annual report for the financial year ... - bank islam · pdf file31 august 2013 laporan...

BIMB AL-FALAH

BIMB Al-fakhim BIMB Al-munsif

ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED

31 AUGUST 2013

LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR

31 OGOS 2013

2

TABLE OF CONTENT

1.0 Manager’s Report 3

1.1 Fund Name, Fund Type, Fund Category and Fund Investment Objective 3

1.2 Fund Performance Benchmark and Fund Distribution Policy 4

1.3 Performance for the Financial Year Ended 31 August 2013 4

1.4 Economic and Market Review 11

1.5 Market Outlook and Strategy 15

1.6 Asset Allocation as at 31 August 2013 16

1.7 Other Performance Data for the Financial Year Ended 31 August 2013 18

1.8 Unit Holdings as at 31 August 2013 21

1.9 Policy on Rebate and Soft Commission 22

2.0 Trustee’s Report 43

3.0 Shariah Committee’s Report 44

4.0 Directors’ Declaration Report 45

5.0 Independent Auditors’ Report 46

6.0 Financial Statements (Audited) 48

6.1 BIMB Dana Al-Fakhim 48

6.2 BIMB Dana Al-Munsif 69

6.3 BIMB Dana Al-Falah 102

7.0 Corporate Directory 134

3

1.0 MANAGER’S REPORT Dear Unit Holders,

We are pleased to present the Manager’s report of BIMB Dana Al-Fakhim, BIMB Dana Al-Munsif

and BIMB Dana Al-Falah for the financial year ended 31 August 2013.

1.1 Fund Name, Fund Type, Fund Category and Fund Investment Objective

Fund Name BIMB Dana

Al-Fakhim

BIMB Dana

Al-Munsif

BIMB Dana

Al-Falah

Fund Type Income Income & Growth Growth

Fund Category Money Market Balanced Mixed Assets

Fund Investment

Objective

The Fund seeks to

provide a regular

stream of income by

investing in Shariah-

compliant short-term

debentures, money

market instruments

and placement in

short-term deposits.

The principal

investment objective

of the Fund is to

provide a steady and

consistent income

and capital

appreciation of the

Units over the

medium to long term

period. Accordingly,

returns shall be in

the form of long term

capital growth and

regular income

distribution to the

Unit Holders.

The principal

investment objective

of the Fund is to

achieve long term

capital appreciation

of the Units by

investing in a

diversified portfolio

of equities, Sukuk

and money market

instruments.

Accordingly, all

investment income

(if any) shall be

reinvested for long

term capital growth

rather than

distributed annually.

Note: Any material change to the investment objective of the Fund would require Unit Holders’ approval.

4

1.2 Fund Performance Benchmark and Fund Distribution Policy

Fund Name BIMB Dana

Al-Fakhim

BIMB Dana

Al-Munsif

BIMB Dana

Al-Falah

Fund

Performance

Benchmark

1-month General

Investment Account

(GIA) of Bank Islam

Malaysia Berhad.

60:40 ratios of the

“FBM Emas Shariah

Index” and 12-month

Bank Islam GIA

rates.

70:30 ratios of the

“FBM Emas Shariah

Index” and 12-

month Bank Islam

GIA rates.

Fund

Distribution

Policy

The Fund shall

distribute income* (if

any) on a quarterly

basis.

*Note:

The distribution of

income will

automatically be

reinvested. Hence,

Unit Holders will

receive additional

units from the

reinvestment of

income distribution.

The Fund intends to

payout annual income

distribution to Unit

Holders if sufficient

investment income

has been

accumulated during

the year.

Distribution of

income* (if any) is

incidental.

*Note:

The distribution of

income will

automatically be

reinvested. Hence,

Unit Holders will

receive additional

units from the

reinvestment of

income distribution.

1.3 Performance for the Financial Year Ended 31 August 2013

1.3.1 BIMB Dana Al-Fakhim

a) Performance Review

For the financial year under review, BIMB Dana Al-Fakhim (Al-Fakhim) registered a return of

2.38%, as compared to its Benchmark’s return of 2.27%.

For the financial year under review, the manager re-launched Al-Fakhim as a money market

fund on 13 September 2012 after obtaining the approval from unit holders in July 2012 to

convert Al-Fakhim’s category of fund from a Sukuk fund to a Money Market fund. The effective

date of Al-Fakhim as a money market fund was 15 October 2012.

From its effective date as a money market fund from 15 October 2012 to 31 August 2013, Al-

Fakhim registered a total return of 2.30% as compared to its Benchmark’s return of 2.06%,

thus outperformed the Benchmark’s return by 0.24%.

The selected performance benchmark for Al-Fakhim is based on 1-month Bank Islam General

Investment Account (GIA) rates.

Our strategy has consistently been to manage in a fairly conservative manner with the primary

aim of outperforming traditional investment account returns. Consequently, the Fund has

managed to achieve stability in the investors’ principal investment besides providing quarterly

income to the investors.

5

During its financial year ending 31 August 2013, Al-Fakhim has met its objectives of providing

a regular income stream to the Unit Holders through investments primarily in Shariah-

compliant money market instruments. As at end August 2013, the Fund has 26.2% exposure

in Islamic Debt Securities and 73.8% in Shariah-compliant money market instrument and cash.

Thus far, the Fund continues to be managed in line with its stated objective by investing

primarily in Shariah-compliant money market instruments. The total NAV was RM15.31 million

as at 31 August 2013 and RM14.11 million as at 31 August 2012.

The net asset value (NAV) per unit of the Fund has decreased to RM0.5188 as at 31 August

2013 from RM0.5236 as at 31 August 2012. The Fund has declared a total income distribution

of 1.70 sen per unit during the financial year, equivalent to a yield of 3.25% per annum.

For the financial year ended 31 August 2013, there were no other significant changes to the

state of affairs of the Fund and no circumstances that materially affect the interest of

Unitholders that have taken place up to the date of this Manager’s report.

b) Total Return and Average Total Return for the financial year ended 31 August 2013

BIMB Dana Al-Fakhim Benchmark

Total Return*

(%)

Average Total Return

(%)

Total Return (%)


(%)

1-YearPeriod

2.38 2.38 2.27^ 2.27

3-Year Period

9.31 3.10 7.51 2.50

5-Year Period

17.04 3.41 11.57 2.31

*The fund changed its category from Sukuk fund to money market fund effective 15 October

2012

^The benchmark has been changed to a 1-month General Investment Account (GIA) of Bank

Islam Malaysia Berhad (Bank Islam) from 12-month GIA of Bank Islam with effect from the

date of change of category.

c) Total Return for the last 5 Financial Years

Financial Years

BIMB Dana Al-Fakhim

Total Return (%)

Benchmark

(%)

31 August 2013 2.38 2.27

31 August 2012 3.35 3.23

31 August 2011 3.28 3.08

31 August 2010 3.06 2.36

31 August 2009 3.89 2.85

6

Figure 1: Fund and Benchmark Total Return for the last 5 Financial Years

Note

Data Source : BIMB Invest

Data Verified by : Perkasa Normandy Managers Sdn. Bhd.

Benchmark : 1-month General Investment Account (GIA) of Bank Islam

Malaysia Berhad.

1.3.2 BIMB Dana Al-Munsif


For the financial year under review, BIMB Dana Al-Munsif (Al-Munsif) registered a return of

3.50% as compared to its Benchmark’s return of 4.96%.

From its commencement on 27 December 2001 to 31 August 2013, Al-Munsif has registered a

total return of 103.09%, as compared to its Benchmark’s return of 96.93%, thus outperformed

the Benchmark’s return by 6.16%.

The selected performance benchmark for Al-Munsif is based on 60:40 ratios of the “FBM Emas

Shariah Index” and 12-month Bank Islam General Investment Account (GIA) rates.

Our strategy has consistently been to remain focused on well-established companies that

could potentially pay sustainable dividends and have good prospects for earnings growth.

During its financial year ending 31 August 2013, Al-Munsif has met its objectives of providing a

steady and consistent income and capital appreciation over the medium to long term period

despite the heightened global equity market corrections and protracted market volatilities. As

at 31 August 2013, the Fund has 59.0% exposure in equities and 41.0% in Islamic Debt

Securities and Cash. Thus far, the Fund continues to be managed in line with its stated

objective and asset allocation over the medium to long term basis. In terms of total NAV, the

Fund size as at 31 August 2013 was at RM47.55 million as compared to RM58.73 million as at

31 August 2012.

7

The net asset value (NAV) per unit of the Fund has decreased to RM0.5119 (ex-dist) as at 31

August 2013 from RM0.5300 (ex-dist) as at 31 August 2012. The Fund has declared an

income distribution of 3.75 sen per unit, equivalent to a yield of 7.08% per annum.

For the financial year ended 31 August 2013, there were no significant changes to the state of

affairs of the Fund and no circumstances that materially affect the interest of Unitholders that

have taken place up to the date of this Manager’s report.


BIMB Dana Al-Munsif Benchmark

Total Return (%)


(%)

Total Return (%)


(%)

1-Year Period 3.50 3.50 4.96 4.96

3-Year Period 14.72 4.91 22.2 7.40

5-Year Period 25.52 5.10 41.69 8.34


Financial Years

BIMB Dana Al-Munsif

Total Return (%)

Benchmark

(%)

31 August 2013 3.50 4.96

31 August 2012 8.63 12.3

31 August 2011 2.07 3.67

31 August 2010 6.28 8.62

31 August 2009 2.95 6.75

8


Note



Benchmark :60:40 ratio of the “FBM Emas Shariah Index” and

12-month Bank Islam GIA rates.

1.3.3 BIMB Dana Al-Falah


For the financial year under review, BIMB Dana Al-Falah (Al-Falah) registered a return of

0.96% as compared to its Benchmark’s return of 5.21%.

From its commencement on 27 December 2001 to 31 August 2013, Al-Falah has registered a

total return of 100.97% as compared to its Benchmark’s return of 106.46%.

The selected performance benchmark for Al-Falah is based on 70:30 ratios of the “FBM Emas

Shariah Index” and 12-month Bank Islam General Investment Account (GIA) rates.

Our strategy has consistently been to remain focused on accumulating stocks relating to

companies which potentially are able to achieve above average earnings growth in the

medium to long term.

During its financial year ending 31 August 2013, Al-Falah has met its objectives by investing in

a diversified portfolio of equities, Sukuk and money market instruments. As at end August

2013, the Fund had 77.2% exposure in equities and 22.8% in Islamic Debt Securities and

cash. Thus far, Al-Falah continues to be managed in line with its stated objective by investing

in diversified portfolio of equities, Sukuk and Shariah-compliant money market instrument. In

terms of total NAV, the Fund size as at 31 August 2013 was at RM23.42 million as compared

to RM23.54 million as at 31 August 2012.

9

The net asset value (NAV) per unit of the Fund has decreased to RM0.5417 (ex-dist) as at 31

August 2013 from RM0.5769 (ex-dist) as at 31 August 2012. The Fund has declared an

income distribution of 4.10 sen per unit, equivalent to a yield of 7.11% per annum. The income

distribution shall be reinvested as disclosed in the prospectus of Al-Falah.

For the financial year ended 31 August 2013, there were no significant changes to the state of

affairs of the Fund and no circumstances that materially affect the interest of Unitholders that

have taken place up to the date of this Manager’s report.


BIMB Dana Al-Falah Benchmark

Total Return (%)


(%)

Total Return (%)


(%)

1-Year Period 0.96 0.96 5.21 5.21

3-Year Period 13.61 4.54 24.23 8.08

5-Year Period 30.61 6.12 46.00 9.20


Financial Years

BIMB Dana Al-Falah

Total Return (%)

Benchmark

(%)

31 August 2013 0.96 5.21

31 August 2012 9.16 13.84

31 August 2011 3.02 3.72

31 August 2010 7.86 9.67

31 August 2009 6.60 7.17

10


Note



Benchmark :70:30 ratio of the “FBM Emas Shariah Index” and

12-month Bank Islam GIA rates.

Notes:

1. Total Return of the Fund has been verified by Perkasa Normandy Managers Sdn. Bhd.

(363145-w).

2. Average Total Return is derived by this formula:

Total Return

Number of Years under Review

The calculation of average total returns is based on methods obtained from Lipper Asia Ltd.

Past performance is not necessarily indicative of future performance and unit prices and

investment returns may go down, as well as up.

11

1.4 Economic and Market Review

1.4.1 Economy

a) Global

• United States of America (US) real Gross Domestic Product (GDP) growth was revised

down to an annualised rate of 1.8% in the first quarter 2013 (1Q13) from the initial

estimate of 2.4%. This was attributed to a downward revision in consumer spending as

consumer spending grew by 2.6% in the 1Q13, weaker than the previous estimate of

3.4%, on account of smaller-than-expected spending on durable goods and services due

to US payroll tax increase.

• US headline inflation was 2.0% in July 2013. The core inflation was 1.7% in July 2013, due

to an increase in prices of tobacco and smoking products and alcoholic beverages.

• The US unemployment rate was 7.4% of total labour force in July 2013. This was the

lowest level in more than four years, indicating a gradual improvement in employment.

• The US Federal Reserve reported in July 2013 that the economy maintained a modest to

moderate pace of growth driven by manufacturing and housing industries. Manufacturing

expanded in most districts since the previous report, underpinned by increases in new

orders, shipments and production. The strong demand in residential construction

continued to stimulate the manufacturing sector with home-building suppliers and cement

producers reported strong activities, wood product manufacturers expanded operations

and increased production, and demand for construction equipment picked up.

• The Euro zone’s real GDP edged back to register positive growth of 0.3% quarter-on-

quarter (qoq) in the second quarter 2013 (2Q13), after contracting by 0.3% qoq in the

1Q13 and by 0.6% qoq in the fourth quarter 2012 (4Q12), led by its two largest

economies, Germany and France. This marks the first expansion following six consecutive

quarters of contraction.

• The European Central Bank (ECB) kept interest rates at a record-low of 0.5% in August

2013, as compared to 0.75% in August 2012. The ECB mentioned that its monetary policy

stance is to continue providing support to a gradual recovery in economic activity in the

remaining part of the year and in 2014.

• China’s economy slowed further to 7.5% yoy in the 2Q13 from 7.7% in the 1Q13 as

exports tumbled and fixed-asset investment weakened.

b) Local

• The Malaysian economy grew by 4.3% yoy in the 2Q13 as compared to 4.1% in 1Q13

supported by private consumption and private investment. Domestic demand

counterbalanced the drag from the external sector. Aggregate domestic demand grew,

albeit at a moderate 7.3% in the 2Q, contributing 6.7% pts to 2Q GDP growth. Net trade

subtracted 3.3% pts from second quarter GDP growth. (Source: Bank Negara Malaysia)

• Loan growth moderated to 9.1% yoy in June 2013 from 9.3% in May due to a weaker

growth in corporate and household loans during the month.

12

• Malaysia's exports in June 2013 fell 6.9% yoy to RM56.75 billion as exports of

semiconductors fell. The decrease in exports was mainly to China, South Korea, Japan,

Taiwan and the US.

• Fitch Ratings revised Malaysia's sovereign credit rating outlook from stable to negative on

30 July 2013. Nevertheless, it affirmed Malaysia’s long-term foreign and local currency at

'A-' and 'A' respectively.

• Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.0% at its

Monetary Policy Committee (MPC) meeting on 11 July 2013. The MPC considers the

current stance of monetary policy to be appropriate given the outlook for inflation and

growth.

1.4.2 Market Review

a) Equity

FTSE Bursa Malaysia EMAS Shariah Index (“FBM Shariah”) commenced the year under

review at 11,377.7 points before it declined to the lowest of 10,831.06 points on 27th

November 2012. It touched the highest of 12,617.6 points on 23rd

July 2013 and closed at

12,046.9 points on 30th August 2013. For the year under review, the FBM Shariah gained

669.2 points or 5.88% whereas the FBM KLCI gained by 81.44 points or 4.95% to close at

1,727.55 points. Among the key factors that contributed to the movement of the index are

highlighted below:

Key factors contributed to movement in market:-

• The International Monetary Fund (IMF) reduced its global economic growth forecast by 0.2

percentage point to 3.1% in 2013 from 3.3% projected in April. This was the fifth

consecutive time the IMF trimmed its prediction for global economic growth in 2013 as

global growth increased slower than expected. The IMF reduced its 2013 projection for the

US to 1.7% from 1.9% projected in April. Similarly, it expects the Euro zone to contract by

0.6% in 2013, sharper than the -0.4% projected earlier. For the emerging economies,

China’s and India’s real GDP growth forecasts were reduced to 7.8% and 5.6%

respectively in 2013 from 8.1% and 5.8% projected in April.

• Standard & Poor’s (S&P) reduced Italy’s credit rating from BBB+ to BBB or two levels

above junk due to weakening economic prospects and the nation’s impaired financial

system. S&P stated that the rating action reflects the view of a further worsening of Italy’s

economic prospects. The low growth stems in large part from rigidities in Italy’s labour and

product markets. The outlook on the rating remains negative. Although austerity measures

helped Italy to reduce its deficit to within European Union limits, it deepened the nation’s

recession with the economy headed for its eighth quarter of contraction and joblessness at

its highest since at least 1977.

• Japanese Prime Minister Shinzo Abe’s victory in the upper house elections on 20 July

2013 opened a window for him to deliver on promises for structural reforms that he said

will help to revive the economy.

13

b) Bond Market and Money Market

Global

For the financial year under review, US Treasury (UST) yields continued to increase

particularly along the medium to longer tenors as investors were concern that the US Federal

Reserve will start to reduce the Quantitative Easing asset purchases program some time this

year.

Figure 4: US Treasury Yields

Source: US Treasury Yields, 31 August 2013

Local

On the local front, sovereign bonds dominated the local bond market activities when Malaysian

Government Securities (MGS) and Government Investment Issue (GII) recorded a secondary

market trade volume of RM775.18 billion for the year under review. The local government

bond yields closed higher compared to the previous year due to foreign selling on expectations

the US Federal Reserve will soon start to reduce its Quantitative Easing asset purchases

program.

14

Table 1: Sukuk/ Islamic Bond Yields

Tenure/Date 31 August 2013

(%)

31 August 2012

(%)

Change

* (bps)

3-Year Bonds

GII 3.37 3.22 15.0

AAA Corporate 3.88 3.64 24.0

5-Year Bonds

GII 3.74 3.36 38.0


7-Year Bonds

GII 3.94 3.51 43.0


10-Year Bonds

GII 3.97 3.57 40.0


Source: Bond Pricing Agency Malaysia (BPAM), 31 August 2013

Figure 5: Overnight Policy Rate (OPR)

Source: Bank Negara Malaysia (BNM), 31 August 2013

15

Figure 6: Interest Rate Swap (IRS)

Source: Bank Negara Malaysia (BNM), 31 August 2013

1.5 Market Outlook and Strategy

a) Equity

The equity market is expected to be volatile for 2013. The equity market should be

supported by domestic liquidity. However, possible monetary policy tightening by the

Federal Reserve in the United States may provide downside risk for the equity market as

foreign investors will sell Malaysian equities.

The global economy continues to experience slow growth. In the advanced economies,

growth has remained weak. Although global monetary conditions remain highly

accommodative, financial market volatility has increased substantially in the recent period

as markets reassessed the direction of policy.

For the Malaysian economy, domestic demand has continued to support growth amid the

continued moderation in external demand. The sustained weakness in the external sector

may, however, affect the overall growth momentum. Going forward, private consumption is

expected to remain steady underpinned by income growth and stable labour market

conditions. Capital spending in the domestic-oriented industries and the ongoing

implementation of infrastructure projects will also support investment activity.

Our equity strategy is to invest in companies with good earnings visibility, strong balance

sheet, high dividend yield and reasonable valuation.

16

b) Sukuk Market & Money Market

The Sukuk market is expected to be volatile as possible monetary policy tightening by the

Federal Reserve in the United States will be negative for Sukuk price as foreign investors

sell Sukuk. However, the ample liquidity in the domestic market will support the Sukuk

market.

Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) opted to maintain the

Overnight Policy Rate (OPR) stable at 3.0% on 11 July. It highlighted its intention to

maintain accommodative monetary policy to continue supporting economic growth while

inflation remains contained.

Our Sukuk strategy is to invest in good quality Sukuk with minimum AA3/AA- rating by

RAM/MARC and attractive profit rate. Our money market strategy is to invest in money

market investments that provide an attractive profit rate and placing deposits with longer

maturity as cost of funds is not expected to increase.

