost convention, as

modified by the revaluation of financial assets and financial liabilities (including

derivative instruments) at fair value through profit or loss, except those as disclosed

in the summary of significant accounting policies, and in accordance with Malaysian

Financial Reporting Standards (“MFRS”) and International Financial Reporting

Standards (“IFRS”).

The preparation of financial statements in conformity with MFRS and IFRS requires

the use of certain critical accounting estimates and assumptions that affect the reported

amounts of assets and liabilities and disclosure of contingent assets and liabilities at

the date of the financial statements, and the reported amounts of revenues and

expenses during the financial period. It also requires the Manager to exercise its

judgment in the process of applying the Fund’s accounting policies. Although these

estimates and judgment are based on the Manager’s best knowledge of current events

and actions, actual results may differ.

(a) The Fund has applied the following interpretation to existing standard and

amendments to published standard for the first time for the financial period

beginning on 1 June 2020:

• The Conceptual Framework for Financial Reporting (“Framework”)

(effective 1 January 2020)

The Framework was revised with the primary purpose to assist the

International Accounting Standards Board (“IASB”) to develop IFRS that

are based on consistent concepts and enable preparers to develop consistent

accounting policies where an issue is not addressed by an IFRS.

18


(CONTINUED)

2.1 Basis of preparation of the financial statements (continued)

(a) The Fund has applied the following interpretation to existing standard and

amendments to published standard for the first time for the financial period

beginning on 1 June 2020: (continued)

• The Conceptual Framework for Financial Reporting (“Framework”)

(effective 1 January 2020) (continued)

Key changes include:

- increasing the prominence of stewardship in the objective of financial

reporting

- reinstating prudence as a component of neutrality

- defining a reporting entity, which may be a legal entity, or a portion

of an entity

- revising the definitions of an asset and a liability

- removing the probability threshold for recognition and adding

guidance on derecognition

- adding guidance on different measurement basis, and

- stating that profit or loss is the primary performance indicator and

that, in principle, income and expenses in other comprehensive

income should be recycled where this enhances the relevance or

faithful representation of the financial statements.

No changes will be made to any of the current accounting standards.

However, entities that rely on the Framework in determining their

accounting policies for transactions, events or conditions that are not

otherwise dealt with under the accounting standards will need to apply

the revised Framework from 1 June 2020.

Amendments to MFRS 101 and MFRS 108 ‘Definition of Material’

(effective 1 January 2020) clarify the definition of materiality and use a

consistent definition throughout MFRSs and the Conceptual Framework

for Financial Reporting.

The revised Framework and adoption of the amendments to published

standards are not expected to give rise to any material impact on the

financial statements of the Fund.

19


(CONTINUED)

2.2 Financial assets

Classification

The Fund classifies its financial assets in the following measurement categories:

• those to be measured subsequently at fair value through profit or loss,

(“FVTPL”), and

• those to be measured at amortised cost

The Fund classifies its investments based on both the Fund’s business model for

managing those financial assets and the contractual cash flow characteristics of the

financial assets. The portfolio of financial assets is managed and performance is

evaluated on a fair value basis. The Fund is primarily focused on fair value

information and uses that information to assess the assets’ performance and to make

decisions. The Fund has not taken the option to irrevocably designate any equity

securities as fair value through other comprehensive income. The contractual cash

flows of the Fund’s debt securities are solely principal and profit, however, these

instruments are neither held for the purpose of collecting contractual cash flows nor

held both for collecting contractual cash flows and for sale. The collection of

contractual cash flows is only incidental to achieving the Fund’s business model’s

objective. Consequently, all investments are measured at fair value through profit or

loss.

The Fund classifies bank balances, amount due from PRS Provider and other

receivables at amortised cost as these financial assets are held to collect contractual

cash flows consisting of the amount outstanding.

Recognition and measurement

Regular purchases and sales of financial assets are recognised on the trade date - the

date on which the Fund commits to purchase or sell the asset. Financial assets at fair

value through profit or loss are initially recognised at fair value.

Financial assets are derecognised when the rights to receive cash flows from the

investments have expired or the Fund has transferred substantially all risks and

rewards of ownership.

Subsequent to initial recognition, all financial assets at fair value through profit or

loss are measured at fair value. Gains or losses arising from changes in the fair value

of the ‘financial assets at fair value through profit or loss’ category are presented in

statement of income and expenses in the period in which they arise.

