we protect. we care. we share. - malaysiastock.biz 003 2016 syarikat takaful malaysia berhad notice...

SYARIKAT TAKAFUL MALAYSIA BERHAD(131646-K)

A N N U A L R E P O R T

2016

We Protect. We Care. We Share.

Audit Committee Report 036

Statement on Risk Management 042 and Internal Control

Additional Compliance Information 046

Management Discussion & Analysis 047

Corporate Sustainability Statement 054

Financial Statements 059

Particulars of Properties 272

Shareholding Statistics 278

Branch Network & Subsidiary 282 Companies

Form of Proxy

Notice of 32nd Annual General 002 Meeting

Statement Accompanying 004 Notice of 32nd Annual General Meeting

Corporate Structure 005

Five-Year Financial Highlights 006

Corporate Information 008

Profile of Board of Directors 010

Profile of Shariah Advisory Body 014

Profile of Management Committee 017

Corporate Governance Statement 022

CONTENTS

We Protect. We Care. We Share.

002

SYARIKAT TAKAFUL MALAYSIA BERHAD | ANNUAL REPORT • 2016

NOTICE IS HEREBY GIVEN that the THIRTY SECOND (32nd) ANNUAL GENERAL MEETING of SYARIKAT TAKAFUL MALAYSIA BERHAD will be held at Dewan Ahmad Mohamed Ibrahim, 5th Floor, Annexe Block, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur on Tuesday, 25 April 2017, at 10:00 a.m. for the following purposes:

AS ORDINARY BUSINESS

1. To receive the Audited Financial Statements for the financial year ended 31 December 2016, together with the reports of the Directors and Auditors thereon. (See Explanatory Note 2[i])

2. To re-elect the following Directors, each of whom retires pursuant to the Company’s Constitution:

Article 62 2.1 Datuk Rozaida Omar (Resolution 1)

Article 66A 2.2 Mohd Tarmidzi Ahmad Nordin (Resolution 2) 2.3 Tan Sri Dato’ Ahmad Fuzi Haji Abdul Razak (Resolution 3) 2.4 Datin Sri Azlin Arshad (Resolution 4)

3. To approve the payment of the Directors’ fees of RM704,000 for the financial year ended 31 December 2016. (RM752,000 for the financial year ended 31 December 2015) (Resolution 5)

4. To approve the payment of the Shariah Advisory Body Members’ fees of RM203,000 for the financial year ended 31 December 2016. (RM183,000 for the financial year ended 31 December 2015) (Resolution 6)

5. To approve the payment of Non-Executive Directors’ fees and benefits in accordance with Section 230(1) of the Companies Act 2016, of up to RM2,500,000 with effect from 1 January 2017 until the next Annual General Meeting of the Company. (Resolution 7)

6. To re-appoint Messrs KPMG Desa Megat PLT as the Auditors of the Company and to authorise the Directors to fix their remuneration. (Resolution 8)

AS SPECIAL BUSINESS

7. Ordinary Resolution - Proposed Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature with BIMB Holdings Berhad and its Subsidiaries (“BHB Group”).

“THAT, subject to compliance with the Listing Requirements of Bursa Malaysia Securities Berhad, Companies Act 2016, the Constitution of the Company and all other applicable laws, rules, regulations and guidelines, approval be and is hereby given to the Company and its subsidiaries (“Takaful Malaysia Group”) to enter into the Recurrent Related Party Transactions of a revenue or trading nature with the BHB Group which are necessary for the day to day operations of the Takaful Malaysia Group as set out in Section 2.3 of the Circular to Shareholders dated 3 April 2017 (“Circular”), provided that:

(a) the transactions are in the ordinary course of business and are on terms which are not more favourable to the related parties than those generally available to the public and on terms not to the detriment of the minority shareholders of the Company;

(b) the transactions are made at arm’s length and on normal commercial terms; and

(c) the disclosure will be made in the annual report with the breakdown of the aggregate value of the transactions conducted pursuant to the mandate during the financial year.

AND THAT such authority shall commence immediately upon the passing of this resolution and shall continue to be in force until:

(a) the conclusion of the next annual general meeting of the Company, at which time it will lapse, unless by a resolution passed at the meeting, the authority is renewed;

(b) the expiration of the period within which the next annual general meeting after the date that it is required to be held pursuant to Section 340(2) of the Companies Act, 2016 (“CA”) (but shall not extend to such extension as may be allowed pursuant to Section 340(4) of CA); or

(c) revoked or varied by resolution passed by the shareholders in a general meeting,

whichever is the earlier”. (Resolution 9)

Notice of 32nd Annual General Meeting

003

ANNUAL REPORT • 2016 | SYARIKAT TAKAFUL MALAYSIA BERHAD

Notice of 32nd Annual General Meeting

8. To transact any other business for which due notice has been given.

FURTHER NOTICE IS HEREBY GIVEN THAT for the purpose of determining a member who shall be entitled to attend this 32nd AGM, the Company shall be requesting Bursa Malaysia Depository Sdn Bhd, in accordance with Article 41(f)(ii) of the Constitution of the Company and Section 34(1) of the Securities Industry (Central Depositories) Act 1991, to issue a General Meeting Record of Depositors as at 18 April 2017. Only a depositor whose name appears on the Record of Depositors as at 18 April 2017 shall be entitled to attend the said meeting or appoint proxies to attend and/or vote on his/her behalf.

By Order of the Board

MOHAMAD ASRI YUSOFF (MIA 14171)Company SecretaryKuala Lumpur3 April 2017

Explanatory Notes:

1. Appointment of Proxy

(i) A member of the Company entitled to attend and vote at this meeting is entitled to appoint not more than two (2) proxies to attend and to vote instead of him at the same meeting and a proxy need not be a member of the Company.

(ii) Where a member of the Company appoints two (2) proxies, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.

(iii) Where a member of the Company is an exempt authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991 which holds ordinary shares in the Company for multiple beneficial owners in one securities account (“omnibus account”), there is no limit to the number of proxies which the exempt authorised nominee may appoint in respect of each omnibus account it holds.

(iv) The instrument appointing a proxy in the case of an individual shall be signed by the appointer or his attorney and in the case of a corporation, must be under seal or under the hand of an officer or attorney duly authorised.

(v) The instrument appointing a proxy must be deposited at the Office of the Share Registrar of the Company, Symphony Share Registrars Sdn Bhd (378993-D), Level 6, Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya, Selangor not less than forty eight (48) hours before the time for holding the meeting or any adjournment thereof.

(vi) Only members whose names appear in the Record of Depositors on 18 April 2017 shall be eligible to attend, speak and vote at the AGM or appoint proxy(ies) to attend, speak and/or vote on their behalf.

(vii) Pursuant to Paragraph 8.29A(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all resolutions set out in the Notice of AGM will be put to vote by poll.

2. Ordinary Business

(i) Audited Financial Statements for the financial year ended 31 December 2016.

The Audited Financial Statements in Agenda 1 is meant for discussion only as the approval of Shareholders is not required pursuant to the provision of section 251(1)(a) and 340(1)(a) of the Companies Act 2016. Hence this Agenda is not put forward for voting by Shareholders of the Company.

(ii) Re-election of Director who retire in accordance with Article 62.

Article 62 of the Company’s Constitution provides that one third (1/3) of the Directors of the Company for the time being shall retire by rotation at the AGM of the Company. Pursuant to Paragraph 7.26(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all the Directors shall retire from office at least once in every three (3) years but shall be eligible for re-election. Dato’ Sri Mohamed Hassan Kamil, a Non-Independent Executive Director/Group Managing Director, has informed the Board of Directors of the Company at its meeting held on 1 March 2017 that he does not wish to seek re-election in accordance with Article 63 of the Company’s Constitution. Hence, he will retire at the conclusion of the 32nd AGM. However, the Board approved for him to be re-designated as the Group Chief Executive Officer upon his retirement as a Non-Independent Executive Director/Group Managing Director.

Datuk Rozaida Omar is standing for re-election as a Director of the Company and being eligible has offered herself for re-election.

3. Special Business

(i) Proposed Shareholders’ Mandate for Recurrent Related Party Transaction of a Revenue or Trading Nature.

The proposed Resolution 9, if passed, will empower the Company to conduct recurrent related party transactions of a revenue or trading in nature which are necessary for the Takaful Malaysia Group’s day to day operations and will eliminate the need to convene separate general meetings from time to time to seek shareholders’ approval. The details on the Proposed Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature are set out in the Circular to Shareholders dated 3 April 2017.

004


Statement Accompanying Notice of 32nd Annual General Meeting

STATEMENT ACCOMPANYING NOTICE OF THIRTY SECOND ANNUAL GENERAL MEETING PURSUANT TO PARAGRAPH 8.27 (2) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

There is no individual standing for election as Director (other than directors standing for re-election i.e. Datuk Rozaida Omar, Mohd Tarmidzi Ahmad Nordin, Tan Sri Dato’ Ahmad Fuzi Haji Abdul Razak and Datin Sri Azlin Arshad) at this forthcoming Thirty Second Annual General Meeting of Syarikat Takaful Malaysia Berhad.