1.6 Asset Allocation as at 31 August 2013

BIMB Dana Al-Fakhim 2013

(%)

2012

(%)

2011

(%)

INVESTMENT IN ISLAMIC DEBT

SECURITIES: 26.2 72 83

SHORT TERM INVESTMENTS AND

CASH: 73.8 28 17

100 100 100

BIMB Dana Al-Munsif 2013

(%)

2012

(%)

2011

(%)

INVESTMENTS IN QUOTED SECURITES:

Construction 10.4 8 7

Consumer Products 2.9 2 0

Financial 1.3 1 -

Industrial Products 0.6 3 5

Infrastructure Project Companies 6.5 2 2

Plantation 0.4 4 4

Properties 9.1 4 4

Property Trust Fund - - 1

REITs - 2 -

Technology - - -

Trading and Services 27.8 28 28

59.0 54 51



SHORT TERM INVESTMENTS: 7.5 4 19

100 100 100

17

1.6 Asset Allocation as at 31 August 2013 (continued)

BIMB Dana Al-Falah 2013

(%)

2012

(%)

2011

(%)

INVESTMENTS IN QUOTED SECURITES:

Construction 14.9 9 7

Consumer Products 6.4 2 -

Industrial Products - 3 4

Information Technology - - -

Infrastructure Project Companies 5.2 - -

Plantation 2.5 4 3

Properties 17.5 5 5

REITs 0.6 - -

Trading and Services 28.0 34 26

Warrant 2.1 - -

77.2 57 45



SHORT TERM INVESTMENTS: 5.7 13 37

100 100 100

18

1.7 Other Performance Data for the Financial Year Ended 31 August 2013

BIMB Dana Al-Fakhim 2013 2012 2011

Unit Prices (MYR)

Highest NAV per unit for the year * 0.5260 0.5402 0.5372

Lowest NAV per unit for the year * 0.5188 0.5223 0.5198

Net Asset Value (NAV) and Units in

Circulation (UIC) as at the End of the Year

Total NAV (MYR) 15,311,020 14,107,483 14,551,641

Units in Circulation (UIC) 29,513,863 26,942,831 27,880,013

NAV per unit (MYR) * 0.5188 0.5236 0.5220

Return of Fund (%)

Capital Growth (%) (0.87) 0.28 0.40

Income Return (%) 3.25 3.07 2.88

2.38 3.35 3.28

Gross Distribution per Unit (Sen) 1.70 1.60 1.50

Net Distribution per Unit (Sen) 1.70 1.60 1.50

NAV per Unit before Distribution (MYR) 0.5358 0.5396 0.5370

NAV per Unit after Distribution (MYR) 0.5188 0.5236 0.5220

Date of Distribution 30 Aug 2013 30 Aug 2012 29 Aug 2011

Management Expense Ratio (MER) (%) 0.69 0.95 1.88

Portfolio Turnover Ratio (PTR) (times) 16.04 0.20 1.20

*The price and net asset value per unit are ex-distribution

19

1.7 Other Performance Data for the Financial Year Ended 31 August 2013 (continued)


BIMB Dana Al-Munsif 2013 2012 2011

Unit Prices (MYR)





Total NAV (MYR) 47,546,800 58,729,018 50,212,801


NAV per unit (MYR) * 0.5119 0.5300 0.5107

Return of Fund (%)

Capital Growth (%) (3.58) 3.83 (2.72)

Income Return (%) 7.08 4.80 4.79

3.50 8.63 2.07








20

1.7 Other Performance Data for the Financial Year Ended 31 August 2013 (continued)


a) Return of the Fund

Return of the Funds

= NAV per unit (end of year) - 1

NAV per unit (beginning of year)

b) Capital Growth

Capital Growth

= Total Return of the Fund – Income Return

c) Income Return

Income Return

= {Income Distribution per Unit / NAV per Unit on

beginning of year} x 100

d) Management

Expenses Ratio

= The Management Expenses Ratio for the annual

period are as above. It is the total management

expenses expressed as an annual percentage of the

Fund’s average Net Asset Value.

e) Portfolio Turnover

Ratio

= It represents the average of the total acqusitions and

disposals of the investment in the Fund for the

annual period over the average Net Asset Value of

the Fund calculated on a daily basis.

BIMB Dana Al-Falah 2013 2012 2011

Unit Prices (MYR)





Total NAV (MYR) 23,421,454 23,536,529 23,114,940


NAV per unit (MYR) * 0.5417 0.5769 0.5469

Return of Fund (%)

Capital Growth (%) (6.15) 5.51 (0.63)

Income Return (%) 7.11 3.65 3.65

0.96 9.16 3.02








21

1.8 Unit Holdings as at 31 August 2013

Size of Holdings

BIMB Dana Al-Fakhim

No. of Unit Holders No. of Units Held

No. % Units %

5,000 and below 27 39.71 63,969 0.21

5,001 to 10,000 12 17.65 99,648 0.34

10,001 to 50,000 20 29.41 374,103 1.27

50,001 to 500,000 6 8.82 462,518 1.57

500,001 and above * 3 4.41 28,513,623 96.61

Units Held by Holders 68 100.00 29,513,863 100.00

Unit Held by Manager Nil Nil Nil Nil

Grand Total for The Fund 68 100.00 29,513,863 100.00

Size of Holdings

BIMB Dana Al-Munsif


No. % Units %

5,000 and below 1,403 51.87 2,106,610 2.27

5,001 to 10,000 408 15.08 3,025,826 3.26

10,001 to 50,000 750 27.73 15,984,600 17.21

50,001 to 500,000 141 5.21 13,613,528 14.65

500,001 and above * 3 0.11 58,152,574 62.61

Units Held by Holders 2,705 100.00 92,883,138 100.00


Grand Total for The Fund 2,705 100.00 92,883,138 100.00

Size of Holdings

BIMB Dana Al-Falah


No. % Units %

5,000 and below 1,785 55.97 2,722,898 6.30

5,001 to 10,000 567 17.78 4,180,601 9.67

10,001 to 50,000 729 22.86 15,799,894 36.54

50,001 to 500,000 107 3.36 8,960,301 20.72

500,001 and above * 1 0.03 11,577,365 26.77

Units Held by Holders 3,189 100.00 43,241,059 100.00


Grand Total for The Fund 3,189 100.00 43,241,059 100.00

* included under this category are nominee accounts.

22

1.9 Policy on Rebate and Soft Commission

The Manager does not receive any soft commission from brokers. All dealings with brokers are

executed at competitive market rates.

For and on behalf of the Manager

BIMB INVESTMENT MANAGEMENT BERHAD

Date: 28 October 2013

23

1.0 LAPORAN PENGURUS

Para pemegang unit yang dihormati,

Kami dengan sukacitanya membentangkan Laporan Pengurus BIMB Dana Al-Fakhim, BIMB

Dana Al-Munsif and BIMB Dana Al-Falah bagi tempoh kewangan berakhir 31 Ogos 2013.

1.1 Nama Dana, Jenis Dana, Kategori Dana dan Objektif Pelaburan Dana

Nama Dana BIMB Dana Al-Fakhim

BIMB Dana Al-Munsif

BIMB Dana Al-Falah

Jenis Dana Pendapatan Pendapatan & Pertumbuhan

Pertumbuhan

Kategori Dana Pasaran Wang Seimbang Aset Campuran

Objektif Pelaburan Dana

Dana ini bertujuan menyediakan aliran pendapatan yang konsisten dengan melabur dalam debentur patuh Syariah jangka pendek, instrumen pasaran wang dan penempatan dalam deposit jangka pendek.

Objektif pelaburan utama Dana adalah untuk menyediakan pendapatan yang stabil dan konsisten serta peningkatan nilai modal untuk jangkamasa sederhana ke panjang. Oleh yang demikian, pulangan adalah berbentuk pertumbuhan modal jangkamasa panjang dan pengagihan pendapatan yang tetap kepada Pemegang Unit.

Objektif pelaburan utama Dana adalah untuk mencapai pulangan modal jangkamasa panjang dengan melabur dalam pelbagai portfolio yang terdiri daripada ekuiti, Sukuk dan instrumen pasaran wang. Justeru itu, semua pendapatan pelaburan (jika ada) akan dilabur semula untuk pertumbuhan modal jangkamasa panjang berbanding dengan pengagihan tahunan.

Nota: Sebarang perubahan kepada objektif pelaburan Dana memerlukan kelulusan daripada Pemegang Unit.

24

1.2 Penanda Aras Dana dan Polisi Agihan Dana

Nama Dana BIMB Dana Al-Fakhim

BIMB Dana Al-Munsif

BIMB Dana Al-Falah

Penanda Aras

Kadar 1 bulan Akaun Pelaburan Am Bank Islam.

Nisbah 60:40 daripada Indeks Syariah FBM Emas dan Kadar 12 bulan Akaun Pelaburan Am Bank Islam.

Nisbah 70:30 daripada Indeks Syariah FBM Emas dan Kadar 12 bulan Akaun Pelaburan Am Bank Islam.

Polisi Agihan Dana

Dana akan mengagihkan pendapatan* (jika ada) pada setiap suku tahunan. *Nota: Pengagihan pendapatan akan dilaburkan semula secara automatik. Oleh itu, Pemegang Unit akan menerima unit tambahan daripada pelaburan semula pengagihan pendapatan.

Dana ini mensasarkan untuk membayar agihan pendapatan tahunan kepada Pemegang Unit sekiranya pendapatan pelaburan sepanjang tahun terkumpul adalah mencukupi.

Pengagihan pendapatan* (jika ada) adalah sampingan. *Nota: Pengagihan pendapatan akan dilaburkan semula secara automatik. Oleh itu, Pemegang Unit akan menerima unit tambahan daripada pelaburan semula pengagihan pendapatan.

1.3 Pencapaian Bagi Tempoh Kewangan Berakhir 31 Ogos 2013

1.3.1 Kajian Pencapaian bagi BIMB Dana Al-Fakhim

Bagi tahun kewangan dalam kajian, BIMB Dana Al-Fakhim (Al-Fakhim) mencatatkan pulangan

sebanyak 2.38% berbanding pulangan penanda aras sebanyak 2.27%

Bagi tahun kewangan dalam kajian, Pengurus telah melancarkan semula Al-Fakhim sebagai dana

pasaran wang pada 13 September 2012 selepas mendapat kelulusan daripada pemegang unit

pada bulan Julai 2012 untuk menukar kategori Al-Fakhim dari dana Sukuk kepada Pasaran Wang.

Tarikh berkuatkuasa Al-Fakhim sebagai dana pasaran wang adalah pada 15 Oktober 2012.

Dari tarikh berkuatkuasa sebagai dana pasaran wang iaitu dari 15 Oktober 2012 hingga 31 Ogos

2013, Al-Fakhim telah mencatatkan jumlah pulangan sebanyak 2.30% berbanding pulangan

penanda aras sebanyak 2.06%, lantas mengatasi pulangan penanda aras tersebut sebanyak

0.24%.

Penanda aras prestasi terpilih Al-Fakhim adalah berdasarkan kadar 1-bulan Akaun Pelaburan Am

Bank Islam (GIA).

Strategi kami secara konsistennya adalah menguruskan Dana tersebut secara konservatif dengan

matlamat utama memberikan pulangan lebih baik berbanding akaun pelaburan tradisional.

Hasilnya, Dana ini telah berupaya mencapai kestabilan dalam pelaburan prinsipal para pelabur

selain turut menyediakan pendapatan setiap suku tahun kepada para pelabur.

Bagi tahun kewangan berakhir pada 31 Ogos 2013, Al-Fakhim telah mencapai matlamatnya untuk

memberikan pendapatan yang konsisten kepada para Pemegang Unit terutamanya melalui

pelaburan instrumen pasaran wang berlandaskan Syariah. Pada 31 Ogos 2013, Dana mempunyai

25

pendedahan sebanyak 26.2% dalam sekuriti hutang Islam dan 73.8% dalam instrumen pasaran

wang berlandaskan Syariah dan pegangan tunai. Setakat ini, Dana kekal diuruskan sejajar dengan

matlamat yang ditetapkan iaitu melabur terutamanya dalam instrumen pasaran wang

berlandaskan Syariah. Jumlah NAB adalah RM15.31 juta pada 31 Ogos 2013 berbanding

RM14.11 juta pada 31 Ogos 2012.

Nilai aset bersih (NAB) seunit Dana telah berkurangan kepada RM0.5188 (NAB selepas

pengagihan pendapatan) pada 31 Ogos 2013 daripada RM0.5236 (NAB selepas pengagihan

pendapatan) pada 31 Ogos 2012. Dana telah mengisytiharkan jumlah pengagihan pendapatan

sebanyak 1.70 sen seunit sepanjang tahun kewangan, bersamaan 3.25% setahun.

a) Jumlah Pulangan dan Purata Jumlah Pulangan bagi Tahun Kewangan Berakhir pada 31

August 2013

BIMB Dana Al-Fakhim Penanda Aras

Jumlah Pulangan

(%)

Purata Jumlah

Pulangan (%)

Jumlah Pulangan

(%)

Purata Jumlah

Pulangan (%)

Jangkamasa 1-

Tahun 2.38 2.38 2.27 2.27

Jangkamasa 3-

Tahun 9.31 3.10 7.51 2.50

Jangkamasa 5-

Tahun 17.04 3.41 11.57 2.31

* Dana telah menukar kategori dari dana Sukuk kepada dana pasaran wang berkuatkuasa 15

Oktober 2012

^ Penanda aras telah ditukar kepada Akaun Pelaburan Am 1 bulan (GIA) Bank Islam Malaysia

Berhad (Bank Islam) daripada 12 bulan GIA Bank Islam mulai dari tarikh perubahan kategori.

b) Jumlah Pulangan Tahunan Bagi 5 Tahun Kewangan yang Lalu

Tahun Kewangan

BIMB Dana Al-Fakhim

Jumlah Pulangan (%)

Penanda Aras (%)

31 Ogos 2013 2.38 2.27

31 Ogos 2012 3.35 3.23

31 Ogos 2011 3.28 3.08

31 Ogos 2010 3.06 2.36

31 Ogos 2009 3.89 2.85

26

Rajah 1: Jumlah Pulangan Dana dan Penanda Aras Bagi 5 Tahun Kewangan Yang Lalu

Nota:

Sumber Data :BIMB Invest

Data disahkan oleh :Perkasa Normandy Managers Sdn. Bhd.

Penanda Aras : Kadar 12 bulan Akaun Pelaburan Am (AP) Bank Islam

1.3.2 Kajian Pencapaian bagi BIMB Dana Al-Munsif

Bagi tahun kewangan dalam kajian, BIMB Dana Al-Munsif (Al-Munsif) mencatatkan pulangan

sebanyak 3.50% berbanding pulangan penanda aras sebanyak 4.96%

Sejak dilancarkan pada 27 Disember 2001 hingga 31 Ogos 2013, Al-Munsif telah mencatatkan

pulangan sebanyak 103.09% berbanding penanda aras sebanyak 96.93%, lantas menunjukkan

pencapaiannya yang lebih baik sebanyak 6.16%.

Penanda aras prestasi terpilih Al-Munsif adalah berdasarkan nisbah 60:40 Indeks Emas Syariah

FBM dan kadar 12-bulan Akaun Pelaburan Am Bank Islam (GIA).

Strategi kami adalah secara konsistennya mengekalkan tumpuan kepada syarikat-syarikat yang

mantap dan berpotensi untuk membayar dividen secara mapan selain mempunyai prospek

pertumbuhan pendapatan yang baik.

Bagi tahun kewangan berakhir pada 31 Ogos 2013, Al-Munsif telah mencapai matlamatnya untuk

memberikan pendapatan yang kekal stabil dan konsisten serta peningkatan modal dalam jangka

sederhana hingga panjang disebalik pembetulan pasaran sejagat yang memuncak dan

ketidaktentuan pasaran yang berlanjutan. Pada 31 Ogos 2013, Dana mempunyai pendedahan

sebanyak 59.0% dalam pasaran ekuiti dan 41.0% dalam sekuriti hutang Islam dan tunai. Setakat

ini, Dana terus diuruskan selari dengan matlamat dan peruntukan asetnya untuk tempoh jangka

sederhana dan panjang. Berdasarkan jumlah NAB, saiz Dana pada 31 Ogos 2013 adalah

sebanyak RM47.55 juta, berbanding RM58.73 juta pada 31 Ogos 2012.

27

NAB seunit Dana telah menurun kepada RM0.5119 (NAB selepas pengagihan pendapatan) pada

31 Ogos 2013 daripada RM0.5300 (NAB selepas pengagihan pendapatan) pada 31 Ogos 2012.

Dana ini telah mengisytiharkan pengagihan pendapatan sebanyak 3.75 sen seunit, bersamaan

dengan kadar hasil sebanyak 7.08% setahun.

Bagi tahun kewangan berakhir 31 Ogos 2013, tiada perubahan ketara berlaku terhadap Dana dan

tiada keadaan yang boleh menjejaskan kepentingan Pemegang Unit sehingga ke tarikh laporan

Pengurus ini.


August 2013

BIMB Dana Al-Munsif Penanda Aras

Jumlah Pulangan

(%)

Purata Jumlah

Pulangan (%)

Jumlah Pulangan

(%)

Purata Jumlah

Pulangan (%)

Jangkamasa 1-

Tahun 3.50 3.50 4.96 4.96

Jangkamasa 3-

Tahun 14.72 4.91 22.2 7.40

Jangkamasa 5-

Tahun 25.52 5.10 41.69 8.34


Tahun Kewangan

BIMB Dana Al-Munsif

Jumlah Pulangan (%)

Penanda Aras (%)

31 Ogos 2013 3.50 4.96

31 Ogos 2012 8.63 12.3

31 Ogos 2011 2.07 3.67

31 Ogos 2010 6.28 8.62

31 Ogos 2009 2.95 6.75

28


Nota

Sumber Data : BIMB Invest

Data disahkan oleh : Perkasa Normandy Managers Sdn. Bhd.

Penanda Aras : Nisbah 60:40 “FBM Emas Shariah Index” dan

12 bulan kadar Akaun Pelaburan Am (AP) Bank Islam.

1.3.3 Kajian Pencapaian bagi BIMB Dana Al-Falah

Bagi tahun kewangan dalam kajian, Dana BIMB Al-Falah (Al-Falah) mencatatkan pulangan

sebanyak 0.96% berbanding pulangan penanda aras sebanyak 5.21%.

Sejak dilancarkan pada 27 Disember 2001 hingga 31 Ogos 2013, Al-Falah mencatatkan jumlah

pulangan sebanyak 100.97% berbanding pulangan penanda aras sebanyak 106.46%.

Penanda aras prestasi terpilih Al-Falah adalah berasaskan nisbah 70:30 “Indeks Emas Syariah

FBM” dan kadar 12-bulan Akaun Pelaburan Am Bank Islam (GIA).

Strategi kami adalah secara konsistennya menjurus kepada pengumpulan saham-saham syarikat

yang berpotensi mencatat pertumbuhan pendapatan lebih tinggi daripada kadar purata dalam

jangka sederhana dan panjang.

Bagi tahun kewangan berakhir 31 Ogos 2013, Al-Falah telah mencapai matlamatnya dengan

mempelbagaikan portfolio dalam pelaburan ekuiti, Sukuk dan instrumen pasaran wang. Pada 31

Ogos 2013, Dana mempunyai pendedahan sebanyak 77.2% dalam pasaran ekuiti dan 22.8%

dalam sekuriti hutang Islam dan pegangan tunai. Setakat ini, Al-Falah kekal diuruskan berdasarkan

objektifnya untuk melabur dalam pelbagai portfolio ekuiti, Sukuk dan instrumen pasaran wang

berlandaskan Syariah. Daripada segi jumlah NAB, saiz Dana pada 31 Ogos 2013 adalah

sebanyak RM23.42 juta, berbanding RM23.54 juta, pada 31 Ogos 2012.

NAB seunit Dana telah menurun kepada RM0.5417 (NAB selepas pengagihan pendapatan) pada

31 Ogos 2013 daripada RM0.5769 (NAB selepas pengagihan pendapatan) pada 31 Ogos 2012.

29

Dana telah mengisytiharkan pengagihan pendapatan sebanyak 4.10 sen seunit, atau kadar hasil

sebanyak 7.11% setahun. Pengagihan pendapatan akan dilaburkan semula seperti mana

dinyatakan di dalam prospektus Al-Falah.

Bagi tahun kewangan berakhir 31 Ogos 2013, tiada perubahan ketara berlaku terhadap Dana dan

tiada keadaan yang boleh menjejaskan kepentingan Pemegang Unit sehingga ke tarikh laporan

Pengurus ini.


August 2013

BIMB Dana Al-Munsif Penanda Aras

Jumlah Pulangan

(%)

Purata Jumlah

Pulangan (%)

Jumlah Pulangan

(%)

Purata Jumlah

Pulangan (%)

Jangkamasa 1-Tahun 0.96 0.96 5.21 5.21




Tahun Kewangan BIMB Dana Al-Falah

Jumlah Pulangan (%)

Penanda Aras (%)

31 Ogos 2013 0.96 5.21

31 Ogos 2012 9.16 13.84

31 Ogos 2011 3.02 3.72

31 Ogos 2010 7.86 9.67

31 Ogos 2009 6.60 7.17

30


Nota

Sumber Data : BIMB Invest

Data disahkan oleh : Perkasa Normandy Managers Sdn. Bhd.

Penanda Aras : Nisbah 70:30 “FBM Emas Shariah Index” dan

12 bulan kadar Akaun Pelaburan Am (AP) Bank Islam.

Nota:

1. Jumlah Pulangan telah disahkan oleh Perkasa Normandy Advisers Sdn. Bhd.

(363145-w)

2. Jumlah Pulangan Purata adalah berpandukan formula berikut:

Jumlah Pulangan

Bilangan Tahun Bawah Kajian

Jumlah pulangan purata di atas adalah berdasarkan kepada kaedah-kaedah diperolehi

daripada Lipper Asia Ltd.

Prestasi tahun-tahun sebelum ini tidak semestinya menjadi petunjuk prestasi masa depan

dan harga unit serta pulangan pelaburan mungkin turun dan naik.

31

1.4 Ekonomi dan Kajian Pasaran

1.4.1 Ekonomi

a) Global

Pertumbuhan Keluaran Dalam Negara Kasar (KDNK) benar Amerika Syarikat (AS) telah

disemak semula dengan kadar tahunannya dikurangkan kepada 1.8% pada suku pertama

tahun 2013 (S113) berbanding unjuran awal sebanyak 2.4%. Pengurangan itu adalah

disebabkan oleh semakan semula ke atas perbelanjaan pengguna yang berkembang

sebanyak 2.6% pada S113 berbanding 3.4% sebelumnya apabila perbelanjaan terhadap

barangan tahan lama dan perkhidmatan adalah lebih kecil daripada jangkaan kerana

terdapat kenaikan cukai gaji negara itu.

Inflasi kasar AS berada pada paras 2.0% pada bulan Julai 2013. Inflasi teras berada pada

paras 1.7% pada bulan Julai 2013 disebabkan oleh kenaikan harga tembakau dan produk

berkaitan rokok serta minuman beralkohol.