20


(CONTINUED)

2.2 Financial assets (continued)

Recognition and measurement (continued)

Shariah-compliant collective investment scheme is valued based on the last published

net asset value per unit or share of such collective investment scheme or, if

unavailable, on the average of the last published buying price and the last published

selling price of such unit or share (excluding any sales charge included in such selling

price).

Financial assets at amortised cost are subsequently carried at amortised cost using the

effective profit method.

Impairment of financial assets

The Fund measures credit risk and expected credit losses using probability of default,

exposure at default and loss given default. PRS Provider considers both historical

analysis and forward looking information in determining any expected credit loss.

PRS Provider considers the probability of default to be close to zero as these

instruments have a low risk of default and the counterparties have a strong capacity to

meet their contractual obligations in the near term. As a result, no loss allowance has

been recognised based on the 12-month expected credit losses as any such

impairment would be wholly insignificant to the Fund.

Significant increase in credit risk

A significant increase in credit risk is defined by PRS Provider as any contractual

payment which is more than 30 days past due or a counterparty credit rating which

has fallen below BBB/Baa.

Definition of default and credit-impaired financial assets

Any contractual payment which is more than 90 days past due is considered credit

impaired.

21


(CONTINUED)

2.2 Financial assets (continued)

Write-off

The Fund writes off financial assets, in whole or in part, when it has exhausted all

practical recovery efforts and has concluded there is no reasonable expectation of

recovery. The assessment of no reasonable expectation of recovery is based on the

unavailability of debtor’s sources of income or assets to generate sufficient future

cash flows to repay the amount. The Fund may write off financial assets that are still

subject to enforcement activity. Subsequent recoveries of amounts previously written

off will result in impairment gains. There are no write-offs/recoveries during the

financial period.

2.3 Financial liabilities

Financial liabilities are classified according to the substance of the contractual

arrangements entered into and the definitions of a financial liability.

Financial liabilities, within the scope of MFRS 9, are recognised in the statement of

financial position when, and only when, the Fund becomes a party to the contractual

provisions of the financial instrument.

The Fund’s financial liabilities which include amount due to PRS Provider are

recognised initially at fair value plus directly attributable transaction costs and

subsequently measured at amortised cost using the effective profit method.

A financial liability is derecognised when the obligation under the liability is

extinguished. Gains and losses are recognised in statement of income and expenses

when the liabilities are derecognised, and through the amortisation process.

2.4 Members’ capital

The members’ contributions to the Fund meet the criteria of the definition of puttable

instruments to be classified as equity instruments under MFRS 132 “Financial

Instruments: Presentation”. These criteria include:

the units entitle the member to a proportionate share of the Fund’s net asset

value;

the units are the most subordinated class and class features are identical;

there is no contractual obligations to deliver cash or another financial asset other

than the obligation on the Fund to repurchase; and

22


(CONTINUED)

2.4 Members’ capital (continued)

the total expected cash flows from the units over its life are based substantially

on the statement of income and expenses of the Fund.

The outstanding units are carried at the redemption amount that is payable at each

financial period if members exercise the right to put the units back to the Fund.

Units are created and cancelled at prices based on the Fund’s net asset value per unit

at the time of creation or cancellation. The Fund’s net asset value per unit is

calculated by dividing the net assets attributable to members with the total number of

outstanding units.

2.5 Income recognition

Realised gain or loss on sale of collective investment scheme is arrived at after

accounting for cost of investments, determined on the weighted average cost method.

Net income or loss is the total of income less expenses.

2.6 Taxation

Current tax expense is determined according to Malaysian tax laws and includes all

taxes based upon the taxable income earned during the financial period.

2.7 Cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents comprise

bank balances which is subject to an insignificant risk of changes in value.

2.8 Presentation and functional currency

Items included in the financial statements of the Fund are measured using the

currency of the primary economic environment in which the Fund operates (the

“functional currency”). The financial statements are presented in Ringgit Malaysia

(“RM”), which is the Fund’s presentation and functional currency.

23

3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Fund is exposed to a variety of risks, which include market risk, price risk, credit

risk, liquidity risk, Shariah specific risk and capital risk.

Financial risk management is carried out through internal control processes adopted

by the PRS Provider and adherence to the investment restrictions as stipulated in the

SC Guidelines on Private Retirement Schemes.