The profiles of the above Directors who are standing for re-election as per Resolutions 1 to 4 as stated in the Notice of Annual General Meeting are set out in the Profile of Directors’ section from pages 10 to 13 of the Annual Report 2016.

005


Corporate Structure

Subsidiary Companies

56.00%

52.67%

47.08%

57.24% 42.73%

006


973,

005

1,05

2,49

3

958,

060

1,04

4,69

2

1,21

5,50

5

848,

711

932,

169

852,

331

928,

922

1,08

1,52

8

401,

437

428,

406

451,

319

476,

051

516,

651

349,

547

386,

635

418,

459

444,

525

493,

818

6,37

1,64

4

6,92

4,54

3

7,16

4,78

8

7,52

7,12

1

7,75

7,68

0

5,96

3,15

0

6,54

3,72

6

6,74

3,60

2

7,05

3,53

7

7,22

1,01

6

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Five-Year Financial Highlights

Total Family Takaful Gross Contribution (RM’000)

Total General Takaful Gross Contribution (RM’000)

Total Assets (RM’000)

Group

Group

Group

Company

Company

Company

007


124,

458 1

77,7

87

186,

308

203,

778

220,

632

127,

031 1

81,0

14

188,

966

189,

537 22

9,38

4

21.3

25.9

24.3

24.5

24.9

40,7

04

84,6

65

130,

329

57,0

52

59,9

64

0.61

* 0.70

*

0.72

* 0.84

*

0.89

*

12.4

4*

17.0

8*

17.2

5*

19.1

3* 21.5

2*

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Five-Year Financial Highlights

Profit Before Taxation After Zakat (RM’000)

Return on Equity (%)

Net Assets Per Share (RM) Earnings Per Share (Sen)

Group

Group

Company

Company

GroupGroup

Dividend Paid / (Net of Taxation) (RM’000)

* adjusted for effect of share split.

008

SYARIKAT TAKAFUL MALAYSIA BERHAD | ANNUAL REPORT • 2016SYARIKAT TAKAFUL MALAYSIA BERHAD | ANNUAL REPORT • 2016

Corporate Information

BOARD OF DIRECTORS

Chairman

TAN SRI DATO’ AHMAD FUZIHAJI ABDUL RAZAKIndependent Non-Executive Director(Appointed on 1 August 2016)

Members

DATO’ SRI MOHAMED HASSAN KAMILGroup Managing Director

DATUK ROZAIDA OMARNon-Independent Non-Executive Director

MAHADZIR AZIZANNon-Independent Non-Executive Director(Redesignated as Non-Independent Non-Executive Director on 1 September 2016)

DATO’ SULAIMAN MOHD YUSOFIndependent Non-Executive Director(Ceased office on 1 January 2017)

DATUK SERI JOHAN ABDULLAHNon-Independent Non-Executive Director(Ceased office on 17 February 2016)

ZAKARIA ISMAILIndependent Non-Executive Director

DATO’ OTHMAN ABDULLAHSenior Independent Non-Executive Director(Appointed as Senior Independent Non-Executive Director on 1 September 2016)

MOHD TARMIDZI AHMAD NORDINNon-Independent Non-Executive Director(Appointed as an Independent Non-Executive Director on 1 April 2016 and redesignated as Non-Independent Non-Executive Director on 1 October 2016)

DATIN SRI AZLIN ARSHAD Independent Non-Executive Director(Appointed on 1 October 2016)

Secretary

MOHAMAD ASRI YUSOFF (MIA 14171)

SHARIAH ADVISORY BODY

Chairman

PROFESSOR DR. MUHAMAD RAHIMI OSMAN(Chairman from 1 January 2017)

Members

DR. AHMAD SHAHBARI @ SOBRI SALAMON(Chairman until 31 December 2016)

DATO’ MOHD. BAKIR HJ. MANSOR(Ceased office on 31 March 2017)

DR. AIDA OTHMAN(Ceased office on 31 March 2016)

DATO’ WAN MOHAMAD DATO’ SHEIKH ABDUL AZIZ

DR. AHMAD SUFIAN CHE ABDULLAH

DR. MARHANUM CHE MOHD SALLEH(Appointed on 1 February 2016)

MEGAT HIZAINI HASSAN (Appointed on 1 April 2017)

Secretary

MOHAMAD ASRI YUSOFF

AUDIT COMMITTEE

DATO’ OTHMAN ABDULLAH(Chairman from 1 September 2016)

MAHADZIR AZIZAN(Chairman until 31 August 2016)

DATO’ SULAIMAN MOHD YUSOF(Member until 31 August 2016)

ZAKARIA ISMAIL

MOHD TARMIDZI AHMAD NORDIN(Member from 1 April 2016 until 30 September 2016)

REMUNERATION COMMITTEE (until 31 December 2016)

ZAKARIA ISMAILChairman

MAHADZIR AZIZAN

DATUK ROZAIDA OMAR

DATUK SERI JOHAN ABDULLAH(Member until 16 February 2016)

NOMINATION COMMITTEE (until 31 December 2016)

DATO’ OTHMAN ABDULLAH(Appointed as member on 17 February 2016 and as Chairman on 1 September 2016)

MAHADZIR AZIZAN (Chairman until 31 August 2016)

DATUK ROZAIDA OMAR (Member until 31 December 2016)

DATO’ SULAIMAN MOHD YUSOF(Member until 31 December 2016)

ZAKARIA ISMAIL


NOMINATION & REMUNERATION COMMITTEE (from 1 January 2017)

DATO’ OTHMAN ABDULLAH Chairman

MAHADZIR AZIZAN

ZAKARIA ISMAIL

BOARD RISK COMMITTEE

ZAKARIA ISMAILChairman

MAHADZIR AZIZAN(Member until 31 December 2016)

DATO’ SULAIMAN MOHD YUSOF(Member until 31 December 2016)

MOHD TARMIDZI AHMAD NORDIN(Appointed on 1 April 2016)

DATIN SRI AZLIN ARSHAD (Appointed on 1 January 2017)


009

ANNUAL REPORT • 2016 | SYARIKAT TAKAFUL MALAYSIA BERHADANNUAL REPORT • 2016 | SYARIKAT TAKAFUL MALAYSIA BERHAD

Corporate Information

LONG TERM INCENTIVE PLAN COMMITTEE

MAHADZIR AZIZAN(Chairman from 17 February 2016)

DATO’ OTHMAN ABDULLAH

DATUK ROZAIDA OMAR(Appointed on 17 February 2016)


TENDER COMMITTEE

MOHD TARMIDZI AHMAD NORDIN(Appointed as Chairman on 1 January 2017)

DATO’ SULAIMAN MOHD YUSOF(Chairman from 1 September 2016 until 31 December 2016)

ZAKARIA ISMAIL(Chairman until 31 August 2016 and member until 31 December 2016)

MAHADZIR AZIZAN(Member until 31 August 2016 and member from 1 January 2017)

AZIAN KASSIM

INVESTMENT COMMITTEE

DATIN SRI AZLIN ARSHAD (Appointed as Chairman on 1 January 2017)

MAHADZIR AZIZAN(Chairman from 1 September 2016 until 31 December 2016 and member from 1 January 2017)

DATO’ OTHMAN ABDULLAH(Chairman until 31 August 2016 and member until 31 December 2016)

AZIAN KASSIM

MANAGEMENT COMMITTEE


LEEM WHY CHONGChief Operating Officer

AZIAN KASSIMChief Investment Officer

JULIANA LO BENG LIEWGeneral Manager,Corporate Finance & Strategy

SHUHAIBAHTULASLAMIAH HURMUZANGeneral Manager, Human Resource

JAZIMIN IZZAT WAN ZOOLKIFLIChief Financial Officer

MOHAMAD ASRI YUSOFF General Manager, Corporate Affairs / Company Secretary

PATRICK WONG CHANG YANGChief Information Officer

MOHD SUHAIMI AHMADGeneral Manager, Retail Business

FIROZDIN ABDUL WAHABGeneral Manager, Bancatakaful

NORAZLIN MOHD DAHARI General Manager, Corporate Business

PAUL DAVIS General Manager, Corporate Business

FONG LOOI FOONGGeneral Manager, Corporate Business

NORHASHIMAH AHMAD General Manager, Corporate Business

AUDITORS

KPMG Desa Megat PLT(LLP0010082-LCA & AF 0759)Chartered AccountantsLevel 10, KPMG Tower8, First AvenueBandar Utama47800 Petaling JayaSelangor Darul Ehsan

Tel : +603-7721 3388Fax : +603-7721 3399

REGISTERED OFFICE

Tingkat 26, Blok AnnexMenara Takaful MalaysiaNo. 4, Jalan Sultan Sulaiman50000 Kuala Lumpur

Tel : +603-2268 1984Fax : +603-2274 2864Email : [email protected] : www.takaful-malaysia.com.my

REGISTRAR

Symphony Share Registrars Sdn Bhd (378993-D)Level 6, Symphony HousePusat Dagangan Dana 1Jalan PJU 1A/4647301 Petaling JayaSelangor Darul Ehsan

Tel : +603-7849 0777Fax : +603-7841 8151/52Email : [email protected] : www.symphony.com.my

PLACE OF INCORPORATION AND DOMICILE

Malaysia

STOCK EXCHANGE LISTING

Main Market of Bursa Malaysia Securities Berhad on 30 July 1996

Stock Code:

6139

Stock Name:

TAKAFUL

010


Profile of Board of Directors

TAN SRI DATO’ AHMAD FUZIHAJI ABDUL RAZAK Chairman / Independent Non-Executive Director

Tan Sri Dato’ Ahmad Fuzi Haji Abdul Razak, aged 68, male, is a Malaysian citizen and was appointed to the Board on 1 August 2016 as an Independent Non-Executive Chairman of Takaful Malaysia.