Kadar pengangguran AS adalah 7.4% daripada keseluruhan jumlah tenaga buruh pada

bulan Julai 2013. Kadar berkenaan yang merupakan paras terendah dalam tempoh lebih

empat tahun, menunjukkan berlakunya pemulihan yang beransur-ansur dalam

pengambilan tenaga kerja.

Rizab Persekutuan AS melaporkan pada bulan Julai 2013, ekonomi negara itu telah

mengekalkan kadar pertumbuhannya daripada perlahan hingga sederhana dengan dipacu

oleh industri pembuatan dan perumahan. Sektor pembuatan telah berkembang di

kebanyakan kawasan sejak penerbitan laporan yang terdahulu, hasil daripada

peningkatan tempahan baharu, penghantaran dan pengeluaran. Permintaan tinggi

terhadap pembinaan rumah kediaman terus merangsang sektor pembuatan dengan

pembekal bahan binaan rumah serta pengeluar simen melaporkan kegiatan yang kukuh,

pengeluar produk kayu memperluaskan operasi dan meningkat pengeluaran, dan

permintaan terhadap peralatan pembinaan meningkat.

Kadar KDNK benar zon Euro kembali meningkat untuk mencatat pertumbuhan yang positif

sebanyak 0.3% pada suku kedua 2013 (S213) berbanding tempoh yang sama tahun lalu

berdasarkan perbandingan sukuan tahun, selepas menguncup sebanyak 0.3% pada

1Q13 dan sebanyak 0.6% pada suku keempat 2012 (S412), dengan didahului oleh dua

ekonomi terbesar, Jerman dan Perancis. Ini menandakan pengembangan ekonomi yang

pertama selepas berlaku penguncupan selama enam suku tahun berturut-turut.

Bank Pusat Eropah (ECB) mengekalkan kadar faedah pada paras rekod terendah

sebanyak 0.5% di dalam Ogos 2013, berbanding dengan 0.75% dalam bulan Ogos 2012.

ECB menyatakan pendirian dasar monetarinya adalah mengekalkan sokongan kepada

pemulihan yang berlaku secara beransur-ansur dalam kegiatan ekonomi untuk tempoh

yang seterusnya dalam tahun ini dan tahun 2014.

Ekonomi China terus menjadi semakin perlahan pada kadar 7.5% pada S213 daripada

7.7% pada S113 berdasarkan perbandingan tahun-ke-tahun apabila eksportnya

mengalami kejatuhan teruk dan pelaburan aset tetap bertambah lemah.

32

b) Dalam Negara

• Ekonomi Malaysia berkembang sebanyak 4.3% pada S213 daripada 4.1% dalam S113

berdasarkan perbandingan tahunan, hasil sokongan penggunaan dan pelaburan swasta.

Permintaan dalam negeri mengimbangi kemerosotan yang berlaku dalam sektor luaran.

Agregat permintaan domestik meningkat, pada kadar sederhana sebanyak 7.3% dalam

S2, untuk menyumbang 6.7% mata kepada pertumbuhan KDNK pada S2. Jumlah

perdagangan bersih telah berkurangan sebanyak 3.3% mata daripada pertumbuhan

KDNK dalam suku kedua (Sumber data: Bank Negara Malaysia).

Pertumbuhan pinjaman berada pada kadar yang sederhana iaitu 9.1% dalam bulan Jun

2013 daripada 9.3% pada bulan Mei berdasarkan perbandingan tahunan berikutan

pertumbuhan pinjaman korporat dan isi rumah lebih lemah pada bulan tersebut.

Eksport Malaysia pada bulan Jun 2013 jatuh 6.9% kepada RM56.75 bilion dalam

perbandingan tahunan kerana berlakunya kejatuhan dalam eksport semikonduktor.

Penurunan berlaku terutamanya untuk eksport ke China, Korea Selatan, Jepun, Taiwan

dan AS.

Fitch Ratings telah menyemak semula tinjauan penarafan kredit kerajaan Malaysia

daripada stabil kepada negatif pada 30 Julai 2013. Walau bagaimanapun, ia mengekalkan

penarafan mata wang asing dan tempatan jangka panjang Malaysia, masing-masing pada

'A-' dan 'A'.

Bank Negara Malaysia mengekalkan Kadar Dasar Semalaman (OPR) sebanyak 3.0%

pada mesyuarat Jawatan kuasa Dasar Monetari (MPC) yang diadakan pada 11 Julai 2013.

MPC menyatakan pendirian yang diambil terhadap dasar monetari semasa adalah wajar

berdasarkan unjuran inflasi dan pertumbuhan ekonomi.

1.4.2 Kajian Pasaran

a) Ekuiti

Indeks Syariah Emas FTSE Bursa Malaysia ("FBM Syariah") mencatatkan paras 11,377.7

mata pada awal tahun kewangan sebelum jatuh ke paras terendah 10,831.06 mata pada 27

November 2012. Indeks itu mencapai paras tertinggi iaitu 12,617.6 mata pada 23 Julai 2013

dan ditutup kepada 12,046.9 mata pada 30 Ogos 2013. Bagi tahun kewangan dalam kajian,

FBM Syariah meningkat sebanyak 669.2 mata atau 5.88% manakala FBM KLCI menokok

81.44 mata atau 4.95% untuk ditutup kepada 1,727.55 mata. Antara faktor-faktor utama yang

menyumbang kepada pergerakan indeks adalah seperti dinyatakan di bawah:

Faktor-faktor utama yang menyumbang kepada pergerakan dalam pasaran:-

Tabung Kewangan Antarabangsa (IMF) telah mengurangkan unjuran pertumbuhan

ekonomi global sebanyak 0.2 mata peratusan kepada 3.1% bagi tahun 2013 berbanding

unjuran sebanyak 3.3% yang dibuat pada bulan April. Ini adalah pengurangan kali

kelima berturut-turut yang dilakukan oleh IMF bagi tahun 2013 berikutan pertumbuhan

ekonomi global yang lebih perlahan berbanding jangkaan. IMF mengurangkan unjuran

pertumbuhan AS bagi tahun 2013 kepada 1.7% daripada unjuran 1.9% yang dibuat pada

bulan April. IMF juga menjangkakan zon Euro akan menguncup sebanyak 0.6% pada

tahun 2013, berbanding -0.4% yang diramalkan sebelum ini. Bagi negara-negara ekonomi

baru muncul, ramalan pertumbuhan sebenar KDNK bagi China dan India telah

dikurangkan, masing-masing kepada 7.8% dan 5.6% bagi tahun 2013 daripada 8.1% dan

5.8% yang diunjurkan pada bulan April.

33

Standard & Poor’s (S&P) telah menurunkan penarafan kredit Itali daripada BBB+ kepada

BBB iaitu dua aras lebih tinggi daripada tahap bon berisiko disebabkan prospek

ekonominya yang semakin lemah dan sistem kewangan yang bermasalah. S&P

menyatakan penarafan itu mewakili pandangannya terhadap prospek ekonomi Itali yang

semakin buruk. Pertumbuhan ekonomi yang rendah itu sebahagian besarnya berpunca

daripada ketegaran pasaran tenaga buruh dan produk Itali. Tinjauan terhadap penarafan

kekal negatif. Walaupun langkah-langkah penjimatan telah membantu Itali mengurangkan

defisitnya mengikut had yang ditetapkan dalam Kesatuan Eropah, tindakan itu menjadikan

kemelesetan yang dialami semakin meruncing dengan ekonomi memasuki era

penguncupan bagi kali kelapan suku tahun dan kadar pengangguran juga berada pada

paras yang tertinggi sekurang-kurangnya sejak tahun 1977.

Kemenangan Perdana Menteri Jepun, Shinzo Abe dalam pemilihan Dewan Senat pada 20

Julai 2013 telah membuka ruang kepada beliau untuk menunaikan janji pembaharuan

struktur yang dikatakannya akan membantu memulihkan ekonomi negara matahari terbit

itu.

b) Pasaran Bon

Global

Bagi tahun kewangan dalam kajian, kadar hasil Perbendaharaan AS (UST) terus meningkat

terutamanya bagi tempoh matang jangka sederhana hingga panjang kerana para pelabur

bimbang bahawa Rizab Persekutuan AS akan mula mengurangkan program pembelian aset

di bawah Kelonggaran Kuantitatif tahun ini.

Rajah 4: Kadar Pulangan Perbendaharaan AS

Sumber: Jabatan Perbendaharaan AS, 31 Ogos 2013

34

Dalam Negara

Di pasaran tempatan, bon kerajaan menguasai kegiatan pasaran bon tempatan apabila

Sekuriti Kerajaan Malaysia (MGS) dan Terbitan Pelaburan Kerajaan (GII) mencatatkan

jumlah dagangan di pasaran sekunder sebanyak RM775.18 bilion bagi tahun dalam

kajian. Kadar hasil bon kerajaan tempatan ditutup lebih tinggi berbanding pada tahun

sebelumnya berikutan jualan yang dilakukan oleh pelabur asing kerana menjangkakan

Rizab Persekutuan AS akan memulakan pengurangan program pembelian aset di bawah

Kelonggaran Kuantitatif tidak lama lagi.

Jadual 1: Sukuk/ Bon Islam

Tempoh/ Tarikh 31 Ogos 2013

(%)

31 Ogos 2012

(%)

Perubahan

* (bps)

Bon 3-Tahun

GII 3.37 3.22 15.0

Korporat AAA 3.88 3.64 24.0

Bon 5-Tahun

GII 3.74 3.36 38.0


Bon 7-Tahun

GII 3.94 3.51 43.0


Bon 10-Tahun

GII 3.97 3.57 40.0


Sumber: Agensi Penetapan Harga (BPAM), 31 Ogos 2013

Rajah 5: Kadar Polisi Semalaman (OPR)

Sumber: Bank Negara Malaysia (BNM), 31 Ogos 2013.

35

Rajah 6: Pertukaran Kadar Faedah (IRS)

Sumber: Bank Negara Malaysia (BNM), 31 Ogos 2013

1.5 Tinjauan Dan Strategi Pasaran

a) Ekuiti

Pasaran ekuiti dijangka berada dalam keadaan tidak menentu pada tahun 2013. Pasaran

ekuiti dijangka disokong oleh kecairan dalam pasaran domestik. Bagaimanapun,

kemungkinan pengenaan dasar monetari yang ketat oleh Rizab Persekutuan Amerika

Syarikat boleh menimbulkan risiko penurunan dalam pasaran ekuiti kerana para pelabur

asing akan menjual ekuiti Malaysia yang berada dalam pegangan mereka.

Ekonomi global terus mengalami pertumbuhan yang perlahan. Ekonomi negara-negara

maju menyaksikan pertumbuhannya kekal lemah. Walaupun keadaan monetari global

kekal amat akomodatif dalam menyokong pertumbuhan, ketidaktentuan pasaran

kewangan telah meningkat dengan ketara sejak kebelakangan ini apabila pasaran-

pasaran kembali menilai semula hala tuju dasar.

Bagi ekonomi Malaysia, permintaan dalam negeri terus menyokong pertumbuhan di

tengah-tengah permintaan luar yang sederhana. Kelemahan yang berterusan dalam

sektor luaran, bagaimanapun mungkin menjejaskan momentum pertumbuhan

keseluruhan. Dalam melangkah ke hadapan, penggunaan swasta dijangka kekal mantap

dengan sokongan pertumbuhan pendapatan dan keadaan pasaran buruh yang stabil.

Perbelanjaan modal dalam industri berasaskan kegiatan domestik serta projek-projek

infrastruktur yang terus dilaksanakan, juga menyokong kegiatan pelaburan.

Strategi ekuiti kami adalah melabur dalam syarikat-syarikat yang jelas mempunyai

pendapatan yang baik, kunci kira-kira yang kukuh, menawarkan hasil dividen yang tinggi

dan mempunyai penilaian yang munasabah.

36

b) Pasaran Bon dan Pasaran Wang

Pasaran Sukuk dijangka tidak menentu dengan terdapat kemungkinan Rizab Persekutuan

di Amerika Syarikat akan mengetatkan dasar kewangannya lantas memberi kesan yang

negatif kepada harga Sukuk apabila para pelabur asing menjual bon-bon tersebut. Walau

bagaimanapun, kecairan yang besar dalam pasaran domestik akan menyokong pasaran

Sukuk.

Jawatankuasa Dasar Monetari (MPC) Bank Negara Malaysia (BNM), pada 11 Julai, telah

memutuskan untuk mengekalkan Kadar Dasar Semalaman (OPR) pada paras 3.0%. BNM

juga mengambil pendirian mengekalkan dasar monetari yang akomodatif untuk memberi

sokongan terhadap pertumbuhan ekonomi tatkala inflasi kekal bertahan.

Strategi kami adalah melabur dalam Sukuk berkualiti baik yang mempunyai penarafan

minimum AA3/AA- daripada RAM/MARC dan menjanjikan kadar keuntungan yang

menarik. Strategi pasaran wang kami adalah melabur dalam pelaburan pasaran wang

yang memberikan kadar keuntungan menarik dan menempatkan deposit untuk tempoh

matang lebih panjang kerana kos dana dijangka tidak akan bertambah.

1.6 Peruntukan Aset pada 31 Ogos 2013

BIMB Dana Al-Fakhim 2013

(%)

2012

(%)

2011

(%)

PELABURAN DALAM SEKURITI

HUTANG SECARA ISLAM: 26.2 72 83

PELABURAN JANGKA PENDEK: 73.8 28 17

100 100 100

BIMB Dana Al-Munsif 2013

(%)

2012

(%)

2011

(%)

PELABURAN SEKURITI

TERSIARHARGA:

Pembinaan 10.4 8 7

Barang Pengguna 2.9 2 0

Kewangan 1.3 1 -

Syarikat Projek Infrastruktur 0.6 3 5

Perladangan 6.5 2 2

Hartanah Barangan Industri 0.4 4 4

Tabung Amanah Hartanah 9.1 4 4

REITs - - 1

Teknologi - 2 -

Perdagangan dan Perkhidmatan - - -

27.8 28 28

59.0 54 51

PELABURAN DALAM SEKURITI

HUTANG SECARA ISLAM: 33.5 42 30


100 100 100

37

1.6 Peruntukan Aset pada 31 Ogos 2013 (sambungan)

BIMB Dana Al-Falah 2013

(%)

2012

(%)

2011

(%)

PELABURAN SEKURITI

TERSIARHARGA:

Pembinaan 14.9 9 7

Barang Pengguna 6.4 2 -

Barangan Industri - 3 4

Teknologi Maklumat - - -

Syarikat Projek Infrastruktur 5.2 - -

Perladangan 2.5 4 3

Hartanah 17.5 5 5

REITs 0.6 - -

Perdagangan dan Perkhidmatan 28.0 34 26

Waran 2.1 - -

77.2 57 45

PELABURAN DALAM SEKURITI HUTANG

SECARA ISLAM: 17.1 30 18


100 100 100

1.7 Lain-Lain Data Prestasi Bagi Tahun Kewangan Berakhir 31 Ogos 2013

BIMB Dana Al-Fakhim 2013 2012 2011

Harga Unit (RM)

NAB tertinggi seunit dalam tahun * 0.5260 0.5402 0.5372

NAB terendah seunit dalam tahun * 0.5188 0.5223 0.5198

Nilai asset Bersih (NAB) dan Unit Dalam

Edaran (UDE) pada Akhir Tahun

Jumlah NAB (RM) 15,311,020 14,107,483 14,551,641

Unit Dalam Edaran (UDE) 29,513,863 26,942,831 27,880,013

NAB seunit (RM) * 0.5188 0.5236 0.5220

Jumlah Pulangan Dana (%)

Pertumbuhan Modal (%) (0.87) 0.28 0.40

Pulangan Pendapatan (%) 3.25 3.07 2.88

2.38 3.35 3.28

Agihan Kasar seunit (Sen) 1.70 1.60 1.50

Agihan Bersih seunit (Sen) 1.70 1.60 1.50

Nilai Aset Bersih sebelum Pengagihan (RM) 0.5358 0.5396 0.5370

Nilai Aset Bersih selepas Pengagihan (RM) 0.5188 0.5236 0.5220

Tarikh Pengagihan 30 Ogos 2013 30 Ogos 2012 29 Ogos 2011

Nisbah Perbelanjaan Pengurusan (NPP) (%) 0.69 0.95 1.88

Nisbah Pusing Ganti Portfolio (Kali) 16.04 0.20 1.20

*Harga NAB selepas pengagihan pendapatan

38

1.7 Lain-Lain Data Prestasi Bagi Tahun Kewangan Berakhir 31 Ogos 2013 (sambungan)

BIMB Dana Al-Munsif 2013 2012 2011

Harga Unit (RM)





Jumlah NAB (RM) 47,546,800 58,729,018 50,212,801


NAB seunit (RM) * 0.5119 0.5300 0.5107


Pertumbuhan Modal (%) (3.58) 3.83 (2.72)


3.50 8.63 2.07









BIMB Dana Al-Falah 2013 2012 2011

Harga Unit (RM)





Jumlah NAB (RM) 23,423,394 23,536,529 23,114,940


NAB seunit (RM) * 0.5417 0.5769 0.5469


Pertumbuhan Modal (%) (6.15) 5.51 (0.63)


0.96 9.16 3.02









39

a) Pulangan Ke atas Dana

Pulangan ke atas Dana

= Harga seunit (pada akhir tahun) -1

Harga seunit (pada awal tahun)

b) Pertumbuhan Modal

Penambahan Modal

= Pulangan Ke atas Dana – Pulangan Pendapatan

c) Pulangan Pendapatan

Pulangan Pendapatan

= {Pengagihan Pendapatan Se Unit / NAB se unit pada

awal tahun} x 100

d) Nisbah Perbelanjaan

Pengurusan

= Ia dikira dengan mengambil jumlah perbelanjaan

pengurusan sepertimana yang dinyatakan sebagai

peratusan tahunan daripada jumlah purata Nilai

Aset Bersih Dana.

e) Nisbah Pusing Ganti

Portfolio

= Ia dikira dengan mengambil purata jumlah perolehan dan

pelupusan pelaburan dalam Dana bagi tempoh

tahunan dibahagi dengan purata Nilai Aset Bersih Dana

yang dikira pada asas harian.

1.8 Pecahan Pegangan Unit pada 31 Ogos 2013

Saiz Dipegang

BIMB Dana Al-Fakhim

Bilangan Pemegang Unit Bilangan Unit Dipegang

Bilangan % Unit %

Kurang daripada 5,000 27 39.71 63,969 0.21

5,001 hingga 10,000 12 17.65 99,648 0.34

10,001 hingga 50,000 20 29.41 374,103 1.27

50,001 hingga 500,000 6 8.82 462,518 1.57

500,001 dan ke atas * 3 4.41 28,513,623 96.61

Unit yang dipegang oleh

Pemegang unit 68 100.00 29,513,863 100.00

Unit yang dipegang oleh Pengurus

Tiada Tiada Tiada Tiada

Jumlah Keseluruhan Dana 68 100.00 29,513,863 100.00

40

1.8 Pecahan Pegangan Unit pada 31 Ogos 2013 (sambungan)

Saiz Dipegang

BIMB Dana Al-Munsif


Bilangan % Bilangan %

Kurang daripada 5,000 1,403 51.87 2,106,610 2.27

5,001 hingga 10,000 408 15.08 3,025,826 3.26

10,001 hingga 50,000 750 27.73 15,984,600 17.21

50,001 hingga 500,000 141 5.21 13,613,528 14.65

500,001 dan ke atas * 3 0.11 58,152,574 62.61


Pemegang unit 2,705 100.00 92,883,138 100.00



Jumlah Keseluruhan Dana 2,705 100.00 92,883,138 100.00

*Akaun Penama juga termasuk dibawah kategori ini.

Saiz Dipegang

BIMB Dana Al-Falah


Bilangan % Bilangan %

Kurang daripada 5,000 1,785 55.97 2,722,898 6.30

5,001 hingga 10,000 567 17.78 4,180,601 9.67

10,001 hingga 50,000 729 22.86 15,799,894 36.54

50,001 hingga 500,000 107 3.36 8,960,301 20.72

500,001 dan ke atas * 1 0.03 11,577,365 26.77


Pemegang unit 3,189 100.00 43,241,059 100.00



Jumlah Keseluruhan Dana 3,189 100.00 43,241,059 100.00

*Akaun Penama juga termasuk dibawah kategori ini.

41

1.9 Polisi Rebat dan Komisyen Bukan Tunai

Pihak pengurusan tidak menerima sebarang komisyen bukan tunai daripada broker. Semua

urusniaga dengan broker telah dilaksanakan pada kadar pasaran yang berdaya saing.

Untuk dan bagi pihak Pengurus

BIMB INVESTMENT MANAGEMENT BERHAD

Tarikh: 28 Oktober 2013

Nota:

Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika terdapat

perbezaan, sila rujuk kepada laporan Bahasa Inggeris

42

2.0 TRUSTEE’S REPORT

ABB TRUSTEE BERHAD

ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2013

To the Unit Holders of

BIMB Dana Al-Fakhim

BIMB Dana Al-Munsif

BIMB Dana Al-Falah

We have acted as Trustee of BIMB Dana Al-Fakhim, BIMB Dana Al-Munsif and BIMB Dana Al-

Falah (“the Funds”) for the financial year ended 31 August 2013. To the best of our knowledge,

BIMB Investment Management Berhad (“the Manager” or “the Management Company”) has

managed the Funds in accordance with the following:

1. The limitations imposed on the investment powers of the Management Company and the

Trustee under the Deeds, the Securities Commission’s Guidelines on Unit Trust Funds, the

Capital Markets and Services Act 2007 and other applicable laws;

2. The valuation or pricing of the Funds is carried out in accordance with the Deeds and any

regulatory requirement;

3. The creation and cancellation of units of the Funds are carried out in accordance with the

Deeds and any regulatory requirement; and

4. The income distribution by BIMB Dana Al-Fakhim is relevant and reflects the investment

objective of the Fund.

