LAPORAN TAHUNAN ANNUAL REPORT

Transcription

S Y A R I K A T T A K A F UL M A L A Y S I A B E RHAD
(131646-K)
L AP ORAN TAH UN AN
AN N UAL RE P ORT
2015
ISI KANDUNGAN
CONTENTS
002 006 007 008 Notis Mesyuarat Agung
Tahunan ke-31
Notice of 31st Annual General
Meeting
040
Laporan Jawatankuasa Audit
Audit Committee Report
048
Penyata Mengiringi Notis
Mesyuarat Agung Tahunan
ke-31
Statement Accompanying Notice of 31st Annual General
Meeting
Penyata Pengurusan Risiko dan
Kawalan Dalaman
Statement on Risk Management
and Internal Control
Struktur Korporat
Corporate Structure
053 Maklumat Pematuhan
Tambahan
Additional Compliance
Information
055 Penyata Pengarah Urusan Kumpulan
Group Managing Director’s Statement
Ringkasan Kewangan Lima
Tahun
Five Years Financial Highlights
069
Penyata Kewangan
Financial Statements
010 Maklumat Korporat
Corporate Information
281
Maklumat Hartanah
Particulars of Properties
012
Profil Lembaga Pengarah
Board of Directors’ Profile
288
Statistik Pegangan Saham
Shareholding Statistics
018
Profil Badan Penasihat Syariah
Shariah Advisory Body’s Profile
292 025
Jawatankuasa Pengurusan
Management Committee
Rangkaian Cawangan & Syarikat
Subsidiari
Branch Network & Subsidiary
Companies
026
Penyata Urus Tadbir Korporat
Corporate Governance
Statement
Borang Proksi
Proxy Form
Notis Mesyuarat Agung Tahunan Ke-31
Notice of 31st Annual General Meeting
DENGAN INI DIMAKLUMKAN bahawa MESYUARAT AGUNG
TAHUNAN SYARIKAT TAKAFUL MALAYSIA BERHAD yang KETIGA
PULUH SATU (31) akan diadakan di Dewan Ahmad Mohamed
Ibrahim, Tingkat 5, Blok Annex, Menara Takaful Malaysia, No. 4, Jalan
Sultan Sulaiman, 50000 Kuala Lumpur pada hari Khamis, 31 Mac
2016, jam 10:00 pagi bagi tujuan-tujuan berikut:
NOTICE IS HEREBY GIVEN that the THIRTY FIRST (31ST) ANNUAL
GENERAL MEETING of SYARIKAT TAKAFUL MALAYSIA BERHAD will
be held at Dewan Ahmad Mohamed Ibrahim, 5th Floor, Annexe
Block, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000
Kuala Lumpur on Thursday, 31 March 2016, at 10:00 a.m. for the
following purposes:
SEBAGAI URUSAN BIASA
AS ORDINARY BUSINESS
1. Untuk menerima Penyata-penyata Kewangan Beraudit bagi
tahun kewangan berakhir 31 Disember 2015, berserta laporan
Pengarah dan Juruaudit berkaitan dengannya. (Resolusi 1)
1. To receive the Audited Financial Statements for the financial
year ended 31 December 2015, together with the reports of the
(Resolution 1)
Directors and Auditors thereon. 2. Untuk melantik semula Pengarah-pengarah berikut yang bersara
menurut Artikel 62 Tataurusan Pertubuhan Syarikat:
2. To re-elect the following Directors, each of whom retires
pursuant to Article 62 of the Company’s Articles of Association:
2.1 Zakaria Ismail (Resolusi 2)
2.1 Zakaria Ismail (Resolution 2)
2.2 Dato’ Othman Abdullah
(Resolusi 3)
2.2 Dato’ Othman Abdullah
(Resolution 3)
3. Untuk meluluskan bayaran yuran Pengarah-pengarah sebanyak
RM752,000 bagi tahun kewangan berakhir 31 Disember 2015.
(RM747,000 bagi tahun kewangan berakhir 31 Disember 2014) (Resolusi 4)
4. Untuk meluluskan bayaran yuran Ahli-ahli Badan Penasihat
Syariah sebanyak RM183,000 bagi tahun kewangan berakhir 31
Disember 2015. (RM168,000 bagi tahun kewangan berakhir 31
(Resolusi 5)
Disember 2014) 5. Untuk melantik semula Tetuan KPMG Desa Megat & Co. sebagai
Juruaudit Syarikat dan memberi kuasa kepada Pengarahpengarah untuk menetapkan bayaran Juruaudit. (Resolusi 6)
002
SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
LAPORAN TAHUNAN | ANNUAL REPORT • 2015
3. To approve the payment of the Directors’ fees of RM752,000 for
the financial year ended 31 December 2015. (RM747,000 for the
(Resolution 4)
financial year ended 31 December 2014)
4. To approve the payment of Shariah Advisory Body Members’
fees of RM183,000 for the financial year ended 31 December
2015. (RM168,000 for the financial year ended 31 December
(Resolution 5)
2014)
5. To re-appoint Messrs KPMG Desa Megat & Co. as the Auditors
of the Company and to authorise the Directors to fix their
(Resolution 6)
remuneration. Notis Mesyuarat Agung Tahunan Ke-31
SEBAGAI URUSAN KHAS
AS SPECIAL BUSINESS
6. Resolusi Biasa - Cadangan Mandat Pemegang-pemegang Saham
bagi Urusniaga-urusniaga yang Berulang dengan Pihak Berkaitan
Berbentuk Hasil atau Perdagangan dengan BIMB Holdings
Berhad dan subsidiari-subsidiarinya (“Kumpulan BHB”).
6. Ordinary Resolution - Proposed Shareholders’ Mandate for
Recurrent Related Party Transactions of a Revenue or Trading
Nature with BIMB Holdings Berhad and its Subsidiaries (“BHB
Group”).
“BAHAWA, tertakluk kepada pematuhan dengan Keperluan
Penyenaraian Bursa Malaysia Securities Berhad, Akta Syarikat
1965, Memorandum dan Tataurusan Pertubuhan Syarikat dan
semua undang-undang, peraturan dan garis panduan yang
berkaitan, kelulusan dengan ini diberikan kepada Syarikat dan
subsidiari-subsidiarinya (“Kumpulan Takaful Malaysia”) untuk
memeterai Urusniaga-urusniaga yang Berulang dengan Pihak
Berkaitan Berbentuk Hasil atau Perdagangan dengan Kumpulan
BHB yang perlu bagi operasi harian Kumpulan Takaful Malaysia
seperti yang dinyatakan dalam Seksyen 2.3 Pekeliling kepada
Para Pemegang Saham bertarikh 9 Mac 2016 (“Pekeliling”),
dengan syarat bahawa:
(a) the transactions are in the ordinary course of business and
are on terms which are not more favourable to the related
parties than those generally available to the public and on
terms not to the detriment of the minority shareholders of
the Company;
(a) urusniaga tersebut adalah dalam urusan biasa perniagaan
dan mengikut terma yang tidak lebih memihak kepada pihak
berkaitan berbanding yang secara umumnya tersedia kepada
orang ramai dan mengikut terma yang tidak menjejaskan
para pemegang saham minoriti Syarikat;
(b) the transactions are made at arm’s length and on normal
commercial terms; and
(b) urusniaga dilaksanakan secara tulus dan mengikut terma
komersial biasa; dan
(c) the disclosure will be made in the annual report with the
breakdown of the aggregate value of the transactions
conducted pursuant to the mandate during the financial
year.
(c) penzahiran akan dibuat dalam laporan tahunan dengan
pecahan nilai agregat urus niaga yang dijalankan menurut
mandat pada tahun kewangan.
DAN BAHAWA kelulusan tersebut akan bermula serta merta
setelah resolusi ini diluluskan dan akan terus berkuatkuasa
sehingga:
(a) tamat mesyuarat agung tahunan Syarikat yang akan datang,
di mana mandat tersebut akan luput, melainkan kuasa
tersebut diperbaharui melalui satu resolusi yang diluluskan
dalam mesyuarat tersebut;
(b) tamat tempoh di mana mesyuarat agung tahunan berikutnya
selepas tarikh ia dikehendaki untuk diadakan menurut
Seksyen 143(1) Akta Syarikat, 1965 (“AS”) (tetapi tidak
melebihi penangguhan seperti yang dibenarkan menurut
Seksyen 143(2) AS); atau
(c) dibatalkan atau dipinda melalui resolusi yang diluluskan oleh
pemegang saham dalam mesyuarat agung,
yang mana lebih awal”. “THAT, subject to compliance with the Listing Requirements
of Bursa Malaysia Securities Berhad, Companies Act 1965,
Memorandum and Articles of Association of the Company and all
other applicable laws, rules, regulations and guidelines, approval
be and is hereby given to the Company and its subsidiaries
(“Takaful Malaysia Group”) to enter into the Recurrent Related
Party Transactions of a revenue or trading nature with the BHB
Group which are necessary for the day to day operations of the
Takaful Malaysia Group as set out in Section 2.3 of the Circular to
Shareholders dated 9 March 2016 (“Circular”), provided that:
AND THAT such authority shall commence immediately upon the
passing of this resolution and shall continue to be in force until:
(a) the conclusion of the next annual general meeting of the
Company, at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed;
(b) the expiration of the period within which the next annual
general meeting after the date that it is required to be held
pursuant to Section 143(1) of the Companies Act, 1965
(“CA”) (but shall not extend to such extension as may be
allowed pursuant to Section 143(2) of CA); or
(c) revoked or varied by resolution passed by the shareholders in
a general meeting,
whichever is the earlier”. (Resolution 7)
(Resolusi 7)
003
7. Untuk melaksanakan sebarang urusan yang mana notis
sewajarnya telah diberi.
7. To transact any other business for which due notice has been
given.
NOTIS SETERUSNYA DENGAN INI DIBERI BAHAWA BAHAWA untuk
tujuan menentukan ahli yang akan layak untuk menghadiri AGM yang
ke-31, Syarikat akan membuat permohonan kepada Bursa Malaysia
Depository Sdn Bhd, selaras dengan Artikel 41(f)(ii) Tataurusan
Pertubuhan Syarikat dan Seksyen 34(1) Akta Perindustrian Sekuriti
(Depositori Pusat) 1991, untuk menerbitkan Rekod Pendeposit
Mesyuarat Agung pada 23 Mac 2016. Hanya pendeposit yang
namanya tersenarai di dalam Rekod Pendeposit pada 23 Mac 2016
sahaja berhak untuk menghadiri mesyuarat atau melantik proksi
untuk menghadiri dan/atau mengundi bagi pihaknya.
FURTHER NOTICE IS HEREBY GIVEN THAT for the purpose of
determining a member who shall be entitled to attend this 31st
AGM, the Company shall be requesting Bursa Malaysia Depository
Sdn Bhd, in accordance with Article 41(f)(ii) of the Company’s
Articles of Association and Section 34(1) of the Securities Industry
(Central Depositories) Act 1991, to issue a General Meeting Record
of Depositors as at 23 March 2016. Only a depositor whose name
appears on the Record of Depositors as at 23 March 2016 shall be
entitled to attend the said meeting or appoint proxies to attend and/
or vote on his/her behalf.
Atas Arahan Lembaga Pengarah
By Order of the Board
MOHAMAD ASRI YUSOFF (MIA 14171)
Setiausaha Syarikat
Kuala Lumpur
9 Mac 2016
MOHAMAD ASRI YUSOFF (MIA 14171)
Company Secretary
Kuala Lumpur
9 March 2016
004
Nota-Nota:
Notes:
1. Pelantikan Proksi
1. Appointment of Proxy
(i) Seorang ahli Syarikat yang berhak menghadiri dan mengundi
di mesyuarat ini layak untuk melantik tidak lebih daripada
dua (2) proksi untuk menghadiri dan mengundi bagi pihaknya
pada mesyuarat yang sama dan proksi itu tidak semestinya
seorang ahli Syarikat.
(i) A member of the Company entitled to attend and vote at this
meeting is entitled to appoint not more than two (2) proxies
to attend and to vote instead of him at the same meeting
and a proxy need not be a member of the Company.
(ii) Sekiranya ahli Syarikat melantik dua (2) proksi, pelantikan
tersebut akan menjadi tidak sah melainkan beliau menyatakan
nisbah pegangan yang akan diwakili oleh setiap proksi.
(ii) Where a member of the Company appoints two (2) proxies,
the appointments shall be invalid unless he specifies the
proportions of his holdings to be represented by each proxy.
(iii) Sekiranya ahli Syarikat adalah nomini berkecuali yang
dibenarkan seperti yang ditakrifkan di bawah Akta
Perindustrian Sekuriti 1991 (Depositori Pusat) yang memegang
saham-saham biasa Syarikat untuk beberapa pemilik
benefisial dalam satu akaun sekuriti (“akaun omnibus”), tidak
ada had untuk bilangan proksi yang boleh dilantik oleh nomini
berkecuali yang dibenarkan bagi setiap akaun omnibus yang
dipegangnya.
(iii) Where a member of the Company is an exempt authorised
nominee as defined under the Securities Industry (Central
Depositories) Act 1991 which holds ordinary shares in the
Company for multiple beneficial owners in one securities
account (“omnibus account”), there is no limit to the
number of proxies which the exempt authorised nominee
may appoint in respect of each omnibus account it holds.
(iv) Suratcara pelantikan proksi bagi individu hendaklah
ditandatangani oleh pelantik atau peguamnya dan dalam hal
perbadanan, ia mestilah dimeterai atau ditandatangani oleh
seorang pegawai atau peguamnya yang telah diberi kuasa
sewajarnya.
(iv) The instrument appointing a proxy in the case of an individual
shall be signed by the appointer or his attorney and in the
case of a corporation, must be under seal or under the hand
of an officer or attorney duly authorised.
(v) Suratcara pelantikan seorang proksi mestilah dihantar ke
Pejabat Berdaftar Syarikat di Tingkat 26, Blok Annex, Menara
Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala
Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum
waktu yang ditetapkan bagi mengadakan mesyuarat atau
sebarang penangguhannya.
(v) The instrument appointing a proxy must be deposited at the
Registered Office of the Company at Tingkat 26, Blok Annex,
Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman,
50000 Kuala Lumpur not less than forty eight (48) hours
before the time for holding the meeting or any adjournment
thereof.
(vi) Hanya ahli yang tersenarai di dalam Rekod Pendeposit pada
23 Mac 2016 yang layak untuk hadir, bersuara dan mengundi
pada AGM atau melantik seorang proksi (proksi-proksi) untuk
hadir, bersuara dan/atau mengundi bagi pihak mereka.
(vi) Only members whose names appear in the Record of
Depositors on 23 March 2016 shall be eligible to attend,
speak and vote at the AGM or appoint proxy(ies) to attend,
speak and/or vote on their behalf.
2. Nota Penerangan kepada Urusan Khas
2. Explanatory Note on Special Business
(i) Cadangan Mandat Pemegang-pemegang Saham bagi
Urusniaga-urusniaga yang Berulang dengan Pihak Berkaitan
Berbentuk Hasil atau Perdagangan.
(i) Proposed Shareholders’ Mandate for Recurrent Related
Party Transaction of a Revenue or Trading Nature.
Cadangan Resolusi No. 7 jika diluluskan, akan memberi kuasa
kepada Syarikat untuk melaksanakan Urusniaga-urusniaga
yang Berulang dengan Pihak Berkaitan Berbentuk Hasil
atau Perdagangan yang perlu bagi operasi harian Kumpulan
Takaful Malaysia dan akan menghapuskan keperluan untuk
menjalankan mesyuarat agung yang berasingan dari masa ke
semasa untuk mendapatkan kelulusan para pemegang saham.
Butiran Cadangan Mandat Pemegang-pemegang Saham bagi
Urusniaga-urusniaga yang Berulang dengan Pihak Berkaitan
Berbentuk Hasil atau Perdagangan ada dinyatakan di dalam
Pekeliling kepada Pemegang Saham bertarikh 9 Mac 2016.
The proposed Resolution 7, if passed, will empower the
Company to conduct recurrent related party transactions
of a revenue or trading in nature which are necessary for
the Takaful Malaysia Group’s day to day operations and will
eliminate the need to convene separate general meetings
from time to time to seek shareholders’ approval. The details
on the Proposed Shareholders’ Mandate for Recurrent
Related Party Transactions of a Revenue or Trading Nature
are set out in the Circular to Shareholders dated 9 March
2016.
005
Penyata Mengiringi Notis Mesyuarat Agung Tahunan Ke-31
Statement Accompanying Notice of 31st Annual General Meeting
PENYATA MENGIRINGI NOTIS MESYUARAT AGUNG TAHUNAN KE
TIGA PULUH SATU MENGIKUT PERENGGAN 8.27 (2) KEPERLUAN
PENYENARAIAN PASARAN UTAMA BURSA MALAYSIA SECURITIES
BERHAD
STATEMENT ACCOMPANYING NOTICE OF THIRTY FIRST
ANNUAL GENERAL MEETING PURSUANT TO PARAGRAPH
8.27 (2) OF THE MAIN MARKET LISTING REQUIREMENTS
OF BURSA MALAYSIA SECURITIES BERHAD
Tiada individu yang dilantik sebagai Pengarah (selain daripada
pengarah yang bersedia untuk dilantik semula iaitu Zakaria Ismail
dan Dato’ Othman Abdullah) dalam Mesyuarat Agung Tahunan
Syarikat Takaful Malaysia Berhad yang ke Tiga Puluh Satu akan
datang.
There is no individual standing for election as Director (other than
directors standing for re-election i.e. Zakaria Ismail and Dato’
Othman Abdullah) at this forthcoming Thirty First Annual General
Meeting of Syarikat Takaful Malaysia Berhad.
006
Struktur Korporat
Corporate Structure
Syarikat-Syarikat Subsidiari / Subsidiary Companies
56.00%
63.09%
52.67%
57.24%
42.73%
47.08%
* in members’ voluntary liquidation
007
Ringkasan Kewangan Lima Tahun
Jumlah Sumbangan Kasar Takaful Keluarga (RM’000) / Total Family Takaful Gross Contribution (RM’000)
928,922
852,331
932,169
2015
848,711
2014
567,736
1,044,692
2011
Syarikat / Company
958,060
1,052,493
699,344
973,005
Kumpulan / Group
2012 2013
2011
2012 2013
2014
2015
Jumlah Sumbangan Kasar Takaful Am (RM’000) / Total General Takaful Gross Contribution (RM’000)
2011
2012 2013
2014
2015
2011
2012 2013
2014
444,525
418,459
386,635
349,547
383,316
476,051
Syarikat / Company
451,319
428,406
401,437
441,889
Kumpulan / Group
2015
Jumlah Aset (RM’000) / Total Assets (RM’000)
2011
008
2012 2013
2014
2015
2011
2012 2013
2014
7,053,537
6,743,602
6,543,726
5,963,150
5,440,049
7,527,121
Syarikat / Company
7,164,788
6,924,543
6,371,644
5,845,979
Kumpulan / Group
2015
Ringkasan Kewangan Lima Tahun
Keuntungan Sebelum Cukai Selepas Zakat (RM’000) / Profit Before Taxation After Zakat (RM’000)
Pulangan atas Ekuiti (%) / Return on Equity (%)
2011
2015
130,329
24.5
2014
40,704
25,644
2011
2014
2015
Pendapatan Sesaham (Sen) / Earnings Per Share (Sen)
Kumpulan / Group
17.08*
12.44*
9.44*
2014
2012 2013
0.84*
0.72*
0.70*
0.61*
2012 2013
57,052
84,665
24.3
25.9
18.4
21.3
2012 2013
Kumpulan / Group
0.55*
2015
Syarikat / Company
Aset Bersih Sesaham (RM) / Net Assets Per Share (RM)
2011
2012 2013
Dividen yang Dibayar / (Ditolak Cukai) (RM’000) /
Dividend Paid / (Net of Taxation) (RM’000)
Kumpulan / Group
2011
189,537
2015
2015
19.13*
2014
188,966
93,485
2012 2013
2014
127,031
181,014
203,778
186,308
177,787
Syarikat / Company
17.25*
2011
124,458
100,685
Kumpulan / Group
2011
2012 2013
2014
2015
* adjusted for effect of share split.
009
Maklumat Korporat
LEMBAGA PENGARAH / BOARD OF DIRECTORS
BADAN PENASIHAT SYARIAH /
SHARIAH ADVISORY BODY
JAWATANKUASA PEMILIHAN /
NOMINATION COMMITTEE
Pengerusi / Chairman
MAHADZIR AZIZAN
TAN SRI ISMEE ISMAIL
Pengarah Bukan Eksekutif Bukan Bebas /
Non-Independent Non-Executive Director
DR. AHMAD SHAHBARI @
SOBRI SALAMON
(Berakhir pada 15 Disember 2015 / Ceased on 15 December 2015)
Ahli-ahli / Members
DATO’ SRI MOHAMED HASSAN KAMIL
Pengarah Urusan Kumpulan /
Group Managing Director
DATUK ROZAIDA OMAR
MAHADZIR AZIZAN
Pengarah Bukan Eksekutif Bebas Kanan /
Senior Independent Non-Executive Director
DATO’ SULAIMAN MOHD YUSOF
Pengarah Bukan Eksekutif Bebas /
Independent Non-Executive Director
DATO’ JOHAN ABDULLAH
(Berakhir pada 17 Februari 2016 / Ceased on 17 February 2016)
ZAKARIA ISMAIL
DATO’ OTHMAN ABDULLAH
Setiausaha / Secretary
MOHAMAD ASRI YUSOFF
(MIA 14171)
Ahli-ahli / Members
ZAKARIA ISMAIL
DATUK ROZAIDA OMAR
DATO’ MOHD. BAKIR
HJ. MANSOR
DR. AIDA OTHMAN
PROFESSOR DR. MUHAMAD
RAHIMI OSMAN
DATO’ WAN MOHAMAD
DATO’ SHEIKH ABDUL AZIZ
DR. AHMAD SUFIAN
CHE ABDULLAH
(Dilantik pada 1 Julai 2015 /
Appointed on 1 July 2015)
DR. MARHANUM CHE MOHD
SALLEH
(Dilantik pada 1 Februari 2016 /
Appointed on 1 February 2016)
(Berakhir pada 17 Februari 2016 /
Ceased on 17 February 2016)
JAWATANKUASA GANJARAN /
REMUNERATION COMMITTEE
ZAKARIA ISMAIL
MAHADZIR AZIZAN
Setiausaha / Secretary
MOHAMAD ASRI YUSOFF
DATUK ROZAIDA OMAR
JAWATANKUASA AUDIT /
AUDIT COMMITTEE
MAHADZIR AZIZAN
DATO’ SULAIMAN MOHD
YUSOF
ZAKARIA ISMAIL
JAWATANKUASA RISIKO
LEMBAGA PENGARAH /
BOARD RISK COMMITTEE
ZAKARIA ISMAIL
MAHADZIR AZIZAN
DATO’ SULAIMAN MOHD
YUSOF
010
Maklumat Korporat
JAWATANKUASA PELAN
INSENTIF JANGKA PANJANG /
LONG TERM INCENTIVE PLAN
COMMITTEE
MAHADZIR AZIZAN
(Pengerusi mulai 17 Februari 2016 /
Chairman from 17 February 2016)
TAN SRI ISMEE ISMAIL
(Pengerusi sehingga 15 Disember
2015 / Chairman until 15
December 2015)
(Berakhir pada 15 Disember 2015 /
Ceased on 15 December 2015)
DATUK ROZAIDA OMAR
JAWATANKUASA TENDER /
TENDER COMMITTEE
ZAKARIA ISMAIL
MAHADZIR AZIZAN
AZIAN KASSIM
JAWATANKUASA PELABURAN /
INVESTMENT COMMITTEE
MAHADZIR AZIZAN
AZIAN KASSIM
PENGURUSAN /
MANAGEMENT
DATO’ SRI MOHAMED
HASSAN KAMIL
Pengarah Urusan Kumpulan /
AZIAN KASSIM
Ketua Pegawai Pelaburan /
Chief Investment Officer
JULIANA LO BENG LIEW
Pengurus Besar, Kewangan /
General Manager, Finance
LEEM WHY CHONG
Pengurus Besar, Aktuari /
General Manager, Actuarial
SHUHAIBAHTULASLAMIAH
HURMUZAN
Pengurus Besar, Sumber
Manusia /
General Manager, Human
Resource
NORAZLIN MOHD DAHARI
Pengurus Besar, Perniagaan
Korporat /
General Manager, Corporate
Business
MOHD SUHAIMI AHMAD
Pengurus Besar, Perniagaan
Runcit /
General Manager, Retail
Business
MARK ANTHONY NATHAN
Pengurus Besar, Bankatakaful /
General Manager, Bancatakaful
PATRICK WONG CHANG YANG
Ketua Pegawai Informasi /
Chief Information Officer
JURUAUDIT / AUDITORS
KPMG Desa Megat & Co.
(AF 0759)
Chartered Accountants
Level 10, KPMG Tower
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Tel : +603-7721 3388
Fax : +603-7721 3399
PEJABAT BERDAFTAR /
REGISTERED OFFICE
Tingkat 26, Blok Annex
Menara Takaful Malaysia
No. 4, Jalan Sultan Sulaiman
50000 Kuala Lumpur
Tel : +603-2268 1984
Fax : +603-2274 2864
Email :
[email protected]
Website :
www.takaful-malaysia.com.my
TEMPAT DITUBUHKAN DAN
DOMISIL /
PLACE OF INCORPORATION
AND DOMICILE
Malaysia
PENYENARAIAN BURSA
SAHAM /
STOCK EXCHANGE LISTING
Pasaran Utama Bursa Malaysia
Securities Berhad pada 30 Julai
1996 /
Main Market of Bursa
Malaysia Securities Berhad on
30 July 1996
Kod Stok / Stock Code:
6139
Nama Stok / Stock Name:
TAKAFUL
PENDAFTAR / REGISTRAR
Symphony Share Registrars Sdn
Bhd (378993-D)
Level 6, Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
Selangor
Tel : +603-7849 0777
Fax : +603-7841 8151/52
Email :
[email protected]
Website :
www.symphony.com.my
MOHAMAD ASRI YUSOFF
Pengurus Besar, Hal Ehwal
Korporat / Setiausaha Syarikat
General Manager, Corporate
Affairs / Company Secretary
011
Pengarah Urusan Kumpulan / Group Managing Director
Dato’ Sri Mohamed Hassan Kamil, berusia 53 tahun, adalah warganegara
Malaysia dan dilantik sebagai Pengarah Bukan Eksekutif Bukan Bebas
Takaful Malaysia pada 1 September 2006. Beliau kini adalah Pengarah
Urusan Kumpulan bagi Takaful Malaysia sejak 1 April 2007. Beliau juga
merupakan Pengerusi Lembaga Komisaris P.T. Syarikat Takaful Indonesia dan
P.T. Asuransi Takaful Keluarga.
Dato’ Sri Mohamed Hassan Kamil, aged 53, is a Malaysian citizen and was
appointed to the Board on 1 September 2006 as a Non-Independent NonExecutive Director of Takaful Malaysia. He is currently the Group Managing
Director of Takaful Malaysia since 1 April 2007. He is also the Chairman
of the Board of Commissioners of P.T. Syarikat Takaful Indonesia and P.T.
Asuransi Takaful Keluarga.
Beliau merupakan graduan Sarjana Muda Sains dalam bidang Sains
Aktuari dan Sarjana Pentadbiran Perniagaan dari University of
Iowa, USA. Beliau juga adalah Felow Persatuan Aktuari, USA, Felow
Persatuan Aktuari Malaysia dan Chartered Life Underwriter.
He graduated with a Bachelor of Science in Actuarial Science and
a Master in Business Administration from the University of Iowa,
USA. He is a Fellow of the Society of Actuaries, USA, a Fellow of the
Actuarial Society of Malaysia and a Chartered Life Underwriter.
Beliau telah bekerja di Amerika Syarikat sebagai Aktuari dari tahun
1987 hingga 1994 sebelum pulang ke Malaysia sebagai Timbalan
Pengurus Besar di Malaysia National Insurance. Pada tahun 1996,
beliau menyertai ING Insurance Berhad sebagai Naib Presiden
Kanan dan Ketua Aktuari. Pada tahun 2004, beliau menjadi Timbalan
Pengurus Besar bagi P.T. AIA Indonesia.
He worked in the United States as an Actuary from 1987 to 1994 prior
to returning to Malaysia as Deputy General Manager at Malaysia
National Insurance. In 1996, he joined ING Insurance Berhad as
Senior Vice President and Chief Actuary. In 2004, he became the
Deputy General Manager for P.T. AIA Indonesia.
Beliau tidak mempunyai perhubungan kekeluargaan dengan
mana-mana pengarah/pemegang saham utama Takaful Malaysia
dan tidak mempunyai percanggahan kepentingan dengan Takaful
Malaysia. Beliau tidak pernah disabitkan dengan apa-apa kesalahan
dalam tempoh sepuluh (10) tahun yang lalu dan telah menghadiri
kesemua sembilan (9) mesyuarat Lembaga Pengarah yang diadakan
dalam tahun kewangan berakhir 31 Disember 2015.
012
He has no family relationship with any other directors/major
shareholders of Takaful Malaysia and has no conflict of interest
with Takaful Malaysia. He has no conviction for offences within the
past ten (10) years and has attended all nine (9) Board of Directors’
meetings held during the financial year ended 31 December 2015.
DATUK ROZAIDA OMAR
Datuk Rozaida Omar, berusia 53 tahun, adalah warganegara Malaysia
dan telah dilantik sebagai Pengarah Bukan Eksekutif Bukan Bebas Takaful
Malaysia pada 15 Mei 2007. Beliau juga merupakan ahli Jawatankuasa
Pemilihan, Jawatankuasa Ganjaran dan Jawatankuasa Pelan Insentif Jangka
Panjang.
Datuk Rozaida Omar, aged 53, is a Malaysian citizen and is a Non-Independent
Non-Executive Director of Takaful Malaysia and was appointed to the Board
on 15 May 2007. She is also a member of the Nomination Committee,
Remuneration Committee and Long Term Incentive Plan Committee.
Beliau adalah Akauntan Bertauliah (M) dan merupakan ahli
Association of Chartered Certified Accountants (ACCA) United
Kingdom sejak tahun 1986.
She is a Chartered Accountant (M) and a member of the Association
of Chartered Certified Accountants (ACCA) United Kingdom since
1986.
Beliau memulakan kerjayanya sebagai Akauntan Kewangan di
FELDA pada tahun 1986. Pada tahun 1990, beliau menjadi Pengurus
Kredit di Citibank Berhad sehingga tahun 1991. Beliau kemudiannya
menyertai Guthrie Trading Sdn Bhd pada tahun 1992 sebagai
Pengurus Kewangan sehingga tahun 1993. Selepas itu, beliau menjadi
Pengarah Kewangan di Glaxo SmithKline Consumer Healthcare
Sdn Bhd dari tahun 1994 sehingga tahun 2003. Kini beliau adalah
Ketua Pegawai Kewangan Kumpulan di Lembaga Tabung Haji sejak
tahun 2004. Beliau juga merupakan Pengarah Pelikan International
Corporation Berhad, BIMB Holdings Berhad, Putrajaya Perdana
Berhad dan TH Heavy Engineering Berhad.
She started her career as a Financial Accountant at FELDA in 1986.
In 1990, she became a Credit Manager at Citibank Berhad until
1991. She then joined Guthrie Trading Sdn Bhd in 1992 as a Finance
Manager until 1993. After that, she became a Finance Director of
Glaxo SmithKline Consumer Healthcare Sdn Bhd from 1994 until
2003. She is currently the Group Chief Financial Officer of Lembaga
Tabung Haji since 2004. She is also a Director of Pelikan International
Corporation Berhad, BIMB Holdings Berhad, Putrajaya Perdana
Berhad and TH Heavy Engineering Berhad.
tujuh (7) mesyuarat Lembaga Pengarah yang diadakan dalam tahun
kewangan berakhir 31 Disember 2015.
She has no family relationship with any other directors/major
with Takaful Malaysia. She has no conviction for offences within the
past ten (10) years and has attended seven (7) Board of Directors’
013
MAHADZIR AZIZAN
Pengarah Bukan Eksekutif Bebas Kanan /
Senior Independent Non-Executive Director
Mahadzir Azizan, berusia 67 tahun, adalah warganegara Malaysia yang telah
dilantik sebagai Pengarah Bukan Eksekutif Bebas Takaful Malaysia pada 1
September 2007. Beliau telah dilantik sebagai Pengarah Bukan Eksekutif
Bebas Kanan pada 2 Jun 2011.
Mahadzir Azizan, aged 67, is a Malaysian citizen and is an Independent NonExecutive Director of Takaful Malaysia who was appointed to the Board on 1
September 2007. He was appointed as Senior Independent Non-Executive
Director on 2 June 2011.
Beliau juga merupakan Pengerusi Jawatankuasa Audit, Jawatankuasa
Pemilihan dan Jawatankuasa Pelan Insentif Jangka Panjang, dan ahli
Jawatankuasa Risiko Lembaga Pengarah, Jawatankuasa Ganjaran,
Jawatankuasa Tender dan Jawatankuasa Pelaburan. Beliau juga
merupakan ahli Lembaga Komisaris P.T. Asuransi Takaful Keluarga.
Beliau memperolehi kelulusan Barrister-At-Law dari Lincoln’s Inn,
London, United Kingdom dan diterima masuk ke English Bar pada
tahun 1978.
Beliau telah memegang pelbagai jawatan penting di dalam sektor
awam dan swasta. Selepas tamat pengajian, beliau telah menyertai
perkhidmatan Perundangan dan Kehakiman Kerajaan Malaysia
sebagai Timbalan Pendakwaraya dan Penasihat Undang-Undang.
Beliau kemudiannya menyertai sektor swasta dan berkhidmat di
Malaysian International Shipping Corporation (“MISC”) dan Island &
Peninsular Berhad, syarikat hartanah Permodalan Nasional Berhad
(“PNB”) selama 24 tahun. Semasa di sektor swasta, beliau juga telah
berkhidmat sebagai Ahli Majlis MARA dan juga sebagai Pengarah
di pelbagai syarikat berkaitan Kerajaan. Sebelum ini juga, beliau
merupakan Pengarah di Asian Healthcare Group Berhad. Kini, beliau
merupakan Pengarah ECM Libra Financial Group Berhad, Libra Invest
Berhad, RCE Capital Berhad dan beberapa syarikat lain.
014
He is also the Chairman of the Audit Committee, Nomination
Committee and Long Term Incentive Plan Committee, and a member
of Board Risk Committee, Remuneration Committee, Tender
Committee and Investment Committee. He is also a member of the
Board of Commissioners of P.T. Asuransi Takaful Keluarga.
He is a Barrister-At-Law from Lincoln’s Inn, London, United Kingdom
and was called to the English Bar in 1978.
He has held key positions both in private and public sector. After
graduation, he joined the Judicial and Legal Service of the Malaysian
Government as a Deputy Public Prosecutor and Federal Counsel and
subsequently ventured into the private sector and served Malaysian
International Shipping Corporation (“MISC”) and Island & Peninsular
Berhad, the property arm of Permodalan Nasional Berhad (“PNB”)
for 24 years. Whilst in the private sector, he also served as Ahli Majlis
MARA as well as various other directorships in government linked
companies. Previously, he was also a Director of Asian Healthcare
Group Berhad. Currently, he is a Director of ECM Libra Financial
Group Berhad, Libra Invest Berhad, RCE Capital Berhad and several
other companies.
Dato’ Sulaiman Mohd Yusof, berusia 65 tahun, adalah warganegara Malaysia
dan telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Takaful Malaysia
pada 1 Januari 2008. Beliau juga merupakan ahli Jawatankuasa Audit,
Jawatankuasa Pemilihan dan Jawatankuasa Risiko Lembaga Pengarah.
Beliau juga merupakan Pengerusi Asean Retakaful International (L) Ltd.
(dalam pembubaran secara sukarela oleh ahli).
Dato’ Sulaiman Mohd Yusof, aged 65, is a Malaysian citizen and is an
Independent Non-Executive Director of Takaful Malaysia and was appointed
to the Board on 1 January 2008. He is also a member of the Audit Committee,
Nomination Committee and Board Risk Committee. He is also the Chairman
of Asean Retakaful International (L) Ltd. (in members’ voluntary liquidation).
Beliau memperolehi Ijazah Sarjana Muda Undang-undang (LLB) dari
University of Buckingham, United Kingdom pada tahun 1984 dan
diterima masuk ke Malaysian Bar pada tahun 1986.
He graduated with a Bachelor of Law (LLB) from the University
of Buckingham, United Kingdom in 1984 and was called to the
Malaysian Bar in 1986.
Beliau memulakan kerjayanya sebagai Pelatih Wartawan Kadet
dengan Agensi Berita Bernama pada tahun 1969. Seterusnya pada
tahun yang sama, beliau menyertai Polis Di Raja Malaysia. Beliau
menjawat pelbagai jawatan dalam Polis Di Raja Malaysia seperti
Timbalan Superitendan Personel, Setiausaha yang bertanggungjawab
kepada Ketua Polis Negara, Tun Haniff Omar, Pegawai Polis Daerah
Sentul, Alor Setar dan Sungai Petani dan Penolong Pesuruhjaya
Penyelidikan dan Perancangan di Bukit Aman. Pada tahun 2002,
beliau menjadi Timbalan Pengarah Pengurusan (Disiplin), Timbalan
Pengarah Jabatan Narkotik pada tahun 2003, Ketua Polis Negeri
Sembilan pada tahun 2004, Timbalan Pengarah, Jabatan Siasatan
Jenayah Komersial pada tahun 2005 dan sebagai Ketua Polis Kuala
Lumpur pada tahun 2006 sehingga persaraan beliau. Pada bulan
April 2007, beliau membuka syarikat guamannya sendiri, sekarang
ini dikenali sebagai Sulaiman, Jamellah & Clement. Beliau juga
merupakan Pengarah AWC Berhad dan beberapa syarikat sendirian
berhad yang lain.
He started his career as a Cadet Reporter Trainee with Bernama
News Agency in 1969. Later in the same year, he joined Royal
Malaysia Police. He assumed various positions at the Royal Malaysia
Police such as Deputy Superintendent of Personnel, Secretary
responsible for the IGP, Tun Haniff Omar, Police Officer for District
of Sentul, Alor Setar and Sungai Petani and Assistant Commissioner
of Research and Planning at Bukit Aman. In 2002, he became the
Deputy Director, Management (Discipline), in 2003 as Deputy
Director, Narcotics Department, in 2004 as the Chief Police Officer
of Negeri Sembilan, in 2005 as Deputy Director, Commercial Crime
Investigation Department and in 2006 as the Chief Police Officer of
Kuala Lumpur until his retirement. In April 2007, he started his own
legal firm, currently known as Sulaiman, Jamellah & Clement. He is
also a Director of AWC Berhad and other private limited companies.
tujuh (7) mesyuarat Lembaga Pengarah yang diadakan dalam tahun
past ten (10) years and has attended seven (7) Board of Directors’
015
ZAKARIA ISMAIL
Zakaria Ismail, berusia 64 tahun, adalah warganegara Malaysia dan
merupakan Pengarah Bukan Eksekutif Bebas Takaful Malaysia dan telah
dilantik pada 15 Mei 2010. Beliau juga merupakan Pengerusi Jawatankuasa
Ganjaran, Jawatankuasa Risiko Lembaga Pengarah dan Jawatankuasa
Tender, dan ahli Jawatankuasa Audit dan Jawatankuasa Pemilihan.
Zakaria Ismail, aged 64, is a Malaysian citizen and is an Independent NonExecutive Director of Takaful Malaysia and was appointed to the Board on
15 May 2010. He is also the Chairman of the Remuneration Committee,
Board Risk Committee and Tender Committee, and a member of Audit
Committee and Nomination Committee.
Beliau memperolehi Ijazah Sarjana Muda Ekonomi (Kepujian)
dari Universiti Malaya pada tahun 1974 dan Sarjana Pentadbiran
Perniagaan dan Sarjana Sastera dalam Ekonomi dari Boston
University, Amerika Syarikat, masing-masing pada tahun 1981 dan
1983. Beliau juga merupakan ahli bersekutu The Institute of Bankers,
London.
Beliau memulakan kerjayanya di Bank Negara Malaysia (BNM) pada
tahun 1974 dan memegang pelbagai jawatan seperti Eksekutif Kanan,
Penyeliaan Perbankan; Setiausaha Sulit, Pejabat Gabenor, Eksekutif
Kanan, Ekonomi; Penolong kepada Pengarah Eksekutif, South East
Asia Group IMF; di Washington, D.C Amerika Syarikat; Pengurus,
Ekonomi; Pengurus, Penyeliaan Perbankan; Timbalan Pengarah,
Pelaburan; Timbalan Pengarah, Penyeliaan Perbankan; Pengarah,
Penyeliaan Perbankan; Pengarah, Penyeliaan Insurans dan Pengarah,
Pengawalan Insurans. Beliau telah dipinjamkan sebagai Pengarah
Urusan di Entrepreneurs Rehabilitation Fund (ERF) pada tahun 2002
sehingga 2004 dan seterusnya dipinjamkan sebagai Pengarah Latihan
dan Pentadbiran di The South East Asian Central Banks Research and
Training Centre (SEACEN) pada tahun 2004 sehingga persaraan beliau
pada tahun 2007. Beliau juga merupakan ahli Lembaga Pengarah di
Malaysian Insurance Institute (MII) dan ahli EXCO MII dari tahun
2000 sehingga 2002 dan ahli Lembaga Pengarah Export-Import Bank
of Malaysia Berhad dari tahun 2008 sehingga 2014.