He holds a Bachelor of Arts Degree (Hons) from the University of Malaya in 1972 and a Certificate in Diplomacy from the Oxford University, United Kingdom in 1974.

Previously, he was the Secretary General at the Ministry of Foreign Affairs Malaysia. He started his career in 1972 at the Ministry of Foreign Affairs Malaysia and served in various capacities mainly in the Political Division and at the Malaysian missions abroad in Moscow, the Hague, Canberra, Washington and Dhaka. He has also served as Director General, Institute of Diplomacy and Foreign Relations Malaysia; Deputy Secretary General 1, Ambassador-at-Large and Malaysia’s Representative to the ASEAN High Level Task Force (HLTF) on the drafting of the ASEAN Charter and Malaysia’s Representative to the High Level Panel (HLP) on the drafting of the Terms of Reference of the ASEAN Human Rights Body. He was also previously a Director of Maybank Islamic Asset Management Sdn Bhd and Maybank Islamic Bhd.

Currently, he is the Secretary-General of the World Islamic Economic Forum Foundation (WIEF).

He is also a Director of two (2) other listed issuers i.e. Seremban Engineering Berhad and Puncak Niaga Holdings Berhad and holds no directorship in other public companies.

He has no family relationship with any other directors/major shareholders of Takaful Malaysia and has no conflict of interest with Takaful Malaysia. He has no conviction for offences within the past five (5) years other than traffic offences and has no sanctions or penalties imposed by any regulatory bodies during the financial year ended 31 December 2016.

He has attended all four (4) Board of Directors’ meetings held from the date of his appointment on 1 August 2016 until 31 December 2016.


Dato’ Sri Mohamed Hassan Kamil, aged 54, male, is a Malaysian citizen and was appointed to the Board on 1 September 2006 as a Non-Independent Non-Executive Director of Takaful Malaysia. He is currently the Group Managing Director of Takaful Malaysia since 1 April 2007. He is also the Chairman of the Board of Commissioners of P.T. Syarikat Takaful Indonesia and P.T. Asuransi Takaful Keluarga.

He graduated with a Bachelor of Science in Actuarial Science and a Master in Business Administration from the University of Iowa, USA. He is a Fellow of the Society of Actuaries, USA, a Fellow of the Actuarial Society of Malaysia and a Chartered Life Underwriter.

He worked in the United States as an Actuary from 1987 to 1994 prior to returning to Malaysia as Deputy General Manager at Malaysia National Insurance. In 1996, he joined ING Insurance Berhad as Senior Vice President and Chief Actuary. In 2004, he became the Deputy General Manager for P.T. AIA Indonesia.

He does not hold any other directorship in listed issuers and public companies.


He has attended all ten (10) Board of Directors’ meetings held during the financial year ended 31 December 2016.

011



DATO’ OTHMAN ABDULLAHSenior Independent Non-Executive Director

Dato’ Othman Abdullah, aged 68, male, is a Malaysian citizen and is an Independent Non-Executive Director of Takaful Malaysia who was appointed to the Board on 1 December 2012. He was appointed as Senior Independent Non-Executive Director on 1 September 2016. He is also currently the Chairman of the Audit Committee and Nomination & Remuneration Committee and a member of Long Term Incentive Plan Committee.

He obtained his Bachelor of Economics in Accounting and Diploma in Accounting from the University of Malaya in 1977 and is a member of the Malaysian Institute of Accountants (MIA).

He started his career in 1977 as Treasury Accountant at the Accountant General’s (AG) Department. He held various positions in the AG Department among others as the Senior Treasury Accountant in 1982 and Accountant in 1984. He was seconded to the Sabah Electricity Board as the Deputy General Manager (Finance) in 1987. In 1993, he was appointed as the Deputy Director of Central Operation and Agency Services Division (BPOPA) and later he became the Director of BPOPA in 1995. In 1999, he then served as the Director of Branch Account Management Division, in 2000 as the Deputy Accountant General of Malaysia and in 2003 as the Accountant General of Malaysia until his retirement in March 2005.

He is also a Director of one (1) other listed issuer i.e. ECM Libra Financial Group Berhad and holds no directorship in other public companies.



DATUK ROZAIDA OMARNon-Independent Non-Executive Director

Datuk Rozaida Omar, aged 54, female, is a Malaysian citizen and is a Non-Independent Non-Executive Director of Takaful Malaysia and was appointed to the Board on 15 May 2007. She is also currently a member of the Long Term Incentive Plan Committee.

She is a Chartered Accountant (M) and a member of the Association of Chartered Certified Accountants (ACCA) United Kingdom since 1986.

She started her career as a Financial Accountant at FELDA in 1986. In 1990, she became a Credit Manager at Citibank Berhad until 1991. She then joined Guthrie Trading Sdn Bhd in 1992 as a Finance Manager until 1993. After that, she became a Finance Director of Glaxo SmithKline Consumer Healthcare Sdn Bhd from 1994 until 2003. She is currently the Group Chief Financial Officer of Lembaga Tabung Haji since 2004.

She is also a Director of three (3) other listed issuers i.e. Pelikan International Corporation Berhad, BIMB Holdings Berhad and TH Heavy Engineering Berhad and also a Director of one (1) public company i.e. Putrajaya Perdana Berhad.

She has no family relationship with any other directors/major shareholders of Takaful Malaysia and has no conflict of interest with Takaful Malaysia. She has no conviction for offences within the past five (5) years other than traffic offences and has no sanctions or penalties imposed by any regulatory bodies during the financial year ended 31 December 2016.

She has attended seven (7) Board of Directors’ meetings held during the financial year ended 31 December 2016.

012



MAHADZIR AZIZANNon-Independent Non-Executive Director

Mahadzir Azizan, aged 68, male, is a Malaysian citizen and was an Independent Non-Executive Director of Takaful Malaysia who was appointed to the Board on 1 September 2007. He was appointed as Senior Independent Non-Executive Director on 2 June 2011 and was redesignated as a Non-Independent Non-Executive Director on 1 September 2016 upon completion of cumulative term of nine (9) years as an Independent Non-Executive Director.

He is also currently the Chairman of the Long Term Incentive Plan Committee and a member of Audit Committee, Nomination & Remuneration Committee, Investment Committee and Tender Committee. He is also a member of the Board of Commissioners of P.T. Asuransi Takaful Keluarga.

He is a Barrister-At-Law from Lincoln’s Inn, London, United Kingdom and was called to the English Bar in 1978.

He has held key positions both in private and public sector. After graduation, he joined the Judicial and Legal Service of the Malaysian Government as a Deputy Public Prosecutor and Federal Counsel and subsequently ventured into the private sector and served Malaysian International Shipping Corporation (“MISC”) and Island & Peninsular Berhad, the property arm of Permodalan Nasional Berhad (“PNB”) for 24 years. Whilst in the private sector, he also served as Ahli Majlis MARA as well as various other directorships in government linked companies. Previously, he was also a Director of Asian Healthcare Group Berhad.

He is also a Director of two (2) other listed issuers i.e. ECM Libra Financial Group Berhad and RCE Capital Berhad and also a Director of one (1) public company i.e. Libra Invest Berhad.



ZAKARIA ISMAILIndependent Non-Executive Director

Zakaria Ismail, aged 65, male, is a Malaysian citizen and is an Independent Non-Executive Director of Takaful Malaysia and was appointed to the Board on 15 May 2010. He is also currently the Chairman of the Board Risk Committee and a member of Audit Committee and Nomination & Remuneration Committee.

He obtained his Bachelor of Economics (Honours) from the University of Malaya in 1974, and a Master in Business Administration and a Master of Arts in Economics from Boston University, USA in 1981 and 1983 respectively. He is also an associate of The Institute of Bankers, London.

