Opus Asset Management Sdn Bhd has appointed the following as the Shariah Adviser for our funds / portfolios:
Mr. Mohd Fadhly is currently a Member of RHB Islamic Bank Bhd, Sunlife Takaful and Apex Investment Services Berhad Shariah Committee. He has vast knowledge and experience in the Islamic Capital Market (ICM) industry as he was previously the manager for the ICM Department of Securities Commission (SC) Malaysia for 12 years. Mr. Fadhly was also the Consultant to the SC, for the ICM Department. His responsibilities include managing, supervising and monitoring Shariah-Compliance requirements of Islamic product structures in relation to submissions for issuance of Sukuk, structured products, collective investments and Islamic Real Estate Investment Trust. He also undertook research and development activities in relation to Shariah-compliant ICM products and outlined the criteria and manual for the Shariah-compliant securities. On the regulatory side, he was involved in reviewing and providing technical inputs for Islamic Capital Market Guidelines.
In 1995, Mr. Fadhly was awarded a first class degree in Shariah from the University of Malaya and is currently an accredited trainer for the Islamic Finance Qualification (IFQ) by Chartered Institute for Securities and Investment.
Encik Mohd Fadhly bin Md. Yusoff has been appointed as the Shariah adviser for Opus Shariah Cash Extra Fund, Opus Shariah Dynamic Income Fund, Opus Shariah Income Fund and Shariah discretionary fixed income portfolios (collectively known as “the Funds”). En. Mohd Fadhly is currently a Member of RHB Islamic Bank Bhd, Sunlife Takaful and Apex Investment Services Berhad Shariah Committee. He has vast knowledge and experience in the Islamic Capital Market (ICM) industry as he was previously the manager for the ICM Department of Securities Commission Malaysia (SC) for 12 years. En. Fadhly was also the Consultant to the SC, for the ICM Department. His responsibilities include managing, supervising and monitoring Shariah-Compliance requirements of Islamic product structures in relation to submissions for issuance of Sukuk, structured products, collective investments and Islamic Real Estate Investment Trust. He also undertook research and development activities in relation to Shariah-compliant ICM products and outlined the criteria and manual for the Shariah-compliant securities. On the regulatory side, he was involved in reviewing and providing technical inputs for Islamic Capital Market Guidelines.
During his time with SC, he participated in various ICM educational/ promotional programmes with universities, JAKIM, Jawatankuasa Fatwa Kebangsaan, Baitul Mal, Bursa Malaysia, local state authorities and local state religious authorities. In addition, he reviewed the curriculum and syllabus for several institutions and programmes which includes the Islamic Banking and Finance Institute Malaysia (IBFIM), International Centre for Education in Islamic Finance (INCEIF) and Securities Industry Development Corporation (SIDC). As for industry development, En. Fadhly contributed by providing technical inputs for “Resolution of the Securities Commission Shariah Advisory Council Book” and participated in preparing the International Organization of Securities Commission (IOSCO) Task Force report for ICM.
In 1995, En. Fadhly was awarded a first class degree in Shariah from the University of Malaya and is currently an accredited trainer for the Islamic Finance Qualification (IFQ) by Chartered Institute for Securities and Investment.
Tawafuq Consultancy Sdn Bhd [Malaysian Company No.: 201501036171 (1161491-M)] (“Tawafuq”) has been appointed as the Shariah Adviser for Opus Shariah Income Plus Fund and Opus Shariah Short Term Low Risk Asset Fund (“the Funds”). Tawafuq will counsel the mechanism of the operations of the Funds’ activities to ensure that the operations and investments of the Funds comply with Shariah requirements.
Tawafuq is an independent global Shariah advisory firm, who are committed to offering comprehensive end-to-end Islamic finance and halal solutions by leveraging on its global presence, in-depth knowledge, and integrated structure.
Named the “Best Emerging Shari’a Advisory Firm 2019” by Global Islamic Finance Awards, “Best End-to-End Islamic Finance Consultant 2019” by International Finance and “Best Training Provider 2019” by Islamic Retail Banking Awards, the firm provides consultancy, research, training, and professional services in the area of Islamic Banking, Islamic Capital Markets, Islamic Wealth Management, Islamic Asset Management, Islamic Fintech, and Takaful. As a registered Shariah Adviser with the Securities Commission of Malaysia (“SC”), Tawafuq is allowed to advise on Sukuk, Islamic unit trusts, Shariah-compliant investment funds, Islamic real estate investment trust, Islamic exchange-traded funds, Islamic crowdfunding, Islamic P2P issuances, etc. The firm is also registered as an Approved External Shariah Adviser under the Co-operatives Commission of Malaysia, a community member of the Malaysia International Islamic Financial Centre, and a member of the Network of Islamic Finance Training Institutes, a global network of 64 Islamic finance training institutes. It is also empanelled on the Malaysia Digital Economy Corporation’s list of preferred Shariah Advisers.