016
He obtained his Bachelor of Economics (Honours) from the University
of Malaya in 1974, and a Master in Business Administration and a
Master of Arts in Economics from Boston University, USA in 1981 and
1983 respectively. He is also an associate of The Institute of Bankers,
London.
He started his career with Bank Negara Malaysia (BNM) in 1974
and assumed various positions such as Senior Executive, Banking
Supervision; Private Secretary, Office of the Governor; Senior
Executive, Economics; Assistant to the Executive Director, South
East Asia Group IMF; in Washington, D.C. USA; Manager, Economics;
Manager, Banking Supervision; Deputy Director, Investment; Deputy
Director, Banking Supervision; Director, Banking Supervision;
Director, Insurance Supervision and Director, Insurance Regulation.
He was seconded to the Entrepreneurs Rehabilitation Fund (ERF) as
its Managing Director in 2002 until 2004 and then was seconded to
The South East Asian Central Banks Research and Training Centre
(SEACEN) as its Director of Training and Administration from 2004
until his retirement in 2007. He was also a Board member of the
Malaysian Insurance Institute (MII) and member of the EXCO of MII
from 2000 until 2002 and a Board member of Export-Import Bank of
Malaysia Berhad from 2008 until 2014.
Dato’ Othman Abdullah, berusia 67 tahun, adalah warganegara Malaysia
dan telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Takaful Malaysia
pada 1 Disember 2012. Beliau juga merupakan Pengerusi Jawatankuasa
Pelaburan, dan ahli Jawatankuasa Audit dan Jawatankuasa Pemilihan.
Dato’ Othman Abdullah, aged 67, is a Malaysian citizen and was appointed
on 1 December 2012 as an Independent Non-Executive Director of Takaful
Malaysia. He is also the Chairman of Investment Committee, and a member
of Audit Committee and Nomination Committee.
Beliau memperolehi Sarjana Muda Ekonomi dalam Perakaunan dan
Diploma Perakaunan dari Universiti Malaya pada tahun 1977 dan
merupakan ahli Institut Akauntan Malaysia (MIA).
He obtained his Bachelor of Economics in Accounting and Diploma in
Accounting from the University of Malaya in 1977 and is a member
of the Malaysian Institute of Accountants (MIA).
Beliau memulakan kerjayanya pada tahun 1977 sebagai Akauntan
Perbendaharaan di Jabatan Akauntan Negara (AG). Beliau telah
memegang pelbagai jawatan di Jabatan AG antaranya sebagai
Akauntan Kanan Perbendaharaan pada tahun 1982 dan Akauntan
pada tahun 1984. Beliau telah dipinjamkan kepada Lembaga Letrik
Sabah sebagai Timbalan Pengurus Besar (Kewangan) pada tahun
1987. Pada tahun 1993, beliau telah dilantik sebagai Timbalan
Pengarah, Bahagian Perkhidmatan Operasi Pusat dan Agensi
(BPOPA) dan kemudiannya menjadi Pengarah BPOPA pada tahun
1995. Seterusnya, pada tahun 1999 beliau telah dilantik sebagai
Pengarah, Bahagian Pengurusan Perakaunan Cawangan; pada tahun
2000 sebagai Timbalan Akauntan Negara Malaysia dan pada tahun
2003 sebagai Akauntan Negara Malaysia sehingga beliau bersara
pada bulan Mac 2005. Kini, beliau juga adalah Pengarah ECM Libra
Financial Group Berhad.
He started his career in 1977 as Treasury Accountant at the Accountant
General’s (AG) Department. He held various positions in the AG
Department among others as the Senior Treasury Accountant in 1982
and Accountant in 1984. He was seconded to the Sabah Electricity
Board as the Deputy General Manager (Finance) in 1987. In 1993,
he was appointed as the Deputy Director of Central Operation and
Agency Services Division (BPOPA) and later he became the Director
of BPOPA in 1995. In 1999, he then served as the Director of Branch
Account Management Division, in 2000 as the Deputy Accountant
General of Malaysia and in 2003 as the Accountant General of
Malaysia until his retirement in March 2005. Currently, he is also a
Director of ECM Libra Financial Group Berhad.
017
DR. AHMAD SHAHBARI @ SOBRI SALAMON
Dr. Ahmad Shahbari @ Sobri Salamon, berusia 73 tahun, adalah warganegara
Malaysia dan merupakan Pengerusi Badan Penasihat Syariah (BPS) Takaful
Malaysia. Beliau telah dilantik pada 1 Julai 1985.
Dr. Ahmad Shahbari @ Sobri Salamon, aged 73, is a Malaysian citizen and
is the Chairman of the Shariah Advisory Body (SAB) of Takaful Malaysia. He
was appointed on 1 July 1985.
Beliau memperolehi Ijazah Sarjana Muda Sastera dalam Syariah dari
Universiti Al–Azhar, Mesir pada tahun 1970, Sarjana Sastera dalam
Pengajian Antarabangsa dari Universiti Fairleigh Dickenson, Amerika
Syarikat pada tahun 1973, Sarjana Falsafah dalam Sains Politik dan
Ijazah Doktor Falsafah dalam Sejarah dari Universiti New York,
Amerika Syarikat masing-masing pada tahun 1975 dan 1979.
Beliau memulakan kerjayanya pada tahun 1978 sebagai Pensyarah
di Jabatan Syariah, Fakulti Pengajian Islam, Universiti Kebangsaan
Malaysia (UKM) sebelum dipinjamkan ke Universiti Islam
Antarabangsa Malaysia (UIAM) dari tahun 1983 hingga 1984.
Semasa di UKM, beliau telah dilantik sebagai Penyelaras bagi
Pendidikan Umum dari tahun 1981 hingga 1982. Pada tahun 1982,
beliau berkhidmat sebagai Pemangku Ketua Jabatan Syariah. Beliau
juga merupakan Penyelaras Program Diploma dan Sijil Pengajian
Islam UKM sehingga tahun 1983. Beliau kembali ke UKM pada
tahun 1984 sebagai Prof. Madya di Jabatan Syariah sehingga tahun
1985. Kemudian beliau menjadi Pengarah Eksekutif Pusat Rawatan
Islam (MAIS) dari tahun 1996 hingga 1999. Kini, beliau merupakan
Pengerusi Jawatankuasa Penasihat Syariah BIMB Investment
Management Berhad (BIMB Invest), ahli Majlis Perundingan Islam
di Jabatan Perdana Menteri (JPM) dan Pengerusi Majlis Pengawasan
Syariah Bank Islam Malaysia Berhad.
Beliau telah menghasilkan tulisan dalam bidang sejarah pendidikan,
ekonomi, perbankan Islam dan perundangan Islam sebanyak 14 buah
buku, 7 jilid terjemahan, 300 skrip tv dan 40 kertas kerja. Beliau juga
dianugerahkan sebagai ‘Tokoh Ulamak Bestari Negeri Selangor’ pada
tahun 2000, ‘Tokoh Ma’al Hijrah Negeri Selangor’ pada tahun 2001
dan Ahli Majlis Agama Islam Negeri Selangor selama 21 tahun.
018
He graduated with a Bachelor of Arts in Shariah from the University of
Al-Azhar, Egypt in 1970, a Master of Arts in International Studies from
Fairleigh Dickenson University, USA in 1973, a Master of Philosophy
in Political Sciences and a Doctor of Philosophy in History from New
York University, USA in 1975 and 1979 respectively.
He started his career in 1978 as a Lecturer at the Shariah Department,
Faculty of Islamic Studies, Universiti Kebangsaan Malaysia (UKM) prior
to his secondment to the International Islamic University Malaysia
(IIUM) from 1983 to 1984. Whilst with UKM, he was appointed as
the Coordinator for the General Teachings from 1981 to 1982. In
1982, he served as the Acting Head of the Shariah Department. He
was also the Programme Coordinator for Diploma and Certificate
in Islamic Studies of UKM until 1983. He returned to UKM in 1984
as a Associate Prof. in the Shariah Department until 1985. He then
became an Executive Director of Pusat Rawatan Islam (MAIS) from
1996 to 1999. Currently, he is the Chairman of Shariah Advisory
Committee for BIMB Investment Management Berhad (BIMB Invest),
a member of the Islamic Consultative Council in the Prime Minister’s
Department and the Chairman of the Shariah Supervisory Council of
Bank Islam Malaysia Berhad.
He has produced writings in educational history, economy, Islamic
banking and Islamic law, a total of 14 books, 7 translation bindery,
300 tv scripts and 40 paper works. He was also awarded ‘Tokoh
Ulamak Bestari Negeri Selangor’ in 2000, ‘Tokoh Ma’al Hijrah Negeri
Selangor’ in 2001 and a member of Religious Council of Selangor
State for 21 years.
DATO’ MOHD BAKIR HJ. MANSOR
Ahli / Member
Dato’ Mohd Bakir Hj. Mansor, berusia 79 tahun, adalah warganegara
Malaysia dan merupakan ahli Badan Penasihat Syariah (BPS) Takaful
Malaysia, dilantik pada 1 Julai 2002.
Dato’ Mohd Bakir Hj. Mansor, aged 79, is a Malaysian citizen and is a
member of the Shariah Advisory Body (SAB) of Takaful Malaysia, appointed
on 1 July 2002.
Beliau memperolehi Shahadah Ulya (Sijil Tertinggi) dari Kolej Islam
Malaya pada tahun 1967.
He obtained the Shahadah Ulya (Highest Certificate) from Kolej Islam
Malaya in 1967.
Beliau telah memulakan kerjayanya sebagai guru sementara di
Madrasah Mashhoor Islamiyah, Pulau Pinang dari tahun 1967 hingga
1970. Beliau kemudiannya berkhidmat sebagai Pegawai Penerangan
sementara di Majlis Kebangsaan Hal Ehwal Agama Islam Malaysia
mulai tahun 1971 hingga 1973; sebagai Pegawai Hal Ehwal Islam di
Bahagian Hal Ehwal Islam, Jabatan Perdana Menteri dari tahun 1973
hingga 1977; sebagai Pegawai Perancangan Pendidikan Agama di
Jabatan Kemajuan Masyarakat, Kementerian Pertanian dari tahun
1978 hingga 1980; sebagai Penolong Pengarah Dokumentasi di
Bahagian Hal Ehwal Islam, Jabatan Perdana Menteri mulai tahun 1980
hingga 1981 dan sebagai seorang Ketua Penolong Pengarah Pusat
Penyelidikan Islam dari tahun 1981 hingga 1984. Beliau kemudiannya
berkhidmat dengan Bank Islam Malaysia Berhad sebagai Koordinator
Syariah merangkap Setiausaha Majlis Pengawasan Syariah Bank
dari tahun 1984 hingga 2001. Beliau kemudian dilantik sebagai ahli
Majlis Pengawasan Syariah Bank Islam Malaysia Berhad dari tahun
2002 hingga 31 Mac 2015. Beliau juga pernah berkhidmat sebagai
Internal Research Fellow for the Centre of Fiqh Muamalat di Institut
Perbankan dan Kewangan Islam Malaysia (IBFIM) dari 2 Januari 2001
hingga 30 Jun 2009.
He started his career as a temporary teacher at Madrasah Mashhoor
Islamiyah, Pulau Pinang from 1967 to 1970. He then served as a
temporary Information Officer at the National Council for Islamic
Religious Affairs Malaysia from 1971 to 1973; as an Islamic Affairs
Officer at the Islamic Affairs Division, the Prime Minister’s Department
from 1973 to 1977; as the Religious Education Planning Officer at
the Community Development Department, Ministry of Agriculture
from 1978 to 1980; as an Assistant Documentation Director at the
Islamic Affairs Division, the Prime Minister’s Department from 1980
to 1981 and as a Chief Assistant Director of Islamic Research Centre
from 1981 to 1984. He then served at Bank Islam Malaysia Berhad as
Shariah Coordinator cum Secretary to the Bank’s Shariah Supervisory
Council from 1984 to 2001. He was then appointed as a member
of the Shariah Supervisory Council on Bank Islam Malaysia Berhad
from 2002 until 31 March 2015. He was also previously an Internal
Research Fellow for the Centre of Fiqh Muamalat at Islamic Banking
and Finance Institute Malaysia (IBFIM) from 2 January 2001 until 30
June 2009.
Beliau kini merupakan Penasihat Syariah Ternama di Pusat Fiqh
Muamalat berkuatkuasa dari 1 Julai 2009. Beliau juga adalah ahli
Jawatankuasa Panel Syariah Amanah Ikhtiar Malaysia dan Pengerusi
Jawatankuasa Penasihat Syariah BIMB Securities Sdn Bhd. Sebelum
dilantik sebagai ahli BPS Takaful Malaysia pada 1 Julai 2002, beliau
adalah Setiausaha BPS Takaful Malaysia sejak ia ditubuhkan pada
tahun 1985 hingga Disember 2001.
Beliau telah dikurniakan “Anugerah Maulidur Rasul 1434H/2013M”
oleh kerajaan Malaysia kerana sumbangannya dalam industri
kewangan Islam.
He is currently a Distinguished Shariah Advisor for the Centre of
Fiqh Muamalat effective from 1 July 2009. He is also a member of
the Shariah Panel of Amanah Ikhtiar Malaysia and the Chairman of
the Shariah Advisory Committee of BIMB Securities Sdn Bhd. Before
being appointed as a member of the SAB of Takaful Malaysia on 1 July
2002, he was the Secretary of the SAB of Takaful Malaysia since its
inception in 1985 to December 2001.
He was conferred with “Anugerah Maulidur Rasul 1434H/2013M” by
the government of Malaysia for his contributions in promoting the
Islamic finance industry.
019
DR. AIDA OTHMAN
Ahli / Member
Dr. Aida Othman, berusia 47 tahun, adalah warganegara Malaysia dan
merupakan ahli Badan Penasihat Syariah (BPS) Takaful Malaysia. Beliau
telah dilantik pada 6 Mac 2008.
Dr. Aida Othman, aged 47, is a Malaysian citizen and is a member of the
Shariah Advisory Body (SAB) of Takaful Malaysia. She was appointed on 6
March 2008.
Beliau memperolehi Ijazah Sarjana Muda Undang-undang (LL.B) pada
tahun 1992 dan Ijazah Sarjana Muda Undang-undang (LL.B Syariah)
dalam tahun 1993 dari Universiti Islam Antarabangsa Malaysia. Pada
tahun 1995, beliau memperolehi Sarjana Undang-undang (LL.M) dari
Universiti Cambridge, England. Pada tahun 2005 beliau memperolehi
Ijazah Doktor Falsafah dari Universiti Harvard, Amerika Syarikat dan
PostDoctorate Fellowship dari universiti yang sama pada tahun 2006.
Beliau telah mendapat latihan dalam kamar dengan Tetuan Zain &
Co. daripada tahun 1993 sehingga 1994. Pada tahun 1995, beliau
menyertai Universiti Islam Antarabangsa sebagai Pensyarah. Beliau
pernah menjadi penyelidik untuk United Nations dari tahun 1998
hingga 1999 dan berkhidmat di Universiti Harvard sebagai Teaching
Fellow dari tahun 2002 sehingga 2006.
Beliau kini merupakan rakan kongsi di firma guaman Tetuan Zaid
Ibrahim & Co. dan juga merupakan ahli Lembaga Pengarah ZICO
Shariah Advisory Services Sdn Bhd sehingga April 2015.
020
She graduated from the International Islamic University Malaysia
with a Bachelor of Law (LL.B) degree in 1992 and a Bachelor of Law
(LL.B Shariah) degree in 1993. In 1995, she obtained a Master in
Law (LL.M) from the Cambridge University, England. In 2005, she
obtained a Doctor of Philosophy from the Harvard University, USA
and a PostDoctorate Fellowship from the same university in 2006.
She started her chambering with Messrs. Zain & Co. in 1993 until
1994. In 1995, she joined International Islamic University Malaysia as
a Lecturer. She was previously a researcher for United Nations from
1998 until 1999 and served the Harvard University as a Teaching
Fellow from 2002 until 2006.
Currently she is a partner at a law firm Messrs. Zaid Ibrahim & Co.
and was also a Board member of ZICO Shariah Advisory Services Sdn
Bhd until April 2015.
Professor Dr. Muhamad Rahimi Osman
Ahli / Member
Profesor Dr. Muhamad Rahimi Osman, berusia 55 tahun, adalah
warganegara Malaysia dan merupakan ahli Badan Penasihat Syariah (BPS)
Takaful Malaysia. Beliau telah dilantik pada 12 Januari 2010.
Professor Dr. Muhamad Rahimi Osman, aged 55, is a Malaysian citizen and
is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia. He was
appointed on 12 January 2010.
Berkelulusan Ijazah Sarjana Muda Syariah (Hons) dari Universiti
Malaya pada tahun 1987, Ijazah Sarjana dalam Ekonomi Islam
dari Universiti Yarmouk, Jordan dan Doktor Falsafah (PhD) dalam
Perbankan Islam dari Universiti Islam Antarabangsa Malaysia masingmasing pada tahun 1996 dan 2007. Sekarang ini, beliau memegang
jawatan Dekan, Akademi Pengajian Islam Kontemporari (ACIS),
Universiti Teknologi MARA (UiTM), Shah Alam.
He graduated from the University of Malaya in 1987, holding a
Bachelor of Shariah (Hons). He obtained his Master in Islamic
Economics from the University of Yarmouk, Jordan and a Doctor of
Philosophy (PhD) in Islamic Banking from the International Islamic
University Malaysia in 1996 and 2007 respectively. Currently, he
is a Dean of the Academy of Contemporary Islamic Studies (ACIS),
Universiti Teknologi MARA (UiTM), Shah Alam.
Beliau memulakan kerjayanya sebagai pensyarah di Pusat Pendidikan
Islam, Universiti Teknologi MARA (UiTM), Shah Alam pada tahun
1988. Beliau telah dilantik memegang beberapa jawatan pentadbiran
seperti Koordinator Sains Sosial Islam, Ketua Unit Zakat, Timbalan
Pengarah, Pusat Pemikiran dan Kefahaman Islam (CITU) dan
Pengarah, Institut Kajian Zakat Malaysia (IKaZ), Universiti Teknologi
MARA.
He joined Universiti Teknologi MARA (UiTM), Shah Alam in 1988
as an academic staff at the Centre for Islamic Education. He was
appointed to several administration posts such as Coordinator of
Islamic Social Science, Head of Zakat Unit, Deputy Director, Centre for
Islamic Thought and Understanding (CITU) and Director of the Zakat
Research Institute of Malaysia (IKaZ), Universiti Teknologi MARA.
Beliau juga adalah ahli jawatankuasa Penyelaras Kurikulum Program
Muamalat, Takaful, Kewangan dan Perbankan Islam, Kementerian
Pengajian Tinggi Malaysia, Ahli Senat Universiti dan ahli Majlis
Dekan Pengajian Islam, Institusi Pengajian Tinggi Awam Malaysia dan
beberapa jawatankuasa lain di dalam dan luar Universiti.
Beliau juga telah menulis buku dan membentangkan kertas kerja
di peringkat nasional dan antarabangsa dan terlibat menjalankan
penyelidikan dalam bidang ekonomi, perbankan dan kewangan
Islam. Artikel beliau juga telah diterbitkan dalam jurnal tempatan
dan antarabangsa.
He also serves as a member of the Curriculum Review Committee
for Muamalat, Takaful, Islamic Banking and Finance of the Ministry
of Higher Education Malaysia, member of the Senate University,
and member of the Dean Council of Islamic Studies, Higher Learning
Institutions of Malaysia and several other committees inside and
outside of the University.
He has written books and presented papers at national and
international seminars related to Islamic economics, Islamic banking
and finance. His articles have also been published in local and
international journals.
021
DATO’ WAN MOHAMAD DATO’ SHEIKH ABDUL AZIZ
Ahli / Member
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz, berusia 63 tahun, adalah
warganegara Malaysia dan merupakan ahli Badan Penasihat Syariah (BPS)
Takaful Malaysia. Beliau telah dilantik pada 1 Jun 2011.
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz, aged 63, is a Malaysian citizen
and is a member of the Shariah Advisory Body (SAB) of Takaful Malaysia. He
was appointed on 1 June 2011.
Beliau memperolehi Diploma Pendidikan pada tahun 1977 dan
Sarjana Muda dalam Pengajian Islam (Kepujian) pada tahun 1978 dari
Universiti Kebangsaan Malaysia. Beliau juga memperolehi Diploma
Sains Pengurusan dari Institut Tadbiran Awam Negara (INTAN) pada
tahun 1989. Beliau merupakan ahli British Institute of Management
(MBIM) sejak tahun 1985.
He graduated from Universiti Kebangsaan Malaysia with a Diploma
in Education in 1977 and a Bachelor of Islamic Studies (Honours)
in 1978. He also obtained a Diploma in Management Science from
the National Institute of Public Administration (Institut Tadbiran
Awam Negara (INTAN) in 1989. He is a member of British Institute of
Management (MBIM) since 1985.
Beliau memulakan kerjayanya pada tahun 1978 sebagai Penolong
Pengarah dan kemudiannya menjadi Penolong Pengarah Kanan
di Institut Dakwah dan Latihan Islam (INDAH) Bahagian Hal Ehwal
Islam (BAHEIS), Jabatan Perdana Menteri. Beliau kemudian menjadi
Atase Agama di Pejabat Pesuruhjaya Tinggi Malaysia di London
selama tiga tahun sejak tahun 1982. Selepas pulang ke Malaysia
pada tahun 1986, beliau dinaikkan pangkat sebagai Ketua Penolong
Pengarah di BAHEIS dan kemudiannya sebagai Ketua Bahagian
Amar Ma’ruf dan Ketua Pendaftar Nikah, Cerai dan Rujuk di Jabatan
Agama Islam Wilayah Persekutuan (JAWI). Pada tahun 1993, beliau
bertugas sebagai Ketua Penolong Pengarah Ekonomi, Pentadbiran
Sosial, Pusat Penyelidikan Islam. Pada tahun 1994, beliau merupakan
Pengetua Darul Quran Jabatan Kemajuan Islam Malaysia (JAKIM)
dan kemudiannya memegang pelbagai jawatan seperti Pengarah
Bahagian Keluarga, Sosial dan Pengurusan Masjid (KESUMA),
Pengarah Bahagian Penyelidikan, Timbalan Ketua Pengarah (Operasi)
dan Ketua Pengarah masing-masing pada tahun 2000, 2003, 2004
dan 2007 sebelum beliau bersara pada 22 April 2011. Sepanjang
tempoh menjadi Ketua Pengarah JAKIM, beliau juga bertindak
sebagai Setiausaha Jawatankuasa Fatwa Kebangsaan.
He started his career in 1978 as an Assistant Director and later as
Senior Assistant Director at the Institut Dakwah dan Latihan Islam
(INDAH) of Islamic Affairs Division (Bahagian Hal Ehwal Islam
(BAHEIS), Prime Minister’s Department. He then served as Atase
Agama at the Malaysian High Commission’s office in London for
three years from 1982. Upon returning to Malaysia in 1986, he was
promoted to Chief Assistant Director in BAHEIS and thereafter as the
Chief of Amar Ma’ruf Division and Chief Registrar of Marriage,
Divorce and Ruju’ at the Federal Territory Islamic Religious
Department (Jabatan Agama Islam Wilayah Persekutuan (JAWI)). In
1993, he served as Chief Assistant Director of Social, Administration
and Economy at the Islamic Research Center. In 1994, he served as
Principal at the Darul Quran of the Malaysian Islamic Development
Department (Jabatan Kemajuan Islam Malaysia (JAKIM)) and later
assumed various positions such as Director of Family, Social and
Mosque Management Division (KESUMA), Director of Research
Division, Deputy Director General (Operation) and Director General
of JAKIM in 2000, 2003, 2004 and 2007 respectively before his
retirement on 22 April 2011. He also served as Secretary to the
National Fatwa Committee while serving as Director General of
JAKIM.
Beliau juga pernah berkhidmat sebagai ahli Majlis Penasihat Syariah
di Bank Negara Malaysia pada tahun 2008 sehingga tahun 2010.
Kini, beliau merupakan ahli Lembaga Pengarah Institut Kefahaman
Islam Malaysia (IKIM), ahli Jawatankuasa Penasihat Ibadat Haji
(Tabung Haji-JAKIM), Ahli Lembaga Pengarah My Angkasa Amanah
dan Ahli Panel Perundingan dan Pencegahan Rasuah, Suruhanjaya
Pencegahan Rasuah Malaysia (SPRM) .
022
He was also previously a member of the Shariah Advisory Council of
Bank Negara Malaysia from 2008 until 2010. He is currently a Board
member of the Institute of Islamic Understanding Malaysia (Institut
Kefahaman Islam Malaysia (IKIM)), a member of the Hajj Advisory
Committee (Tabung Haji-JAKIM), a Board member of My Angkasa
Amanah and member of the Negotiating Panel and Anti Corruption,
Malaysian Anti-Corruption Commission (MACC).
DR. AHMAD SUFIAN CHE ABDULLAH
Ahli / Member
Dr. Ahmad Sufian Che Abdullah, berusia 37 tahun, adalah warganegara
Malaysia. Beliau telah dilantik pada 1 Julai 2015.
Dr. Ahmad Sufian Che Abdullah, aged 37, is a Malaysian citizen and is a
member of the Shariah Advisory Body (SAB) of Takaful Malaysia. He was
appointed on 1 July 2015.
Beliau memperolehi Ijazah Sarjana Muda Syariah & Pengurusan
dan Ijazah Sarjana Syariah dengan pengkhususan dalam Kewangan
Islam (Fiqh Kewangan), masing-masing pada tahun 2003 dan 2007
dari Universiti Malaya. Pada tahun 2015, beliau memperolehi Ijazah
Doktor Falsafah dalam Ekonomi dan Perbankan Islam dari Universiti
Yarmouk, Jordan.
Beliau memulakan kerjayanya di Universiti Malaya pada tahun 2003
sebagai pengajar separuh masa sehingga beliau menjadi felow pada
tahun 2005. Beliau kini merupakan pensyarah kanan di Jabatan
Syariah dan Pengurusan, Akademi Pengajian Islam, Universiti Malaya
dan juga sebagai penasihat Syariah Kenanga Investment Bank Berhad
dan Sabnuha Jewellery PLT. Beliau adalah pengasas dan pengendali
laman media sosial iaitu “muamalat.my”, sebagai medium pendidikan
untuk meningkatkan kesedaran awam tentang Kewangan Islam dan
Takaful sejak 2013.
He obtained a Bachelor of Shariah & Management and a Master of
Shariah with specialization in Islamic Finance (Finance Fiqh), from
the University of Malaya in 2003 and 2007 respectively. In 2015, he
obtained his Doctor of Philosophy in Islamic Economic and Banking,
from the University of Yarmouk, Jordan.
He started his career at the University of Malaya in 2003 as a parttime tutor until he became a fellow in 2005. Currently he is a senior
lecturer at the Department of Shariah and Management, Academy
of Islamic Studies, University of Malaya and also a Shariah advisor of
Kenanga Investment Bank Berhad and Sabnuha Jewellery PLT. He is a
founder and administrator of social media page namely “muamalat.
my”, as a medium of education to enhance public awareness in
Islamic Finance and Takaful since 2013.
023
DR. MARHANUM CHE MOHD SALLEH
Ahli / Member
Dr. Marhanum Che Mohd Salleh, berusia 33 tahun, adalah warganegara
Malaysia. Beliau telah dilantik pada 1 Februari 2016.
Dr. Marhanum Che Mohd Salleh, aged 33, is a Malaysian citizen and is a
member of the Shariah Advisory Body (SAB) of Takaful Malaysia. She was
appointed on 1 February 2016.
Beliau memperolehi Ijazah Doktor Falsafah dalam Perbankan Islam
dan Kewangan dari Universiti Islam Antarabangsa Malaysia (UIAM)
pada tahun 2014, Ijazah Sarjana dalam Kewangan Islam dari UIAM
pada tahun 2009 dan ijazah Sarjana Muda Syariah dan Pengurusan
(dengan Kepujian) dari Universiti Malaya pada tahun 2006.
She obtained a Doctor of Philosophy degree in Islamic Banking and
Finance from the International Islamic University Malaysia (IIUM)
in 2014, a Masters in Islamic Finance from the IIUM in 2009 and a
Bachelor’s degree in Shariah and Management (with Distinction)
from the University of Malaya in 2006.
Beliau memulakan kerjaya dengan UIAM pada tahun 2007 sebagai
Pembantu Penyelidik di Jabatan Komunikasi. Kemudian beliau
menjadi guru di Sekolah Islam Adni, Ampang sehingga tahun 2008.
Pada tahun 2009, beliau menjadi Tutor di Pusat Pendidikan Luar,
Universiti Putra Malaysia sehingga tahun 2010. Beliau juga adalah
seorang Pembantu Penyelidik di pelbagai jabatan UIAM - Jabatan
Kewangan dan Jabatan Perniagaan & Pentadbiran dari tahun 2009
hingga 2012 dan Pensyarah Sambilan di Jabatan Perniagaan dan
Pentadbiran dari Januari 2008 hingga September 2009 dan Pelatih
Akademik di Jabatan Perniagaan dan Pentadbiran dari bulan
September 2009 sehingga September 2013.
She started her career with IIUM in 2007 as a Research Assistant in
the Department of Communication. Later on she became a Teacher
at the Adni Islamic School, Ampang until 2008. In 2009, she became a
Tutor at the Centre for External Education, University Putra Malaysia
until 2010. She was also a Research Assistant in various departments
of IIUM - Departments of Finance and Business & Administration
from 2009 until 2012 and Part Time Lecturer at the Department
of Business & Administration from January 2008 until September
2009 and an Academic Trainee at the Department of Business &
Administration from September 2009 until September 2013.
Beliau kini merupakan Penolong Profesor di Jabatan Kewangan,
UIAM dan juga adalah ahli Jawatankuasa Syariah UOB Malaysia.
Bidang kepakaran beliau termasuk Kewangan Islam, Perbankan,
Takaful, pemasaran Islam dan Waqf. Beliau telau menerbitkan artikel
di peringkat kebangsaan dan luar negara termasuk di Australian
Journal of Basic and Applied Sciences, Journal of Islamic Finance
and Business Research, Journal of Islamic Finance dan International
Journal of at-Thaqafah.
024
She is currently an Assistant Professor at the Department of Finance,
IIUM and also a member of the Shariah Committee of UOB Malaysia.
Her areas of expertise include Islamic Finance, Banking, Takaful,
Islamic marketing and Waqf. She has published her works in national
and international journals including in the Australian Journal of
Basic and Applied Sciences, Journal of Islamic Finance and Business
Research, Journal of Islamic Finance and International Journal of atThaqafah.
Jawatankuasa Pengurusan
Management Committee
1
1
Pengarah Urusan Kumpulan
2
AZIAN KASSIM
Ketua Pegawai Pelaburan
Chief Investment Officer
3
JULIANA LO BENG LIEW
Pengurus Besar, Kewangan
General Manager, Finance
4
LEEM WHY CHONG
Pengurus Besar, Aktuari
General Manager, Actuarial
5
SHUHAIBAHTULASLAMIAH HURMUZAN
Pengurus Besar, Sumber Manusia
General Manager, Human Resource
6
NORAZLIN MOHD DAHARI
Pengurus Besar, Perniagaan Korporat
General Manager, Corporate Business
7
MOHD SUHAIMI AHMAD
Pengurus Besar, Perniagaan Runcit
General Manager, Retail Business
8
MARK ANTHONY NATHAN
Pengurus Besar, Bankatakaful
General Manager, Bancatakaful
9
PATRICK WONG CHANG YANG
Ketua Pegawai Informasi
Chief Information Officer
10
MOHAMAD ASRI YUSOFF
Pengurus Besar, Hal Ehwal Korporat /
Setiausaha Syarikat
General Manager, Corporate Affairs /
Company Secretary
2
3
4
5
6
7
8
9
10
025
Corporate Governance Statement
PENYATA URUS TADBIR KORPORAT
CORPORATE GOVERNANCE STATEMENT
Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful
Malaysia”) terus mematuhi dan menyokong sepenuhnya Kod
Urus Tadbir Korporat Malaysia 2012 (“MCCG 2012”) dan sentiasa
komited dalam memastikan supaya Prinsip-prinsip dan Cadangancadangan dipatuhi dan diamalkan oleh keseluruhan Kumpulan bagi
membolehkan urus selia hal-ehwal Kumpulan dikendalikan secara
profesional, bertanggungjawab dan berwibawa dengan objektif
untuk melindungi dan mempertingkatkan nilai pelaburan pemegang
saham dan prestasi kewangan Kumpulan.
The Board of Directors (“the Board”) of Syarikat Takaful Malaysia
Berhad (“Takaful Malaysia”) continues to subscribe and fully support
the Malaysian Code on Corporate Governance 2012 (“MCCG 2012”)
and is committed to ensure that the Principles and Recommendations
are observed and practised throughout the Group so that the affairs
of the Group are conducted with professionalism, accountability
and integrity with the objective of safeguarding and enhancing
shareholders’ value and financial performance of the Group.
Lembaga Pengarah dengan ini berbesar hati melaporkan pelaksanaan
penggunaan Prinsip-prinsip MCCG 2012 dan sejauh mana Kumpulan
telah mematuhi Cadangan-cadangan oleh MCCG 2012 sebagaimana
yang ditetapkan menurut MCCG 2012, Keperluan Penyenaraian
Pasaran Utama (“Keperluan Penyenaraian”) Bursa Malaysia
Securities Berhad (“Bursa Securities”) dan Panduan Urus Tadbir
Korporat (“Panduan CG”) yang dikeluarkan oleh Bursa Malaysia
Berhad sepanjang tahun kewangan yang dikaji.
PENGARAH
The Board is pleased to report on the application of the Principles
of the MCCG 2012 and the extent of compliance with the
Recommendations of the MCCG 2012 as required under the MCCG
2012, the Main Market Listing Requirements (“Listing Requirements”)
of Bursa Malaysia Securities Berhad (“Bursa Securities”) and
Corporate Governance Guide (“CG Guide”) issued by Bursa Malaysia
Berhad during the financial year under review.
DIRECTORS
The Board
Lembaga Pengarah
Lembaga Pengarah bertanggungjawab terhadap keseluruhan aspek
urus tadbir korporat Kumpulan dan juga diamanahkan dengan
tanggungjawab dalam melaksanakan penjagaan yang sewajarnya
ke atas Syarikat serta sumber-sumber Kumpulan bagi memelihara
kepentingan para pemegang saham dan memastikan pengurusan
perniagaan yang sewajarnya.
Piagam Lembaga Pengarah
Lembaga Pengarah sedar akan keperluan untuk melindungi
kepentingan para pemegang saham dan pihak berkepentingan lain.
Bagi melaksanakan tugasnya dengan berkesan, Lembaga Pengarah
berpandu kepada Terma Rujukan (“Piagam”) yang menggariskan
peranan dan tanggungjawab Lembaga Pengarah. Lembaga Pengarah
akan mengkaji Piagam dari semasa ke semasa bagi memastikan ianya
selari dengan perubahan dalam peraturan-peraturan dan amalan
terbaik dan memastikan ianya berkesan dan relevan dengan objektif
Lembaga Pengarah.
Peranan dan Tanggungjawab
Lembaga Pengarah mempunyai tanggungjawab yang menyeluruh
untuk memastikan Takaful Malaysia beroperasi sebagaimana yang
dinyatakan dalam objektif Syarikat. Oleh itu, mereka mempunyai
kuasa untuk membuat keputusan mengenai semua perkara yang
berkaitan dengan perniagaan Syarikat seperti yang terkandung di
dalam Tataurusan Pertubuhan Syarikat, Akta Syarikat 1965 dan
026
The Board is responsible for the overall corporate governance of
the Group and is also entrusted with the responsibility of exercising
reasonable care of the Company as well as Group’s resources in the
best interests of its shareholders and in ensuring the proper conduct
of business.
Board Charter
The Board is mindful of the need to protect the interests of its
shareholders and other stakeholders. In discharging its duties
effectively, the Board is guided by its Terms of Reference (“Charter”)
which set out the roles and responsibilities of the Board. The Board
will regularly review the Charter to keep it up to date with changes
in regulations and best practices and ensure its effectiveness and
relevance to the Board’s objectives.
Roles and Responsibility
The Board has the overall responsibility of ensuring that Takaful
Malaysia operates as intended in the declared objectives of the
Company. Consequently, it has the power to decide on all matters
pertaining to the Company’s business as empowered by the
Company’s Articles of Association, Companies Act 1965 and all
relevant guidelines of Bank Negara Malaysia, Securities Commission
semua garis panduan yang berkaitan dengan Bank Negara Malaysia,
Suruhanjaya Sekuriti dan Keperluan Penyenaraian, dan jika perlu,
untuk mewakilkan kuasa-kuasa ini dengan sewajarnya. Beberapa
kuasa tertentu Lembaga Pengarah termasuk seperti yang berikut:
•
•
•
Untuk menubuhkan dan meluluskan polisi mengenai masa
depan Syarikat di dalam objektif umum untuk mencapai
kemajuan yang menyeluruh dalam misi korporat merangkumi
semua aspek operasi, termasuk perancangan strategik,
pentadbiran dan kawalan kredit, pengurusan aset dan liabiliti
merangkumi pengurusan risiko kecairan, pulangan ke atas
risiko pelaburan dan risiko pasaran, sistem perakaunan dan
kawalan, kualiti perkhidmatan, pelan automasi, pencegahan
penggubahan wang haram, pengurusan risiko, perancangan
keuntungan dan belanjawan, kecukupan modal dan
pembangunan sumber manusia;
Untuk meluluskan pelaburan baru, pelupusan dan
pemerolehan, termasuk penubuhan anak syarikat / syarikat
bersekutu yang baru dan penyertaan dalam aktiviti perniagaan
baru di dalam atau di luar negara;
Untuk mengkaji dan meluluskan pelan tahunan perniagaan
dan belanjawan, dan memantau prestasi kuantitatif dan
kualitatif Takaful Malaysia, kedua-dua di peringkat Syarikat
dan Kumpulan, berbanding dengan sasaran dan objektif;
•
Untuk memastikan bahawa operasi perniagaan Syarikat
dijalankan mengikut prinsip-prinsip Syariah;
•
Perancangan peralihan jawatan, termasuk melantik, melatih,
menetapkan pampasan dan di mana perlu, menggantikan
Pengurusan; dan
•
Mengkaji kecukupan dan integriti sistem kawalan dalaman
Syarikat dan sistem pengurusan maklumat, termasuk sistem
yang selari dengan undang-undang, peraturan-peraturan,
kaedah-kaedah, arahan dan garis panduan berkaitan.
Pengurusan Syarikat diketuai oleh Pengarah Urusan Kumpulan/Ketua
Pegawai Eksekutif. Beliau bertanggungjawab terhadap Lembaga
Pengarah bagi memastikan Syarikat beroperasi dengan berkesan.
Mesyuarat Lembaga Pengarah
Mesyuarat Lembaga Pengarah dijadualkan terlebih dahulu pada
permulaan tahun kalendar dengan mesyuarat tambahan diadakan
bila perlu. Semua Pengarah telah mematuhi Keperluan Penyenaraian
bagi kehadiran mesyuarat Lembaga Pengarah yang diadakan dalam
tahun kewangan yang dikaji. Sembilan (9) mesyuarat Lembaga
Pengarah telah diadakan pada tahun kewangan yang dikaji dengan
butiran kehadiran setiap Pengarah seperti berikut:
and the Listing Requirements, and if required, to delegate these
powers accordingly. Some of the specific powers of the Board would
include the following:
•
To establish and approve policies on the future direction of the
Company within the general objective of attaining progress
in its overall corporate missions which cover all aspects of
operations, including strategic planning, credit administration
and control, asset and liability management encompassing
the management of liquidity risk, return on investment risk
and market risk, accounting system and control, service
quality, automation plan, prevention of money laundering,
risk management, profit planning and budgeting, adequacy of
capital and human resource development;
•
To approve new investments, divestments and acquisitions,
including the setting up of new subsidiaries/associated
companies and the participation in new business activities
locally or overseas;
•
To review and approve the annual business plan and budget,
and monitoring the quantitative and qualitative performance
of Takaful Malaysia, both at the Company and Group levels,
against target and objectives;
•
To ensure that the business operations of the Company are
conducted in accordance with the Shariah principles;
•
Succession planning, including appointing, training, fixing
the compensation of and where appropriate, replacement of
Management; and
•
Reviewing the adequacy and integrity of the Company’s
internal control systems and management information
systems, including systems for compliance with applicable
laws, regulations, rules, directives and guidelines.
