ISLAMIC FINANCE EXPERTISE MATTERS: Professional Ancillary Services

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Malaysia World’s Islamic Finance Marketplace

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MarketplaceIF Our Islamic finance marketplace is open to the world. CONTENTS

Preface 3

Malaysia: World’s Islamic Finance Marketplace 4

Professional Ancillary Services in Malaysia 6

Business Directory of Professional Ancillary Services in Malaysia Shariah Advisory Firms 7 Legal Firms 21 Accounting and Audit Firms 39 Technology Solutions Firms 45 Commodity Trading Platforms 51 Human Capital Development Entities 57 Rating Agencies 67 PREFACE

Malaysia’s current leadership in Islamic finance is that it is also well supported by comprehensive industry is a result of its almost 40 years’ and progressive professional ancillary services experience in continuously advancing the industry. providers. This industry represents a vital part to Various stakeholders comprising thought leaders, complete the value chain of Islamic finance industry visionaries and policy makers are committed to in the country. The diversity of market players in mobilise resources together to develop Malaysia’s the professional ancillary services sector has also Islamic financial industry into what it is now - contributed to the overall competitiveness of the a comprehensive and complete ecosystem of Malaysian Islamic financial marketplace. Shariah-compliant financial industry that works alongside with the conventional system. Today, Malaysian Islamic finance providers and the Malaysian Islamic financial industry is a vibrant professionals have become highly sought expertise industry with a complete value-chain that provides by global community and organisations. This Islamic finance business solutions for global publication is designed to share business profiles business and financial community. and track record of providers offering Islamic finance solutions in Malaysia. Fast changing dynamics of the industry and proliferation of the market players require Global financial community are welcome to backing from a robust and exponential capitalise and pursue collaborative efforts with growth of professional ancillary services to Malaysian providers and benefit from what Malaysia ensure fast evolution of the industry. Another has to offer. uniqueness of Malaysia’s Islamic finance offerings

P R E F A C E | 3 MALAYSIA: WORLD’S ISLAMIC FINANCE MARKETPLACE

Islamic finance in Malaysia has developed into commanding a market share of 51.0% and 36.2% a comprehensive and sophisticated Islamic respectively. Malaysia’s sukuk market is largely driven finance marketplace. Malaysia’s Islamic finance by corporates and government related entities (66.8%), marketplace is characterised by a robust regulatory, and has been a viable funding tool for various mega supervisory, Shariah and legal framework, a deep infrastructure projects. Recently, Malaysia marked primary market and active secondary sukuk a milestone in sukuk innovation with the inaugural market, a diverse players with global capabilities issuance of world’s first green SRI sukuk by Tadau and connectivity for business deals anywhere in the Energy (a Malaysian solar farm company). In the world. Equal emphasis on training, education and banking sector, Malaysia’s total Islamic banking assets research has clearly propelled Malaysia’s position in stood at USD204.4 billion as at end-2017, ranked the global Islamic financial industry, simultaneously third globally after Iran and Saudi Arabia. In Islamic encouraging solid pool of talents and professionals wealth management industry, Malaysia held the as global thought leaders and source of reference leading position as key domiciles for Islamic funds for the global industry. by AuM with USD28.3 billion (36.5% global share). Malaysia also ranked first globally in terms of number Malaysia maintains a leading position on various of funds (27.9% global share), with a total of 394 funds fronts. Malaysia continues to be the main driver registered as at end-2017. for both sukuk outstanding and issuance in 2017,

P R E F A C E | 4 The Landscape of Islamic Finance in Malaysia

Malaysia’s Islamic Financial Assets

Diverse Set of Industry Players & Service Providers Offering Islamic Financial Services

Source: Various, MIFC

Malaysia International Islamic Financial Centre The marketplace is open to global industry (MIFC) is an aspiration founded in 2006. The players and market participants to collaborate and MIFC Community is a network of the country’s mutually benefit from a highly conducive business financial sector regulators, government ministries environment of innovation, expertise and deal flow. and agencies, industry players from the Islamic This high level commitment by various stakeholders banking, takaful, re-takaful and Islamic capital further epitomised the vision and collaborative market industries, human capital development structure in place to advance the development of institutions as well as professional ancillary services Islamic finance at national and global level. companies.

P R E F A C E | 5 PROFESSIONAL ANCILLARY SERVICES IN MALAYSIA

Malaysia’s Islamic finance marketplace has a Many of these providers have supported the wide array of professional ancillary services advancement of the Islamic finance industry either providers offering comprehensive Islamic finance in advanced or new Islamic finance markets. A services. Collectively, Malaysia hosts more than 60 number of jurisdictions have benefited from these professional ancillary services firms with a wide- firms’ expertise in formulating legal and regulatory range expertise and capabilities. This includes frameworks in introducing Islamic finance. Shariah advisory firms, legal firms, technology Collaborations with multilateral and international companies, accounting and audit firms, rating organisations are also established by several firms agencies, commodity murabahah platforms as well to drive global initiatives and standard settings. In as the human capital development institutions. addition, global clients have sought advice from these providers on many fronts among others product advisory, governance, tax treatment, audit, training and accreditation. Experienced practitioners from this network are also appointed as experts in various institutions globally.

Going forward, roles of these service providers will become more demanding. Technology evolution, regulatory changes, rising demand on Islamic finance and greater internationalisation of Islamic finance are amongst the factors that will require greater support from professional ancillary services providers. Various efforts are currently undertaken by Malaysian providers to foster more diverse collaborative partnerships across various segments to ensure efficient delivery and relevancy of the services provided by the industry.

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P R E F A C E | 6 SHARIAH ADVISORY FIRMS

An important element of a progressive Islamic finance marketplace is the strength and soundness of its Shariah frameworks and expertise. The development of Malaysian Islamic finance industry places Shariah as the apex by integrating application of Shariah principles in the regulatory and operational requirements of the Islamic financial institutions. This has heightened expectation on Shariah scholars and firms to evolve and play active roles in ensuring compliance and progressive development of the industry. As an example, Shariah scholars in Malaysia have also benefited from having exposure to the operational situation in the management of Islamic financial institutions, where qualified Shariah scholars are also appointed as members of Board of Directors at Islamic financial institutions.

There are now 12 Shariah advisory firms in Malaysia. These firms have accumulated vast experience in offering Shariah advice in a wide range of areas, among others issuances of new and innovative product structures, advisory on regulatory and policy developments, and institutional development e.g. establishment of new banks and transformation of Islamic windows into full- fledged Islamic subsidiaries. More importantly, these institutions are actively providing their services in other jurisdictions, facilitating development of Shariah framework and advisory globally.

S H A R I A H A D V I S O R Y F I R M S | 7 List of Shariah Advisory Firms

Afsha Shariah Advisory 9

Amanie Advisors 10

Elzar Shariah Solution 11

Islamic Banking and Finance Institute Malaysia (IBFIM) 12

IIUM Shariah Advisory Services 13

ISRA Consultancy 14

MAHA Shariah Advisor 15

Muamalah Financial Consulting 16

Salihin Shariah Advisory 17

Tawafuq Consultancy 18

Webshariah Solutions 19

ZICO Shariah Advisory Services 20 AFSHA SHARIAH ADVISORY

Afsha Shariah (previously known as AFTAAS Shariah AREA OF SERVICES Advisory) was incorporated in 2008, registered and licensed by the Securities Commission of • Business consultancy and advisory Malaysia to provide services in Shariah advisory • Publication and consultancy works. Drawing upon the skills • Research (on Shariah-compliant matters and due and expertise of multi-disciplinary and experienced diligence) Shariah advisors and subject matter experts, the • Product development (develop competitive firm offers wide and comprehensive range of Shariah-compliant products and services including services. viable business propositions) • Education and training (including training on Shariah Shariah Board Members of Afsha Shariah Advisory audit, review, product development for banking, • Dato’ Muhd Mokhtar bin Shafii takaful, and capital market, Shariah-compliant • Dr Abdul Halim bin Muhammad investment and halal management) • Hasri bin Harun • Shariah audit (ensure services and products offer conform to the Shariah principles as well as guidelines set by the regulators and the clients) ACHIEVEMENTS • Halal consultancy (for food, cosmetic and pharmaceutical industries as well as halal supply Acted as Shariah advisor for Ace Credit Sdn Bhd • chain to obtain the halal certifications from the Acted as Shariah auditor for Perbadanan Usahawan • authority locally and internationally) • Zakat & waqf (registered with several states religious councils for collection of zakat and waqf on their behalf)

Afsha Shariah Advisory Sdn Bhd M. Aminuddin Bin Ismail Muad’z Bin Abdul Wahab No.2 Jalan Rampai Niaga 2 T +6014 226 0885 T +6013 790 1371 Rampai Business Park E [email protected] E [email protected] 53300 Kuala Lumpur www.afshashariah.com

S H A R I A H A D V I S O R Y F I R M S | 9 AMANIE ADVISORS

Amanie Advisors Sdn Bhd (Amanie) is a Shariah AWARDS advisory, consultancy, training and research and development boutique for institutional and • Best Shari’a Advisory Firm - Global Islamic Finance corporate clientele focusing on Islamic financial Awards 2017 services. • Best Shari’a Advisory Firm - Global Islamic Finance Awards 2016 The company is led by Datuk Dr Mohd Daud Bakar • Award of Excellence for Outstanding Contribution and teamed by an active and established panel for Shariah Leadership & Advisory - London Sukuk of consultants covering every aspect related to Summit Awards 2016 the Islamic banking and finance industry, both • Best Local Currency Sukuk (Cagamas 500 Million in Malaysia and the global market. The team of Ringgit Murabahah Sukuk) and Best SRI Sukuk Amanie comprises of 14 consultants who represent (Khazanah Nasional 100 Million Ringgit Wakala Al- dynamic and experienced professionals with a Istithmar) - The Asset Triple A Awards 2016 mixture of corporate finance, accounting, product development, Shariah law and education. ACHIEVEMENTS

Amanie has more than 12 years of experience in • Shariah advisor to Bursa Malaysia - conduct Shariah advisory role in capital markets. To date, Amanie compliance review for Shariah investing has been appointed as Shariah advisor for more • Advised the first ringgit-denominated sustainable than 150 funds. and responsible investment (SRI) sukuk • Advised the largest sukuk programme issued by a Shariah Supervisory Board of Amanie Advisors European corporate to date • Dr Mohamed Ali Elgari (Saudi Arabia) • Shariah consultant for Islamic trade finance products • Dr Mohd Daud Bakar (Malaysia) for Banque Saudi Fransi • Dr Muhammad Amin Ali Qattan (Kuwait) • Developed the first Shariah standard on gold • Dr Osama Al Dereai (Qatar) transaction, for Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and World Gold Council (WGC) AREA OF SERVICES • Developed Islamic banking regulatory framework and Shariah standards for Afghanistan • Shariah advisory • Collaborated with Chartered Institute of • Development, structuring and endorsement of Management Accountants, UK (CIMA) to establish banking and capital market products the CIMA Diploma in Islamic Finance and CIMA • Shariah compliance review, audit and risk Advanced Diploma in Islamic Finance Structuring management and Strategy • Shariah governance framework and Islamic banking • Designed and delivered the Shariah Professional policies Development Programme for Centre for Islamic • Establishment of Islamic entities and conversion Banking, Finance and Management (CIBFM), exercises Ministry of Finance, Brunei

Amanie Advisors Sdn Bhd Amran Ibrahim Ainul Azura Zakiyudin Level 33, Menara Binjai T +603 2181 8228 T +603 2181 8228 No. 2, Jalan Binjai Off Jalan Ampang E [email protected] E [email protected] 50450 Kuala Lumpur www.amanieadvisors.com

S H A R I A H A D V I S O R Y F I R M S | 10 ELZAR SHARIAH SOLUTION

Elzar Shariah Solution Sdn Bhd is a professional AREA OF SERVICES Shariah advisory and consultancy firm specialising in Islamic finance solutions and Shariah advisory • Shariah advisory: works. The firm offers a wide range of services For fund managers, sukuk issuances, brokerage including Shariah advisory and consultancy, companies, corporate companies and government audit services and research and development for agencies financial institution and corporate clients. • Shariah compliance audit and review: The scrutiny of the relevant operations and activities The firm is committed in supporting further growth of a company resulting in the publication of an and development of the Islamic finance industry on independent opinion on whether the products, a global scale. The goal is to create a world where activities and operation are in conformity with the financial institutions, corporations and SMEs are Shariah law growing within the boundaries of Shariah. • Consultancy on Islamic products and business advisory: Elzar Shariah Solution Sdn Bhd was established Setting manuals, guidelines, aiding and undertaking in 2016 in the spirit of contributing to a growing services to meet clients’ needs to be in line with the and robust ecosystem of Islamic finance and requirement of Shariah economy which has seen a robust growth and an • Provision of training courses: unprecedented global recognition in recent years. Training for Islamic banking, Islamic capital market; The firm intends to help businesses in applying Islamic stockbroking, investments, takaful and many Shariah knowledge in both financial and non- more financial sector to further expand the boundaries • Product design and provision of consultancy of Islamic finance and economy. services: In other areas of Islamic financing, Islamic banking, Islamic capital markets, Islamic investments and takaful • Provide Islamic contents: For higher educational program, public and telco content provider: • Providing research and development Supporting commerce and industry

Elzar Shariah Solution Sdn Bhd Siddiq Mohd Amin No 06-1F Pinggiran Mutiara Utama T +60192312361 Taman Mutiara Gombak 2 E [email protected] Gombak 53100 Kuala Lumpur www.elzarshariah.com

S H A R I A H A D V I S O R Y F I R M S | 11 ISLAMIC BANKING AND FINANCE INSTITUTE MALAYSIA

Islamic Banking and Finance Institute Malaysia AREA OF SERVICES (IBFIM)’s advisory roles have evolved in tandem with the growth of the industry. IBFIM provides • Islamic finance product development and review advisory services to other intermediaries providing • Conversion of conventional products to Islamic Islamic finance related initiatives. IBFIM’s support • Training and development (See page 62) on research and product development in Islamic finance is through its library collection of over 13,000 reference books and 90 IBFIM published ACHIEVEMENTS titles. • Acted as consultant on Islamic banking products to Islamic Financial Services Australia Pty Ltd IBFIM’s business advisory role also extends beyond • Acted as Shariah advisor to UOB Asset companies within the financial services sector. In Management Ltd (Singapore) engagements with clients, IBFIM also conducts • Acted as a member of Malaysian consortium led training to clients’ workforce with the necessary by UniRazak to deliver feasibility study on Islamic knowledge and competencies to implement finance in the country Islamic finance. • Acted as supporting partner to ISRA Consulting Sdn Bhd for consultancy service to IDCORP, an IBFIM is also a registered Shariah Advisor IT solution company (Corporate) with the Securities Commission of Malaysia.

Internal Shariah Committee of IBFIM • Ustaz Azizi Bin Che Seman • Dr Ahmad Zakirullah Bin Mohamed Shaarani • Mr Mohd Asyraf Bin Sharunudin • Mr Muhammad Khairulnizam Bin Alias • Mr Muhammad Shahier Bin Sa’min • Mr Nazmi Ashraf Bin Mohd Nazim • Mr Mohd Khairul Izzaz Bin Ismail

IBFIM Zaharin Bin Md Jahim Natejah Binti Ahmad 3rd Floor T +603 2031 1010 ext 500 T +603 2031 1010 ext 642 Menara Takaful Malaysia E [email protected] E [email protected] Jalan Sultan Sulaiman 50000 Kuala Lumpur www.ibfim.com

S H A R I A H A D V I S O R Y F I R M S | 12 IIUM SHARIAH ADVISORY SERVICES

IIUM Shariah Advisory Services Sdn. Bhd. (ISAS) AREA OF SERVICES is a subsidiary company of IIUM Holdings Sdn Bhd. ISAS was established on 15 September 2011. • Shariah advisory services (including for Islamic ISAS spent its early years in getting the necessary banking products, takaful products and sukuk) resources and in planning for its business startup. • Capacity building programmes ISAS is licensed by the Securities Commission of • Halal training and consultancy Malaysia (SC) to provide Shariah advisory services.