With experienced and well-trained Islamic finance professionals and scholars on the board of the firm, Tawafuq offers comprehensive public and in-house training courses, quality research, and well-integrated and up-to-date consultancy to regulatory bodies, government agencies, financial institutions, fund management companies, the corporate sector, higher learning institutions, and the public at large.
Tawafuq reviews the Funds’ investments on a monthly basis to ensure compliance with Shariah requirements at all times and advises on the Funds’ compliance with Shariah requirements. However, the final responsibility for ensuring Shariah compliance of the Funds with Shariah requirements in all relevant aspects rests solely with Opus Asset Management Sdn Bhd.
In line with the SC guidelines, the roles of Tawafuq as the Shariah Adviser are:
1. ensuring that the Funds are managed and administered in accordance with Shariah principles;
2. providing expertise and guidance for the Funds in all matters relating to Shariah principles, including on the deed and prospectus, its structure and investment process, and other operational and administrative matters;
3. consulting the SC, who may consult the Shariah Advisory Council where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process;
4. scrutinising the Funds’ compliance report as provided by the compliance officer, transaction report provided by or duly approved by the trustee of the respective fund and any other report deemed necessary for the purpose of ensuring that the Funds’ investments are in line with Shariah principles;
5. preparing a report to be included in the Funds’ interim and annual report certifying whether the Funds have been managed and administered in accordance with Shariah principles;
6. ensuring the Funds comply with any guideline, ruling or decision issued by the SC with regards to Shariah matters;
7. vetting and advising on the promotional materials of the Funds; and
8. assisting and attending to any ad-hoc meetings called by the SC and/or any other relevant authority.
DESIGNATED PERSONS RESPONSIBLE FOR SHARIAH MATTERS OF THE FUND
Tawafuq’s Shariah team consists of the following personnel:
1) Syeikh Ibrahim Bin Nasir Al-Sawafi (Chairman Shariah Advisory Board)
Syeikh Ibrahim Al-Sawafi holds the office of Learned Secretary at the Ifta Office of the Ministry of Awqaf & Religious Affairs of the Sultanate of Oman. Syeikh Ibrahim is a renowned Shariah scholar and member of several Shariah boards in the Sultanate of Oman including the Shariah Advisory Board of Bank Nizwa. He regularly speaks at Islamic banking & finance seminars and conferences and is an active participant in the development of the Islamic banking & finance industry in the Sultanate of Oman.
2) Muhammad Aiman Mohamad Salmi (Director/Principal Consultant/Managing Advisor)
A Chartered Professional in Islamic Finance, Aiman holds a Bachelor of Laws (Honours) and Bachelor of Laws (Shariah)(Honours) from the International Islamic University Malaysia and a MSc in Islamic Finance from the International Centre for Education in Islamic Finance, Malaysia. An Advocate and Solicitor of the High Court of Malaya (Malaysia) and a qualified Malaysian Syarie Counsel, he regularly delivers Islamic finance courses and has completed the prestigious “i-Advisor program” organised by the SC.
Currently, he is a member of the Chartered Institute of Islamic Finance Professionals, the Association of Shariah Advisers in Islamic Finance Malaysia, Malaysian Finance Association, Malaysian Association of Muslim Finance Professionals, ASEAN Young Professionals Network, Asian Institute of Chartered Bankers, and the International Council for Islamic Finance Educators. He is also the Deputy President of Malaysia Young Shariah Scholars Association.
He is the Principal Consultant and the Qualified Shariah Personnel for Tawafuq Consultancy, as required by SC. He has served a major local Islamic bank assigned to the Shariah Department, whereby he oversees the Shariah-compliance aspect of banking products, offerings, procedures and systems, and regularly conducts research on various Shariah issues that arise from consumer, business and corporates, wholesale and investment banking segments. Aiman is an accredited trainer with the Islamic Banking & Finance Institute of Malaysia and has founded the Young Shariah Scholars’ Discourse Series.
3) Dr. Ahmad Zakirullah Bin Mohamed Shaarani (Senior Consultant)
Dr. Ahmad Zakirullah currently serves as a senior lecturer at the faculty of Management and Economy, Universiti Pendidikan Sultan Idris and is also a member of the Shariah Committee of the United Overseas Bank Malaysia Berhad. Previously, he served the Islamic Banking and Finance Institute of Malaysia from February 2008 till October 2018. His prior responsibilities include, providing Shariah input on advisory, consultancy and research functions with regards to Islamic banking, takaful, Islamic capital markets and Shariah-compliant funds. He has also served University Sains Islam Malaysia and PTPL College.
He obtained his Diploma of Shariah Islamiyyah (Hons) from Higher Institute of Islamic and Arabic Language, Perak, Bachelor of Shariah Islamiyyah (Hons) Degree from Al-Azhar University, Egypt, Master’s Degree (Hons) of Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh) from the International Islamic University Malaysia and Doctor of Philosophy of Usul al-Fiqh from University of Malaya.