The Management of the Company is headed by the Group Managing
Director/Chief Executive Officer. He is accountable to the Board in
ensuring that the Company is operating effectively.
Board Meetings
Board meetings are scheduled in advance at the beginning of a
calendar year with additional meetings convened when necessary.
All Directors have complied with the Listing Requirements on
attendance for Board meetings held during the financial year under
review. Nine (9) Board meetings were held during the financial year
under review with details of meetings’ attendance of each Director
are as follows:
027
Nama / Name
Kehadiran / Peratus (%) /
Attendance Percentage (%)
Tan Sri Ismee Ismail
(Pengerusi/Pengarah Bukan Eksekutif Bukan Bebas / Chairman/Non-Independent Non-Executive Director)
(Berakhir pada 15 Disember 2015 / Ceased on 15 December 2015)
9/9
100
Dato’ Sri Mohamed Hassan Kamil
(Pengarah Eksekutif Bukan Bebas / Non-Independent Executive Director)
9/9
100
Datuk Rozaida Omar
(Pengarah Bukan Eksekutif Bukan Bebas / Non-Independent Non-Executive Director)
7/9
78
Mahadzir Azizan
(Pengarah Bukan Eksekutif Bebas Kanan / Senior Independent Non-Executive Director)
9/9
100
Dato’ Sulaiman Mohd Yusof
(Pengarah Bukan Eksekutif Bebas / Independent Non-Executive Director)
7/9
78
9/9
100
Zakaria Ismail
9/9
100
Dato’ Othman Abdullah
9/9
100
Dato’ Johan Abdullah
(Pengarah Bukan Eksekutif Bukan Bebas / Non-Independent Non-Executive Director)
(Berakhir pada 17 Februari 2016 / Ceased on 17 February 2016)
Lembaga Pengarah berpuas hati dengan tahap komitmen masa
yang diberikan oleh para Pengarah ke arah memenuhi peranan dan
tanggungjawab mereka sebagai Pengarah Takaful Malaysia seperti
yang tertera di dalam rekod kehadiran para Pengarah di dalam
mesyuarat Lembaga Pengarah, sebagaimana yang dinyatakan dalam
jadual di atas.
Lembaga Pengarah juga mengambil maklum harapan komitmen masa
untuk menjalankan tanggungjawab mereka seperti yang digariskan
di dalam salah satu cadangan MCCG 2012. Dalam hal ini, Lembaga
Pengarah akan memberitahu Pengerusi sebelum penerimaan mereka
terhadap apa-apa jawatan pengarah baru.
Sebagaimana yang ditetapkan dalam Perenggan 15.06 Keperluan
Penyenaraian, Pengarah tidak boleh memegang jawatan pengarah
melebihi daripada lima PLC. Tiada Pengarah yang telah melebihi had
ini sepanjang tahun kewangan yang dikaji. Para Pengarah dikehendaki
mengisytiharkan jawatan pengarah dan/atau kepentingan mereka di
dalam syarikat-syarikat awam dan swasta setiap bulan. Maklumat
tersebut juga digunakan untuk memantau bilangan jawatan
pengarah yang dipegang oleh para Pengarah, terutamanya dalam PLC
dan untuk memaklumkan Suruhanjaya Syarikat Malaysia terhadap
sebarang perubahan di dalam jawatan pengarah di syarikat-syarikat
awam.
Semua Pengarah memiliki latar belakang pengalaman kerja yang
luas dalam pelbagai bidang, dan dengan ini membolehkan mereka
membuat pertimbangan yang sewajarnya dalam melaksanakan tugas
mereka.
028
The Board is satisfied with the level of time commitment given by
the Directors towards fulfilling their roles and responsibilities as
Directors of Takaful Malaysia as evidenced by the attendance record
of the Directors at Board meetings, as set out in the above table.
The Board also took note of the expectation on time commitment
to carry out their responsibilities outlined in one of the
recommendations of the MCCG 2012. In this respect, members of
the Board will notify the Chairman prior to their acceptance of any
new directorship.
As prescribed in Paragraph 15.06 of the Listing Requirements,
Directors must not hold directorships at more than five PLCs. None
of the Directors have exceeded these limits during the financial
year under review. The Directors are required to declare their
directorships and/or interests in other public and private companies
on a monthly basis. Such information is also used to monitor the
number of directorships held by the Directors, particularly those on
PLCs and to notify the Companies Commission of Malaysia of any
changes in other directorships on public companies.
All Directors have the backing of extensive work experience in various
fields and therefore able to exercise independent judgement in order
to discharge their duties.
Kod Etika Lembaga Pengarah
Directors’ Code of Ethics
Para Pengarah mematuhi kod etika selaras dengan Kod Etika
Pengarah Syarikat yang dibentuk oleh Suruhanjaya Syarikat Malaysia
yang memberi panduan bagi piawaian berhemah dalam tingkah laku
dan amalan perniagaan yang berhemat serta piawaian etika tingkah
laku bagi Pengarah, berdasarkan prinsip integriti, tanggungjawab,
keikhlasan dan tanggungjawab sosial korporat.
The Directors observe the code of ethics in accordance with the
Company Directors’ Code of Ethics established by the Companies
Commission of Malaysia which provides guidance for proper
standards of conduct and sound and prudent business practices
as well as standard of ethical behaviour for Directors, based on
principles of integrity, responsibility, sincerity and corporate social
responsibility.
Kod Kelakuan dan Etika Takaful Malaysia terdiri daripada 3 bahagian
utama, iaitu:
•
Urus Tadbir Korporat;
•
Hubungan dengan pemegang saham, pekerja, pemiutang dan
pelanggan; dan
•
Tanggungjawab sosial dan alam sekitar.
Takaful Malaysia’s Code of Conduct and Ethics consist of 3 major
areas, namely:
•
Corporate Governance;
•
Relationship with shareholders, employees, creditors and
customers; and
•
Social responsibilities and the environment.
Keseimbangan Lembaga Pengarah dan Kebebasan Pengarah
Board Balance and Independence of Directors
Sepanjang tahun kewangan yang dikaji, Lembaga Pengarah terdiri
daripada:
During the financial year under review, the Board comprises the
following:
Nama / Name
Komposisi / Peratus (%) /
Composition* Percentage (%)
Pengarah Eksekutif Bukan Bebas / Non-Independent Executive Director 1/8
12.5
Pengarah Bukan Eksekutif Bukan Bebas / Non-Independent Non-Executive Directors 3/8
37.5
Pengarah Bukan Eksekutif Bebas / Independent Non-Executive Directors 4/8
50.0
* Termasuk Tan Sri Ismee Ismail dan Dato’ Johan Abdullah yang
tempoh pelantikan masing-masing telah berakhir pada 15
Disember 2015 dan 17 Februari 2016.
* Including Tan Sri Ismee Ismail and Dato’ Johan Abdullah whose
term of appointment has ended on 15 December 2015 and 17
February 2016 respectively.
Komposisi di atas mematuhi Perenggan 15.02 Keperluan
Penyenaraian yang mewajibkan satu pertiga (1/3) daripada para
Pengarah Takaful Malaysia terdiri daripada Pengarah Bebas. Salah
satu cadangan MCCG 2012 menyatakan bahawa Lembaga Pengarah
mesti terdiri daripada majoriti Pengarah Bebas jika Pengerusi
Lembaga Pengarah bukan merupakan seorang Pengarah Bebas.
Lembaga Pengarah membincangkan mengenai perkara ini dan
bersetuju bahawa bilangan Pengarah Bebas akan dikekalkan pada
50% daripada ahli-ahli Lembaga Pengarah kerana Lembaga Pengarah
merasakan adanya keperluan keseimbangan ahli Lembaga Pengarah
bagi memastikan kepentingan Syarikat dan semua pihak yang
berkepentingan dilindungi.
The above composition is in compliance with Paragraph 15.02
of the Listing Requirements which require that one third (1/3) of
Directors of Takaful Malaysia to be Independent Directors. One of
the recommendations of the MCCG 2012 states that the Board must
comprise a majority of Independent Directors where the Chairman
of the Board is not an Independent Director. The Board deliberated
on this matter and agreed for the number of Independent Directors
to be maintained at 50% of the Board members as the Board feel
that there is a need for a balanced Board members to ensure that
the interest of the Company and all the stakeholders are protected.
Walau bagaimanapun, tanpa mengambil kira Tan Sri Ismee Ismail
dan Dato‘ Johan Abdullah yang tempoh pelantikan masing-masing
telah berakhir pada 15 Disember 2015 dan 17 Februari 2016, majoriti
ahli Lembaga Pengarah iaitu 4 daripada 6 atau 67% adalah Pengarah
Bebas.
However, excluding both Tan Sri Ismee Ismail and Dato’ Johan
Abdullah whose term of appointment has ended on 15 December
2015 and 17 February 2016 respectively, majority of Board members
i.e. 4 out of 6 or 67% are Independent Directors.
029
Lembaga Pengarah telah menerima pakai polisi sembilan tahun bagi
Pengarah Bukan Eksekutif Bebas dalam bulan Ogos 2011 sebelum
penerbitan MCCG 2012. Tempoh untuk semua empat orang Pengarah
Bukan Eksekutif Bebas tidak melebihi tempoh kumulatif sembilan
(9) tahun seperti yang disyorkan oleh MCCG 2012. Mereka terus
memenuhi definisi bebas seperti yang dinyatakan di dalam Keperluan
Penyenaraian. Oleh itu, berkaitan dengan dua Pengarah Bukan
Eksekutif Bebas yang menawarkan pelantikan semula di bawah
Artikel 62 Tataurusan Pertubuhan Syarikat pada Mesyuarat Agung
Tahunan ke-31 yang akan datang, Lembaga Pengarah mencadangkan
dan menyokong cadangan pelantikan semula mereka.
Rangka Tindakan Urus Tadbir Korporat 2011 menyatakan matlamat
untuk mencapai 30% penyertaan wanita di dalam Lembaga Pengarah
menjelang tahun 2016 dan kemajuan ke arah matlamat ini akan
dipantau dan dinilai dari semasa ke semasa. Lembaga Pengarah
Takaful Malaysia kini mempunyai seorang ahli wanita dari lapan
ahli (iaitu 12.5%) sejak Mei 2007 (sebelum berakhirnya tempoh
pelantikan Tan Sri Ismee Ismail pada 15 Disember 2015 dan Dato’
Johan Abdullah pada 17 Februari 2016) manakala Badan Penasihat
Syariah juga mempunyai seorang ahli wanita daripada enam orang
ahli (iaitu 16.7%) sejak Mac 2008 (tanpa mengambil kira pelantikan
Dr. Marhanum Che Mohd Salleh pada 1 Februari 2016).
Lembaga Pengarah mengakui bahawa kepelbagaian adalah satu
daripada pemacu utama untuk meningkatkan keberkesanan
Lembaga Pengarah kerana kepelbagaian meluaskan perbahasan
dalam Lembaga Pengarah dan Badan Penasihat Syariah dengan
memanfaatkan pandangan dan perspektif yang berbeza. Lembaga
Pengarah akan terus meningkatkan komposisi Lembaga Pengarah
dan Badan Penasihat Syariah untuk menggalakkan kepelbagaian
dari segi antara lain, kemahiran, latar belakang, pengetahuan,
pengalaman industri, budaya, kebebasan, etnik, umur dan jantina
apabila melantik Pengarah dan ahli Badan Penasihat Syariah yang
baru.
The Board has adopted a nine-year policy for Independent NonExecutive Directors in August 2011 i.e. before the issuance of MCCG
2012. The tenure of all the four Independent Non-Executive Directors
does not exceed a cumulative term of nine (9) years as recommended
by the MCCG 2012. They continue to fulfill the definition of
independence as set out in the Listing Requirements. Therefore, with
regard to the two Independent Non-Executive Directors who are
seeking re-appointment under Article 62 of the Company’s Articles
of Association at the forthcoming 31st AGM, the Board recommends
and supports their proposed re-appointment.
The Corporate Governance Blueprint 2011 stated that the goal is
for women participation on Boards to reach 30% by 2016 and the
progress towards this goal will be monitored and assessed from time
to time. Takaful Malaysia’s Board currently has one women member
out of eight members (i.e. 12.5%) since May 2007 (before cessation
of Tan Sri Ismee Ismail on 15 December 2015 and Dato’ Johan
Abdullah on 17 February 2016) while the Shariah Advisory Body also
has one women member out of six members (i.e. 16.7%) since March
2008 (without taking into account the appointment of Dr. Marhanum
Che Mohd Salleh on 1 February 2016).
The Board recognizes that diversity is one of the key drivers to
enhance Board effectiveness as diversity broadens the debate within
the Board and Shariah Advisory Body by harnessing different insights
and perspectives. The Board will continuously enhance the Board
and Shariah Advisory Body’s composition to encourage diversity in
terms of among other things, skills, background, knowledge, industry
experience, culture, independence, ethnicity, age and gender when
appointing new Directors and Shariah Advisory Body members.
Lembaga Pengarah yang mempunyai pelbagai latar belakang dan
kepakaran khusus, secara kolektifnya membawa bersama mereka
pengalaman dan kepakaran yang luas dalam bidang-bidang seperti
kewangan, insurans, aktuari, perakaunan, kesetiausahaan syarikat,
perundangan, pengurusan dan perbankan. Profil ahli Lembaga
Pengarah ada dibentangkan di muka surat 12 hingga 17 dalam
Laporan Tahunan ini. Terdapat pembahagian yang jelas antara
tanggungjawab Pengerusi dan Pengarah Urusan Kumpulan bagi
memastikan keseimbangan kuasa dan autoriti.
The Board with their different backgrounds and specialisations,
collectively bring with them a wide range of experience and expertise
in areas such as finance, insurance, actuary, accounting, company
secretarial, legal, management and banking. The profiles of the
Directors are provided on pages 12 to 17 of the Annual Report. There
is a clear division of responsibilities between the Chairman and the
Group Managing Director to ensure that there is a balance of power
and authority.
Peranan dan tanggungjawab Pengerusi dan Pengarah Urusan
Kumpulan adalah jelas dan berbeza, mengikut amalan terbaik yang
berkaitan. Pengerusi bertanggungjawab terhadap pengendalian
Lembaga Pengarah untuk mencapai objektifnya dan menerajui
perbincangan di peringkat Lembaga Pengarah untuk menggalakkan
tahap perbincangan yang seimbang sementara Pengarah Urusan
Kumpulan bertanggungjawab terhadap pengurusan Syarikat dan
Kumpulan serta pelaksanaan dasar dan keputusan yang telah
diputuskan oleh Lembaga Pengarah.
The roles and responsibilities of the Chairman and Group Managing
Director are distinct and separate, in accordance with the relevant
best practice. The Chairman is responsible for running the Board to
achieve its objectives and lead the discussion at the Board level to
encourage a healthy level of deliberation whilst the Group Managing
Director is responsible for managing the Company and the Group as
well as the implementation of the Board’s policies and decisions.
Lembaga Pengarah telah mengenalpasti dan melantik Mahadzir
Azizan sebagai Pengarah Bukan Eksekutif Bebas Kanan di mana
sebarang kemusykilan boleh dirujuk oleh pemegang saham dan
pihak berkepentingan lain.
The Board has identified and appointed Mahadzir Azizan as a Senior
Independent Non-Executive Director to whom concerns may be
conveyed by shareholders and other stakeholders.
030
Jawatankuasa Lembaga Pengarah
Board Committees
Dalam memastikan Lembaga Pengarah melaksanakan tugas mereka
dengan lebih berkesan di samping meningkatkan perniagaan dan
kecekapan operasi, Lembaga Pengarah mengagihkan tanggungjawab
tertentu kepada tujuh (7) Jawatankuasa Lembaga Pengarah, iaitu:
•
Jawatankuasa Audit;
•
Jawatankuasa Pemilihan;
•
Jawatankuasa Ganjaran;
•
Jawatankuasa Risiko Lembaga Pengarah;
•
Jawatankuasa Tender;
•
Jawatankuasa Pelaburan; dan
•
Jawatankuasa Pelan Insentif Jangka Panjang.
To enable the Board to discharge its duties effectively whilst
enhancing business and operational efficacy, the Board delegates
certain responsibilities to seven (7) Board Committees, namely:
Audit Committee;
•
Nomination Committee;
•
Remuneration Committee;
•
•
Board Risk Committee;
Tender Committee;
•
Investment Committee; and
•
•
Long Term Incentive Plan Committee.
Setiap Jawatankuasa mempunyai terma rujukan bertulis yang jelas
dan Lembaga Pengarah menerima laporan bagi setiap persidangan
dan pertimbangan Jawatankuasa tersebut. Pengerusi bagi setiap
Jawatankuasa akan melaporkan kepada Lembaga Pengarah setiap
keputusan dari mesyuarat yang dijalankan dan laporan tersebut akan
dimasukkan ke dalam minit Mesyuarat Lembaga Pengarah.
All Committees have clear written terms of reference and the
Board receives reports of their proceedings and deliberations. The
Chairman of the various Committees will report to the Board the
outcome of their meetings and such reports are incorporated in the
minutes of the Board meeting.
Keahlian Jawatankuasa adalah bergantung kepada kemahiran dan
pengalaman seseorang Pengarah serta kebolehan mereka memberi
nilai tambah kepada Jawatankuasa.
The Committees’ membership are based on Directors’ skills and
experience as well as their ability to add value to the Committees.
Badan Penasihat Syariah
Badan Penasihat Syariah telah diberi kepercayaan oleh Lembaga
Pengarah bagi memastikan operasi dan produk yang ditawarkan
oleh Kumpulan adalah berlandaskan Syariah. Kesemua perkara yang
memerlukan pandangan dan keputusan Badan Penasihat Syariah
akan dibentangkan di dalam mesyuarat Badan Penasihat Syariah
di mana ianya juga dihadiri oleh pihak Pengurusan dan wakil dari
Bahagian Syariah. Kemudian, perkara tersebut akan dibawa kepada
Lembaga Pengarah untuk memaklumkan keputusan yang telah
dibuat.
Badan Penasihat Syariah terdiri daripada enam (6) orang ahli tanpa
mengambil kira pelantikan Dr. Marhanum Che Mohd Salleh pada
1 Februari 2016, di mana kesemuanya mempunyai pengalaman
dan kepakaran yang diperlukan di dalam bidang masing-masing.
Dr. Ahmad Shahbari @ Sobri Salamon merupakan Pengerusi Badan
Penasihat Syariah. Enam (6) mesyuarat Badan Penasihat Syariah
telah diadakan sepanjang tahun kewangan yang dikaji dengan
butiran kehadiran setiap ahli seperti berikut:
Nama / Name
Shariah Advisory Body
The Shariah Advisory Body is entrusted by the Board to ensure that
the Group’s operations and products offered are in accordance
with the Shariah. All matters which require the Shariah Advisory
Body’s opinion and decision are deliberated at the Shariah Advisory
Body meetings with the attendance of the Management and
representatives from the Shariah Division. Thereon, the said matters
are brought to the attention of the Board for an informed decision
making.
The Shariah Advisory Body consists of six (6) members without taking
into account the appointment of Dr. Marhanum Che Mohd Salleh on
1 February 2016, all of whom have the necessary experiences and
expertise in their respective fields. The Chairman of the Shariah
Advisory Body is Dr. Ahmad Shahbari @ Sobri Salamon. The Shariah
Advisory Body met six (6) times during the financial year under
review with details of meetings’ attendance of each member are as
follows:
Dr. Ahmad Shahbari @ Sobri Salamon
6/6
100
Dato’ Mohd Bakir Hj. Mansor
6/6
100
Dr. Aida Othman
5/6
83
Professor Dr. Muhamad Rahimi Osman
6/6
100
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz
6/6
100
Dr. Ahmad Sufian Che Abdullah
(Dilantik pada 1 Julai 2015 / Appointed on 1 July 2015)
3/3
100
Dr. Marhanum Che Mohd Salleh
(Dilantik pada 1 Februari 2016 / Appointed on 1 February 2016)
t/b
n/a
t/b
n/a
t/b - tidak berkenaan kerana Dr. Marhanum Che Mohd Salleh dilantik sebagai ahli selepas tahun kewangan berakhir 31 Disember 2015.
n/a - not applicable as Dr. Marhanum Che Mohd Salleh was appointed as a member after the financial year ended 31 December 2015.
031
Polisi Pemberitahuan Maklumat dan Polisi Penipuan & Integriti
Whistle Blowing Policy and Fraud & Integrity Policy
Syarikat telah mewujudkan Polisi Pemberitahuan Maklumat lanjutan
daripada Akta Perlindungan Pemberi Maklumat, 2010 dengan
objektif seperti berikut:-
The Company has established the Whistle Blowing Policy in response
to the Whistleblower Protection Act, 2010 with the following
objectives:-
•
Untuk membolehkan pekerja-pekerja menyuarakan apa-apa
kemusykilan mengenai integriti dan salah laku disamping
membolehkan Lembaga Pengarah diberitahu pada peringkat
awal mana-mana salah laku atau perbuatan yang tidak sopan;
•
Untuk melindungi pekerja-pekerja daripada hukuman atau
perlakuan yang tidak adil akibat menyuarakan kemusykilan
dengan cara yang betul selaras dengan Polisi Pemberitahuan
Maklumat; dan
•
Untuk membentuk budaya keterbukaan, akauntabiliti dan
integriti dalam Syarikat.
Di samping itu, Syarikat juga telah mewujudkan Polisi Penipuan &
Integriti untuk memudahkan perkembangan kawalan yang akan
membantu dalam pengesanan dan pencegahan penipuan terhadap
Syarikat secara dalaman dan luaran. Objektif Polisi Penipuan &
Integriti adalah seperti berikut:•
•
•
•
To enable the employees to raise any concerns of integrity and
misconduct as well as to enable the Board to be informed at
an early stage of any misconduct or improprieties;
•
To protect the employees from punishment or unfair
treatment for disclosing concerns in good faith in accordance
with the Whistle Blowing Policy; and
•
To develop a culture of openness, accountability and integrity
within the Company.
In addition, the Company has also established the Fraud & Integrity
Policy to facilitate the development of controls that will aid in the
detection and prevention of fraud against the Company internally
and externally. The objectives of the Fraud & Integrity Policy are as
follows:•
Bagi memastikan tindakan segera dan konsisten serta
memastikan keberkesanan dan keberkaitan kawalan dalaman
dalam mengurangkan risiko penipuan;
To ensure prompt and consistent action as well as to ensure
the effectiveness and relevance of internal control in mitigating
fraud risk;
•
Untuk melindungi Syarikat dari kerugian kewangan, kerosakan
reputasi serta menanam keyakinan peserta-peserta dan pihak
berkepentingan lain; dan
To safeguard the Company from financial losses,reputation
damage as well as to instill confidence of participants and
stakeholders; and
•
To enable Management to focus on achieving business
strategies and target.
Untuk membolehkan Pengurusan memberi tumpuan kepada
pencapaian strategi perniagaan dan sasaran.
Kedua-dua polisi di atas boleh diperolehi di portal Syarikat.
Dasar Pendedahan Korporat
Syarikat berpandu kepada Keperluan Penyenaraian mengenai Dasar
Pendedahan Korporat.
Both of the above policies are available on the Company’s portal.
Corporate Disclosure Policy
The Company is guided by the Listing Requirements regarding the
Corporate Disclosure Policy.
Sustainability Policy
Dasar Kemampanan
Sebagai perintis penyedia perkhidmatan kewangan yang mematuhi
Syariah bagi takaful, Takaful Malaysia dan anak-anak syarikatnya
berusaha untuk menjadi warga korporat yang bertanggungjawab.
Takaful Malaysia komited untuk menegakkan prinsip-prinsip Syariah
berhubung dengan perniagaan dan tanggungjawab sosialnya.
Lembaga Pengarah menganjurkan urus tadbir korporat yang baik
dalam penglibatan amalan kemampanan khususnya melalui inisiatifinisiatif tanggungjawab sosial korporat/program yang dijalankan oleh
Syarikat sepanjang tahun.
032
As a pioneer Shariah-compliant financial services provider for
takaful, Takaful Malaysia and its subsidiaries strive to be responsible
corporate citizens. Takaful Malaysia is committed to uphold the
Shariah principles in relation to its business and social responsibilities.
The Board promotes good corporate governance in the application
of sustainability practices particularly through the corporate social
responsibility initiatives/programs undertaken by the Company
throughout the year.
Sumber Maklumat kepada Lembaga Pengarah
Supply of Information to the Board
Lembaga Pengarah mempunyai akses penuh dan secukupnya
kepada maklumat berkenaan kertas Lembaga Pengarah yang
diedarkan sebelum mesyuarat agar Pengarah boleh mendapatkan
penjelasan lanjut, apabila diperlukan bagi mendapatkan penerangan
yang sewajarnya sebelum mesyuarat. Kertas Lembaga Pengarah
merangkumi minit mesyuarat Lembaga Pengarah yang lalu, minit
mesyuarat semua Jawatankuasa Lembaga Pengarah dan laporan yang
berkaitan isu-isu mesyuarat yang meliputi kewangan, pelaburan,
teknologi maklumat, operasi, sumber manusia dan perkara berkaitan
dengan pematuhan peraturan. Pengarah Urusan Kumpulan akan
memaklumkan kepada Lembaga Pengarah tepat pada masanya,
berhubung semua isu penting yang boleh mempengaruhi prestasi
Kumpulan dan pembangunan utama yang berlaku dalam Kumpulan.
The Board has full and timely access to information with Board
papers distributed in advance of meetings to enable the Directors to
obtain further explanation, where necessary, in order to be properly
briefed before the meetings. The Board papers include the minutes
of previous Board meeting, minutes of meetings of all Committees
of the Board and reports relevant to the issues of the meetings
covering areas such as financial, investment, information technology,
operational, human resource and regulatory compliance matters.
The Group Managing Director keeps the Board informed, on timely
basis, of all material matters affecting the Group’s performance and
major developments within the Group.
Pengurusan Kanan dijemput untuk menghadiri mesyuarat Lembaga
Pengarah apabila diperlukan bagi membentangkan dan menerangkan
perkara-perkara/laporan berkaitan dengan bidang tanggungjawab
mereka kepada Lembaga Pengarah.
Semua ahli Lembaga Pengarah mempunyai akses yang tidak terhad
kepada maklumat yang tepat dan pada masa yang ditetapkan serta
khidmat nasihat Setiausaha Syarikat yang bertanggungjawab untuk
memastikan supaya prosedur mesyuarat Lembaga Pengarah dituruti
dan semua syarat serta peraturan yang diterima pakai dipatuhi.
Beliau juga bertanggungjawab bagi menasihatkan Pengarah tentang
kewajipan dan tugas mereka, penzahiran kepentingan mereka dalam
sekuriti, pendedahan sebarang konflik yang berkepentingan dalam
urusniaga yang melibatkan Syarikat, larangan menjalankan urusniaga
sekuriti dan sekatan ke atas pendedahan maklumat sensitif-harga.
Para Pengarah juga boleh mendapatkan nasihat badan profesional
bebas dalam menjalankan tugas mereka, di bawah tanggungan
Takaful Malaysia.
Lembaga pengarah juga sentiasa dimaklumkan dari semasa ke
semasa oleh Setiausaha Syarikat dan/atau Pengurusan berkaitan
dengan peraturan-peraturan dan garis panduan terkini, serta apaapa pindaan yang dikeluarkan oleh Bank Negara Malaysia, Bursa
Sekuriti, Suruhanjaya Sekuriti, Suruhanjaya Syarikat Malaysia dan
lain-lain pihak berkuasa yang berkaitan.
Pelantikan sebagai ahli Lembaga Pengarah
Pelantikan ahli Lembaga Pengarah yang baru dipertimbang dan dinilai
oleh Jawatankuasa Pemilihan dalam proses yang formal dan telus,
dan Jawatankuasa tersebut akan mengesyorkan pelantikan tersebut
kepada Lembaga Pengarah untuk diluluskan. Selaras dengan Akta
Perkhidmatan Kewangan Islam 2013 (sebelumnya Akta Takaful 1984)
dan keperluan Bank Negara Malaysia (“BNM”), pelantikan Pengarah
adalah tertakluk kepada kelulusan BNM. Setiausaha Syarikat akan
memastikan supaya semua pelantikan dilakukan dengan cara yang
betul di mana semua maklumat yang diperlukan diperolehi serta
semua syarat perundangan dan peraturan dipenuhi.
The Senior Management are invited to attend the Board meetings to
present and brief the Board on matters/reports relating to their areas
of responsibility as and when required.
All Directors have unrestricted access to timely and accurate
information and access to the advice and services of the Company
Secretary, who is responsible for ensuring that Board meeting’s
procedures are followed and that all applicable rules and regulations
are complied with. He is also responsible for advising the Directors of
their obligations and duties, disclosure of their interest in securities,
disclosure of any conflict of interest in a transaction involving the
Company, prohibition on dealing in securities and restrictions on
disclosure of price-sensitive information. The Directors can also seek
independent professional advice in furtherance of their duties, at
Takaful Malaysia’s expense.
The Board is also regularly updated from time to time by the Company
Secretary and/or Management on updates to the regulations and
guidelines, as well as any amendments thereto issued by Bank Negara
Malaysia, Bursa Securities, Securities Commission, Companies
Commission of Malaysia and other relevant regulatory authorities.
Appointment to the Board
The appointment of new Board members is considered and evaluated
by the Nomination Committee in a formal and transparent process,
and the Nomination Committee would recommend the appointment
to the Board for approval. In line with the Islamic Financial Services
Act 2013 (previously Takaful Act 1984) and the requirement of Bank
Negara Malaysia (“BNM”), the appointment of Directors is subject to
the approval from BNM. The Company Secretary will ensure that all
the appointments are properly made, all necessary information are
obtained, as well as all legal and regulatory requirements are met.
033
Lembaga Pengarah, dengan dibantu oleh Jawatankuasa Pemilihan,
juga mempertimbangkan kriteria berikut dalam proses pemilihan:
Kejujuran, integriti dan reputasi peribadi - seseorang itu
•
mestilah mempunyai kualiti utama seperti integriti, ketekunan,
kebebasan minda dan keadilan;
•
Kecekapan dan kemampuan - seseorang itu mestilah
mempunyai kemahiran yang diperlukan, keupayaan dan
komitmen untuk memainkan peranan; dan
•
Integriti kewangan - seseorang itu mestilah berhemat
menguruskan hutang atau hal ehwal kewangannya.
The Board, with the assistance of the Nomination Committee, also
considers the following criterion in the selection process:
Probity, personal integrity and reputation – the person must
•
have key qualities such as integrity, diligence, independence
of mind and fairness;
•
Competence and capability – the person must have the
necessary skills, ability and commitment to carry out the role;
and
Financial integrity – the person must manage his/her debts or
•
financial affairs prudently.
Jawatankuasa Pemilihan dan Lembaga Pengarah juga akan
mempertimbangkan kepelbagaian dari segi antara lain, kemahiran,
latar belakang, pengetahuan, pengalaman industri, budaya,
kebebasan, etnik, umur dan jantina ketika melantik Pengarah baru.
The Nomination Committee and Board will also consider diversity in
terms of among other things, skills, background, knowledge, industry
experience, culture, independence, ethnicity, age and gender when
appointing new Directors.
Aliran proses bagi pelantikan pengarah baru adalah seperti berikut:
• Mengenal pasti calon
• Penilaian terhadap kesesuaian calon
• Perjumpaan dengan calon
• Perbincangan dengan Jawatankuasa Pemilihan
• Cadangan kepada Lembaga Pengarah
The process flow for the appointment of new directors is as follows:
Identification of candidates
•
•
Evaluation of suitability of candidates
•
Meeting with candidates
•
Deliberation by the Nomination Committee
Recommendation to Board
•
Selepas itu, permohonan bagi pelantikan calon akan dikemukakan
kepada BNM untuk kelulusan.
Thereafter, the application for the appointment of such candidate
would be submitted to BNM for approval.
Jawatankuasa Pemilihan
Nomination Committee
Jawatankuasa Pemilihan terdiri daripada lima (5) Pengarah Bukan
Eksekutif di mana tiga (3) daripada mereka adalah Pengarah Bebas.
Selepas tempoh pelantikan Dato’ Johan Abdullah tamat pada
17 Februari 2016, empat (4) daripada mereka adalah Pengarah
Bebas. Pengerusi Jawatankuasa ialah Mahadzir Azizan, seorang
Pengarah Bukan Eksekutif Bebas Kanan selaras dengan cadangan
MCCG 2012. Jawatankuasa Pemilihan telah bermesyuarat sebanyak
empat (4) kali sepanjang tahun kewangan yang dikaji dengan butiran
kehadiran setiap ahli seperti berikut:
The Nomination Committee consists of five (5) Non-Executive
Directors, three (3) of whom are Independent Directors. After the
cessation of Dato’ Johan Abdullah on 17 February 2016, four (4) of
whom are Independent Directors. The Chairman of the Nomination
Committee is Mahadzir Azizan, a Senior Independent Non-Executive
Director, in line with the recommendation of the MCCG 2012. The
Nomination Committee met four (4) times during the financial year
under review with details of meetings’ attendance of each member
as follows:
Nama / Name
Mahadzir Azizan 4/4
100
Dato’ Johan Abdullah (Berakhir pada 17 Februari 2016 / Ceased on 17 February 2016)
3/4
75
Datuk Rozaida Omar 3/4
75
4/4
100
Zakaria Ismail 4/4
100
Dato’ Othman Abdullah (Dilantik pada 17 Februari 2016 / Appointed on 17 February 2016)
t/b
n/a
t/b
n/a
t/b - tidak berkenaan kerana Dato’ Othman Abdullah dilantik sebagai ahli selepas tahun kewangan berakhir 31 Disember 2015.
n/a - not applicable as Dato’ Othman Abdullah was appointed as a member after the financial year ended 31 December 2015.
Jawatankuasa Pemilihan telah diberikan mandat oleh Lembaga
Pengarah dan terma rujukannya untuk membentang kepada
Pengarah cadangan pemilihan ahli Lembaga Pengarah yang baru,
Pengarah Urusan Kumpulan / Ketua Pegawai Eksekutif, ahli Badan
Penasihat Syariah, Pengurus Besar dan Aktuari Dilantik, dan sentiasa
mengkaji syarat-syarat pelantikan Pengarah, Pengarah Urusan
034
The Nomination Committee is empowered by the Board and its
terms of reference are to bring to the Board recommendations as
to the appointment of new Directors, Group Managing Director/
Chief Executive Officer, Shariah Advisory Body members, General
Managers and Appointed Actuary, and keeps under review the
terms of appointment of Directors, Group Managing Director/
Kumpulan / Ketua Pegawai Eksekutif, ahli Badan Penasihat Syariah,
Pengurus Besar dan Aktuari Dilantik. Jawatankuasa Pemilihan juga
diberi mandat untuk menilai keberkesanan Lembaga Pengarah,
Jawatankuasanya dan sumbangan setiap Pengarah dan prestasi
Badan Penasihat Syariah. Jawatankuasa Pemilihan juga merangka
pelan peralihan jawatan bagi Pengurusan Kanan Takaful Malaysia
dan menjalankan penilaian terhadap kebebasan Pengarah Bebas.
Antara aktiviti utama yang dijalankan oleh Jawatankuasa Pemilihan
sepanjang tahun kewangan yang dikaji seperti berikut:
Cadangan pelantikan dan pelantikan semula Pengurusan
•
Kanan,
Cadangan pelantikan dan pelantikan semula ahli Badan
•
Penasihat Syariah,
•
Cadangan pelantikan dan pelantikan semula Pengarah,
Penilaian Prestasi Pengarah iaitu prestasi Lembaga Pengarah
•
secara keseluruhan dan juga keberkesanan setiap pengarah
individu,
Perancangan peralihan jawatan,
•
Cadangan Penilaian Prestasi Jawatankuasa Audit,
•
Cadangan pindaan kepada Terma Rujukan Jawatankuasa
•
Pemilihan untuk memasukkan pelantikan Aktuari Dilantik,
Cadangan penubuhan Jawatankuasa Pelaburan, dan
•
Cadangan pelantikan semula Aktuari Dilantik dan ekspatriat.
•
Latihan Pengarah
Semua ahli Lembaga Pengarah telah menghadiri Program Latihan
Akreditasi Mandatori (“MAP”) seperti yang dikehendaki oleh
Bursa Securities. Mereka akan terus menghadiri lain-lain program
latihan, kursus dan seminar yang relevan untuk mempertingkatkan
kemahiran dan pengetahuan mereka dalam menjalankan tugas
mereka sebagai Pengarah. Sepanjang tahun ini, para Pengarah telah
menghadiri pelbagai kursus latihan yang berkaitan termasuk:
•
In-House Training on Leadership: Great Leaders, Great Teams,
Great Results
•
Breakfast Talk for the Directors on Takaful Enterprise Risk
Management Training
Board Chairman Series Part 2: Leadership Excellence from the
•
Chair
•
MINDA Corporate Directors Advanced Programme (CDAP):
Strategy & Risks - Managing Uncertainty
Corporate Governance Director’s Workshop: The Interplay
•
between Corporate Governance, Non Financial Information &
Investment Decision
•
FIDE Forum - Industry Consultation Session on 2015 Non
Executive Directors’ Remuneration Study
Audit Oversight Board Conversation with Audit Committees
•
Lead the Change: Getting Women on Boards
•
Takaful Malaysia juga terus menyediakan Pekeliling BNM, Keperluan
Penyenaraian yang dikemaskini dan peraturan-peraturan dan
panduan-panduan baru dari pihak berkuasa lain yang berkaitan
untuk membantu para Pengarah dalam mendapatkan maklumat
mengenai perkembangan terkini.
Chief Executive Officer, Shariah Advisory Body members, General
Managers and Appointed Actuary. The Nomination Committee is also
empowered to assess the effectiveness of the Board, its Committees,
contribution of each individual Director and the performance of the
Shariah Advisory Body. The Nomination Committee also discussed
the succession plan of the Senior Management of Takaful Malaysia
and conducted an assessment of the independence of Independent
Directors.
Among the key activities undertaken by the Nomination Committee
during the financial year under review were:
Proposed appointment and re-appointment of Senior
•
Management,
•
Proposed appointment and re-appointment of Shariah
Advisory Body members,
Proposed appointment and re-appointment of Directors,
•
Directors’ Performance Evaluation i.e. the performance of the
•
Board as a whole as well as the effectiveness of each individual
director,
Succession Planning,
•
•
Proposed Performance Evaluation for Audit Committee,
Proposed amendment to the Term of Reference of Nomination
•
Committee to include the appointment of Appointed Actuary,
Proposed establishment of Investment Committee, and
•
Proposed re-appointment of Appointed Actuary and
•
expatriates.
Directors’ Training
All Directors have attended the Mandatory Accreditation Programme
(“MAP”) as required by Bursa Securities. The Directors will continue
to attend other relevant training programmes, courses and seminars
to enhance their skills and knowledge in discharging their duties as
Directors. During the year, the Directors attended relevant training
courses including the following:
•
In-House Training on Leadership: Great Leaders, Great Teams,
Great Results
•
Breakfast Talk for the Directors on Takaful Enterprise Risk
Management Training
•
Board Chairman Series Part 2: Leadership Excellence from the
Chair
•
MINDA Corporate Directors Advanced Programme (CDAP):
Strategy & Risks - Managing Uncertainty
Corporate Governance Director’s Workshop: The Interplay
•
between Corporate Governance, Non Financial Information &
Investment Decision
•
FIDE Forum - Industry Consultation Session on 2015 Non
Executive Directors’ Remuneration Study
•
Audit Oversight Board Conversation with Audit Committees
•
Lead the Change: Getting Women on Boards
Takaful Malaysia also continued to provide BNM’s Circulars, updated
Listing Requirements and new regulations and guidelines from other
relevant regulatory authorities to assist the Directors in keeping
abreast with the latest development.
035
Pemilihan Semula
Re-election
Tataurusan Pertubuhan Syarikat memperuntukkan agar semua
Pengarah termasuk Pengarah Urusan Kumpulan / Ketua Pegawai
Eksekutif untuk menawarkan diri mereka bagi pemilihan semula
sekurang-kurangnya setiap tiga (3) tahun sekali selaras dengan
Keperluan Penyenaraian.
The Articles of Association provide for all Directors including the
Group Managing Director / Chief Executive Officer to submit
themselves for re-election at least every three (3) years in compliance
with the Listing Requirements.
Bagi membantu para pemegang saham membuat keputusan,
maklumat yang mencukupi seperti profil peribadi, kehadiran
mesyuarat dan pegangan saham dalam Syarikat bagi setiap Pengarah
yang bersedia untuk pemilihan semula disediakan dalam Laporan
Tahunan.
To assist shareholders in their decision, sufficient information, such
as personal profile, meetings attendance and shareholding in the
Company of each director standing for re-election are furnished in
the Annual Report.