Market risk

Market risk is a risk that arises when the prices of investments in the marketplace are

affected by circumstances such as political or economic events. These circumstances,

which may be a local or global event can affect the markets where Dana Hazeem is

invested in and subsequently the value of Dana Hazeem’s investments.

Price risk

Price risk is the risk that the fair value of the investments of the Fund will fluctuate

because of changes in market prices.

The Fund is exposed to collective investment scheme price risk (other than those

arising from profit rate risk) for its investments of RM948,648 (31.05.2020:

RM852,114).

The sensitivity analysis is based on the assumption that the price of the collective

investment schemes fluctuate by +/(-) 5% with all other variables held constant, the

impact on statement of income and expenses and net asset value is +/(-) RM47,432

(31.05.2020: RM42,606).

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual

obligation resulting in financial loss to the Fund. The credit risk arising from cash

and cash equivalents is managed by ensuring that the Fund will only maintain cash

balances and place deposits with reputable licensed financial institutions. The

settlement terms of the proceeds from the creation of units receivable from the PRS

Provider are governed by the SC Guidelines on Private Retirement Schemes.

24


(CONTINUED)

Credit risk (continued)

The following table sets out the credit risk concentrations of the Fund.

Cash and

cash

equivalents

RM

Other

financial

assets*

RM

Total

RM

30.11.2020

Financial institutions:

AA1 24,274 - 24,274

Others - 9,446 9,446

24,274 9,446 33,720

31.05.2020

Financial institutions:

AA1 18,754 - 18,754

Others - 30 30

18,754 30 18,784

* Comprise amount due from PRS Provider and other receivables.

Liquidity risk

Liquidity risk is the risk that the Fund will encounter difficulty in meeting its

financial obligations.

Liquidity risk exists when particular investments are difficult to sell, possibly

preventing the Fund from selling such investments at an advantageous time or price.

As part of its risk management, the PRS Provider will attempt to manage the

liquidity of the Fund through asset allocation and diversification strategies within the

portfolio. The PRS Provider will also conduct constant fundamental research and

analysis to forecast future liquidity of its investments.

25


(CONTINUED)

Liquidity risk (continued)

The table below summarises the Fund’s financial liabilities into relevant maturity

groupings based on the remaining period from the statement of financial position

date to the contractual maturity date. The amounts in the table are the contractual

undiscounted cash flows.

Between

Less than 1 month

1 month to 1 year

30.11.2020

Amount due to PRS Provider 1,422 - ════════ ════════

There is nil balance of financial liabilities as at 31 May 2020.

Shariah specific risk

The risk that the investments do not conform to the principle of Shariah may result in

those investments being not Shariah-compliant. Should the situation arise, necessary

steps shall be taken to liquidate of such investments in accordance with the rules of

divestment of non Shariah-compliant investments. If this occurs, the Fund could

suffer losses from the liquidation and thus, adversely affecting the value of the Fund.

Capital risk

The capital of the Fund is represented by members’ funds consisting of members’

capital of RM964,407 (31.05.2020: RM950,893) and retained earnings of RM16,539

(31.05.2020: accumulated loss of RM79,995). The amount of members’ funds can

change significantly on a daily basis as the Fund is subject to daily subscriptions and

redemptions at the discretion of members. The Fund’s objective when managing

capital is to safeguard the Fund’s ability to continue as a going concern in order to

provide returns for members and benefits for other stakeholders and to maintain a

strong capital base to support the development of the investment activities of the

Fund.

26

4 FAIR VALUE ESTIMATION

Fair value is defined as the price that would be received to sell an asset or paid to

transfer a liability in an orderly transaction between market participants at the

measurement date (i.e. an exit price).

The fair value of financial assets and liabilities traded in an active market (such as

publicly traded derivatives and trading securities) are based on quoted market prices

at the close of trading on the financial period end date.

An active market is a market in which transactions for the assets or liabilities take

place with sufficient frequency and volume to provide pricing information on an

ongoing basis.

The fair value of financial assets and liabilities that are not traded in an active market

is determined by using valuation techniques. The Fund uses a variety of methods and

makes assumptions that are based on market conditions existing at each financial

period end date. Valuation techniques used for non-standardised financial

instruments such as options, currency swaps and other over-the-counter derivatives,

include the use of comparable recent transactions, reference to other instruments that

are substantially the same, discounted cash flow analysis, option pricing models and

other valuation techniques commonly used by market participants making the

maximum use of market inputs and relying as little as possible on entity-specific

inputs.