ACHIEVEMENTS ISAS sources for its Shariah consultants mainly from the International Islamic University Malaysia • ISAS is one of the panel Shariah Advisors to (IIUM). However ISAS also has access to consultants Cagamas Berhad (2016-2017) from other institutions and practitioners from the • Managed the Certificate in Islamic Banking and industry. Besides providing advisory services, ISAS Finance programme for SME Bank Group (2013), is also capable of organizing and managing certified Public Islamic Bank Berhad (2015-2017) and training programmes. ISAS had established Maybank Islamic Berhad (2016) collaboration with the IIUM Institute of Islamic • Managed the capacity building programme Banking and Finance (IiBF) to certify the training for the heads of department, of the Tadhamon programmes. ISAS commenced its first project in International Islamic Bank, Yemen May 2013 when the IIUM Institute of Islamic Banking • Appointed as a programme delivery partner by and Finance (IiBF) appointed the company to the Halal International Selangor (2017) manage its in-house training programmes for the • Acted as Shariah Advisor to Z Consulting Sdn banking industry. Bhd (2016) and Quantum Metal Sdn Bhd (2016- 2017)

IIUM Shariah Advisory Services Sdn Bhd Bahavddeen Shaik Allauddin Muhammad Amin Aiman Bin Azhar Level 3, Rectory, Central Complex T +6012 657 4561 T +6018 222 6737 International Islamic University Malaysia E [email protected] E [email protected] Jalan Gombak 53100 Kuala Lumpur www.isas.com.my

S H A R I A H A D V I S O R Y F I R M S | 13 ISRA CONSULTANCY

ISRA Consultancy Sdn Bhd (ICSB) was established ACHIEVEMENTS by the International Shari’ah Research Academy for Islamic Finance (ISRA), an affiliate of Bank Negara • Acted as consultant for Maldives Monetary Malaysia (BNM) and registered with Securities Authority in the development of a legal and Commission Malaysia. ISRA, being an established regulatory framework for Islamic finance in research entity with an excellent network of Maldives academia and industry practitioners deems that • Provided design, development and through the establishment of ICSB, it will be able implementation of a Shariah-compliant guarantee to further establish its corporate image among mechanism for Afghan Credit Guarantee Fund both the local and international communities of the Germany Islamic finance industry. • Involved in developing regulatory and supervisory framework by the National Bank of Tajikistan for Key strength and benefits of ICSB are: Islamic finance in Tajikistan Excellent networking with Islamic finance experts • • Provided Shariah compliance consultation to locally and globally Credit Guarantee Corporation Malaysian Berhad, Extensive and vast knowledge covering all • BNP Paribas and Affin Hwang Investment Bank pertinent issues in Islamic finance for Shariah report issuance and training Able to provide comprehensive consultancy • • Provided Shariah research and industry workshop services in the areas of advisory, research, on the Awqaf sukuk (endowment bonds) for training and translation services in Islamic finance Awqaf New Zealand and Shariah related areas • Developed Shariah Governance Framework Guideline (Co-sourcing) and review of current Shariah Committee of ISRA Shariah compliance and assurance function for • Prof Dr Ashraf Md Hashim (Malaysia) Lembaga Zakat Selangor • Prof Dr Mohamad Akram Laldin (Malaysia) • Compliance consultancy and validation of the • Sheikh Prof Dr Mohamed Ali Elgari (Saudi Arabia) business model from the Shariah perspective for • Associate Prof Dr Said Bouheraoua (Algeria) Ritz Property Investment Asia Pte Ltd • Dr Marjan Bin Muhammad (Malaysia) • Provided translation services for KFH fatwas which include translation, proofreading and AREA OF SERVICES editing for Kuwait Finance House (KFH) • Provided translation of Zakat Standard and • Advisory and research Study from Arabic to English Islamic International - Developing regulatory framework Consultant, Kuwait - Legal and Shariah advisory • Understanding the extensive deliberation on - Shariah compliant business model the Shariah standards from Shariah, legal and • Research and training (See page 64) accounting for the applied Shariah in Islamic • Translation finance and Shariah Standards of a Malaysian regulator

ISRA Consultancy Sdn Bhd Nur Shaira Mohd Yusoff Nor Aizar Abu Bakar Lorong Universiti A T +603 7651 4252/4210 T +603 7651 4210 59100 Kuala Lumpur E [email protected] E [email protected] www.consultancy.isra.my

S H A R I A H A D V I S O R Y F I R M S | 14 MAHA SHARIAH ADVISOR

MAHA Shariah Advisory Sdn Bhd, an independent AREA OF SERVICES Shariah advisory firm was incorporated in 2014, aspiring from a group of professionals from a • Islamic banking, finance & takaful advisory diverse range of background (legal, Shariah and • Islamic wealth management Islamic banking industry) who are committed in • Halal management (including training, audit & pursuing great intention in leading, collaborating, assurance system and certification consultancy) and synergizing expertise in serving the Ummah • Shariah litigation and dispute resolution around the globe. • Training and development

MAHA Shariah provides consultancy, training ACHIEVEMENTS and professional services in the area of Islamic wealth management, zakat, waqf, and sadaqah • Acted as Shariah advisor for an international management, Islamic banking and finance, as well waqf establishments domiciled in Labuan as halal management. The firm’s team members consist of those who are qualified and well-versed in those areas.

As an associate company of a legal firm, Messrs. Mu’az Aiman Halem Auzan & Associates, MAHA Shariah has legal support from its legal arm, thus encapsulating the firms Shariah advice with practical legal knowledge and insight gained from having worked on local and cross-border transactions.

In achieving the firm’s strategic goals and fulfilling its mission, the firm embraces team members with these core values: client-oriented, excellent services, Shariah compliant and technologically- driven.

MAHA Shariah Advisory Sdn Bhd Ahmad Mu’az bin Mohd Nawawi Muhammad Aiman bin Mohamad Salmi No.6-2F T +6019 695 1350 T +6012 280 3120 Pinggiran Mutiara Utama MG Point E [email protected] E [email protected] Taman Mutiara Gombak 2 53100 Kuala Lumpur www.shariah.mahalaw.com.my

S H A R I A H A D V I S O R Y F I R M S | 15 MUAMALAH FINANCIAL CONSULTING

Muamalah Financial Consulting Sdn Bhd AREA OF SERVICES (Muamalah), a licensed Shariah advisor by the Malaysian Securities Commission was formed in • Islamic capital market September 2000 by former Bank Islam Malaysia • Islamic investment banking Berhad staff who were amongst world pioneers • Setting up of Islamic banks in sukuk and Islamic capital market. With these • Setting up of takaful companies experiences, Muamalah’s reputation has extended • Information technology (IT) beyond Malaysia with Islamic banking and sukuk consultancy mandates executed in Saudi Arabia, ACHIEVEMENTS London, Africa, Russia and China. Muamalah provides training in Islamic banking and capital • Advised on the setting up of an Islamic bank in market in Malaysia and beyond including Korea, Nigeria Russia, Africa, Sri Lanka, Singapore, Indonesia and • Arranging infrastructure sukuk for project in Brunei. China • Provided Islamic finance training in Russia Consultants from Muamalah have also delivered • Structured Islamic instruments for a property papers in numerous international conferences. With developer in the United Kingdom 17 years experience in the Islamic finance industry, • Advised on the setting up of Islamic Capital Muamalah is currently focused on acting as expert Market Department and Islamic Investment consultants to set up Islamic banks all over the Banking Department of an Islamic bank in Saudi world. With expert consultants comprising former Arabia very experienced Islamic bankers in every sphere of Islamic banking including IT, the firm is poised as the one stop consultancy to set up an Islamic bank globally. Apart from training and consultancy on raising international sukuk, the firm also provides consultancy in the setting up of Takaful and other Islamic institutions.

Shariah Board Members of Muamalah Financial Consulting • Ustaz Mohd Bakir Hj Mansor • Ustaz Md Zaki Ab Manan

Muamalah Financial Consulting Sdn Bhd Muhammad Zahid Abdul Aziz Ismail Aminuddin 17-01, Tingkat 1 T +6012 212 5405 T +6019 664 3155 D’Bayu, Jalan Serambi U8/21 E [email protected] E [email protected] Bukit Jelutong 40150 Shah Alam www.muamalahconsulting.com

S H A R I A H A D V I S O R Y F I R M S | 16 SALIHIN SHARIAH ADVISORY

Salihin Shariah Advisory is a registered Shariah AREA OF SERVICES advisor with the Securities Commission Malaysia (SC) providing Shariah advice on all Shariah- • Islamic capital market based products and services regulated by the SC. • Islamic banking Salihin Shariah Advisory is a group member firm of • Fund management Salihin, the brand under which independent group • Takaful member firms of Salihin International LLP (Salihin • Islamic wealth management (including zakat and International) operate and provide professional waqf) services. • Education and training • Shariah audit and review Apart from its strong presence in Malaysia, Salihin • Shariah research and publication serves clients all over the world through its alliance • Fintech with a reputable International Accounting and • Transaction and corporate finance Audit Network branded as i2an, based in Paris. • Taxation (direct tax and gst) • Auditing and assurance Since its founding, Salihin has provided clients with • Shariah advisory unmatched service experience at an extraordinary • Corporate governance level without compromising the unique service • Business accounting solution qualities that make the clients look for us. Salihin continues to build on its successes. It became the first in the world to introduce Teaching Accountancy Firm to bridge the gap between accountancy theory and practice. It is also the first to create accounting software for zakat and waqf.

Salihin Shariah Advisory Sdn Bhd Ahmad Zainul Abidin Salihin Abang 555 Jalan Samudra Utara 1 T +603 6185 9970 T +603 6185 9970 Taman Samudra E [email protected] E [email protected] 68100 Batu Caves Selangor www.salihin.com.my

S H A R I A H A D V I S O R Y F I R M S | 17 TAWAFUQ CONSULTANCY

Tawafuq Consultancy Sdn Bhd is an independent AREA OF SERVICES global Islamic finance-dedicated advisory firm, who are committed in offering comprehensive • Consultancy and advisory end-to-end Islamic finance solutions by leveraging • Training and professional services in the area of on its global presence, in-depth knowledge and Islamic banking integrated structure. By virtue of it being registered • Islamic capital market as licensed Shariah advisor under the Malaysian • Islamic wealth management (IWM) Securities Commission, Tawafuq is authorised to • Islamic asset management advise on sukuk (Islamic bonds) issuance, Islamic • Takaful unit trusts, investment funds, real estate investment • Research trust (i-REIT), exchange-traded funds, etc. The firm is also a member of the Network of Islamic Finance ACHIEVEMENTS Training Institutes (NIFTI), a global network of 64 Islamic finance training institutes. • Acted as Shariah advisor for the endorsement for Shariah compliance of a regional e-commerce With experienced and well-trained Islamic finance platform professionals and scholars on board of the firm, • Acted as Shariah advisor for an international Tawafuq offers comprehensive public and in- waqf establishments domiciled in Labuan house training courses, quality research and well- • Co-organised a national Islamic finance seminar integrated and up-to-date consultancy to financial in Morocco institutions, government agencies, corporate • Organised a Regional Islamic Finance Conference sector, higher learning institutions and public at in Oman large. • Acted as Shariah advisor for a community funding platform Shariah Board Members of Tawafuq Consultancy • Dr Muddassir H. Siddiqui (Pakistan) • Sheikh Ibrahim Nasir Al-Sawafi (Oman) • Sheikh Burhanuddin Lukman (Malaysia)

Tawafuq Consultancy Sdn Bhd Muhammad Aiman Raden Fadhli Indra F-3A-10 T +6012 280 3120 T +6012 681 4145 Starpac Point Commercial Centre E [email protected] E [email protected] Jalan Taman Ibukota, Setapak 53300 Kuala Lumpur www.tawafuqconsultancy.com

S H A R I A H A D V I S O R Y F I R M S | 18 WEBSHARIAH SOLUTIONS

With extensive experience, WebShariah Solutions AREA OF SERVICES is a one-stop Shariah financial supermarket for all of clients’ Shariah compliance needs. From Shariah • Islamic financial advisory structuring to execution of transactions, from • Corporate and legal advisory Shariah screening to Halal Certification, the firm is • Shariah screening and auditing able to assist. • Halal certification and advisory • Islamic market The firm is representing a wide variety of clientele, • Islamic capital market (green sukuk) from individuals to corporations. Approaching • Arranging of Islamic financing for corporate each case with full attention and dedication as • Provision for training and seminars on Shariah the aim is to provide guidance that meets clients’ matters business requirements and fulfills the commercial • Products design and consultancy for Shariah related objectives in a barakah manner suitable to clients’ matters expectations, without compromising Shariah • Takaful & re-takaful principles. ACHIEVEMENTS Shariah Board Members of WebShariah Solutions • Dato Dr Hailani Mujitahir • Appointed by Reformed Solution Energy Ltd • Associate Prof Dr Mohd Yahya (South Korea) as a main consultant and Shariah • Dr Kamaruzaman advisor in the issuance of Sukuk Al-Ijarah favouring • Dr Samsuri Bin Sharif Sungdong Shipbuilding & Marine Engineering Co Ltd amounting to USD3 billion through a local company known as Trans Oriental Gas Pipeline Sdn Bhd • Appointed as a main consultant and Shariah advisor of Sukuk amounting to USD250 million for Bismillah Airlines Ltd (Bangladesh)

WebShariah Solutions Abd Aziz Bin Ahmad 205B, Level 2, Podium Block T +6017 346 1650 Faber Tower E [email protected] Jalan Desa Bahagia, Taman Desa 58100 Kuala Lumpur www.webshariah.com.my

S H A R I A H A D V I S O R Y F I R M S | 19 ZICO SHARIAH ADVISORY SERVICES

ZICO Shariah is a leading Shariah advisory service AREA OF SERVICES provider that offers a full suite of services ranging from Islamic finance to family matters. The firm • Full Shariah advisory services including as an provides Shariah advice that is enhanced by outsourced shariah committee extensive experience and legal insights in local and • Shariah governance and compliance cross-border Islamic finance transactions. The firm • Structuring of Islamic financial products and is a Shariah advisory firm licensed by the Securities instruments (including sukuk) Commission of Malaysia. • Shariah review and audit for Islamic financial institutions The team members possess Shariah, finance, • Law reform advice to facilitate Islamic finance business and legal qualifications over a decade of • Establishment of or conversion into Islamic banks experience in structuring, drafting, advisory and Shariah compliant funds consultation work in relation to Islamic finance. • Islamic wealth management Clients include regulatory authorities, financial • Halal assurance systems and halal certification institutions, corporations and individuals. ACHIEVEMENTS ZICO Shariah is part of ZICO Holdings Inc. and • Advised two major sovereign fund managers together with the ZICOlaw network, it forms a on the potential restructuring of their savings platform of integrated multi-disciplinary services accounts and offering of new types of accounts for clients in ASEAN and beyond. geared towards Shariah-compliant savings and investments Shariah Board Members of ZICO Shariah • Advised on the issuance of the first corporate • Dr Aida Othman sukuk in an ASEAN member country • Prof Dr Ashraf Md. Hashim • Provided specialised training for its ministry • Prof Dr Mohamad Akram Laldin officials and other industry players on Islamic • Dr Mohammad Mahbubi Ali finance, in particular on sukuk • Dr Akhmad Affandi Mahfudz • Advised a financial services authority in an Asia country on potential sukuk structures within their legal framework in relation to proposals for tax law reform to facilitate sukuk issuances • Advised on legal measures to enable Islamic banking and finance in two countries in the CIS region • Advised a regulatory authority in the GCC on establishing an Islamic finance centre • Acted as the outsourced Shariah committee and Shariah personnel for two banks for their Islamic banking operations in Malaysia

ZICO Shariah Advisory Services Sdn Bhd Aida Othman Datuk Seri Dr Nik Norzrul Thani Level 19 Menara Milenium T +603 2083 2370 T +603 2087 9887 Jalan Damanlela E [email protected] E [email protected] Pusat Bandar Damansara 50490 Kuala Lumpur www.zicoholding.com

S H A R I A H A D V I S O R Y F I R M S | 20 LEGAL FIRMS

Malaysian law firms have evolved alongside the Malaysia’s progressive Islamic finance ecosystem where innovation and internationalisation of Islamic finance businesses are highly dynamic. Many have been recognised as recipients of various established regional and international awards and accolades. Several are members of international law networks and therefore have the access to a wide range of up-to-date legal issues worldwide. A number of law firms have remarkable track record with wide range of local and foreign clientele cross borders.