He started his career with Bank Negara Malaysia (BNM) in 1974 and assumed various positions such as Senior Executive, Banking Supervision; Private Secretary, Office of the Governor; Senior Executive, Economics; Assistant to the Executive Director, South East Asia Group IMF; in Washington, D.C. USA; Manager, Economics; Manager, Banking Supervision; Deputy Director, Investment; Deputy Director, Banking Supervision; Director, Banking Supervision; Director, Insurance Supervision and Director, Insurance Regulation. He was seconded to the Entrepreneurs Rehabilitation Fund (ERF) as its Managing Director in 2002 until 2004 and then was seconded to The South East Asian Central Banks Research and Training Centre (SEACEN) as its Director of Training and Administration from 2004 until his retirement in 2007. He was also a Board member of the Malaysian Insurance Institute (MII) and member of the EXCO of MII from 2000 until 2002 and a Board member of Export-Import Bank of Malaysia Berhad from 2008 until 2014.

He does not hold any other directorship in listed issuers and public companies.


He has attended nine (9) Board of Directors’ meetings held during the financial year ended 31 December 2016.

013


MOHD TARMIDZI AHMAD NORDINNon-Independent Non-Executive Director

Mohd Tarmidzi Ahmad Nordin, aged 62, a male Malaysian citizen was first appointed to the Board of Takaful Malaysia on 1 April 2016 as an Independent Non-Executive Director. He was redesignated as a Non Independent Non-Executive Director on 1 October 2016 and is currently the Chairman of Tender Committee and a member of the Board Risk Committee.

He obtained his Master of Business Administration in Islamic Banking and Finance from the International Islamic University Malaysia in 2002. He is an associate of the Chartered Insurance Institute UK (ACII) as well as the Malaysian Insurance Institute (AMII) and also a Registered Financial Planner (RFP) with the Malaysian Financial Planning Council (MFPC).

He began his career as an insurance broker in 1977 and then joined two general insurance companies before switching to takaful in 1985 where he was a pioneer management team member of the first takaful company in Malaysia. Thereafter he served as a Director of an international firm of Loss Adjusters (1991 to 1994) and then as an Associate Lecturer at the Malaysia Insurance Institute (1995 to 2001). In late 2001, he became the first Chief Executive Officer of Mayban Takaful Berhad that later merged with Takaful Nasional Berhad to become Etiqa Takaful Berhad until he retired in October 2009. He also served as Chairman of the Malaysian Takaful Association (MTA) as well as the Chairman of the Global Takaful Group (GTG) from 2007 to 2009.

Post retirement, he lectured at various institutes including numerous takaful conferences locally and abroad. He was also appointed Adjunct Professor at Universiti Teknologi MARA (2009 to 2011), advisor to ACR Re Takaful SEA (2010 to 2012), Chairman of the Joint Insurance & Takaful Council (2009 to 2012) as well as Chairman of the first Islamic insurance company in Pakistan, Pak Kuwait Takaful Company Limited (2014 to 2015).

He is currently also a Director of one (1) other listed issuer i.e. BIMB Holdings Berhad and holds no directorship in other public companies.


He has attended all seven (7) Board of Directors’ meetings held from the date of his appointment on 1 April 2016 until 31 December 2016.


DATIN SRI AZLIN ARSHADIndependent Non-Executive Director

Datin Sri Azlin Arshad, aged 44, female, is a Malaysian citizen and is an Independent Non-Executive Director of Takaful Malaysia who was appointed to the Board on 1 October 2016. She is also currently the Chairman of Investment Committee and a member of the Board Risk Committee.

She graduated from the University of Glamorgan, South Wales, United Kingdom (now known as University of South Wales) with a Bachelor Degree in Accounting & Finance (Hons.) in 1996.

She started her career in Corporate Finance department at Amanah Merchant Bank Berhad (now known as Alliance Investment Bank Berhad). She then joined Amanah Capital Partners Berhad’s Corporate Planning department and later Aseambankers Malaysia Berhad (now known as Maybank Investment Bank Berhad) as Assistant Vice President in July 2003 and was later promoted to Vice President (Team Head) in July 2005 until March 2009. She left Maybank Investment Bank Berhad in April 2009 to join ECM Libra Investment Bank Berhad (ECMLIB) as Director & Head of Corporate Finance until February 2010, Head of Investment Banking and Head of Structured Finance until December 2012 and subsequently assumed the post of Deputy Chief Executive Officer (CEO) in December 2010 until December 2012. She was appointed as the Group CEO of ECM Libra Financial Group Berhad (ECMFG) on 22 January 2013 until 31 July 2015.

Currently, she is the Chief Operating Officer, NJOl of Astro Malaysia Holdings Berhad.

She does not hold any other directorship in listed issuers and public companies.

She has no family relationship with any other directors/major shareholders of Takaful Malaysia and has no conflict of interest with Takaful Malaysia. She has no conviction for offences within the past five (5) years other than traffic offences and has no sanctions or penalties imposed by any regulatory bodies during the financial year ended 31 December 2016.

She has attended all two (2) Board of Directors’ meetings held from the date of her appointment on 1 October 2016 until 31 December 2016.

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Profile of Shariah Advisory Body

DR. AHMAD SHAHBARI @ SOBRI SALAMONMember

Dr. Ahmad Shahbari @ Sobri Salamon, aged 74, is a Malaysian citizen and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia. He was appointed on 1 July 1985.

He graduated with a Bachelor of Arts in Shariah from the University of Al-Azhar, Egypt in 1970, a Master of Arts in International Studies from Fairleigh Dickenson University, USA in 1973, a Master of Philosophy in Political Sciences and a Doctor of Philosophy in History from New York University, USA in 1975 and 1979 respectively.

He started his career in 1978 as a Lecturer at the Shariah Department, Faculty of Islamic Studies, Universiti Kebangsaan Malaysia (UKM) prior to his secondment to the International Islamic University Malaysia (IIUM) from 1983 to 1984. Whilst with UKM, he was appointed as the Coordinator for the General Teachings from 1981 to 1982. In 1982, he served as the Acting Head of the Shariah Department. He was also the Programme Coordinator for Diploma and Certificate in Islamic Studies of UKM until 1983. He returned to UKM in 1984 as a Associate Prof. in the Shariah Department until 1985. He then became an Executive Director of Pusat Rawatan Islam (MAIS) from 1996 to 1999. Currently, he is the Chairman of Shariah Advisory Committee for BIMB Investment Management Berhad (BIMB Invest), a member of the Islamic Consultative Council in the Prime Minister’s Department and the Chairman of the Shariah Supervisory Council of Bank Islam Malaysia Berhad.

He has produced writings in educational history, economy, Islamic banking and Islamic law, a total of 14 books, 7 translation bindery, 300 tv scripts and 40 paper works. He was also awarded ‘Tokoh Ulamak Bestari Negeri Selangor’ in 2000, ‘Tokoh Ma’al Hijrah Negeri Selangor’ in 2001 and a member of Religious Council of Selangor State for 21 years.

PROFESSOR DR. MUHAMAD RAHIMI OSMANChairman

Professor Dr. Muhamad Rahimi Osman, aged 56, is a Malaysian citizen and is currently the Chairman of the Shariah Advisory Body (SAB) of Takaful Malaysia since 1 January 2017. He was appointed on 12 January 2010.

He graduated from the University of Malaya in 1987, holding a Bachelor of Shariah (Hons). He obtained his Master in Islamic Economics from the University of Yarmouk, Jordan and a Doctor of Philosophy (PhD) in Islamic Banking from the International Islamic University Malaysia in 1996 and 2007 respectively. Currently, he is a Dean of the Academy of Contemporary Islamic Studies (ACIS), Universiti Teknologi MARA (UiTM), Shah Alam.

He joined Universiti Teknologi MARA (UiTM), Shah Alam in 1988 as an academic staff at the Centre for Islamic Education. He was appointed to several administration posts such as Coordinator of Islamic Social Science, Head of Zakat Unit, Deputy Director, Centre for Islamic Thought and Understanding (CITU) and Director of the Zakat Research Institute of Malaysia (IKaZ), Universiti Teknologi MARA.

He also serves as a member of the Curriculum Review Committee for Muamalat, Takaful, Islamic Banking and Finance of the Ministry of Higher Education Malaysia, member of the Senate University, and member of the Dean Council of Islamic Studies, Higher Learning Institutions of Malaysia and several other committees inside and outside of the University.

He has written books and presented papers at national and international seminars related to Islamic economics, Islamic banking and finance. His articles have also been published in local and international journals.

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DATO’ WAN MOHAMAD DATO’ SHEIKH ABDUL AZIZMember

Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz, aged 64, is a Malaysian citizen and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia. He was appointed on 1 June 2011.

He graduated from Universiti Kebangsaan Malaysia with a Diploma in Education in 1977 and a Bachelor of Islamic Studies (Honours) in 1978. He also obtained a Diploma in Management Science from the National Institute of Public Administration (Institut Tadbiran Awam Negara (INTAN) in 1989. He is a member of British Institute of Management (MBIM) since 1985.

