General Information of Tawafuq Consultancy Sdn Bhd (Company No.: 201501036171 (1161491-M))

Tawafuq Consultancy Sdn Bhd (Company No.: 201501036171 (1161491-M)) (“Tawafuq”) is appointed as the Shariah Adviser for all the Islamic funds and portfolios under management with effective from 1 March 2019.

Tawafuq is an independent global Shariah advisory firm, committed to offering comprehensive end-to-end Islamic finance and halal solutions by leveraging on its global presence, in-depth knowledge and integrated structure. The firm provides consultancy, research, training and professional services in the area of Islamic banking, Islamic capital market, Islamic wealth management, Islamic asset management and Takaful.

Tawafuq was incorporated as a limited liability company in Malaysia under the Companies Act, 2016 (previously known as Companies Act, 1965) on 8 October 2015.

Experience in Advisory and Services

As an approved Shariah adviser under the Securities Commission of Malaysia (“SCM”), Tawafuq is licensed to advise on Sukuk (Islamic bonds), Islamic unit trusts, investment funds, real estate investment trust (i-REIT), exchange-traded funds, crowdfunding, P2P issuances, etc. The firm is also registered as an Approved External Shariah Adviser under the Co-operatives Commission of Malaysia (“SKM”), a community member of the Malaysia International Islamic Financial Centre (“MIFC”), and a member of the Network of Islamic Finance Training Institutes (“NIFTI”), a global network of 64 Islamic finance training institutes. It is also empaneled on the Malaysia Digital Economy Corporation (“MDEC”)’s list of preferred Shariah adviser.

As of 29 April 2022, there are Tawafuq has 20 funds under supervision.

Roles and Responsibilities of Tawafuq as the Shariah Adviser

As the Shariah Adviser, the role of Tawafuq is to ensure that the operations and investments of the Funds are in compliance with Shariah requirements. The Shariah Adviser reviews the Funds’ investments on a monthly basis to ensure compliance with Shariah requirements at all times and advise on the Funds’ compliance with Shariah requirements. However, the final responsibility for ensuring Shariah compliance of the Funds with Shariah requirements in all relevant aspects rests solely with the Manager.

In line with the SC Guidelines, the roles of Tawafuq as the Shariah Adviser are:

a.  Ensuring that the Funds are managed and administered in accordance with the Shariah principles;

b. Providing expertise and guidance for the Funds in all matters relating to Shariah principles, including on the Funds’ deed and Master Prospectus, its structure and investment process, and other operational and administrative matters;

c.  Consulting the SC who may consult the Shariah Advisory Council where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process;

d. Scrutinising the Funds’ compliance report as provided by the compliance officer, transaction report provided by or duly approved by the Trustee and any other report deemed necessary for the purpose of ensuring that the Funds’ investments are in line with the Shariah principles;

e. Preparing a report to be included in the Funds’ interim and annual report certifying whether the Funds have been managed and administered in accordance with the Shariah principles;

f. Ensuring that the Funds comply, with any guideline, ruling or decision issued by the SC, with regard to Shariah matters;

g. Vetting and advising on the promotional materials of the Funds;

h. Assisting and attending to any ad-hoc meeting called by the SC and/or any other relevant authority.

Tawafuq’s Shariah team consists of the following personnel:

Muhammad Aiman Mohamad Salmi (Director/ Principal Consultant)
(Designated Person Responsible for Shariah Matters of the Fund)

A Chartered Professional in Islamic Finance (CPIF) and a Certified Shariah Adviser & Auditor (CSAA), Aiman holds a MSc in Islamic Finance from INCEIF, Malaysia, Bachelor of Laws (Honours) and Bachelor of Laws (Shariah)(Honours) both from the International Islamic University Malaysia (IIUM) respectively. A Director/Principal Consultant at Tawafuq Consultancy Sdn Bhd and a partner at Messrs. Mu’az Aiman Halem Auzan & Associates (MAHA Lawyers), his main practice areas include legal and Shariah advisory for corporate finance/banking, equity market, Islamic real estate investment trust (i-REIT), fintech, corporate-commercial, and real estate.

The founding Deputy President of Malaysia Young Shariah Scholars Association (MySSA), he currently is a member of the Chartered Institute of Islamic Finance Professionals (CIIF), the Association of Shariah Advisers in Islamic Finance Malaysia (ASAS), Malaysian Finance Association (MFA), Malaysian Association of Muslim Finance Professionals (MAMFP), ASEAN Young Professionals Network (AYPN), Asian Institute of Chartered Bankers (AICB), and the International Council for Islamic Finance Educators (ICIFE). The Shariah-qualified personnel for two registered Shariah Advisers approved by the Securities Commission of Malaysia (SCM), namely Tawafuq Consultancy Sdn. Bhd. and MAHA Shariah Advisory Sdn. Bhd., and an accredited trainer with the Islamic Banking & Finance Institute of Malaysia (IBFIM), he regularly delivers Islamic Finance talks and trainings and has completed the prestigious “i-Advisor program” organized by the Securities Commission Malaysia (SCM).

Prior to his recommencement of legal practice, he has served a major local Islamic bank assigned to the Shariah Department, whereby he oversees Shariah compliance aspect of the banking products, offerings, procedures and system and regularly conducts researches on various arising Shariah issues for consumer, business and corporate, wholesale and investment banking segments.

Most of his exposure be it with the legal fraternity or the banking sector are closely related to the Islamic Finance industry. His main practice areas include corporate finance/banking, equity market, Islamic real estate investment trust (i-REIT), Islamic securities, retail & commercial banking where he advises corporations (including listed companies), investment banks and financial institutions, commercial and development financial institutions and individuals on matters ranging from issuance of Sukuk, to development of retail, trade or investment banking products.

Dr. Ahmad Zakirullah Bin Mohamed Shaarani (Lead Consultant)

Dr. Ahmad Zakirullah is currently a member of Shariah Committee of Hong Leong MSIG Takaful, BIMB Invest and National Farmer Organization (NAFAS). Previously he served at Islamic Banking and Finance Institute of Malaysia (IBFIM) from February 2008 till October 2018. His prior responsibility includes providing Shariah input on the advisory, consultancy, and research functions with regard to Islamic banking, takaful, Islamic capital market and Shariah-compliant funds. He also has served University Sains Islam Malaysia (USIM) and PTPL College. He obtained his Diploma of Shariah Islamiyyah (Hons) from Higher Institute of Islamic and Arabic Language (MADIWA), Perak, Bachelor of Shariah Islamiyyah (Hons) Degree from Al-Azhar University, Egypt, Master’s Degree (Hons) of Islamic Revealed Knowledge and Heritage (Fiqh and Usul al-Fiqh) from the International Islamic University Malaysia and Doctor of Philosophy of Usul al-Fiqh from University of Malaya.

Muhammad Hasanan Yunus (Lead Consultant)

A Shariah Adviser listed under Securities Commission of Malaysia (SCM). Hasanan holds a Bachelor of Shariah (Honours) from the University of Malaya and currently pursuing his Masters of Shariah, Islamic Professional Credit Certification (iPCC) and Shariah Registered Financial Planner. Hasanan has various experience related to banking and Islamic capital market segments covering Shariah risk, Shariah governance, Shariah advisory, Shariah research & development, Shariah review, Shariah audit and module development.

His experience includes:
• Facilitation of systematic identification, measurement, monitoring and reporting of Shariah non-compliance risks events.
• Provision of Shariah compliance oversight covering advisory, research & development, review, audit and risk.
• Development of various Shariah compliant banking, capital market, and social finance products.
• Processing and structuring of project financing applications and supervision of the operation.