With large pool of highly committed and experienced lawyers, law firms in Malaysia are poised to provide world- class and customised legal solutions to cater complex transactions which include areas such as: • Sukuk issuances in local and foreign currencies • Drafting legislation or amendments to the law to enable Shariah compliance transactions and Islamic financial services in foreign countries • Conduct practical trainings on Islamic finance

Having extensive understanding and experience on Shariah law, Malaysian law firms have the advantage to propose practical solutions for complicated Shariah issues including those which needs to comply with both Shariah principles and local legal standards.

L E G A L F I R M S | 21 List of Legal Firms

Abdul Raman Saad & Associates 23

Abdullah Chan & Co 24

Adnan Sundra & Low 25

Albar & Partners 26

Azmi & Associates 27

J. Lee & Associates 28

Lee Hishammuddin Allen & Gledhill 39

Mohamed Ridza & Co 30

Naziq & Partners 31

Shearn Delamore & Co. 32

Shook Lin & Bok 33

Skrine 34

The Chambers of Shamsul Qamar (CSQLaw) 35

Wong & Partners 36

Zaid Ibrahim & Co 37

Zul Rafique & Partners 38 ABDUL RAMAN SAAD & ASSOCIATES

Abdul Raman Saad & Associates (ARSA) was established in 1979 as a full-service commercial AWARDS law firm with over 30 dedicated and experienced • Leading Firm for Banking & Finance and solicitors and consultants. The firm has a wide Intellectual Property - The Legal 500 Asia Pacific business network located in Melbourne, Singapore, 2017 Jakarta and Riyadh, offering domestic and cross- • Recommended Lawyers in the area of border services. ARSA provides diverse specialities, Technology, Media and Telecommunications carries out a number of notable deals domestically (TMT) - The Legal 500 Asia Pacific 2017 and globally and have been accorded several • Islamic Finance Deal of the Year (Midsize) for the recognitions for their services. establishment of Al-Salam Real Estate Investment Trust - Asian Legal Business 2016 The firm has offices in Johor Bahru, Kuala Lumpur (Petaling Jaya) and Melaka to cater the needs of • ACHIEVEMENTS/TRACK RECORD the clients. The office in Johor Bahru is one of the pioneer law firms in the Southern Peninsular of • Top Tier Firm for TMT - Legal 500 2017 Malaysia with experience of over 38 years. The firm • Top Tier Firm for Islamic Finance and Corporate provides services to clients by being mindful of their and M&A - Legal 500 2015 business environment and commercial objects. • Advised Islamic REITS involving real estates in The firm is aware of the changing environment and Indonesia and Australia challenges clients face in their businesses. • Advised the establishment of Al-‘Aqar Healthcare REIT (first Islamic REIT in the world) and the The firm is Malaysia’s market leader in Shariah listing on the Main Board of Bursa Malaysia finance with specialist area of practice in banking Securities Berhad and conveyancing, capital market and corporate • Advised the issuance of Bai- Bithaman Ajil Islamic finance, corporate and commercial, litigation Debts Securities (BAIDS), sukuk musharakah and dispute resolution, real estate and property, mutanaqisah, Islamic medium term notes Islamic banking and finance and technology and programme (IMTNs) and mudharabah municipal telecommunications. bonds

AREA OF SERVICES

• Structuring, documentation and dispute resolution for islamic and conventional financing, capital markets, private debt securities and leasing • Islamic Real Estate Investment Trust (REIT) and sukuk • Personal data protection and Biotechnology, Intellectual property, Technology and Telecommunications (BITT)

Abdul Raman Saad & Associates Sabreena Abdul Raman Nasyitah Ruzanna Abdul Raman C-2-1, Pacific Place Commercial Centre T +603 7859 9229 T +603 7859 9229 Jalan PJU 1A/4, Ara Damansara E [email protected] E [email protected] 47301 Petaling Jaya Selangor www.arsa.com.my

L E G A L F I R M S | 23 ABDULLAH CHAN & CO

Abdullah Chan & Co is a leading Malaysian corporate law firm located in the central business AREA OF SERVICES and financial district of Kuala Lumpur, Malaysia. • Corporate advisory • Mergers & acquisitions The firm’s partners have been recognised in several • Capital markets key practice areas including corporate matters and • Corporate finance mergers & acquisitions, project finance, banking • Cross border transactions and finance, Islamic finance and capital markets • Project finance and are ably supported by a strong team. The • Infrastructure and project development partners have acted for a wide spectrum of clients • Banking, insurance/takaful, payments, and the firm is well received in the Malaysian and remittances and finance in general international markets, as can be seen by the number • Aerospace and aviation of notable foreign and domestic multinationals, • Oil and gas; energy major corporations, government-linked companies, • Plantations and mining international organisations and investment banks • Biotechnology that have become its clients.

The firm has an association with the London firm, ACHIEVEMENTS Child & Child (C&C). This association enables • Advised Tropicana Corporation Berhad on the sale the firm in conjunction with C&C’s office and by of its controlling stake in Tenaga Kimia Sdn Bhd, a working closely with the partners from the various leading explosives, detonators and fuse offices, to provide to its clients multi-jurisdictional manufacturer and blasting solutions provider, to expertise and valuable expert local legal advice as Austin Powders USA well as a seamless service, for any complex cross • Advised on the setting up of The International Islamic border transactions. Liquidity Management Corporation (IILM), to create and issue short-term Shari’ah-compliant financial AWARDS instruments to facilitate effective cross-border Islamic liquidity management • Top Tier Firm 2016-2018 - The Legal 500 Asia Pacific • Advised on the setting up of the Islamic Financial • One of its partners is named as Leading Individual (in Services Board (IFSB) and is the sole external Corporate, M&A, and Capital Markets) - The Legal counsel 500 Asia Pacific 2009-2018 editions • Advised SapuraKencana Petroleum Berhad, on the • One of its partners is named as Leading Individual (in USD2.9 billion merger of its tender rig businesses Corporate/M&A) - Chambers & Partners 2014-2018 and the tender rig businesses of Norwegian deep editions water driller Seadrill Ltd, one of the largest tender rig • M&A Deal of The Year - ALB Law Awards 2014 companies in the world listed on the Oslo and New York Stock Exchanges

Abdullah Chan & Co Gopal Sundaram Vincent Chan Siew Onn UBN Tower T +603 2035 6881 T +603 2035 6886 L31, Jalan P Ramlee M +6012 260 9800 M +6012 291 6896 50540 Kuala Lumpur E [email protected] E [email protected] www.abdullahchan.my

L E G A L F I R M S | 24 ADNAN SUNDRA & LOW

Adnan Sundra & Low was originally established AWARDS in August 1975 under the name of Mutalib Sundra & Low and has operated under its present name • Malaysian Law Firm of the Year - Asian Legal since June 1982. Business (ALB) Malaysia Law Awards 2016 • Islamic Finance Law Firm of the Year - ALB Malaysia The firm has made it to practice to understand Law Awards 2016 & 2017 the business of the clients and to get down to • Banking and Financial Services Law Firm of the achieving their commercial objectives. The firm and Year - ALB Malaysia Law Awards 2014 - 2017 its lawyers regularly garner accolades for the work • Regulatory Capital Deal of the Year - Islamic including local and international awards, top-tier Finance News (IFN) Deals of the Year Award 2017 ranking in various publications and client plaudits • Commodity Murabahah Deals of the Year - IFN due to the ability in delivering practical legal advice Deals of the Year Awards 2016 & 2017 and customised solutions. • Perpetual & Regulatory Deal Of The Year - IFN Deals of the Year Awards 2016 Over the course of its existence, the firm has carefully nurtured a culture of inclusive and ACHIEVEMENTS collaborative business relationships to serve the individual needs of each client. The firm consists • Advised the world’s first exchangeable Sukuk (and of a diverse team of lawyers who enjoy work and also the largest ever exchangeable issuance in believe in the value of human experiences gained Malaysia) through mutual respect, honesty, team work and • Advised the world’s first perpetual sukuk issuance shared knowledge. • Advised the world’s first Green SRI sukuk issuance • Advised the establishment of the first Shariah- AREA OF SERVICES compliant unlisted real estate investment trust (REIT), and also the first education REIT in Malaysia • Banking and finance, capital markets, Islamic focusing on educational assets finance (local and cross-border banking and • Advised on separate issuances of both Malaysia’s finance transactions, inclusive of acquisition finance, first and largest Islamic Additional Tier 1 Capital corporate finance, re financing, debt restructuring Securities Programmes respectively other financing arrangements) • Acted for Malaysia’s largest bank in obtaining • Corporate/M&A (full range of corporate advisory vesting orders effecting the ownership transfer of issues) non-performing loans, part of the first ever sale of • Dispute resolution (a broad range of complex non-performing loans in Malaysia via open auction banking, contractual, commercial, employment, • Advised and negotiated the joint development of restructuring and insolvency matters in courts over 110 acres of land in Melaka in Malaysia as well as commercial disputes before • Advised the USD2.5 billion Multicurrency arbitration tribunals in Malaysia and worldwide) Sukuk Issuance Programme issued by Tenaga • Real estate (including large and complex Nasional Berhad transactions)

Adnan Sundra & Low Rodney Gerard D’Cruz Deepak Sadasivan Level 11, Menara Olympia T +603 2070 0466 T +603 2070 0466 No. 8, Jalan Raja Chulan E [email protected] E [email protected] 50200 Kuala Lumpur www.asl.com.my

L E G A L F I R M S | 25 ALBAR & PARTNERS

Established in 1999, Albar & Partners is a mid-sized AWARDS commercial law firm based in Kuala Lumpur with over 13 partners and a consultant leading a team of • Equity Market Deal of the Year for Serba Dinamik 26 associates. With in-depth understanding of the IPO - ALB Malaysia Law Awards 2017 financial markets and wealth of experience, the firm • M&A Deal of the Year (Mid-Size) for MMC Port is well regarded in the practice areas of banking Holdings’ MGO and Takeover of NCB Holdings - and finance, capital markets, corporate, mergers ALB Malaysia Law Awards 2017 & acquisitions, Islamic finance, project finance and • Outstanding Law Firm in Malaysia for Banking & securitisation. Finance and Capital Markets - Asialaw Profiles: The Guide to Asia-Pacific’s Leading Regional and The firm has advised in a myriad of high profile Domestic Law Firms 2016 &2017 and innovative Islamic financing structures which • Energy, Projects & Infrastructure Law Firm of the have set legal benchmarks in the nation, and have Year - ALB Malaysia Law Awards 2016 helped clients develop internationally accepted Islamic financial instruments. As Islamic financing techniques and products continue to evolve, the ACHIEVEMENTS firm has had the opportunity to work closely with many different Shariah committees and advisors in • Tier 1 Law Firm in Malaysia for Banking & Finance, Malaysia and in the Middle East. Islamic finance and Capital Markets - The Legal 500: Guide to Asia’s Commercial Law Firms 2016 Over the years, Albar & Partners has been & 2017 recognised as a leading advisor in Islamic finance by • Band 1 Law Firm in Malaysia for Banking & global senior industry Islamic finance practitioners Finance, Debt & Equity Capital Markets & Band (including issuers, investors, non-legal financial 2 Law Firm across the Asia Pacific for Islamic intermediaries & regulators) through the numerous Finance Chambers: Asia Pacific Guide 2016 & accolades reported in various Islamic finance legal 2017 directories and awards. • Tier 1 Law Firm in Malaysia for Banking & Finance and Capital Markets - IFLR1000: The Guide to the World’s Leading Financial Law Firms 2016 & 2017 AREA OF SERVICES • Acted for the issuer in a multicurrency Islamic medium term notes programme of up to • Asset financing MYR7 billion in nominal value established by • Corporate financing including Islamic Real Estate SapuraKencana TMC Sdn Bhd Investment Trust (REITs) • Acted as the domestic Malaysian counsel for • Islamic debt and equity capital markets the financiers which granted land facilities and • Islamic banking and banking litigation development facilities of up to GBP1.1 billion to • Islamic structured finance and project finance part finance the acquisition of three development lands located in London

Albar & Partners Izian Idiawaty Husin 6th Floor, Faber Imperial Court T +603 2078 5588 ext 237 Jalan Sultan Ismail E [email protected] 50250, Kuala Lumpur www.albar.com.my

L E G A L F I R M S | 26 AZMI & ASSOCIATES

Azmi & Associates (A&A) was established in September 2000 and has since undertaken various AWARDS legal assignments including on banking and financial • Best Islamic Finance Law Firm - Global Islamic services transactions (both Islamic and conventional), Finance Awards (GIFA) 2016 conveyancing, mergers and acquisitions, capital debt • Law Firm of the Year 2015 for Islamic Finance - market, intellectual property, as well as civil litigation ASEAN-MENA Counsel In-House Community and alternative dispute resolution. Clients of A&A • The Most Responsive Domestic Law Firm - range from small and medium enterprise companies ASEAN-MENA Counsel In-House Community 2015 to public listed companies and foreign multinationals. • Employer of Choice - Asian Legal Business 2015 & 2016 A&A is now in its second decade of service – having grown from 11 lawyers to the current strength of 70 ACHIEVEMENTS lawyers, comprising 17 partners and 53 associates. • Highly Recommended in Shipping, Maritime & A&A helps its clients in cross-border deals with local Aviation, Recommended in Banking & Finance insight. The firm’s resources extend globally through and Corporate/M&A - Asialaw Firm Rankings the strength of international alliances. A&A participates (Malaysia) 2017 actively in the TerraLex network (based in Florida, • Honourable Mentions in Corporate and Mergers & USA) of law firms, with whom the firm works closely, Acquisitions, Intellectual Property - ASEAN-MENA comprising 17,000 lawyers across more than 100 Counsel In-House Community 2015 jurisdictions. The firm also serves as a member in First • Advised syndicated Islamic financial institutions in Law International (based in Europe). relation to Islamic facilities up to USD550 million in favour of an oil & gas company The firm’s China desk focuses on the Chinese-speaking • Advised an international Islamic bank for an Islamic markets. A&A has built formal collaborations with trade financing in favour of a Singaporean trading Russian law firm The Pepeliaev Group, and Kazakh law company firm, GRATA Law Firm. • Advised a development financial institution in relation to an Islamic finance financing for the AREA OF SERVICES construction of a lubricant mixing plant in Sri Lanka • Advised a development financial institution in • Private debt securities (including sukuk) relation to aircrafts financing facilities of USD103.2 • Project and corporate financing million in favour of an Indonesian airlines company • Products development for the purchase of six aircrafts • Islamic trade finance • Advised a development financial institution on the up • Litigation, arbitration and dispute resolution sizing of Multicurrency Medium Term Note of • Islamic finance advisory USD4.5 billion

Azmi & Associates Dato’ Azmi Mohd Ali Ahmad Lutfi Abdull Mutalip 14th Floor, Menara Keck Seng T +603 2118 5001 T +603 2118 5002 203 Jalan Bukit Bintang E [email protected] E [email protected] 55100 Kuala Lumpur www.azmilaw.com

L E G A L F I R M S | 27 J. LEE & ASSOCIATES

Established since 2001, J. Lee & Associates is a AWARDS young and dynamic firm located in the heart of Kuala Lumpur’s commercial district. With a compact • Finance Expert of The Year (South East Asia) - team of enthusiastic professional lawyers, led by APAC Insider’s Legal Awards 2017 the esteemed Mr Mohd Johan Lee as principal and • Best Commercial Law Firm (Malaysia & Islamic managing partner, the firm provides access to legal Corporate) - APAC Insider’s Legal Awards 2017 services to client, locally and internationally. • Corporate Law Firm of the Year in Malaysia 2017 - Corporate INTL Global Award 2017 Over the years, and at present, the firm actively • Most Innovative Law Firm 2017 in Malaysia - provides legal and Shariah advisory services as Acquisition International Magazine a panel firm of numerous financial institutions, as • 2017 Corporate INTL Global Award Trophy - well as to individuals, corporate entities, Islamic Corporate INTL Global Award 2017 financing & banking, litigation and Shariah matters • Leading Legal Practitioner for Malaysia 2016 - of all stages. Occasionally, in affirmation of Wealth & Finance INTL reputable standing, the team has been entrusted • Islamic Finance and Corporate Law Expert for to deal with a number of landmark appeals by Malaysia 2016 - Global Law Expert established financing and governmental financing • Regional Corporate Law Firm of the Year for institutions. Malaysia - ACQ Global Awards 2016 • Mid – Size Firm of the Year for Malaysia - ACQ Global The pinnacle of recognition is the firm’s inception Awards 2016 into Primerus, one of the largest legal groups in the • Law Firm of the Year (Kuala Lumpur) for Malaysia - world which allows the firm to reach new heights to ACQ Global Awards 2016 provide legal services beyond borders. • Banking & Finance Law Firm of the Year for Malaysia - Finance Monthly Global Awards 2016 • Mid-Size Law Firm of the Year for Malaysia - Legal AREA OF SERVICES Awards 2016