GANJARAN PENGARAH
Peringkat dan Kandungan Ganjaran
Jawatankuasa Ganjaran bertanggungjawab mengesyorkan rangka
kerja ganjaran bagi para Pengarah termasuk pakej ganjaran bagi
Pengarah Eksekutif, ahli Badan Penasihat Syariah dan Pengurus
Besar kepada Lembaga Pengarah bagi memastikan Takaful Malaysia
mampu menarik minat, memberi motivasi dan mengekalkan ahli
Lembaga Pengarah, ahli Badan Penasihat Syariah dan Pengurusan
Kanan yang diperlukan untuk mentadbir dengan jayanya.
Pakej ganjaran bagi Pengarah Eksekutif distrukturkan atas dasar
yang menghubungkan ganjaran kewangan dan prestasi individu.
Prestasi diukur berdasarkan Petunjuk Prestasi Utama yang diluluskan
oleh Lembaga Pengarah. Lembaga Pengarah bertanggungjawab
sepenuhnya untuk meluluskan ganjaran Pengarah Eksekutif. Pengarah
Eksekutif tidak terlibat dalam apa juga cara dalam menentukan
ganjarannya sendiri.
Bagi Pengarah Bukan Eksekutif dan ahli Badan Penasihat Syariah, pakej
ganjaran ditentukan oleh Lembaga Pengarah secara keseluruhan,
berdasarkan pengalaman dan tahap kepakaran dan tanggungjawab
yang dipikul oleh Pengarah Bukan Eksekutif dan ahli Badan Penasihat
Syariah, sejajar dengan amalan keseluruhan Kumpulan mengenai
ganjaran dan imbuhan. Yuran para Pengarah dan yuran ahli
Badan Penasihat Syariah diluluskan oleh para pemegang saham di
Mesyuarat Agung Tahunan.
Jawatankuasa Ganjaran
Jawatankuasa Ganjaran terdiri daripada empat (4) orang Pengarah
Bukan Eksekutif, di mana dua (2) daripada mereka adalah Pengarah
Bebas. Pengerusi Jawatankuasa ialah Zakaria Ismail, seorang
Pengarah Bukan Eksekutif Bebas. Jawatankuasa Ganjaran telah
bermesyuarat sebanyak enam (6) kali sepanjang tahun kewangan
yang dikaji dengan butiran kehadiran setiap ahli seperti berikut:
DIRECTORS’ REMUNERATION
Level and Make-up of Remuneration
The Remuneration Committee is responsible in recommending the
remuneration framework for the Directors as well as the remuneration
package of Executive Director, Shariah Advisory Body members and
General Managers to the Board so as to ensure that Takaful Malaysia
attracts, motivates and retains the Directors, Shariah Advisory Body
members and Senior Management needed to run it successfully.
The remuneration package for Executive Director is structured on
the basis of linking rewards to financial and individual performance.
Performance is measured against the Key Performance Indicators as
approved by the Board. It is the ultimate responsibility of the Board
to approve the remuneration of the Executive Director. The Executive
Director does not participate in any way in determining his individual
remuneration.
In the case of Non-Executive Directors and Shariah Advisory Body
members, the remuneration package is determined by the Board
as a whole, based on the experience and level of expertise and
responsibilities undertaken by the Non-Executive Directors and
Shariah Advisory Body members, in line with the Group’s overall
practice on compensation and benefits. Directors’ fees and Shariah
Advisory Body members’ fees are approved by the shareholders at
the Annual General Meeting.
Remuneration Committee
The Remuneration Committee consists of four (4) Non-Executive
Directors, two (2) of whom are Independent Directors. The Chairman
of the Committee is Zakaria Ismail, an Independent Non Executive
Director. The Remuneration Committee met six (6) times during the
financial year under review with details of meetings’ attendance of
each member are as follows:
Nama / Name
Zakaria Ismail 6/6
100
Dato’ Johan Abdullah (Berakhir pada 17 Februari 2016 / Ceased on 17 February 2016) 6/6
100
Mahadzir Azizan
6/6
100
Datuk Rozaida Omar
3/6
50
036
Pendedahan
Disclosure
Ringkasan maklumat mengenai ganjaran para Pengarah bagi tahun
kewangan berakhir 31 Disember 2015 adalah seperti berikut:
The details of the remuneration for the Directors for the financial
year ended 31 December 2015 are as follows:
Pengarah
Bukan Eksekutif /
Pengarah Eksekutif /
Non-Executive
Jumlah /
Executive Director
Directors
Total
(RM’000)
(RM’000)
(RM’000)
Yuran / Fees
Gaji dan lain-lain emolumen / Salaries and other emoluments
Manfaat seumpamanya / Benefits-in-kind
Jumlah / Total
Ganjaran Pengarah /
Directors’ Remuneration
0
752
752
6,492
786
7,278
339
228
567
6,831
1,766
8,597
Jumlah Pengarah /
Number of Directors
Pengarah Eksekutif / Pengarah Bukan Eksekutif /
Executive Director
Non-Executive Directors
RM50,000 dan ke bawah / and below
–
–
RM50,001 – RM100,000
–
–
RM100,001 – RM150,000
–
–
RM150,001 – RM200,000
–
3
RM200,001 – RM250,000
–
2
RM250,001 – RM300,000
–
1
Melebihi / More than RM300,000
1
1
Jumlah / Total
1
7
Pendedahan ganjaran setiap Pengarah, termasuk Pengarah Urusan
Kumpulan, ada dibentangkan di dalam Nota 30 Penyata Kewangan
Tahunan yang telah diaudit dalam Laporan Tahunan ini.
Disclosure of each Director’s remuneration, including that of the
Group Managing Director, is set out in Note 30 of the Annual Audited
Financial Statements of this Annual Report.
PEMEGANG SAHAM
SHAREHOLDERS
Dialog antara Syarikat dan para Pelabur
Dialogue between the Company and Investors
Takaful Malaysia sedar akan kepentingan untuk sentiasa
memaklumkan kepada para pemegang saham berkenaan
semua perkembangan utama Takaful Malaysia dari semasa ke
semasa. Pengerusi dan Pengarah Urusan Kumpulan mengadakan
perbincangan dengan pemegang saham sekurang-kurangnya sekali
(1) setahun semasa Mesyuarat Agung Tahunan. Selain itu, pelbagai
pendedahan dan pengumuman dibuat kepada Bursa Securities
termasuk keputusan suku tahunan, laporan setengah tahunan
dan keputusan tahunan bagi memudahkan penyebaran maklumat
kepada pemegang saham. Tambahan lagi, semua pengumumanpengumuman ini dan maklumat-maklumat lain mengenai
Syarikat boleh diperolehi di laman web Takaful Malaysia, iaitu
www.takaful-malaysia.com.my.
Takaful Malaysia recognizes the importance to keep the shareholders
well-informed of all major developments of Takaful Malaysia on a
timely basis. The Chairman and Group Managing Director hold
discussions with shareholders at least once (1) a year during the
Annual General Meeting. Additionally, various disclosures and
announcements made to Bursa Securities including quarterly, semiannual returns and annual results facilitate the dissemination of
information to the shareholders. In addition, all these announcements
and other information about the Company is available on Takaful
Malaysia’s website, www.takaful-malaysia.com.my.
037
Mesyuarat Agung Tahunan
The Annual General Meeting
Mesyuarat Agung Tahunan (“AGM”) adalah forum utama bagi
dialog dengan pemegang saham. Selain dari agenda biasa untuk
AGM, Lembaga Pengarah akan membentangkan laporan prestasi
dan pencapaian perniagaan seperti yang dinyatakan dalam Laporan
Tahunan dan memberi peluang kepada pemegang saham untuk
mengemukakan soalan mengenai aktiviti perniagaan Kumpulan. Ahli
Lembaga Pengarah, ahli Badan Penasihat Syariah, Pengurusan Kanan
dan juruaudit luar Syarikat hadir untuk menjawab pertanyaan para
pemegang saham pada Mesyuarat Agung Tahunan.
The Annual General Meeting (“AGM”) is the principal forum for
dialogues with shareholders. Besides the normal agenda for the
AGM, the Group Managing Director presents the progress and
performance of the business as contained in the Annual Report and
provides opportunities for shareholders to raise questions pertaining
to the business activities of the Group. Board members, Shariah
Advisory Body members, Senior Management and the Company’s
external auditors are available to respond to shareholders’ enquiries
during the AGM.
Pengarah Urusan Kumpulan juga berkongsi dengan para pemegang
saham Syarikat mengenai jawapan kepada soalan-soalan yang
dikemukakan terlebih dahulu sebelum AGM oleh Badan Pengawas
Pemegang Saham Minoriti Berhad (“MSWG”). Notis Mesyuarat
Agung Tahunan telah dihantar kepada para pemegang saham lebih
awal sedikit daripada keperluan 21 hari di bawah Akta Syarikat, 1965
dan Keperluan Penyenaraian. Bagi pemilihan semula para Pengarah,
Lembaga Pengarah akan memastikan maklumat sepenuhnya
dimaklumkan menerusi notis mesyuarat berhubung para Pengarah
yang akan bersara dan mana-mana Pengarah yang menawarkan diri
untuk berkhidmat sekiranya dilantik semula.
Setiap perkara urusan khas yang terkandung dalam notis mesyuarat
akan disertakan dengan penyata penerangan bagi resolusi yang
dicadangkan untuk memudahkan pemahaman sepenuhnya dan
penilaian terhadap isu berkaitan.
Pada Mesyuarat Agung Tahunan Syarikat ke-30 yang diadakan
pada 12 Mei 2015 tiada resolusi substantif yang telah dikemukakan
untuk kelulusan pemegang saham, selain daripada resolusi-resolusi
yang berkaitan untuk menerima pakai penyata kewangan yang
telah diaudit bagi tahun berakhir 31 Disember 2014, pembayaran
dividen akhir, pelantikan semula / pemilihan semula Pengarah Bukan
Eksekutif yang bersara, pembayaran yuran Pengarah-pengarah dan
ahli-ahli Badan Penasihat Syariah, pelantikan semula juruaudit luar
dan Mandat Pemegang-pemegang Saham bagi Urusniaga-urusniaga
yang Berulang dengan Pihak Berkaitan. Oleh itu, resolusi yang
dikemukakan untuk kelulusan pemegang saham pada AGM yang
ke-30 telah diundi dengan cara mengangkat tangan.
AKAUNTABILITI DAN AUDIT
Laporan Kewangan
Lembaga Pengarah perlu memastikan yang penyata kewangan
tahunan dan pengumuman suku tahunan kepada pemegang saham
disediakan selaras dengan piawaian perakaunan yang diluluskan
dan membentangkan penilaian yang seimbang dan boleh difahami
mengenai kedudukan dan prospek Kumpulan. Jawatankuasa
Audit membantu Lembaga Pengarah memastikan ketepatan dan
kelengkapan maklumat dengan mengkaji dan mencadangkan
mengguna pakai maklumat bagi tujuan pendedahan.
038
The Group Managing Director also shared with the shareholders
the Company’s responses to questions submitted in advance of
the AGM by the Minority Shareholder Watchdog Group (“MSWG”).
The Notice of AGM was dispatched to shareholders within the
21 days requirement under the Companies Act 1965 and Listing
Requirements. For re-election of Directors, the Board will ensure that
full information is disclosed through the notice of meeting regarding
directors who are retiring and who are willing to serve if re-elected.
Each item of special business included in the notice of the meeting
will be accompanied by an explanatory statement for the proposed
resolution to facilitate full understanding and evaluation of issues
involved.
At the 30th AGM of the Company held on 12 May 2015, no
substantive resolutions were put forth for shareholders’ approval,
other than resolutions pertaining to the adoption of audited
financial statements for the year ended 31 December 2014, payment
of final dividend, re-appointment/re-election of retiring Directors,
payment of Directors’ and Shariah Advisory Body members’ fees,
re-appointment of external auditors and Shareholders’ Mandate for
Recurrent Related Party Transactions. As such, the resolutions put
forth for shareholders’ approval at the 30th AGM were voted on by
a show of hands.
ACCOUNTABILITY AND AUDIT
Financial Reporting
The Board ensures that the annual financial statements and quarterly
announcements to shareholders are prepared in accordance
with approved accounting standards and present a balanced and
understandable assessment of the Group’s position and prospects.
The Audit Committee assists the Board in ensuring accuracy and
adequacy of information by reviewing and recommending for
adoption information for disclosure.
Penyata Tanggungjawab Para Pengarah Berkenaan Penyata
Kewangan
Statement of Directors’ Responsibilities in Relation to Financial
Statements
Menurut Akta Syarikat, 1965, Lembaga Pengarah perlu menyediakan
penyata kewangan bagi setiap tahun kewangan yang memberi
gambaran yang benar dan saksama mengenai keadaan urusan halehwal Syarikat dan Kumpulan sehingga akhir tahun kewangan serta
penyata hasil dan aliran tunai Syarikat dan Kumpulan untuk tahun
kewangan.
The Directors are required under the Companies Act, 1965, to
prepare financial statements for each financial year which give a true
and fair view of the state of affairs of the Company and the Group as
at the end of the financial year and of the income statement and cash
flows for the Company and the Group for the financial year.
Para Pengarah memberi pertimbangan bahawa, dalam menyediakan
penyata kewangan bagi tahun berakhir 31 Disember 2015, Kumpulan
telah menggunakan dasar perakaunan yang sesuai, digunakan secara
konsisten dan disokong oleh pertimbangan dan anggaran yang
wajar dan berhemat. Para Pengarah juga telah mempertimbangkan
bahawa kesemua piawaian perakaunan yang berkaitan dipatuhi dan
mengesahkan bahawa penyata kewangan disediakan mengikut dasar
perniagaan berterusan.
Para Pengarah bertanggungjawab memastikan supaya Syarikat
menyediakan rekod perakaunan yang secukupnya yang menunjukkan
ketepatan yang munasabah mengenai kedudukan kewangan Syarikat
bagi membolehkan mereka memastikan agar penyata kewangan
tersebut mematuhi keperluan Akta Syarikat, 1965.
Para Pengarah mempunyai tanggungjawab secara am untuk
mengambil langkah yang munasabah dalam memastikan
perlindungan aset Syarikat dan Kumpulan terpelihara dan
mengelakkan serta mengesan sebarang bentuk penipuan dan
kesalahan undang-undang.
Kawalan Dalaman dan Pengurusan Risiko
Lembaga Pengarah mengiktiraf tanggungjawabnya dan komited
untuk mengekalkan pelaksanaan sistem kawalan dalaman dan
amalan pengurusan risiko yang berwibawa. Walau bagaimanapun,
sistem tersebut hanya dapat memberikan jaminan berpatutan dan
bukannya mutlak daripada sebarang salah nyata atau kerugian
ketara.
Penyata Pengurusan Risiko dan Kawalan Dalaman yang dibentangkan
di muka surat 48 hingga 52 dalam Laporan Tahunan ini memberikan
tinjauan menyeluruh mengenai pengurusan risiko dan kawalan
dalaman Kumpulan.
Hubungan dengan Juruaudit
Peranan Jawatankuasa Audit dinyatakan di muka surat 40 hingga
47. Melalui Jawatankuasa Audit Lembaga Pengarah, Syarikat telah
mewujudkan hubungan yang telus dan sesuai dengan juruaudit
Syarikat, sama ada dalaman mahupun luaran. Jika perlu, juruaudit
luar akan dijemput untuk menghadiri mesyuarat Jawatankuasa.
The Directors consider that, in preparing the financial statements
for the year ended 31 December 2015, the Group has used
appropriate accounting policies, consistently applied and supported
by reasonable and prudent judgements and estimates. The Directors
have also considered that all applicable accounting standards have
been followed and confirm that the financial statements have been
prepared on the going concern basis.
The Directors are responsible for ensuring that the Company
maintains adequate accounting records which disclose with
reasonable accuracy the financial position of the Company to enable
them to ensure that the financial statements comply with the
requirements of the Companies Act, 1965.
The Directors generally have the duty to take such steps as are
reasonably available to them to safeguard the assets of the
Company and the Group and to prevent and detect fraud and other
irregularities.
Internal Control and Risk Management
The Board acknowledges its responsibility and is committed in
maintaining a sound system of internal control and risk management
practice. However, such system can only provide reasonable but not
absolute assurance against material misstatements or losses.
The Statement on Risk Management and Internal Control furnished
on pages 48 to 52 in the Annual Report provides an overview of the
state of risk management and internal control within the Group.
Relationships with the Auditors
The role of the Audit Committee is as stated on pages 40 to 47.
Through the Audit Committee of the Board, the Company has
established transparent and appropriate relationship with the
Company’s auditors, both internal and external. If required, the
external auditors are invited to attend meetings of the Committee.
This statement is made in accordance with the resolution of the
Board of Directors dated 27 January 2016.
Penyata ini dibuat selaras dengan resolusi Lembaga Pengarah
bertarikh 27 Januari 2016.
039
LAPORAN JAWATANKUASA AUDIT
AUDIT COMMITTEE REPORT
Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful
Malaysia”) dengan berbesar hati membentangkan Laporan
Jawatankuasa Audit bagi tahun kewangan yang dikaji.
The Board of Directors of Syarikat Takaful Malaysia Berhad (“Takaful
Malaysia”) is pleased to present the Audit Committee Report for the
financial year under review.
KEAHLIAN DAN MESYUARAT
MEMBERSHIP AND MEETINGS
Jawatankuasa Audit (“Jawatankuasa”) kini terdiri daripada empat (4)
orang ahli, di mana kesemuanya adalah Pengarah Bukan Eksekutif
Bebas. Maklumat terperinci mengenai ahli dan mesyuarat yang
diadakan sepanjang tahun kewangan berakhir 31 Disember 2015
adalah seperti berikut:
The Audit Committee (“Committee”) currently comprises four (4)
members, all of whom are Independent Non-Executive Directors.
The details of members and meetings held during the financial year
ended 31 December 2015 are as follows:
Nama Ahli
Jawatankuasa Audit
Bil. Mesyuarat
Diadakan Dihadiri
Name of Audit
Committee Members
No. of Meetings
Held Attended
Mahadzir Azizan
(Chairman)
(Senior Independent Non-Executive Director)
5
5
5
(Independent Non-Executive Director)
5
5
5
5
Zakaria Ismail
5
5
5
5
5
5
Mahadzir Azizan
(Pengerusi)
(Pengarah Bukan Eksekutif Bebas Kanan)
5
5
(Pengarah Bukan Eksekutif Bebas)
5
Zakaria Ismail
Dato’ Othman Abdullah adalah ahli Institut Akauntan Malaysia
(“MIA”). Oleh itu, Takaful Malaysia telah mematuhi Perenggan
15.09(1)(c)(i) Keperluan Penyenaraian Pasaran Utama (“Keperluan
Penyenaraian”) Bursa Malaysia Securities Berhad (“Bursa Securities”)
yang menggariskan bahawa sekurang-kurangnya seorang (1) ahli
Jawatankuasa mestilah merupakan ahli MIA.
Dato’ Othman Abdullah is a member of the Malaysian Institute
of Accountants (“MIA”). Thus, Takaful Malaysia complies with
Paragraph 15.09(1)(c)(i) of the Main Market Listing Requirements
(“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa
Securities”) which stipulate that at least one (1) member of the
Committee must be a member of the MIA.
Jawatankuasa telah bermesyuarat sebanyak lima (5) kali pada tahun
kewangan ini. Mesyuarat tersebut telah disusun dan dijalankan
dengan sewajarnya melalui penggunaan agenda yang diedarkan
kepada ahli terlebih dahulu dengan notis yang mencukupi. Pengarah
Urusan Kumpulan, Ketua Pegawai Kewangan / Pengurus Besar
Kewangan dan Penolong Pengurus Besar / Ketua Audit Dalaman
selalunya menghadiri mesyuarat tersebut.
The Committee met five (5) times during the financial year. The
meetings were appropriately structured and conducted through the
use of agenda which were distributed to members with sufficient
notification. The Group Managing Director, the Chief Financial
Officer / General Manager of Finance and the Assistant General
Manager / Head of Internal Audit normally attend the meetings.
Dalam tahun kewangan berakhir 31 Disember 2015, Pengarah Urusan
Kumpulan, Pengurus Besar Kewangan dan Penolong Pengurus
Besar / Ketua Audit Dalaman menghadiri kesemua mesyuarat yang
diadakan.
During the financial year ended 31 December 2015, the Group
Managing Director, Chief Financial Officer / General Manager of
Finance and Assistant General Manager / Head of Internal Audit
attended all the meetings held.
040
LAPORAN JAWATANKUASA AUDIT
AUDIT COMMITTEE REPORT
TERMA RUJUKAN
TERMS OF REFERENCE
Komposisi
Composition
Ahli Jawatankuasa hendaklah dilantik oleh Lembaga Pengarah
daripada kalangan mereka dan hendaklah terdiri daripada sekurangkurangnya tiga (3) orang ahli, di mana kesemuanya hendaklah
terdiri dari Pengarah Bukan Eksekutif dengan majoritinya adalah
Pengarah Bebas. Seorang Pengarah Bukan Eksekutif Bebas
hendaklah merupakan ahli yang memenuhi keperluan seperti yang
diperuntukkan dalam Keperluan Penyenaraian Bursa Securities dan
garis panduan Bank Negara Malaysia (“BNM”).
The members of the Committee shall be appointed by the Board
from amongst their numbers and shall comprise at least three
(3) members, all of whom must be Non-Executive Directors with
majority of them shall be Independent Directors. An Independent
Non-Executive Director shall be the one who fulfils the requirements
as provided in the Bursa Securities Listing Requirements and the
guidelines of Bank Negara Malaysia (“BNM”).
Sekurang-kurangnya seorang (1) ahli Jawatankuasa:
At least one (1) member of the Committee:
1)
mestilah merupakan ahli MIA; atau
1)
must be a member of the MIA; or
2)
jika beliau bukan ahli MIA, beliau mestilah mempunyai
pengalaman bekerja sekurang kurangnya selama tiga (3) tahun
dan:-
2)
if he is not a member of the MIA, he must have at least three
(3) years’ working experience and:-
(a) (a) beliau mestilah lulus peperiksaan yang dinyatakan
dalam Bahagian I Jadual Pertama Akta Akauntan 1967;
atau
(b) he must be a member of one of the associations of
accountants specified in Part II of the First Schedule of
the Accountants Act 1967; or
(b) beliau mestilah merupakan ahli salah sebuah persatuan
akauntan yang dinyatakan dalam Bahagian II Jadual
Pertama Akta Akauntan 1967; atau
3)
memenuhi keperluan-keperluan lain yang digariskan atau
diluluskan oleh Bursa Securities.
he must have passed the examinations specified in Part
I of the First Schedule of the Accountants Act 1967; or
3)
fulfils such other requirements as prescribed or approved by
Bursa Securities.
Ahli Jawatankuasa hendaklah melantik Pengerusi daripada kalangan
mereka yang merupakan seorang Pengarah Bukan Eksekutif Bebas.
Sekiranya seorang ahli Jawatankuasa meletak jawatan, meninggal
dunia atau atas sebarang sebab tidak lagi menjadi ahli sehingga
menyebabkan bilangan ahli kurang daripada tiga (3) orang, maka
Lembaga Pengarah hendaklah melantik ahli baru dalam bilangan
yang diperlukan untuk mencukupkan bilangan minimum ahli kepada
tiga (3) orang dalam tempoh tiga (3) bulan dari peristiwa tersebut.
Pengarah gantian tidak boleh dilantik sebagai ahli Jawatankuasa.
The members of the Committee shall elect a Chairman from amongst
their numbers who shall be an Independent Non-Executive Director.
If a member of the Committee resigns, dies or for any reason ceases
to be a member with the result that the number of members are
reduced below three (3), the Board shall within three (3) months
of that event, appoint such number of new members as may be
required to make up the minimum number of three (3) members. No
alternate Director can be appointed as a member of the Committee.
Lembaga Pengarah hendaklah mengkaji semula tempoh
perkhidmatan dan prestasi Jawatankuasa Audit dan setiap ahlinya
sekurang-kurangnya setiap tiga (3) tahun sekali bagi memastikan
Jawatankuasa dan ahlinya telah menjalankan tugas-tugas mereka
berdasarkan terma rujukan.
The Board shall review the term of office and performance of the
Committee and each of its members at least once every three (3)
years to ensure the Committee and members have carried out their
duties in accordance with their terms of reference.
Korum dan Prosedur Jawatankuasa
Mesyuarat hendaklah diadakan sekurang-kurangnya empat (4) kali
setahun atau dengan lebih kerap, mengikut keperluan.
Bagi membentuk korum mesyuarat, majoriti ahli yang hadir mestilah
merupakan Pengarah Bukan Eksekutif Bebas. Sekiranya Pengerusi
tidak hadir, ahli-ahli yang hadir hendaklah melantik seorang Pengerusi
bagi mesyuarat tersebut daripada kalangan ahli-ahli yang hadir.
Quorum and Committee’s Procedures
Meetings shall be conducted at least four (4) times annually or more
frequently as circumstances dictate.
In order to form a quorum for the meeting, the majority of
members present must be Independent Non-Executive Directors.
In the absence of the Chairman, the members present shall elect a
Chairman for the meeting from amongst the members present.
041
Setiausaha Syarikat hendaklah bertindak sebagai Setiausaha
Jawatankuasa. Atas persetujuan Pengerusi, Setiausaha hendaklah
merangka agenda yang akan diedarkan kepada ahli Jawatankuasa
bersama-sama dengan kertas sokongan yang berkaitan dalam tempoh
yang berpatutan sebelum setiap mesyuarat. Setiausaha hendaklah
mengedarkan minit mesyuarat kepada semua ahli Jawatankuasa.
Jawatankuasa boleh, apabila dianggap perlu, menjemput ahli
Lembaga Pengarah lain dan / atau ahli Pengurusan Kanan untuk
menghadiri mesyuarat Jawatankuasa.
The Company Secretary shall be the Secretary of the Committee.
The Secretary, in concurrence with the Chairman, shall draw up an
agenda, which shall be circulated together with relevant supporting
papers within reasonable time prior to each meeting to the members
of the Committee. The Secretary shall circulate the minutes of
meetings to all members of the Committee.
The Committee may, as and when deemed necessary, invite other
Board members and / or Senior Management members to attend the
Committee meetings.
Jawatankuasa ini hendaklah bermesyuarat dengan juruaudit luar
sekurang-kurangnya dua (2) kali setahun, untuk membincangkan
sebarang perkara dengan Jawatankuasa tanpa kehadiran manamana ahli eksekutif Lembaga Pengarah dan Pengurusan Kanan.
Pengerusi Jawatankuasa akan mengadakan mesyuarat untuk
mempertimbangkan sebarang perkara yang pihak juruaudit luar
percaya perlu di bawa kepada perhatian para Pengarah atau
pemegang saham.
The Committee shall, at least twice (2) a year, meet with the
external auditors to discuss any matter with the Committee without
the presence of any executive members of the Board and Senior
Management. The Chairman of the Committee shall convene a
meeting of the Committee to consider any matter which the external
auditors believe should be brought to the attention of the Directors
or shareholders.
Jawatankuasa hendaklah mengatur prosiding mesyuaratnya, dengan
mengambil kira konvensyen biasa berhubung perkara tersebut.
The Committee shall regulate the manner of proceedings of its
meetings, having regard to normal conventions on such matter.
Kuasa
Authority
Jawatankuasa diberi kuasa oleh Lembaga Pengarah untuk menyiasat
sebarang perkara dalam terma rujukannya. Jawatankuasa juga diberi
kuasa untuk mendapatkan sebarang maklumat yang diperlukan
daripada mana-mana kakitangan dan semua kakitangan dikehendaki
memberi kerjasama terhadap sebarang permintaan yang dibuat oleh
Jawatankuasa.
The Committee is authorised by the Board to investigate any matter
within its terms of reference. It is authorised to seek any information
it requires from any employee and all employees are required to
cooperate with any request made by the Committee.
Jawatankuasa hendaklah mempunyai akses penuh dan tanpa had
kepada sebarang maklumat berkaitan Kumpulan dan hendaklah
mempunyai sumber yang diperlukan untuk melaksanakan tugasnya.
Jawatankuasa boleh mendapatkan nasihat perundangan atau
profesional bebas luar lain yang dianggap perlu, dengan perbelanjaan
ditanggung oleh Takaful Malaysia.
Jawatankuasa hendaklah mempunyai saluran komunikasi secara
langsung dengan juruaudit dalaman dan juruaudit luar, kakitangan
pengurusan risiko dan dengan Pengurusan Kanan Kumpulan dan
boleh mengadakan mesyuarat dengan juruaudit luar, juruaudit
dalaman atau kedua-duanya sekali, tanpa dihadiri oleh para pengarah
dan kakitangan Syarikat, bila-bila dianggap perlu.
Sekiranya Jawatankuasa berpendapat bahawa sebarang perkara
yang dilaporkan olehnya kepada Lembaga Pengarah masih
belum diselesaikan dengan memuaskan sehingga menyebabkan
pelanggaran Keperluan Penyenaraian Bursa Securities, Jawatankuasa
hendaklah melaporkan dengan segera perkara tersebut kepada
Bursa Securities.
042
The Committee shall have full and unrestricted access to any
information pertaining to the Group. The Committee shall have the
resources that are required to perform its duties. The Committee can
obtain, at the expense of Takaful Malaysia, external legal or other
independent professional advice it considers necessary.
The Committee shall have direct communication channels with the
internal and external auditors, the risk management personnel and
with Senior Management of the Group and shall be able to convene
meetings with the external auditors, the internal auditors or both,
excluding the attendance of other directors and employees of the
Company, whenever deemed necessary.
Where the Committee is of the view that a matter reported by it to
the Board has not been satisfactorily resolved resulting in a breach of
Bursa Securities Listing Requirements, the Committee shall promptly
report such matter to the Bursa Securities.
Tugas dan Tanggungjawab
Duties and Responsibilities
Objektif utama Jawatankuasa adalah untuk menyediakan
pengawasan bebas laporan kewangan Takaful Malaysia dan sistem
kawalan dalaman serta memastikan semakan dan keseimbangan di
dalam Takaful Malaysia.
The primary objective of the Committee is to provide an independent
oversight of Takaful Malaysia’s financial reporting and internal control
system and ensuring checks and balances within Takaful Malaysia.
Oleh yang demikian, tugas dan tanggungjawab Jawatankuasa adalah
termasuk perkara-perkara berikut:
Therefore, the duties and responsibilities of the Committee include
the followings:
•
to review with the external auditor and report to the Board,
the audit scope and plan, including any changes to the planned
scope of the external audit plan and evaluation of the system
of internal control.
mengkaji kecukupan skop dan pelan audit dalaman, fungsifungsi, daya saing dan sumber fungsi audit dalaman dan sama
ada ianya mempunyai kuasa diperlukan untuk menjalankan
tugas.
•
to review the adequacy of the internal audit scope and plan,
functions, competency and resources of the internal audit
functions and that it has the necessary authority to carry out
its work.
•
mengkaji laporan audit dalaman dan luar bagi memastikan
supaya tindakan segera dan sewajarnya diambil oleh pihak
Pengurusan terhadap kekurangan utama dalam kawalan atau
prosedur yang telah dikenal pasti dan dilaporkan kepada
Lembaga Pengarah.
•
to review the external and internal audit reports to ensure
that appropriate and prompt remedial action is taken by
Management on major deficiencies in controls or procedures
that are identified and reported to the Board.
•
mengkaji penemuan audit utama dan tindakan Pengurusan
sepanjang tahun dengan pihak Pengurusan, juruaudit luar
dan juruaudit dalaman termasuk status syor-syor audit yang
terdahulu.
•
to review the major audit findings and Management’s
response during the year with Management, external auditors
and internal auditors, including the status of previous audit
recommendations.
•
mengkaji kebebasan dan objektif juruaudit luar dan
perkhidmatan mereka, termasuk perkhidmatan bukan audit
dan yuran profesional, untuk memastikan keseimbangan yang
betul antara objektif dan nilai untuk wang.
•
to review the independence and objectivity of the external
auditors and their services, including non-audit services
and the professional fees, so as to ensure a proper balance
between objectivity and value for money.
•
mengkaji pelantikan, prestasi, yuran audit dan sebarang
persoalan berhubung peletakan jawatan atau pemecatan
juruaudit luar sebelum memberi cadangan kepada Lembaga
Pengarah.
•
to review the appointment, performance, audit fees and any
question regarding the resignation or dismissal of external
auditors before making recommendations to the Board.
•
to review the quarterly and year-end financial statements,
before the approval by the Board, focusing particularly on:
•
mengkaji dengan juruaudit luar dan melaporkan kepada
Lembaga Pengarah, skop dan pelan audit, termasuk sebarang
perubahan kepada skop yang dirancang bagi pelan audit luar
dan penilaian bagi sistem kawalan dalaman.
•
•
mengkaji keputusan suku tahunan dan penyata kewangan
akhir tahun, sebelum kelulusan Lembaga Pengarah dengan
menumpu terutamanya kepada:
changes in or implementation of major accounting
policy and practice;
significant adjustments and unusual event arising from
the audit;
the going concern assumption; and
compliance with accounting standards, Bursa Securities
and other legal requirements.
perubahan atau pelaksanaan dasar dan praktis
perakaunan utama;
pelarasan ketara dan peristiwa penting dan luar biasa
timbul dari audit;
andaian perniagaan berterusan; dan
pematuhan kepada standard kewangan, Bursa
Securities dan keperluan undang undang.
•
mengkaji penyata Pengerusi dan pemberitahuan urus tadbir
korporat yang dibuat dalam Laporan Pengarah.
to review the Chairman’s statement and corporate governance
disclosures made in the Directors’ Report.
•
to discuss problems and reservations arising from the interim
and final audits, and any matter the auditor may wish to
discuss (in the absence of Management where necessary).
-
-
-
-
•
-
-
-
-
043
•
membincangkan masalah dan persoalan yang wujud dari audit
interim dan akhir dan sebarang perkara yang ingin dibincangkan
oleh juruaudit (tanpa kehadiran pihak Pengurusan jika perlu).
•
mengkaji Piagam Audit Dalaman, belanjawan dan komposisi
kakitangan Bahagian Audit Dalaman.
•
mengkaji kawalan dalaman, termasuk skop urus tadbir,
prosedur, penemuan audit dalaman dan mencadangkan
tindakan yang perlu diambil oleh Pengurusan. Laporan audit
dalaman tidak tertakluk kepada kebenaran daripada Ketua
Pegawai Eksekutif / Pengarah Urusan Kumpulan atau Pengarah
Eksekutif.
•
mengarah dan sekiranya wajar, menyelia sebarang projek
atau siasatan khas jika perlu, dan mengkaji laporan siasatan
berkenaan sebarang penyalahgunaan, penipuan dan kecurian
yang besar.
•
memastikan akaun disediakan tepat pada masanya dan dengan
cara yang tepat bagi tujuan pengawalseliaan, pengurusan dan
laporan umum, dengan ulasan yang selalu dijalankan terhadap
kecukupan peruntukan yang telah dibuat.
•
mengkaji sebarang urusniaga pihak berkaitan dan situasi
konflik kepentingan yang mungkin timbul dalam Syarikat
atau Kumpulan, termasuk sebarang urusniaga, prosedur atau
tatacara yang menimbulkan persoalan terhadap kewibawaan
pihak Pengurusan.
•
memastikan bahawa isu-isu penyeliaan yang dibangkitkan
oleh Bank Negara Malaysia diselesaikan tepat pada masanya.
•
melaksanakan sebarang fungsi lain yang mungkin dipersetujui
oleh Lembaga Pengarah.
•
to review the Internal Audit Charter, budget and staffing of the
Internal Audit Division.
•
to review internal controls, including the scope of the internal
audit governance, procedures, findings and recommend
action to be taken by Management. The internal audit reports
should not be subject to the clearance of the Chief Executive
Officer / Group Managing Director or Executive Directors.
•
to direct and where appropriate supervise any special projects
or investigation considered necessary, and review investigation
report on any major defalcation, frauds and thefts.
•
to ensure that the accounts are prepared in a timely and
accurate manner for regulatory, management and general
reporting purposes, with regular reviews carried out on the
adequacy of provisions made.
•
to review any related party transaction and conflict of interest
situation that may arise within the Company or the Group,
including any transaction, procedure or course of conduct that
raises questions of management integrity.
•
to ensure that supervisory issues raised by Bank Negara
Malaysia are resolved in a timely manner.
•
to perform any other functions as may be agreed by the Board.
SUMMARY OF ACTIVITIES OF THE COMMITTEE
The activities undertaken by the Committee during the financial year
under review include the following:
•
Reviewed and monitored with the external auditors, the
results and progress of the audit for the financial year ended
31 December 2014, the audit report and the Management
letter, including Management’s response thereto.
Aktiviti-aktiviti yang telah dijalankan oleh Jawatankuasa sepanjang
tahun kewangan yang dikaji termasuk:
•
Mengkaji dan memantau dengan juruaudit luar, keputusan
dan perkembangan audit bagi tahun kewangan berakhir 31
Disember 2014, laporan audit dan surat Pengurusan, termasuk
tindakan Pengurusan berkaitannya.
Discussed the re-appointment of external auditors for the
financial year ending 31 December 2016, and assessed their
sustainability and independence for reappointment.
•
Reviewed the external auditors’ scope of work and audit plans
for the financial year ended 31 December 2015. Prior to the
audit, representatives from the external auditors presented
their audit strategy and plan.
•
Discussed the audit fees payable to the external auditors.
•
Discussed with external auditors any matters that warrant the
Board and Shareholders’ attention without the presence of
the member of the Executive Directors and Management.
RINGKASAN AKTIVITI-AKTIVITI JAWATANKUASA
•
•
Berbincang mengenai pelantikan semula juruaudit luar bagi
tahun kewangan akan berakhir 31 Disember 2016, dan menilai
kesesuaian dan kebebasan mereka untuk pelantikan semula.
•
Mengkaji skop kerja dan rancangan audit juruaudit luar bagi
tahun kewangan berakhir 31 Disember 2015. Sebelum audit
dijalankan, wakil-wakil juruaudit luar telah membentangkan
strategi dan rancangan audit.
•
Berbincang mengenai yuran audit yang perlu dibayar kepada
juruaudit luar.
044
•
Berbincang dengan juruaudit luar berhubung sebarang
perkara yang memerlukan perhatian Lembaga Pengarah dan
Pemegang Saham tanpa kehadiran ahli Lembaga Pengarah
Eksekutif dan pihak Pengurusan.
•
Reviewed the Internal Audit Annual Audit Plan, 2014
Achievements and Revision to 2015 Annual Audit Plan.
•
Reviewed the internal audit reports and special audit
reports (i.e. on Finance, Operations, IT, Investment etc)
which highlighted the audit issues, recommendations and
Management’s response thereto. Discussed with Management
on actions taken or to be taken to improve the system
of internal control based on improvement opportunities
identified in the internal audit reports.
•
Mengkaji Pelan Audit Tahunan Audit Dalaman, Pencapaian
2014 dan Semakan kepada Pelan Audit Tahunan 2015.
•
Mengkaji laporan audit dalaman dan audit khas (seperti
Kewangan, Operasi, Teknologi Maklumat, Pelaburan dan
lain-lain) yang menekankan isu-isu audit cadangan dan
maklum balas pihak Pengurusan yang berkaitan. Berbincang
dengan Pengurusan mengenai tindakan yang telah dan akan
diambil untuk mempertingkatkan sistem kawalan dalaman
berdasarkan peluang-peluang penambahbaikan yang telah
dikenal pasti dalam laporan audit dalaman.
•
Reviewed follow-up reports by the internal auditors
on the status of actions taken by the Management on
recommendations suggested in the audit reports.
•
Mengkaji laporan susulan oleh juruaudit dalaman mengenai
status tindakan yang diambil oleh pihak Pengurusan terhadap
cadangan yang diberikan dalam laporan audit.
Discussed BNM’s supervisory letter and the action plans
thereto.
•
Membincangkan surat penyeliaan BNM dan pelan tindakan
selanjutnya.
Reviewed follow-up reports by the internal auditors on BNM’s
examination findings and status of actions taken by the
Management on issues raised by BNM.
•
Mengkaji laporan susulan oleh juruaudit dalaman berhubung
isu-isu yang dibangkitkan berdasarkan penemuan daripada
pemeriksaan oleh BNM dan status tindakan yang diambil oleh
pihak Pengurusan mengenai isu yang dibangkitkan oleh BNM.
Reviewed follow-up reports by the internal auditors on
external auditors’ findings as set out in the Management letter
and status of actions taken by the Management on issues
raised by the external auditors.
•
Reviewed the audited financial statements of the Company
prior to submission to the Board for their consideration and
approval. The review was to ensure that the audited financial
statements were drawn up in accordance with the provisions
of the Companies Act 1965 and the applicable approved
accounting standards.
•
Reviewed the quarterly unaudited financial results
announcements before recommending them for the Board’s
approval.
•
Reviewed related party transactions within the Group.