The fair values are based on the following methodologies and assumptions:

(i) For bank balances, the carrying value is a reasonable estimate of fair value.

(ii) The carrying value of receivables and payables are assumed to approximate

their fair values due to their short term nature.

Fair value hierarchy

The Fund adopted MFRS 13 “Fair Value Measurement” in respect of disclosures

about the degree of reliability of fair value measurement. This requires the Fund to

classify fair value measurements using a fair value hierarchy that reflects the

significance of the inputs used in making the measurements. The fair value hierarchy

has the following levels:

Level 1: Quoted prices (unadjusted) in active market for identical assets or

liabilities

Level 2: Inputs other than quoted prices included within Level 1 that are

observable for the asset or liability, either directly (that is, as prices) or

indirectly (that is, derived from prices)

27

4 FAIR VALUE ESTIMATION (CONTINUED)

Fair value hierarchy (continued)

Level 3: Inputs for the asset and liability that are not based on observable market

data (that is, unobservable inputs)

The following table analyses within the fair value hierarchy the Fund’s financial

assets at fair value through profit or loss (by class) measured at fair value:

Level 1 Level 2 Level 3 Total

RM RM RM RM

30.11.2020

Investments:

- Collective investment scheme 948,648 - - 948,648

31.05.2020

Investments:

- Collective investment scheme 852,114 - - 852,114

Investment in collective investment scheme, i.e. Shariah-compliant unit trust fund

whose values is based on quoted market prices in active markets is classified within

Level 1. The Fund does not adjust the quoted prices for these instruments. The

Fund’s policies on valuation of these financial assets are stated in Note 2.2.

28

5 INVESTMENTS

30.11.2020 31.05.2020

RM RM

Investments:

- Collective investment scheme 948,648 852,114 ════════ ════════

01.06.2020- 01.06.2019-

30.11.2020 30.11.2019

RM RM

Net gain/(loss) on investments comprised:

- Net unrealised gain/(loss) on changes

in fair values 96,534 (46,701) ════════ ════════

Investments as at 30 November 2020 are as follows:

% of Net

Name of Counter Quantity Cost Fair value Asset Value

RM RM %

COLLECTIVE INVESTMENT

SCHEME

RHB Dana Hazeem 2,011,126 926,431 948,648 96.71 ═══════ ═══════ ═════

Investments as at 31 May 2020 are as follows:

% of Net

Name of Counter Quantity Cost Fair value Asset Value

RM RM %

COLLECTIVE INVESTMENT

SCHEME

RHB Dana Hazeem 2,011,126 926,431 852,114 97.84 ═══════ ═══════ ═════

29

6 UNITS IN CIRCULATION

30.11.2020 31.05.2020

Units Units

At the beginning of the financial period/year 2,049,000 1,742,000

Creation of units arising from applications

during the financial period/year 86,000 354,000

Cancellation of units during the

financial period/year (57,000) (47,000) ───────── ─────────

At the end of the financial period/year 2,078,000 2,049,000 ═════════ ═════════

7 MANAGEMENT FEE

In accordance with the Disclosure Documents, the management fee provided in the

financial statements 1.50% (01.06.2019-30.11.2019:1.50%) per annum based on the

net asset value of the Fund, calculated on a daily basis for the financial period.

Effective 1 June 2017, the management fees are waived by the PRS Provider. The

management fees are only charged at the Target Fund at 1.50% per annum of its net

assets value in relation to the Fund’s investments in the Target Fund.

8 TRUSTEE’S FEE

In accordance with the Disclosure Documents, the Trustee’s fee provided in the

financial statements is 0.04% (01.06.2019-30.11.2019:0.04%) per annum based on

the net asset value of the Fund, calculated on a daily basis for the financial period.

Effective 1 June 2017, the Trustee’s fee will be borne by the PRS Provider.

9 PPA’S FEE AND OTHER EXPENSES

The Private Pension Administrator’s (“PPA”) fee provided in the financial

statements is 0.04% (01.06.2019-30.11.2019:0.04%) per annum based on the net

asset value of the Fund, calculated on a daily basis for the financial period. Effective

1 June 2017, the PPA fee will be borne by the PRS Provider.

All expenses which are directly related and necessary to the business of the Fund

such as auditor’s remuneration and other relevant professional fee, cost of

distribution of interim/annual reports, tax certificates, distribution charges and other

notices to members will be borne by PRS Provider effective 1 June 2017.