• Corporate • Conveyancing ACHIEVEMENTS/TRACK RECORD • Islamic finance & legal documentation • Alternative dispute resolution • Member of the syllabus review board for Islamic • Civil litigation finance path for CIMA International, UK • Appeals • Drafted and developed numerous Islamic banking • Shariah matters legal documents and products for various corporate organisations in Brunei, UK, Singapore and Indonesia • Provide consultancy services to law firms & Islamic financial institutions in Brunei, UK, Singapore and Indonesia

J. Lee & Associates Waqiyuddin Na’imullah Bin Abd Kadir A-16-13, Tower A T +603 2288 1699 No.5 Jalan Bangsar Utama 1 E [email protected] 59000 Kuala Lumpur www.jlee-associates.com

L E G A L F I R M S | 28 LEE HISHAMMUDDIN ALLEN & GLEDHILL

Lee Hishammuddin Allen & Gledhill (LHAG) offers AWARDS top-quality service and provides personalised legal representation to both businesses and individuals. • Highly Regarded Lawyer for Banking, Islamic The firm has practice groups in banking and Finance - IFLR 1000 2016 & 2017 finance, construction and engineering, corporate, • Malaysia Law Firm of the Year (2016) - Chambers employment and industrial relations, insolvency, Asia Pacific Awards by Chambers and Partners insurance, land and real property and regulatory • National Law Firm of the Year (2016) - Asialaw Asia- matters. In addition, the dispute resolution practice Pacific Dispute Resolution Awards 2016 groups offer legal advice and services accross a wide spectrum of areas. ACHIEVEMENTS The firm has worked closely with various Shariah committees, Shariah advisors and leading Islamic • Tier 1 Law Firm for Islamic Finance - Legal 500 2017 financial institutions in developing numerous and • Tier 1 Law Firm for Islamic Finance - Legal 500 2016 novel Islamic financial solutions for clients. Megat • Band 2 for Ranked Lawyers in Islamic Finance - Hizaini Hassan, the partner leading the Islamic Chambers Asia Pacific 2017 & 2016 by Chambers finance practice, regularly presents and participates and Partners in Islamic finance workshops and conferences, and • Advised Employees Provident Fund Board (EPF) has authored books and articles on various issues in relation to the restructuring of existing financing in Islamic finance. and creation of a Shariah compliant financing facility tranche for property acquisition by EPF’s wholly LHAG has been selected as a member of Multilaw owned foreign subsidiaries and Interlaw. This access to 8,000 lawyers in more • Advised on the establishment of a Malaysian than 150 cities worldwide enables the firm to offer subsidiary of the Indonesian Bank, PT Bank Mandiri a global perspective and provides a one stop shop (Persero) TBK in Kuala Lumpur, Malaysia service on multi-jurisdictional matters. • Advised the Japan Bank for International Cooperation (JBIC) in respect of Islamic project financing structures for sukuk used in Malaysia AREA OF SERVICES • Advised Kuwait Finance House in respect of trade financing facilities granted to a Malaysian utility • Islamic banking and finance company for funding of the company’s projects in • Capital and equity market (including sukuk issuance) Kuwait • Shariah-compliant financial and investment • Advised Procco Financial Services (Bahrain) in transactions (including legal and regulatory respect of Islamic financial product offered to a framework) Malaysian retailer company • Islamic succession planning • Advised Barry Callebout (Indonesia), in relation to USD Murabahah financing facility to the company by a Labuan bank

Lee Hishammuddin Allen & Gledhill Megat Hizaini Hassan Ong Eu Jin Level 6, Menara 1 Dutamas T +603 6208 5863 T +603 6208 5801 Solaris Dutamas E [email protected] E [email protected] No. 1, Jalan Dutamas 1 50480 Kuala Lumpur www.lh-ag.com

L E G A L F I R M S | 29 MOHAMED RIDZA & CO

Mohamed Ridza & Co (MRCO) was established AWARDS in June 2005. The lawyers in MRCO specialise in a wide spectrum of law which includes, inter • Most Outstanding Boutique Law Firm for Malaysia - alia, aviation, banking & finance, capital markets, International M&A Awards 2015 construction, corporate & commercial law, foreign • World’s Leading Practitioners (chosen by their investment, mergers & acquisitions, oil & gas, peers) - Best of the Best 2015 by Expert Guides privatisation, private equity, projects and real estate, • Ranked Lawyer (Islamic Finance) - Chambers Asia- restructuring, shipping and telecommunications. Pacific 2015 • Mining, Energy & Natural Resources Lawyer of the The firm has been involved in some of Malaysia’s Year for Malaysia - Finance Monthly Law Awards largest and most complicated corporate and 2014 financing transactions and it has a very close • Boutique Law Firm of the year for 2014 M&A Awards working relationship with many large financial institutions (both local and international) and ACHIEVEMENTS public listed companies as well as multinational corporations. • Ranked by Legal 500 Series in the areas of Banking & Finance, Projects & Energy, Real Estate MRCO is also a member of LaWorld. Being part of & Construction, Telecommunications & Technology, the international network, the firm is able to provide Capital Markets, Corporate and Mergers & clients with up-to-date legal advice covering a Acquisitions - Legal 500 2016 wide range of issues. LaWorld has member firms • Advised the acquisition of 55% stake in China-based in 24 countries, and MRCO is the only member firm oil producer, Zhong Ling Nutri-Oil Holdings Ltd in Malaysia. The firm has been evaluated for the Presenter for the Sukuk event-Casablanca, Morocco fitness to the network, based on professionalism, • Drafting the Sale and Purchase Agreement in reputation, areas of operation, quality of services, respect of shares in Kurokawa Design Services Sdn and many more impressive characters that the firm • Bhd possessed that made the firm eligible as one of the Advised FGV in respect of acquisition of Felda LaWorld members. IFFCO Sdn Bhd’s equity interest in Felda IFFCO • South China Ltd Advised the divestment of 60% shares in FGV AREA OF SERVICES China Oil Ltd by Felda Global Ventures Holdings to • Guangdong Feiyada Agriculture Ltd • Banking and finance (Islamic & conventional) Advised Uganda Feasibility Study Master Plan Eco • Corporate & commercial Satellite City • Capital markets • Mergers & acquisition • Oil & gas • Real estate • Construction & projects

Mohamed Ridza & Co Mohamed Ridza Abdullah Mohamad Nazran Basirun Unit No. 50-10-9, Level 10 T +603 2092 4822 T +603 2092 4822 Wisma UOA Damansara E [email protected] E [email protected] No. 50, Jalan Dungun Damansara Heights 50490 Kuala Lumpur www.ridzalaw.com.my

L E G A L F I R M S | 30 NAZIQ & PARTNERS

Naqiz & Partners was established in January 2005 with a vision to provide its clients with personalised AREA OF SERVICES legal services. The firm’s core practice areas • Corporate commercial are corporate & commercial, banking & finance, • Banking & finance intellectual property, technology and capital • Technology, media and telecommunications markets. The partners of the firm have recognised • Intellectual property the values and strength of Islamic banking and • Projects & infrastructure finance within the banking industry and strongly • Real estate & property believe that the emphasis on the principles of fairness and equal distribution of wealth offers a practical alternative to address some of the AWARDS shortcomings of mainstream conventional economics. • Leading Firm in Banking & Finance - The Legal 500 2016 & 2017 The firm’s Islamic Banking & Finance practice • Recommended Firm in Banking & Finance - group is made up of lawyers who are dedicated IFLR1000 2016 & 2017 to promote and develop the potential of Islamic banking within the region.

Naqiz & Partners Khairul Ismail Shamshul Iskandar Suite 9B.01 & 9B.02 T +603 2095 1188 T +603 2095 1188 Level 9B, Wisma E&C E [email protected] E [email protected] Lorong Dungun Kiri Damansara Heights 50490 Kuala Lumpur www.naqiz.com

L E G A L F I R M S | 31 SHEARN DELAMORE & CO.

Established in 1905, Shearn Delamore & Co. is one of AWARDS the largest leading full-service law firms in Malaysia, with about 100 lawyers and 300 support staff. The • Corporate & commercial firm has experience in every major practice area of • Dispute resolution the law. Clients include multinational corporations, • Financial services Malaysian companies, international organisations, • Immigration government institutions and private individuals. • Intellectual property The firm is frequently instructed by and work with • Real estate large multi-national law firms from around the • Tax & revenue world. • Technology & communications • Competition law & antitrust The firm’s international resources and reach are • Regulatory compliance & enforcement extended by the membership in the World Law • Energy, natural resources & green technology Group, World Services Group and Employment Law • Infrastructure & projects Alliance, among other premier legal organisations. • Personal data protection & privacy laws The firm’s partners meet their counterparts in these organisations several times a year. The relationships ACHIEVEMENTS serve to ensure that the clients will receive the personal attention whenever assistance is required. • Top Tier Firm in Banking and Finance - The Legal The firm collaborate with international colleagues to 500 Asia Pacific 2016 & 2017 deliver co-ordinated and effective legal solutions. • Acted as solicitors for a local Islamic bank in respect The firm’s commitment to excellence is regularly of a secured commodities term financing under recognised by Chambers Asia Pacific, Chambers the Shariah principle of murabahah, involving an Global, the Legal 500 Asia Pacific, International Indonesian company customer, the proceeds of Financial Law Review 1000, Asialaw Profiles, and which are to be utilised to finance the development Asian Legal Business, who have all consistently of oil palm cultivation in Indonesia ranked the firm as a leading law firm in Malaysia.

AWARDS

• Highly Recommended Firm for Banking & Finance and Financial Services Regulatory - Asialaw Profiles 2016 & 2017 • Malaysian Law Firm of the Year (2017) - Chambers Asia Pacific Awards • Recommended Firm in Banking and Project Finance and Capital Markets - International Financial Law Review (IFLR) 1000 2016 & 2017

Shearn Delamore & Co Christina Kow Karen Abraham 7th Floor, Wisma Hamzah Kwong Hing T +603 2027 2786 T +603 2027 2893 Lebuh Ampang E [email protected] E [email protected] 50100 Kuala Lumpur www.shearndelamore.com

L E G A L F I R M S | 32 SHOOK LIN & BOK

From its humble origins as a sole-proprietorship AREA OF SERVICES established in 1918, Shook Lin & Bok has grown into one of the largest law firms in Malaysia. It is also the • Islamic finance (including sukuk, fund management, oldest law firm of local origin in the country. venture capital & asset management) • Intellectual property, information technology & As Malaysia evolved from being a British colony licensing into the modern country it is today, the firm grew • Building, construction & engineering in tandem to meet the challenges of globalization, • Real estate, commercial & conveyancing building on its strong, trusted relationships with all • International & domestic arbitration its clients. The firm’s practice has evolved into a • Competition & anti-trust law leading full-service firm offering a comprehensive • Insurance & shipping range of legal services, spanning the globe. • Technology, multimedia & telecommunications (TMT) law The firm has distinguished itself in its commitment • Company secretarial to high standards of professionalism and integrity for almost 100 years. It has built on that heritage ACHIEVEMENTS and continues to invest in the development of its human resources, for the benefit of its clients. • Top Tier for Islamic Finance - Legal 500 Asia-Pacific Always solution-focused, the firm prides itself not 2016 just in highlighting pitfalls in transactions but also • Tier 1 for Banking & Finance - IFLR 1000 2016 - 2018 in providing alternatives. • Acted for Mumtaz Rakyat Sukuk Bhd, a funding conduit for Bank Rakyat Malaysia Bhd in the launch The latest in online legal research facilities enhances of its maiden Basel III -compliant Tier 2 Subordinated and complements one of the most comprehensive Sukuk Murabahah Programme of up to MYR5 billion traditional library facilities in the country, enabling with a tenure of 20 years the firm to deliver on its mission of service with • Acted as the Malaysian counsels for the lender in the effectiveness and efficiency. granting of a term loan facility of up to approximately AUD21.0 million to a company incorporated under AWARDS BVI law (Borrower) to, among others, redeem its banking facilities granted by an Australian bank IFN Deals of the Year 2016: Perpetual & Regulatory • • Acted for a statutory body established to category - IFN Awards 2016 develop and construct housing accommodation, Best of the Best in Islamic Finance (Jalalullail • infrastructure and facilities under a Government Othman) - Expert Guides programme in crafting an Islamic short term Band 1, Banking & Finance: Islamic Finance (Jalalullail • revolving credit financing of up to MYR2.5 billion Othman) – Chambers & Partners 2016, 2017 & 2018 for the development of sustainable and affordable high-quality housing for middle-income households

Shook Lin & Bok Jalalullail Othman Hoh Kiat Ching 20th Floor, Ambank Group Building T +603 2031 1788 ext 204 T +603 2031 1788 ext 208 55 Jalan Raja Chulan E [email protected] E [email protected] 50200 Kuala Lumpur www.shooklin.com.my

L E G A L F I R M S | 33 SKRINE

Skrine is one of the largest full-service law firms in Malaysia with a depth of experience in a range ACHIEVEMENTS of legal matters acquired through its more than • Band 1 Firm for Project, Infrastructure & Energy, 54 years of practice. The firm is currently led by Dispute Resolution and Intellectual Property - 41 partners with over 100 lawyers across the Chambers and Partners Asia Pacific 2016 - 2018 Corporate, Dispute Resolution and Intellectual • Band 1 for Corporate/M&A, Dispute Resolution, Property Divisions. Intellectual Property, IT & Telecoms, Real Estate & Construction and Banking & Finance - Legal 500 Skrine is the exclusive Malaysian member of Lex Asia Pacific 2016 - 2018 Mundi, a network of leading independent law firms • Band 1 Firm for Corporate/Mergers & Acquisitions, in over 160 jurisdictions around the world and the Energy Infrastructure and Oil & Gas - IFLR 1000 Pacific Rim Advisory Council, a network of 30 top 2014 & 2017 tier independent member law firms. • Acted as Malaysian Counsel on behalf of a triumvirate of institutional “Lenders” for Freshfields Bruckhaus AREA OF SERVICES Deringer, Germany • Acted as Malaysian Counsel for an international • Islamic banking and documentation independent oil and gas exploration and production • Islamic finance and takaful in all their aspects company in an increase of an existing USD2.5 billion • Islamic securities (including Islamic capital market revolving base facilities to USD4 billion instruments and sukuk issuance) • Acted as Malaysian Counsel for an international independent oil and gas exploration and production AWARDS company, in relation to a seven-year senior secured revolving credit facility of up to USD5 billion, with an • Malaysia Law Firm of the Year - Asian Legal Business initial committed amount of USD4.3 billion 2017 • Acted as Malaysian Counsel to the lenders in relation • Malaysian Debt Market Deal of the Year [Mid-Size] - to a syndicated term loan facility in an aggregate Asian Legal Business 2016 principal amount of up to USD450 million to a • Malaysia Law Firm of the Year in 2015 - Chambers publicly-traded provider of shallow-water drilling Asia Pacific and marine services to the oil and natural gas • International Who’s Who Malaysian Firm of the Year exploration and production industry globally - Who’s Who Legal 2008 - 2011, 2013 - 2017 • Acted as Malaysian counsel for an international bank (the Security Agent) in financing the Retirement Fund Incorporated’s (KWAP) acquisition of several properties in London pursuant to a GBP246 million term loan facilities

Skrine Dato’ Philip Chan Hon Keong Oommen Koshy Unit no. 50-8-1, 8th floor T +603 2081 3999 ext 728 T +603 2081 3999 ext 766 Wisma UOA Damansara E [email protected] E [email protected] 50 Jalan Dungun, Damansara Heights 50490 Kuala Lumpur www.skrine.com

L E G A L F I R M S | 34 THE CHAMBERS OF SHAMSUL QAMAR (CSQLAW)

CSQlaw is a boutique law firm that was set up in AREA OF SERVICES early 2015. With five partners and four associates, CSQlaw provides legal and advisory services • Advisory (capital raising through sukuk issuance, in Islamic banking and finance, corporate & legal and regulatory compliance, Shariah compliant commercial, dispute resolution and real estate. investments and debt) CSQlaw currently has two offices; one at Ampang, • Business strategy & development Selangor (Head Office) and the other at Alor Setar, • Product structuring Kedah (Northern Region Office). • Documentation • Training The firm’s main strength is the network with • Dispute resolution regulatory bodies and relevant authorities • General litigation related to their services. The team members have • Conveyancing considerable experiences dealing with foreign • Islamic wills & faraid clients and undertaking international projects. • Corporate & commercial matters