•
Reviewed the disclosure statements in the Annual Report
such as Corporate Governance Statement, Statement on Risk
Management and Internal Control, Audit Committee Report
and Chairman’s Statement in compliance with Bursa Securities
Listing Requirements and Securities Commission.
•
Reviewed the Investment-Linked Funds Annual Report.
•
Reviewed the Equity Impairment Policy.
•
•
•
•
Mengkaji laporan susulan oleh juruaudit dalaman berhubung
isu yang dibangkitkan dalam surat Pengurusan oleh juruaudit
luar dan status tindakan yang diambil oleh pihak Pengurusan
mengenai isu tersebut.
•
Mengkaji penyata kewangan Syarikat yang telah diaudit
sebelum diserahkan kepada Lembaga Pengarah bagi
pertimbangan dan kelulusan mereka. Kajian ini adalah untuk
memastikan supaya penyata kewangan yang telah diaudit
disediakan mengikut peruntukan Akta Syarikat 1965 dan
piawaian perakaunan berkaitan yang diluluskan.
•
Mengkaji pengumuman keputusan kewangan suku tahunan
yang belum diaudit sebelum disyorkan kepada Lembaga
Pengarah untuk kelulusan.
•
Mengkaji urusniaga pihak yang berkaitan dalam Kumpulan.
•
Menyediakan bimbingan ke atas penyediaan penyata
pendedahan dalam Laporan Tahunan seperti Penyata Urus
Tadbir Korporat, Penyata Pengurusan Risiko dan Kawalan
Dalaman, Laporan Jawatankuasa Audit dan Penyata Pengerusi
dalam mematuhi Keperluan Penyenaraian Bursa Securities
dan Suruhanjaya Sekuriti.
•
Mengkaji Laporan Tahunan Dana Berkaitan Pelaburan.
•
Mengkaji Polisi Kemerosotan Nilai Ekuiti.
045
•
Mengesahkan peruntukan saham kepada kakitangan terpilih
di bawah Pelan Insentif Jangka Panjang (LTIP). Jawatankuasa
bersetuju bahawa peruntukan saham melalui LTIP iaitu
penganugerahan dan pemberian hak Pelan Saham Terhad
(RSP) dan Pelan Saham Prestasi (PSP) mematuhi kriteria
peruntukan LTIP yang diluluskan oleh Jawatankuasa LTIP
seperti yang dikehendaki di bawah perenggan 8.17(2)
Keperluan Penyenaraian.
FUNGSI DAN AKTIVITI-AKTIVITI AUDIT DALAMAN
Bahagian Audit Dalaman adalah bebas daripada aktiviti atau operasi
unit-unit operasi lain dan melapor terus kepada Jawatankuasa Audit.
Peranan utama bahagian ini adalah untuk menjalankan kajian sistem
kawalan dalaman secara bebas, kerap dan sistematik supaya dapat
memberi jaminan yang sewajarnya bahawa sistem tersebut mampu
terus beroperasi secara berkesan dan memuaskan. Audit dalaman
mengamalkan pendekatan berasaskan risiko dalam rancangan audit
dan pemeriksaannya.
Adalah menjadi tanggungjawab Bahagian Audit Dalaman untuk
menyediakan laporan bebas dan objektif kepada Jawatankuasa
tentang status kawalan dalaman di pelbagai unit operasi dalam
Kumpulan serta tahap pematuhan unit-unit tersebut terhadap dasar
dan prosedur Kumpulan serta terhadap keperluan berkanun yang
berkaitan.
Aktiviti-aktiviti berikut telah dijalankan oleh Bahagian Audit Dalaman
dalam tahun kewangan yang dikaji:
•
•
Melaksanakan peranan jaminan bebas dengan membuat
ulasan kajian berjadual ke atas keberkesanan, kecekapan
dan mekanisma kawalan ekonomi untuk mengutarakan risiko
dan keutamaan dalam bidang operasi, kewangan, teknologi
maklumat, pembangunan produk, pelaburan dan fungsi-fungsi
strategik yang menggunapakai pendekatan audit berasaskan
risiko seperti yang dinyatakan dalam Pelan Strategik Audit
Dalaman Rasmi (Tahun Kewangan Berakhir 2015).
Menyediakan jaminan yang munasabah ke atas tahap
pematuhan polisi dan prosedur yang telah disediakan
di samping keperluan statutori BNM dan badan-badan
perundangan lain.
•
Memberi khidmat nasihat kepada Pengurusan dan subsidiari
Syarikat.
•
Mencadangkan peningkatan ke atas proses perniagaan dan
penambahbaikan bagi sistem kawalan dalaman yang sedia
ada.
•
Menjalankan audit susulan berhubung status tindakan yang
diambil oleh Pengurusan berdasarkan cadangan yang dibuat
dalam penemuan audit juruaudit dalaman, juruaudit luar,
pegawai pemeriksa BNM dan lain-lain.
046
•
Verified the allocation of shares to the selected employees
under the Long Term Incentive Plan (LTIP). The Committee
concurred that the allocation of shares pursuant to the LTIP
i.e. granting and vesting of Restricted Share Plan (RSP) and
Performance Share Plan (PSP) complied with the criteria for
allocation of LTIP approved by the LTIP Committee as required
under paragraph 8.17(2) of the Listing Requirements.
INTERNAL AUDIT FUNCTION AND ACTIVITIES
The Internal Audit Division is independent of the activities or
operations of other operating units and reports directly to the
Audit Committee. The principal role of the division is to undertake
independent regular and systematic reviews of the systems of
internal controls so as to provide reasonable assurance that such
systems continue to operate satisfactorily and effectively. The
internal audit practices a risk-based approach in its audit plan and
examination.
It is the responsibility of the Internal Audit Division to provide the
Committee with independent and objective reports on the state of
internal control of the various operating units within the Group and
the extent of compliance of the units with the Group’s established
policies and procedures as well as relevant statutory requirements.
The following activities were undertaken by the Internal Audit
Division during the financial year under review:
•
Executed independent assurance role by performing scheduled
reviews on the effectiveness, efficiency and economical of
control mechanism to address risks and concerns in the areas
of operations, financial, information technology, product
development, investment and strategic functions on a risk
based audit approach as set out in the Formalised Internal
Audit Strategic Plan (FYE 2015).
•
Provided reasonable assurance on the extent of compliance
with established policies and procedures as well as BNM
statutory requirements and other regulatory bodies.
•
Rendered advisory services to the Management of the
Company and its subsidiaries.
•
Recommended improvements to the business processes and
enhancement to the existing system of internal controls.
•
Conducted follow-up audit on status of actions taken by the
Management on recommendations suggested in audit reports
of internal auditors, external auditors, BNM examiners, etc.
•
Carried out special reviews and investigations as requested by
Senior Management and endorsement from the Committee
Chairman.
•
Menjalankan semakan khas dan penyiasatan seperti yang
diminta oleh Pengurusan Kanan dan pengesahan daripada
Pengerusi Jawatankuasa.
•
Melaksanakan Perakuan Tahunan mengikut Garis Panduan
BNM mengenai Pengenalan Produk Baru.
•
Menjalankan audit ke atas kajian Pasca Pelaksanaan Produk.
•
Mengkaji keadaan pematuhan dengan Garis Panduan BNM
mengenai Ketelusan dan Penzahiran Produk untuk Produk
Takaful.
•
Menjalankan audit ke atas perkakasan komputer, sistem
operasi dan aplikasi serta rangkaian Teknologi Maklumat (IT)
Takaful Malaysia.
•
Menjadi pemerhati dalam tender dan proses pemilihannya
dan dalam Jawatankuasa-jawatankuasa yang lain.
•
Menjalankan penilaian bebas bagi menentukan kesempurnaan
dan keberkesanan Pengurusan Kesinambungan Perniagaan
(BCM) dasar, strategi, prosedur dan ujian Pelan Pemulihan
Bencana (DRP).
•
Menyemak dan mengumpul data-data terkini Supervisory
Concern sebelum diserahkan kepada Bank Negara Malaysia.
•
Mengkaji semula aktiviti-aktiviti perkhidmatan luar yang
dilaksanakan oleh Syarikat.
•
Membimbing Pengurusan dalam menyediakan Laporan
Jawatankuasa Audit dan Penyata Kawalan Dalaman untuk
dizahirkan dalam Laporan Tahunan.
•
Menjalankan semakan ke atas Premium Dibayar dan Pulangan
ke atas Pengiraan Premium untuk Perniagaan Takaful kepada
PIDM.
•
Menjalankan semakan pengesahan ke atas Proses Penilaian
Aktuari.
•
Semakan semula Piagam Audit Dalaman.
•
Membuat pengesahan ke atas Peruntukan Pelan Insentif
Jangka Panjang (LTIP).
Laporan daripada tugasan audit dikemukakan kepada pihak
Pengurusan untuk perhatian dan tindakan pembetulan yang perlu
seperti yang dicadangkan. Pihak Pengurusan bertanggungjawab
memastikan tindakan pembetulan terhadap kelemahan yang dilapor
dilaksanakan dalam jangka masa yang ditetapkan. Jumlah kos yang
terbabit bagi mengekalkan fungsi Audit Dalaman yang dilakukan
secara dalaman bagi tahun kewangan yang dikaji adalah lebih kurang
RM2.0 juta di mana ia merangkumi sebahagian besarnya adalah
gaji, elaun perjalanan dan penginapan dan elaun sara hidup bagi
menjalankan tugasan audit.
•
Performed Annual Attestation for BNM’s Guidelines on
Introduction of New Products.
•
Carried out audit on Product Post Implementation Review.
•
Reviewed the state of compliance with BNM Guideline on
Product Transparency and Disclosure for Takaful Products.
•
Conducted audit computer hardware, operating and
application systems as well as the Information Technology (IT)
network of Takaful Malaysia.
•
Participated in tender and selection process and other
Committees in the capacity of an observer.
•
Conducted independent evaluation of the adequacy and
effectiveness of the Business Continuity Management (BCM)
policy, strategies, procedures and testing of the Disaster
Recovery Plan (DRP).
•
Reviewed and compiled the updates on the Supervisory
Concerns prior to submission to Bank Negara Malaysia.
•
Reviewed the outsourcing activities for the Company.
•
Assisted Management in preparing the Audit Committee
Report and Statement on Risk Management and Internal
Control for disclosure in the Annual Report.
•
Conducted review on Premium Payable and Return on
Calculation of Premium for Takaful Business to PIDM.
•
Conducted validation review on Actuarial Valuation Process.
•
Revised Internal Audit Charter.
•
Performed verification on the Long Term Incentive Plan (LTIP)
Allocation.
Reports from the audit assignments are forwarded to the
Management for attention and necessary corrective actions as
recommended. The Management is responsible for ensuring that
corrective actions on reported weaknesses are taken within the
required time frame. The costs incurred in maintaining the Internal
Audit function which is performed in-house for the financial year
under review was approximately RM2.0 million comprising mainly
salaries, travelling and accommodation expenses and subsistence
allowance for audit assignments.
047
Penyata Pengurusan Risiko dan Kawalan Dalaman
Statement on Risk Management and Internal Control
PENYATA PENGURUSAN RISIKO DAN KAWALAN DALAMAN
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
Penyata ini disediakan menurut Keperluan Penyenaraian Pasaran
Utama Bursa Malaysia Securities Berhad berkaitan dengan
Pematuhan Kumpulan terhadap Prinsip dan Cadangan peruntukanperuntukan Amalan Terbaik yang berkaitan dengan kawalan dalaman
seperti yang digariskan di dalam Kod Urus Tadbir Korporat Malaysia
(“Kod”).
This statement is made pursuant to the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad with regard to
the Group’s compliance with the Principles and Recommendations
provisions relating to internal controls as stipulated in the Malaysian
Code on Corporate Governance (“the Code”).
TANGGUNGJAWAB LEMBAGA PENGARAH
BOARD RESPONSIBILITY
Lembaga Pengarah mengiktiraf bahawa mereka bertanggungjawab
sepenuhnya terhadap persekitaran kawalan dalaman dan
keberkesannya dalam menjaga kepentingan-kepentingan pemegangpemegang saham dan aset-aset Kumpulan.
The Board acknowledges its overall responsibility for the internal
control environment and its effectiveness in safeguarding
shareholders’ interests and Group’s assets.
Sistem kawalan dalaman turut memenuhi keperluan untuk operasioperasi perniagaan yang berkesan dan cekap, laporan kewangan yang
baik dan prosedur-prosedur kawalan, serta pematuhan terhadap
undang-undang dan peraturan-peraturan yang berkaitan. Lembaga
Pengarah turut mengakui bahawa penyemakan terhadap system
kawalan dalaman Kumpulan adalah usaha yang jitu dan berterusan,
dirangka untuk mengurus dan menghalang risiko kegagalan untuk
mencapai objektif-objektif perniagaan. Sewajarnya, sistem kawalan
dalaman Kumpulan turut memberikan jaminan yang munasabah
ke atas salah nyata atau kerugian yang ketara. Pengarah Urusan
Kumpulan dan Pengurus Besar Kewangan telah memberi jaminan
kepada Lembaga Pengarah berkaitan kecukupan dan keberkesanan
pengurusan risiko Kumpulan dan sistem kawalan dalaman.
PROSES-PROSES KAWALAN DALAMAN UTAMA
Proses-proses kawalan dalaman utama yang telah ditubuhkan oleh
Lembaga Pengarah dalam menyemak kecukupan serta integriti
sistem kawalan dalaman termasuk pematuhan kepada undangundang, peraturan-peraturan, syarat-syarat, arahan-arahan dan garis
panduan-garis panduan adalah seperti berikut :
RANGKA KERJA PENGURUSAN RISIKO
Lembaga Pengarah mengiktiraf bahawa mengenal pasti dan mengurus
risiko yang berkaitan adalah perkara penting dan merupakan asas
untuk mencapai objektif perniagaan Kumpulan serta pengendalian
operasi hariannya.
Bagi mencapai objektif tersebut, Lembaga Pengarah telah
menyediakan Rangka Kerja Pengurusan Risiko Perniagaan (“ERM”)
dalam Syarikat, bagi memastikan supaya wujud proses yang
berterusan bagi mengenalpasti, menilai, memantau dan mengurus
pendedahan risiko berkaitan yang sememangnya lazim dalam operasi
perniagaannya. Kumpulan telah mewujudkan proses pengurusan
risiko di mana peranan dan tanggungjawab Jawatankuasa Lembaga
Pengarah Risiko (“BRC”) adalah untuk menyediakan pengawasan
yang berkesan terhadap risiko seluruh Syarikat melalui mesyuarat
suku-tahunan Jawatankuasa Lembaga Pengarah Risiko.
Syarikat telah mengemaskini Rangka Kerja Pengurusan Risiko dan bila
perlu, penambahbaikan telah dibuat untuk meningkatkan amalan
pengurusan risiko. Insiden Kerugian Operasi berdasarkan keperluan
ORION dari Bank Negara Malaysia (“BNM”) dilapurkan kepada BNM,
BRC dan Lembaga Pengarah sebagai ukuran keberkesanan ERM.
The system of internal control addresses the need for an effective and
efficient business operations, sound financial reporting and control
procedures, and compliance with relevant laws and regulations. The
Board also recognises that reviewing the Group’s system of internal
control is a concerted and continuing process, designed to manage
and appropriately mitigate the risk of failure in achieving business
objectives. Accordingly, the Group’s system of internal control
provides reasonable assurance against material misstatement or loss.
The GMD and General Manager, Finance have given the assurance
to the Board on the adequacy and effectiveness of the Group’s risk
management and internal control system.
KEY INTERNAL CONTROL PROCESSES
The key internal control processes that the Board has established
in reviewing the adequacy and integrity of the system of internal
control, including compliance with applicable laws, regulations,
rules, directives and guidelines, are as follows:
RISK MANAGEMENT FRAMEWORK
The Board acknowledges the identification and the management
of risks involved play an important and integral part in achieving
the Group’s business objectives and the management of its daily
operations.
In pursuing these objectives, the Board has put in place an Enterprise
Risk Management (“ERM”) framework within the Company to ensure
there is an on-going process of identifying, evaluating, monitoring
and managing the significant risk exposures surrounding its business
operations. The Group has established a risk management process
whereby the roles and responsibility of Board Risk Committee
(“BRC”) is to provide effective oversight on company-wide risks
through quarterly Board Risk Committee meetings.
The company reviews the Risk Management framework and where
necessary, enhancements were made to improve its risk management
practices. Operational Loss Incidences reporting based on the BNM’s
ORION requirement are reported to BNM, BRC and the Board to act
as a gauge on the effectiveness of the ERM in place.
Penyata selera-risiko Syarikat menyediakan satu rangka kerja
pengambilan keputusan bagi risiko strategik dan operasi, yang
memudahkan proses perancangan strategik sejajar dengan risiko. Ia
bertujuan membantu Syarikat dalam membuat keputusan strategik
yang berwawasan dan bermaklumat bagi pengurusan risiko secara
berhemat dan lagi kekal menguntungkan untuk pemegang saham.
The Company’s risk appetite statement provides a decision-making
framework for the strategic and operational treatment of risk, which
facilitates a risk-aligned strategic planning process. It is intended to
help the Company in making forward-looking and well-informed
strategic decisions that manages risk prudently and yet remain
profitable to its shareholder.
Sebagai pencegahan risiko terhadap bencana dan / atau gangguan
utama, Syarikat telah mengemaskini Rangka Kerja Pengurusan
As a risk mitigation towards disasters and/or major disruptions; the
Company has also revised the Business Continuity Management
048
Kesinambungan Perniagaan (“BCM”). Manual BCM telah dibangunkan
untuk memudahkan tindak balas yang berkesan terhadap gangguan
perniagaan dan untuk memastikan bahawa Syarikat mampu
bertindak balas terhadap insiden itu mengikut cara yang cepat dan
tepat pada masanya. Pelan Pemulihan Perniagaan telah dibangunkan
dan diuji fungsinya sebanyak dua kali setahun pada sistem pelayan
pengeluaran yang utama. Dalam tahun kewangan ini, pelan
kesinambungan perniagaan telah dilaksanakan di Ibu Pejabat bagi
mempertingkatkan kesediaan Syarikat untuk mengekalkan operasi
kritikal apabila berhadapan dengan bencana dan / atau gangguan.
(“BCM”) Framework. The BCM Manual was developed to facilitate
effective response to business disruption and to ensure that the
Company is capable of responding to such incidents in an organised
and timely manner. Business Continuity Plans are developed and
tested for functionality and Disaster Recovery Plans are tested
twice a year on the production main server. During the financial
year, a business continuity plan was implemented at Head Office,
to establish the Company’s readiness to maintain critical operations
when faced with possible disasters and/or disruptions.
Rangka Kerja Pengurusan Risiko Modal telah disemak semula pada
bulan Ogos 2014 selaras dengan pelaksanaan Rangka Kerja Modal
Berasaskan Risiko bagi Pengendali Takaful (“RBCT”) dan Tahap
Sasaran Modal Individu (“ITCL”) Syarikat. Nisbah Kecukupan Modal
(“CAR”) dan Laporan Ujian Tekanan Syarikat dikemaskini kepada
Lembaga Pengarah setiap suku tahun dan setengah tahun seperti
yang dikehendaki dalam Rangka Kerja Pengurusan Risiko Modal dan
Rangka Kerja Pengurusan Aset dan Liabiliti.
The Risk and Capital Management Framework has been revised
in August 2014 to be consistent with implementation of Risk
Based Capital Framework for Takaful Operators (“RBCT”) and the
Company’s Individual Target Capital Level (“ITCL”). The company’s
Capital Adequacy Ratios (“CAR”) and Stress Testing Reports are
updated on a quarterly and semi-annually basis respectively to the
Board of Directors, as required under Risk and Capital Management
Framework and Asset and Liability Management Framework.
RANGKA KERJA TADBIR URUS PENGURUSAN LEBIHAN DANA
RISIKO PESERTA (“PRF”)
Lembaga Pengarah telah meluluskan Rangka Kerja Tadbir Urus
Pengurusan Lebihan Dana Risiko Peserta (“PRF”) pada November
2013 dalam persiapan untuk menyediakan proses tadbir urus dalam
menguruskan kedudukan lebihan dana risiko peserta. Rangka Kerja ini
membentuk sebahagian daripada proses tadbir urus korporat Syarikat
untuk menggalakkan pengurusan berhemat dan amalan pengurusan
risiko yang baik terhadap dana risiko takaful bagi meningkatkan daya
tahan dana kewangan dan melindungi kepentingan peserta.
FUNGSI AUDIT DALAMAN
Bahagian Audit Dalaman (“IAD”) membantu Lembaga Pengarah
dan Jawatankuasa Audit dalam menjalankan tanggungjawab
mereka. Audit Dalaman berfungsi untuk memberikan jaminan ke
atas keberkesanan dan kelancaran sistem kawalan dalaman yang
dilaksana oleh pihak pengurusan. Pelan Audit Tahunan dibangunkan
dari penilaian terhadap kepentingan risiko, pendedahan, dan strategi
Kumpulan. IAD juga menyiasat kejadian penipuan, pemalsuan serta
memberikan cadangan-cadangan kepada Jawatankuasa Audit untuk
menghalang pengulangan semula. Pelaksanaan pelan tindakan
pengurusan yang dirangka untuk menghalang kelemahan kawalan
yang telah diperakui sepanjang tempoh kewangan yang dipantau
melalui kajian susulan.
Jawatankuasa juga mengkaji dan meluluskan Pelan Audit Tahunan,
laporan-laporan serta penemuan termasuk susulan oleh Audit
Dalaman. Mereka juga mengkaji tindakan yang diambil ke atas
penemuan kawalan dalaman yang dikenalpasti di dalam laporanlaporan yang disediakan oleh juruaudit luar dan badan-badan
penguatkuasaan semasa mesyuarat-mesyuarat mereka serta menilai
kesan ke atas keberkesanan dan kecukupan sistem kawalan dalaman
Kumpulan.
PARTICIPANT RISK FUND (“PRF”) SURPLUS MANAGEMENT
GOVERNANCE FRAMEWORK
The Board has approved the PRF Surplus Management Governance
Framework in November 2013 to provide the governance process in
managing the participant risk fund surplus position. This Framework
forms part of the Company’s corporate governance process to
promote prudent management and good risk management practices
of takaful risk funds to enhance the funds’ financial resilience and
protect the interest of participants.
INTERNAL AUDIT FUNCTION
The Internal Audit Division (“IAD”) assists the Board and Audit
Committee in the discharge of their responsibilities. The internal
audit function provides assurance on the efficiency and effectiveness
of the internal control systems implemented by management.
An annual audit plan is developed based on an assessment of risk
priorities, exposures, and business strategies of the Group. IAD also
investigates incidents of fraud, malpractices and makes necessary
recommendation to the Audit Committee to impede recurrence. The
implementation of management action plans to address the control
lapses noted during the financial period are monitored through
follow-up reviews.
The Committee reviews and approves the Annual Audit Plan, reports
and findings including the follow-ups of the Internal Auditors. They
also review the actions taken on internal control issues identified in
reports prepared by External Auditors and Regulatory Bodies during
their meetings and consider the impact on the effectiveness and
adequacy of the Group’s internal control system.
UNSUR-UNSUR KAWALAN DALAMAN UTAMA
KEY ELEMENTS OF INTERNAL CONTROL
Unsur-unsur utama kawalan dalaman yang diwujudkan oleh
Lembaga Pengarah bagi menyediakan kawalan dalaman yang
berkesan termasuk pematuhan terhadap undang-undang, peraturanperaturan dan garis panduan garis panduan adalah seperti berikut:
The key elements of internal control that the Board has established
which provide effective internal controls including compliance with
applicable laws, regulations and guidelines are as follows:
•
Struktur Organisasi
•
Organisational Structure
Kumpulan telah membentuk sebuah struktur organisasi yang
tersusun dengan had-had tanggungjawab dan akauntabiliti
yang jelas serta pengagihan kuasa yang bertakrif kepada
Jawatankuasa-jawatankuasa Lembaga Pengarah dan
Pengurusan.
The Group has established a defined organisational structure
with lines of responsibility and accountability with a defined
delegation of authority of Committees of the Board and
Management.
049
•
Had Kuasa
•
Limit of Authorities
Had kuasa telah dikemaskini dan diluluskan oleh Lembaga
Pengarah pada November 2015 dan telah dilaksanakan dalam
bidang Pengunderaitan, Kelulusan Tuntutan, Pelaburan dan
proses perniagaan yang lain.
Limit of authorities has been revised and approved by the
Board in November 2015 and implemented in the areas of
Underwriting, Claims approval, and other business process.
•
Prosedur Operasi Piawai
•
Standard Operating Procedures
Prosedur Operasi Piawai yang mengawal seluruh proses
perniagaan seperti kewangan, sumber manusia, tuntutan,
pelaburan dan lain-lain telah ditempatkan di dalam organisasi.
•
Rangka Kerja Pembangunan Produk
The Standard Operating Procedures that govern the key
business processes such as finance, actuarial, human
resources, claims, investments and etc, are in place within the
organisation.
Pada bulan Mac 2012, Syarikat telah mendapat kelulusan
daripada BNM untuk mengamalkan system “pelancaran
dan fail” untuk produk-produk baru. Memandangkan sistem
”pelancaran dan fail” telah diberikan kepada Syarikat, polisi
dan prosedur yang merangkumi Rangka Kerja Pembangunan
Produk telah dikaji semula berdasarkan jangkaan penyeliaan
daripada BNM di bawah Pengenalan Garis Panduan Produk
Baru.
•
Product Development Framework
In March 2012, the Company was granted the approval by
Bank Negara Malaysia (“BNM”) to adopt “launch-and-file”
system for new products. In view of the “launch-and-file”
system granted to the Company, the policies and procedures
within the Product Development Framework have been
reviewed to align with BNM’s supervisory expectations under
the Introduction of New Product Guidelines.
•
Compliance Function
The Compliance Framework setting out the compliance
governance and methodology has been revised and approved
by the Board in October 2015. All compliances requirements,
matrixes, SOPs and guidelines are posted in the Corporate
Portal – Compliance Division.
•
Whistle Blowing Policy and Fraud and Integrity Policy
•
Fungsi Pematuhan
Piagam Pematuhan dan Rangka Kerja yang menggariskan
pematuhan tadbir urus dan metodologi telah dikemaskini dan
diluluskan oleh Lembaga Pengarah pada bulan Oktober 2015.
Semua kehendak pematuhan, matrik, prosedur operasi piawai
dan garis panduan telah di muatkan dalam Portal Korporat –
Bahagian Pematuhan.
•
Polisi Pemberitahuan Maklumat dan Polisi Penipuan dan
Integriti
Lembaga Pengarah juga telah meluluskan Polisi Pemberitahuan
Maklumat sebagai respons kepada Akta Perlindungan Pemberi
Maklumat, 2010 serta Polisi Penipuan dan Integriti pada Ogos
2011 yang penting dalam menggalakkan kelakuan beretika
dalam Kumpulan.
The Board has also approved the Whistle Blowing Policy in
response to the Whistleblower Protection Act, 2010 as well as
Fraud and Integrity Policy in August 2011 which is essential in
promoting ethical conduct within the Group.
•
Rangka Kerja Tadbir Urus Syariah
•
Shariah Governance Framework
Rangka Kerja Tadbir Urus Syariah telah disemak semula
dan diluluskan oleh Badan Penasihat Syariah (“BPS”) dan
Lembaga Pengarah masing-masing pada 8 Oktober 2013 dan
22 November 2013. Rangka kerja ini direka untuk memenuhi
objektif berikut:
The Shariah Governance framework was revised and
approved by the Shariah Advisory Body (“SAB”) and the Board
on 8 October 2013 and 22 November 2013 respectively. The
framework is designed to meet the following objectives:
i.
Untuk menetapkan struktur dan susunan tadbir urus
Syarikat, bagi memastikan semua operasi dan aktiviti
adalah selaras dengan Syariah.
ii.
Untuk menyediakan satu panduan yang komprehensif
kepada Lembaga Pengarah, BPS dan Pengurusan dalam
menjalankan tugasnya dalam hal-hal yang berkaitan
dengan Syariah.
iii.
Untuk menggariskan fungsi yang berkaitan dengan
kajian Syariah, audit Syariah, penasihat dan penyelidikan
Syariah dan proses-proses pengurusan risiko berkaitan
Syariah.
•
Manual Pematuhan Syariah
Manual Pematuhan Syariah (“MPS”) ditubuhkan sebagai
himpunan keperluan operasi Syariah yang sedia ada termasuk
keperluan tambahan Syariah mengenai perniagaan, operasi
dan aktiviti mengikut keperluan IFSA dan resolusi Majlis
Penasihat Syariah Bank Negara Malaysia yang terkini. MPS ini
direka untuk memenuhi objektif-objektif berikut : -
050
i.
To set out the Company’s Shariah governance structures
and arrangements to ensure that all its operations and
business activities are in accordance with Shariah.
ii.
To provide a comprehensive guidance to the Board, SAB
and Management in discharging its duties in matters
relating to Shariah.
iii.
To outline the functions relating to Shariah review,
Shariah audit, Shariah advisory & research and Shariah
risk management processes.
•
Shariah Compliance Manual
The Shariah Compliance Manual (“SCM”) is set up as a
compilation of the existing Shariah operational requirements
with additional Shariah requirements on business, operations
and activities in accordance with the requirements of IFSA
and the latest Bank Negara Malaysia Shariah Advisory Council
resolutions. This SCM is designed to meet the following
objectives:-
a.
Menggariskan keperluan bagi Syarikat dalam mematuhi
prinsip-prinsip Syariah;
a.
Sets out the requirement for the Company to adhere to
the Shariah principles;
b.
Menyediakan langkah-langkah tindakan bagi membantu
Lembaga Pengarah, BPS dan Pengurusan Syarikat
menunaikan tanggungjawab dalam perkara-perkara
yang berkaitan dengan Syariah; dan
b.
Provides measures in assisting the Board of Directors,
the SAB and the Management in discharging its duties
in matters relating to the Shariah; and
c.
Memastikan semua operasi dan aktiviti perniagaan
Syarikat adalah selaras dengan prinsip-prinsip Syariah.
c.
Ensure that all the Company’s operational processes
and business activities are in accordance with the
Shariah principles.
Manual Pematuhan Syariah telah diluluskan oleh BPS dan
Lembaga Pengarah masing-masing pada 23 April 2015 dan 25
Mei 2015.
•
Polisi Pengurusan Risiko Syariah
Polisi Pengurusan Risiko Syariah dibangunkan untuk
memastikan bahawa risiko ketidakpatuhan Syariah (“SNC”)
diuruskan secara sistematik dan berkesan untuk memberi
keyakinan kepada pihak berkepentingan, rakan niaga dan orang
awam terhadap kredibiliti Syarikat sebagai Institusi Kewangan
Islam (“IFI”). Dasar Pengurusan Risiko Syariah hendaklah
menjadi sebahagian daripada Rangka Kerja Pengurusan Risiko
Perniagaan Syarikat. Dasar ini telah diluluskan oleh BPS pada
10 Disember 2015.
Dasar Pengurusan Risiko Syariah direka untuk memenuhi
objektif-objektif berikut :
(a)
Menggariskan skop Pengurusan Risiko Syariah dalam
aktiviti perniagaan dan operasi Syarikat.
(b)
Menakrifkan dengan jelas hubungan antara risiko SNC
dalam persekitaran kawalan risiko keseluruhan Rangka
Kerja Pengurusan Risiko Perniagaan.
•
Rangka Kerja Pengurusan Aset dan Liabiliti
Objektifnya adalah untuk mewujudkan sebuah rangka kerja
untuk mengurus dan memantau risiko asset liabiliti bagi
membolehkan Syarikat untuk bertindak balas secukupnya
kepada perubahan yang berkaitan dalam persekitaran baru,
untuk mengenal pasti peluang dan untuk mengelakkan
ancaman, dengan tujuan untuk memastikan pembangunan
yang stabil dan perlindungan kepentingan semua pemegang
kepentingan. Pelbagai had pelaburan ditetapkan untuk
meningkatkan kawalan pelaburan selepas menimbangkan
kedudukan kesolvenan Syarikat dan toleransi risiko.
•
Rangka Kerja Operasi Takaful
Syarikat telah mewujudkan satu rangka kerja untuk mentadbir
dan mendokumentasi model operasi yang diguna-pakai, polisi
pengasingan dana-dana takaful, polisi mengenai strategi
pelaburan dan kaedah yang digunakan untuk pengiraan
keuntungan pelaburan bagi dana pelaburan peserta, polisi
pengiktirafan lebihan / defisit dan peruntukan / pengedaran,
polisi mengenai mekanisma pembetulan defisit termasuk
pembayaran balik qardh, pengurusan pendapatan daripada
perniagaan takaful dan perbelanjaan dan caj-caj ke atas dana
takaful yang dibenarkan.
•
Pengurusan Lebihan dan Dasar Pengagihan
Dalam menguruskan dana-dana takaful, pengendalipengendali takaful dijangka akan menguruskan kepentingan
pelbagai pihak berkepentingan tanpa menjejaskan sikap
berhemah. Polisi ini berfungsi sebagai panduan kepada
Syarikat dalam menguruskan kedudukan lebihan dan
pembahagian lebihan kepada peserta dan pemegang saham
The Shariah Compliance Manual has been approved by the SAB
and the Board on 23 April 2015 and 25 May 2015 respectively.
•
Shariah Risk Management Policy
Shariah Risk Management Policy is developed to ensure
that Shariah non-compliance (“SNC”) risks are managed
systematically and efficiently to give confidence to our
stakeholders, our counterparties and the general public on the
credibility of our Company as an Islamic Financial Institution
(“IFI”). The Shariah Risk Management Policy shall be part of
the Company’s Enterprise Risk Management Framework. This
policy has been approved by SAB on 10 December 2015.
The Shariah Risk Management Policy is designed to meet the
following objectives:
(a)
Outline the scope of Shariah Risk Management in the
Company’s business activities and operations.
(b)
Define clearly the relationship between SNC risks in the
overall risk control environment of the Enterprise Risk
Management Framework.
•
Asset and Liability Management Framework
The objective is to establish a framework for managing and
monitoring the asset-liability risk to enable the Company
to respond adequately to the relevant changes in new
environment, to identify the opportunities and to avoid the
threats, with a view to ensuring stable development and
protection of interests of all stakeholders. Various investment
limits are set to enhance investment controls after considering
the Company’s solvency position and its risk tolerance.
•
Takaful Operational Framework
The Company has established a framework to govern
and document the operational models adopted, fund
segregation policy of takaful funds, policy on investment
strategy and method used for the calculation of investment
profit for participant investment fund, policy on recognition
of surplus/deficit and its allocation/distribution, policy on
deficit rectification mechanism including repayment of qard,
management of income from takaful business, and allowable
expenses charges to takaful funds.
•
Surplus Management and Distribution Policy
In managing the takaful funds, takaful operators are expected
to manage the interest of various stakeholders without
compromising prudence. This policy serves as a guide to
the Company in managing the surplus position and surplus
051
distribution to participants and shareholders by providing
key principles, considerations and practices to ensure good
maintenance of fund solvency and financial resilience, and
to safeguard the interests of participants and equitable
treatment of participants.
dengan menyediakan prinsip, pertimbangan dan amalan yang
utama untuk memastikan penyelenggaraan kesolvenan dana
yang baik dan daya tahan kewangan dan untuk melindungi
kepentingan peserta dan memberikan layanan yang saksama
kepada semua peserta-peserta.
Pengagihan lebihan tahunan hendaklah disahkan oleh Badan
Penasihat Syariah dan Lembaga Pengarah.
•
Pelan Perniagaan / Pemasaran dan Proses Belanjawan
Pelan perniagaan / pemasaran serta belanjawan tahunan
Kumpulan dibentangkan kepada Lembaga Pengarah untuk
kelulusan.
•
Laporan Kewangan
Laporan / akaun pengurusan dibentangkan kepada Lembaga
Pengarah untuk dikaji dan dibincangkan. Bajet dan unjuran
kewangan dibentangkan kepada Lembaga Pengarah untuk
kelulusan.
Penyebaran laporan suku tahunan kepada orang awam
dilakukan selepas ia dikaji oleh Jawatankuasa Audit dan
diluluskan oleh Lembaga Pengarah. Usaha berterusan turut
dijalankan untuk menangani isu-isu kawalan kewangan
atau risiko-risiko termasuk pengukuhan terhadap proses
penutupan kewangan dan pelarasan.
•
Sistem Teknologi Maklumat
Jawatankuasa Peneraju IT
Jawatankuasa Peneraju IT telah ditubuhkan untuk mengawasi
pembangunan IT yang menyediakan pihak pengurusan
pengawalan ke atas fungsi IT di dalam Syarikat. Jawatankuasa
Peneraju IT dipengerusikan oleh Pengarah Urusan Kumpulan.
Jawatankuasa ini bertanggungjawab untuk meluluskan
perbelanjaan berkaitan IT yang besar mengikut had yang
telah ditetapkan dan memantau projek yang telah diluluskan,
merumuskan polisi dan pelan strategik IT.
Rangka Kerja Pengurusan Data
Seperti yang ditentukan oleh Garis Panduan BNM, Rangka
Kerja Pengurusan Data telah ditubuhkan pada November
2009 dan telah dikemaskini pada bulan Jun 2015. Rangka Kerja
ini merangkumi proses proses serta kawalan-kawalan yang
berkaitan dengan sekuriti dan integriti data.
Jawatankuasa Peneraju Projek IT
Jawatankuasa Peneraju Projek IT dipengerusikan oleh
Pengarah Urusan Kumpulan. Jawatankuasa yang terdiri dari
wakil-wakil daripada IT dan pengguna perniagaan, mengawasi
prestasi dan pembangunan projek IT yang berkaitan dengan
perniagaan sepanjang tempoh kewangan.
KESIMPULAN
Walaupun terdapat kelemahan kawalan yang dikenal pasti dalam
proses-proses perniagaan tertentu dalam Kumpulan, namun
tiada sebarang kegagalan kawalan atau kelemahan ketara yang
menyebabkan kerugian besar yang memerlukan pendedahan dalam
laporan tahunan Kumpulan bagi tempoh kewangan yang dikaji.
Penyata ini disediakan selaras dengan resolusi Lembaga Pengarah
bertarikh 27 Januari 2016.
The annual distribution of surplus shall be endorsed by the
Shariah Advisory Body and Board of Directors.
•
Business/Marketing Plan and Budget Process
The Group’s annual business/marketing plan and budget are
submitted to the Board for approval.
•
Financial Reporting
Management accounts/reports are tabled to the Board for
review and discussion. Financial budget and projections
are tabled to the Board for approval. The public release
of quarterly reports is made after reviewed by the Audit
Committee and approved by the Board. On-going efforts are in
place to address financial control issues or risks, which include
strengthening the financial closing and reconciliation process.
•
Information Technology System
IT Steering Committee
An IT Steering Committee has been established to oversee
the development of Information Technology (“IT”) that
provides management an oversight of the IT function within
the Company. IT Steering Committee is chaired by the
Group Managing Director. The Committee is responsible for
authorising major IT expenditures within the approved limits,
monitoring approved IT projects, formulating IT policies and IT
strategic plans.
Data Governance Framework
As prescribed by BNM guidelines, the data governance
framework was established in November 2009 and
subsequently revised in June 2015. The framework covers
processes and related controls over data security and integrity.
IT Project Steering Committee
IT Project Steering Committee is chaired by the Group
Managing Director. The Committee consists of representatives
from IT and business users, oversees the progress and
development of business related IT project during the financial
period.
CONCLUSION
Although control lapses were identified for certain business
processes within the Group, there were no significant control
failures or weaknesses that has resulted in material loss that requires
disclosure in the Group’s annual report for the financial period under
review.
This statement is made in accordance with the Board of Directors
resolution dated 27 January 2016.
052
Maklumat Pematuhan Tambahan
Additional Compliance Information
1. PENGGUNAAN DANA
1. UTILISATION OF PROCEEDS
Tiada dana yang diterbitkan / digunakan oleh Takaful Malaysia
daripada cadangan korporat sepanjang tahun kewangan.
There were no proceeds raised / utilised by Takaful Malaysia
from corporate proposals during the financial year.
2. PEMBELIAN BALIK SAHAM
2. SHARE BUYBACKS
Tiada sebarang pembelian balik saham dilakukan oleh Takaful
Malaysia sepanjang tahun kewangan.
There were no share buybacks by Takaful Malaysia during the
financial year.
3. OPSYEN, WARAN ATAU SEKURITI BOLEH TUKAR
3. OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES
Tiada sebarang opsyen, waran atau sekuriti boleh tukar yang
diterbitkan oleh Takaful Malaysia sepanjang tahun kewangan.
No options, warrants or convertible securities were issued by
Takaful Malaysia during the financial year.
4. PROGRAM AMERICAN DEPOSITORY RECEIPT (ADR) ATAU
GLOBAL DEPOSITORY RECEIPT (GDR)
4. AMERICAN DEPOSITORY RECEIPT (ADR) OR GLOBAL
DEPOSITORY RECEIPT (GDR) PROGRAMME
Takaful Malaysia tidak menaja sebarang program ADR atau
GDR sepanjang tahun kewangan.