He started his career in 1978 as an Assistant Director and later as Senior Assistant Director at the Institut Dakwah dan Latihan Islam (INDAH) of Islamic Affairs Division (Bahagian Hal Ehwal Islam (BAHEIS), Prime Minister’s Department. He then served as Atase Agama at the Malaysian High Commission’s office in London for three years from 1982. Upon returning to Malaysia in 1986, he was promoted to Chief Assistant Director in BAHEIS and thereafter as the Chief of Amar Ma’ruf Division and Chief Registrar of Marriage, Divorce and Ruju’ at the Federal Territory Islamic Religious Department (Jabatan Agama Islam Wilayah Persekutuan (JAWI)). In 1993, he served as Chief Assistant Director of Social, Administration and Economy at the Islamic Research Center. In 1994, he served as Principal at the Darul Quran of the Malaysian Islamic Development Department (Jabatan Kemajuan Islam Malaysia (JAKIM)) and later assumed various positions such as Director of Family, Social and Mosque Management Division (KESUMA), Director of Research Division, Deputy Director General (Operation) and Director General of JAKIM in 2000, 2003, 2004 and 2007 respectively before his retirement on 22 April 2011. He also served as Secretary to the National Fatwa Committee while serving as Director General of JAKIM.

He was also previously a member of the Shariah Advisory Council of Bank Negara Malaysia from 2008 until 2010. He is currently a Board member of the Institute of Islamic Understanding Malaysia (Institut Kefahaman Islam Malaysia (IKIM)), a member of the Hajj Advisory Committee (Tabung Haji-JAKIM), a Board member of My Angkasa Amanah and member of the Negotiating Panel and Anti Corruption, Malaysian Anti-Corruption Commission (MACC).

DR. AHMAD SUFIAN CHE ABDULLAHMember

Dr. Ahmad Sufian Che Abdullah, aged 38, is a Malaysian citizen and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia. He was appointed on 1 July 2015.

He obtained a Bachelor of Shariah & Management and a Master of Shariah with specialization in Islamic Finance (Finance Fiqh), from the University of Malaya in 2003 and 2007 respectively. In 2015, he obtained his Doctor of Philosophy in Islamic Economic and Banking, from the University of Yarmouk, Jordan.

He started his career at the University of Malaya in 2003 as a part-time tutor until he became a fellow in 2005. Currently he is a senior lecturer at the Department of Shariah and Management, Academy of Islamic Studies, University of Malaya. He is currently a member of Shariah Advisor Committee of Kenanga Investment Bank Berhad, and Sabnuha Jewellery PLT. In 2016 he was appointed as a member of the Muamalat Expert Panel, Jabatan Kemajuan Islam Malaysia (JAKIM). He is the founder and administrator of “muamalat.my” that strive to become a medium of education in enhancing public awareness in Islamic Finance and Takaful since 2013.

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DR. MARHANUM CHE MOHD SALLEHMember

Dr. Marhanum Che Mohd Salleh, aged 34, is a Malaysian citizen and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia. She was appointed on 1 February 2016.

She obtained a Doctor of Philosophy degree in Islamic Banking and Finance from the International Islamic University Malaysia (IIUM) in 2014, a Masters in Islamic Finance from the IIUM in 2009 and a Bachelor’s degree in Shariah and Management (with Distinction) from the University of Malaya in 2006.

She started her career with IIUM in 2007 as a Research Assistant in the Department of Communication, Departments of Finance and Business & Administration until 2012. She also served as a Part Time Lecturer at the Department of Business & Administration from January 2008 until she became an Academic Trainee at the same department in 2009.

She is currently an Assistant Professor at the Department of Finance, IIUM and also a member of the Shariah Committee of UOB Malaysia. Her areas of expertise include Islamic Finance, Banking, Takaful, Islamic marketing and Waqf. She has published her works in national and international journals including in the Australian Journal of Basic and Applied Sciences, Journal of Islamic Finance and Business Research, Journal of Islamic Finance and International Journal of at-Thaqafah.

MEGAT HIZAINI HASSAN Member

Megat Hizaini Hassan, aged 50, is a Malaysian citizen and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia. He was appointed on 1 April 2017.

He graduated with a Bachelor of Laws (First Class Hons) from the International Islamic University Malaysia (IIUM) and Masters in Law from Harvard Law School, United States of America and the University of Cambridge, United Kingdom.

He started his career in 1991 as a Lecturer at the Kulliyyah of Laws, IIUM. He is an Advocate & Solicitor of the High Court of Malaya and was called to the Malaysian Bar in 1991. He joined the law firm of Messrs. Zaid Ibrahim & Co. in 1999 and was a partner at the firm from 2006 until 2010. He was also appointed as a Director of ZI Shariah Advisory Services Sdn Bhd, a Shariah compliance advisory firm registered as a Shariah Adviser for Sukuk and Islamic capital market products with the Securities Commission of Malaysia from 2007 until 2010. He was also a Cambridge Commonwealth Trust Scholar at the University of Cambridge, a Royal Dutch/Shell Group of Companies Scholar at the IIUM and Kulliyyah Award for Best Overall Student in Law from the IIUM.

Currently, he heads Lee Hishammuddin Allen & Gledhill’s Islamic Finance practice and advises on Islamic finance matters as well as corporate legal and regulatory developments. He has advised local and international clients on issues pertaining to the legal and regulatory framework on Islamic banking and finance, as well as matters relating to applicable Shariah standards for Islamic financial/investment transactions in Malaysia and abroad. These include structuring and documentation of Islamic financing facilities and investment structures such as Murabahah (cost plus sale), Commodity Murabahah/Tawarruq (monetisation transaction), Ijarah (Islamic lease/hire), Bai’ Istisna’(construction contract), Bai’ Salam (advance sale), Bai’ Bithaman Ajil (sale with deferred payment), Bai’ ‘Inah (sale and buyback transaction), Musharakah (profit and loss sharing structure) and Mudarabah (profit sharing structure).

He has presented at various seminars and conferences on legal and regulatory issues pertaining to Islamic finance. He is a registered arbitrator for Islamic finance in the Kuala Lumpur Regional Centre for Arbitration, an accreditation panel member of the Finance Accreditation Agency Malaysia, a member of the Islamic Finance Committee of the Malaysian Bar Council, and has also previously lectured on a part-time/guest lecturer basis at the Ahmad Ibrahim Kulliyyah of Laws, IIUM on Islamic finance and other legal subjects. He has also written for publishers such as Sweet & Maxwell as co-author of a book “The Law and Practice of Islamic Banking and Finance” and “An Introduction to Islamic and Conventional Corporate Finance”. He has been recognised as one of the leading lawyers in his field, through publications such as the International Financial Law Review’s Guide to the World’s Leading Islamic Finance Lawyers and Expert Guides, Legal 500, Chambers Asia as well as Islamic Finance News.

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Profile of Management Committee


Dato’ Sri Mohamed Hassan Kamil, aged 54, male, is a Malaysian citizen with 30 years of experience in the insurance industry. He was appointed to the Board of Syarikat Takaful Malaysia Berhad on 1 September 2006 as a Non-Independent Non-Executive Director. Dato’ Sri Mohamed Hassan is currently the Group Managing Director of Takaful Malaysia since 1 April 2007. He is also the Chairman of the Board of Commissioners of P.T. Asuransi Takaful Keluarga and P.T. Syarikat Takaful Indonesia. He is a Fellow of the Society of Actuaries. He does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. He has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.

LEEM WHY CHONGChief Operating Officer

Leem Why Chong, aged 45, male, is a Malaysian citizen and he has been in the insurance and takaful industry for more than 20 years. He joined Takaful Malaysia in 2009 and was appointed to the key management team on 19 October 2009, and served as the appointed actuary for the family takaful business for 5 years till 2015. Leem Why Chong is currently the Chief Operating Officer since 1 November 2016. He is a Fellow of the Society of Actuaries. He does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. He has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.

AZIAN KASSIMChief Investment Officer

Azian Kassim, aged 51, female, is a Malaysian citizen and she has more than 25 years of experience in the capital market and managing investment portfolios. She has been working for Takaful Malaysia since March 2007. She is a Fellow of the Association of Chartered Certified Accountants (ACCA), United Kingdom and a Chartered Accountant of the Malaysian Institute of Accountants. She was appointed to the key management team on 15 March 2007 and currently spearheading the Investment Division. She does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. She has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia

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JULIANA LO BENG LIEWGeneral Manager, Corporate Finance & Strategy

Juliana Lo Beng Liew, aged 46, female, is a Malaysian citizen with 23 years of experience in the insurance industry. She joined Takaful Malaysia in April 2009. Juliana holds a CIMA Diploma in Management Accounting. She was appointed to the key management team on 1 September 2015. She does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. She has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.

SHUHAIBAHTULASLAMIAH HURMUZANGeneral Manager, Human Resource

Shuhaibahtulaslamiah Hurmuzan, aged 49, female, is a Malaysian citizen and she has 23 years of experience in managing a total spectrum of Human Resource. She has been working for Takaful Malaysia since April 2010 and was appointed as General Manager of Human Resource since 1 October 2010 and currently heading the Human Resource Division. She holds a Masters in Business Administration. She does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. She has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.