The Islamic finance team offers services relating to ACHIEVEMENTS advisory; capital raising through sukuk issuance, legal and regulatory compliance, Shariah- • Proposed feasibility study on Astana International compliant investments and debt; business Financial Centre (AIFC), Kazakhstan in relation to strategy & development; product structuring; Shariah compliant financial services documentation; training; and dispute resolution. • Pre-engagement with Badan Pembangunan Daerah CSQlaw is also venturing into international markets Acheh (BAPEDA), Indonesia on the potential sukuk such as Kazakhstan to provide Islamic finance issuance services and formed a collaboration with Amanie • Advised on the legal compliance of Foreign Direct Advisors Sdn Bhd for Shariah matters. Investment from Hong Kong to an offshore entity in Labuan • Advised on the legal compliance of Foreign Direct Investment from Dubai to a private limited company in Malaysia • Provided legal review on the various Islamic banking products

The Chambers of Shamsul Qamar Shamsul Qamar Abd Rani Dr Syed Adam Alhabshi (CSQlaw) T +6016 297 2627 T +6019 224 4460 The Bungalow E [email protected] E [email protected] No 22, Lorong 2C Taman Hillview 68000 Ampang, Selangor www.csqlaw.com.my

L E G A L F I R M S | 35 WONG & PARTNERS

Wong & Partners, is a Malaysian law firm dedicated AREA OF SERVICES to providing quality and solution-oriented legal services to its clients. Recognised for its ability to • Islamic finance structures (including bilateral and deliver comprehensive and pragmatic legal advice, syndicated facilities) Wong & Partners is trusted by the most respected • Islamic capital market (including sukuk issuance) domestic and international banks and corporations • Islamic trade financing for their needs in Malaysia and throughout Asia. • Islamic finance disputes Its lawyers are widely recognised as among the best in their fields, helping clients apply industry- • ACHIEVEMENTS specific, innovative and practical solutions. Since its establishment in 1998, Wong & Partners has • Tier 1 for Banking & Finance - Asia Pacific Legal 500 grown steadily and now consists of 17 partners and 2017 - 2018 more than 50 associates. • Advised the principal advisor, lead arranger and lead manager on the issuance of Islamic securities The firm prides itself on being a progressive law in excess of MYR5.5 billion in nominal value under firm in the 21st century with international standards the Shariah principle of murabahah tawarruq by a of quality and experience. As a member of Baker government linked company established to develop McKenzie International, it has access to the most and manage a mega hydroelectric project in Central developed global platform in the legal profession Sarawak in Baker McKenzie’s scope of practice, enabling the • Advised Sime Darby Berhad in relation to a firm to provide a combination of local knowledge proposed subordinated sukuk programme of up and global experience to every matter. to MYR3 billion in nominal value under the Shariah principles of Wakalah. This was the largest non- AWARDS bank perpetual sukuk issuance in the world • Advised Maybank Investment Bank Berhad, with • Debt Market Deal of the Year (2017) - Asian Legal regards to a proposed issuance of Islamic medium Business term notes of up to MYR400 million in nominal • Highly recommended for Banking & Finance - value to be made available to BEWG (M) Sdn Bhd, a Asialaw Profiles 2015 - 2018 China-owned water treatment company • In-house Community Firm of the Year for Banking • Advised a financial institution in connection with an and Finance - Asian-MENA Counsel 2015 & 2017 Islamic term financing facility in accordance with the • Malaysia Deal of the Year - IFN Awards 2016 Shariah contract of Tawarruq of up to GBP50 million • Infrastructure & Project Finance Deal of the Year - granted to a Malaysian property, infrastructure IFN Awards 2016 and business company and also one of the joint • Corporate Finance Deal of the Year - IFN Awards venture partners of the consortium undertaking the 2016 design, construction, commissioning, development, financing, marketing and completion of the London Battersea Site redevelopment, one of the largest real estate financings in the UK in recent years

Wong & Partners Mark Lim Esther Chik Level 21, The Gardens South Tower T +603 2298 7960 T +603 2298 7961 Mid Valley City, Lingkaran Syed Putra E [email protected]. E [email protected] 59200 Kuala Lumpur www.wongpartners.com

L E G A L F I R M S | 36 ZAID IBRAHIM & CO

Zaid Ibrahim & Co, founding firm of the ZICO Law AWARDS network, is a full service firm. With more than 170 lawyers, the firm has developed a reputation • South East Asia Practice Law Firm of the Year - for devising innovative and practical solutions Asian Legal Business Malaysia Law Awards 2017 customised to its clients’ needs. ZICO Law is an • Islamic Finance Deal of the Year for Zaid Ibrahim integrated network of multidisciplinary firms & Co’s role in the Malaysia Sukuk Global’s USD helping organisations and individuals succeed in Wakalah Trust - Asian Legal Business Malaysia Law ASEAN. Awards 2017 • National Law Firm of the Year for Malaysia - IFLR As part of the ZICO Law network, the firm provides Asia Awards 2016 clients with direct access to a powerhouse of • Most Innovative Deal of the Year for Zaid Ibrahim over 300 lawyers in 17 cities across the 10 ASEAN & Co’s role in the Ziya Capital MYR900 million of countries, and is in a unique position to provide MYR20 billion Wakalah bi-al Istithmar Sukuk and cross-border legal services throughout the regional Corporate Finance Deal of the Year for Zaid Ibrahim network. Besides Malaysia, the firm’s presence in & Co’s role in the Sime Darby MYR3 billion Perpetual several Asian countries enables blending local Subordinated Sukuk Programme - IFN Deals of the expertise with a regional insights. Year 2016

ZICO has an associated Shariah advisory company, ACHIEVEMENTS/TRACK RECORD ZI Shariah Advisory Services Sdn. Bhd. (ZI Shariah) as well as an associated trust company • Acted for the first sukuk in Asia to use Rights of in Labuan, ZI Labuan Trust Company Ltd. It is also Service as the underlying asset under the Shariah an approved consultant to the Government of structure, also the largest corporate 10-year sukuk Malaysia and a registered legal advisor with the issuance from Asia as well as the largest corporate Asian Development Bank (ADB). sukuk in 2016 • Advised the FSA of Japan on Shariah principles AREA OF SERVICES applicable to Japanese legal structures and proposed amendments to tax laws to enable sukuk • Islamic banking & financial services issuances in Japan • Corporate & commercial banking • Advised on an enabling legal framework for Islamic • International finance financial services in Tajikistan, assisted with the • Corporate & debt restructuring drafting of the Islamic banking legislation which was • Mergers & acquisitions (M&A) passed in 2014 and conducted a training on Islamic • Regulatory, compliance & prudential framework finance to senior government officials in Dushanbe. • Capital markets (including Islamic wealth • Acted for Kuveyt Turk Katilim Bankasi A.S. in management) its MYR2 billion Sukuk Murabahah programme • Shariah advisory, compliance & governance through its financial conduit KT Kira Sertifikalari • Takaful Varlik Kiralama AS

Zaid Ibrahim & Co Datuk Seri Dr Nik Norzrul Thani Madzlan Mohamad Hussain Level 19, Menara Millenium T +603 2087 9887 T +603 2087 9859 Jalan Damanlela E [email protected] E [email protected] Pusat Bandar Damansara 50490 Kuala Lumpur www.zicolaw.com

L E G A L F I R M S | 37 ZUL RAFIQUE & PARTNERS

Zul Rafique & partners is a Kuala Lumpur‐based AWARDS law firm that was formed in December 1999. • Malaysia Deal of the Year (2016) - Islamic Finance The firm’s Islamic finance practice group is led News (IFN) Deals of the Year by a team of lawyers who are well recognised by • Infrastructure & Project Finance Deal of the Year publishing houses as leading lawyers in Islamic (2016) - IFN Deals of the Year finance in Malaysia. The practice group has a deep • African Deal of the Year (2016) - IFN Deals of the understanding of the Shariah principles in relation Year to Islamic finance and the application of such • Best Law Firm in Trade Finance - IFN Law Awards principles in an Islamic financing structure. Due to 2016 vast experience, extensive expertise and familiarity • Debt Market Deal of the Year (2015) - Asian Legal with Islamic finance transactions, the team are able Business South East Asia Law Awards to effectively advise clients and provide innovative solutions to clients. ACHIEVEMENTS

The firm acts for all types of clients including • Acted for Maybank Investment Bank Berhad leading international and domestic financial as Facility Agent in relation to a syndicated institutions as well as major corporations in murabahah term financing facility of USD780 their various capacities ranging from financiers, million granted for Yinson Production (West arrangers to issuers, guarantors, security providers Africa) Pte Ltd (Yinson) and investors and are therefore able to advise from • Acted for Maxis Broadband Sdn Bhd in relation any perspective of an Islamic finance transaction. to Issuance of Islamic Medium Term Notes by Maxis Broadband Sdn Bhd AREA OF SERVICES • Advised Maybank Investment Bank Berhad as coordinating bank in relation to a 7-year multi- The firm provides a comprehensive range of currency facilities of approximately USD1.5 billion services covering domestic, off-shore and cross‐ equivalent granted to SapuraKencana TMC Sdn border Islamic finance transactions involving local Bhd and foreign currencies, which include: • Advised Affin Hwang Investment Bank Berhad as • Islamic finance & banking (Islamic asset finance, principal advisor and lead arranger in respect of Islamic facilities, rescheduling and restructuring, Widad Capital Sdn Bhd’s Islamic Medium Term Islamic leveraged and acquisition finance, Islamic Notes Programme under the Shariah principle of project finance, Islamic real estate finance, and murabahah via a tawarruq arrangement of up to Islamic syndicated facilities) MYR110 million • Capital markets (Islamic bank capital instruments, • Advised principal advisor and joint lead arrangers Islamic securitisation, Islamic structured and in respect of APM Automotive Holdings Berhad’s sukuk) inaugural Sukuk Murabahah Programmes of up to a combined aggregate limit of MYR1.5 billion

Zul Rafique & Partners Loh Mei Mei Lukman Sheriff Alias D3-3-8 Solaris Dutamas T +603 6209 8244 T +603 6209 8213 No 1 Jalan Dutamas 1 E [email protected] E [email protected] 50480 Kuala Lumpur www.zulrafique.com.my

L E G A L F I R M S | 38 ACCOUNTING AND AUDIT FIRMS The big four accounting firms in Malaysia, having rich experience in various segment of advisories, have served many clients (public and private sectors) across the globe in the Islamic finance space. These organisations offer among others advisory services on financial transactions; audit, tax and accounting advice; strategic advisory as well as technology applications advisory. Clients also seek advice from these entities to develop industry roadmap or blueprint, incorporation of new-setup ad market feasibility studies.

A unique strength of accounting and audit firms in Malaysia is the instrumental role played by these firms in various working groups to facilitate implementation of International Financial Reporting Standards (IFRS) to Islamic finance transactions. For example, Malaysia was appointed as the leader for the Asian Oceanian Standard-Setters Group (AOSSG)’s Islamic Finance Working Group to facilitate the adequacy and appropriateness of proposed and existing IFRS to Islamic financial transactions. Several industry leaders were also appointed as members of the Islamic Finance Consultative Group of the IFRS. Through these involvements, skilled personnel of these firms have benefited extensively through their contribution in shaping the global practices of Islamic finance.

A C C O U N T I N G & A U D I T F I R M S | 39 List of Accounting and Audit Firms

Deloitte Malaysia 41

Ernst & Young Advisory 42

KPMG Malaysia 43

PricewaterhouseCoopers Malaysia 44 DELOITTE MALAYSIA

Deloitte Malaysia is a member firm of Deloitte AREA OF SERVICES Touche Tohmatsu Limited, one of the world’s leading professional services organisations. The • MFRS 9 accounting advisory member firms serve some of the world’s largest • Statutory audit for cooperative banks with and most prestigious companies in the areas of Islamic products audit, tax, consulting, and financial advisory. • Financial advisory services • Policy review and risk management framework The firm is part of Deloitte South-East Asia – a for Islamic institutions cluster of member firms operating in Brunei, • Shariah compliant tax advisory Guam, Indonesia, Malaysia, Philippines, Singapore, • Islamic finance end-to-end IT solution Thailand and Vietnam. Deloitte South-East Asia • Regulatory advisory related to Islamic finance specialists combine their technical expertise and • Strategic direction and financial planning deep industry knowledge to deliver consistent • Transaction advisory services high quality services to companies in the region. • Operational framework, risk management and governance Deloitte Malaysia is also home to Deloitte’s Islamic Finance Centre of Excellence for the Asia-Pacific ACHIEVEMENTS region. With services encompassing financial advisory on sukuk issuances and financing • Reviewed a Qatari bank’s products, process and transactions, tax and accounting advice on cross- risk framework, accounting to ensured alignment border transactions, as well as Shariah conversions to Shariah guidelines and framework and compliance, Deloitte’s international capabilities • Assisted a Shariah compliant investment provide a one-stop solution for clients seeking to company to update their policies and procedures undertake Islamic finance transactions. to include the waqf side of the transaction • Performed Internal Capital Adequacy Assessment Process (ICAAP) implementation advisory services and advisory on liquidity capital ratio

Deloitte Malaysia Siti Hajar Osman Dato’ Nizar Najib Level 16, Menara LGB T +603 7610 8814 T +603 7610 8822 1 Jalan Wan Kadir E [email protected] E [email protected] Taman Tun Dr Ismail 60000 Kuala Lumpur www.deloitte.com

A C C O U N T I N G & A U D I T F I R M S | 41 ERNST & YOUNG ADVISORY

Ernst & Young Advisory (EY) is a global leader in AWARDS assurance, tax, transaction and advisory services operates in more than 150 countries, which are • Auditor of the Year 2017 - Asian Investor’s Asset organised into four Areas – Americas, Asia-Pacific, Management Awards EMEIA and Japan – and further divided into • Winner of Most Admired Knowledge Enterprise Regions. Award 2015 - Most Admired Knowledge Enterprise (MAKE) Asia EY serves Islamic financial services clients globally. • Best in Tax Advisory Services 2015 - CFO Its Islamic financial services team is connected Innovation Awards globally through its presence in key Islamic • Best in Risk Management Advisory 2015 - CFO financial markets of Malaysia, Bahrain, London, Innovation Awards New York and Luxembourg. The team works • Best Islamic Advisory Firm - Euromoney Islamic closely with clients across sectors and advises Banking Award 2014 on banking, capital markets, insurance/ takaful, • Best Islamic Advisory Firm - 8th International asset management, regulatory and government Takaful Summit 2014 matters. It brings strong Shariah knowledge and understanding to help its clients achieve their ACHIEVEMENTS/TRACK RECORD strategic priorities. EY’s Islamic financial services team has been credited with assisting in some of • Developed an Islamic Pension Fund framework the most influential industry initiatives over the • Assisted the development of the Islamic finance past decade. regulatory framework for Kazakhstan • Developed target operating models for In Malaysia, EY is one of the largest professional expansion for an Islamic Bank in Thailand services organizations with more than 2,800 • Assisted the market feasibility assessment of employees in 16 offices throughout the country launching an Islamic bank branch in Oman serving a broad range of clients across all principal • Advised on the establishment of an Islamic industry sectors and market segments in the mortgage financing and Takaful business for an country. organization in North America • Provided advisory services for Islamic Window AREA OF SERVICES and BP2S as the Immediate Business Lines to be set up for a foreign bank in Malaysia • Shariah compliant tax advisory • Reviewed the High-level International Strategy • Islamic finance end-to-end IT solution Report of an Islamic bank • Shariah regulations advisory • Strategic direction and financial planning • Transaction advisory services • Operational framework, risk management and governance

Ernst & Young Advisory Sdn Bhd Dato’ Abdul Rauf bin Rashid Shahariz Aziz Menara Millennium, 7-01 T +603 7495 8728 T +603 7495 8901 Jalan Damanlela E [email protected] E [email protected] Pusat Bandar Damansara 50490 Kuala Lumpur www.ey.com