Takaful Malaysia did not sponsor any ADR or GDR programme
during the financial year.
5. PENGENAAN SEKATAN / PENALTI
5.
IMPOSITIONS OF SANCTIONS / PENALTIES
Tiada sekatan dan/atau penalti yang dikenakan ke atas Takaful
Malaysia dan subsidiari, para Pengarah atau Pengurusannya
oleh pihak berkuasa berkaitan sepanjang tahun kewangan.
There were no sanctions and/or penalties imposed on Takaful
Malaysia and its subsidiaries, Directors or Management by
relevant regulatory bodies during the financial year.
6. YURAN BUKAN AUDIT
6. NON-AUDIT FEES
Yuran bukan audit yang dibayar kepada juruaudit luar pada
tahun kewangan berjumlah RM156,000.
There were RM156,000 non-audit fees paid to external
auditors during the financial year.
7. VARIASI KEPUTUSAN
7. VARIATION IN RESULTS
Tiada variasi ketara (berbeza sebanyak 10% atau lebih) antara
keputusan untuk tahun kewangan dan keputusan tidak
diaudit yang diumumkan sebelumnya. Takaful Malaysia tidak
mengeluarkan sebarang anggaran, ramalan atau unjuran
keuntungan bagi tahun kewangan.
There was no significant variation (differing by 10% or more)
between the results for the financial year and the unaudited
results previously announced. Takaful Malaysia did not release
any profit estimate, forecast or projections for the financial
year.
8. JAMINAN KEUNTUNGAN
Tiada jaminan keuntungan diberi oleh Takaful Malaysia
sepanjang tahun kewangan.
8. PROFIT GUARANTEE
There was no profit guarantee given by Takaful Malaysia
during the financial year.
9. KONTRAK PENTING MELIBATKAN
PEMEGANG SAHAM UTAMA
PENGARAH
DAN
Tiada kontrak penting yang dimeterai oleh Takaful Malaysia dan
syarikat-syarikat subsidiarinya yang membabitkan kepentingan
para Pengarah dan Pemegang Saham utama, sama ada yang
masih wujud pada akhir tahun kewangan atau yang dimeterai
sejak akhir tahun kewangan sebelumnya kecuali untuk urus
niaga pihak berkaitan yang dinyatakan dalam Nota 42 kepada
penyata kewangan.
9. MATERIAL CONTRACTS INVOLVING DIRECTORS AND MAJOR
SHAREHOLDERS
There were no material contracts entered into by Takaful
Malaysia and its subsidiary companies involving Directors
and major Shareholders’ interest, either still subsisting at the
end of the financial year or entered into since the end of the
previous financial year except for related parties transactions
disclosed in Note 42 to the financial statements.
053
Maklumat Pematuhan Tambahan
Additional Compliance Information
10. URUSNIAGA PIHAK BERKAITAN YANG BERULANG / RECURRENT RELATED PARTY TRANSACTIONS
Bentuk
Urusniaga
Pihak
Pihak Berkaitan, kepentingan mereka dan bentuk hubungan
Berkaitan yang dengan Kumpulan Takaful Malaysia
Berurusniaga
Sewa
bangunan
pejabat yang
dibayar kepada
Takaful
Malaysia
oleh Bank
Islam
Malaysia
Berhad
(BIMB)
BIMB
Nilai Urusniaga Sebenar
dari 1 Januari 2015
hingga 31 Disember 2015
(RM’000)
BIMB adalah subsidiari 100% milik BHB. Lembaga Tabung Haji (LTH) 2,515
adalah pemegang saham utama BHB dan BHB adalah pemegang
saham utama Takaful Malaysia yang memegang kepentingan ekuiti
sebanyak 60.25% dalam Syarikat pada 31 Disember 2015.
Tan Sri Ismee Ismail adalah Pengarah BHB dan BIMB (kedua-dua
sehingga 9 Oktober 2015) dan juga merupakan Pengarah Takaful
Malaysia (sehingga 15 Disember 2015), yang dilantik oleh BHB
sementara Dato’ Johan Abdullah adalah Pengarah BHB, BIMB dan
Takaful Malaysia (ketiga-tiga sehingga 16 Februari 2016), yang
dilantik oleh LTH. Tan Sri Ismee Ismail dan Dato’ Johan Abdullah tidak
mempunyai sebarang kepentingan langsung atau tidak langsung
dalam BHB, BIMB dan Takaful Malaysia.
Datuk Rozaida Omar adalah Pengarah BHB dan juga Pengarah Takaful
Malaysia, yang dilantik oleh LTH. Dato’ Sri Mohamed Hassan Kamil
adalah Pengarah Takaful Malaysia, yang dilantik oleh BHB. Datuk
Rozaida Omar tidak mempunyai sebarang kepentingan langsung atau
tidak langsung dalam BHB dan Takaful Malaysia. Dato’ Sri Mohamed
Hassan Kamil mempunyai kepentingan ekuiti secara langsung
sebanyak 0.04% dalam Syarikat tetapi tidak mempunyai sebarang
kepentingan langsung atau tidak langsung dalam BHB.
Nature of
Transactions
Related Parties Related Parties, their interests and nature of relationships with the Actual Transaction Value
Transacted
Takaful Malaysia Group
from 1 January 2015 to
with
31 December 2015
(RM’000)
Rental of office
premises
payable
to Takaful
Malaysia by
Bank
Islam Malaysia
Berhad (BIMB)
BIMB
BIMB is a 100% owned subsidiary of BHB. Lembaga Tabung Haji (LTH) 2,515
is a major shareholder of BHB and BHB is a major shareholder of
Takaful Malaysia holding an equity interest of 60.25% in the Company
as at 31 December 2015.
Tan Sri Ismee Ismail is a Director in BHB and BIMB (both up to
9 October 2015) and is also a Director in Takaful Malaysia (up to 15
December 2015), nominated by BHB while Dato’ Johan Abdullah
is a Director in BHB, BIMB and Takaful Malaysia (all three up to 16
February 2016), nominated by LTH. Tan Sri Ismee Ismail and Dato’
Johan Abdullah do not have any direct or indirect interest in BHB,
BIMB and Takaful Malaysia.
Datuk Rozaida Omar is a Director in BHB and is also a Director in
Takaful Malaysia, nominated by LTH. Dato’ Sri Mohamed Hassan
Kamil is a Director in Takaful Malaysia, nominated by BHB. Datuk
Rozaida Omar does not have any direct or indirect interest in BHB
and Takaful Malaysia. Dato’ Sri Mohamed Hassan Kamil has a direct
equity interest of 0.04% in the Company but does not have any direct
or indirect interest in BHB.
054
Penyata Pengarah Urusan Kumpulan
Para Pemegang Saham,
Saya dengan sukacitanya
membentangkan Laporan Tahunan
Syarikat Takaful Malaysia Berhad bagi
tahun kewangan berakhir 2015.
Pemulihan ekonomi global pada tahun 2015 terus dibelenggu cabaran getir,
walaupun telah menampakkan tanda-tanda peningkatan pada tahun kewangan
sebelumnya. Pertumbuhan global yang dianggar sebanyak 3.1% pada tahun
kewangan ini, telah mencatat angka lebih rendah berikutan penyesuaian
berterusan dalam ekonomi global. Berbeza dengan pemulihan tahap sederhana
yang dicatat di negara-negara maju, pertumbuhan di pasaran sedang berkembang
dan negara-negara membangun terus menampilkan arah aliran menurun
berikutan aktiviti ekonomi global yang masih lembab. Tiga anjakan penting
yang mempengaruhi ekonomi global utama adalah kelembapan dan pelarasan
semula keseimbangan ekonomi China, harga komoditi yang lebih rendah dan
tekanan di beberapa pasaran besar baharu di samping langkah Amerika Syarikat
mengetatkan secara beransur-ansur dasar kewangannya.
Dear Shareholders,
It is my pleasure to present the
Annual Report of Syarikat Takaful
Malaysia Berhad for the financial year
ended 2015.
The recovery of the global economy in 2015 continued to be challenging in spite
of staging some measure of improvement in the previous financial year. The
global growth, estimated at 3.1% during the financial year tilted to the downside
on the grounds of the ongoing adjustments in the global economy. The growth in
emerging market and developing economies interminably registered a declining
trend as the global economic activity remained subdued, in contrast to a modest
recovery in advanced economies. The major global economies continued to be
influenced by three key transitions, specifically the slowdown and rebalancing
of the Chinese economy, lower commodity prices and strains in some larger
emerging markets in addition to the gradual tightening of the United States’
monetary policy.
055
Walaupun pertumbuhan keseluruhan di pasaran yang sedang
berkembang, khususnya China, telah mengalami perubahan seperti
yang dijangkakan, namun ekonomi China yang kian merudum dengan
kemerosotan pertumbuhan daripada 7.3% pada tahun 2014 kepada
6.9% pada 2015 telah memberi kesan kepada ekonomi-ekonomi lain
menerusi hubungan perdagangan dan harga komoditi yang semakin
lemah, keyakinan yang semakin pudar dan ketidakseimbangan
dalam pasaran kewangan yang kian meruncing. Harga minyak yang
mengalami kejatuhan ketara sejak bulan September 2015 pula
terus memberi tekanan kepada kedudukan fiskal negara-negara
pengeksport bahan api termasuk Malaysia dan menjejaskan prospek
pertumbuhan di pasaran yang sedang berkembang.
Dalam suasana ketidakpastian ekonomi dunia, pasaran takaful
global menampilkan pertumbuhan ketara dua angka dengan jumlah
caruman takaful kasar diunjurkan mencapai kira-kira US$25 bilion
pada tahun kewangan 2015 hasil daripada kadar penembusan yang
rendah di pasaran-pasaran utama seperti Emiriah Arab Bersatu,
Malaysia dan Indonesia. Kepesatan perkembangan industri takaful
secara keseluruhan berbanding industri insurans konvensional adalah
disebabkan oleh ciri-ciri demografi pelanggan, peningkatan tahap
pendapatan dan minat yang semakin tinggi terhadap produk-produk
takaful. Di peringkat dalam negara, Malaysia mencatat pertumbuhan
yang memberangsangkan di mana Takaful Am dan Keluarga masingmasing merekodkan pertumbuhan sebanyak 8.1% dan 7.0% pada
setengah tahun pertama 2015 berbanding tempoh yang sama tahun
2014, justeru, mendominasi pasaran takaful ASEAN dengan bahagian
pasaran sebanyak kira-kira 71%.
Namun begitu, tahun 2015 masih merupakan tahun yang mencabar
bagi industri takaful di Malaysia di mana industri berhadapan dengan
penggunaan domestik yang lemah dan ketidaktentuan dalaman dan
luaran yang tinggi. Di samping itu, industri turut mengalami tempoh
peralihan yang mencabar ekoran pelaksanaan Cukai Barangan dan
Perkhidmatan (GST) di mana kebanyakan pengendali industri,
termasuk pengguna masih dalam fasa penyesuaian dengan aturan
cukai baharu tersebut. Selain itu, pasaran ekuiti yang tidak menentu
turut mendorong kebanyakan pengendali takaful untuk mengkaji
semula peruntukan aset mereka bagi membolehkan mereka
mengekalkan pertumbuhan perniagaan.
Dengan mengambil kira ciri-ciri industri kewangan Islam yang berdaya
saing, industri takaful negara terus mencapai pertumbuhan tahunan
yang teguh, sejajar dengan pertumbuhan positif sektor perbankan
dan kewangan Islam yang menampilkan caruman bersih lebih tinggi
berbanding insurans konvensional. Misi negara untuk menjadi
sebuah pusat Kewangan Islam juga telah membantu memangkinkan
perniagaan takaful untuk terus berkembang. Di samping itu, Bank
Negara Malaysia (BNM) juga sentiasa berusaha mengukuhkan
amalan pasaran dan perlindungan pengguna dengan merangka
pelbagai garis panduan baharu untuk memberi kebebasan yang lebih
meluas kepada industri insurans dan takaful agar lebih inovatif dan
berdaya saing.
Dalam persekitaran senario ekonomi yang mencabar dan usaha
penstrukturan semula industri domestik yang berterusan, saya
dengan sukacitanya ingin melaporkan bahawa Takaful Malaysia
056
Although the overall growth in the emerging markets, particularly
China evolved as envisaged, the slowdown of the China’s economy
from 7.3% in 2014 to 6.9% in 2015 have spilled over to other
economies through trade channels and weaker commodity prices,
deteriorating confidence and escalating volatility in financial markets.
The oil prices, which have declined distinctly since September 2015,
further strained the fiscal positions of fuel exporters including
Malaysia and weighed on the growth prospects of the emerging
markets.
Despite the global economic uncertainties, the global takaful market
exhibited notable double digit growth with gross takaful contributions
projected to reach about US$25 billion in 2015 due to the low
penetration rate in the key markets like the United Arab Emirates,
Malaysia and Indonesia. The takaful industry at large continued to
grow more rapidly than the conventional insurance industry resulting
from the consumer demographics, rising income levels and an
increasing appetite for takaful products. On the local takaful front,
Malaysia registered a strong growth with General and Family Takaful
recording an 8.1% and 7.0% growth respectively in the first half of
2015 compared to the same period in 2014, thus dominating the
takaful market in ASEAN, with market share approximately 71%.
Nevertheless, 2015 was still considerably a demanding year for the
takaful industry in Malaysia; as the industry was faced with soft
domestic consumptions and high internal and external uncertainties.
Furthermore, the industry experienced a rugged transition period
following the implementation of the Goods and Service Tax (GST) as
most industry operators, including the consumers were adapting to
the new tax regime. In addition, the volatile equity market has also
prompted most takaful operators to review their asset allocation in
order to sustain their business growth.
Taking into account the competitive and resilient Islamic financial
industry, the country’s takaful industry continued to achieve a
compounded annual growth in tandem with the positive growth
of the Islamic banking and finance sector, demonstrating higher
net contributions compared to the conventional insurance. The
country’s mission in becoming an Islamic Financial hub helped to
lay the foundation for the takaful business to keep growing. To top
it off, Bank Negara Malaysia (BNM) continued to strengthen the
market practice and consumer protection through the issuance of
new guidelines in liberalizing the insurance and takaful industry to be
more innovative and competitive.
Against the backdrop of the challenging economic scenario and
ongoing domestic industry restructuring, it gives me great pleasure
to report that Takaful Malaysia has registered another good year for
the year under review. The Company recorded a growth in profit
after zakat and taxation for the Group and Company at 18% and 4%
respectively. The growth in profit has resulted in improvements in
Basic EPS to 19 sen per share, which is about an 11% increase when
compared to 17 sen during the previous financial year. In addition,
the Group also managed to sustain a Return on Equity of 24.5% in
2015.
telah mencatat satu lagi tahun memberangsangkan pada tahun
yang ditinjau. Syarikat meraih pertumbuhan keuntungan selepas
zakat dan cukai sebanyak 18% bagi Kumpulan dan 4% bagi Syarikat.
Pertumbuhan keuntungan ini telah menghasilkan peningkatan EPS
Asas kepada 19 sen sesaham, iaitu kenaikan sebanyak kira-kira 11%
berbanding 17 sen pada tahun kewangan sebelumnya. Selain itu,
Kumpulan juga berjaya mengekalkan Pulangan atas Ekuiti sebanyak
24.5% pada tahun 2015.
Bagi suku tahun ke-3 2015, Takaful Malaysia berjaya mengekalkan
kedudukannya sebagai peneraju pasaran dalam perniagaan Takaful
Keluarga, dengan meraih 25% daripada bahagian pasaran. Ini
diterjemah kepada caruman kasar sebanyak RM680 juta. Di samping
itu, Syarikat turut mengekalkan kedudukan di tempat pertama dalam
perniagaan Takaful Keluarga Kumpulan dengan menguasai 31%
bahagian pasaran yang boleh diterjemahkan kepada caruman kasar
berjumlah RM391 juta. Laporan industri sehingga suku tahun ke-3
2015 menyaksikan Takaful Malaysia mengekalkan kedudukannya
sebagai Pengendali Takaful Am kedua terbesar dengan penguasaan
perniagaan Takaful Am sebanyak 19%.
Kami juga meneruskan usaha menembusi sektor koporat dengan
lebih jauh dan meninggikan lagi bahagian pasaran kami dalam
perniagaan Takaful Keluarga Berkelompok dan Takaful Am. Syarikat
juga memantau secara aktif peluang-peluang usaha sama dan inisiatif
perkongsian strategik untuk meninggikan bahagian pasarannya. Pada
masa yang sama, kami turut mempromosi tawaran yang unik untuk
memberi ganjaran berupa Pulangan Tunai sebanyak 15% kepada
pelanggan yang tidak membuat tuntutan, bertujuan untuk mencapai
pertumbuhan yang mantap walaupun menghadapi persaingan yang
hebat daripada para pengendali takaful dan syarikat-syarikat insurans
konvensional lain.
Sebagai syarikat insurans Islam pertama di Malaysia, Takaful
Malaysia telah berjaya membangun menjadi sebuah syarikat yang
teguh, dengan pertumbuhan utama dan asas yang mampan sejak
bertahun-tahun lamanya. Pencapaian cemerlang kami bertitik-tolak
daripada strategi merentasi sempadan yang mencakupi pengenalan
produk-produk baharu dan dipertingkatkan dengan harga kompetitif,
pengembangan kemampuan pengedaran Syarikat, peningkatan
For the 3rd quarter of 2015, Takaful Malaysia sustained its position
as the market leader in the Family Takaful business, capturing
25% of the market share. This translates into RM680 million in
gross contributions. In addition, the Company also maintained
its 1st ranking in the Group Family Takaful business, securing 31%
of the market share that translates into RM391 million in gross
contributions. Industry report until Q3 2015 witnessed Takaful
Malaysia sustaining its position as the second largest General Takaful
Operator, capturing 19% of the General Takaful business.
We continue to further penetrate the corporate sector and increase
our market share in the Group Family Takaful business and General
Takaful business. The Company is also active in looking into various
strategic partnership collaborations and initiatives to increase its
market share. At the same time we have been promoting our unique
proposition of rewarding our customers a 15% Cash Back for no
claims to achieve solid growth in spite of stiff competition from the
Takaful operators and conventional players.
As the first Islamic insurance company in Malaysia, Takaful Malaysia
has successfully developed into a strong company with sustainable top
and bottom line growth over the years. Our achievements centered
on across-the-board strategies of the introduction of new and
enhanced competitive priced products, expansion of the Company’s
distribution capabilities, enhancement of our IT portal initiatives
and utilization of new technology, partnership tie-ups with Islamic
banks, excellent customer service experience, implementation of the
investor relations program and strategic Brand awareness campaign
initiatives.
THE YEAR IN REVIEW – HIGHLIGHTS & ACHIEVEMENTS
FINANCIAL PERFORMANCE
Group Performance
For the year under review, the Group’s operating revenue grew by
8% to RM1.79 billion, while profit before taxation and zakat (PBTZ)
was measured at RM204.2 million compared to RM186.7 million, an
increase by 9% from the previous financial year.
057
inisiatif IT kami dan penggunaan teknologi baharu, jalinan
perkongsian dengan bank-bank Islam, pengalaman perkidmatan
pelanggan yang unggul, pelaksanaan program hubungan pelabur dan
inisiatif-inisiatif kempen kesedaran Jenama yang strategik.
TAHUN YANG DITINJAU – PERISTIWA PENTING & PENCAPAIAN
Profit after tax and zakat (PATZ) grew by 17.7% to RM163.3 million
from RM138.7 million in the previous financial year. The improved
revenue and profit were largely attributable to higher sales generated
by the Family Takaful business, better underwriting results and higher
net Wakalah fee income arising from strong business growth.
PRESTASI KEWANGAN
The Group’s total asset size increased by 5% to RM7.5 billion.
Prestasi Kumpulan
Company Performance
Pada tahun yang ditinjau, hasil operasi Kumpulan meningkat sebanyak
8% kepada RM1.79 bilion, manakala keuntungan sebelum cukai dan
zakat (PBTZ) pula bertambah pada kadar 9% kepada RM204.2 juta
berbanding RM186.7 juta pada tahun kewangan sebelumnya.
For 2015, the Company’s PBTZ registered a slight increase, amounting
to RM189.7 million as compared to RM189.2 million in 2014.
Operating revenue was higher by 8% to RM1.6 billion from RM1.5
billion in 2014. On the other hand, the total gross contribution was
recorded at RM1.37 billion, 8% higher compared to RM1.27 billion in
the previous financial year.
Keuntungan selepas cukai dan zakat (PATZ) melonjak sebanyak 17.7%
kepada RM163.3 juta daripada RM138.7 juta pada tahun kewangan
yang lepas. Peningkatan hasil dan keuntungan ini adalah disebabkan
terutamanya oleh jualan lebih tinggi yang dijana oleh perniagaan
Takaful Keluarga, keputusan pengunderaitan dan pelaburan yang
lebih baik serta pendapatan yuran Wakalah bersih yang lebih tinggi,
hasil daripada pertumbuhan perniagaan yang mantap.
Jumlah saiz aset Kumpulan meningkat sebanyak 5% kepada RM7.5
bilion.
Prestasi Syarikat
Pada tahun 2015, Syarikat mencatat kenaikan kecil PBTZ, berjumlah
RM189.7 juta berbanding RM189.2 juta pada tahun 2014. Hasil
operasi juga bertambah sebanyak 8% kepada RM1.6 bilion daripada
RM1.5 bilion pada tahun 2014. Pada masa yang sama, jumlah
caruman kasar dicatat sebanyak RM1.37 bilion, meningkat 8%
berbanding RM1.27 bilion pada tahun kewangan yang lalu.
Sumbangan Takaful Am kasar bertambah sebanyak 6% daripada tahun
kewangan yang lepas kepada RM444.5 juta, sebahagian besarnya
The General Takaful gross contribution grew by 6% from the previous
financial year to close at RM444.5 million, and this was mainly
derived from the Fire and Motor businesses. The Family Takaful gross
contribution of RM928.9 million was 9% higher from 2014 as a result
of higher sales of the Family Takaful Group Medical products.
The lower effective tax rate has a direct impact to PAZT, which grew
by 4% to RM150.8 million from RM144.5 million last year.
The improved revenue and profit were largely attributable to higher
sales generated by the Family Takaful business, better underwriting
results and higher net Wakalah fee income arising from the strong
business growth.
REVIEW OF SUBSIDIARIES
PT Syarikat Takaful Indonesia (STI)
Our Indonesian subsidiaries, PT Asuransi Takaful Umum (ATU), PT
Asuransi Takaful Keluarga (ATK) and PT Syarikat Takaful Indonesia
(STI) continue to face stiff competition from conventional domestic
players who are still permitted to sell Islamic products through
a window concept. Consequently, the contribution from our
Indonesian operations to the Group’s bottom line is less than 2% of
the total PBTZ, with gross contribution standing at less than 9% of the
Group’s total operating revenue.
Nevertheless, our prospects in the country remain positive in view of
the Group’s long presence in Indonesia in addition to the expected
regulatory changes which disallows the operation of Islamic windows
by conventional insurers. The country’s rapid growing population in
addition to the rising incomes alongside rapid development is likely
to increase the demand for protection and investment products
in Islamic and conventional insurance in the near future. We will
continue on focusing to grow our Indonesia business via the bank
and retail agency force.
058
DIVIDENDS
In light of the growth in profits, the Board of Directors, on 8 January
2016 declared an interim single tier dividend of 7.35 sen per ordinary
share of RM0.20 each amounting to RM59,963,982.75 in respect of
the financial year ended 31 December 2015 which was paid on 17
February 2016. This translated into a dividend yield of 1.88% based
on the Company’s share closing market price of RM3.90 as at 31
December 2015.
hasil daripada perniagaan Kebakaran dan Motor. Sumbangan Takaful
Keluarga kasar berjumlah RM928.9 juta pula adalah 9% lebih tinggi
berbanding tahun 2014 hasil daripada jualan produk-produk Takaful
Keluarga Perubatan Berkelompok yang lebih tinggi.
Kadar cukai berkesan yang lebih rendah turut memberi kesan
langsung kepada PAZT yang mencatat kenaikan sebanyak 4% kepada
RM150.8 juta berbanding RM144.5 juta pada tahun lepas.
Takaful Malaysia has been consistently delivering sustainable returns
to its shareholders, which clearly demonstrated our commitment
in meeting the shareholders’ expectation. The interim dividend
represents a payout ratio of approximately 36.75% of the net profits
generated for the year ended 31 December 2015.
UNDERWRITING & INVESTMENT
PT Syarikat Takaful Indonesia (STI)
During the year under review, Takaful Malaysia registered another
sturdy performance in underwriting activities as a result of our
prudent assessment of underwriting risks. The Company recorded an
8% growth in the gross contributions of Family and General business,
particularly due to substantial growth in the Employee Benefit
products, individual mortgage protection solutions and investmentlinked business. We recorded the highest growth in the Employee
Benefit products as a result of the Company’s aggressive initiatives
in expanding its leadership position in the market share of the
Employee Benefit business.
Subsidiari kami di Indonesia, PT Asuransi Takaful Umum (ATU), PT
Asuransi Takaful Keluarga (ATK) dan Syarikat Takaful Indonesia (STI)
terus menghadapi persaingan sengit daripada syarikat-syarikat
insurans konvensional tempatan yang masih dibenarkan menjual
Despite of the challenging economic scenario, Takaful Malaysia
sustained its position as the market leader in Family Takaful as a
consequence of its years of concentrated efforts in developing its
competitive advantage. The Company has been focusing on building
Peningkatan hasil dan keuntungan ini disebabkan terutamanya oleh
jualan lebih tinggi yang dijana oleh perniagaan Takaful Keluarga,
keputusan pengunderaitan dan pelaburan yang lebih baik serta
pendapatan yuran Wakalah bersih yang lebih tinggi, hasil daripada
pertumbuhan perniagaan yang mantap.
TINJAUAN SYARIKAT SUBSIDIARI
059
produk Islam melalui konsep jendela. Oleh yang demikian, sumbangan
daripada operasi Indonesia kami kepada keputusan Kumpulan adalah
kurang daripada 2% daripada jumlah PBTZ dengan sumbangan kasar
kurang daripada 9% daripada hasil operasi Kumpulan.
its distribution capabilities in Employee Benefit and Bancatakaful
protection solutions in view of the fact that there is ample room
to further increase the Company’s market share in these market
segments.
Walau bagaimanapun, prospek kami di negara tersebut kekal positif
memandangkan Kumpulan telah lama bertapak di Indonesia di
samping jangkaan perubahan peraturan yang tidak membenarkan
syarikat insurans konvensional mengendalikan operasi jendela
Islam. Pertambahan pesat penduduk Indonesia selain peningkatan
pendapatan selaras dengan pembangunan pesat negara tersebut
dijangka akan meninggikan lagi permintaan bagi produk perlindungan
dan pelaburan insurans Islam dan konvensional dalam masa terdekat.
Kami akan terus menumpukan usaha untuk mengembangkan
perniagaan di Indonesia melalui bank dan agensi peruncitan.
As a result of our positive growth over the years, Takaful Malaysia
continued to position the Company as one of the key operators
in the industry in both the Motor and Non-Motor segments. Our
strategy of gaining profitable growth through prudent assessment in
underwriting and our unique proposition of rewarding a 15% Cash
Back for no claims to our General Takaful customers has successfully
contributed towards the increase of our market share.
DIVIDEN
Dengan mengambil kira pertumbuhan keuntungan, pada 8 Januari
2016, Lembaga Pengarah telah mengisytiharkan dividen interim tier
tunggal sebanyak 7.35 sen sesaham biasa berharga RM0.20 setiap
satu berjumlah RM59,963,982.75 bagi tahun kewangan berakhir
31 Disember 2015 yang telah dibayar pada 17 Februari 2016. Ini
diterjemahkan menjadi hasil dividen sebanyak 1.88% berasaskan
harga pasaran penutupan saham Syarikat berharga RM3.90 pada 31
Disember 2015.
Takaful Malaysia menyediakan pulangan mampan secara konsisten
kepada para pemegang sahamnya. Ini menggambarkan dengan
jelas komitmen kami dalam memenuhi jangkaan pemegang saham.
Dividen interim tersebut mewakili nisbah pembayaran sebanyak
kira-kira 36.75% daripada keuntungan bersih yang dijana pada tahun
PENGUNDERAITAN & PELABURAN
Pada tahun yang ditinjau, Takaful Malaysia mencatat satu lagi prestasi
memberangsangkan dalam aktiviti pengunderaitan hasil daripada
penilaian risiko pengunderaitan kami yang berhemah. Pertumbuhan
sebanyak 8% bagi sumbangan kasar Perniagaan Keluarga dan Am
yang dicatat oleh Syarikat didorong khususnya oleh pertumbuhan
besar produk Manfaat Pekerja, penyelesaian perlindungan
gadai janji individu dan perniagaan berkaitan pelaburan. Kami
mencatat pertumbuhan tertinggi dalam produk Manfaat Pekerja
rentetan daripada inisiatif agresif Syarikat dalam mengembangkan
kedudukannya sebagai peneraju bahagian pasaran perniagaan
Manfaat Pekerja.
Walaupun berhadapan dengan senario ekonomi yang mencabar,
Takaful Malaysia berjaya mengekalkan kedudukannya sebagai
peneraju pasaran Takaful Keluarga hasil usaha bersepadu
membangunkan kelebihan daya saing selama bertahun-tahun.
Syarikat telah menumpukan usaha membina kemampuan
pengedarannya dalam penyelesaian perlindungan Manfaat Pekerja
dan Bancatakaful memandangkan terdapat peluang yang selesa
untuk meningkatkan lagi pasaran saham Takaful Malaysia dalam
segmen-segmen pasaran tersebut.
060
On the investment front, we cautiously made some changes to our
strategic asset allocation during the year under review focusing more
on assets classes that provided a stable and predictable recurring
income such as Sukuk, alternative assets in addition to holding more
onto cash. Our strategies have successfully proven to be effective as
the asset classes have turned out to be the better performing assets
and generated encouraging returns on investment for the year 2015.
In line with our strategic asset allocation, our equity exposure
remained low till the end of 2015 thus sparing the Company from
the equity market volatility. Whilst there were some challenges in
the performance of the equity portfolio as a result of the overall
market condition, the weaknesses have been fairly off-set by the
encouraging performances from other assets classes.
Realizing the importance of ensuring that the Company’s portfolios
remain resilient and continue to provide a fair return on investment
vis-à-vis the prevailing market risks and performances, we have
been actively managing our portfolios, particularly in addressing
the turbulent equity markets arising mostly from external events
such as a slump in oil prices, anticipation of US federal rate hike
exaggerating capital outflows, as well as slow growth of China and
certain developed economies.
In view of the investment performance, we are pleased to highlight
that the Company continued to achieve one of its key investment
objectives, which is to maximise investment returns by adopting
the right investment strategies in addressing the prevailing market
conditions and prudent risk management.
INTENSIFYING OUR BRAND IN PROMOTING THE SWITCH TO
TAKAFUL MALAYSIA
As a pioneer in the Islamic insurance industry, Takaful Malaysia to
date is the sole industry player be it in the Takaful or Conventional
market in Malaysia to consistently offer a 15% Cash Back to its
General Takaful customers for making no claims during the coverage
period. To amplify awareness of its wide-ranging insurance solutions
and services, the Company launched an extensive advertising and
promotion initiative to engage and connect with its customers.
Our ongoing objective is to continuously create awareness of
our Cash Back and our comprehensive product offerings. For the
Didorong oleh pertumbuhan positif yang kami capai saban tahun,
Takaful Malaysia terus menempatkan Syarikat sebagai pengendali
penting industri dalam segmen Motor dan Bukan Motor. Strategi
kami untuk meraih pertumbuhan yang menguntungkan melalui
penilaian berhemah dalam pengunderaitan dan tawaran unik kami
untuk memberi ganjaran Pulangan Tunai 15% bagi Tiada Tuntutan
kepada para pelanggan Takaful Am kami telah menyumbang ke arah
meningkatkan bahagian pasaran kami.
Dalam segmen pelaburan, kami membuat perubahan secara berhatihati terhadap peruntukan aset strategik kami sepanjang tahun yang
ditinjau dengan menumpu kepada kelas-kelas aset yang memberi
pendapatan boleh dijangka yang stabil dan berulang seperti Sukuk,
aset alternatif di samping mengekalkan jumlah pegangan tunai yang
lebih besar. Strategi kami telah terbukti berkesan kerana kelas-kelas
aset tersebut muncul sebagai aset yang mencatat prestasi lebih baik
dan menjana pulangan menggalakkan atas pelaburan bagi tahun
2015.
Sejajar dengan peruntukan aset strategik kami, pendedahan ekuiti
kami kekal rendah hingga ke akhir tahun 2015, justeru, membolehkan
syarikat menghindari pasaran ekuiti yang tidak menentu. Walaupun
masih ada kekurangan dalam prestasi portfolio ekuiti tersebut
disebabkan oleh keadaan pasaran secara keseluruhan, namun
kelemahan tersebut dapat diimbangi dengan sewajarnya oleh
prestasi memberangsangkan kelas-kelas aset lain.
Menyedari kepentingan dalam memastikan agar portfolio Syarikat
kekal berdaya tahan dan terus memberi pulangan atas pelaburan
yang baik dalam situasi risiko dan prestasi pasaran semasa,
kami telah menguruskan secara aktif portfolio kami, khususnya
dalam menangani pasaran ekuiti yang tidak menentu disebabkan
terutamanya oleh peristiwa-peristiwa luar negara seperti kejatuhan
harga minyak, ramalan kenaikan kadar faedah persekutuan AS yang
financial year 2015, Takaful Malaysia launched a fresh and eyecatching new look of its out-of-home advertising campaign which
conveyed an impactful message of ‘No Claims? Get 15% Cash Back
For Motor Insurance’ to promote our Motor Takaful that serves as a
door opener for Takaful Malaysia to attract the consumers to make
the switch to Takaful Malaysia.
We also embarked on various advertising channels including pointof-purchase advertising and strategic advertising partnerships. In
2015, Takaful Malaysia paid out a record total of RM31 million via
the 15% Cash Back privilege to our valued customers and business
partners.
EMPOWERING OUR OPERATIONS IN MEETING CUSTOMERS’
EXPECTATIONS
Takaful Malaysia made significant improvements to its operations
in achieving optimum performance efficiency. We have revamped
our business processes and revisited our organizational structure
to accommodate our business goals and targeted growth. This
also served as an opportunity to reinforce our business to deliver
lasting reserves and sustainable improvements in the Company’s
operational efficiency.
In 2015, Takaful Malaysia successfully implemented two main core
systems as part of the GST regulatory requirements, namely the
Integral Group catered for the Family Group, Mortgage Reducing
Term Takaful (MRTT) and Group Credit Family Takaful (GCFT)
business as well as the Integral Property & Casualty designated for
the General business. We also consolidated a few Windows server
based systems into virtualized environment with the purpose of
hosting more servers to serve the business with minimal investment
in physical servers.
061
mengakibatkan pengaliran keluar modal secara berlebihan, serta
kadar pertumbuhan yang lembap di China dan di beberapa negaranegara maju.
Berikutan prestasi pelaburan yang menggalakkan, kami dengan
sukacitanya ingin menyatakan bahawa Syarikat berjaya mencapai
salah satu objektif penting pelaburannya, iaitu memaksimumkan
pulangan pelaburan dengan menerima pakai strategi pelaburan yang
tepat dalam menangani keadaan pasaran semasa dan pengurusan
risiko yang berhemat.
MEMPERHEBATKAN JENAMA BAGI MENGGALAKKAN PERALIHAN
KEPADA TAKAFUL MALAYSIA
Sebagai perintis dalam industri insurans Islam, Takaful Malaysia
hingga kini merupakan satu-satunya syarikat dalam industri, baik
Takaful mahupun Konvensional di Malaysia yang menawarkan
15% Pulangan Tunai secara konsisten kepada pelanggan Takaful
Amnya kerana tidak membuat sebarang tuntutan sepanjang
tempoh perlindungan. Bagi mengukuhkan lagi kesedaran terhadap
penyelesaian dan perkhidmatan insuransnya yang pelbagai, Syarikat
telah melancarkan satu inisiatif pengiklanan dan promosi secara
meluas untuk mendekati dan berhubung dengan pelanggan.
Objektif berterusan kami adalah untuk sentiasa mencetuskan
kesedaran terhadap Pulangan Tunai dan penawaran produk kami
yang menyeluruh. Bagi tahun kewangan 2015, Takaful Malaysia telah
melancarkan satu penampilan baharu yang segar dan menarik untuk
kempen pengiklanan luarnya bagi menyampaikan mesej penuh
impak ‘Tiada Tuntutan? Dapatkan Pulangan Tunai 15% Bagi Insurans
Motor’ untuk mempromosi Takaful Motor kami yang berperanan
sebagai pembuka langkah ke arah menarik pelanggan untuk bertukar
kepada Takaful Malaysia.
Kami turut mengembleng pelbagai saluran pengiklanan termasuk
pengiklanan di tempat belian dan perkongsian pengiklanan strategik.
Pada tahun 2015, Takaful Malaysia telah mencatat rekod pembayaran
berjumlah RM31 juta melalui ganjaran Pulangan Tunai 15% kepada
para pelanggan dan rakan perniagaan yang kami hargai.
MEMPERKASA OPERASI KAMI MENERUSI PENCAPAIAN JANGKAAN
PELANGGAN
Takaful Malaysia telah melakukan penambahbaikan yang ketara
terhadap operasinya bagi mencapai kecekapan prestasi yang
062
Additionally, we adopted realistic strategies to provide capacity
flexibility, faster product development cycles, engaging and positive
customer experiences and improved distribution productivity to
manage the volume of our growing business.
RECOGNIZING OUR GREATEST ASSET
Takaful Malaysia strongly believes that employees are the greatest
assets and they are the key to its growth, success and sustainability.
The Company’s human resource strategies are always focusing on
building employees’ capabilities to achieve higher performance in a
challenging environment.
We adopted a diversity policy as we strongly believe that building a
diverse and inclusive workforce will result in improved service for our
customers and return for our shareholders. We are also committed
to leveraging the diverse backgrounds, experiences and perspectives
of the employees which include differences in ethnicity, gender and
age in providing excellent customer service to our valued customers.
Our focal point on the client-centricity, continuous improvement
and implementation of new technologies to increase the employees’
productivity have successfully influenced the way of working and
the required skills needed to build and maintain the Company’s
performance.
During the year under review, we focused on succession planning
and talent retention as part of our strategic initiative in preparation
for the split of the General and Family Takaful businesses by 2018. As
a result, three main programs focusing on talent management bestpractices were developed and implemented. They were the STMB
Leadership Development Program, the STMB Talent Awareness
Retention Program (S.T.A.R.) and the STMB Leadership Intensive
Talent Enrichment Program (L.I.T.E.). These programs served
as a platform for the employees to get the direction, feedback,
development and recognition they needed to not only perform, but
continually develop, improve and succeed.
In view of the growing demand of talent for the expansion of the
Company’s workforce, Takaful Malaysia has also ventured into
partnering with selected public and private universities in promoting
the Company’s brand to the potential candidates. We aimed to attract
the top talent in building their career with the Company in order
optimum. Kami telah mengubahsuai proses perniagaan dan
menyemak semula struktur organisasi kami agar bersesuaian
dengan matlamat perniagaan dan pertumbuhan yang disasarkan.
Pelaksanaan ini turut membuka peluang untuk mengukuhkan lagi
perniagaan kami agar berupaya menyediakan rizab yang berkekalan
dan peningkatan kecekapan operasi Syarikat yang mampan.
Pada tahun 2015, Takaful Malaysia berjaya melaksanakan dua sistem
teras utama sebagai sebahagian daripada keperluan penguatkuasaan
GST, iaitu Kumpulan Integral untuk perniagaan Keluarga Berkelompok,
Takaful Gadai Janji Tempoh Berkurangan (MRTT) dan Takaful Kredit
Keluarga Berkelompok (GCFT) serta Integral Hartanah & Kehilangan
Nyawa khusus untuk perniagaan Am. Kami juga menggabungkan
beberapa sistem berasaskan server Windows menjadi sebuah
persekitaran maya dengan tujuan untuk menjadi hos kepada lebih
banyak server bagi menjalankan fungsi untuk perniagaan dengan
pelaburan dalam server fizikal yang minimum.
Di samping itu, kami turut menerima pakai strategi-strategi
yang realistik untuk memberi keupayaan yang fleksibel, kitaran
pembangunan produk lebih pantas, pengalaman pelanggan yang
memberangsangkan dan positif serta produktiviti pengedaran yang
dipertingkatkan bagi mengurus volum perniagaan kami yang kian
berkembang.
MENYEDARI ASET TERBESAR KAMI
Takaful Malaysia percaya bahawa kakitangan adalah aset
terbesar dan merupakan kunci kepada pertumbuhan, kejayaan
dan kemampananya. Strategi sumber manusia Syarikat sentiasa
memfokus kepada pembinaan kemampuan kakitangan bagi
mencapai prestasi lebih tinggi dalam persekitaran yang mencabar.