For ABB Trustee Berhad

…………………………………..

Ahmad Fathi Mohd Noor

Vice President

Kuala Lumpur, Malaysia


43

3.0 SHARIAH COMMITTEE’S REPORT ANNUAL REPORT

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2013

بسم ٱهلل ٱلرحمـن ٱلرحيم


BIMB Dana Al-Fakhim

BIMB Dana Al-Munsif

BIMB Dana Al-Falah

We have acted as the Shariah Committee of BIMB Dana Al-Fakhim, BIMB Dana Al-Munsif and BIMB Dana

Al-Falah.

Our responsibilities are to ensure that the procedures and processes employed by BIMB Investment

Management Berhad and that the provisions of the Deed dated 6 December 2001 are in accordance with

Shariah principles.

In our opinion, BIMB Investment Management Berhad has managed BIMB Dana Al-Fakhim, BIMB Dana

Al-Munsif and BIMB Dana Al-Falah in accordance with Shariah principles and complied with applicable

guidelines, ruling or decision issued by the Securities Commission pertaining to Shariah matters for the

financial year ended 31 August 2013.

In addition, we also confirm that the investment portfolio of BIMB Dana Al-Fakhim, BIMB Dana Al-Munsif

and BIMB Dana Al-Falah comprises securities which have been classified as Shariah-compliant by the

Shariah Advisory Council (SAC) of the Securities Commission, as the case may be and that all deposits

and money market instruments placed by the Funds are Shariah-compliant.

أعلم واهلل

For and on behalf of the Shariah Committee

……………………………………………….. USTAZ DR. AHMAD SHAHBARI@SOBRI SALAMON (Chairman) ……………………………………………….. USTAZ DR. YUSOF RAMLI (Committee Member) ……………………………………………….. USTAZAH DR. ASMAK AB. RAHMAN (Committee Member) Date: 28 October 2013

44

4.0 DIRECTORS’ DECLARATION REPORT ANNUAL REPORT

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2013


BIMB Dana Al-Fakhim

BIMB Dana Al-Munsif

BIMB Dana Al-Falah

We, Mustapha Bin Hamat and Nazaruddin Bin Othman, being two of the directors of the Manager, BIMB

Investment Management Berhad, for BIMB Dana Al-Fakhim, BIMB Dana Al-Munsif and BIMB Dana Al-

Falah do hereby state that in our opinion, the accompanying Statement of Financial Position, Statement of

Profit or Loss and Other Comprehensive Income, Statement of Changes in Net Asset Value and Statement

of Cash Flows are drawn up so as to give true and fair view of the Statement of Financial Position of the

Fund as at 31 August 2013 and Statement of Profit or Loss and Other Comprehensive Income, Statement

of Changes in Net Asset Value and Statement of Cash Flows for the year ended on that date.

For and on behalf on the Board of Directors,

……………………………………………

Mustapha Bin Hamat

(Non-Executive Independent Director)

…………………………………………..

Nazaruddin Bin Othman

(Chief Executive Officer)


45

5.0 INDEPENDENT AUDITOR’S REPORT

(Established in Malaysia)

Independent Auditors’ Report to the Unitholders of BIMB Dana Al-Fakhim, BIMB Dana Al-Munsif

and BIMB Dana Al-Falah

Report on the Financial Statements

We have audited the financial statements of BIMB Dana Al-Fakhim, BIMB Dana Al-Munsif and BIMB Dana

Al-Falah (“the Fund”), which comprise the statement of financial position as at 31 August 2013, and the

statements of profit or loss and other comprehensive income, changes in net asset value and cash flows

for the year then ended, and a summary of significant accounting policies and other explanatory

information, as set out on pages 47 to 129.

Manager’s and Trustee’s Responsibility for the Financial Statements

The Manager of the Fund is responsible for the preparation of financial statements that give a true and fair

view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting

Standards and for such internal control as the Manager determine are necessary to enable the preparation

of financial statements that are free from material misstatement, whether due to fraud or error. The Trustee

is responsible for ensuring that the Manager maintains proper accounting and other records as are

necessary to enable true and fair presentation of these financial statements.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted

our audit in accordance with approved standards on auditing in Malaysia. Those standards require that we

comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether

the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements. The procedures selected depend on our judgement, including the assessment of

risks of material misstatement of the financial statements, whether due to fraud or error. In making those

risk assessments, we consider internal control relevant to the entity’s preparation of financial statements

that give a true and fair view in order to design audit procedures that are appropriate in the circumstances,

but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An

audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of

accounting estimates made by the Manager, as well as evaluating the overall presentation of the financial

statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

audit opinion.

46

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of the Fund as of

31 August 2013 and of its financial performance, changes in net asset attributable to unitholders and cash

flows for the year then ended in accordance with Malaysian Financial Reporting Standards and

International Financial Reporting Standards.

Other Matters

As stated in Note 2(a) to the financial statements, BIMB Dana Al-Fakhim, BIMB Dana Al-Munsif and BIMB

Dana Al-Falah adopted Malaysian Financial Reporting Standards (“MFRS”) and International Financial

Reporting Standards (“IFRS”) on 1 September 2012 with a transition date of 1 September 2011. These

standards were applied retrospectively by the Manager to the comparative information in these financial

statements, including the statements of financial position as at 31 August 2012 and 1 September 2011,

and the statements of profit or loss and other comprehensive income, changes in equity and cash flows for

the year ended 31 August 2012 and related disclosures. We were not engaged to report on the

comparative information that is prepared in accordance with MFRS and IFRS, and hence it is unaudited.

Our responsibilities as part of our audit of the financial statements of the Fund for the year ended 31

August 2013 have, in these circumstances, included obtaining sufficient appropriate audit evidence that

the opening balances as at 1 September 2012 do not contain misstatements that materially affect the

financial position as of 31 August 2013 and financial performance and cash flows for the year then ended.

This report is made solely to the unitholders of the Fund and for no other purpose. We do not assume

responsibility to any other person for the content of this report.

KPMG Desa Megat & Co.

Firm Number: AF 0759

Chartered Accountants

Ow Peng Li

Approval Number: 2666/09/15(J)

Chartered Accountant

Petaling Jaya, Selangor


47

6.0 FINANCIAL STATEMENTS (AUDITED) 6.1 BIMB Dana Al-Fakhim


STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2013

Note 31.8.2013 31.8.2012 1.9.2011 (RM) % (RM) % (RM) % Investments

Islamic debt securities 4 4,011,800 26.2 10,200,000 72.4 12,125,100 83.3 Short term investments 5 10,047,603 65.6 - - - -

Other Assets

Other receivables 57,932 0.4 20,230 0.1 189,395 1.3

Cash and cash

equivalent 6 1,481,682 9.7 4,348,682 30.8 2,685,145 18.5

_________ _____ _________ _____ _________ _____

Total Assets 15,599,017 101.9 14,568,912 103.3 14,999,640 103.1 -------------- -------- -------------- ------- -------------- -------

Liabilities

Amount due to Manager 146,486 0.9 8,949 0.1 9,505 0.1

Other payables 23,456 0.2 21,395 0.1 20,294 0.1

_________ _____ _________ _____ _________ _____

Total Liabilities 169,942 1.1 30,344 0.2 29,799 0.2 -------------- -------- -------------- ------- -------------- -------

15,429,075 100.8 14,538,568 103.1 14,969,841 102.9 ======== ==== ======== ==== ======== ====

Unitholders’ Funds

Unitholders’ capital 7 15,192,638 99.2 13,851,269 98.2 14,354,254 98.6

Accumulated profit 118,382 0.8 256,214 1.8 197,387 1.4

_________ _____ _________ _____ _________ _____

15,311,020 100.0 14,107,483 100.0 14,551,641 100.0 Distribution payable 118,055 0.8 431,085 3.1 418,200 2.9

_________ _____ _________ _____ _________ _____

15,429,075 100.8 14,538,568 103.1 14,969,841 102.9 ======== ==== ======== ==== ======== ====

Number of Units in Circulation 7 29,513,863 26,942,831 27,880,013

======== ======== ========

Net Asset Value 15,311,020 14,107,483 14,551,641

======== ======== ========

Net Asset Value per Unit

– Ex distribution 51.9 sen 52.4 sen 52.2 sen

======== ======== ========

The notes are integral part of these financial statements.

48

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 AUGUST 2013

Note 2013 (RM)

2012 (RM)

Income

Income from Islamic debt securities 98,127 427,677

Income from short term investments 381,276 89,958

Gain on disposal of Islamic debt securities 177,560 44,320

Hibah from Al-Wadiah account 413 200

Net unrealised (loss)/ gain from financial

instruments at fair value through profit or loss (206,790) 66,380

Gross income 450,586 628,535

Expenses

Manager’s fee 8 79,248 109,479

Trustee’s fee 9 3,971 11,618

Auditors’ remuneration 10,000 10,000

Administrative expenses 6,998 5,526

Tax agent’s fee 2,000 2,000

102,217 138,623

Net income before taxation 348,369 489,912

Taxation 9 - -

Net income for the year 348,369 489,912

Income after taxation is made up of as follows:

Realised amount 555,159 423,532

Unrealised (loss)/ gain (206,790) 66,380

348,369 489,912

Net income for the year 348,369 489,912

Other comprehensive income - -


49

STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE YEAR ENDED 31 AUGUST 2013

Note

Unitholders

’capital Distribution

Accumulate

d profits Total

(RM) (RM) (RM) (RM)

As at 1 September 2011

14,354,254 418,200 197,387 14,969,841

Movement in unitholders' contribution or

distribution

Creation of units via cash

388,347 - - 388,347

Cancellation of units via

reinvestment of distribution 37,715 (418,200) - (380,485)

Cancellation of units

(929,047) - - (929,047)

Distributions 11 - 431,085 (431,085) -

Total distribution to unitholders

(502,985) 12,885 (431,085) (921,185)

Net income for the year

- - 489,912 489,912

As at 31 August 2012

13,851,269 431,085 256,214 14,538,568


13,851,269 431,085 256,214 14,538,568

Movement in unitholders' contribution or

distribution


2,032,587 - - 2,032,587

Creation of units via reinvestment of

distribution 392,504 (799,231) - (406,727)


(1,083,722) - - (1,083,722)

Distributions 11 - 486,201 (486,201) -

Total distribution to unitholders

1,341,369 (313,030) (486,201) 542,138


- - 348,369 348,369


15,192,638 118,055 118,382 15,429,075


50

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2013

2013 (RM)

2012 (RM)

Cash flows from Operating Activities

Proceeds from sales of Islamic debt securities 10,173,000 4,033,800

Income from Islamic debt securities and short term investments

442,113 687,000

Trustee’s fee paid (4,670) (11,647)

Payment for other fee and expenses (6,238) (9,005)

Audit fee paid (10,000) (7,392)

Manager’s fee paid (81,809) (110,034)

Purchase of investments (10,047,603) (1,998,000)

Purchase of Islamic debt securities (4,014,030) -

Net cash (used in)/ generated from operating activities

(3,549,237) 2,584,722

Cash flows from financing activities

Cash receipt for creation of units 2,032,587 388,347

Cash payment for cancellation of units (943,624) (929,047)

Payment of distribution (406,726) (380,485)

Net cash generated from/ (used in) financing activities

682,237 (921,185)

Net (decrease)/ increase in cash and cash equivalents

(2,867,000) 1,663,537

Cash and cash equivalents at beginning of the year

4,348,682 2,685,145

Cash and cash equivalents at end of the year 1,481,682 4,348,682

Cash and cash equivalents comprise:

Cash at bank 46,474 195,782

Short term investments 1,435,208 4,152,900

1,481,682 4,348,682

The notes are an integral part of these financial statements.

51

NOTES TO THE FINANCIAL STATEMENTS

1. Information on the Fund

BIMB Dana Al-Fakhim (hereinafter referred to as “the Fund”) was constituted pursuant to the

execution of a Deed dated 6 December 2001 between the Manager - BIMB Investment

Management Berhad, the Trustee - ABB Trustee Berhad and the registered holders of the Fund.

The addresses of the registered office and principal place of business of the Fund is as follows:

Registered office

Level 32, Menara Bank Islam

No. 22, Jalan Perak

50450 Kuala Lumpur

Principal place of business

Leval 19, Menara Bank Islam

No. 22, Jalan Perak

50450 Kuala Lumpur

The principal activity of the Fund is to invest in Authorised Investments as defined in the Deed,

which include Islamic debt securities and short term deposits.

The Manager, BIMB Investment Management Berhad, a company incorporated in Malaysia, is a

subsidiary of Bank Islam Malaysia Berhad.

The financial statements were approved by the Board of Directors of the Manager on 28 October

2013.

2. Basis of Preparation

(a) Statement of Compliance

The financial statements of the Fund have been prepared in accordance with Malaysian

Financial Reporting Standards (“MFRSs”) and International Financial Reporting Standards in

Malaysia. This is the Fund’s first financial statements prepared in accordance with MFRSs and

MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards has been applied.

In the previous years, the financial statements of the Fund were prepared in accordance with

Financial Reporting Standards (“FRS”). The transition to MFRS has no financial impact to the

financial statements of the Fund.

The Fund has adopted the amendments to MFRS 101, Presentation of Financial Statements

which are effective for annual periods beginning on or after 1 July 2012. The adoption of the

amendments to MFRS 101 has no impact on the financial statements other than the

presentation format of the statement of financial position and the statement of profit or loss

and other comprehensive income.

The following are accounting standards, amendments and interpretations of the MFRS

framework that have been issued by the Malaysian Accounting Standards Board (“MASB”) but

have not been adopted by the Fund:

52

2. Basis of Preparation (continued)

(a) Statement of Compliance (continued)

MFRSs, Interpretations and amendments effective for annual periods beginning on or

after 1 January 2013

MFRS 10, Consolidated Financial Statements

MFRS 11, Joint Arrangements

MFRS 12, Disclosure of Interests in Other Entities

MFRS 13, Fair Value Measurement

MFRS 119, Employee Benefits (2011)

MFRS 127, Separate Financial Statements (2011)

MFRS 128, Investments in Associates and Joint Ventures (2011)

IC Interpretation 20, Stripping Costs in the Production Phase of a Surface Mine

Amendments to MFRS 7, Financial Instruments: Disclosures – Offsetting Financial Assets

and Financial Liabilities

Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards

– Government Loans

Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards

(Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 101, Presentation of Financial Statements (Annual Improvements

2009-2011 Cycle)

Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2009-

2011 Cycle)

Amendments to MFRS 132, Financial Instruments: Presentation (Annual Improvements

2009-2011 Cycle)

Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2009-2011

Cycle)

Amendments to MFRS 10, Consolidated Financial Statements: Transition Guidance

Amendments to MFRS 11, Joint Arrangements: Transition Guidance

Amendments to MFRS 12, Disclosure of Interests in Other Entities: Transition Guidance



Amendments to MFRS 10, Consolidated Financial Statements: Investment Entities

Amendments to MFRS 12, Disclosure of Interests in Other Entities: Investment Entities

Amendments to MFRS 127, Separate Financial Statements (2011): Investment Entities

Amendments to MFRS 132, Financial Instruments: Presentation – Offsetting Financial

Assets and Financial Liabilities

http://www.masb.org.my/images/NewFRSStandards2011/FRS_12.pdf

http://www.masb.org.my/images/NewFRSStandards2011/FRS_128(2011).pdf

http://www.masb.org.my/index.php?option=com_content&view=article&id=1258

53

2. Basis of Preparation (continued)

(a) Statement of Compliance (continued)



MFRS 9, Financial Instruments (2009)


Amendments to MFRS 7, Financial Instruments: Disclosures – Mandatory Effective

Date of MFRS 9 and Transition Disclosures

The Fund plans to apply the abovementioned standards, amendments and interpretations,

where applicable:

from the annual period beginning on 1 September 2013 for those standards, amendments

or interpretations that are effective for annual periods beginning on or after 1 January

2013.



2014.



2015.

The initial application of the above standards, amendments and interpretations is not expected

to have any material financial impacts to the current and prior periods financial statements

upon their first adoption.

(b) Basis of Measurement

The financial statements are prepared on the historical cost basis except as disclosed in note

3(a).

(c) Functional and Presentation Currency

These financial statements are presented in Ringgit Malaysia (RM), which is the Fund’s

functional currency.

(d) Use of Estimates and Judgments

The preparation of financial statements inconformity with MFRSs requires management to

make judgements, estimates and assumptions that affect the application of accounting

policies and the reported amounts of assets and liabilities, income and expenses. Actual

results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the year in which the estimate is revised and in any

future years effected.

There are no significant areas of estimation uncertainty and critical judgements in applying

accounting policies that have significant effect on the amounts recognised in the financial

statements.

54

3. Significant Accounting Policies

The accounting policies set out below have been applied consistently to the periods presented in

these financial statements, and in preparing the opening MFRS statements of financial position of

the Fund at 1 September 2011 (the transition date to MFRS framework), unless otherwise stated.

(a) Financial instruments

(i) Initial recognition and measurement

A financial instrument is recognised in the statement of financial position when, and only

when, the Fund becomes a party to the contractual provisions of the instrument.

A financial instrument is recognised initially, at its fair value plus, in the case of a financial

instrument not at fair value through profit or loss, transaction costs that are directly

attributable to the acquisition or issue of the financial instrument.

(ii) Financial instrument categories and subsequent measurement

The Fund categorise financial instruments as follows:

Financial assets

(a) Financial assets at fair value through profit or loss

Fair value through profit or loss category comprises financial assets that are held for

trading, or financial assets that are specifically designated into this category upon

initial recognition. These include Islamic debt securities.

Financial assets categorised as fair value through profit or loss are subsequently

measured at their fair values with the gain or loss recognised in the statement of profit

or loss and other comprehensive income.

(b) Financing and receivables

Financing and receivables category are debt instruments that are not quoted in an

active market and these comprises other receivables, cash at bank and short term

investments.

Financial assets categorised as financing and receivables are subsequently

measured at amortised cost using the effective profit method.

All financial assets except for those measured at fair value through profit or loss, are

subject to review for impairment.

Financial liabilities

All financial liabilities are initially measured at fair value and subsequently measured at

amortised cost.

Financial liabilities measured at amortised cost comprise amount due to Manager and

other payables.

55

3. Significant Accounting Policies (continued)

(a) Financial instruments (continued)

(iii) Derecognition

A financial asset or part of it is derecognised when, and only when the contractual rights

to the cash flows from the financial asset expire or the financial asset is transferred to

another party without retaining control or substantially all risks and rewards of the asset.

On derecognition of a financial asset, the difference between the carrying amount and the

sum of the consideration received (including any new asset obtained less any new liability

assumed) and any cumulative gain or loss that had been recognised in equity is

recognised in profit or loss.

A financial liability or a part of it is derecognised when, and only when, the obligation

specified in the contract is discharged or cancelled or expires. On derecognition of a

financial liability, the difference between the carrying amount of the financial liability

extinguished or transferred to another party and the consideration paid, including any non-

cash assets transferred or liabilities assumed, is recognised in profit or loss.

(b) Income recognition

Income from short term investments and Islamic debt securities are recognised in the

statement of profit or loss and other comprehensive income as it accrues.

(c) Short term investments

Short term investments are mainly General Investment Account, Istismar Deposits, Special

Investment Account and Term Deposits-i with maturity more than 30 days and less than 1

year. Short term investments are categorised and measured as financing and receivables in

accordance with Note 3(a)(ii).

(d) Impairment

Financial assets

All financial assets (except for financial assets categorised as fair value through profit or loss)

are assessed at each reporting date whether there is any objective evidence of impairment as

a result of one or more events having an impact on the estimated future cash flows of the

asset. Losses expected as a result of future events, no matter how likely, are not recognised.

An impairment loss in respect of financing and receivables is recognised in profit or loss and

is measured as the difference between the asset’s carrying amount and the present value of

estimated future cash flows discounted at the asset’s original effective profit rate. The carrying

amount of the asset is reduced through the use of an allowance account.

(e) Cash and cash equivalents

Cash and cash equivalents consist of cash at bank and short term investments which are

readily convertible to cash with an insignificant risk of changes in value. Cash and cash

equivalents are categorised and measured as financing and receivables in accordance with

Note 3(a)(ii).

56


(f) Unitholders’ capital

The Fund issues cancellable units, which are cancelled at the holder’s option and are

classified as equity. Cancellable units can be put back to the Fund at any time for cash equal

to a proportionate share of the Fund’s net asset value. The outstanding units is carried at the

redemption amount that is payable at the financial position date if the holder exercises the

right to put the unit back to the Fund.

Units are created and cancelled at the holder’s option at prices based on the Fund’s net

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

unit is calculated by dividing the net assets attributable to unitholders with the total number of

outstanding units. In accordance with the Securities Commission’s Guidelines on Unit Trust

Funds in Malaysia, investment positions are valued based on the last traded market price for

the purpose of determining the net assets value per unit for creations and cancellations.

The units in the Fund are puttable instruments, classified as equity, which entitle the

unitholders to a pro-rata share of the net asset of the Fund. The units are subordinated and

have identical features. There is no contractual obligation to deliver cash or another financial

asset other than the obligation on the Fund to repurchase the units. The total expected cash

flows from the units are based on the change in the net asset of the Fund.

(g) Distribution

Distributions are at the discretion of the Fund. A distribution to the Fund’s unitholders is

accounted for as a deduction from realised reserves. The mode of the income distribution is

via creation of additional units based on NAV as at the date one month after the accrual date.

A proposed distribution is recognised in equity in the period in which they are declared.

(h) Net Assets Value

As the distribution is to be reinvested, for this Fund, the Net Asset Value is calculated after

deducting the retained earnings allocated for distribution.