A C C O U N T I N G & A U D I T F I R M S | 42 KPMG MALAYSIA

KPMG is a global network of independent member AREA OF SERVICES firms offering audit, tax and advisory services. The firms work closely with clients, helping them to KPMG’s services cover all areas within the business mitigate risks and grasp opportunities. life-cycle, which include, but not limited to: •Pre Set-Up Stage Member firms’ clients include business corporations, Market research , market positioning , market entry governments and public sector agencies and not- studies, taxation advice, regulatory assessment, for-profit organizations. Clients look to KPMG for a conversion advisory consistent standard of service based on high order professional capabilities, industry insight and local •Set-Up Stage knowledge. Business strategy, business/ financial plan, target operating model and governance structure, risk KPMG member firms can be found in 152 countries. management processes, business process defining Collectively KPMG employ more than 189,000 and implementation, Islamic financial learning and people across a range of disciplines. development, executive search and selection Sustaining and enhancing the quality of this •Operational Stage professional workforce is KPMG’s primary objective. Audit and accounting, feasibility studies, economic Wherever the firms operate, it is expected to be no shareholder value management, performance less than the professional employers of choice. advice, assessment of shariah compliance, IT risk management, risk management review KPMG first established a presence in Malaysia in 1928, which also makes it the oldest KPMG member •Transformation Stage firm in Asia Pacific. Business transformation, forensics, business model review, governance and risk management review AWARDS

• Top 21 Employer Most Attractive Employer ACHIEVEMENTS/TRACK RECORD Award Malaysia - The Universum Malaysia • Tier 1 Leading Tax Advisory Firm - International • Malaysia Best Employer Brand Award - Employer Tax Review 2016 Branding Institute 2016 • Top Tier Tax Firm in Malaysia - International Tax • Asia AML Advisory of the Year (2015) - ACQ5 Review, World Tax 2015 Global Awards • Conducted Shariah review of Bank in Brunei • International Financial/Regulatory Risk Advisory pursuant to statutory audit of the Year (2015) - ACQ5 Global Awards • Provided subject matter expert for review International Overall AML Advisory of the Year of business operation for banking license (2015) - ACQ5 Global Awards application in Brunei

KPMG Ahmad Nasri bin Abdul Wahab Mohd Khaidzir Shahari Level 10, KPMG Tower T +603 7721 3388 T +603 7721 3388 8, First Avenue, E [email protected] E [email protected] Bandar Utama, Petaling Jaya 47800 Selangor www.kpmg.com.com

A C C O U N T I N G & A U D I T F I R M S | 43 PRICEWATERHOUSECOOPERS MALAYSIA

PwC is one of the key leaders in Islamic finance AREA OF SERVICES globally, and has worked with various stakeholders including governments, regulators and financial The following are some examples of other PwC institutions in this area. The firm has dedicated services for the Islamic finance industry: Islamic finance teams in the Middle East, Malaysia, • Audit and assurance and the United Kingdom, bringing extensive • Accounting opinions experience in advising clients on the most relevant • IFRS/The Accounting and Auditing Organization issues in the industry. The firm was recognised as for Islamic Financial Institutions (AAOIFI) gap the “Best Islamic Consultancy” during the Islamic assessments Finance News Awards Poll in 2012. • Market feasibility assessments and strategy development Over the last few years, PwC has shaped the • Valuation and transaction advisory industry in various ways through its work with • Islamic finance training several standard-setting organisations. For • Shariah governance, risk and compliance example, in the area of financial reporting, PwC has • Tax advisory worked closely with the International Accounting Standards Board (IASB) on the application of IFRS ACHIEVEMENTS to Islamic financial instruments and transactions. PwC Malaysia Executive Chairman Dato’ • Best Islamic Consultancy - Islamic Finance News Mohammad Faiz Azmi is also the Chair of IASB’s Awards Poll 2012 Islamic Finance Consultative Group which advises • Collaborated with regulators in formulating tax IASB on Islamic finance matters. incentives to promote Malaysia as an international Islamic financial centre In the area of tax, PwC has worked with many • Provided accounting and tax advice to various policymakers in the region to promote tax neutrality clients on structuring Islamic banking products in order to harmonise key tax rules towards Islamic and Islamic bonds. Instrumental in advising on the finance. With regards to advisory, PwC has provided setting-up of Islamic funds including private equity advice to clients in the area of Islamic finance to funds located in and out of Malaysia strengthen the level of Shariah governance in their • Performed financial and tax due diligence for major organisations, and to convert several core banking Islamic banks and Takaful companies operations to Shariah-compliant banking. • Carried out market feasibility studies for international investors keen on setting up a presence in the ASEAN region

PwC Malaysia Dato Mohammad Faiz Azmi Nik Shahrizal Sulaiman Level 10 T +603 2173 0867 T +603 2173 1726 1 Sentral, Jalan Rakyat E [email protected] E [email protected] KL Sentral, P O Box 10192 50706 Kuala Lumpur www.pwc.com.my

A C C O U N T I N G & A U D I T F I R M S | 44 TECHNOLOGY SOLUTIONS FIRMS

Technology solutions firms in Malaysia providing Islamic finance solutions are equipped with the latest technology which makes the firms capable of providing innovative technology solutions to address the market needs. These firms provide comprehensive core Islamic banking system, digital banking solutions and also consultation on operations, amongst others.

With each firm having 20 - 30 years experience in the technology industry, these technology firms have remarkable track record in providing services domestically and across the region. Several firms have received awards and credentials from established regional and international awarding bodies. At present, these firms have successfully provided Islamic finance related services worldwide including in Europe and Australasia.

A few firms have internal Shariah advisor or appointed external established Shariah advisory firm to ensure the end products are Shariah-compliant.

T E C H N O L O G Y S O L U T I O N S F I R M S | 45 List of Technology Solutions Firms

Infopro 47

Microlink Solutions 48

Silverlake Axis 49 INFROPRO

Infopro was incepted in 1987 with a simple AREA OF SERVICES aspiration – to be an innovation-driven organization that is dedicated to the betterment of the • Islamic deposit solutions banking industry, shaping lives and improving • Islamic financing solutions the way people engage and transact through our • Islamic trade finance solutions technology. • Islamic treasury solutions • Business analytics solutions for Islamic banking Being at the forefront of the technology curve, practices & products Infopro uses highly scalable leading technologies • Digital solutions for Islamic banking practices & and adopts global banking best practices to develop products its flagship product – eICBA™ System. The system, • Project implementation services built with dual engine for Conventional and Islamic • Training and support services for eICBA solution Banking, provides most comprehensive, innovative • Banking and technical consulting services and secured transactions for customers. It enables banks to deliver omni-channel experience across AWARDS AND CREDENTIALS multiple touch points for the most satisfying user experience. • EY Entrepreneur of the Year (2016) Malaysia Top Nominees - Ernst & Young As an ISO 9001 certified and CMMI Level 5 rated • Maturity Level 5 for CMMI Development Model company, Infopro maintains robust process Version 1.3 (Reappraised in 2016) - CMMI Institute and world class quality in the development and • ISO 9001:2015 Recertification in 2016 - Bureau implementation of eICBA™ System. Infopro has a Veritas very stable staff force with extensive banking and technical experiences and are entrusted by over ACHIEVEMENTS 90 financial institution customers in 30 countries worldwide to grow and excel in their business. • Provided the complete Islamic core banking system and electronic banking solution to a large Infopro appointed IBFIM as Shariah advisor for Iranian bank with more than 800 branches in the Islamic related ongoing collaboration and joint go- country to-market promotion. • Provided the complete Islamic core banking and ATM switch to two banks in Afghanistan

Infopro Sdn Bhd Chuah Wan Pin Priscilla Leong Block B3 level 8 T +603 7876 6666 T +603 7876 6666 Leisure Commerce Square E [email protected] E [email protected] No.9 Jalan PJS 8/9 46150 Petaling Jaya www.infopro.com.my

T E C H N O L O G Y S O L U T I O N S F I R M S | 47 MICROLINK SOLUTIONS

Microlink, listed in Bursa Malaysia’s Ace Market since AREA OF SERVICES 2006, is an established player in the technology solutions and integration space with over 23 years’ • Financial services - core Islamic banking and core experience, creating solutions domestically and insurance (takaful) across the region. With a current headcount of • Enterprise solutions - pioneering competitive smart 300 people, majority of whom are technically and solutions using IoT, cloud & big data professionally qualified to provide best-in-class • Solution delivery - project delivery team ensuring solutions to enterprises across multiple industries. smooth implementation • Distribution - distributes enterprise range of Microlink partners with leading technology experts engineered systems hardware from leading industry such as SAP Global, IBM, Oracle, Lenovo, Hitachi principals and many more to solve business challenges by designing and building the best of breed solutions to help enterprises of all sizes innovate, improve ACHIEVEMENTS productivity, optimise costs and accelerate business growth. • Provided the Islamic loan management system for The Public sector Home Financing Board • Provided the Islamic Financing Management System to local financial services provider for SMEs

Microlink Solutions Berhad Nur Sofia Masri 6th Floor, Menara Atlan T +603 2171 2200 161B, Jalan Ampang E [email protected] 50450 Kuala Lumpur www.microlink.com.my

T E C H N O L O G Y S O L U T I O N S F I R M S | 48 SILVERLAKE AXIS

Silverlake Axis creates technologies and build AREA OF SERVICES sustainable and dynamic environments to enable the Digital Economy. Founded in 1989, Silverlake • Implementation and customisation services Axis creates technologies and build sustainable • Program management and dynamic environments to enable the Digital • Application maintenance and support Economy. Silverlake Axis was listed on Singapore’s • Application management Stock Exchange (SGX) SESDAQ in 2003 and • Business and IT consulting moved up to SGX Mainboard in 2011. • Outsourcing • IT system management Over 40% of the top 20 largest banks in South- East Asia run Silverlake Axis core banking solution. AWARDS Silverlake Axis is the core system platform partner of choice for three of the five largest ASEAN super • Best Islamic Finance Solution Provider - Global regional financial institutions. Islamic Finance Award (GIFA) 2016 & 2017 by Edbiz Consulting Silverlake Axis’ solutions are delivering operational • Best of the Best Award for Asia Pacific - Forbes excellence and enabling business transformations Asia’s Best Under a Billion 2013 at over 200 organisations. Through recent • Online Banking Initiative of the Year (2013) for strategic acquisitions, Silverlake Axis has expanded the implementation of Silverlake Digital Economy its offerings and reach to ASEAN, China, Japan, Model Suite Internet and Mobile Banking of Bank Middle East and Africa, Europe, Australian and Islam Brunei Darussalam - Asian Banking and New Zealand markets. Finance Award

Silverlake Integrated Islamic Banking Solution ACHIEVEMENTS (SIIBS) has been implemented in Malaysia, Brunei, Indonesia, Singapore, Bangladesh, UAE and Saudi • Provided Core Islamic Banking Solution Services Arabia. Silverlake also enables more than 70% of and Digital Banking Platform to Commercial Islamic banking transaction in Malaysia. Bank International PSC Bank in Dubai, United Arab Emirates and Bank Islam Brunei Darussalam The Group’s main products include Silverlake Axis • Provided Core Islamic Banking Solution Services Integrated Banking Solution (SIBS), SIIBS, Silverlake to local and international banks including CIMB Axis Integrated Provident Fund System (SIPFS), Group (Malaysia, Indonesia and Singapore), PT Silverlake Axis Integrated Islamic Provident Fund Maybank Syariah Indonesia, Bank Syariah Mega System (SIIPFS), Silverlake Axis Cards System Indonesia, Amlak Finance, Saudi Arabia and ICB (SCS), Silverlake Axis Retail Merchandising System Bank, Bangladesh (PROFIT), Silverlake Axis Enterprise Payment • Provided Islamic Credit Card Outsourcing Platform, Cyber Village Converged Internet and Services to Bank Kerjasama Rakyat Malaysia Mobile Platform and Silverlake Symmetry Retail Banking Solution.

Silverlake Axis LTD Othman Abdullah Level 2A KPMG Tower T +6012 393 5323 First Avenue, Bandar Utama E [email protected] 47800 Petaling Jaya www.silverlakeaxis.com

T E C H N O L O G Y S O L U T I O N S F I R M S | 49 Islamic finance is increasingly recognised as “ a trusted ‘financial brand’ for its universal ethical values and its role in promoting inclusiveness and a just society amidst some of the speculative activities and profit-driven motive in the wider global financial system. ” HRH Sultan Nazrin Shah The Royal Patron for Malaysia’s Islamic Finance Initiative March 2016 COMMODITY TRADING PLATFORMS

Malaysia’s position as an Islamic financial marketplace was further solidified with the establishment of commodity trading platforms to serve global financial clients. There are now three platforms having their own unique strength and clientele diversity.

Bursa Suq Al-Sila, which means commodities market in Arabic, is operated by Bursa Malaysia via its fully Shariah-compliant wholly-owned subsidiary. This fully- electronic platform that is multi-currency capable is an international commodity platform facilitating commodity-based Islamic financing and investment transactions under the Shariah principles of murabahah, tawarruq and musawwamah. Able Ace is another platform that uses agricultural-based commodities as the underlying assets. Meanwhile, As-Sidq, a platform by Sedania As-Salam Capital Sdn Bhd offers a cloud- based service.

C O M M O D I T Y T R A D I N G P L A T F O R M S | 51 List of Commodity Trading Platforms

AbleAce Raakin 53

Bursa Suq Al-Sila’ 54

Sedania As-Salam Capital 55 ABLEACE RAAKIN

AbleAce Raakin serves a wide range of clients, AREA OF SERVICES which include among others; Islamic finance institutions, development banks, government/ • Commodity offerings regulatory bodies, co-operatives, corporations and • Commodity murabahah private equity firms in different regions including • ARIIMS trading system Asia, Africa, Europe and GCC. • Product structuring & facilitation - financing & deposit AbleAce Raakin provides commodities for the • Facilitation for sukuk commodity murabahah market using agricultural- • Facilitation for intercompany financing based commodities as the underlying assets. • Facilitation for private equity – funds Shariah-compliance is prioritised encompassing • Facilitation for Islamic factoring all areas of business. Commodities offered are delivery-ready for purchase, upholding the AWARDS Shariah’s demand for availability of real products at • Best Shari’a Compliant Commodity Brokers - real-time. Audits and site visits are part of practice Global Islamic Finance Award 2017 by Edbiz for transparency. Consulting • Best Islamic Commodities Trading Company All trades are done via trading platform known (Malaysia) - Global Banking & Finance Review as ARIIMS. The platform has undergone strict 2017 scrutiny by the appointed Shariah advisors and • Market Leadership Award (Facilitation & it is free from potential shariah breach. It is open Support) - Global Islamic Finance Award 2016 by to client’s appraisal processes to ensure complete Edbiz Consulting compliancy and transparency with their respective corporate governance. ACHIEVEMENTS

Shariah Advisor of AbleAce Raakin • The first local company in Malaysia providing Amanie Advisors guides the firm to ensure such services using palm oil & its related products compliance to the Shariah principles, in efforts as the asset base for the commodity murabahah to provide certainty and comfort regarding all program products, services, documents and processes. • Among transactions facilitated by AbleAce Among the globally renowned prominent shariah includes among others: scholars which have given their endorsement - Advisory on commodity murabahah and includes: commodity murabahah facilitation for a private • Dr Mohamed Ali Elgari (Saudi Arabia) equity firm in Australia and the UAE • Dr Mohd Daud Bakar (Malaysia) - Advisory on the development of commodity • Dr Muhammad Amin Ali Qattan (Kuwait) murabahah platform for an Islamic financial • Dr Osama Al Dereai (Qatar) institution in Pakistan - Advised on the MYR3.8 billion sukuk murabahah issued by Cagamas

Ableace Raakin Sdn Bhd Azzizi Mohamad Ghazi Syed Nizam Syed Jalaludin Suite A-5-5, Megan Avenue 1 T +603 2161 1164 T +603 2161 1164 189 Jalan Tun Razak E [email protected] E [email protected] 50400 Kuala Lumpur www.abbleaceraakin.com

C O M M O D I T Y T R A D I N G P L A T F O R M S | 53 BURSA SUQ AL-SILA’

Bursa Suq Al-Sila’ (BSAS) is a commodity trading AREA OF SERVICES platform specifically dedicated to facilitate Islamic liquidity management and financing by • Islamic interbank placement Islamic financial institutions. Initiated as a national • Deposit taking project to address Islamic liquidity management • Financing challenges facing the industry worldwide, BSAS • Profit rate swap exhibits the collaboration of Bank Negara Malaysia • Cross currency swap (BNM), Securities Commission Malaysia (SC), Bursa • Sukuk issuance Malaysia Berhad (Bursa Malaysia) and the industry players in support of the Malaysian International AWARDS Islamic Financial Centre (MIFC) initiative. • Best Commodity Trading Platform Asia - Global BSAS is a world’s first which aims to provide Banking & Finance Review 2017 industry players with a regulated framework with • Brand Excellence Islamic Commodity Trading defined codes of conduct governing commodity Facilitation Platform Malaysia - Finance Digest trade in support of Islamic interbank placement, 2017 Brand of Excellence Programme deposit taking, financing, profit rate swap, cross • Best Inter-broker for Islamic Transactions - IFN currency swap as well as sukuk issuance using Service Providers Poll 2015 & 2016 the concept of murabahah and tawarruq. It is an • Best Islamic Finance Facilitation Platform Asia - initiative to further enhance the Islamic finance Global Banking & Finance Review 2015 & 2016 industry in embracing Shariah principles with the • Best Inter-broker for Islamic Transactions – 10th efficacy of modern technology in today’s complex IFN Service Providers Poll 2015 financial markets. • Best Islamic Exchange - Global Islamic Finance Awards 2015 BSAS is managed by Bursa Malaysia Islamic Services Sdn Bhd (BMIS), a wholly-owned ACHIEVEMENTS subsidiary of Bursa Malaysia which is overseen by an independent Shariah Committee and conducts • Largest trade in a day of MYR30.7 billion periodical Shariah audits on trades to ensure that • Largest deal of MYR6.9 billion the rule governing members, the Rules of Bursa Suq Al-Sila’ (Rules of BSAS) which is formulated in accordance with Shariah principles, is adhered to with the objective of upholding the integrity of the industry.