Kami menerima pakai dasar yang pelbagai kerana kami sesungguhnya
percaya bahawa membina tenaga kerja yang berpelbagai dan
inklusif akan menghasilkan perkhidmatan yang lebih baik kepada
para pelanggan dan pulangan kepada pemegang saham kami. Kami
juga berazam untuk memanfaatkan kepelbagaian latar belakang,
pengalaman dan perspektif kakitangan kami yang meliputi perbezaan
etnik, jantina dan usia dalam memberi perkhidmatan yang cemerlang
We Should
Talk
kepada pelanggan yang kami hargai.
to gain a competitive advantage. Our holistic approach to strategic
talent acquisition via this program revolved on identifying, attracting
and on-boarding top talent to effectively meet our dynamic business
needs.
In addition, we streamlined our human resource strategy towards
building a high performance culture, concentrating on the four
key elements, i.e. Leadership, People, Process and System to
overcome economic challenges and capitalize on the opportunities
of the untapped market. By setting clear expectations, defining
employees’ roles, creating a trusting environment, and encouraging
employees’ growth and development, we have created a culture
helping employees to adapt to ongoing changes in a competitive
environment.
GIVING BACK TO THE COMMUNITY WHILST DELIVERING OUR
BRAND PROMISE
Reaching out to the people in need is a central part of Takaful
Malaysia’s heritage and therefore it is always a priority to the
Company in supporting charity programmes and initiatives that
impact a positive influence on the community. In line with the
Company’s corporate philosophy of giving back to the community,
Takaful Malaysia strongly encourages engagement and support from
the employees to enhance the spirit of togetherness and reaching
out to the less fortunate at all times. During the financial year under
review, Takaful Malaysia disbursed RM2.1 million for its charitable
activities and programs under its CSR umbrella namely, Takaful
myJalinan Kasih and Takaful myJalinan Ilmu.
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Tumpuan kami terhadap keutamaan pelanggan, penambahbaikan
berterusan dan pelaksanaan teknologi baharu untuk meningkatkan
produktiviti kakitangan telah berjaya mempengaruhi cara kerja
dan keperluan kemahiran yang dikehendaki untuk membina dan
mengekalkan prestasi Syarikat.
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Pada tahun yang ditinjau, kami turut memberi tumpuan kepada
perancangan penggantian dan pengekalan bakat sebagai sebahagian
daripada inisiatif strategik sebagai persediaan ke arah pemisahan
perniagaan Takaful Am dan Keluarga menjelang tahun 2018. Hasilnya,
tiga program utama yang memfokus kepada amalan terbaik dalam
pengurusan bakat telah dibangunkan dan dilaksanakan. Ia adalah
Program Pembangunan Kepimpinan STMB, Program Pengekalan
Kesedaran Bakat STMB (S.T.A.R.) dan Program Memperkaya Bakat
Kepimpinan Intensif (L.I.T.E.). Kesemua program tersebut berperanan
063
sebagai landasan bagi kakitangan untuk beroleh hala tuju, maklum
balas, pembangunan dan pengiktirafan yang mereka perlukan, bukan
hanya untuk prestasi, malah untuk sentiasa membangun, meningkat
dan mencapai kejayaan.
Memandangkan permintaan terhadap bakat yang kian meningkat
bagi pengembangan tenaga kerja Syarikat, Takaful Malaysia juga
telah menerokai peluang kerjasama dengan beberapa universiti
awam dan swasta terpilih dalam mempromosi jenama Syarikat
kepada calon-calon yang berpotensi. Kami berhasrat untuk menarik
bakat terbaik bagi membina kerjaya mereka dengan Syarikat untuk
mencipta kelebihan daya saing. Pendekatan menyeluruh kami dalam
pemerolehan bakat strategik melalui program ini merangkumi usaha
mengenal pasti, menarik dan merekrut bakat terbaik bagi memenuhi
keperluan perniagaan kami yang dinamik secara berkesan.
Di samping itu, kami turut memperkemas strategi sumber manusia
ke arah membina budaya prestasi tinggi, menumpu kepada empat
unsur penting kami iaitu Kepimpinan, Warga Kerja, Proses dan Sistem
untuk mengatasi cabaran ekonomi dan memanfaatkan peluang
pasaran yang masih belum diterokai. Dengan menetapkan
jangkaan yang jelas, mentakrif peranan
kakitangan, mewujudkan persekitaran saling
mempercayai dan menggalakkan pertumbuhan
dan pembangunan kakitangan, kami telah
mencipta satu budaya yang membantu kakitangan
untuk menyesuaikan diri dengan perubahan dalam
persekitaran kompetitif secara berterusan.
MENYUMBANG KEMBALI KEPADA
MASYARAKAT SAMBIL MEMENUHI JANJI
JENAMA KAMI
Mendekati mereka yang memerlukan adalah satu
perkara penting dalam budaya Takaful Malaysia. Oleh
itu, adalah menjadi satu keutamaan kepada Syarikat
untuk menyokong program dan usaha amal yang
membawa impak positif kepada masyarakat. Sejajar
dengan falsafah korporat Syarikat untuk menyumbang
kembali kepada masyarakat, Takaful Malaysia
menggalakkan penglibatan dan sokongan daripada kakitangan
untuk menyemarakkan semangat kekitaan dan sentiasa mendekati
golongan kurang bernasib baik. Pada tahun kewangan yang ditinjau,
Takaful Malaysia telah mengagihkan sebanyak RM2.1 juta untuk
aktiviti dan program amalnya di bawah payung CSR iaitu Takaful
myJalinan Kasih and Takaful myJalinan Ilmu.
ANUGERAH DAN PENGIKTIRAFAN
Untuk kesekian kalinya iaitu untuk kali ketiga, Takaful Malaysia
berjaya merangkul anugerah ‘Syarikat Takaful Terbaik di Malaysia’ di
International Takaful Summit 2015 ke-9 yang diadakan di London pada
17 Februari 2015. Kami berasa amat bangga kerana diiktiraf sebagai
yang terbaik di negara kita di persada antarabangsa. Sesungguhnya
kejayaan ini merupakan suatu pengiktirafan yang membanggakan
terhadap usaha berterusan kami dalam memperkayakan industri ke
064
AWARDS AND RECOGNITION
Once again and for the third time Takaful Malaysia won the ‘Best
Takaful Company in Malaysia’ award at the 9th International
Takaful Summit 2015 held in London on the 17th February 2015.
We are truly proud to be acknowledged as the best in the country
at an international level. This accomplishment truly illustrates a
remarkable recognition of our continuous efforts in enriching the
industry to greater heights and providing the best Islamic insurance
solutions to suit the diverse needs of our valued customers.
The International Takaful Awards ceremony is a flagship event that
remains as the only industry recognition of excellence dedicated to
the Takaful industry at a global level. Three years in a row is certainly
an attest to our commitment in delivering our brand as the preferred
choice for insurance amongst all Malaysians. This momentous
milestone would not have been possible without the dedication and
commitment of the staff of Takaful Malaysia who serve as the vital
link in the chain that drives its success.
tahap yang lebih tinggi dan menyediakan penyelesaian insurans Islam
terbaik, bersesuaian dengan pelbagai keperluan para pelanggan yang
kami hargai.
International Takaful Awards adalah acara terulung yang merupakan
satu-satunya pengiktirafan industri terhadap kecemerlangan, khusus
untuk industri Takaful di peringkat global. Kejayaan tiga tahun
berturut-turut sudah pasti menjadi bukti kepada iltizam kami dalam
menjadikan Takaful Malaysia sebagai jenama insurans pilihan di
kalangan semua rakyat Malaysia. Kejayaan penting ini tidak mungkin
mampu dicapai tanpa kesungguhan dan komitmen kakitangan
Takaful Malaysia yang berperanan sebagai tulang belakang yang
memacu kejayaannya.
PROSPEK DAN TINJAUAN MASA DEPAN
Landskap industri takaful di Malaysia telah melalui perubahan
yang ketara dari setahun ke setahun, disokong oleh pertumbuhan
ekonomi negara yang sederhana, kadar penembusan yang rendah
dan jumlah penduduk yang semakin bertambah, seiring dengan
penerimaan orang ramai secara lebih meluas terhadap produkproduk insurans Islam. Potensi pertumbuhan industri takaful adalah
baik memandangkan ciri-ciri demografi dan sokongan kerajaan yang
menggalakkan.
Inovasi produk dan liputan pengedaran yang meluas juga dianggap
sebagai faktor penyumbang yang akan memberi dorongan positif
kepada industri. Di samping itu, pengenalan proses penilaian
kecukupan modal dalaman, Akta Perkhidmatan Kewangan Islam
dan penghapusan kadar tarif secara beransur-ansur dilihat sebagai
perkembangan positif yang akan mengukuhkan lagi negara sebagai
hab takaful serantau.
PROSPECTS AND OUTLOOK
The takaful landscape in Malaysia has evolved significantly over
the years, underpinned by the country’s moderate economic
growth, a low penetration rate and growing population in tandem
with greater public acceptance of Islamic insurance products. The
growth potential of the takaful industry is favourable in view of the
encouraging demographics and government support.
In addition, extensive product innovation and distribution coverage
are also considered as the contributing factors that will positively
drive the industry. Furthermore, the introduction of internal capital
adequacy assessment process, the Islamic Financial Services Act
and gradual deregulation of tariff rates are perceived as a positive
development that would further strengthen the country as a regional
takaful hub.
The takaful industry is however, expected to be influenced by the
economic fundamentals in 2016. The commercial takaful business
majorly relies on the government’s ongoing commitment to invest
065
Industri takaful dijangka akan dipengaruhi oleh fundamental
ekonomi pada tahun 2016. Perniagaan takaful secara komersial amat
bergantung kepada komitmen kerajaan secara berterusan untuk
melabur dalam pembinaan infrastruktur. Sebaliknya, kejatuhan
harga minyak global pula boleh memberi tekanan terhadap
kemampuan kerajaan untuk membiayai projek-proek tersebut.
Walau bagaimanapun, perniagaan takaful secara komersial dijangka
akan terus berkembang hasil daripada pelaburan kerajaan membina
pelbagai infrastruktur. Permintaan bagi produk perubatan juga
diramal meningkat disebabkan oleh kos perubatan yang bertambah
dan penularan penyakit berjangkit seperti demam denggi.
Pada masa yang sama, produk Takaful Keluarga Berkelompok dan
berkaitan Kredit bakal menjadi keutamaan dalam tempoh terdekat
bagi semua rakyat Malaysia, manakala produk takaful mikro dan
Persaraan juga mempunyai potensi yang besar disebabkan oleh
galakan bagi penembusan insuran yang lebih meluas di Malaysia dan
masyarakat yang semakin berusia.
Pertumbuhan industri akan turut dimangkinkan oleh produk-produk
Takaful Am, khususnya Motor dan hartanah kediaman natijah
daripada dasar pinjaman yang lebih ketat. Akibatnya, permintaan
bagi Takaful Motor, Kebakaran dan Hartanah akan terjejas disebabkan
oleh sentimen pengguna yang lemah. Walau bagaimanapun,
jangkaan pertambahan jumlah kenderaan dan bilangan hartanah
baharu akan secara muktamadnya, mendorong permintaan yang
lebih besar ke atas produk-produk berkenaan.
Kami juga percaya bahawa pasaran Perniagaan Kecil dan Sederhana
(PKS) merupakan segmen pasaran penting berpotensi besar yang
masih belum diterokai. Kebanyakan syarikat dalam industri sudah
pun menuju ke arah hala tuju strategik dengan menyediakan
penyelesaian takaful berinovatif, fleksibel dan komprehensif untuk
memperhebatkan lagi penembusan ke dalam pasaran PKS. Kami juga
menjangkakan pertambahan permintaan bagi insurans perjalanan
memandangkan kesedaran terhadap perlindungan perjalanan di
kalangan pengguna yang semakin meningkat.
066
in building infrastructures. However, the dropping of global oil price
may put pressure on the government’s ability to fund these projects.
Nevertheless, commercial takaful business is still relatively expected
to expand due to government’s investment in building infrastructures.
Similarly, the demand for medical products is also anticipated to
increase due to the rising medical costs and the prevalence of viral
diseases like dengue fever.
On the other hand, Family Takaful Group and Credit-related products
are becoming the near-term insurance priority for all Malaysians,
whilst micro takaful and Retirement products have a great potential
due to the country’s push for greater insurance penetration and
ageing society.
The industry’s growth will also be hauled by the General takaful
products, particularly Motor and residential property resulting from
tighter lending policies. As a result, demand for Motor, Fire and
Property Takaful will be affected due to lower consumer sentiment.
However, the anticipated growing number of vehicles and the
number of new properties built will ultimately drive greater demand
for such products.
We also believe that the Small and Medium Enterprises (SME)
market is an important market segment with a great potential as it
remains untapped. Most of the industry players are already moving
towards the strategic direction of providing innovative, flexible
and comprehensive takaful solutions to further penetrate the SME
market. Likewise, we are anticipating an increase in demand for
travel insurance, realizing the importance of having a protection
whilst traveling amongst consumers.
The outlook for the takaful industry is anticipated to remain stable
in 2016 and projected to grow at about 4% to 5% despite the
challenging market environment. Industry growth prospects from
better market sentiments, the increased awareness for takaful
products and services, and improved risk management to increase
Walaupun berhadapan dengan persekitaran pasaran yang mencabar,
masa depan industri takaful dijangka kekal stabil pada tahun 2016
dan diunjur berkembang pada kadar 4% hingga 5%. Antara faktor
utama yang mendorong ke arah pertumbuhan positif sektor tersebut
termasuk prospek pertumbuhan industri disebabkan oleh sentimen
pasaran yang kukuh, peningkatan kesedaran terhadap produk
dan perkidmatan takaful, dan pengurusan risiko yang bertambah
baik yang akan meninggikan lagi keyakinan pelanggan terhadap
pengendali takaful.
Sebagai sebuah industri yang kian berkembang dengan kadar
penembusan yang rendah, industri takaful menyediakan peluang
pertumbuhan pasaran yang luas dan ketara berpandukan kepada
demografi dan segmen pertumbuhannya yang tinggi seperti
perniagaan Takaful Keluarga.
Para pengendali industri juga perlu menyesuaikan operasi
mereka dengan garis panduan baharu BNM yang bertujuan untuk
meliberalkan industri. Justeru, pengendali takaful dijangka akan
menambah pelaburan mereka dalam tekonologi maklumat untuk
meningkatkan lagi tahap kecekapan. Tumpuan juga perlu diberi
terhadap saluran-saluran untuk mendekati lebih ramai pelanggan
secara langsung dan menyediakan rangkaian penyelesaian takaful
yang meluas serta produk dengan harga yang kompetitif.
Di samping itu, aktiviti penggabungan dan pengambilalihan juga
dijangka akan berlaku pada masa hadapan rentetan daripada
perubahan penguatkuasaan dan prospek pertumbuhan yang
menarik di kalangan pengendali industri.
Takaful Malaysia kekal optimis namun berhati-hati untuk mencatat
pertumbuhan utama dan asas yang positif pada tahun 2016. Kami
akan terus menekankan empat bidang teras iaitu capaian pelanggan,
ketangkasan operasi, daya saing kos dan keyakinan pemegang
kepentingan. Kami juga akan memperkukuhkan imej segar Syarikat
melalui pelbagai saluran pengiklanan dan aktiviti pemasaran bagi
mencapai pendedahan dan daya tarikan jenama yang lebih luas
selain mempertingkatkan penawaran produk kami agar kekal sebagai
penyelesaian terbaik bagi memenuhi keperluan insurans rakyat
Malaysia.
customers’ confidence towards takaful operators are amongst the
key factors that will drive towards positive growth of the sector.
As an emerging industry with low penetration rate, the takaful
industry provides vast and significant market growth opportunities
in view of its demographics and high growth segments such as the
Family Takaful business.
Industry operators also need to adapt to the new BNM guidelines
in liberalizing the industry. Hence, takaful operators are expected
to increase their investments in information technology to amplify
the efficiency level. There is a need to focus on direct channels in
reaching out to more customers and providing an extensive range of
takaful solutions and competitive priced products.
Furthermore, merger and acquisition activities are also anticipated
to take place moving forward in view of the regulatory changes and
attractive growth prospects amongst the industry operators.
Takaful Malaysia is cautiously optimistic to record a positive top line
and bottom line growth in 2016. We will continue to emphasize
the four core areas of customer reach, operational agility, cost
competitiveness and stakeholder confidence. We will be strengthening
the Company’s vibrant image through various advertising channels
067
PENGHARGAAN
Bagi pihak Lembaga Pengarah, saya ingin merakamkan setinggi-tinggi
penghargaan, khususnya kepada pihak pengurusan dan kakitangan
kami atas kegigihan dan iltizam mereka yang berterusan sehingga
menjadikan Takaful Malaysia sebuah penginsurans Islam yang
dinamik dan dihormati pada hari ini. Ucapan terima kasih tulus ikhlas
juga saya tujukan kepada para pemegang saham kami yang dihargai
atas kepercayaan dan keyakinan anda terhadap Takaful Malaysia
serta kepada semua pelanggan, rakan kongsi dan pihak perantara
kerana memberi kepercayaan kepada kami sebagai insurans pilihan
anda.
Saya juga ingin menyampaikan ucapan penghargaan dan terima
kasih tidak terhingga kepada rakan-rakan Pengarah dalam Lembaga
dan Badan Penasihat Shariah atas sokongan dan ketekunan mereka,
pandangan yang penuh berwawasan dan kegigihan mereka memberi
khidmat nasihat yang telah menyumbang kepada kesinambungan
kejayaan Takaful Malaysia.
Saya turut ingin mengambil kesempatan ini untuk mengucapkan
selamat maju jaya kepada Pengerusi kami, Tan Sri Ismee Ismail yang
telah menamatkan tempoh perkhidmatan beliau sebagai Pengerusi
Takaful Malaysia, setelah menyandang jawatan tersebut sejak tahun
2009. Sepanjang tempoh enam tahun menerajui Syarikat, beliau telah
banyak memainkan peranan penting dalam membangunkan Syarikat
dan memberi sokongan terhadap pelbagai inisiatif koporatnya.
Bagi pihak Pengurusan dan kakitangan Takaful Malaysia, saya ingin
menzahirkan rasa terima kasih seikhlas hati atas kehadiran beliau
yang penuh produktif dan sumbangan yang tidak ternilai terhadap
Syarikat selama ini.
Saya juga ingin mengucapkan selamat maju jaya kepada Dato’ Johan
Abdullah yang telah tamat perkhidmatan beliau sebagai Pengarah
Takaful Malaysia setelah dilantik memegang jawatan tersebut sejak
tahun 2008, atas komitmen beliau yang tidak kenal lelah, khidmat
nasihat dan sokongan yang tidak ternilai kepada Syarikat sepanjang
tempoh perkhidmatan beliau.
Dalam usaha kami untuk terus memacu momentum bagi
memartabatkan perniagaan ke tahap yang lebih tinggi dan
mengukuhkan kedudukan kami dalam pasaran supaya dapat
mengekalkan pertumbuhan mampan untuk Syarikat, kami juga perlu
terus merealisasikan cita-cita kami dengan mengekalkan tumpuan
terhadap keutamaan kami, bekerjasama dan mengutamakan
pelanggan dan rakan kongsi perniagaan bagi membantu meninggikan
lagi keyakinan terhadap Syarikat. Berbekalkan sokongan dan
komitmen tidak berbelah bahagi yang dicurahkan oleh anda semua,
saya yakin dengan kemampuan kami untuk meletakkan Syarikat
setaraf dengan syarikat-syarikat utama dalam industri, seterusnya
muncul sebagai pilihan utama bagi insurans oleh semua.
Pengarah Urusan Kumpulan
068
and marketing activities to achieve greater brand visibility and appeal
apart from enhancing our product offerings to remain as the best
solutions for Malaysians’ insurance needs.
ACKNOWLEDGEMENTS
On behalf of the Board of Directors, I would like to record my deepest
gratitude, particularly to our management and employees for their
dedication and continued commitment in making Takaful Malaysia
a dynamic and esteemed Islamic insurer it is today. My sincere
appreciation also goes to our valued shareholders for your trust
and confidence in Takaful Malaysia as well as to all our customers,
business partners and intermediaries for entrusting us as your
preferred choice for insurance.
I would also like to extend my utmost gratitude and thanks to my
fellow Directors on the Board and the Shariah Advisory Body for their
unwavering support and perseverance, visionary insights and diligent
counsel in contributing to the continuing success of Takaful Malaysia.
I would like to take this opportunity to bid a warm farewell to
our Chairman, Tan Sri Ismee Ismail, who ended his tenure as the
Chairman of Takaful Malaysia, after having served the Company in
this position since 2009. He had been instrumental in developing the
Company and supporting it through its various corporate initiatives
after a stint of six years at the helm. On behalf of the Management
and employees of Takaful Malaysia, I would like to express my
most sincere appreciation for his productive presence and valuable
contribution he has made to the Company over the years.
I also wish to bid farewell to Dato’ Johan Abdullah, who has ended his
tenure as a Director of Takaful Malaysia after being appointed in this
position since 2008 for his untiring commitment, invaluable advice
and support to the Company throughout his tenure of service.
As we continue to propel our momentum in taking our business
to greater heights and strengthening our position in the market to
deliver sustainable growth for the Company, we must continue to
realize our ambitions by keeping focused on our priorities, working
together and putting our customers and business partners first
to help boost confidence of the consumers towards the Company.
Coupled with unconditional support and commitment rendered by
each and every one of you, I am confident in our ability to position
the Company at par with the key industry players and ultimately be
the preferred choice for insurance to all.
FINANCIAL
STATEMENTS
070 Directors’ Report
075 Statement by Directors
076 Statutory Declaration
077 Report of the Shariah Advisory Body
079 Independent Auditor’s Report
081 Statements of Financial Position
083 Statements of Profit or Loss and Other
Comprehensive Income
087
Statements of Changes in Equity
091 Statements of Cash Flows
093 Notes to the Financial Statements
Directors’ Report
for the year ended 31 December 2015
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the financial
year ended 31 December 2015.
Principal activities
The Company is principally engaged in managing family and general takaful businesses, whilst the principal activities of the subsidiaries are as
stated in Note 6 to the financial statements. There has been no significant change in the nature of these activities during the financial year.
Results
Group
Company
RM’000
RM’000
Profit for the year attributable to:
Owners of the Company
Non-controlling interests
155,977 7,329 150,766
-
163,306 150,766
Reserves and provisions
There were no material transfers to or from reserves and provisions during the financial year under review, except as disclosed in the financial
statements.
Dividends
Since the end of the previous financial year, the Company:
i)
paid a final single tier dividend of 35 sen per ordinary share of RM1.00 each totalling RM57,052,275 in respect of the financial year ended
31 December 2014 on 25 May 2015; and
ii)
declared an interim single tier dividend of 7.35 sen per ordinary share of RM0.20 each totalling RM59,963,983 in respect of the financial
year ended 31 December 2015 on 8 January 2016 which will be paid on 17 February 2016.
No final dividend is recommended to be paid for the year under review by the Directors.
Directors of the Company
Directors who served since the date of the last report are:
Tan Sri Ismee Ismail (Ceased on 15 December 2015)
Datuk Rozaida Omar
Mahadzir Azizan
Zakaria Ismail
In accordance with Article 62 of the Company’s Articles of Association, Zakaria Ismail and Dato’ Othman Abdullah will retire at the forthcoming
Annual General Meeting and, being eligible, offer themselves for re-election.
070
Directors’ Report
Directors’ interests in shares
The interests and deemed interests in the shares and options over shares of the Company and of its related corporations of those who were
Directors at financial year end as recorded in the Register of Directors’ Shareholdings are as follows:
Number of ordinary shares of RM0.20# each
Shares vested
under the
As at Restricted
Share
As at
1.1.2015 Share Plan
Sold
Split 31.12.2015
69,500 347,500 (347,500) 278,000 347,500
granted under the Long Term Incentive Plan (LTIP)
As at Share
As at
1.1.2015
Granted
Exercised
Split 31.12.2015
- Restricted Share Plan
- Performance Share Plan
139,100 306,900 - 530,000 (347,500)
556,400 - 1,227,600 348,000
2,064,500
# The ordinary shares of RM1.00 each were sub-divided into RM0.20 per ordinary share each during the current financial year.
None of the other Directors holding office at 31 December 2015 had any interest in the shares and options over shares of the Company and of
its related corporations during the financial year.
Issue of shares and debentures
During the financial year, the Company:
(i)
undertook a share split involving the subdivision of every one (1) existing ordinary shares of RM1.00 each into five (5) ordinary shares
of RM0.20 each. Subsequent to the share split exercise, the Company’s authorised share capital of RM500,000,000 now comprise of
2,500,000,000 ordinary shares of RM0.20 each.
(ii) issued 804,000 new ordinary shares of RM0.20 each, pursuant to the Company’s Restricted Share Plan under the Long Term Incentive
Plan at a weighted average share price of RM1.79 per ordinary share. The new ordinary shares issued during the financial year ended 31 December 2015 rank pari passu in all respects with the existing ordinary
shares of the Company.
There were no other changes in the authorised, issued and paid-up capital of the Company during the financial year.
There were no debentures issued during the financial year.
Long Term Incentive Plan
At the Extraordinary General Meeting held on 24 July 2013, the Company’s shareholders approved the establishment of a Long Term Incentive
Plan (LTIP), which comprises a Restricted Share Plan (RSP) and a Performance Share Plan (PSP), of not more than 10% of issued and paid-up share
capital of the Company (excluding treasury shares) to eligible employees and the executive director of the Company. The LTIP was effected on
25 July 2013 following the submission of the By-Laws for the LTIP to Bursa Malaysia Securities Berhad, the receipt of all required approvals and
the compliance with the requirements pertaining to the LTIP.
The salient features of the LTIP are as disclosed in Note 16 to the financial statements.
071
Directors’ Report
Long Term Incentive Plan (continued)
As at the date of this Report, the shares granted under LTIP are as follow:
At
1 January
Share
2015
Granted
Exercised
Forfeited
Split
Restricted Share Plan
Performance Share Plan
378,600 1,072,800 - 1,859,700 (804,000)
- (263,000)
(734,500)
1,514,400 4,291,200 826,000
6,489,200
1,451,400 1,859,700 (804,000)
(997,500)
5,805,600 7,315,200
At
31 December
2015
Options granted over unissued shares
Other than for LTIP, no options were granted to any person to take up unissued shares of the Company during the financial year.
Directors’ benefits
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive any benefit (other than a
benefit included in the aggregate amount of emoluments received or due and receivable by Directors as shown in the financial statements or
the fixed salary of a full time employee of the Company or of related corporations) by reason of a contract made by the Company or a related
corporation with the Director or with a firm of which the Director is a member, or with a company in which the Director has a substantial financial
interest.
There were no arrangements during and at the end of the financial year which has the object of enabling Directors of the Company to acquire
benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate apart from the issue of the LTIP.
Statement on corporate governance and internal controls
(a)
Board responsibilities
The Board of Directors (the Board) is ultimately responsible for the proper stewardship of the Group’s and Company’s resources, the
achievement of corporate objectives and good corporate citizenship and discharges this responsibility through compliance with the
Islamic Financial Services Act 2013 and Bank Negara Malaysia’s (BNM) Guidelines on Directorship for Takaful Operators (BNM/RH/GL
004-1) and other directives, in addition to adopting other best practices on corporate governance.
The Board currently comprises six non-executive directors and one executive director to enable a balanced and objective consideration
of issues, hence facilitating optimal decision making. The executive director adds value to the decision making process by providing a
management and operational perspective to issues placed before the Board.
(b)
Management accountability
The Group and the Company have an organisational structure showing all reporting lines as well as clearly documented job descriptions
for all management and executive employees.
Authority limits, as approved by the Board, are clearly established and made available to all employees.
(c)
Corporate independence
The Group and the Company have complied with BNM’s Guidelines on Related Party Transactions for Takaful Operators (BNM/RH/GL 0047). Necessary disclosures have been made to the Board and when required, prior Board’s approval has been obtained. All material related
party transactions have been disclosed in Note 42 to the financial statements.
072
Directors’ Report
Statement on corporate governance and internal controls (continued)
(d)
Internal controls and operational risk management
The Board has overall oversight responsibility to ensure the Group and the Company maintain an adequate system of internal controls,
effective and efficient operations, and risk management, as well as procedures to ensure compliance with laws, regulations, internal
guidelines and requirements to safeguard the assets of the Group and the Company and stakeholders’ interests.
The Group and the Company established the Enterprise Risk Management Framework to ensure an ongoing process of identifying,
evaluating, monitoring and managing the significant risk exposures surrounding its business strategies and operations.
All new Takaful products are governed by the Group’s and the Company’s Product Development Framework.
Whistle Blowing Policy & Fraud and Integrity Policy, Shariah Governance Framework and Assets and Liabilities Management Framework
are also in place to provide basic structure and further strengthen the existing control mechanism underlying the business activities.
Business Continuity Management is consistently practiced and tested twice a year (BCP test is once a year and DRP test is twice a year) to
safeguard the lives of the employees and others in the office premises and ensure the business is up and running at all times.
The Board, Group Managing Director and Management Committee are consciously committed to the risk culture and ensure Board Risk
Committee perform as required.
(e)
Public accountability
As custodian of public funds, the Group’s and the Company’s dealings with the public are always conducted fairly, honestly and
professionally.
(f)
Financial reporting
The Group and the Company have maintained proper accounting records and the Group’s and the Company’s financial statements are
prepared in accordance with Malaysian Financial Reporting Standards (MFRS) issued by the Malaysian Accounting Standards Board
(MASB), International Financial Reporting Standards (IFRS), the requirements of the Companies Act, 1965, the Islamic Financial Services
Act 2013 and Takaful Guidelines / Circulars issued by BNM and Principles of Shariah.
Other statutory information
Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that:
i)
all known impaired debts have been written off and adequate impairment allowance made for impaired debts,
ii)
any current assets which were unlikely to be realised in the ordinary course of business have been written down to an amount which they
might be expected so to realise, and
iii)
there was adequate provision for incurred claims, including Incurred But Not Reported (IBNR) claims.
At the date of this report, the Directors are not aware of any circumstances:
i)
that would render the amount written off for impaired debts or the amount of the allowance for impaired debts and provision for incurred
claims including IBNR claims of the Group and of the Company inadequate to any substantial extent, or
ii)
that would render the value attributed to the current assets in the financial statements of the Group and of the Company misleading, or
iii)
which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company
misleading or inappropriate, or
073
Directors’ Report
Other statutory information (continued)
iv)
not otherwise dealt with in this report or the financial statements, that would render any amount stated in the financial statements of the
Group and of the Company misleading.
At the date of this report, there does not exist:
i)
any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which secures the liabilities
of any other person, or
ii)
any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable within the
period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the
Group and of the Company to meet their obligations as and when they fall due.
For the purpose of this paragraph, contingent and other liabilities do not include liabilities arising from contracts of takaful underwritten in the
ordinary course of business of the Group and of the Company.
In the opinion of the Directors, the financial performance of the Group and of the Company for the financial year ended 31 December 2015 have
not been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item, transaction or event
occurred in the interval between the end of the financial year and the date of this report.
Auditors
The auditors, Messrs KPMG Desa Megat & Co., have indicated their willingness to accept re-appointment.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
……………………………………………………..................……
……………………………………………………..................……
Mahadzir Azizan
Kuala Lumpur
Date: 27 January 2016
074
Statement by Directors
In the opinion of the Directors, the financial statements set out on pages 81 to 279 are drawn up in accordance with Malaysian Financial
Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia and comply with
the Principles of Shariah so as to give a true and fair view of the financial position of the Group and of the Company as of 31 December 2015 and
of their financial performance and cash flows for the financial year then ended.
In the opinion of the Directors, the information set out in Note 44 on page 280 to the financial statements has been compiled in accordance
with the Guidance on Special Matter No.1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosures Pursuant to
Bursa Malaysia Securities Berhad Listing Requirements, issued by the Malaysian Institute of Accountants, and presented based on the format
prescribed by Bursa Malaysia Securities Berhad.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
……………………………………………………..................……
……………………………………………………..................……
Mahadzir Azizan
Kuala Lumpur
075
Statutory Declaration
I, Shahrulanuar Ishak, the officer primarily responsible for the financial management of Syarikat Takaful Malaysia Berhad, do solemnly and
sincerely declare that the financial statements set out on pages 81 to 280 are, to the best of my knowledge and belief, correct and I make this
solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the above named in Kuala Lumpur in the Federal Territory on 27 January 2016.
……………………………………………………..................……
Shahrulanuar Ishak
Before me:
076
Report of the Shariah Advisory Body
In carrying out the roles and responsibilities of the Shariah Advisory Body of Syarikat Takaful Malaysia Berhad (Takaful Malaysia), we hereby
submit our report for the financial year ended 31 December 2015:
In compliance with the Islamic Financial Services Act 2013, the Shariah Advisory Body of Takaful Malaysia was established for the purpose of
advising Takaful Malaysia in ensuring its businesses, affairs and activities comply with Shariah.
The Management of Takaful Malaysia is responsible in ensuring that Takaful Malaysia conducts its businesses, affairs and activities in accordance
with the Shariah. It is our responsibility to form an independent opinion, based on our reviews of the operations of Takaful Malaysia, and to
produce this report.
We held six (6) meetings during the financial year ended 31 December 2015 in which we reviewed the principles and the contracts relating to the
products and transactions introduced by Takaful Malaysia.
We also conducted our reviews as to whether the businesses, operations and activities of Takaful Malaysia are in compliance with the Shariah
and the Shariah rulings as issued by the Shariah Advisory Council of Bank Negara Malaysia, as well as Shariah decisions made by us.
We assessed the work carried out by Shariah review and Shariah audit functions which included examining, on a test basis, each type of
transactions, the relevant documentations and procedures adopted by Takaful Malaysia. Our assessments were planned and performed in a
way to ensure all the information and explanations considered necessary were obtained in order to provide us with sufficient evidence to give
reasonable assurance that Takaful Malaysia has not violated the Shariah.
In addition, we hereby report the following:
1.
Throughout the financial year, we discussed and deliberated various issues in relation to Takaful products;
2.
We also approved 5 new products and several revisions to existing products;
3.
Furthermore, we also approved the profit and surplus distribution rate declarations for Family and General Takaful products; and
4.
We also approved several Shariah guidelines to be implemented by Takaful Malaysia.
077
Report of the Shariah Advisory Body
In our opinion:
1.
The contracts and related documentations used by Takaful Malaysia during the financial year ended 31 December 2015 were in compliance
with the Shariah;
2.
The Shariah basis for the allocation of profit and surplus between Shareholders’ Fund, Participants’ Investment Fund and Participants’ Risk
Fund were appropriate;
3.
The calculation of zakat was in compliance with the Shariah;
4.
Any Shariah non-compliance events occurred during the financial year were reported to Bank Negara Malaysia and rectified accordingly;
and
5.
All earnings from sources or by means prohibited by the Shariah were considered for disposal to charitable causes.
We, the members of the Shariah Advisory Body of Takaful Malaysia, do hereby confirm that the operations of Takaful Malaysia for the financial
year ended 31 December 2015 were conducted in conformity with the Shariah.
We bear witness only to what we know, and we could not well guard against the unseen! (surah Yusuf, verse: 81)
Chairman of the SAB : ………………………………
Dr. Ahmad Shahbari @ Sobri Salamon
Member of the SAB : ………………………………
Dato’ Mohd Bakir Hj. Mansor
Kuala Lumpur,
078
Independent Auditor’s Report
to the members of Syarikat Takaful Malaysia Berhad
(Company No. 131646-K) (Incorporated in Malaysia)
Report on the Financial Statements
We have audited the financial statements of Syarikat Takaful Malaysia Berhad, which comprise the statements of financial position as at
31 December 2015 of the Group and of the Company, and the statements of profit or loss and other comprehensive income, changes in equity
and cash flows of the Group and of the Company for the year then ended, and a summary of significant accounting policies and other explanatory
information, as set out on pages 81 to 279.
Directors’ Responsibility for the Financial Statements
The Directors of the Company are responsible for the preparation of these financial statements so as to give a true and fair view in accordance
with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 1965
in Malaysia. The Directors are also responsible for such internal controls as the Directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
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 about 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 Directors, 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.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the Group and of the Company as of 31 December
2015 and of their financial performance and cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards,
International Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia.
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:
a)
In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company have been properly kept
in accordance with the provisions of the Act.
b)
We have considered the accounts and the auditors’ reports of all the subsidiaries of which we have not acted as auditors, which are
indicated in Note 6 to the financial statements.
079
Independent Auditor’s Report
to the members of Syarikat Takaful Malaysia Berhad
(Company No. 131646-K) (Incorporated in Malaysia)
Report on Other Legal and Regulatory Requirements (continued)
c)
We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’s financial statements are in form
and content appropriate and proper for the purposes of the preparation of the financial statements of the Group and we have received
satisfactory information and explanations required by us for those purposes.
d)
The audit reports on the accounts of the subsidiaries did not contain any qualification or any adverse comment made under Section 174(3)
of the Act.
Other Reporting Responsibilities
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The information set out in
Note 44 on page 280 to the financial statements has been compiled by the Company as required by the Bursa Malaysia Securities Berhad Listing
Requirements and is not required by the Malaysian Financial Reporting Standards or International Financial Reporting Standards. We have
extended our audit procedures to report on the process of compilation of such information. In our opinion, the information has been properly
compiled, in all material respects, in accordance with the Guidance on Special Matter No.1, Determination of Realised and Unrealised Profits
or Losses in the Context of Disclosures Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the Malaysian Institute of
Accountants, and presented based on the format prescribed by Bursa Malaysia Securities Berhad.
Other Matters
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965 in Malaysia
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
Petaling Jaya, Selangor
080
Mok Wan Kong
Approval Number: 2877/12/16 (J)
Chartered Accountant
Statements of Financial Position
as at 31 December 2015
<------------------------------------------------------------- Group -------------------------------------------------------------->
2015
2014
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Group Operator
Takaful
Takaful
Group
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
ASSETS
Property and equipment
3
47,225 - - 271,398 39,760 - - 256,100
Investment properties
4
11,044 223,605 24,140 34,616 10,838 217,508 21,810 33,816
Intangible assets
5
56,211 - - 56,211 - - - Other investments
7
457,599 3,776,745 471,609 4,667,923 431,952 3,390,049 494,528 4,278,729
Retakaful assets
8
- 279,805 422,770 702,575 - 259,801 422,659 682,460
Deferred tax assets
9
32,164 - - 32,164 38,549 - - 38,549
Current tax assets
7,651 - - 7,651 500 - - 500
Loans and receivables,
excluding takaful receivables 10
197,593 801,754 107,336 1,058,996 164,596 663,993 106,163 887,768
Takaful receivables
11
- 99,680 48,593 148,273 - 90,972 37,619 128,591
Qard receivables
12 -------Cash and cash equivalents
13
120,639 312,932 113,743 547,314 146,499 597,341 112,435 856,275
Assets held for sale
14
- - -
-
- - 2,000 2,000
TOTAL ASSETS 930,126 5,494,521 1,188,191 7,527,121 832,694 5,219,664 1,197,214 7,164,788
163,167 525,552 - - - 163,167 - 525,552 163,006 418,371 - (24,912)
- 163,006
(26,368) 419,955
Total equity attributable to
owners of the Company
688,719 20,050 - - - 688,719 - 20,050 581,377 14,136 (24,912)
- (26,368) 582,961
- 13,485
TOTAL EQUITY
708,769 - - 708,769 595,513 (24,912)
(26,368)
EQUITY AND LIABILITIES
Share capital
Reserves
15
15 596,446
LIABILITIES
Qard payables
17
Takaful contract liabilities
18
Expense reserves
19
Takaful payables
20
Other payables
21
Current tax liabilities
- -
-
- - 5,340,609 1,081,708 6,384,287 142,258 - - 142,258 - 36,228 59,419 95,647 76,811 117,684 47,064 193,872 2,288 - - 2,288 - 24,912 27,301 - 5,077,546 1,103,465 6,143,211
142,127 - - 142,127
- 40,949 20,368 61,317
89,838 101,169 72,448 216,471
5,216 - - 5,216
TOTAL LIABILITIES
221,357 5,494,521 1,188,191 6,818,352 237,181 5,244,576 1,223,582 6,568,342
TOTAL EQUITY
AND LIABILITIES
930,126 5,494,521 1,188,191 7,527,121 832,694 5,219,664 1,197,214 7,164,788
The notes on pages 93 to 279 are an integral part of these financial statements.