JAZIMIN IZZAT WAN ZOOLKIFLIChief Financial Officer

Jazimin Izzat Wan Zoolkifli, aged 42, male, is a Malaysian citizen and has 18 years of experience as a finance professional in various industries. He joined Takaful Malaysia in July 2016 as Head of Finance and was appointed as Chief Financial Officer effective from 1 February 2017. He holds a BA (Hons) Accountancy Studies and is a member of The Association of Chartered Certified Accountants (ACCA) and Malaysian Institute of Accountants (MIA). He does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. He has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.


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PATRICK WONG CHANG YANGChief Information Officer

Patrick Wong Chang Yang, aged 44, male, is a Malaysian citizen and he has been in the industry for 25 years with vast experience in IT Application and Infrastructure. He joined Takaful Malaysia in 2009 and was appointed to the key management team on 16 April 2010. He graduated with a Bachelor’s in Information Technology and holds a Masters of Science in Management. He does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. He has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.

MOHD SUHAIMI AHMADGeneral Manager, Retail Business

Mohd Suhaimi Ahmad, aged 58, male, is a Malaysian citizen with over 30 years of working experience in retail business. He joined Takaful Malaysia in December 2010 and was appointed to the key management team on 1 December 2010. Mohd Suhaimi obtained his qualification from the Association of Chartered Certified Accountants (ACCA). He does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. He has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.


MOHAMAD ASRI YUSOFFGeneral Manager, Corporate Affairs / Company Secretary

Mohamad Asri Yusoff, aged 51, male, is a Malaysian citizen with 27 years of working experience in corporate secretarial, finance, investment and corporate finance/advisory services. He joined Takaful Malaysia in July 1997 and was appointed to the key senior management team on 1 July 2001. He is a fellow of the Association of Chartered Certified Accountants (ACCA), United Kingdom and a member of the Malaysian Institute of Accountants (MIA). He does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. He has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.

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NORAZLIN MOHD DAHARIGeneral Manager, Corporate Business

Norazlin Mohd Dahari, aged 52, female, is a Malaysian citizen with 27 years of experience specializing in Employee Benefits. She joined Takaful Malaysia in May 2012 and was appointed to the key management team on 1 May 2012. Norazlin is the General Manager of Corporate Business and she holds an Executive Master of Business Administration, majoring in International Marketing. She does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. She has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.

PAUL DAVISGeneral Manager, Corporate Business

Paul Raj Davis, aged 56, male, is a Malaysian citizen and he has 29 years of working experience in corporate sales, particularly motor business. He joined Takaful Malaysia in 2016 and was appointed to the key management team on 8 August 2016. He has attended various General Insurance courses throughout his career. He has no conflict of interest with Takaful Malaysia and neither has he been charged with any offences.


FIROZDIN ABDUL WAHABGeneral Manager, Bancatakaful

Firozdin Abdul Wahab, aged 53, male, is a Malaysian citizen with 30 years of experience in Corporate Sales and Bancatakaful. He joined Takaful Malaysia in February 2016. Firozdin holds a Diploma in Insurance. He was appointed to the key management team on 2 February 2016 with the role of overseeing the Bancatakaful portfolio. He does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. He has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.

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NORHASHIMAH AHMADGeneral Manager, Corporate Business

Norhashimah Ahmad, aged 56, female, is a Malaysian citizen with more than 30 years experience in the insurance industry. She joined Takaful Malaysia in August 2014 and was appointed to the key management team on 1 March 2017. Norhashimah is the General Manager of Corporate Business and she holds a Diploma in Insurance from the Malaysian Insurance Institute (MII) and is an Associate of the Malaysian Insurance Institute (AMII). She does not hold any directorship in public companies and has no conviction for offences within the past 5 years other than traffic offences. She has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.

FONG LOOI FOONG General Manager, Corporate Business

Fong Looi Foong, aged 47, male, is a Malaysian citizen with more than 20 years experience in insurance both in Family and General. He joined Takaful Malaysia in January 2017. He holds a Bachelor of Science (Hons) Mathematics from University Kebangsaan Malaysia and is a Chartered Life Underwriter (CLU) from The American College in the USA. He has no family relationship with any directors and major shareholders of Takaful Malaysia, and has no conflict of interest with Takaful Malaysia.


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Corporate Governance Statement

The Board of Directors (“the Board”) of Syarikat Takaful Malaysia Berhad (“Takaful Malaysia”) continues to subscribe and fully support the Malaysian Code on Corporate Governance 2012 (“MCCG 2012”) and is committed to ensure that the Principles and Recommendations are observed and practised throughout the Group so that the affairs of the Group are conducted with professionalism, accountability and integrity with the objective of safeguarding and enhancing shareholders’ value and financial performance of the Group.

The Board is pleased to report on the application of the Principles of the MCCG 2012 and the extent of compliance with the Recommendations of the MCCG 2012 as required under the MCCG 2012, the Main Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”) and Corporate Governance Guide (“CG Guide”) issued by Bursa Malaysia Berhad during the financial year under review.

DIRECTORS

The Board

The Board is responsible for the overall corporate governance of the Group and is also entrusted with the responsibility of exercising reasonable care of the Company as well as Group’s resources in the best interests of its shareholders and in ensuring the proper conduct of business.

Board Charter

The Board is mindful of the need to protect the interests of its shareholders and other stakeholders. In discharging its duties effectively, the Board is guided by its Terms of Reference (“Charter”) which set out the roles and responsibilities of the Board. The Board will regularly review the Charter to keep it up to date with changes in regulations and best practices and ensure its effectiveness and relevance to the Board’s objectives. The last review was carried out in 2013. The Board Charter is accessible on our website at www.takaful-malaysia.com.my.

Roles and Responsibility

The Board has the overall responsibility of ensuring that Takaful Malaysia operates as intended in the declared objectives of the Company. Consequently, it has the power to decide on all matters pertaining to the Company’s business as empowered by the Company’s Constitution, Companies Act 1965/2016 and all relevant guidelines of Bank Negara Malaysia (“BNM”), Securities Commission and the Listing Requirements, and if required, to delegate these powers accordingly. Some of the specific powers of the Board would include the following:

• To establish and approve policies on the future direction of the Company within the general objective of attaining progress in its overall corporate missions which cover all aspects of operations, including strategic planning, credit administration and control, asset and liability management encompassing the management of liquidity risk, return on investment risk and market risk, accounting system and control, service quality, automation plan, prevention of money laundering, risk management, profit planning and budgeting, adequacy of capital and human resource development;

• To approve new investments, divestments and acquisitions, including the setting up of new subsidiaries/associated companies and the participation in new business activities locally or overseas;

• To review and approve the annual business plan and budget, and monitoring the quantitative and qualitative performance of Takaful Malaysia, both at the Company and Group levels, against target and objectives;

• To ensure that the business operations of the Company are conducted in accordance with the Shariah principles;

• Succession planning, including appointing, training, fixing the compensation of and where appropriate, replacement of Management; and

• Reviewing the adequacy and integrity of the Company’s internal control systems and management information systems, including systems for compliance with applicable laws, regulations, rules, directives and guidelines.

To operate effectively in an effective environment, the Board’s responsibilities are delegated to the Management of the Company headed by the Group Managing Director/Chief Executive Officer. The Management through the Management Committee/Managing Director/Chief Executive Officer is responsible for broad aspects of the day-to-day operations of the Company including financial stewardship and compliance to laws, regulations, policies and procedures. In this regard, Management is accountable to the Board for the overall functions and activities of the Company amongst others the implementation of the policies and strategies as approved by the Board, always in line with Shariah principles and guided by regulatory requirement as well as industry best practices.

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Board Meetings

Board meetings are scheduled in advance at the beginning of a calendar year with additional meetings convened when necessary. All Directors have complied with the Listing Requirements on attendance for Board meetings held during the financial year under review. Ten (10) Board meetings were held during the financial year under review with details of meetings’ attendance of each Director are as follows:

Name Attendance Percentage (%)

Tan Sri Dato’ Ahmad Fuzi Haji Abdul Razak Chairman/Independent Non-Executive Director(Appointed on 1 August 2016) 4/4 100

Dato’ Sri Mohamed Hassan Kamil Non-Independent Executive Director 10/10 100

Datuk Rozaida Omar Non-Independent Non-Executive Director 7/10 70

Mahadzir AzizanNon-Independent Non-Executive Director 10/10 100

Dato’ Sulaiman Mohd Yusof Independent Non-Executive Director(Ceased office on 1 January 2017) 8/10 80

Datuk Seri Johan AbdullahNon-Independent Non-Executive Director (Ceased office on 17 February 2016) 1/1 100

Zakaria IsmailIndependent Non-Executive Director 9/10 90

Dato’ Othman Abdullah Senior Independent Non-Executive Director 10/10 100

Mohd Tarmidzi Ahmad Nordin Non-Independent Non-Executive Director(Appointed on 1 April 2016) 7/7 100

Datin Sri Azlin Arshad Independent Non-Executive Director(Appointed on 1 October 2016) 2/2 100

The Board is satisfied with the level of time commitment given by the Directors towards fulfilling their roles and responsibilities as Directors of Takaful Malaysia as evidenced by the attendance record of the Directors at Board meetings, as set out in the above table. All Directors complied with the minimum attendance of at least 75% of Board meetings held during the financial year under BNM’s Guidelines on Corporate Governance except for Datuk Rozaida Omar due to unforeseen circumstances.