57

4. Islamic Debt Securities

31 August 2013

Percentage of value of Maturity Rating* Market funds at Date Cost Value 31.8.2013 Issuer (RM) (RM) (%)

Kapar Energy Ventues Sdn. Bhd. 04/07/2014 AA+IS 3,008,730 3,006,900 19.6 Tanjung Bin O&M Berhad 01/07/2015 AA-IS 1,005,300 1,004,900 6.6 _______________________________________

4,014,030 4,011,800 26.2 ======================================

31 August 2012

Percentage of value of Maturity Rating* Market funds at Date Cost Value 31.8.2012 Issuer (RM) (RM) (%)

Government Investment Issuance: PE 120047 17/05/2013 AA2 1,998,000 2,004,000 14.2 GL 110001 30/08/2018 - 7,997,440 8,196,000 58.2 ____________________________________

9,995,440 10,200,000 72.4 ==================================

1 September 2011 Percentage

of value of Maturity Market funds at Date Cost Value 1.9.2011 Issuer (RM) (RM) (%)

Government Investment Issuance: GH 100001 15/07/2013 - 3,000,000 3,011,700 20.7 GL 110001 30/08/2018 - 9,000,000 9,113,400 62.6 __________________________________

12,000,000 12,125,100 83.3 ===============================

* Ratings is either by Rating Agency Malaysia Berhad or Malaysian Rating Corporation Berhad whichever

applicable.

58

5. Short term investments

31.8.2013 31.8.2012 1.9.2011

(RM) (RM) (RM)

Short term investments with maturity

more than 30 days:

General Investment Account 2,962,719 - -

Istismar Deposits 2,777,961 - -

Special Investment Account* 1,436,084 - -

Term Deposit-i 2,870,838

__________ __________ __________

10,047,603 - -

========= ========= =========

* Special Investment Account is placed with a related party, Bank Islam Malaysia Berhad.

6. Cash and cash equivalents

31.8.2013 31.8.2012 1.9.2011

(RM) (RM) (RM)

Short term investments with maturity

less than 30 days

Special Investment Account* 1,435,208 1,084,291 1,508,610

Wakalah i Deposit- 418,804 1,159,264

Waheed-i Deposits* - 2,649,805 -

__________ __________ __________

1,435,208 4,152,900 2,667,874

Cash at bank * 46,474 195,782 17,271

__________ __________ __________

1,481,682 4,348,682 2,685,145

========= ========= =========

* Special Investment Account, Waheed-i Deposit and cash at bank are placed with a related party,

Bank Islam Malaysia Berhad.

7. Unitholders’ Capital

31.8.2013 31.8.2012 1.9.2011

No. of units (RM) No. of units (RM) No. of units (RM)

At 1 September 26,942,831 13,851,269 27,880,013 14,354,254 27,982,177 14,408,149

Creation of units 4,649,254 2,425,091 803,467 426,062 382,486 201,704

Release of units (2,078,222) (1,083,722) (1,740,649) (929,047) (484,650) (255,599)

_________ _________ _________ _________ _________ _________

At 31 August 29,513,863 15,192,638 26,942,831 13,851,269 27,880,013 14,354,254

======== ======== ======== ======== ======== =========

59

7. Unitholders’ Capital (continued)

In accordance with the Deed, the maximum number of units that can be issued out for circulation

is 400,000,000 (31 August 2012: 400,000,000, 1 September 2011: 400,000,000). As at 31 August

2013, the number of units yet to be issued is RM370,486,137 (31 August 2012: RM373,057,169, 1

September 2011: RM372,119,987).

Based on historic information over the last 12 months, redemption levels are expected to

approximate RM1,083,000 (31 August 2012: RM930,000, 1 September 2011: RM250,000) and the

average monthly level of creations net of new redemptions are expected to approximate

RM111,800 (31 August 2012: RM42,000, 1 September 2011: RM4,000). However, the actual level

of creations may differ significantly from the historic experience.

8. Management Fee

The management fee payable to the Manager of the Fund is based on 0.50% (2012: 0.75%) per

annum of the net asset value of the Fund calculated on a daily basis.

Based on Supplemental Master Prospectus dated 12 September 2012, the management fee was

reduced from 0.75% per annum to 0.50% per annum effectively from 15 October 2012.

Amount due to Manager represents net amount payable to Manager [Management fee: RM6,388

(2012: RM8,949)] and net amount payable to Manager for units released [Release amount:

RM140,098 (2012: RM Nil)].

9. Trustee’s Fee

The trustee’s fee payable to the trustee of the Fund is based on 0.02% (2012: 0.08%) of the net

asset value of the Fund calculated on a daily basis.

Based on Supplemental Master Prospectus dated 12 September 2012, the trustee fee was

reduced from 0.08% per annum subject to a minimum fee of RM18,000 per annum to 0.02% per

annum effectively from 15 October 2012.

10. Taxation

There is no current and prior year tax expense as the investment income received are exempted

from tax, pursuant to Schedule 6 of the Income Tax Act, 1967.

60

11. Distribution

2013 2012

(RM) (RM)

Distribution to unitholders is from the following sources:

Income from short term investment 381,276 89,958


Gain on disposal from Islamic debt securities 177,560 44,320


Realised retained profit brought forward - 7,553

________ ________

657,376 569,708

Less:

Expenses (102,217) (138,623)

Undistributed income (68,958) -

________ ________

Net distribution 486,201 431,085

======= ========

The Manager had declared a net distribution of 1.70 sen (2012: 1.60 sen) per unit based on units

in circulation as at 31 August 2013 amounting to RM486,201 (2012: RM431,085) in respect of the

current financial year. The distribution was approved by the Investment Committee in July 2013.

12. Unit held by Related Party

The number of units held by management company and other related parties are as follows:

2013 2012

Units (RM) Units (RM)

Bank Islam Malaysia Berhad 2,050,383 1,063,739 2,000,000 1,047,000

BIMB Holdings Berhad 23,884,086 12,391,064 23,297,193 12,196,080

======== ======== ======== ========

The Manager does not held any unit in the Fund. All units are held legally and beneficially by the

companies.

61

13. Transaction with Related Parties

Other than as disclosed in Note 5 and 6 of the financial statements, other transaction with related

parties are as follow:

Transactions Balance

as at as at

31 August 31 August

2013 2012 2013 2012

(RM) (RM) (RM) (RM)

The Manager

BIMB Investment Management Bhd.

- Management fee 79,248 109,479 (6,388) (8,949)

====== ====== ====== =======

Holding company of the Manager

Bank Islam Malaysia Berhad

- Income from short term

placement 97,489 26,761 2,871,293 2,649,805

====== ====== ======== =======

The Trustee

ABB Trustee Berhad

- Trustee fee 3,971 11,618 (256) (955)

====== ====== ====== =======

14. Transactions with Financial Institutions

2013 2012

% of % of

Value of total Value of total

trade trade trade trade

Islamic Debt securities (RM) (RM)

AmBank (M) Bhd. 3,008,730 21.12 3,036,525 49.98

Bank Muamalat Malaysia Bhd. 8,208,593 57.62 - -

CIMB Bank Bhd. - - 1,998,000 32.88

Hong Leong Bank Bhd. - - 1,041,467 17.14

Maybank Investment Bank Bhd. 1,006,294 7.06 - -

OSK Investment Bank Bhd. 2,023,564 14.20 - -

_________ _____ _______ ______

14,247,181 100.00 6,075,992 100.00

======== ===== ========= ======

62

15. Management expense ratio (“MER”)

The Management expense ratio for the financial year is 0.69% (2012: 0.95%). Management

expense ratio is the ratio of total fees and recovered expenses of the Fund expressed as a

percentage of the Fund’s average net asset value. It is a total management expenses expressed

as an annual percentage of the Fund’s average net asset value.

16. Portfolio turnover ratio (“PTR”)

The portfolio turnover ratio for the financial year is 16.04 times (2012: 0.20 times). It represents

the average of total acquisitions and disposals of the investments in the Fund for the financial year

over the average net asset value of the Fund calculated on a daily basis.

17. Financial instruments

17.1 Categories of financial instruments

The table below provides an analysis of financial instruments categorised as follows:

(a) Financing and receivables (F&R);

(b) Fair value through profit or loss (FVTPL);

(c) Other financial liabilities measured at amortised cost (OL).

Carrying

amount F&R/(OL) FVTPL

RM RM RM

31 August 2013

Financial assets

Islamic debt securities 4,011,800 - 4,011,800

Short term investments 10,047,603 10,047,603 -

Other receivables 57,932 57,932 -

Cash and cash equivalents 1,481,682 1,481,682 -

_____________________________________

15,599,017 11,587,217 4,011,800


Amount due to Manager (146,486) (146,486) -

Other payables (23,456) (23,456) -

_____________________________________

15,429,075 11,417,275 4,011,800

===================================

63

17. Financial instruments (continued)

17.1 Categories of financial instruments (continued)

Carrying


RM RM RM

31 August 2012

Financial assets




_____________________________________

14,568,912 4,368,912 10,200,000


Other payables (30,344) (30,344) -

_____________________________________

14,538,568 4,338,568 10,200,000

===================================

1 September 2011

Financial assets




_____________________________________

14,999,640 2,874,540 12,125,100


Other payables (29,799) (29,799) -

_____________________________________

14,969,841 2,844,741 12,125,100

===================================

17.2 Net gains and losses arising from financial instruments

2013 2012

Net gains on: RM RM

Fair value through profit or loss:

- Designated upon initial recognition 68,897 538,377

- Financing and receivables 381,689 90,158

_______ _______

450,586 628,535

====== =======

17.3 Financial risk management

The Fund has exposure to the following risks from its use of financial instruments:

Credit risk

Liquidity risk

Market risk

Investment risk

64


17.4 Credit risk

Credit risk is the risk of a financial loss to the Fund if a customer or counterparty to a financial

instrument fails to meet its contractual obligations. The Fund’s exposure to credit risk arises

principally from its short term investments.

The Manager manages the credit risk by setting counterparty limits and undertaking credit

evaluation to minimise the risk. The exposure to credit risk is monitored on an ongoing basis.

At balance sheet date, 88% of the Fund’s short term investments are with 4 (2012: 3) licensed

financial institutions. In addition, there was a significant concentration of credit risk being amount

invested in Islamic debt securities constituting 100% of the total debt securities.

The Fund’s maximum credit risk exposure at the reporting date is represented by the respective

carrying amounts of the relevant financial assets in the statement of financial position.

17.5 Liquidity risk

Liquidity risk is the risk that the Fund will not be able to meet its financial obligations as they fall

due. This may come about when realisation of units is in excess of investment amounts. The

Fund’s exposure to liquidity risk arises principally from its various payables.

The Fund maintains sufficient level of liquid assets, after consultation with the Trustee, to meet

anticipated payments and cancellation of units by unit holders. Liquid assets comprise cash at

bank and short term investments, which are capable of being converted into cash within 7 days.

The Fund’s policy is to always maintain a prudent level of liquid assets so as to reduce the liquidity

risk.

17.6 Market risk

Market risk is the risk that changes in market prices, such as profit rates and market prices will

affect the Fund’s financial position or cash flows.

Profit rate risk

The profit rate profile of the Fund’s significant profit-bearing financial instruments, based on

carrying amounts as at the end of reporting period was:

31.8.2013 31.8.2012 1.9.2011

RM RM RM

Fixed rate instruments

Islamic debt securities 4,011,800 10,200,000 12,125,100

Short term investments 10,047,603 - -

Cash and cash equivalents

- Short term investment with

licenced financial institutions 1,435,208 4,152,900 2,667,874

======== ======== ========

Fair value sensitivity analysis for fixed rate instruments

The Fund accounts for the Islamic debt securities and short term investments with licensed

financial institutions at fair value through profit and loss.

65


17.6 Market risk (continued)

An increase of 100 basis points (bp) in interest rates at the end of the reporting period would have

decreased equity and profit and loss by RM41,938 (2012: RM425,268). A decrease of 100 basis

point (bp) in interest rates would have equal but opposite effect on the equity and profit and loss

respectively.

17.7 Investment risk

Investments are bound by regulatory guidelines that govern the maximum securities holdings and

maximum liquid assets holdings.

Fixed income risks are in the form of profit rate and credit risks. To manage these risks,

investments will be in investment grade Sukuk.

Risk management objectives, policies and processes for managing the risk

The Manager has written policies and guidelines on risk management, which set out the overall

investment risks strategies and general risk management philosophies. These processes monitor,

measure and control risks associated with the business. Matters relating to investment risks in

respect of funds portfolio are discussed during the Investment Committee meetings of the

Manager.

17.8 Fair value of financial instruments

The carrying amounts of cash at bank, short term investments, other receivables and payables

approximate fair values due to relatively short term nature of these financial instruments.

The fair value of Islamic debt securities, together with the carrying amounts shown in the

statement of financial position, is disclosed in Note 4.

The following summarise the method used in determining the fair value of financial instruments:

Islamic debt securities

Islamic debt securities issued by Malaysian corporations and rated by the Rating Agency of

Malaysia Berhad or Malaysian Rating Corporation Berhad are carried at fair value. In arising at fair

value gain/loss, the acquisition cost is adjusted for the amortisation of any premium or accretion of

any discount over their par values at the time of acquisition. The premium or discount is amortised

or accreted on a yield to maturity basis over the remaining term of the investments from the date

of acquisition.

This adjusted cost (carrying value) is then revalued to reflect its fair value (indicative market value)

using the fair price quoted by an independent bond pricing agency (BPA) registered with the

Securities Commission. If such quotations are not available, it will be valued on a weekly basis or

as and when appropriate by reference to average indicative yield quoted by the three reputable

financial institutions in over-the-counter markets as the close of trading. These institutions include

investments banks and commercial banks. Surplus or deficit on revaluation is transferred to

statement of profit or loss and other comprehensive income.

66

18. Capital management

The Fund’s capital is represented by the unitholders’ fund in the statement of financial position.

The Manager of the Fund monitors the adequacy of capital on an ongoing basis. There is no

external capital requirement imposed on the Fund.

19. Significant event

A unit holders’ meeting was held in July 2012, whereby the Fund has changed its investment

objective from primarily investing in Islamic Bonds and other Islamic money market instruments to

investing in Shariah-compliant short-term debentures, money market instruments and placement

in short-term deposits. This change shall be effective from 15 October 2012 as disclosed in the

Supplemental Master Prospectus dated 12 September 2012 registered with the Securities

Commission.

20. Explanation of transition to MFRSs

As stated in Note 2(a), these are the first financial statements of the Company prepared in

accordance with MFRSs.

The accounting policies set out in Note 3 have been applied in preparing the financial statements

of the Fund for the year ended 31 August 2013, the comparative information presented in these

financial statements for the year ended 31 August 2012 and in the preparation of the opening

MFRS statement of financial position at 1 September 2011 (the Fund’s date of transition to

MFRSs).

The transition to MFRSs does not have financial impact to the financial statements of the Fund.

67

6.2 BIMB Dana Al-Munsif



Note 31.8.2013 31.8.2012 1.9.2011

(RM) % (RM) % (RM) %

Investments

Quoted securities 4 28,069,277 59.0 31,777,571 54.1 26,878,162 53.5

Islamic debt securities 5 15,928,100 33.5 24,569,690 41.8 15,353,690 30.6

__________ _____ __________ _____ _________ _____

43,997,377 92.5 56,347,261 95.9 42,231,852 84.1

Other assets

Amount due from

stockbroker 1,358,947 2.8 - 0.0 - 0.0

Amount due from

Manager - - - - 19,767 0.0

Other receivables 218,183 0.5 378,846 0.7 285,439 0.6

Current tax assets 60,571 0.1 37,220 0.1 29,421 0.1

Cash at bank 6 6,461,607 13.6 6,597,902 11.2 10,262,679 20.4

__________ _____ __________ _____ _________ _____

Total assets 52,096,685 109.5 63,361,229 107.9 52,829,158 105.2

--------------- -------- -------------- ------- -------------- -------

Liabilities

Amount due to

stockbroker 970,893 2.0 130,896 0.2 - 0.0

Amount due to

Manager 1,811 - 1,683,480 2.9 72,714 0.1

Other payables 94,064 0.2 103,144 0.2 85,417 0.2

Distribution payable 3,483,118 7.3 2,714,691 4.6 2,458,226 4.9

__________ _____ __________ _____ _________ _____

Total liabilities 4,549,885 9.5 4,632,211 7.9 2,616,357 5.2

--------------- -------- -------------- ------- -------------- -------

Net assets value 47,546,800 100.0 58,729,018 100.0 50,212,801 100.0

========= ==== ======== ==== ======== ====

Unitholders’ fund

Unitholders’ capital 7 47,890,156 100.7 57,712,153 98.3 52,182,176 103.9

(Accumulated losses)/

Retained profits (343,356) (0.7) 1,016,865 1.7 (1,969,375) (3.9)

__________ _____ __________ _____ _________ _____

47,546,800 100.0 58,729,018 100.0 50,212,801 100.0

========= ==== ======== ==== ======== ====

Number of units in

circulation 7 92,883,138 110,803,698 98,329,037

========= ========= =========

Net Asset Value 47,546,800 58,729,018 50,212,801

========= ========= =========

Net asset value per

Unit – Ex distribution 51.2 sen 53.0 sen 51.1 sen

========= ========= =========


68

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 AUGUST 2013

Note 2013 (RM)

2012 (RM)

Income

Gain on sale of shares 3,190,641 1,099,850

Gross dividends from shares quoted in Malaysia

1,375,010 944,393




Hibah from Al-Wadiah account 1,409 1,416

Net (loss)/ gain from financial instruments at fair value through profit or loss

(2,828,231)

3,337,832

3,066,714 6,799,302

Expenses

Manager’s fee 8 834,468 949,068

Trustee’s fee 9 44,505 50,617


Administrative expenses 44,844 25,686


935,817 1,037,382

Net income before taxation 2,130,897 5,761,920

Tax expense 10 (8,000) (60,989)

Net income for the year 2,122,897 5,700,931

Net Income for the year consist of:

Realised amount 4,951,128 2,363,099

Unrealised amount (2,828,231) 3,337,832

2,122,897 5,700,931

Net income for the year 2,122,897 5,700,931



69


Note

Unitholders' capital

Distribution

(Accumulated losses)/

Retained profits

Total

(RM) (RM) (RM) (RM)


52,182,176 2,458,226 (1,969,375) 52,671,027

Movement in unitholders' contribution or distribution


23,786,895 - - 23,786,895

Creation of unit via reinvestment of distribution

2,373,047

(2,458,226)

-

(85,179)


(20,629,965) - - (20,629,965)

Distributions 11 - 2,714,691 (2,714,691) -

Total contribution from unitholders

5,529,977

256,465

(2,714,691)

3,071,751


- - 5,700,931 5,700,931


57,712,153 2,714,691 1,016,865 61,443,709


57,712,153 2,714,691 1,016,865 61,443,709

Movement in unitholders' contribution or distribution

Creation of units for cash

3,819,007 - - 3,834,228

Creation of units via reinvestment of distribution 2,669,250

(2,714,691)

-

(45,441)


(16,310,254) - - (16,310,254)

Distributions 11 - 3,483,118 (3,483,118) -

Total contribution from unitholders

(9,821,997)

768,427

(3,483,118)

(12,521,467)


- - 2,122,897 2,107,676


47,890,156 3,483,118 (343,356) 51,029,918


70


2013 (RM)

2012 (RM)

Cash flows from operating activities

Proceeds from sale of investments 57,375,420 24,660,986

Dividend received 1,395,158 728,670

Income from Islamic debt securities and short term investments

1,469,810 1,222,002

Tax paid (31,351) (26,100)

Audit fee paid (10,000) (7,624)

Payment for administrative expenses (39,244) (46,063)

Trustee fee paid (45,346) (49,961)

Management fee paid (850,248) (936,763)


Net cash generated from/ (used in) operating activities

14,082,123 (6,756,295)


Creation of units 3,818,950 23,806,662

Cancellation of units (17,991,923) (20,629,965)

Payment of distributions (45,441) (85,179)

Net cash (used in)/ generated from financing activities

(14,218,414) 3,091,518

Net decrease in cash and cash equivalents (136,295) (3,664,777)

Cash and cash equivalents at 1 September 6,597,902 10,262,679

Cash and cash equivalents at 31 August 6,461,607 6,597,902


Cash at bank 795,978 330,079


6,461,607 6,597,902


71



BIMB Dana Al-Munsif (hereinafter referred to as “the Fund”) was constituted pursuant to the


Management Berhad., the Trustee - ABB Trustee Berhad and the registered holders of the Fund.

The addresses of the registered office and principal place of business of the Fund are as follows:

Registered office


No. 22, Jalan Perak

50450 Kuala Lumpur



No.22, Jalan Perak

50450 Kuala Lumpur


which include stocks and shares of companies quoted on Bursa Malaysia, short term deposits and

Islamic debt securities.



The financial statements were approved by the Board of Directors on 28 October 2013.

2. Basis of preparation

(a) Statement of compliance



Malaysia. This is the Company’s first financial statements prepared in accordance with MFRSs

and MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards has been

applied.





which are effective for annual periods beginning on or after 1 September 2012. The adoption

of the amendments to MFRS 101 has no impact on the financial statements other than the






72

2. Basis of preparation (continued)

(a) Statement of compliance (continued)











Amendments to MFRS 7, Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities

Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards – Government Loans

Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 101, Presentation of Financial Statements (Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 132, Financial Instruments: Presentation (Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2009-2011 Cycle)









Amendments to MFRS 132, Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities





Amendments to MFRS 7, Financial Instruments: Disclosures – Mandatory Effective Date of MFRS 9 and Transition Disclosures




73




where applicable:

from the annual period beginning on 1 September 2013 for those standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2013.






(b) Basis of measurement


3(a).

(c) Functional and presentation currency



(d) Use of estimates and judgements

The preparation of financial statements in conformity with MFRSs requires management to


policies and the reported amounts of assets, liabilities, income and expenses. Actual results

may differ from these estimates.


accounting estimates are recognised in the period in which the estimate is revised and in any

future periods effected.



statements.