30

10 TAXATION

(a) Tax charge for the financial period

01.06.2020- 01.06.2019-

30.11.2020 30.11.2019

RM RM

Current taxation - - ════════ ════════

(b) Numerical reconciliation of income tax expense

The numerical reconciliation between the net income/(loss) before taxation

multiplied by the Malaysian statutory income tax rate and the tax expense of the

Fund is as follows:

01.06.2020- 01.06.2019-

30.11.2020 30.11.2019

RM RM

Net income/(loss) before taxation 96,534 (46,701) ════════ ════════

Tax calculated at a statutory income tax rate of 24% 23,168 (11,208)

Tax effect of:

- (Income not subject to tax)/loss not

deductible for tax purposes (23,168) 11,208 ──────── ────────

Tax expense - - ════════ ════════

11 MANAGEMENT EXPENSE RATIO (“MER”)

The MER ratio for the financial period is not applicable, mainly due to the expenses

are borne by the PRS Provider during the financial period.

12 PORTFOLIO TURNOVER RATIO (“PTR”)

01.06.2020- 01.06.2019-

30.11.2020 30.11.2019

PTR (times) - 0.05

══════ ══════

The PTR ratio is calculated based on average of acquisition and disposals of the

Fund for the financial period to the average net asset value of the Fund calculated

on a daily basis.

31

13 UNITS HELD BY THE PRS PROVIDER AND PARTIES RELATED TO

THE PRS PROVIDER

The number of units held by the PRS Provider is as follows:

30.11.2020 31.05.2020

Units RM Units RM

The PRS Provider 8,977 4,238 5,524 2,348 ══════ ══════ ══════ ══════

The units are held beneficially by the PRS Provider for booking purposes. The PRS

Provider is of the opinion that all transactions with the related parties have been

entered into in the normal course of business at agreed terms between the related

parties.

Other than above, there were no units held by Directors or parties related to the PRS

Provider.

The holding company and the ultimate holding company of the PRS Provider is

RHB Investment Bank Bhd and RHB Bank Bhd respectively. The PRS Provider

treats RHB Bank Bhd group of companies including RHB Investment Bank Bhd and

its subsidiaries as related parties.

14 TRANSACTIONS BY THE FUND

There is Nil transactions by the Fund for the financial period ended 30 November

2020.

Details of transactions by the Fund for the financial year ended 31 May 2020 is as

follows:

Percentage

Percentage of total

Value of of total Brokerage brokerage

PRS Provider trades trades fees fees

RM % RM %

RHB Asset Management

Sdn Bhd* 139,600 100.00 - - ═════════ ═════ ═════ ═════

* Included in transactions by the Fund are trades with PRS Provider of the Fund,

RHB Asset Management Sdn Bhd. The PRS Provider is of the opinion that all

transactions with the related parties have been entered into in the normal course

of business at agreed terms between the related parties.

32

15 FINANCIAL INSTRUMENTS BY CATEGORIES

30.11.2020 31.05.2020

RM

RM

Financial assets

Financial assets at fair value through profit or

loss (‘FVTPL’)

• Collective investment scheme 948,648 852,114

Financial assets at amortised cost

• Bank balances 24,274 18,754

• Amount due from PRS Provider 9,436 -

• Other receivables 10 30

33,720 18,784

Financial liabilities

Financial liabilities at amortised cost

• Amount due to PRS Provider 1,422 -

1,422 -

16 SIGNIFICANT EVENT DURING THE FINANCIAL PERIOD

The worsening of the macro-economic outlook as a result of Covid-19, both

domestically and globally, has impacted the Fund’s performance during the financial

period.

The PRS Provider is monitoring the situation closely and will be managing the

portfolio to achieve the fund's objective.

33

STATEMENT BY PRS PROVIDER


We, Dato’ Darawati Hussain and Chin Yoong Kheong, two of the Directors of RHB

Asset Management Sdn Bhd, do hereby state that in the opinion of the Directors of

the PRS Provider, the accompanying unaudited statement of financial position,

unaudited statement of income and expenses, unaudited statement of changes in net

asset value, unaudited statement of cash flows and the accompanying notes, are

drawn up in accordance with Malaysian Financial Reporting Standards and

International Financial Reporting Standards so as to give a true and fair view of the

financial position of the Fund as at 30 November 2020 and of its financial

performance and cash flows for the financial period ended and comply with the

provisions of the Deeds.