Shariah Advisors of Bursa Suq Al-Sila’ • Prof Dr Ashraf Md Hashim(Malaysia) • Dr Shamsiah Mohamad (Malaysia) • Prof Dr Younes Soualhi (Algeria)

Bursa Suq Al-Sila’ Shamsul Akmal Ahmad Azlan Nor Yusoh Bursa Malaysia Berhad T +603 2034 7571 T +603 2034 7559 Exchange Square, Bukit Kewangan E [email protected] E [email protected] 50200 Kuala Lumpur www.bursamalaysia.com

C O M M O D I T Y T R A D I N G P L A T F O R M S | 54 SEDANIA AS-SALAM CAPITAL

Sedania As-Salam Capital Sdn Bhd (SASC) is a AREA OF SERVICES wholly acquired subsidiary of Sedania Innovator Bhd, a multi-awards winning technology • End-to-end automated tawarruq trading empowerment group, and with As-Sidq™ as its platform core offering. • P2P Islamic crowd funding • Digital banking hub solutions As-Sidq™ is an Islamic financial tawarruq (Fund- raising) trading platform, a Shariah compliant AWARDS electronic platform for personal Islamic banking; a truly halal banking and fully automated online • Winner of Gold category - International Arch of financial technology (Fintech) platform. Europe (I.A.E) Award 2012 in Frankfurt, Germany • Best Brands in ICT- Content & Media - Brand The platform that was established in 2009 is in Laureate SME Best Brands Awards 2012 compliance with the Accounting and Auditing • Best Mobile Application Content – NEF Awani Organization for Islamic Financial Institutions ICT Awards 2011 (AAOIFI) international standards. • The Most Innovative Islamic Finance Deal of 2010 - London Sukuk Summit Islamic Finance Award As-Sidq™ currently has been adopted by 40 2010 financial institutions in Malaysia with access to over • Financial Consumer Product of the Year (2010) 40 million banking account holders. To date, As- - Kuala Lumpur Islamic Finance Forum (KLIFF) Sidq™ has processed over 300,000 transactions worth over MYR25 billion. ACHIEVEMENTS/TRACK RECORD

The company has been working on major • Awarded as AA 1-innovation Certification for improvements and updates to As-Sidq™ and with Enterprise Rating and Transformation from its market position in Malaysia firmly in its hand, the 1-InnoCert rating 2014 company targeted to grow exponentially within • Processed over 300,000 transactions worth the region in 2017. over MYR25 billion since its inception

To achieve its stated aim of becoming a regional player, the company plans to explore Indonesia, Bangladesh, Pakistan and the Middle-East as its next growth markets.

Shariah Advisors of Sedania As-Salam Capital • Prof Madya Dr Zaharuddin Abd Rahman • Prof Madya Dr Aznan Hasan

Sedania As Salam Capital Sdn Bhd Sheila binti Safiee Level 11, Kelana Parkview Tower T +603 7880 2001 Jalan SS6/2, Kelana Jaya E [email protected] | [email protected] 47301 Petaling Jaya www.assidq.com

C O M M O D I T Y T R A D I N G P L A T F O R M S | 55 To elevate the Islamic finance industry to the “ next level, the formulation of game-changing strategies must bring in elements that leverage on technology, accelerate innovation and develop well-rounded talent to meet future needs of Islamic finance. These strategies offer an important opportunity to reinforce the foundations of a strong and resilient Islamic financial system, and advance its development and contribute towards a more inclusive and stable global financial system.

Muhammad bin Ibrahim, FCB ” Governor, Bank Negara Malaysia Keynote Address at the Global Islamic Finance Forum 5.0 - Future of Islamic Finance: Delivering Actions Today for a Sustainable Tomorrow 11 May 2017 HUMAN CAPITAL DEVELOPMENT ENTITIES

Clear emphasis on training, education and research has clearly propelled Malaysia’s position in the global Islamic financial industry, simultaneously encouraging solid pool of talents and professionals as global thought leaders as source of reference for the global industry. There is a proliferation of programmes and certifications offered by higher learning educations, professional bodies and training agencies in Malaysia. International Centre of Education in Islamic Finance (INCEIF), Islamic Banking and Finance Institution Malaysia (IBFIM) and International Shariah Research Academy for Islamic Finance (ISRA) are amongst dedicated institutions focusing on Islamic finance developments. In addition, there are now more than 60 higher learning institutions and training institutions offering Islamic finance programmes or contents in the country.

Malaysia also ranks first in “Knowledge Indicator” according to the Thomson Reuters Islamic Finance Development Report 2017. The Indicator covers aspects of education and research which are the main building blocks for any knowledge-based industry. Malaysia’s leadership in terms of knowledge, education and research is a direct result of institutionalisation of various Islamic finance institutions, contributing towards enriching Islamic finance knowledge across the globe.

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 57 List of Human Capital Development Entities

Amanie Academy 59

Centre for Research and Training (CERT) 60

Chartered Institute of Islamic Finance Professionals (CIIF) 61

Finance Accreditation Agency (FAA) 62

Islamic Banking and Finance Institute Malaysia (IBFIM) 63

International Centre for Education in Islamic Finance (INCEIF) 64

International Shari’ah Research Academy fo Islamic Finance (ISRA) 65

Securities Industry Development Corporation (SIDC) 66

The Iclif Leadership and Governance Centre (ICLIF) 67

AMANIE ACADEMY

Amanie Academy, the talent development arm of ACHIEVEMENTS Amanie Group, offers blended learning solutions (online and face-to-face) on Islamic banking • Organised a specialised programme on and finance to enhance knowledge and skills for ‘Conversion Process Towards Becoming an regulators, financial institutions and practitioners. Islamic Financial Institution’, a collaboration Amanie Academy’s mission is to nurture innovation programme with Bank Negara Malaysia. The in Islamic finance sphere via continuous learning programme that shared Malaysia’s stakeholders exposure. Amanie Academy’s programmes experience and knowledge on conversion empower participants to expand their reach in process towards becoming Islamic financial Islamic finance fraternity. institution was attended by various regulatory bodies Leveraging on its sister company, Amanie • Organised ‘Developing Islamic Financial System Advisors’ experience and presence worldwide for Regulators’, a collaboration programme with covering Southeast Asia, MENA, Europe, Russia Bank Negara Malaysia. The programme focuses and CIS, and East Asia regions make Amanie on Malaysia’s experience on the eco-system of Academy unique, by being able to deliver practical the Islamic financial system learning experience with international perspectives • Organised seminar on AAOIFI Shariah Standard and global best practices. Healthy and strong in Gold in Kuala Lumpur, Dubai and Jakarta relationship with partners and clients allows Amanie • Organised programme on ‘Shariah Funds Academy to offer customised learning solutions. Operation in Malaysia’ to fund managers from Industrial Development Leasing Company (IDLC) AREA OF SERVICES Finance, Bangladesh

• Islamic finance for board of directors and senior managers • Shariah non-compliance risk management • Developing islamic financial system for regulators • Conversion process towards becoming an Islamic financial institution • Islamic Finance Qualification (IFIQ), customised qualification programme for in-house training

Amanie Academy Sdn Bhd Yasmin Yusof Mizatul Jafina Radzi Level 33, Menara Binjai T +6019 310 6657 T +6011 2150 4982 No 2, Jalan Binjai E [email protected] E [email protected] Off Jalan Ampang 50450 Kuala Lumpur www.amanieacademy.com

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 59 CENTRE FOR RESEARCH AND TRAINING

CERT offers unparalleled levels of training AREA OF SERVICES and support, providing hands-on courses with knowledgeable course instructors who have Among the training programmes offered by CERT an intimate understanding of both their areas of expertise and the country-specific concerns include: of the many nationalities in attendance on the • Shariah, legal, accounting and governance programmes. • Islamic capital market • Islamic finance & investment The organisation offers from 2-day to 1 week • Takaful courses to suit clients’ needs. Feature-packed • Islamic wealth management with training seminars, group discussions, • Islamic financing lectures and hands-on events including field trips to important financial institutions, the ACHIEVEMENTS clients will be able to gain extraordinary wealth of knowledge. • Organised Kuala Lumpur Islamic Finance Forum (KLIFF) since 2004, an annual international The assignments range from courses designed conference and exhibition focusing on Islamic to improve the financial acumen of divisional banking and finance which provides a platform management, to corporate finance training for local and international speakers to share their for new board directors of listed companies. knowledge and experiences with international CERT is equally comfortable undertaking senior and local delegates including bankers, lawyers, management coaching and running graduate advisor, lecturers and students programs.

CERT Events Sdn Bhd Haizum Afeeqah Nursyahriah Aini 277 Jalan Bandar 11 T +603 4108 1439 T +603 4108 1439 Metro Melawati E [email protected] E [email protected] 53100 Kuala Lumpur www.cert.com.my

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 60 CHARTERED INSTITUTE OF ISLAMIC FINANCE PROFESSIONALS

The Chartered Institute of Islamic Finance AREA OF SERVICES Professionals (CIIF) was established in 2015 as the professional body for Islamic finance CIIF provides Islamic finance programmes and courses practitioners, succeeding the pioneering work of the Association of Chartered Islamic Finance including: Professionals Malaysia (ACIFP). It is tasked with • Executive Development Programme (EDP) the role of setting global quality professional • Other courses, industry talks and professional standards for Islamic finance practitioners. development programmes These professional standards aim to elevate the quality and professionalism of Islamic finance ACHIEVEMENTS practitioners who are its members, to ensure that the industry is supplied with high calibre • The first Islamic Finance Profession Charter talents to support its continued development signed by industry representatives: AIBIM, MTA and growth. and MIBA • Published first Code of Ethics in 2017 The CIIF aims to connect its members with • Published first CIIF Standards of Professional global opportunities, by catalysing international Conduct in 2017 recognition of its professional standards through strategic linkages, establishing collaborations, • Published first CIIF Standards for Admission of partnerships, and network building. Through Members in 2015 the Islamic Finance Profession Charter, the • Published first CIIF Standards for Accreditation CIIF is recognised as the professional body for of Institutions in 2015 Islamic finance talents, and has been mandated • Published first Guidelines on the Standards for to drive greater professionalism and quality in Admission of Members and Accreditation of the development of Chartered Professionals in Institutions in 2015 Islamic Finance. • Two candidates of the Executive Development Programme with Standard Chartered Saadiq Its flagship qualification, the Chartered Malaysia Berhad (Completed) Professional in Islamic Finance (CPIF), will be • Two candidates of the Executive Development rolled out in phases throughout 2018. The CPIF Programme with Bank Muamalat Malaysia comprises four levels of progression, starts from Foundation, Intermediate, Proficient, and leading Berhad (On-going) towards the attainment of the CIIF’s Chartered membership status, where the candidates may select from Islamic banking or takaful tracks.

Chartered Institute of Islamic Finance Mohd Aidzeef Ahmad Munira Mohd Zam Professionals T +603 2276 5279/5232 T +603 2276 5279/5232 19th Floor, Menara Takaful Malaysia E [email protected] E [email protected] Jalan Sultan Sulaiman 50000, Kuala Lumpur www.ciif-global.org

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 61 FINANCE ACCREDITATION AGENCY

Finance Accreditation Agency (FAA) is an AREA OF SERVICES independent quality assurance and accreditation body responsible for raising the standards and Accreditation Products & Services quality of professional learning and development • FAA programme accreditation in the financial services industry. • FAA individual accreditation • Certified Training Professional (CTP) Supported by Bank Negara Malaysia (Central Bank of Malaysia) and Securities Commission Consultancy Services Malaysia, FAA aims to create highly skilled and • Quality learning programme solutions internationally mobile professionals through our • Industry-led individual accreditation globally benchmarked accreditation framework, standards and practices. Standards • Finance Qualifications Structure FAA ensures high quality learning and development • FAA Learning Standards experience for finance professionals that elevates • Islamic Finance Professional Qualfications the industry by creating sustainability and raising Structure the quality of talent through its learning programme and individual accreditation. CREDENTIAL

FAA accreditation brings valuable industry input • ISO9001:2015 assures that FAA has demonstrated through its world-renowned panel of experts and its ability to consistently provide quality products practitioners from the financial services industry. and services that meet customer and applicable statutory & regulatory requirements

Finance Accreditation Agency Sarala Marimuthu Jessy Bharm Level 12, Tower 3, Avenue 7 T +603 2788 1212 T +603 2788 1212 The Horizon, Bangsar South E [email protected] E [email protected] No. 8, Jalan Kerinchi 59200 Kuala Lumpur www.faa.org.my

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 62 ISLAMIC BANKING AND FINANCE INSTITUTE MALAYSIA

Islamic Banking and Finance Institute Malaysia AREA OF SERVICES (IBFIM) is a talent development institution which specialises in industry technical certifications. The IBFIM offers programmes pertaining to three core certifications are designed to ensure attainment areas which are leadership in Islamic finance talent of technical proficiency levels to fulfil needs and development, Shariah compliance assurance and support professionalisation of the industry. The key niche knowledge reference centre. certification programs are benchmarked against IBFIM Qualifications Framework and are accorded Among the training programmes offered by IBFIM Full Accreditation by the Finance Accreditation include: Agency to ensure quality and provide progressive • Certified Qualification in Islamic Finance (CQIF) development route for the certificants. • Intermediate Qualification in Islamic Finance (IQIF) Learning modules offered are customisable to fulfil • Associate Qualification in Islamic Finance (AQIF) the specific needs of the clients within the Islamic • Fundamental Certificate in Islamic Banking and financial institutions specifically as well as other Takaful (FCIBT) sectors engaging in Islamic finance. The learning • Islamic Financial Planner (IFP) experiences are delivered through an online • Basic Certificate Course in Takaful Broking platform as well as classroom training sessions, (BCCTB) advisory engagements and enriched through over • Takaful Basic Examination (TBE) 90 Islamic finance-related published titles.