74

3. Significant accounting policies






A financial instrument is recognised in the statement of financial statements when, and only

when, the Fund becomes a party to the contractual provisions of the instrument.





The Fund categorises financial instruments as follows:

Financial assets



trading, or financial assets that are specifically designated into this category upon initial

recognition. These include quoted securities and Islamic debt securities.


measured at their fair values with the gain or loss recognised in the statement of profit

or loss and other comprehensive income.



active market and these comprises amount due from manager, other receivables, cash

at bank and short term investments. Financial assets categorised as financing and

receivables are subsequently measured at amortised cost using the effective interest

method.




All financial liabilities are subsequently measured at amortised cost.

Financial liabilities measured at amortised cost comprises amount due to stockbroker,

amount due to Manager, other payables and distribution payable.

75

3. Significant accounting policies (continued)


(iii) Derecognition

A financial asset or part of it is derecognised when, and only when the contractual rights to

the cash flows from the financial asset expire or the financial asset is transferred to another

party without retaining control or substantially all risks and rewards of the asset. On

derecognition of a financial asset, the difference between the carrying amount and the sum

of the consideration received (including any new asset obtained less any new liability

assumed) and any cumulative gain or loss that had been recognised in equity is recognised

in profit or loss.






(b) Revenue recognition

(i) Dividend income

Dividend from quoted investments is recognised when right to receive payment is

established.

(ii) Income from short term investments and islamic debt securities


statement of profit or loss and other comprehensive income as it accrues, taking into

account the effective profit on the asset.

(c) Cash and cash equivalents

Cash and cash equivalents consist of cash at bank and short term investments with licensed

financial institutions which are readily convertible to cash with an insignificant risk of changes

in value.

Cash and cash equivalents are categorised and measured as loans and receivables in

accordance with policy Note 3(a)(ii)(b).

(d) Impairment

Financial assets





An impairment loss in respect of financing and receivables is recognised in profit or loss and

is measured as the difference between the asset’s carrying amount and the present value of



76


(e) Taxation

Tax expense comprises current and deferred tax. Tax expense is recognised in the income

statement except to the extent that it relates to items recognised directly in equity, in which

case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates

enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable

in respect of previous years.


The Fund issues cancellable units, which are cancelled at the holder’s option and are classified

as equity. Cancellable units can be put back to the Fund at any time for cash equal to a

proportionate share of the Fund’s net asset value. The outstanding units is carried at the

redemption amount that is payable at the financial position date if the holder exercises the right

to put the unit back to the Fund.

Units are created and cancelled at the holder’s option at prices based on the Fund’s net assets

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

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









(g) Distribution


accounted for as a deduction from realised reserves. A proposed distribution is recognised as

a liability in the period in which it is declared.

(h) Net Asset Value

The Net Asset Value is calculated after deducting the retained earnings allocated for

distribution.

77

4. Quoted securities

As at 31 August 2013 Company’s Name

Number of shares held

Cost (RM)

Market Value (RM)

Percentage of value of Funds at 31.8.2013

(%)

(A) Main Market (continued)

i) Construction

Gamuda Bhd. 372,000 1,740,720 1,662,840 3.5

Malaysian Resources

Corporation Bhd. 796,000 1,668,392 1,146,240 2.41

WCT Bhd. 874,450 2,176,745 2,133,658 4.49

2,042,450 5,585,857 4,942,738 10.40

ii) Consumer products

QL Resources Bhd. 352,000 1,240,397 1,196,800 2.52

UMW Holdings Bhd. 13,000 161,864 163,540 0.34

365,000 1,402,261 1,360,340 2.86

iii) Finance

BIMB Holdings Bhd. 141,000 523,563 609,120 1.28

iv) Industrial products

Perisai Petroleum Teknologi Bhd. 217,000 309,305 295,120 0.62

v) Infrastructure

Digi.Com.Bhd. 447,500 2,183,377 2,103,250 4.42

YTL Power International Bhd. 629,000 1,459,008 1,006,400 2.12

1,076,500 3,642,385 3,109,650 6.54

vi) Plantation

IOI Corporation Bhd. 12,000 63,400 64,800 0.14

United Malacca Bhd. 17,700 133,063 127,440 0.27

29,700 196,463 192,240 0.41

78

4. Quoted securities (continued)



Cost (RM)

Market Value (RM)


(%)


vii) Properties

IJM Land. Bhd. 451,000 1,327,789 1,091,420 2.30

LBS Bina Group Bhd. 780,000 1,382,647 1,310,400 2.76

Mah Sing Group Bhd. 46,000 98,297 103,500 0.22

SP Setia Bhd. 254,000 1,031,792 815,340 1.71

UEM Sunrise Bhd. 396,900 1,101,795 1,000,188 2.10

1,927,900 4,942,320 4,320,848 9.09

viii) Trading and services

Axiata Group Bhd. 182,000 1,004,500 1,226,680 2.58

Dialog Group Bhd. 367,000 982,590 946,860 1.99

Maxis Bhd. 273,000 1,649,437 1,867,320 3.93

Media Chinese International Ltd. 923,200 1,362,938 969,360 2.04

MMC Corporation Bhd. 224,500 640,886 561,250 1.18

Parkson Holdings Bhd. 194,000 1,067,947 649,900 1.37

PETRONAS Dagangan Bhd. 28,500 583,351 792,300 1.67

Pos Malaysia Bhd. 67,600 216,306 335,296 0.70

Sime Darby Bhd. 72,500 655,975 680,775 1.43

SapuraKencana Petroleum Bhd. 317,000 1,155,630 1,138,030 2.39

Tenaga Nasional Bhd. 247,000 2,040,182 2,156,310 4.53

Telekom Malaysia Bhd. 354,000 1,975,777 1,915,140 4.03

3,250,300 13,335,519 13,239,221 27.84

Total portfolio investment as at 31 August 2013

29,937,673 28,069,277 59.04

79




Cost (RM)

Market Value (RM)


(%)

(A) Main Market

i) Construction

Gamuda Bhd. 509,000 1,900,244 1,756,050 3.0

Hock Seng Lee Bhd. 210,120 375,924 338,293 0.6

IJM Corporation Bhd. 213,000 1,167,264 1,094,820 1.9

Malaysian Resources Corporation

656,000 1,436,016 1,108,640 1.9

WCT Bhd. 140,000 417,389 371,000 0.6

1,728,120 5,296,837 4,668,803 8.0

ii) Consumer products

Padiberas Nasional Bhd. 236,000 742,796 802,400 1.4

MSM Malaysia Holdings Bhd. 119,700 575,206 603,288 1.0

355,700 1,318,002 1,405,688 2.4

iii) Finance

BIMB Holdings Bhd. 138,000 390,096 441,600 0.8

138,000 390,096 441,600 0.8

iv) Industrial products

PETRONAS Chemical Group Bhd.

292,000 1,959,637 1,892,160 3.2

v) Infrastructure

YTL Power International Bhd. 629,000 1,459,008 1,094,460 1.9

vi) Plantation

Genting Plantations Bhd. 84,000 716,077 780,360 1.3

IOI Corporation Bhd. 365,000 1,930,194 1,876,100 3.2

449,000 2,646,271 2,656,460 4.5

80




Cost (RM)

Market Value (RM)


(%)


vii) Properties

IJM Land Bhd. 180,000 567,720 430,200 0.7

SP Setia Bhd. 254,000 1,031,792 904,240 1.5

UEM Land Holdings Bhd. 491,000 1,379,706 908,350 1.5

925,000 2,979,218 2,242,790 3.7

viii) Reits

Al-Aqar Healthcare Reit 510,100 569,835 714,140 1.2

Axis Reits 73,000 197,732 223,380 0.4

583,100 767,567 937,520 1.6

81




Cost (RM)

Market Value (RM)


(%)


ix) Trading and services

Axiata Group Bhd. 275,000 1,335,143 1,647,250 2.8

Bumi Armada Bhd. 28,000 85,688 106,120 0.2

Dayang Enterprise Holdings Bhd.

206,250 435,443 422,812 0.7

Dialog Group Bhd. 690,400 1,630,344 1,622,440 2.8

Gas Malaysia Bhd. 134,000 317,082 348,400 0.6

IHH Healthcare Bhd. 124,000 350,672 396,800 0.7

KPJ Healthcare Bhd. 74,000 302,223 463,980 0.8

Maxis Bhd. 324,000 1,765,937 2,280,960 3.9

Media Chinese International Ltd.

554,200 662,123 853,468 1.4


Parkson Holdings Bhd. 194,000 1,067,947 907,920 1.5

PETRONAS Dagangan Bhd. 28,000 452,202 627,200 1.1

Pos Malaysia Bhd. 758,700 2,048,895 2,420,253 4.1

Sime Darby Bhd. 249,000 2,149,136 2,442,690 4.2

SapuraKencana Petroleum Bhd.

234,005 399,078 554,592 0.9

Tenaga Nasional Bhd. 104,500 722,860 714,780 1.2

4,234,555 14,457,010 16,438,090 28.0

Total portfolio investment as at 31 August 2012

31,273,646 31,777,571 54.1

82


Percentage As at 1 September 2011 Number of value of Company’s Name of shares Market funds at held Cost value 1.9.2011

RM RM % (A) Main Market

(i) Consumer products

MSM Malaysia Holdings Bhd. 37,000 130,795 197,950 0.4

====== ===========================

(ii) Infrastructure

YTL Power International

Bhd. 629,000 1,459,008 1,182,520 2.4

======= ============================

(iii) Plantation

Genting Plantations Bhd. 54,000 427,962 381,780 0.8

IOI Corporation Bhd. 370,000 1,956,635 1,668,700 3.3

________ _____________________________

424,000 2,384,597 2,050,480 4.1

======= ============================

(iv) Properties

Al-aqar KPJ Reit. 390,100 401,095 436,912 0.9

IJM Land Bhd. 180,000 567,720 435,600 0.9

SP Setia Bhd. 254,000 1,031,792 962,660 1.9

UEM Land Holdings Bhd. 491,000 1,379,707 1,021,280 2.0

________ _____________________________

1,315,100 3,380,314 2,856,452 5.7

======= ============================

83



RM RM %

(v) Trading and services

Bumi Armada Bhd. 28,000 85,688 99,400 0.2

Dayang Enterprise

Holdings 206,250 435,443 371,250 0.7

Dialog Group Bhd. 367,000 983,004 880,800 1.8

Kencana Petroleum Bhd. 574,700 1,533,034 1,580,425 3.2

Maxis Bhd. 324,000 1,765,937 1,720,440 3.4

Malaysian Bulk Carriers

Bhd. 193,500 589,886 367,650 0.7


Plus Expressways Bhd. 628,000 2,791,461 2,731,800 5.4

Sapuracrest Petroluem Bhd. 369,600 1,464,988 1,478,400 2.9

Sime Darby Bhd. 184,000 1,550,371 1,617,360 3.2


Telekom Malaysia Bhd. 583,000 2,198,163 2,419,450 4.8

________ _____________________________

3,830,550 14,885,901 14,490,960 28.8

======= ============================

84



RM RM %

(vi) Construction

Gamuda Bhd. 509,000 1,900,244 1,516,820 3.0

Hock Seng Lee Bhd. 206,000 375,924 306,940 0.6

IJM Corporation Bhd. 88,000 466,031 499,840 1.0

Malaysian Resources

Corporation Berhad 556,000 1,258,504 1,123,120 2.2

WCT Bhd. 140,000 417,389 359,800 0.7 ________ _____________________________ 1,499,000 4,418,092 3,806,520 7.5

======= =========================

(vii) Industrial products

KNM Group Bhd. 356,000 1,025,505 477,040 1.0 Petronas Chemical Group Bhd. 292,000 1,959,637 1,816,240 3.6 ________ ______________________________ 648,000 2,985,142 2,293,280 4.6

======= ============================= Total portfolio investment as at 1 September 2011 29,643,849 26,878,162 53.5

===========================

85

5. Islamic debt securities

As at 31 August 2013 Maturity

Date Rating*

Cost (RM)

Market Value (RM)

Percentage of Value of Funds at 31.8.2013

Teknologi Tenaga Perlis Consortium Bhd.

31.07.2017 AA1 114,540 114,590 0.2

SapuraKencana Petroleum Bhd.

28.08.2017 AA3 4,971,000 4,931,000 10.37

Tanjung Bin O&M Berhad 01.07.2021 AA-IS 3,049,800 3,003,600 6.32

Axis REIT Sukuk Bhd. 12.07.2024 AAA 5,060,000 4,971,000 10.45

16,084,400 15,928,100 33.50

As at 31 August 2012 Maturity

Date Rating*

Cost (RM)

Market Value (RM)


Encorp Systembilt Sdn. Bhd. 17.05.2013 AA2 1,998,000 2,004,000 3.4

Teknologi Tenaga Perlis Consortium Bhd.

11.09.2015 AA1 114,540 114,590 0.2

Sarawak Energy Bhd. 22.06.2018 AA1 3,017,760 3,104,400 5.3

Government Investment Issuance II

30.08.2018 - 999,680 1,024,500 1.7

Aman Sukuk Bhd. 12.04.2019 AAA 3,000,000 3,055,800 5.2

Axis Reit Sukuk Bhd. 07.12.2024 AAA 9,108,000 9,092,700 15.5

Manjung Island Energy Bhd. 25.11.2026 AAA 3,000,000 3,063,300 5.2

Projek Lebuhraya Usahasama Bhd.

12.01.2027 AAA 3,032,100 3,110,400 5.3

24,270,080 24,569,690 41.8

86

5. Islamic debt securities (continued)

As at 1 September 2011 Maturity

Date Rating*

Cost (RM)

Market Value (RM)


TTPC Sdn. Bhd. 11.09.201

5 AA1 114,540 117,890 0.2

Government Investment Issuance I

15.07.2013

- 1,993,200 2,007,800 4.0

Government Investment Issuance II

30.08.2018

- 9,96,800 10,126,000 20.2

Sarawak Energy Bhd. 22.06.201

8 AA1 3,017,760 3,102,000 6.2

15,122,300 15,353,690 30.6

* Ratings is either by Rating Agency Malaysia Berhad or Malaysian Rating Corporation Berhad whichever applicable.


As at

31.8.2013

(RM)

As at

31.8.2012

(RM)

As at

31.8.2011

(RM)

Short term placements

in licensed financial

institutions

Special Investment Account*

5,665,629

-

7,063,629

Waheed I Deposits* - 6,267,823 -

Wakalah Deposits - - 2,885,517

5,665,629 6,267,823 9,949,146

Cash at bank* 795,978 330,079 313,533

6,461,607 6,597,902 10,262,679

*Special Investment Account, Waheed I Deposits and cash at bank are placed with related party,

Bank Islam Malaysia Berhad.

87

7. Unitholders’ capital

As at As at As at

31.8.2013 31.8.2012 1.9.2011


At 1 September

2012/2011 110,803,698 57,712,153 98,329,037 52,182,176 60,063,446 31,111,429

Creation of units 12,183,695 6,488,257 50,453,460 26,159,942 44,970,184 24,767,710

Cancellation of

units (30,104,255)(16,310,254)(37,978,799) (20,629,965) (6,704,593) (3,696,963)

__________ _________ _________ _________ _________ _________

At 31 August 92,883,138 47,890,156 110,803,698 57,712,153 98,329,037 52,182,176

========= ======== ========= ========= ========= =========


is 400,000,000 (31 August 2012: 400,000,000, 1 September 2011: 400,000,000) units. As at 31

August 2013, the number of units yet to be issued was 307,116,862 units (31 August 2012:

289,196,302 units, 1 September 2011: 301,670,963).


approximate RM16,310,000 (31 August 2012: RM20,630,000, 1 September 2011: RM3,600,000)

and the average monthly level of creation net of redemption are expected to approximate

RM818,000 (31 August 2012: RM460,000, 1 September 2011: RM1,700,000). However, the actual

level of redemptions may differ significantly from the historic experience.

8. Manager’s fee

The manager’s fee payable to the Manager of the Fund is based on 1.50% (2012: 1.50%) per annum of the net asset value of the Fund calculated on a daily basis.

9. Trustee’s fee

The trustee’s fee is payable to the trustee of the Fund based on 0.08% (2012: 0.08%) per annum

subject to a minimum of RM18,000 per annum of the net asset value of the Fund calculated on a

daily basis.

88

10. Tax expense

2013 (RM)

2012 (RM)

Tax Expenses

- Current year 8,000 60,989

8,000 60,989

Reconcilation of effective tax expense

Net income before taxation 2,130,897 5,761,920

Income tax using Malaysian tax rate @ 25% 532,724 1,440,480

Non-deductable expenses 912,599 (599,672)

Income not subject to tax (1,437,323) (779,819)

8,000 60,989

11. Distribution

2013

(RM)

2012 (RM)


Gain on sale of shares 3,190,641 1,099,850

Gross dividends from shares quoted in Malaysia 1,375,010 944,393




Hibah from Al-Wadiah account 1,409 1,416


5,894,945 3,813,062

Less:

Expenses (935,817) (1,037,382)

Tax expense (8,000) (60,989)

Undistributed income (1,468,010) -

Net distribution 3,483,118 2,714,691

The Manager has declared a net distribution of 3.75 sen (2012: 2.45 sen) per unit based on units

in circulation as at 31 August 2013 amounting to RM3,843,118 (2012: RM2,714,691) in respect of

the current financial year. The distribution was approved by the Investment Committee in July

2013.

89

12. Units held by related parties

The number of units held by Management Company and other related party are as follows:

As at 31.8.2013

As at 31.8.2012

Unit (RM) Unit (RM)

Bank Islam Malaysia Bhd

500,00 255,950 500,000 267,650

The Manager does not hold any unit in the Fund (2012: Nil). All units are held legally and beneficially by the company.

13. Transactions with related parties

Other than as disclosed in Note 6 of the financial statements, other transaction with related parties

are as follow:


as at as at

31 August 31 August

2013 2012 2013 2012

(RM) (RM) (RM) (RM)

The Manager

BIMB Investment Management

Berhad

- Management fee 834,468 949,068 (63,818) (79,598)

- Amount due to manager - - (1,753) (1,683,480)

====== ======= ====== =======




placement 170,411 116,398 5,665,629 6,267,823

====== ======= ======= ========

Related company of the Manager

BIMB Securities Sdn. Bhd.

- Brokerage fee 36,254 7,079 - -

====== ======= ====== =======

The Trustee

ABB Trustee Berhad

- Trustee fee 44,505 50,617 (3,404) (4,245)

====== ======= ====== =======

90

14. Transaction with related and other stockbroking companies

1 September 2012 to 31 August 2013

Value of trade (RM)

% of total trade

Brokerage fee

(RM)

% of total brokerage fee

Maybank Investment Bank Bhd

16,993,174 14.46 51,362 22.34

Bank Islam Malaysia Bhd.* 11,301,673 9.62 - -

CIMB Investment Bank Bhd. 10,564,198 8.99 39,890 17.35

Hong Leong Bank Bhd. 10,198,268 8.67 - -

CIMB Bank Bhd. 10,170,441 8.65 - -

BIMB Securities Sdn. Bhd.* 9,706,951 8.26 36,254 15.77

RHB Investment Bank Bhd. 9,511,461 8.09 32,992 14.35

AmBank (M) Bhd. 9,175,746 7.80 - -

MIDF Investment Bank Bhd. 8,858,328 7.54 32,277 14.04

OSK Investment Bank Bhd. 8,686,100 7.39 12,989 5.65

Other brokers 12,386,023 10.54 24,154 10.50

117,551,363 100.00 229,918 100.00

*Transactions with the related party have been entered into in the normal course of business and have

been transacted at arm’s length basis.

91

14. Transaction with related and other stockbroking companies (continued)

1 September 2011 to 31 August 2012

Value of trade (RM)

% of total trade

Brokerage fee

(RM)

% of total brokerage fee

MIDF Amanah Investment Bank Bhd.

4,074,059 7.34 10,185 13.22

AmBank (M) Bhd 5,056,450 9.10 - -

AmInvestment Bank Bhd 3,884,524 7.00 10,682 13.87

CIMB Bank Bhd. 11,118,205 20.01 - -

Bank Islam Malaysia Bhd * 6,000,000 10.80 - -

Hong Leong Bank Bhd 6,248,802 11.25 - -


Maybank Investment Bank Bhd

3,587,156 6.46 22,177 28.79

AmIslamic Bank Bhd. 3,065,363 5.52 - -


Other brokers 5,787,969 10.42 13,736 17.83

55,546,205 100.00 77,019 100.00

*Transactions with the related party have been entered into in the normal course of business and have

been transacted at arm’s length basis.

15. Management Expense Ratio (“MER”)

The Management Expense Ratio for the financial year is 1.68% (2012: 1.64%). Management




16. Portfolio Turnover Ratio (“PTR”)

The Portfolio Turnover Ratio for the financial year is 1.06 times (2012: 0.45 times). It represents



92

17. Financial Instruments

17.1 Categories of financial instruments



(b) Fair value through profit or loss (FVTPL);


Carrying


As at 31 August 2013 (RM) (RM) (RM)

Financial assets

Quoted securities 28,069,277 - 28,069,277


Receivables 1,577,130 1,577,130 -


___________________________________

52,036,114 8,038,737 43,997,377

===================================


Payables (1,066,767) (1,066,767) -

Distribution payable (3,483,118) (3,483,118) -

___________________________________

(4,549,885) (4,549,885) -

==================================


Financial assets



Receivables 378,846 378,846 -


____________________________________

63,324,009 6,976,748 56,347,261

===================================


Payables (1,917,520) (1,917,520) -


_____________________________________

(4,632,211) (4,632,211) -

====================================

93

17. Financial Instruments (continued)

17.1 Categories of financial instruments (continued) Carrying amount F&R/(OL) FVTPL

(RM) (RM) (RM)


Financial assets



Receivables 305,206 305,206 -


__________________________________

52,799,737 10,567,885 42,231,852

=================================


Payables (158,131) (158,131) -


__________________________________

(2,616,357) (2,616,357) -

=================================


2013 (RM)

2012 (RM)

Net gains on:

Fair value through profit or loss:

- Designated upon initial recognition 2,886,924 6,421,335

Financing and receivables 179,790 377,967

3,066,714 6,799,302

94




Credit risk

Liquidity risk

Market risk

Investment risk

17.4 Credit Risk

Credit risk is the risk of a financial loss to the Fund if a customer or counterparty to a

financial instrument fails to meet its contractual obligations. The Fund’s exposure to credit

risk arises principally from its investment securities and receivables.


evaluation to minimise the risk. The exposure to credit risk is monitored on an ongoing

basis.