The Board also took note of the expectation on time commitment to carry out their responsibilities outlined in one of the recommendations of the MCCG 2012. In this respect, members of the Board will notify the Chairman prior to their acceptance of any new directorship. Each Board member is expected to commit sufficient time to attend all Board and Committee meetings, AGM/EGM, Directors’ training, Board networking events, discussions with Management and meetings with various stakeholders. The schedule for Board meetings was shared with the Directors before the beginning of the year to ensure the Directors’ time commitment.

As prescribed in Paragraph 15.06 of the Listing Requirements, Directors must not hold directorships at more than five PLCs. None of the Directors have exceeded these limits during the financial year under review. The Directors are required to declare their directorships and/or interests in other public and private companies on a monthly basis. Such information is also used to monitor the number of directorships held by the Directors, particularly those on PLCs and to notify the Companies Commission of Malaysia of any changes in other directorships in public companies.

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All Directors have the backing of extensive work experience in various fields and therefore able to exercise independent judgement in order to discharge their duties.

Directors’ Code of Ethics

The Directors observe the code of ethics in accordance with the Company Directors’ Code of Ethics established by the Companies Commission of Malaysia which provides guidance for proper standards of conduct and sound and prudent business practices as well as standard of ethical behaviour for Directors, based on principles of integrity, responsibility, sincerity and corporate social responsibility.

Takaful Malaysia’s Code of Conduct and Ethics consist of three (3) major areas, namely:

• Corporate Governance;• Relationship with shareholders, employees, creditors and customers; and• Social responsibilities and the environment.

Board Balance and Independence of Directors

During the financial year under review, the Board comprises the following:

Name Composition* Percentage (%)

Non-Independent Executive Director 1/9 11.1

Non-Independent Non-Executive Directors 3/9 33.3

Independent Non-Executive Directors 5/9 55.6

* Excluding Datuk Seri Johan Abdullah whose term of appointment has ended on 17 February 2016 but including Dato’ Sulaiman Mohd Yusof whose term of appointment has ended on 1 January 2017. However, excluding Dato’ Sulaiman Mohd Yusof, 4 out of 8 Board members or 50% are Independent Directors.

The above composition is in compliance with Paragraph 15.02 of the Listing Requirements which require that one third (1/3) of Directors of Takaful Malaysia to be Independent Directors. One of the recommendations of the MCCG 2012 states that the Board must comprise a majority of Independent Directors where the Chairman of the Board is not an Independent Director. The Chairman of the Board is now an Independent Director.

The Board has adopted a nine-year policy for Independent Non-Executive Directors in August 2011 i.e. before the issuance of MCCG 2012. The tenure of all the four Independent Non-Executive Directors does not exceed a cumulative term of nine (9) years as recommended by the MCCG 2012. They continue to fulfill the definition of independence as set out in the Listing Requirements. Therefore, with regard to the two Independent Non-Executive Directors who are seeking re-appointment under Article 66A of the Company’s Constitution at the forthcoming 32nd AGM, the Board recommends and supports their proposed re-appointment.

Pursuant to the above nine-year policy for Independent Non-Executive Directors, Mahadzir Azizan has been redesignated as a Non-Independent Director on 1 September 2016 upon completion of cumulative term of nine (9) years as Independent Director on 31 August 2016. In relation to this, the Board has identified and appointed Dato’ Othman Abdullah as the new Senior Independent Non-Executive Director to whom concerns may be conveyed by shareholders and other stakeholders, replacing Mahadzir Azizan effective 1 September 2016. Dato’ Othman Abdullah can be reached at [email protected].

The Corporate Governance Blueprint 2011 stated that the goal is for women participation on Boards to reach 30% by 2016 and the progress towards this goal will be monitored and assessed from time to time. Pursuant to this, another women director i.e. Datin Sri Azlin Arshad was appointed as a Board member effective 1 October 2016. Therefore, Takaful Malaysia’s Board currently has two women members out of eight members (i.e. 25%) while the Shariah Advisory Body also has one women member out of six members (i.e. 16.7%).

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The Board recognizes that diversity is one of the key drivers to enhance Board effectiveness as diversity broadens the debate within the Board and Shariah Advisory Body by harnessing different insights and perspectives. The Board will continuously enhance the Board and Shariah Advisory Body’s composition to encourage diversity in terms of among other things, skills, background, knowledge, industry experience, culture, independence, ethnicity, age and gender when appointing new Directors and Shariah Advisory Body members.

The Board with their different backgrounds and specialisations, collectively bring with them a wide range of experience and expertise in areas such as finance, insurance, takaful, actuary, accounting, company secretarial, legal, management and banking. The profiles of the Directors are provided on pages 10 to 13 of the Annual Report.

There is a clear division of responsibilities between the Chairman and the Group Managing Director to ensure that there is a balance of power and authority. The roles and responsibilities of the Chairman and Group Managing Director are distinct and separate, in accordance with the relevant best practice. The Chairman is responsible for running the Board to achieve its objectives and lead the discussion at the Board level to encourage a healthy level of deliberation whilst the Group Managing Director is responsible for managing the Company and the Group as well as the implementation of the Board’s policies and decisions.

Board Committees

To enable the Board to discharge its duties effectively whilst enhancing business and operational efficacy, the Board delegates certain responsibilities to six (6) Board Committees, namely:

• Audit Committee;• Nomination & Remuneration Committee (The Nomination Committee & Remuneration Committee were combined into one committee

effective 1 January 2017);• Board Risk Committee;• Tender Committee;• Investment Committee; and• Long Term Incentive Plan Committee.

All Committees have clear written terms of reference and the Board receives reports of their proceedings and deliberations. The Chairman of the various Committees will report to the Board the outcome of their meetings and such reports are incorporated in the minutes of the Board meeting.

The Committees’ membership are based on Directors’ skills and experience as well as their ability to add value to the Committees.

Shariah Advisory Body

The Shariah Advisory Body is entrusted by the Board to ensure that the Group’s operations and products offered are in accordance with the Shariah. All matters which require the Shariah Advisory Body’s opinion and decision are deliberated at the Shariah Advisory Body meetings with the attendance of the Management and representatives from the Shariah Division. Thereon, the said matters are brought to the attention of the Board for an informed decision making.

The Shariah Advisory Body currently consists of six (6) members, all of whom have the necessary experiences and expertise in their respective fields. The current Chairman of the Shariah Advisory Body is Professor Dr. Muhamad Rahimi Osman who was appointed as Chairman on 1 January 2017 upon the expiry of Dr. Ahmad Shahbari @ Sobri Salamon’s term on 31 December 2016. The Shariah Advisory Body met six (6) times during the financial year under review with details of meetings’ attendance of each member are as follows:


Professor Dr. Muhamad Rahimi Osman 6/6 100

Dr. Ahmad Shahbari @ Sobri Salamon 6/6 100

Dato’ Mohd Bakir Hj. Mansor (Ceased office on 31 March 2017) 6/6 100


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Dr. Aida Othman(Ceased office on 31 March 2016) 1/1 100

Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz 4/6 67

Dr. Ahmad Sufian Che Abdullah 5/6 83

Dr. Marhanum Che Mohd Salleh (Appointed on 1 February 2016) 6/6 100

Megat Hizaini Hassan (Appointed on 1 April 2017) n/a n/a

n/a - not applicable as Megat Hizaini Hassan was appointed as a member after the financial year ended 31 December 2016.

Whistle Blowing Policy and Fraud & Integrity Policy

The Company has established the Whistle Blowing Policy in response to the Whistleblower Protection Act, 2010 with the following objectives:-

• To enable the employees to raise any concerns of integrity and misconduct as well as to enable the Board to be informed at an early stage of any misconduct or improprieties;

• To protect the employees from punishment or unfair treatment for disclosing concerns in good faith in accordance with the Whistle Blowing Policy; and

• To develop a culture of openness, accountability and integrity within the Company.

In addition, the Company has also established the Fraud & Integrity Policy to facilitate the development of controls that will aid in the detection and prevention of fraud against the Company internally and externally. The objectives of the Fraud & Integrity Policy are as follows:-

• To ensure prompt and consistent action as well as to ensure the effectiveness and relevance of internal control in mitigating fraud risk;• To safeguard the Company from financial losses, reputation damage as well as to instill confidence of participants and stakeholders; and• To enable Management to focus on achieving business strategies and target.

Both of the above policies are available on the Company’s portal.

Corporate Disclosure Policy

The Company is guided by the Listing Requirements regarding the Corporate Disclosure Policy.

Sustainability Policy

As a pioneer Shariah-compliant financial services provider for takaful, Takaful Malaysia and its subsidiaries strive to be responsible corporate citizens. Takaful Malaysia is committed to uphold the Shariah principles in relation to its business and social responsibilities.

The Board promotes good corporate governance in the application of sustainability practices particularly through the corporate social responsibility initiatives/programs undertaken by the Company throughout the year. The Sustainability Statement is set out on page 54 to 58 of the Annual Report.