ACHIEVEMENTS/TRACK RECORD IBFIM’s business advisory role extends beyond companies within the financial services sector. • IBFIM is the leading training institute in Islamic In engagements with clients, IBFIM trains their finance, training about 30% of the Islamic finance workforce with the necessary knowledge and sector manpower annually in the country competencies to implement Islamic finance. IBFIM • Unique Islamic finance certifications progression is also a registered Shariah Advisor (Corporate) route with the Securities Commission of Malaysia. • First Takaful Shariah Compliance Audit • The first Islamic Financial Planner certification is a joint effort between IBFIM and FPAM • Adoption of the firm’s industry course by the academia manifests IBFIM’s success in bridging industry-university gap • The secretariat for Network of Islamic Finance Training Institutes (NIFTI)

IBFIM Zaharin Md Jahim Natejah Ahmad 3rd Floor, Menara Takaful Malaysia T +603 2031 1010 ext 500 T +603 2031 1010 ext 642 Jalan Sultan Sulaiman E [email protected] E [email protected] 50000 Kuala Lumpur www.ibfim.com

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 63 INTERNATIONAL CENTRE FOR EDUCATION IN ISLAMIC FINANCE International Centre for Education in Islamic Finance (INCEIF) was set up by Bank Negara Malaysia in AREA OF SERVICES 2005 and has been mandated to develop and Academic programmes offered by INCEIF: nurture talent and experts in the Islamic financial • Masters in Islamic Finance Practice (MIFP) services industry. As a university, INCEIF offers • MSc in Islamic Finance postgraduate studies in Islamic finance. • PhD in Islamic Finance • Professional Certificate in Islamic Finance INCEIF aims to be knowledge leader in Islamic finance through providing excellent teaching, Professional services offered by INCEIF: research and thought leadership. In achieving the • Consulting and advisory services in Islamic vision, it is important for INCEIF to bridge both finance academia and industry. This is translated into its • Executive programmes academic syllabus which is structured based on • Knowledge management centre the inputs from industry players as well as having • Research management centre faculty members who are globally respected in both Islamic finance academia and Islamic finance ACHIEVEMENTS industry. The faculty, coupled with support from practitioners, provides INCEIF students with • Ranked Excellent (5-Star) in the Rating System strong mentoring relationships and opportunities for Malaysian Higher Education institutions for professional development. SETARA ’17 by the Ministry of Higher Education (MoHE) in 2017 As at November 2017, there are 1585 agents • INCEIF’s research has been ranked 1st in Malaysia for change from INCEIF. Some are already amongst the higher education institutions in the making meaningful contributions to the Research Papers in Economics (RePec) rankings advancement of Islamic finance at all levels be it since 2015 product development, policy framework and • A member of the Association to Advance implementation; regulation and enforcement; and Collegiate Schools of Business (AACSB) which is innovation. the most renowned accreditation association of business schools, and is working to be accredited Academic Programmes @ INCEIF: by the association At INCEIF, the academic programmes are embedded with a unique teaching method which is the Action Based Learning (ABL). Generally, ABL is a method of learning by fundamentally working on real projects, issues and challenges in association with selected partner companies, using models taught in the classroom with the support of mentors, experts and industry leaders.

INCEIF Mariesa Ross Lorong Universiti A T +603 7651 4055 50480 Kuala Lumpur E [email protected] Malaysia www.inceif.org

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 64 INTERNATIONAL SHARI’AH RESEARCH ACADEMY FOR ISLAMIC FINANCE

The International Shari’ah Research Academy for AWARDS Islamic Finance (ISRA) was established by the Central Bank of Malaysia on 26 March 2008, as • Best Islamic Research Firm 2010, 2012, 2014-2017 an initiative to promote applied research in the - Islamic Finance News areas of Shariah and Islamic finance. It also acts • Most Outstanding Islamic Finance Research as a knowledge repository for matters related House - KLIFF 2011 & 2015 to Shariah and fatwas (resolutions) in the Islamic • Islamic Economy Knowledge Infrastructure - finance industry. Islamic Economy Award in the Dubai 2017

ISRA contributes towards strengthening human ACHIEVEMENTS capital development in the areas of Shariah by providing platforms for greater engagements • Initiated and produced various types of highly amongst practitioners, scholars, regulators and impactful and insightful research on Islamic academicians via research and dialogues, in both finance, emphasizing both on the fundamentals the domestic and international arena. Through and applied Shari’ah research pioneering research and rigorous intellectual • Published international journals on Islamic discourse, ISRA aims to promote innovation and Finance in English & Arabic, books on Islamic dynamism into new boundaries of Islamic finance. finance, proceedings, Islamic Finance Space It is envisioned that with greater understanding Magazines (IIFS), ISRA Bulletins and ISRA- through research and dialogue, mutual respect and Bloomberg Bulletins recognition would emerge within the global Islamic • Launched the Islamic Finance Knowledge financial industry community. Repository (I-FIKR) portal, a knowledge database which centralises Shariah rulings and its justifications, legal and regulatory requirements AREA OF SERVICES • Organised international events including ISRA International Shariah Scholars’ Forum (ISSF), • Consultancy and training ISRA Muzakarah Cendekiawan Syariah Nusantara • Talent development programmes (including in- and Islamic Fintech Dialogue (IFD) house Shariah management training programme) • Partnered with international organisations • Shariah and applied research such as Islamic Research and Training Institute • Publications Kingdom of Saudi Arabia, Standing Committee • Events for Economic and Commercial Cooperation of the • I-FIKR portal Organisation of Islamic Cooperation (COMCEC) Turkey, Islamic Finance Council, United Kingdom, Accounting and Auditing Organization for Islamic Financial Institutions Bahrain, Central Bank of Bahrain and University of Jordan • Translated relevant Arabic fatwas, recommendations and articles to English

International Shari’ah Research Aizuddin Othman Ibraheem Musa Tijani Academy for Islamic Finance T +603 7651 4237 T +603 7651 4225 Lorong Universiti A E [email protected] E [email protected] 59100 Kuala Lumpur Malaysia www.isra.my

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 65 SECURITIES INDUSTRY DEVELOPMENT CORPORATION

The Securities Industry Development Corporation ACHIEVEMENTS (SIDC) is the training and development arm of the Securities Commission Malaysia (SC) and the • The Industry Competency Framework (ICF) - the leading capital markets education, training and first framework in the Malaysian capital market to information resource provider in ASEAN. drive sustainable performance by empowering current professionals and employees in the industry Established in 1994 and incorporated as a corporate • The Industry Transformation Initiative (ITI) has entity in 2007, the SIDC has been in the business of improved the skill set of more than 73,000 training and developing capital market participants professionals in Malaysia and internationally for two decades. It • The Graduate Development Programme (GDP) and designs and facilitates training programmes for Islamic Capital Market Graduate Training Scheme Malaysian and foreign regulators, company directors (ICMGTS) have successfully produced a combined and market professionals as well as conducts public total of over 500 entry-level professionals investor education seminars on wise investing • The SIDC led flagship SC programmes include and investors’ rights. The SIDC also builds human Emerging Markets Programme and Islamic Markets capital for the Malaysian capital market through its Programme for regulators and the Advanced talent development programmes. In addition, the Business Management Programme for directors SIDC works closely with the SC to develop, maintain • The SIDC introduced the Shariah Advisor and administer the SC Licensing Examinations and Programme, i-Advisor, aimed to provide continued the mandatory Continuing Professional Education professional development in the area of Shariah (CPE) programme as part of the licensing regime advisory for Malaysian capital market intermediaries. • The SIDC has tailor-made and delivered international capacity building programmes for Through its comprehensive experience and securities regulators of Nepal, Cambodia, Indonesia, successful track record in developing and Lao PDR, the Philippines, Thailand and Vietnam delivering innovative, high-calibre, fit-for-purpose to promote common regulatory competencies, programmes for specific target audiences, it networking and cooperation through close has established a reputation synonymous with collaboration with international agencies such as professional excellence and has been acknowledged the Asian Development Bank (ADB), the Australian by international institutions such as the International Department of Foreign Affairs and Trade, Australian Organization of Securities Commissions (IOSCO), Treasury, AusAID and market regulators the Asian Development Bank (ADB), the Asia- • The SIDC undertook and successfully completed Pacific Economic Cooperation (APEC) and ASEAN. a six-month consulting project for the Saudi Capital Markets Authority in Riyadh to develop a competency dictionary and succession planning strategy tailored to its unique needs

Securities Industry Development Izrin Hazarina Zakaria Dharvindaran Menon Corporation T +603 6204 8667 T +603 6204 8667 3, Persiaran Bukit Kiara, E [email protected] E [email protected] Bukit Kiara, 50490 Kuala Lumpur, www.sidc.com.my

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 66 THE ICLIF LEADERSHIP AND GOVERNANCE CENTRE

The Iclif Leadership and Governance Centre (Iclif) AWARDS is an Asia-based international centre dedicated to executive education, research, coaching and • Asia’s Best Institute for Leadership Development consulting services in the areas of leadership for 2010 - CMO Asia Award development, organisational effectiveness and • Outstanding Contribution to the Cause of corporate governance. The Iclif Leadership and Education and HR Researcher of the Year 2017 - Governance Centre or Iclif was created and funded Global HR Excellence Award by Bank Negara Malaysia (The Central Bank of • HR Vendor of the Year 2017 - Global HR Malaysia) in 2003 as an independent non-profit Excellence Award organisation with the aim of providing highly practical and relevant executive and organisational ACHIEVEMENTS development globally across all industry and government sectors. •The Financial Institution Director’s Education program (FIDE), fully-managed and delivered by AREA OF SERVICES Iclif, is the only governance initiative in the region that focuses exclusively on the financial sector •The Iclif Leadership and Governance Centre’s Iclif helps individuals, leaders and board-members faculty includes experts from world leading through three core services: institutions including Harvard Business School • Leadership development: Executive education and leading companies such as Goldman-Sachs, aimed at strengthening leadership skills at key General Electric and Coca-Cola career transition points. The firm offers both •Iclif’s debut globally research with a book, “Open custom built and open enrollment programmes Source Leadership” (OSL) on 24 Oct 2017, • Human capital consulting: A range of making Amazon’s #1 Best Seller in Strategy & professional services to support leaders and Competition category and Knowledge Capital their organisations in their efforts to achieve category as well as the Wall Street Journal’s improvements in business strategy, organisation Best Seller in Hardcover Business category architecture (including talent management and succession planning) and culture • Corporate governance: A range of programmes and advisory services exclusively for directors of banks, insurance companies and financial market intermediaries

The Iclif Leadership & Governance Centre Lily Wong Level 5, Block A, Platinum Sentral T +603 2725 9000 Jalan Stesen Sentral E [email protected] Kuala Lumpur Sentral 50470, Kuala Lumpur www.iclif.org

H U M A N C A P I T A L D E V E L O P M E N T E N T I T I E S | 67 With Islamic finance fast gaining a strong “ foothold in many countries, Malaysia hopes to be able to contribute to this dynamic phase of Islamic finance development by providing an array of reliable, high quality professional services; one that is backed by decades of experience.

Marzunisham bin” Omar Assistant Governor, Bank Negara Malaysia Welcoming Remarks at Malaysia Country Showcase - IFSB Summit 2017 22 October 2017 RATING AGENCIES

RAM Ratings Services Berhad and Malaysian Rating Corporation Berhad (MARC) are the two domestic rating institutions in Malaysia. Both agencies have operated for more than 20 years, making their ratings and assessments being widely accepted especially by the local and regional markets.

Malaysian credit rating agencies rating covers wide range of services including credit rating and debt rating products, consultancy, advisory and research with a variety of carefully curated instruments.

Malaysian credit rating agencies already have ASEAN and global rating scale and these agencies have vast experience and knowledge in rating sukuk. As to date, the agencies have rated at least 900 sukuk issuances, more than 50% of the global sukuk.

Moving forward, the market is focusing on the sustainable and responsible investment (SRI) in which both Malaysian credit rating agencies rated the world’s first three green sukuk, a part of the SRI discipline that considers environmental, social and corporate governance criteria.

R A T I N G A G E N C I E S | 69 List of Rating Agencies

Malaysian Rating Corporation 71

RAM Rating Services 72 MALAYSIAN RATING CORPORATION

Malaysian Rating Corporation Berhad (MARC) is one AWARDS of Malaysia’s two domestic credit rating institutions. Established in 1996, the rating coverage extends to • Best Islamic Rating Agency - Global Islamic corporate finance, including financial institutions Finance Awards 2017 and insurance, structured finance, public finance, • Malaysia’s Project Finance Agency of the Year - and infrastructure and project finance. The Asset Magazine (The Triple A Awards) 2016 • Best Islamic Rating Agency - Global Islamic MARC provides public and private ratings on Finance Awards 2016 companies and their debt instruments, including bank loans, senior and subordinated debts, • ACHIEVEMENTS commercial papers and hybrid debt instruments. The ratings span over the securities of a wide • Rating for Fortune Premier’s MYR3 billion Sukuk range of corporate sectors, including energy, oil Murabahah, a special funding vehicle of IOI and gas; construction, building materials and real Properties Group Berhad estate; commodities and industrials; and retail and • Rating for BEWG Malaysia, undertaken by a consumers. MARC’s rating universe of infrastructure Chinese-owned subsidiary and project finance encompasses a variety of • Rating for Islamic Development Bank, undertaken domestic projects and infrastructure assets in the by a Malaysian incorporated funding vehicle in toll roads, energy, water and port sectors. Saudi Arabia • TNB Western Energy Berhad’s Islamic securities MARC also rates sovereigns, financial institutions, of RM1.625 billion for working capital and various state governments, investment managers and project-related expenditure structured finance transactions, and publishes • Petronas Dagangan Berhad’s MYR2 billion independent research on the domestic bond and Sukuk Murabahah Islamic Commercial Papers sukuk markets, industry trends and economic and Islamic Medium Term Notes Programme issues of general interest to the investing public. for capital expenditure, working capital and/or Shariah-compliant general corporate purposes AREA OF SERVICES • Projek Lebuhraya Usahasama Berhad’s (PLUS) MYR23.35 billion Sukuk Musharakah Programme • Ratings of Islamic capital market instruments and for the purpose of part-funding the acquisition sukuk of the selected Malaysian tolled expressways • Rating of non-fixed income obligations concessions and the Penang Bridge concession • Rating of takaful institutions as well as to fund a planned capital spending. • Islamic financial institution governance ratings Remains to-date the largest rated sukuk issuance • Training on Islamic fund management by a single entity in the world

Malaysian Rating Corporation Berhad Ahmad Feizal Sulaiman Khan Lana Mahbob (MARC) T +603 2717 2911 T +603 2717 2912 19-07, Level 19, Q Sentral 2A E [email protected] E [email protected] Jalan Stesen Sentral 2 50470 Kuala Lumpur www.marc.com.my

R A T I N G A G E N C I E S | 71 RAM RATING SERVICES

RAM Rating Services Berhad (RAM Ratings) is the AREA OF SERVICES leading and largest credit rating agency in Malaysia and South-East Asia (ASEAN). • Rating services - Corporate ratings Established in 1990 by the central bank of Malaysia - Financial institution as part of the “institutional infrastructure” to support - Insurer ratings the development of Malaysia’s bond market, RAM - Sukuk ratings Ratings has rated close to USD350 billion of bonds - Project finance ratings issued by over 500 entities based in Malaysia and - Structured finance ratings 12 other countries as of today. The rating portfolio - Sovereign & public finance ratings encompasses corporates, sovereign nations, • Training services financial institutions, insurance companies, project - Rating of sukuk: criteria & methodology finance and structured finance obligations. Backed - Islamic capital market by a track record of more than 27 years, our credit - Islamic treasury products opinions are widely used as a reference point by a - Sukuk: principles & structures broad spectrum of investors, financial institutions and regulators. AWARDS

RAM Ratings is also the world’s leading credit • Best Rating Agency 2017 – Islamic Business & rating agency for securities issued under Islamic Finance Awards, South East Asia Awards 2017 principles, or sukuk. The vast experience and by CPI Financial contributions in the fast-growing sukuk market has • Best Islamic Rating Agency 2016 - IFN Awards won us numerous awards, including the Best Rating 2016 Agency 2017 (South East Asia Awards 2017) by CPI • Rating Agency of the Year 2016 (Malaysia) - The Financial and Best Islamic Rating Agency award in Asset Triple A Awards 2016 2016 by Islamic Finance News (IFN). Our pioneering efforts include the ratings of numerous “firsts” in TRACK RECORD innovative and landmark sukuk transactions. • Rated more than 550 sukuk programmes totalling Accredited by the Tokyo Stock Exchange for listings USD170 billion. on the Japanese Pro-Bond Market, RAM Ratings • Rated many pioneer sukuk structures that also offers ratings on the ASEAN and global rating contributed to market development scales, in addition to the Malaysian national scale.

On 26 May 2016, RAM joined the line-up of pioneer credit rating agency signatories to the United Nations-supported Principles for Responsible Investment’s Statement on Environment, Social and Governance (ESG) in Credit Ratings.

RAM Rating Services Berhad Julie Ng Ruslena Ramli Suite 20.01, Level 20 T +603 7628 1179 T +603 7628 1010 The Gardens South Tower, Mid Valley City E [email protected] E [email protected] Lingkaran Syed Putra 59200 Kuala Lumpur www.ram.com.my

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