The Fund’s maximum credit risk exposure at the reporting date is represented by the

respective carrying amounts of the relevant financial assets in the statement of financial

position. In addition, there was a significant concentration of credit risk being invested in

Axis Reit Sukuk Bhd and SapuraKencana Petroleum Bhd. constituting 31% of the total

Islamic Debt Securities respectively.

No financial assets carried at amortised cost were past due or impaired as at date of

statement of financial position.

17.5 Liquidity Risk

Liquidity risk is the risk that the Fund will not be able to meet its financial obligations as

they fall due. The Fund’s exposure to liquidity risk arises principally from its various

payables which are due within one year.

The Fund maintains sufficient level of liquid assets, after consultation with the Trustee, to

meet anticipated payments and cancellation of units by unit holders. Liquid assets

comprise cash and other instruments, which are capable of being converted into cash

within 7 days.

17.6 Market Risk

Market risk is the risk that changes in market prices, such as profit rates and market prices

will affect the Fund’s financial position or cash flows.

95


17.6 Market Risk (continued)

Profit rate risk

The profit rate profile of the Fund’s significant profit-bearing financial instruments, based

on carrying amounts as at the end of reporting period was:

Fixed rate instruments

As at 31.8.2013

(RM)

As at 31.8.2012

(RM)

As at 1.9.2011

(RM)

Islamic debt securities 15,928,100

24,569,690

15,353,690

Short term investments

5,665,629

6,267,823

9,949,146

Fair value sensitivity analysis for fixed rate instruments

The Fund accounts for the Islamic debt securities at fair value through profit and loss.

An increase of 100 basis points (bp) in interest rates at the end of the reporting period

would have decreased on the unitholders’ fund and statement of profit or loss and other

comprehensive income by RM723,996 (2012: RM1,778,556). A decrease of 100 basis

point (bp) in interest rates would have equal but opposite effect on the equity and

statement on comprehensive income respectively.

The Fund is also accounts for the fixed rate short term investment are not significantly

exposed to profit rate risk.

Market price risk

Equity price risk arises from the Fund’s investments in equity securities.


The Fund is restricted to invest in securities issued by any issuer of not more than a

certain percentage of its net asset value. Under such restriction, the exposure risk to the

securities of any issuer is mitigated.

Equity price risk sensitivity analysis

This analysis assumes that all other variables remain constant and the Fund’s equity

investments are positively correlated to each other.

A 5% strengthening in the equity prices at the end of the reporting period would have

increased the net asset value and unitholders’ fund by RM1,584,996 (2012:

RM1,588,879). A 5% weakening in equity prices would have had equal but opposite effect

on the net asset value and unitholders’ fund respectively.

96



Investments are bound by regulatory guidelines that govern the maximum securities

holdings and maximum liquid assets holdings.

Equity investment risks consist primarily of market risk, specific stock risk and liquidity risk.

The mechanism employed to control investment risk for equity funds is by placing

acceptable stock and sector limits.




The Manager has written policies and guidelines on risk management, which set out the

overall investment risks strategies and general risk management philosophies. These

processes monitor, measure and control risks associated with the business. Matters

relating to investment risks in respect of Funds portfolio are discussed during the

Investment Committee meetings of the Manager.

17.8 Fair value of financial instruments

The carrying amounts of cash and cash equivalents, short term receivables and payables

approximate fair values due to the relatively short term nature of these financial

instruments.

The fair value of quoted securities and Islamic debt securities, together with the carrying

amounts shown in the statement of financial position are already disclosed in Note 4 and

Note 5 respectively.

The following summarises the method used in determining the fair value of financial

instruments:

Quoted equities

Quoted equities in Malaysia are valued at a bid price quoted on the Bursa Malaysia at the

date of the statement of financial position, in accordance with the Deed. Unrealised gain or

loss is taken to statement of profit or loss and other comprehensive income.


Islamic debt securities issued by Malaysian corporations and rated by the Rating Agency

Malaysia Berhad and Malaysian Rating Corporation Berhad are carried at fair value. In

arriving at fair value gain/loss, the acquisition cost is adjusted for the amortisation of any

premium or accretion of any discount over their par values at the time of acquisition. The

premium or discount is amortised or accreted on a yield to maturity basis over the

remaining term of the investments from the date of acquisition.

97


17.8 Fair value of financial instruments (continued)


This adjusted cost (carrying value) is then revalued to reflect its fair value (indicative

market value) using the fair price quoted by an independent bond pricing agency (BPA)

registered with the Securities Commission. If such quotations are not available, it will be

valued on a weekly basis or as and when appropriate by reference to average indicative

yield quoted by the three reputable financial institutions in over-the-counter markets as the

close of trading. These institutions include investments banks and commercial banks.

Surplus or deficit on revaluation is transferred to statement of profit of loss and other

comprehensive income.

17.8.1 Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation

method. The different levels have been defined as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and

liabilities.

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

observable for the asset or liability, either directly (i.e. as prices) or indirectly

(i.e. derived from prices).

Carrying

amount Level 1 Level 2

As at 31 August 2013 (RM) (RM) (RM)

Financial assets at fair value

through profit or loss

- Quoted securities 28,069,277 28,069,277 -

- Islamic debt securities 15,928,100 - 15,928,100

____________________________________

43,997,377 28,069,277 15,928,100

==================================






____________________________________

56,347,261 31,777,571 24,569,690

==================================






____________________________________

42,231,852 26,878,162 15,353,690

==================================

98






As stated in Note 2(a), these are the first financial statements of the Fund prepared in accordance

with MFRSs.


of the Fund for the year ended 31 August 2013 and the comparative information presented in these



MFRSs).

The transition to MFRSs does not have significant financial impact to the financial statements of

the Fund. Hence, no reconciliation of accounting policies between the FRSs and MFRSs is

presented.

99

6.3 BIMB Dana Al-Falah



Note 31.8.2013 31.8.2012 1.9.2011 (RM) % (RM) % (RM) % Investments Quoted securities 4 18,082,988 77.2 13,496,920 57.3 10,541,435 45.6 Islamic debt securities 5 4,017,400 17.1 7,177,000 30.5 4,071,800 17.6 _________ _____ _________ _____ _________ _____ 22,100,388 94.3 20,673,920 87.8 14,613,235 63.2 Other assets Amount due from stockbroker 105,095 0.5 - - 16,802 0.1 Amount due from Manager 196,781 0.7 - - 16,802 0.1 Other receivables 93,863 0.4 134,683 0.6 90,991 0.4 Current tax assets 26,597 0.1 13,646 0.1 7,766 0.0 Cash and cash equivalents 6 2,999,713 12.8 3,681,262 15.6 9,275,858 40.1 _________ _____ _________ _____ _________ _____ Total assets 25,522,437 108.8 24,503,511 104.1 24,004,652 103.8 ------------- -------- -------------- -------- -------------- -------- Liabilities Amount due to stockbroker 262,017 1.1 - - - - Amount due to Manager - - 96,607 0.5 - - Other payables 66,083 0.1 54,515 0.1 44,387 0.2 _________ _____ _________ _____ _________ _____ Total liabilities 328,100 1.2 151,122 0.6 44,387 0.2 ------------- -------- -------------- -------- -------------- -------- 25,194,337 107.6 24,352,389 103.5 23,960,265 103.6 ======== ==== ======== ==== ======== ==== Unitholders’ Funds Unitholders’ capital 7 24,283,066 103.7 22,912,669 97.3 23,914,752 103.5 Distribution equalisation 117,747 0.5 117,747 0.5 148,825 0.6 (Accumulated losses)/ Retained profits (979,359) (4.2) 506,113 2.2 (948,637) (4.1) _________ _____ _________ _____ _________ _____ 23,421,454 100.0 23,536,529 100.0 23,114,940 100.0 Distribution payable 1,772,883 7.6 815,860 3.5 845,325 3.6 _________ _____ _________ _____ _________ _____ 25,194,337 115.2 24,352,389 103.5 23,960,265 103.6 ======== ==== ======== ==== ======== ==== Number of units in circulation 7 43,241,059 40,793,027 42,266,252 ======== ======== ======== Net Asset Value 23,421,454 23,536,529 23,114,940 ======== ======== ======== Net asset value per Unit – Ex distribution 54.2 sen 57.7 sen 54.7 sen ======== ======== ========


100

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR

ENDED 31 AUGUST 2013

Not

e

2013

(RM)

2012

(RM)

Income

Gain on sale of shares 1,815,709 304,020

Gross dividends from shares quoted in Malaysia 596,651 368,105



Gain on sale of Islamic debt securities 112,980 63,105


Net (loss)/ gain from financial instruments at fair value


(2,154,988) 1,518,907

746,583 2,683,109

Expenses

Manager’s fee 8 383,966 370,130

Trustee’s fee 9 20,478 19,740


Administration 35,928 19,407


452,372 421,277

Net income before taxation 294,211 2,261,832

Taxation 10 (6,800) (22,300)

Net income for the year 287,411 2,239,532

Net income for the year consist of:

Realised amount 2,442,399 720,625

Unrealised amount (2,154,988) 1,518,907

287,411 2,239,532

Net income for the year 287,411 2,239,532



101


Note

Unitholders' capital

Distribution Reserve

Distribution Equalisation

Retained profits/

(Accumulated losses)

Total

(RM) (RM) (RM) (RM) (RM)


23,914,752 845,325 148,825 (948,637) 23,960,265

Movement in unitholders' contribution

or distribution


6,737,172 - - - 6,737,172 Creation of units via

reinvestment

of distribution

845,325 (845,325) - 31,078 - Cancellation of units

(8,584,580) - - - (8,584,580) Distribution

11 - 815,860 (31,078) (815,860) -

Total (distribution to)/ contribution (1,002,083) (29,465)

(31,078) (784,782) (1,847,408)

from unitholders


- - - 2,239,532 2,239,532 As at 31 August 2012

22,912,669 815,860 117,747 506,113 24,352,389


22,912,669 815,860 117,747 506,113 24,352,389

Movement in unitholders' contribution

or distribution


8,723,065 - - 2,181 8,752,247 Creation of unit via reinvestment

of distribution

815,860 (815,860) - - - Cancellation of units

(8,168,528) - - - (8,168,528) Distribution

11 - 1,772,883 - (1,772,883) -

Total (distribution to)/

contribution from unitholders

1,370,397 957,023 - (1,770,701) 556,719


- - - 285,229 285,229


24,283,066 1,772,883 117,747 (979,359) 25,194,337


102


2013 (RM)

2012 (RM)

Cash flows from operating activities

Proceeds from sales of investments 22,037,761 9,123,176


Dividend received 600,664 296,233

Income from Islamic debts securities and

short term investments

183,046 428,972

Management fee paid (372,430) (367,858)

Trustee fee paid (20,478) (19,619)

Audit fee paid (10,000) (3,643)

Payment for other fee and expenses (55,497) (20,029)

Net cash used in operating activities (1,236,086) (3,860,597)


Creation of units 8,723,065 6,753,974

Cancellation of units (8,168,528) (8,487,973)

Net cash generated from/ (used in)

financing activities

554,537

(1,733,999)

Net decrease in cash and cash equivalents (681,549) (5,594,596)

Cash and cash equivalents at 1 September

2012/2011

3,681,262 9,275,858

Cash and cash equivalents at 31 August 2,999,713

3,681,262


Cash at bank

303,695

74,753


2,999,713 3,681,262


103



BIMB Dana Al-Falah (hereinafter referred to as “the Fund”) was constituted pursuant to the


Management Berhad, the Trustee - ABB Trustee Berhad and the registered holders of the Fund.

The addresses of the registered office and principal place of business of the Fund are as follows:

Registered office


No.22, Jalan Perak

50450 Kuala Lumpur



No.22, Jalan Perak

50450 Kuala Lumpur


which include stocks and shares of companies quoted on Bursa Malaysia, short term deposits and

Islamic debt securities.



The financial statements were approved by the Board of Directors of the Manager on 28 October

2013.

2. Basis of preparation

(a) Statement of compliance



Malaysia. This is the Fund’s first financial statements prepared in accordance with MFRSs and

MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards has been applied.





which are effective for annual periods beginning on or after 1 July 2012. The adoption of the

amendments to MFRS 101 has no impact on the financial statements other than the






104













Amendments to MFRS 7, Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities

Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards – Government Loans

Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 101, Presentation of Financial Statements (Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 132, Financial Instruments: Presentation (Annual Improvements 2009-2011 Cycle)

Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2009-2011 Cycle)









Amendments to MFRS 132, Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities





Amendments to MFRS 7, Financial Instruments: Disclosures – Mandatory Effective Date of MFRS 9 and Transition Disclosures




105




where applicable:



from the annual period beginning on 1 September 2015 for those standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2015




(b) Basis of measurement


3(a).

(c) Functional and presentation currency



(d) Use of estimates and judgments

The preparation of financial statements in conformity with MFRSs requires management to


policies and the reported amounts of assets, liabilities, income and expenses. Actual results

may differ from these estimates.


accounting estimates are recognised in the period in which the estimate is revised and in any

future periods effected.



statements.

106

3. Significant accounting policies






A financial instrument is recognised in the statement of financial statements when, and

only when, the Fund becomes a party to the contractual provisions of the instrument.





The Fund categorises financial instruments as follows:

Financial assets



trading, or financial assets that are specifically designated into this category upon

initial recognition. These include quoted securities and Islamic debt securities.


measured at their fair values with the gain or loss recognised in the statement of

comprehensive income.



active market and these comprises other receivables, cash at bank and short term

investments. Financial assets categorised as financing and receivables are

subsequently measured at amortised cost using the effective interest method.




All financial liabilities are subsequently measured at amortised cost.

Financial liabilities measured at amortised cost comprises amount due to stockbroker,

amount due to Manager, other payables and distribution payable.

107



(iii) Derecognition

A financial asset or part of it is derecognised when, and only when the contractual rights

to the cash flows from the financial asset expire or the financial asset is transferred to

another party without retaining control or substantially all risks and rewards of the asset.

On derecognition of a financial asset, the difference between the carrying amount and the

sum of the consideration received (including any new asset obtained less any new liability

assumed) and any cumulative gain or loss that had been recognised in equity is

recognised in profit or loss.






(b) Income recognition

(i) Dividend income

Dividend from quoted investments is recognised when right to receive payment is

established.

(ii) Income from short term investments and Islamic debt securities


statement of profit or loss and other comprehensive income as it accrues, taking into

account the effective profit on the asset.

(c) Cash and cash equivalents

Cash and cash equivalents consist of cash at bank and short term investments with licensed

financial institutions which are readily convertible to cash with an insignificant risk of changes

in value.

Cash and cash equivalents are categorised and measured as financing and receivables in

accordance with policy Note 3(a)(ii)(b).

(d) Impairment

Financial assets





An impairment loss in respect of loans and receivables is recognised in profit or loss and is

measured as the difference between the asset’s carrying amount and the present value of



108


(e) Taxation

Tax expense comprises current and deferred tax. Tax expense is recognised in the statement

of comprehensive income except to the extent that it relates to items recognised directly in

equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates

enacted or substantively enacted at the statement of financial position date, and any

adjustment to tax payable in respect of previous years.


The Fund issues cancellable units, which are cancelled at the holder’s option and are

classified as equity. Cancellable units can be put back to the Fund at any time for cash equal

to a proportionate share of the Fund’s net asset value. The outstanding units is carried at the

redemption amount that is payable at the financial position date if the holder exercises the

right to put the unit back to the Fund.

Units are created and cancelled at the holder’s option at prices based on the Fund’s net

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

unit is calculated by dividing the net assets attributable to unitholders with the total number of









(g) Distribution


accounted for as a deduction from realised reserves except when realised reserves is not

enough, it will be sourced out of distribution equalisation. The mode of the income distribution

is via creation of additional units based on NAV as at the date one month after the accrual

date. A proposed distribution is recognised in equity in the period in which they are declared.

(h) Net assets value

As the distribution is to be reinvested, for this Fund, the Net Asset Value is calculated after

deducting the retained earnings allocated for distribution.

109

4. Quoted securities


Number of

shares held Cost (RM)

Market Value (RM)


(%)

(A) Main Market

(i) Construction

Gamuda Bhd. 200,000 963,988 894,000 3.82

IJM Corporation Bhd. 133,000 759,494 735,490 3.14

Malaysian Resources

Corporation Bhd. 437,400 854,374 629,856 2.69

Mudajaya Group Bhd. 183,000 513,958 459,330 1.96

WCT Holdings Bhd. 315,250 809,543 769,210 3.28

1,268,650 3,901,357 3,487,886 14.89

(ii) Industrial products

Genting Plantations Bhd 574,700 796,911 781,592 3.33

Hap Seng Plantations Holdings Bhd

111,000 753,872 734,820 3.14

685,700 1,550,783 1,516,412 6.47

(iii) Infrastructure

Digi.Com Bhd. 259,000 1,230,968 1,217,300 5.20

(iv) Plantation

Hap Seng Plantations Holdings Bhd.

110,000 329,291 276,100 1.18

IOI Corporation Bhd. 56,600 298,974 305,640 1.30

166,600 628,265 581,740 2.48

110



Number of


Market Value (RM)


(%)


(v) Properties

Glomac Bhd. 303,900 381,612 331,251 1.41

IJM Land Bhd. 221,800 665,389 536,756 2.29

LBS Bina Group Bhd. 420,000 788,739 705,600 3.01

Mah Sing Group Bhd. 55,199 115,341 124,198 0.53

SP Setia Bhd. 222,000 872,119 712,620 3.04

Sunway Bhd. 336,400 1,064,452 952,012 4.07

UEM Sunrise Bhd. 293,000 833,529 738,360 3.15

1,852,299 4,721,181 4,100,797 17.5

(vi) REITs

Al-Hadharah Boustead Reit 70,000 143,863 142,100 0.61

(vii) Trading and services

Axiata Group Bhd. 53,300 323,317 359,242 1.53

Bumi Armada Bhd. 167,000 657,707 651,300 2.78

Dayang Enterprise holdings Bhd. 235,100 1,151,121 1,048,546 4.48

Dialog Group Bhd. 159,400 405,825 411,252 1.76

Maxis Bhd. 14,000 82,122 95,760 0.41

Media Chinese International Ltd. 249,500 339,789 261,975 1.12


Parkson Holdings Bhd. 123,600 684,983 414,060 1.77

Pos Malaysia Bhd. 39,900 125,159 197,904 0.85

Sime Darby Bhd. 28,000 256,873 262,920 1.12

SapuraKencana Petroleum Bhd. 339,991 1,173,287 1,220,567 5.21


Telekom Nasional Bhd. 221,000 1,222,339 1,195,610 5.10

1,787,791 6,906,582 6,555,246 27.99

111



Number of


Market Value (RM)


(%)


(viii) Warrant

Mah Sing Group Bhd.

- Warrant B 592,700 389,030 290,423 1.24

Sunway Bhd.