Supply of Information to the Board

The Board has full and timely access to information with Board papers distributed in advance of meetings, normally five days prior to the meeting, to enable the Directors to obtain further explanation, where necessary, in order to be properly briefed before the meetings. The Board papers include the minutes of previous Board meeting, minutes of meetings of all Committees of the Board and reports relevant to the issues of the meetings covering areas such as financial, investment, information technology, operational, human resource and regulatory compliance matters. The Group Managing Director keeps the Board informed, on timely basis, of all material matters affecting the Group’s performance and major developments within the Group.

The Senior Management are invited to attend the Board meetings to present and brief the Board on matters/reports relating to their areas of responsibility as and when required.

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All Directors have unrestricted access to timely and accurate information and access to the advice and services of the Company Secretary, who is responsible for ensuring that Board meeting’s procedures are followed and that all applicable rules and regulations are complied with. He is also responsible for advising the Directors of their obligations and duties, disclosure of their interest in securities, disclosure of any conflict of interest in a transaction involving the Company, prohibition on dealing in securities and restrictions on disclosure of price-sensitive information. The Directors may seek independent professional advice in furtherance of their duties, at Takaful Malaysia’s expense.

The Board is also regularly updated from time to time by the Company Secretary and/or Management on updates to the regulations and guidelines, as well as any amendments thereto issued by BNM, Bursa Securities, Securities Commission, Companies Commission of Malaysia and other relevant regulatory authorities.

Appointment to the Board

The appointment of new Board members is considered and evaluated by the Nomination Committee in a formal and transparent process, and the Nomination Committee would recommend the appointment to the Board for approval. In line with the Islamic Financial Services Act 2013 (previously Takaful Act 1984) and the requirement of BNM, the appointment of Directors is subject to the approval from BNM. The Company Secretary will ensure that all the appointments are properly made, all necessary information are obtained, as well as all legal and regulatory requirements are met.

The Board, with the assistance of the Nomination Committee, also considers the following criterion in the selection process:

• Probity, personal integrity and reputation – the person must have key qualities such as integrity, diligence, independence of mind and fairness;

• Competence and capability – the person must have the necessary skills, ability and commitment to carry out the role; and• Financial integrity – the person must manage his/her debts or financial affairs prudently.

The Nomination Committee and Board will also consider diversity in terms of among other things, skills, background, knowledge, industry experience, culture, independence, ethnicity, age and gender when appointing new Directors.

The process flow for the appointment of new directors is as follows:

• Identification of candidates• Evaluation of suitability of candidates• Meeting with candidates• Deliberation by the Nomination Committee• Recommendation to Board

Thereafter, the application for the appointment of such candidate would be submitted to BNM for approval.

In compliance with BNM’s guidelines on Fit and Proper Criteria, all Directors and Shariah Advisory Body members are required to make an annual declaration on the fit and proper criteria in addition to declaration prior to initial appointment and reappointment to ensure that each director and Shariah Advisory Body member fulfills the ‘fit and proper’ criteria.

Nomination Committee

As at the end of the financial year under review, the Nomination Committee consists of five (5) Non-Executive Directors, three (3) of whom are Independent Directors. The Chairman of the Nomination Committee (upon the redesignation of Mahadzir Azizan to Non-Independent Non-Executive Director on 1 September 2016) is Dato’ Othman Abdullah, a Senior Independent Non-Executive Director, in line with the recommendation of the MCCG 2012. The Nomination Committee met six (6) times during the financial year under review with details of meetings’ attendance of each member as follows:


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Dato’ Othman Abdullah (Appointed as member on 17 February 2016 and as Chairman on 1 September 2016) 5/5 100

Mahadzir Azizan (Chairman until 31 August 2016) 6/6 100

Datuk Rozaida Omar (Member until 31 December 2016) 4/6 67

Dato’ Sulaiman Mohd Yusof(Member until 31 December 2016) 5/6 83

Zakaria Ismail 5/6 83

Datuk Seri Johan Abdullah(Member until 16 February 2016) 1/1 100

The Nomination Committee is empowered by the Board and its terms of reference are to bring to the Board recommendations as to the appointment of new Directors, Group Managing Director/ Chief Executive Officer, Shariah Advisory Body members, General Managers and Appointed Actuary, and keeps under review the terms of appointment of Directors, Group Managing Director/Chief Executive Officer, Shariah Advisory Body members, General Managers and Appointed Actuary.

The Nomination Committee is also empowered to assess the effectiveness of the Board, its Committees including Audit Committee, contribution of each individual Director and the performance of the Shariah Advisory Body. Directors’ performance evaluation, assessment of independence of Independent Directors and performance evaluation for the Audit Committee were carried out annually. The areas covered are as follows:

Annual Evaluation Assessment Criteria

Directors’ Performance Evaluation Section A - Board evaluation criteria which comprises 3 criteria i.e. Board structure; Board operations and interaction; and Board roles and responsibilities.

Section B - Director Self/Peer Evaluation which comprises 4 criteria i.e. contribution to interaction, quality of input, understanding of role and Chairman’s role.

Assessment of independence of Independent Directors

As prescribed under Paragraph 1.01 and Practice Note 13 of Listing Requirements.

Performance Evaluation for the Audit Committee

Section 1 comprises 3 sections i.e. quality and composition, skills and competencies, and meeting administration and conduct.

Section 2 comprises Audit Committee members’ peer evaluation.

The Nomination Committee also discussed the succession plan of the Senior Management of Takaful Malaysia including appointing and replacing Senior Management to ensure that any appointment made brings a balance of skills, knowledge, experience and diversity to the Company.

Among the key activities undertaken by the Nomination Committee during the financial year under review were:

• Proposed appointment of Shariah Advisory Body Chairman and member,• Proposed appointment and re-appointment of Directors, • Proposed changes to the Board Committees’ Chairman and members,• Directors and Audit Committee’s Performance Evaluation,• Proposed appointment of the Chairman of the Board, • Proposed appointment and re-appointment of General Managers,• Proposed appointment and re-appointment of Appointed Actuaries, and• Proposed appointment of Chief Operating Officer and Chief Compliance Officer.


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The Nomination Committee and Remuneration Committee were combined into one committee known as the Nomination & Remuneration Committee (NRC) effective 1 January 2017. The composition of NRC are as follows:

Chairman:Dato’ Othman Abdullah (Senior Independent Non-Executive Director)

Members:Mahadzir Azizan (Non-Independent Non-Executive Director)Zakaria Ismail (Independent Non-Executive Director)

The Terms of Reference of NRC is published on Takaful Malaysia’s website at www.takaful-malaysia.com.my.

Directors’ Training

The Board is mindful of the need for continuous training to keep abreast of new developments and is encouraged to attend forums and seminars facilitated by external professionals in accordance with their respective needs in discharging their duties as Directors. The Board will continue to evaluate and determine the training needs of its directors to enhance their skills and knowledge.

All Directors have attended the Mandatory Accreditation Programme (“MAP”) as required by Bursa Securities, except for Datin Sri Azlin Arshad who was appointed on 1 October 2016. She will attend the MAP session in 2017. The Directors will continue to attend other relevant training programmes, courses and seminars to enhance their skills and knowledge in discharging their duties as Directors.

A summary of training programmes, conferences and seminars attended by Directors during the financial year under review is set out below:-

Director Training Programmes

Tan Sri Dato’ Ahmad Fuzi Haji Abdul Razak • The inside story of the Annual Report : what Directors must know (23 September 2016)• Offsite Planning Meeting (3-5 November 2016)• Directors Breakfast Series: Cyber Security and how Board should Mitigate the Risks

(18 November 2016)

Dato’ Sri Mohamed Hassan Kamil • FIDE Core Programme - Module A (Insurance) (7-10 March 2016)• Session on Liberalisation Roadmap - BNM (23 March 2016)• FIDE Core Programme - Module B (Insurance) (4-6 April 2016)• Inter-Pacific Bar Association Annual Meeting & Conference 2016 (15 April 2016)• The Linkage 20 Conversations @ Harvard (25-29 April 2016)• The Malaysian Insurance Summit 2016 (18 October 2016)• Offsite Planning Meeting (3-5 November 2016)

Datuk Rozaida Omar • MFRS9 Briefing by PWC (27 April 2016)

Mahadzir Azizan • Offsite Planning Meeting (3-5 November 2016)• Companies Act 2016: A New Corporate Landscape for Directors (10 November 2016)

Zakaria Ismail • Offsite Planning Meeting (3-5 November 2016)

Dato’ Othman Abdullah • Future of Auditor Reporting – The Game Changer for Boardroom (9 March 2016)• The Interplay between CG, NFI and Investment Decision - What Boards of Listed

Companies need to know (28 September 2016)• Offsite Planning Meeting (3-5 November 2016)• MIA Conference (15-16 November 2016)


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Director Training Programmes

Mohd Tarmidzi Ahmad Nordin • Comprehending Financial Statements for Directors and Senior Managemen

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