On behalf of the PRS Provider

Dato’ Darawati Hussain Chin Yoong Kheong

Director Director

25 January 2021

34

TRUSTEE’S REPORT TO THE MEMBERS OF


We have acted as Trustee of RHB Retirement Series – Islamic Balanced Fund (“the

Fund”) for the financial period ended 30 November 2020. To the best of our

knowledge, for the financial period under review, RHB Asset Management Sdn Bhd

(“the PRS Provider”) has operated and managed the Fund in accordance with the

following:

(a) limitations imposed on the investment powers of the PRS Provider under the

Deed(s), the Securities Commission Malaysia’s Guidelines on Private

Retirement Schemes, the Capital Markets and Services Act 2007 and other

applicable laws;

(b) valuation and pricing for the Fund has been carried out in accordance with the

Deed(s) of the Fund and any regulatory requirements; and

(c) creation and cancellation of units for the Fund have been carried out in

accordance with the Deed(s) of the Fund and any regulatory requirements.

For Deutsche Trustees Malaysia Berhad

Ng Hon Leong Gerard Ang

Head, Trustee Operations Chief Executive Officer

Kuala Lumpur

25 January 2021

35

REPORT OF THE SHARIAH ADVISER


We have acted as the Shariah Adviser of RHB Retirement Series – Islamic Balanced

Fund. Our responsibility is to ensure that the procedures and processes employed by

RHB Asset Management Sdn Bhd (“the PRS Provider”) and that the provisions of the

Deeds are in accordance with Shariah principles.

In our opinion, the PRS Provider has managed and administered the Fund in

accordance with Shariah principles and complied with the applicable guidelines,

rulings and decisions issued by the Securities Commission Malaysia pertaining to

Shariah matters for the financial period ended 30 November 2020.

In addition, we also confirm that the investment portfolio of the Fund comprises

instruments which have been classified as Shariah-compliant by the Shariah Advisory

Council of the Securities Commission Malaysia (“SACSC”), and where applicable

the Shariah Advisory Council of Bank Negara Malaysia. As for the instruments other

than above-mentioned, we further confirm that the status of such instruments have

been determined in accordance with the ruling issued by the Shariah Adviser.

I, Assoc. Prof. Dr. Kamaruzaman Bin Noordin, hereby confirm that all members of

the Shariah Committee have been consulted and made aware of all the Shariah issues

in relation to this report.

For and on behalf of Shariah Committee of RHB Islamic Bank Berhad

(Company No: 200501003283)

Assoc. Prof.Dr. Kamaruzaman Bin Noordin

Member

Shariah Committee of RHB Islamic Bank Berhad

Kuala Lumpur

25 January 2021

36

CORPORATE INFORMATION

PRS PROVIDER

RHB Asset Management Sdn Bhd

REGISTERED OFFICE

Level 10, Tower One, RHB Centre, Jalan Tun Razak, 50400 Kuala Lumpur

PRINCIPAL AND BUSINESS OFFICE

Level 8, Tower Two & Three, RHB Centre, Jalan Tun Razak, 50400 Kuala Lumpur

E-mail Address : [email protected]

Tel: 03 – 9205 8000

Fax: 03 – 9205 8100

Website: www.rhbgroup.com

BOARD OF DIRECTORS

Mr Yap Chee Meng (Independent Non-Executive Chairman)

Mr Chin Yoong Kheong (Senior Independent Non-Executive Director)

Dr. Ngo Get Ping (Independent Non-Executive Director)

Ms Ong Yin Suen (Managing Director)

YBhg Dato’ Darawati Hussain (Independent Non-Executive Director)

YBhg Datuk Seri Dr Govindan A/L Kunchamboo (Independent Non-Executive Director)

(Appointed with effect from 15 October 2020)

INVESTMENT COMMITTEE MEMBERS

Mr Yap Chee Meng (Independent Chairman)

YBhg Dato’ Darawati Hussain

Puan Sharifatu Laila Syed Ali

CHIEF EXECUTIVE OFFICER

Ms Ong Yin Suen

SECRETARY

Encik Azman Shah Md Yaman (LS No. 0006901)