- Warrant A 285,200 256,964 191,084 0.82

877,900 645,994 481,507 2.06

Total portfolio investment as

at 31 August 2013 19,728,993 18,082,988 77.20

112



Number of


Market Value (RM)


(%)

(A) Main Market


MSM Malaysia Holdings Bhd 13,000 45,955 65,520 0.3

Padiberas Nasional Bhd 99,400 305,298 337,960 1.4

112,400 351,253 403,480 1.7

(ii) Plantation


Hap Seng Plantations Holdings Bhd

100,000 300,072 302,000 1.3

IOI Corporation Bhd 108,600 579,381 558,204 2.4

232,600 1,069,760 1,083,164 4.6

(iii) Properties

IJM Land Bhd 76,800 239,687 183,552 0.8

Mah Sing Group Bhd 51,000 126,584 121,890 0.5

SP Setia Bhd 112,000 455,863 398,720 1.7

UEM Land Holdings Bhd 217,000 609,046 401,450 1.7

456,800 1,431,180 1,105,612 4.7

113




Cost (RM)

Market Value (RM)


(%)

Main Market (continued)

(iv) Trading and Services

Axiata Group Bhd 209,000 1,016,304 1,251,910 5.3

Bumi Armada Berhad 11,000 33,663 41,690 0.2

Dayang Enterprise Holdings 127,281 243,110 260,926 1.1

Dialog Group Berhad 334,400 802,733 785,840 3.3

Gas Malaysia Berhad 33,000 73,145 85,800 0.4

IHH Healthcare Berhad 44,000 124,432 140,800 0.6

KPJ Healthcare Berhad 42,000 186,146 263,340 1.1

Maxis Berhad 77,000 435,725 542,080 2.3

Media Chinese International

Limited 200,000 234,914 308,000 1.4

MMC Corporation Berhad 100,000 287,022 245,000 1.0

Parkson Holdings Berhad 123,600 684,983 578,448 2.5

Petronas Dagangan Berhad 12,000 193,886 268,800 1.1

Pos Malaysia Berhad 295,000 800,536 941,050 4.0

Sime Darby Berhad 136,000 1,183,774 1,334,160 5.7

SapuraKencana Petroleum Berhad

190,947 315,197 452,544 1.9

STAR Publications Malaysia

Berhad 78,000 250,201 252,720 1.1

Tenaga Nasional Berhad 35,500 245,190 242,820 1.0

2,048,728 7,110,961 7,995,928 34.0

(v) Construction

Gamuda Berhad 207,100 771,965 714,495 3.0

Hock Seng Lee Bhd 102,510 182,685 165,041 0.7

IJM Corporation Bhd 90,000 508,447 462,600 2.0

Malaysian Resources

Corporation Bhd 283,000 601,843 478,270 2.0

WCT Bhd 75,000 224,145 198,750 0.8

757,610 2,289,085 2,019,156 8.5

114




Cost (RM)

Market Value (RM)


(%)


vi) Industrial products

Petronas Chemical Group Bhd 111,000 753,872 719,280 3.1

vii) Finance Products

BIMB Holdings Berhad 25,000 59,992 80,000 0.3

viii) REITS

Al-Aqar Healthcare REIT 64,500 77,714 90,300 0.4


at 31 August 2012 13,143,817 13,496,920 57.3

115

4. Quoted Securities (continued)

As at 1 September 2011 Company’s Name

Number of


Market Value (RM)


(%)

(A) Main Market


MSM Malaysia Holdings Bhd 13,000 45,955 65,520 0.3

(ii) Plantation


IOI Corporation Bhd 108,600 579,381 489,786 2.1

132,600 769,687 659,466 2.8

(iii) Properties

IJM Land Bhd 76,800 239,687 185,856 0.8

Mah Sing Group Bhd 51,000 126,583 111,180 0.5

Naim Holding Bhd 48,800 158,526 92,720 0.4

SP Setia Bhd 112,000 455,863 424,480 1.8

UEM Land Holdings Bhd 217,000 609,049 451,360 2.0

505,600 1,589,705 1,265,596 5.5

116


As at 1 September 2011 Company’s Name

Number of


Market Value (RM)


(%)

(A) Main Market

(iv) Trading and Services

Axiata Group Bhd 41,000 190,404 193,520 0.8

Bumi Armada Berhad 11,000 33,663 39,050 0.2

Dayang Enterprise Holdings 127,281 243,110 229,105 1.0

Dialog Group Berhad 212,000 572,901 508,800 2.2

Kencana Petroleum Berhad 223,000 578,353 613,250 2.7

Maxis Berhad 61,000 334,888 323,910 1.4

Malaysian Bulk Carriers Berhad

38,000 118,104 72,200 0.3

MMC Corporation Berhad 100,000 287,022 252,000 1.1

Plus Expressways Bhd. 287,000 1,273,284 1,248,450 5.4

SapuraKencana Petroleum Berhad

148,000 572,218 592,000 2.6

Sime Darby Berhad 92,000 783,346 808,680 3.5

Tenaga Nasional Berhad 35,500 245,190 186,375 0.8

Telekom Malaysia Berhad 217,000 851,311 900,550 3.9

1,592,781 6,083,793 5,967,890 25.9

(v) Construction

Gamuda Berhad 207,100 771,965 617,158 2.7

Hock Seng Lee Bhd 100,500 182,686 149,745 0.6

IJM Corporation Bhd 46,000 261,504 261,280 1.1

Malaysian Resources Corporation

227,000 502,435 458,540 2.0

WCT Bhd 75,000 224,145 192,750 0.8

655,600 1,942,735 1,679,473 7.2

vi) Industrial products

KNM Group Bhd. 156,000 450,649 209,040 0.9

Petronas Chemical Group Bhd 111,000 753,872 690,420 3.0

267,000 1,204,521 899,460 3.9


at 1 September 2011 11,636,396 10,541,435 45.6

117

5. Islamic debt securities


Maturity Date

Rating*

Cost (RM)

Market Value (RM)

Percentage Value of Funds at 31.8.2013

Teknologi Tenaga

Perlis Consortium

Sdn. Bhd.

31.07.2017 AA1 2,002,400 2,015,000 8.6

Manjung Island Energy Bhd.

01.07.2021 AA-IS 2,033,200 2,002,400 8.5

4,035,600 4,017,400 17.1


Maturity Date

Rating*

Cost (RM)

Market Value (RM)


Sarawak Energy Bhd 22.06.2018 AA1 1,005,920 1,034,800 4.4

Manjung Island Energy Bhd.

25.11.2026 AAA 1,000,000 1,021,100 4.3

Projek Lebuhraya Usahasama Bhd

12.01.2027 AAA 2,021,400 2,073,600 8.8

Aman Sukuk Bhd. 12.04.2019 AAA 2,000,000 2,037,200 8.7

Axis Reit Sukuk Bhd. 12.07.2024 AAA 1,012,000 1,010,300 4.3

7,039,320 7,177,000 30.5


Maturity Date

Rating*

Cost (RM)

Market Value (RM)


Government

Investment

Issuance

30.08.2018 - 2,999,040 3,037,800 13.1

Sarawak Energy Bhd.

22.06.2018 AA1 1,005,920 1,034,000 4.5

4,004,960 4,071,800 17.6

* Ratings is either Rating Agency Malaysia Berhad or Malaysian Rating Corporation Berhad

whichever applicable.

118


As at

31.8.2013 (RM)

As at

31.8.2012

(RM)

As at

1.9.2011

(RM)

Short term placements in licensed

financial institutions

Special Investment Account* 2,696,017 - 3,514,196

Waheed I Deposit* - 2,070,418 -

Wakalah Deposit - 1,536,091 3,428,535

2,696,018 3,606,509 6,942,731

Cash at bank* 303,695 74,753 2,333,127

2,999,713

3,681,262

9,275,858

* Special Investment Account, Waheed I Deposits and cash at bank are placed with a related

party, Bank Islam Malaysia Berhad.

7. Unitholders’ capital

As at As at As at

31.8.2013 31.8.2012 1.9.2011


At 1 September

2012/2010 40,793,027 22,912,669 42,266,252 23,914,752 15,351,730 8,212,657

Creation of units 16,234,137 9,538,925 13,491,768 7,582,497 27,827,561 16,237,069

Cancellation of

units (13,786,105) (8,168,528) (14,964,993) (8,584,580) (913,039) (534,974)

_________ _________ _________ _________ _________ _________

At 31 August 43,241,059 24,283,066 40,793,027 22,912,669 42,266,252 23,914,752

======== ======== ======== ======== ======== =========


is 400,000,000 (31 August 2012: 400,000,000, 1 September 2011: 400,000,000). As at 31 August

2013, the number of units yet to be issued was 356,758,941 (31 August 2012: 359,206,973, 1

September 2011: 357,733,748).


approximate RM8,100,000 (31 August 2012: RM8,600,000, 1 September 2011: RM500,000) and

the average monthly level of redemptions net of new subscriptions are expected to approximate

RM114,100 (31 August 2012: RM86,000, 1 September 2011: RM1,308,000). However, the actual

level of redemptions may differ significantly from the historic experience.

119

8. Manager’s fee

The management fee payable to the manager of the Fund is based on 1.50% (2012: 1.50%) per

annum of the net asset value of the Fund calculated on a daily basis.

9. Trustee’s fee

The trustee’s fee is payable to the trustee of the Fund based on 0.08% (2012: 0.08%) per annum

subject to a minimum of RM18,000 (2012: RM18,000) per annum of the net asset value of the

Fund calculated on a daily basis.

10. Tax expense

2013

(RM)

2012

(RM)

Tax Expenses

- Current Year 6,800 22,300

6,800 22,300

Reconcilation of effective tax expense

Net income before taxation 294,211 2,261,832

Income tax using Malaysian tax rate @ 25% 73,553 565,458

Non-deductable expenses 59,890 96,160

Income not subject to tax (126,643) (639,318)

6,800 22,300

120

11. Distribution

2013 (RM)

2012 (RM)


Gain on sale of shares 1,815,709 304,020

Gross dividends from share quoted in Malaysia 596,651 368,105






Distribution equalisation - 31,078

2,901,571 1,256,147

Less:

Expenses (452,372) (417,987)

Tax expense (6,800) (22,300)

Undistributed income (669,516) -

Net Distribution 1,772,883 815,860

The Manager has declared a net distribution of 4.10 sen (2012: 2.00 sen) per unit based on units

in circulation as at 31 August 2013 amounting to RM1,772,883 (2012: RM815,860) in respect of

the current financial year. The distribution was approved by the Investment Committee in July

2013.

12. Units held by related party

The number of units held by Management Company and other related party are as follows:

As at 31.08.2013 As at 31.08.2012

Unit (RM)

Unit (RM)

Bank Islam Malaysia Berhad 140,887 76,318

136,163 77,490

The Manager does not hold any unit in the Fund (2012: Nil). All units are held legally and

beneficially by the company.

121

13. Transactions with related party

Other than as disclosed in note 6 to the financial statements, other transactions with related parties

are as follows


as at as at

31 August 31 August

2013 2012 2013 2012

(RM) (RM) (RM) (RM)

The Manager

BIMB Investment Management

Berhad

- Management fee 383,966 370,130 (31,536) (30,273)

- Amount due from manager - - 196,780 -

- Amount due to manager - - - (96,607)

====== ======= ======= =======




placement 94,134 43,758 2,696,018 2,070,418

====== ======= ======= =======

Related company of the Manager

BIMB Securities Sdn. Bhd.

- Brokerage fee 10,888 4,987 - -

====== ======= ====== =======

The Trustee

ABB Trustee Berhad

- Trustee fee 20,478 19,740 (1,682) (1,615)

====== ======= ====== =======

122

14. Transaction with related and other stockbroking companies

% of % of % of total % of

Value of total Brokerage brokerage

1 September 2012 trade trade fee fee

to 31 August 2013 (RM) (RM)

Maybank Investment Bank Bhd. 8,510,469 17.38 23,881 20.84


Hong Leong Bank Bhd. 5,104,072 10.42 - -

CIMB Bank Bhd. 5,035,567 10.28 - -


BIMB Securities Sdn Bhd.* 4,408,381 9.00 16,074 14.03

AmInvestment Bank Bhd. 4,251,951 8.68 15,838 13.82

Bank Islam Malaysia Berhad* 3,140,899 6.42 - -



Other brokers 1,036,238 2.12 - -

_________ ______ _______ _____

48,971,766 100.00 114,584 100.00

======== ===== ====== =====

1 September 2011

to 31 August 2012

AmInvestment Bank Bhd. 1,522,778 7.54 5,760 13.05

Bank Islam Malaysia Berhad* 3,000,000 14.86 - -





AmIslamic Bank Bhd. 2,043,576 10.12 - -

AmBank (M) Bhd. 2,021,400 10.01 - -

Maybank Investment Bank Bhd. 1,467,217 7.27 9,230 20.92

BIMB Securities Sdn. Bhd.* 1,413,893 7.02 4,987 11.30

Other brokers 2,054,823 10.16 - -

_________ ______ _______ ______

20,191,392 100.00 44,132 100.00

======== ===== ====== =====

*Transactions with the related party have been entered into in the normal course of business and

have been transacted at arm’s length basis.

15. Management Expense Ratio (“MER”)

The Management Expense Ratio for the financial year is 1.76% (2012: 1.69%). Management




16. Portfolio Turnover Ratio (“PTR”)

The Portfolio Turnover Ratio for the financial year is 0.96 times (2012: 0.44 times). It represents



123

17. Financial Instruments

17.1 Categories of Financial Instruments



(b) Fair value through profit or loss (FVTPL):


As at 31 August 2013 Carrying Amount

(RM) F&R/ (OL)

(RM) FVTPL (RM)

Financial assets



Receivables 395,739 395,739 -


2,999,713 2,999,713 -

25,495,840 3,395,452 22,100,388



Other Payables (66,051) (66,051) -

(328,100) (328,100) -

As at 31 August 2012 Carrying Amount

(RM) F&R/ (OL)

(RM) FVTPL (RM)

Financial assets



Receivables 134,683 134,683 -


3,681,262 3,681,262 -

24,489,865 3,815,945 20,673,92



Other Payables (54,515) (54,515) -

(151,122) (151,122) -

124


17.1 Categories of Financial Instruments (continued)

As at 1 September 2011 Carrying Amount

(RM) F&R/ (OL)

(RM) FVTPL (RM)

Financial assets



Receivables 107,793 107,793 -


9,275,858 9,275,858 -

23,996,886 9,383,651 14,613,235


Other Payables (44,387) (44,387) -

(44,387) (44,387) -


2013 (RM)

2012 (RM)

Net gains on: Fair value through profit or loss: - Designated upon initial recognition

598,163 2,512,035

Loans and receivables 148,420 171,074

746,583 2,683,109



Credit risk

Liquidity risk

Market risk

Investment risk

17.4 Credit risk

Credit risk is the risk of a financial loss to the Fund if a customer or counterparty to a

financial instrument fails to meet its contractual obligations. The Fund’s exposure to credit

risk arises principally from its investment securities and receivables.


evaluation to minimise the risk. The exposure to credit risk is monitored on an ongoing

basis.

125


17.4 Credit risk (continued)

The Fund’s maximum credit risk exposure at the reporting date is represented by the

respective carrying amounts of the relevant financial assets in the statement of financial

position.

No financial assets carried at amortised cost were past due or impaired as at date of

statement of financial position.

17.5 Liquidity risk Liquidity risk is the risk that the Fund will not be able to meet its financial obligations as

they fall due. The Fund’s exposure to liquidity risk arises principally from its various

payables which are due within one year.

The Fund maintains sufficient level of liquid assets, after consultation with the Trustee, to

meet anticipated payments and cancellation of units by unit holders. Liquid assets

comprise cash and other instruments, which are capable of being converted into cash

within 7 days.

17.6 Market risk

Market risk is the risk that changes in market prices, such as profit rates and market prices

will affect the Fund’s financial position or cash flows.

Profit rate risk

The profit rate profile of the fund’s significant profit-bearing financial instruments, based on

carrying amounts as at the end of reporting period was:

Fixed rate instruments 31.8.2013

(RM)

31.8.2012

(RM)

1.9.2011

(RM)

Islamic debt securities 4,017,400

7,177,000

4,071,800

Short term investments 2,696,018 3,606,509 6,942,731

Fair value sensitivity analysis for fixed rate instruments The Fund accounts for the Islamic debt securities at fair value through profit and loss.

An increase of 100 basis points (bp) in interest rates at the end of the reporting period

would have decreased on the unitholders’ fund and statement of comprehensive income

by RM240,380 (2012: RM543,970). A decrease of 100 basis point (bp) in interest rates

would have equal but opposite effect on the equity and statement on comprehensive

income respectively.

126


17.6 Market risk (continued)

Market price risk

Equity price risk arises from the Fund’s investments in equity securities.


The Fund is restricted to invest in securities issued by any issuer of not more than a

certain percentage of its net asset value. Under such restriction, the exposure risk to the

securities of any issuer is mitigated.

Equity price risk sensitivity analysis

This analysis assumes that all other variables remain constant and the Fund’s equity

investments are positively correlated to each other.

A 5% strengthening in equity prices at the end of the reporting period would have

increased the net asset value and unitholders’ fund by RM904,149 (2012: RM674,846). A

5% weakening in equity prices would have had equal but opposite effect on the net asset

value and unitholders’ fund respectively.


Investments are bound by regulatory guidelines that govern the maximum securities

holdings and maximum liquid assets holdings.

Equity investment risks consist primarily of market risk, specific stock risk and liquidity risk.

The mechanism employed to control investment risk for equity funds is by placing

acceptable stock and sector limits.




The Manager has written policies and guidelines on risk management, which set out the

overall investment risks strategies and general risk management philosophies. These

processes monitor, measure and control risks associated with the business. Matters

relating to investment risks in respect of funds portfolio are discussed during the

Investment Committee meetings of the Manager.

127


17.8 Fair value of financial instruments The carrying amounts of cash and cash equivalents, short term receivables and payables

approximate fair values due to the relatively short term nature of these financial

instruments.

The fair value of quoted securities and Islamic debt securities, together with the carrying

amounts shown in the statement of financial position are already disclosed in Note 4 and

Note 5 respectively.

The following summarises the method used in determining the fair value of financial

instruments:

Quoted equities

Quoted equities in Malaysia are valued at a bid price quoted on the Bursa Malaysia at the

date of the statement of financial position, in accordance with the Deed. Unrealised gain or

loss is taken to statement of profit or loss and other comprehensive income.


Islamic debt securities issued by Malaysian corporations and rated by the Rating Agency

of Malaysia Berhad are carried at fair value. In arriving at fair value gain/loss, the

acquisition cost is adjusted for the amortisation of any premium or accretion of any

discount over their par values at the time of acquisition. The premium or discount is

amortised or accreted on a yield to maturity basis over the remaining term of the

investments from the date of acquisition.

This adjusted cost (carrying value) is then revalued to reflect its fair value (indicative

market value) using the fair price quoted by an independent bond pricing agency (BPA)

registered with the Securities Commission. If such quotations are not available, it will be

valued on a weekly basis or as and when appropriate by reference to average indicative

yield quoted by the three reputable financial institutions in over-the-counter markets as the

close of trading. These institutions include investments banks and commercial banks.

Surplus or deficit on revaluation is transferred to statement of comprehensive income.

128


17.8 Fair value of financial instruments (continued)

17.8.1 Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation

method. The level have been defined as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and

liabilities.

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

observable for the asset or liability, either directly (i.e. as prices) or indirectly

(i.e. derived from prices).

Carrying amount Level 1 Level 2

As at 31 August 2013 (RM) (RM) (RM) Financial assets at fair value through profit or loss - Quoted securities 18,082,988 18,082,988 - - Islamic debt securities 4,017,400 - 4,017,400

_________________________________

22,100,388 18,082,988 4,017,400 ================================

As at 31 August 2012 Financial assets at fair value through profit or loss - Quoted securities 13,496,920 13,496,920 - - Islamic debt securities 7,177,000 - 7,177,000

_________________________________

20,673,920 13,496,920 7,177,000 ================================

Carrying amount Level 1 Level 2

(RM) (RM) (RM) As at 1 September 2011 Financial assets at fair value through profit or loss - Quoted securities 10,541,435 10,541,435 - - Islamic debt securities 4,071,800 - 4,071,800

________________________________

14,613,235 10,541,435 4,071,800 ================================

129






As stated in Note 2(a), these are the first financial statements of the Fund prepared in accordance

with MFRSs.


of the Fund for the year ended 31 August 2013, the comparative information presented in these



MFRSs).

The transition to MFRSs does not have significant financial impact to the financial statements of

the Fund. Hence, no reconciliation of accounting policies between the FRSs and MFRSs is

presented.

130

7.0 CORPORATE DIRECTORY

MANAGER

BIMB Investment Management Berhad

Registered Office

Level 32, Menara Bank Islam, No. 22, Jalan Perak

50450, Kuala Lumpur

Business Office

Level 19, Menara Bank Islam, No. 22, Jalan Perak

50450, Kuala Lumpur

BOARD OF DIRECTORS

Dato’ Sri Zukri Samat (Chairman – Non Executive)

Mustapha Hamat (Non-Executive Independent Director)

Ghazali Awang (Non-Executive Independent Director)

Malkiat Singh @ Malkit Singh Maan (Non-Executive Non Independent

Director)

Khairul Kamarudin (Non-Executive Non Independent Director)

Nazaruddin Othman (Chief Executive Officer)

INVESTMENT

COMMITTEE

Ghazali Awang (Chairman - Independent Member)

Mustapha Hamat (Independent Member)

Norashikin Mohd Kassim

Jeroen P.M.M Thijs

COMPANY SECRETARY

Norhidayati Mohamat Salim (MIA 27364)

No. 33, Jalan Batu Jauhar,

Taman Rowther, 68100 Batu Caves, Selangor.

Zuraidah Zainudin (LS 8101)

No.22, Jalan 7/3B, Seksyen 7

43650 Bandar Baru Bangi, Selangor

131

KEY MANAGEMENT

Nazaruddin Othman (Chief Executive Officer)

Vicknesan Balakrishnan (Chief Investment Officer)

Azman Ali (Head of Compliance)

Noor Rose Mona Aziz (Acting Head, Finance and Operations)

Wan Shahrulzaman Japhilus (Head, Agency and Corporate Business)

SHARIAH COMMITTEE

Ustaz Dr. Ahmad Shahbari @ Sobri Salamon

Ustaz Dr. Yusof Ramli

Ustazah Dr. Asmak Ab. Rahman

PRINCIPAL BANKER


Ground Floor, Menara Bank Islam

No.22, Jalan Perak

50450 Kuala Lumpur

TRUSTEE

ABB Trustee Berhad (208904-W)

Tingkat 17, Menara Affin

80, Jalan Raja Chulan

50200 Kuala Lumpur

SOLICITOR

Messrs Naqiz & Partners

No.42A, Lorong Dungun, Damansara Height,

50490 Kuala Lumpur

AUDITORS

KPMG Desa Megat & Co.

(AF 0759)

Level 10, KPMG Tower

8, First Avenue, Bandar Utama

47800 Petaling Jaya, Selangor

132

TAX ADVISER

Ernst & Young Tax Consultants Sdn. Bhd

Level 23A, Menara Millenium, Jalan Damanlela

Pusat Bandar Damansara

Damansara Heights, 50490 Kuala Lumpur

FEDERATION OF

INVESTMENT

MANAGERS MALAYSIA

(FiMM)

19-07-3, 7th Floor, PNB Damansara

No.19, Lorong Dungun

Damansara Heights

50490 Kuala Lumpur

DISTRIBUTORS

Bank Islam Malaysia Berhad Branches

IFast Capital Sdn Bhd

Phillip Mutual Berhad

Johor Bharu Agency Office

Bank Simpanan Nasional

Registered Unit Trust Consultant with BIMB Investment Management

Berhad

TOLL FREE NUMBER: 1-800-88-1196

Toll Free Number: 1-800-88-1196Call Centre: 03-26 900 900

annual report for the financial year ... - bank islam · pdf file31 august 2013 laporan...

Documents