AUDIT COMMITTEE MEMBERS

Ms Ong Ai Lin (Chairman)

Puan Sharifatu Laila Syed Ali

Mr Donald Joshua Jaganathan (Appointed with effect from 1 October 2020)

mailto:[email protected]

37

BRANCH OFFICE Kuala Lumpur Office B-9-6, Megan Avenue 1

No. 189, Jalan Tun Razak

50400 Kuala Lumpur

Tel: 03-2171 2755/ 03-2166 7011

Fax: 03-2770 0022

Shah Alam Office B-3-1 1st Floor

Jalan Serai Wangi G16/G, Alam Avenue

Persiaran Selangor, Section 16

40200 Shah Alam

Tel: 03-5523 1909 Fax: 03-5524 3471

Sri Petaling Office Level 1 & 2, No 53 Jalan Radin Tengah

Bandar Baru Seri Petaling

57000 Kuala Lumpur

Tel: 03-9054 2470 Fax: 03-9054 0934

Batu Pahat Office 53, 53-A and 53-B Jalan Sultanah

83000 Batu Pahat, Johor

Tel: 07-438 0271/ 07-438 0988

Fax: 07-438 0277

Ipoh Office No.7A, Persiaran Greentown 9

Pusat Perdagangan Greentown

30450 Ipoh, Perak

Tel: 05-242 4311 Fax: 05-242 4312

Johor Bahru Office No 34 Jalan Kebun Teh 1

Pusat Perdagangan Kebun Teh

80250 Johor Bahru, Johor

Tel: 07-221 0129 Fax: 07-221 0291

2nd Floor, 21 & 23

Jalan Molek 1/30, Taman Molek

81100 Johor Bahru, Johor

Tel: 07-358 3587 Fax: 07-358 3581

Kuantan Office 1st Floor, Lot 10, Jalan Putra Square 1

Putra Square

25300 Kuantan, Pahang

Tel: 09-517 3611 Fax: 09-517 3612

38

Kuching Office Lot 133, Section 20, Sublot 2 & 3

1st Floor, Jalan Tun Ahmad Zaidi Adruce

93200 Kuching, Sarawak

Tel: 082-550 838 Fax: 082-550 508

Yung Kong Abell, Units 1-10

2nd Floor Lot 365

Section 50 Jalan Abell

93100 Kuching, Sarawak

Tel: 082-245 611 Fax: 082-230 326

Kota Bharu Office Ground Floor, No 3486-G

Jalan Sultan Ibrahim

15050 Kota Bharu, Kelantan

Tel: 09-740 6891 Fax: 09-740 6890

Kota Kinabalu Office Lot No. C-02-04, 2nd Floor

Block C, Warisan Square

Jalan Tun Fuad Stephens

88000 Kota Kinabalu

Sabah

Tel: 088-528 686/088-528 692

Fax: 088-528 685

Melaka Office 581B, Taman Melaka Raya

75000 Melaka

Tel: 06-284 4211/ 06-281 4110

Fax: 06-292 2212

Miri Office Lot 1268 & 1269, Second Floor

Centre Point Commercial Centre

Jalan Melayu

98000 Miri, Sarawak

Tel: 085-422 788 Fax: 085- 415 243

Penang Office 3rd Floor, 44 Lebuh Pantai

10300 Georgetown, Penang

Tel: 04-264 5639 Fax: 04-264 5640

Prai Office No 38, First Floor

Jalan Todak 2

Seberang Jaya

13700 Perai, Penang

Tel: 04-386 6670 Fax: 04-386 6528

39

TRUSTEE Deutsche Trustees Malaysia Berhad

SHARIAH ADVISER RHB Islamic Bank Bhd

BANKER RHB Bank Bhd

AUDITORS

PricewaterhouseCoopers PLT

TAX ADVISER PricewaterhouseCoopers Taxation Services Sdn Bhd

PRIVATE PENSION

ADMINISTRATOR

Private Pension Administrator Malaysia

INSTITUTIONAL/ RHB Bank Bhd

CORPORATE Phillip Mutual Bhd

PRIVATE iFast Capital Sdn Bhd

RETIREMENT VKA Wealth Planners Sdn Bhd

SCHEME ADVISERS UOB KayHian Securities (M) Sdn Bhd

Date post:	03-Oct-2020
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