081
Statements of Financial Position
as at 31 December 2015
<----------------------------------------------------------- Company ------------------------------------------------------------>
2015
2014
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful Company Operator
Takaful
Takaful Company
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
ASSETS
3
4
Intangible assets
5
Investments in subsidiaries
6
Other investments
7
Retakaful assets
8
Deferred tax assets
9
Current tax assets
Loans and receivables,
excluding takaful receivables 10
Takaful receivables
11
Cash and cash equivalents
13
14
TOTAL ASSETS
29,746 - - 238,811 10,930 208,100 24,140 34,105 56,211 - - 56,211
49,376 - - 49,376
420,401 3,495,492 463,893 4,341,756 - 269,079 414,586 683,665 29,925 - - 29,925 7,651 - - 7,651 49,376 - - 49,376
403,764 3,134,283 488,352 3,988,599
- 251,452 414,220 665,672
34,916 - - 34,916
500 - - 500
187,438 794,395 - 96,538 92,011 243,456 -
-
155,112 649,074 -
86,548 111,923 538,358 - - 99,741 1,038,941 43,437 139,975 97,654 433,121 -
-
27,216 10,760 - 207,360 - 233,751
21,810 33,395
96,748 31,715 96,311 2,000 870,538
118,263
746,592
2,000
883,689 5,107,060 1,143,451 7,053,537 793,567 4,867,075 1,151,156 6,743,602
163,167 524,403 - - - 163,167 - 524,403 163,006 428,181 - - - 163,006
- 428,181
687,570 - - 687,570 591,187 - - 591,187
EQUITY AND LIABILITIES
Share capital
Reserves
15
15
Total equity attributable to
owners of the Company
LIABILITIES
Expense reserves
Takaful payables
Other payables
18
19
20
21
- 4,958,643 1,043,442 5,964,055 137,505 - - 137,505 - 34,986 57,787 92,773 58,614 113,431 42,222 171,634 - 4,733,280 1,061,389 5,756,869
137,673 - - 137,673
- 39,228 19,753 58,981
64,707 94,567 70,014 198,892
TOTAL LIABILITIES
196,119 5,107,060 1,143,451 6,365,967 202,380 4,867,075 1,151,156 6,152,415
TOTAL EQUITY
AND LIABILITIES
883,689 5,107,060 1,143,451 7,053,537 793,567 4,867,075 1,151,156 6,743,602
082
Statements of Profit or Loss and Other Comprehensive Income
<------------------------------------------------------------- Group -------------------------------------------------------------->
2015
2014
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Group Operator
Takaful
Takaful
Group
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Operating revenue
22
Takaful operator income
28,066 1,259,968 534,797 -
505,082 1,788,574 -
-
26,483 1,150,010 492,083 - 480,483 1,652,639
- -
Gross earned contributions
Contributions ceded
to retakaful
23(i)
- 1,048,244 470,462 1,518,984 - 958,130 457,441 1,415,806
23(ii)
-
(61,312)
(201,266)
- (180,457)
Net earned contributions
23(iii)
-
986,932 269,196 1,256,406 (262,578)
(65,737)
- 892,393 (246,194)
276,984 1,169,612
Administrative income
Investment income
24
Realised gains and (losses)
25
Fair value gains and (losses)
26
Other operating income
27
- 28,066 2,211 1,303 25,594 1,674 215,276 17,819 (2,334)
2,859 38,593 29,031 555 330 8,243 40,267 267,553 20,585 (7,233)
13,928 -
26,483 3,441 1,282 10,898 2,590 191,950 37,490 12,894 3,277 37,934 29,164 4,519 (23)
3,263 40,524
243,025
45,450
13,346
9,462
Other income 57,174 235,294 76,752 335,100 42,104 248,201 74,857 351,807
(214,604)
87,467 (910,336)
155,586 - (601,070)
- 51,176 (201,051)
70,578 (796,785)
121,754
Gross benefits and claims paid
Claims ceded to retakaful
Gross change to contract
liabilities
Change to contract liabilities
ceded to retakaful
28
28
- (700,819)
-
68,119 28
-
22,575 49,667 72,242 - (6,066)
61,333 55,267
28
-
(15,936)
13,533 (2,403)
- 17,976 (20,073)
(2,097)
Net benefits and claims
28
-
(626,061)
(63,937)
(684,911)
- (537,984)
(89,213)
(621,861)
Wakalah fee expense
Administrative fees
Expense reserves
19
Management expenses
29
Other operating expenses
31
-
(131,577)
333 (239,624)
(15,216)
(226,721) (192,697)
-
- - (131,577)
- - 333 - - (238,034)
(52,265)
(6,027)
(72,006)
- (195,589) (166,253)
(118,547)
- (49) (118,596)
(10,415)
- - (10,415)
(206,076)
- - (204,404)
(12,729)
(15,567)
(9,058)
(36,240)
Other expenses
(386,084)
(278,986)
(198,724)
(441,284)
(347,767)
(211,156)
(175,360)
(369,655)
Total profit for the year
205,887 317,179 83,287 465,311 186,420 391,454 87,268 529,903
Profit attributable to the
Takaful Operator / participants
-
(317,179)
(83,287)
(261,101)
- (391,816)
(87,104)
(343,206)
Profit / (Loss) before zakat
and taxation Zakat
Tax expense
32
205,887 (432)
(40,658)
- -
- - 204,210 -
(432)
- (40,472)
186,420 (389)
(47,545)
(362)
- - 164 186,697
- (389)
- (47,573)
Profit / (Loss) for the year
164,797 - - 163,306 138,486 (362)
164 138,735
083
<------------------------------------------------------------- Group -------------------------------------------------------------->
2015
2014
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Group Operator
Takaful
Takaful
Group
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
164,797 - Other comprehensive income /
(expense), net of tax
Items that will not be
reclassified subsequently
to profit or loss
Remeasurement of defined benefit liability
(2,368)
- Revaluation of property
and equipment
4,753 - Other comprehensive income
attributable to participants
- - Items that may be reclassified
subsequently to profit or loss
Fair value change of available for-sale financial assets
Foreign currency translation
differences for foreign
operations
Other comprehensive income
2,385 - - 163,306 138,486 (362)
164 138,735
-
-
-
-
- (2,368)
- 15,715 2,500 - - 7,892
- (10,404)
- - - (5,477))
- 2,943 2,500 - - 2,415
(3,420)
(877)
(2,567)
(3,420)
(7,170)
(59,701)
(9,912)
(7,170)
6,897 (5,497)
(2,208)
6,897 5,036 (1,995)
(1,267)
5,093
6,374 4,775 60,174 9,569 -
- - - 3,477 - - 3,477 (2,134)
(1,522)
(1,610)
(2,077)
Total other comprehensive
income / (expense) for
the year
5,862 - - 6,420 366 (1,522)
(1,610)
338
170,659 - - 169,726 138,852 (1,884)
(1,446)
139,073
attributable to:
157,764 7,033 - - - 155,977 - 7,329 140,137 (1,651)
(362)
- 164 140,521
- (1,786)
164,797 - - 163,306 138,486 (362)
164 Total comprehensive income /
(expense) for the year
attributable to:
160,138 10,521 - - - 159,154 - 10,572 136,047 2,805 (1,884)
- (1,446) 136,402
- 2,671
170,659 - - 169,726 138,852 (1,884)
(1,446)
139,073
Total comprehensive income /
(expense) for the year
33
138,735
Basic earnings per ordinary
share (sen)* 34
19.13 17.25
Diluted earnings per ordinary
share (sen)*
34
19.02 17.16
* The basic earnings per ordinary share and diluted earnings per ordinary share for the year 2014 has been adjusted for the effect of share split.
084
<----------------------------------------------------------- Company ------------------------------------------------------------>
2015
2014
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Takaful Company
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
25,894 1,132,462 Operating revenue22
Takaful operator income 480,426 Gross earned contributions
Contributions ceded to
retakaful
- 472,401 1,626,465 - -
23,764 1,032,970 444,918 - -
23(i)
- 931,950 438,410 1,370,183 - 850,714 421,986 1,272,386
23(ii)
- (194,895)
- (172,857)
Net earned contributions23(iii)
(51,143)
- 880,807 (246,038)
243,515 1,124,145 - 189 25,894 203,540 208 11,904 170 1,457 12,919 1,158 37,969 27,876 480 330 6,926 38,158 253,195 12,592 (573)
15,566 Other income 39,191 218,248 73,581 318,938 33,698 28
28
- (627,523)
- 57,728 (202,367)
85,596 (827,163)
143,324 28
- 3,332 37,626 40,958 - 28
- (15,888)
14,650 (1,238)
- - (582,351)
(64,495)
(644,119)
Net benefits and claims28
Wakalah fee expense
Administrative fees
Expense reserves
19
Management expenses
29
31
- (202,323) (178,101)
-
(111,461)
- - (111,461)
168 - - 168 (206,555)
- - (204,256)
(11,288)
(25,995)
(4,534)
(40,315)
Other expenses
(329,136) (228,318)
Total profit for the year
Profit attributable to the
Takaful Operator / participants
190,481 (182,635)
(355,864)
(55,633)
- 795,081 Administrative income
Investment income
24
25
26
27
Gross benefits and claims paid
Claims ceded to retakaful
Gross change to contract
liabilities
Change to contract liabilities
ceded to retakaful
- 446,688 1,499,062
- 984 23,764 180,639 1,862 26,163 380 (959)
7,692 3,180 (228,490)
249,129 1,043,896
37,220 28,229 4,458 (23)
2,835 38,204
228,586
32,483
(160)
8,737
210,007 72,719 307,850
- (531,092)
- 42,070 (186,704)
67,596 (714,917)
109,666
(6,944)
49,290 42,346 18,505 (11,342)
7,163
- (477,461)
(81,160)
(555,742)
-
(96,395)
(10,394)
(173,735)
(9,039)
(169,951) (151,203)
- (26)
(96,421)
- - (10,394)
- - (171,518)
(14,546)
(3,725)
(26,558)
(289,563)
(184,497)
(154,954)
(304,891)
343,130 85,734 491,113
- (343,130)
(85,734)
(301,947)
288,386 69,966 443,100 189,053 - (288,386)
(69,966)
(253,363)
Profit before zakat and taxation
Zakat
Tax expense
32
190,481 (200)
(38,957)
- - - - 189,737 189,053 - (200)
(200)
- (38,771)
(44,475)
- - - - 189,166
- (200)
- (44,503)
Profit for the year
151,324 - - 150,766 - - 144,463
144,378 The notes on pages 93 to 279 are an integral part of these financial statements.
085
<----------------------------------------------------------- Company ------------------------------------------------------------>
2015
2014
Takaful
Family
General
Takaful
Family
General
Operator
Takaful
Takaful
Takaful Company
Note RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Profit for the year
151,324 - - 150,766 144,378 - - 144,463
30 - - 5,761 117 - - 3,189
-
-
(5,173)
-
-
-
(3,157)
- - 588 117 - - (7,054)
Other comprehensive income /
(expense), net of tax
Items that will not be
reclassified subsequently to
profit or loss
Revaluation of property
and equipment
-
Items that may be reclassified
Fair value change of available for-sale financial assets
30 (1,775)
(11,829)
(2,149)
(1,775)
-
11,829 2,149 -
- 32
(56,548)
(10,197)
(7,054)
56,548 10,197 -
(1,775)
- - (1,775)
(7,054)
- - (7,054)
Total other comprehensive
(expense) / income for
the year
(1,745)
- - (1,187)
(6,937)
- - (7,022)
Total comprehensive income
for the year 149,579 - - 149,579 137,441 - - 137,441
Profit for the year
attributable to:
151,324 - - 150,766 144,378 - - 144,463
Total comprehensive income
for the year attributable to:
149,579 - - 149,579 137,441 - - 137,441
33
086
<--------------------------------- Attributable to owners of the Company ------------------------------>
<------------------------------ Non - distributable ----------------------------->Distributable
Non-
Share
Share Translation Revaluation Fair value
LTIP Retained controlling
capital premium reserve reserve reserve reserve earnings
Total interests
Group
Note RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2014
Revaluation of
property and
equipment
33
Fair value of
available-for-sale
financial assets
33
Foreign currency
translation
differences
for foreign
operations
33
Other comprehensive
income / (expense)
for the year
33
Profit / (Loss) for
the year
Total comprehensive
income / (expense)
for the year
162,817 4,098 (11,664)
- - - - - - - - 1,703 - - 1,703 - - - - - 1,703 5,416 1,271 - - 1,271 - 1,271 9,900 - (7,188)
- (7,188)
- (7,188)
2,016 399,491 572,074 - 17,825 589,899
1,366 1,049 2,415
- - (7,188)
18 (7,170)
- - 1,703 3,390 5,093
(4,119)
4,457 338
- 95 Total
equity
RM’000
95 - 140,521 140,521 (1,786) 138,735
- 140,616 136,402 2,671 139,073
Contributions by and
distributions to
owners of the
Company
- LTIP exercised
-Share-based
payment
transactions
- Dividends to
owners of the
Company
16
189 1,509 - - - (1,698)
- 4,814 - - -
- 4,814
16
- - - - - 35
- - - - - - (130,329) (130,329)
- (130,329)
- - - 3,116 (130,329) (125,515)
- (125,515)
- - - - - - Capital repayment
from a subsidiary
Total transactions
with owners
of the Company
At 31 December 2014
189 - 1,509 - 189 1,509 163,006 5,607 (9,961)
6,687 2,712 Note 15
Note 15
Note 15
Note 15
Note 15
- 4,814 - - - (7,011)
(7,011)
3,116 (130,329) (125,515)
(7,011) (132,526)
5,132 409,778 582,961 13,485 596,446
Note 15
087
<--------------------------------- Attributable to owners of the Company ------------------------------>
<------------------------------ Non - distributable ----------------------------->Distributable
Non-
Share
Share Translation Revaluation Fair value
LTIP Retained controlling
capital premium reserve reserve reserve reserve earnings
Total interests
Group
Note RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2015 163,006 5,607 (9,961)
6,687 2,712 5,132 409,778 582,961 Remeasurement of defined benefit
liability
33
- - - - - - (1,661) (1,661)
Revaluation of
property and
equipment
33
- - - 3,233 - - - 3,233 Fair value of
available-for-sale
financial assets
33
- - - - (2,207)
- - (2,207)
Foreign currency
translation
differences for
foreign operations 33
- - 3,612 - - - - 3,612 Other comprehensive
income / (expense)
for the year
Profit for the year
- - - - 3,612 - 3,233 - (2,207)
- - (1,661) 2,977 - 155,977 155,977 Total comprehensive
income / (expense)
for the year
- - 3,612 3,233 (2,207)
- 154,316 158,954 Total
equity
RM’000
13,485 596,446
(707)
(2,368)
2,078 5,311
(1,213)
(3,420)
3,285 6,897
3,443 6,420
7,329 163,306
10,772
169,726
Contributions by and
distributions
to owners
of the Company
- LTIP exercised
-Share-based
payment
transactions
- Dividends to
owners of the
Company
16
161 1,186 - - - (1,347)
- 3,856 - 16
- - - - - 35
- - - - - - - - - - - - - - Capital repayment
from a subsidiary
161 1,186 - - Total transactions
with owners
of the Company
161 1,186 At 31 December 2015
163,167 6,793 (6,349)
9,920 505 Note 15
Note 15
Note 15
Note 15
Note 15
- 3,856 - (57,052) (57,052)
2,509
- (57,052) (53,196)
- SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
-
- 3,856
- (57,052)
- (53,196)
(4,207)
(4,207)
2,509 (57,052) (53,196)
(4,207) (57,403)
7,641 507,042 688,719 20,050 708,769
Note 15
088
- - Statements of Changes in Equity
Company
Note
<------------------------------ Attributable to owners of the Company --------------------------->
<------------------------ Non - distributable ------------------------> Distributable
Share
Share Revaluation Fair value
LTIP Retained
Total
capital premium reserve
reserve
reserve earnings
equity
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2014
162,817 Revaluation of property and equipment
Fair value of available-for-sale financial assets
4,098 936 10,221 2,016 399,173
579,261
33
33
- - - - (22)
- - (7,054)
- - 54 - 32
(7,054)
Other comprehensive (expense) / income
for the year
33
Profit for the year
- - - - (22)
- (7,054)
- - 54 - 144,463 (7,022)
144,463
Total comprehensive (expense) / income
for the year
- - (22)
(7,054)
- 144,517 137,441
189 -
- 1,509 -
- - - - - - - (1,698)
- 4,814
- 4,814
- (130,329) (130,329)
Total transactions with owners of the Company
189 1,509 - - 3,116 (130,329) (125,515)
At 31 December 2014
163,006 5,607 914 3,167 5,132 413,361 Note 15
Note 15
Note 15
Note 15
Note 15
Note 15
Contributions by and distributions to owners
of the Company
- LTIP exercised
- Share-based payment transactions
- Dividends to owners of the Company
16
16
35
591,187
089
Company
Note
<------------------------------ Attributable to owners of the Company --------------------------->
<------------------------ Non - distributable ------------------------> Distributable
Share
Share Revaluation Fair value
LTIP Retained
Total
capital premium reserve
reserve
reserve earnings
equity
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2015
163,006 Revaluation of property and equipment
5,607 914 3,167 5,132 413,361 591,187
33
33
- - - - 588 -
-
(1,775)
-
-
-
-
588
(1,775)
Other comprehensive income / (expense)
for the year
33
Profit for the year
- - - - 588 -
(1,775)
-
-
-
-
150,766 (1,187)
150,766
Total comprehensive income / (expense)
for the year
- - 588 (1,775)
- 150,766 149,579
161 - - 1,186 - - - - - - - - (1,347)
- 3,856
- 3,856
- (57,052) (57,052)
Total transactions with owners of the Company
161 1,186 - - 2,509 (57,052)
(53,196)
At 31 December 2015
163,167 6,793 1,502 1,392 7,641 507,075 687,570
Note 15
Note 15
Note 15
Note 15
Note 15
Note 15
Contributions by and distributions to owners
of the Company
- LTIP exercised
- Share-based payment transactions
- Dividends to owners of the Company
16
16
35
090
Statements of Cash Flows
Cash flows from operating activities
Adjustments for:
Amortisation of intangible assets
Depreciation
Equity settled share-based payment
Fair value change of investment properties
Fair value change of fair value through profit or loss financial assets
Profit from financing receivables
Profit from Islamic debt securities, investment accounts
and Islamic accepted bills
Dividend income from Shariah approved shares
Gains on disposal of available-for-sale financial assets
Gains on disposal of property and equipment
Gains on disposal of investment properties
Gains on disposal of assets held for sale
Write-off of property and equipment
Amortisation of premiums, net of accretion of discounts
Impairment loss of financial assets
Writeback of impairment loss
Impairment loss of property and equipment
Profit from Malaysian Government Islamic papers
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
204,210 186,697 189,737
189,166
5,110
14,884
3,856
(551)
7,784
(103)
-
11,577 4,814 (1,645)
(11,701)
(274)
5,110
11,353
3,856
(510)
1,083
(103)
8,742
4,814
(1,620)
1,780
(274)
(226,462)
(30,774)
(18,698)
(111)
(1,776)
-
501
6,902
49,821
-
-
(13,050)
(198,132)
(31,116)
(44,248)
(119)
(638)
(445)
52 6,118 15,051 -
227 (17,678)
(212,572)
(30,120)
(10,813)
(3)
(1,776)
-
501
7,031
21,540
(6,950)
-
(13,050) (183,853)
(30,852)
(31,553)
(59)
(426)
(445)
52
6,229
13,789
(1,648)
227
(17,678)
1,543 (81,460)
(35,326)
(43,609)
Profit from Islamic debt securities, investment accounts, Islamic
accepted bills and profit from Malaysian Government Islamic papers
Dividend income from Shariah approved shares
Increase in retakaful assets
Increase in receivables
Increase in Takaful contract liabilities
Increase / (Decrease) in payables
239,512
20,196 (18,286)
(187,273)
190,365
5,696
215,810 21,226 (45,559)
(179,816)
299,645 (14,818)
225,622 22,990
(17,993)
(190,012) 216,407
6,330
201,531
20,962
(54,821)
(217,341)
272,205
(14,220)
Zakat paid
Income taxes paid
251,753 (164) (43,466)
215,028 (1,264)
(43,653)
228,018
(164)
(40,500)
164,707
(546)
(43,653)
Net cash generated from operating activities
208,123 170,111 187,354 120,508
Operating profit / (loss) before changes in working capital
091
Statements of Cash Flows
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Cash flows from investing activities
Acquisition of intangible assets
Purchase of investments
Proceeds from sale of investments
Maturity of other investments
Purchase of property and equipment
Proceeds from sale of property and equipment
Proceeds from sale of investment properties
Proceeds from sale of assets held for sale
Net cash (used in) / generated from investing activities
(61,321)
-
(61,321)
(2,715,166) (3,531,527) (2,336,854) (3,231,828)
2,236,972 3,754,762 1,882,271 3,509,424
77,337 168,620 73,115 159,474
(11,929)
(20,968)
(11,464)
(19,844)
769
810 314
460
3,576
8,224 3,576
7,219
-
7,285 -
7,285
(469,762)
387,206 (450,363)
432,190
Distributions from a subsidiary
Distributions to non-controlling interests
Dividends paid to owners of the Company
-
(4,207)
(57,052)
-
(7,011)
(130,329)
6,590 -
(57,052)
10,984
(130,329)
Net cash used in financing activities
(61,259)
(137,340)
(50,462)
(119,345)
Net (decrease) / increase in cash and cash equivalents
Effect of exchange rate fluctuations on cash held
Cash and cash equivalents at 1 January
(322,898)
13,937 856,275 419,977 5,679 430,619 (313,471)
-
746,592 433,353
313,239
Cash and cash equivalents at 31 December
547,314 856,275 433,121 746,592
Cash flows from financing activities
Cash and cash equivalents included in the statements of cash flows comprise the following statements of financial position amounts:
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Cash and bank balances and fixed and call deposits with licensed financial
institutions with maturity less than three months
- Takaful Operator (Note 13)
- Family Takaful Fund (Note 13)
- General Takaful Fund (Note 13)
120,639 312,932 113,743 146,499 597,341 112,435 92,011 243,456 97,654 111,923
538,358
96,311
547,314
856,275 433,121
746,592
092
Notes to the Financial Statements
Syarikat Takaful Malaysia Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of
Bursa Malaysia Securities Berhad. The address of the principal place of business and registered office of the Company is as follows:
26th Floor, Annexe Block
50000 Kuala Lumpur
The consolidated financial statements of the Company as at and for the financial year ended 31 December 2015 comprise the Company and its
subsidiaries (together referred to as the “Group”). The financial statements of the Company as at and for the financial year ended 31 December
2015 do not include other entities.
The Company is principally engaged in managing family and general takaful businesses, whilst the principal activities of the subsidiaries are as
stated in Note 6 to the financial statements. There has been no significant change in the nature of these activities during the financial year.
The immediate holding company during the financial year is BIMB Holdings Berhad, a company incorporated in Malaysia and listed on the Main
Market of Bursa Malaysia Securities Berhad. The ultimate holding corporation of the Company during the financial year is Lembaga Tabung Haji,
a statutory body established under the Tabung Haji Act 1995 (Act 535).
The financial statements were authorised for issue by the Board of Directors on 27 January 2016.
1.
Basis of preparation
(a)
Statement of compliance
The financial statements of the Group and the Company have been prepared in accordance with Malaysian Financial Reporting
Standards (MFRSs), International Financial Reporting Standards, the Companies Act, 1965, Islamic Financial Services Act 2013,
Takaful Guidelines / Circulars issued by Bank Negara Malaysia (BNM) and Principles of Shariah.
A Takaful Operator is required to present consolidated financial statements for itself and the Takaful funds it manages and controls
in accordance with the requirements of MFRS 127, Consolidated and Separate Financial Statements. The statements of financial
position and the statements of profit or loss and other comprehensive income of the Takaful Operator, Family Takaful Fund and
General Takaful Fund are supplementary financial information presented in accordance with the requirements of BNM and Islamic
Financial Services Act 2013 in Malaysia to segregate assets, liabilities, income and expenses of Takaful funds from its own. The
statements of financial position and profit or loss and other comprehensive income of the Takaful Operator include only assets,
liabilities, income and expenses of the Takaful Operator, excluding the Takaful funds managed by it. The statements of financial
position and profit or loss and other comprehensive income of the Family and General Takaful Fund include only the assets,
liabilities, income and expenses of the family solidarity fund and General Takaful Fund that is set up, managed and controlled by the
Takaful Operator.
093
1.
Basis of preparation (continued)
(a)
Statement of compliance (continued)
The following are accounting standards, amendments and interpretations that have been issued by the Malaysian Accounting
Standards Board (MASB) but have not been adopted by the Group and the Company:
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2016
•
MFRS 14, Regulatory Deferral Accounts
Amendments to MFRS 5, Non-current Assets Held for Sale and Discontinued Operations (Annual Improvements 2012-2014 Cycle)
•
Amendments to MFRS 7, Financial Instruments: Disclosures (Annual Improvements 2012-2014 Cycle)
•
•
Amendments to MFRS 10, Consolidated Financial Statements, MFRS 12, Disclosure of Interests in Other Entities, and MFRS
128, Investments in Associates and Joint Ventures – Investment Entities: Applying the Consolidation Exception
•
Amendments to MFRS 11, Joint Arrangements - Accounting for Acquisitions of Interest in Joint operations
•
MFRS 14, Regulatory Deferral Accounts
•
Amendments to MFRS 101, Presentation of Financial Statements – Disclosure Initiative
•
Amendments to MFRS 116, Property, Plant and Equipment and MFRS138, Intangible Assets - Clarification of Acceptable
Methods of Depreciation and Amortisation
•
Amendments to MFRS 116, Property, Plant and Equipment and MFRS141, Agriculture - Agriculture: Bearer Plants
•
Amendments to MFRS 119, Employee Benefits (Annual Improvements 2012-2014 Cycle)
•
Amendments to MFRS 127, Separate Financial Statements – Equity Method in Separate Financial Statements
•
Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2012-2014 Cycle)
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2018
MFRS 9, Financial Instruments (2014)
•
MFRS 15, Revenue from Contracts with Customers
•
MFRSs, Interpretations and amendments effective for a date yet to be confirmed
Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures –
•
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
The Group and the Company plan to apply the abovementioned standards, amendments and interpretations:
•
from the annual period beginning on 1 January 2016 for those accounting standards, amendments or interpretations that are
effective for annual periods beginning on or after 1 January 2016.
•
from the annual period beginning on 1 January 2018 for those accounting standards, amendments or interpretations that are
effective for annual periods beginning on or after 1 January 2018.
The initial application of the abovementioned amendments and interpretation are not expected to have any material impacts to
the financial statements of the Group and the Company except as mentioned below:
MFRS 9, Financial Instruments
MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement on the classification and
measurement of financial assets and financial liabilities, and on hedge accounting.
The Group is currently assessing the financial impact that may arise from the adoption of MFRS 9.
MFRS 15, Revenue from Contracts with Customers
MFRS 15 replaces the guidance in MFRS 111, Construction Contracts, MFRS 118, Revenue, IC Interpretation 13, Customer Loyalty
Programmes, IC Interpretation 15, Agreements for Construction of Real Estate, IC Interpretation 18, Transfer of Assets from
Customers and IC Interpretation 131, Revenue – Barter Transactions Involving Advertising Services. Upon adoption of MFRS 15, it
is expected that the timing of revenue recognition for non-insurance contracts might be different as compared with the current
practices.
The adoption of MFRS 15 will result in a change in accounting policy. The Group and the Company is currently assessing the financial
impact of adopting MFRS 15.
094
1.
Basis of preparation (continued)
(b)
Basis of measurement
(c)
Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency. All financial
information is presented in RM and has been rounded to the nearest thousand, unless otherwise stated.
(d)
Use of estimates and judgements
The preparation of financial statements in conformity with MFRS which requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses.
Actual results may differ from these estimates.
The financial statements have been prepared on the historical cost basis other than as disclosed in Note 2.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised and in any future periods affected.
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 other than those disclosed in the following notes:
•
•
•
•
Note 2(g) and Note 4 – Investment properties
Note 2(c) and Note 39 – Financial instruments
Note 2(p), (q) and Note 19 - Computation of expense reserves
Note 2(o), (p), Note 8 and Note 18 – Provision for outstanding claims including IBNR claims and actuarial liabilities
2.
Summary of significant accounting policies
The accounting policies set out below have been applied consistently to the periods presented in these financial statements, and have
been applied consistently by Group entities, unless otherwise stated.
(a)
Basis of consolidation
(i)
Subsidiaries
Subsidiaries are entities, including unincorporated entities, controlled by the Company. The financial statements of
subsidiaries are included in the consolidated financial statements from the date that control commences until the date that
control ceases.
The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity. Potential voting rights are considered when assessing
control only when such rights are substantive. The Group also considers it has de facto power over an investee when, despite
not having the majority of voting rights, it has the current ability to direct the activities of the investee that significantly affect
the investee’s return.
Investments in subsidiaries are measured in the Company’s statement of financial position at cost less any impairment losses,
unless the investment is classified as held for sale or distribution. The cost of investments includes transaction costs.
(ii)
Business combinations
Business combinations are accounted for using the acquisition method from the acquisition date, which is the date on which
control is transferred to the Group.
095
2.
Summary of significant accounting policies (continued)
(a)
Basis of consolidation (continued)
(ii)
Business combinations (continued)
The Group measures the cost of goodwill at the acquisition date as:
•
•
•
•
the fair value of the consideration transferred; plus
the recognised amount of any non-controlling interests in the acquiree; plus
if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less
the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
For each business combination, the Group elects whether it measures the non-controlling interests in the acquiree either at
fair value or at the proportionate share of the acquiree’s identifiable net asset at the acquisition date.
Transaction costs, other than those associated with the issue of Islamic debt or equity securities, that the Group incurs in
connection with a business combination are expensed as incurred.
(iii) Acquisition of non-controlling interests
The Group treats all changes in its ownership interest in a subsidiary that do not result in a loss of control as equity transactions
between the Group and its non-controlling interest holders. Any difference between the Group’s share of net assets before
and after the change, and any consideration received or paid, is adjusted to or against Group reserves.
(iv) Loss of control
Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the former subsidiary, any noncontrolling interests and the other components of equity related to the former subsidiary. Any surplus or deficit arising on
the loss of control is recognised in profit or loss. If the Group retains any interest in the former subsidiary, then such interest
is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity accounted investee or
as an available-for-sale financial asset depending on the level of influence retained.
(v)
Non-controlling interests at the end of the reporting period, being the equity in a subsidiary not attributable directly or
indirectly to the equity holders of the Company, are presented in the consolidated statement of financial position and
statement of changes in equity within equity, separately from equity attributable to the owners of the Company. Noncontrolling interests in the results of the Group is presented in the consolidated statement of profit or loss and other
comprehensive income as an allocation of the profit or loss and the comprehensive income for the year between noncontrolling interests and the owners of the Company.
Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing
so causes the non-controlling interests to have a deficit balance.
096
2.
(a)
Basis of consolidation (continued)
(vi) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are
eliminated in preparing the consolidated financial statements.
Unrealised gains arising from transactions with associates are eliminated against the investment to the extent of the Group’s
interest in the associates. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
(b)
Foreign currency
(i)
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange
rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional
currency at the exchange rate at that date.
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the reporting date, except for
those that are measured at fair value that are retranslated to the functional currency at the exchange rate at the date that
the fair value was determined.
Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the
retranslation of available-for-sale equity instruments, which are recognised in other comprehensive income.
(ii)
Operations denominated in functional currencies other than Ringgit Malaysia
The assets and liabilities of operations denominated in functional currencies other than RM and fair value adjustments
arising on acquisition, are translated to RM at exchange rates at the end of the reporting period. The income and expenses
of foreign operations are translated to RM at exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and accumulated in the foreign currency
translation reserve (FCTR) in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant
proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is
disposed of such that control, significant influence or joint control is lost, the cumulative amount in the FCTR related to that
foreign operation is reclassified to profit or loss as part of the profit or loss on disposal.
When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation, the relevant proportion
of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment
in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the
relevant proportion of the cumulative amount is reclassified to profit or loss.
097
2.
(c)
Financial instruments
(i)
Initial recognition and measurement
A financial asset or a financial liability is recognised in the statement of financial position when, and only when, the Group or
the Company 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.
An embedded derivative is recognised separately from the host contract and accounted for as a derivative if, and only if, it is
not closely related to the economic characteristics and risks of the host contract and the host contract is not categorised as
fair value through profit or loss. The host contract, in the event an embedded derivative is recognised separately, is accounted
for in accordance with policy applicable to the nature of the host contract.
(ii)
Financial instrument categories and subsequent measurement
The Group and the Company 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, including derivatives
(except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument) or
financial assets that are specifically designated into this category upon initial recognition.
Derivatives that are linked to and must be settled by delivery of unquoted equity instruments whose fair values cannot
be reliably measured are measured at cost.
Other financial assets categorised as fair value through profit or loss are subsequently measured at their fair values
with the gain or loss recognised in profit or loss.
(b)
Held-to-maturity investments
Held-to-maturity investments category comprises Islamic debt instruments that are quoted in an active market and
the Group or the Company has the positive intention and ability to hold them to maturity.
Financial assets categorised as held-to-maturity investments are subsequently measured at amortised cost using the
effective interest method.
(c)
Loans and receivables
Loans and receivables category comprises Islamic debt instruments that are not quoted in an active market (including
fixed deposits with financial institutions with maturities more than 3 months).
Financial assets categorised as loans and receivables are subsequently measured at amortised cost using the effective
interest method.
098
2.
(c)
Financial instruments (continued)
(ii)
Financial instrument categories and subsequent measurement (continued)
Financial assets (continued)
(d)
Available-for-sale financial assets
Available-for-sale category comprises investment in equity and Islamic debt securities instruments that are not held
for trading nor held to maturity.
Investments in equity instruments that do not have a quoted market price in an active market and whose fair value
cannot be reliably measured are measured at cost. Other financial assets categorised as available-for-sale are
subsequently measured at their fair values with the gain or loss recognised in other comprehensive income, except
for impairment losses, foreign exchange gains and losses arising from monetary items and gains and losses of hedged
items attributable to hedge risks of fair value hedges which are recognised in profit or loss. On derecognition, the
cumulative gain or loss recognised in other comprehensive income is reclassified from equity into profit or loss. Profit
income calculated for an Islamic debt instrument using the effective interest method is recognised in profit or loss.
(e)
Takaful receivables
Takaful receivables are recognised when due and measured on initial recognition at the fair value of the consideration
receivable. Subsequent to initial recognition, takaful receivables are measured at amortised cost, using the effective
interest method.
All financial assets, except for those measured at fair value through profit or loss, are subject to review for impairment (see
Note 2(k)(i) and (ii)).
Financial liabilities
All financial liabilities are initially measured at fair value and subsequently measured at amortised cost other than those
categorised as fair value through profit or loss.
Fair value through profit or loss category comprises financial liabilities that are derivatives (except for a derivative that is
a financial guarantee contract or a designated and effective hedging instrument) or financial liabilities that are specifically
designated into this category upon initial recognition.
Derivatives that are linked to and must be settled by delivery of unquoted equity instruments whose fair values cannot be
reliably measured are measured at cost.
Financial liabilities categorised as fair value through profit or loss are subsequently measured at their fair values with the gain
or loss recognised in profit or loss.
(iii) Regular way purchase or sale of financial assets
A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose terms require delivery of the
asset within the time frame established generally by regulation or convention in the marketplace concerned.
A regular way purchase or sale of financial assets is recognised and derecognised, as applicable, using trade date accounting.
Trade date accounting refers to:
(a)
the recognition of an asset to be received and the liability to pay for it on the trade date, and
(b)
derecognition of an asset that is sold, recognition of any gain or loss on disposal and the recognition of a receivable
from the buyer for payment on the trade date.
099
2.
(c)
(iv) 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.
(d)
(i)
Recognition and measurement
The land and buildings are stated at cost / valuation less any accumulated depreciation and any accumulated impairment
losses. Items of equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.
The Group and the Company revalue their land and buildings annually and at shorter intervals whenever the fair values of
the revalued assets are expected to differ materially from their carrying value. Additions subsequent to their revaluation are
stated in the financial statements at cost until the next revaluation exercise.
An external independent valuation company, having the appropriate recognised professional qualifications, values the
Group’s land and buildings on an annual basis. The revalued amounts are based on market value, being the estimated
amount for which a property could be exchanged between a willing buyer and a willing seller in an arm’s length transaction.
Surpluses arising from revaluation are dealt with in the revaluation reserve account. Any deficit arising is offset against the
revaluation reserve to the extent of any previous surpluses recognised for the same property. In all other cases, a decrease
in carrying amount is charged to profit or loss.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly attributable
to bringing the asset to working condition for its intended use, and the costs of dismantling and removing the items and
restoring the site on which they are located.
Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
When significant parts of an item of property and equipment have different useful lives, they are accounted for as separate
items (major components) of property and equipment.
The gain or loss on disposal of an item of property and equipment is determined by comparing the proceeds from disposal
with the carrying amount of property and equipment and is recognised net within “realised gains and losses” in profit or loss.
100
2.
(d)
Property and equipment (continued)
(ii)
Subsequent costs
The cost of replacing a component of an item of property and equipment is recognised in the carrying amount of the item if
it is probable that the future economic benefits embodied within the component will flow to the Group or the Company, and
its cost can be measured reliably. The carrying amount of the replaced component is derecognised to profit or loss. The costs
of the day-to-day servicing of property and equipment are recognised in profit or loss as incurred.
(iii) Depreciation
Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed,
and if a component has a useful life that is different from the remainder of that asset, then that component is depreciated
separately.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an
item of property and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless
it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated.
Property and equipment under construction are not depreciated until the assets are ready for their intended use.
The annual depreciation rates for the current and comparative periods are as follows:
Buildings
Renovation
Furniture, fixtures and fittings
Motor vehicles
Computer and equipment
2.0%
16.7%
16.7% - 20.0%
20.0%
20.0% - 33.3%
The depreciable amount is determined after deducting the residual value.
(e)
Depreciation methods, useful lives and residual values are reviewed at end of the reporting period, and adjusted as
appropriate.
Leased assets
(i)
Finance lease
Leases in terms of which the Group or the Company assumes substantially all the risks and rewards of ownership are classified
as finance leases. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and
the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance
with the accounting policy applicable to that asset.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of
the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant
periodic rate of profit on the remaining balance of the liability. Contingent lease payments are accounted for by revising the
minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed.
Leasehold land which in substance is a finance lease is classified as property and equipment.
101
2.
(e)
Leased assets (continued)
(ii)
Operating lease
Leases, where the Group or the Company does not assume substantially all the risks and rewards of ownership are classified
as operating leases and, except for property interest held under operating lease, the leased assets are not recognised on
the Group’s or the Company’s statement of financial position. Property interest held under an operating lease, which is held
to earn rental income or for capital appreciation or both, is classified as investment property and measured using fair value
model.
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease.
Lease incentives received are recognised in profit or loss as an integral part of the total lease expense, over the term of the
lease. Contingent rentals are charged to profit or loss in the reporting period in which they are incurred.
Leasehold land which in substance is an operating lease is classified as prepaid lease payments.
(f)
Intangible assets
(i)
Other intangible assets
Intangible assets, other than goodwill, that are acquired by the Group, which have finite useful lives, are measured at cost less
any accumulated amortisation and any accumulated impairment losses.
(ii)
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to
which it relates. All other expenditure is recognised in profit or loss as incurred.
(iii) Amortisation
Other intangible assets are amortised from the date that they are available for use. Amortisation is based on cost of an assets
less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of
intangible assets.
The estimated useful lives for the current periods are as follows:
Bancatakaful service fees
5 years
Amortisation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted, if
appropriate.
102
2.
(g)
Investment property
(i)
Investment property carried at fair value
Investment properties are properties which are owned or held under a leasehold interest to earn rental income or for capital
appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of services or for
administrative purposes.
Investment properties are measured initially at cost and subsequently at fair value with any change therein recognised in
profit or loss for the period in which they arise.
Cost includes expenditure that is directly attributable to the acquisition of the investment property.
An investment property is derecognised on its disposal, or when it is permanently withdrawn from use and no future
economic benefits are expected from its disposal. The difference between the net disposal proceeds and the carrying amount
is recognised in profit or loss in the period in which the item is derecognised.
(ii)
Reclassifications to / from investment property carried at fair value
When an item of property and equipment is transferred to investment property following a change in its use, any difference
arising at the date of transfer between the carrying amount of the item immediately prior to transfer and its fair value is
recognised directly in equity as a revaluation of property and equipment. However, if a fair value gain reverses a previous
impairment loss, the gain is recognised in profit or loss. Upon disposal of an investment property, any surplus previously
recorded in equity is transferred to retained earnings; the transfer is not made through profit or loss.
When the use of a property changes such that it is reclassified as property and equipment, its fair value at the date of
reclassification becomes its cost for subsequent accounting.
(iii) Determination of fair value
An external, independent valuation firm, having appropriate recognised professional qualifications and recent experience
in the location and category of property being valued, values the Group’s and the Company’s investment property portfolio
annually.
The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date
of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein
the parties had each acted knowledgeably.
(h)
Non-current assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities that are expected to be recovered primarily through sale
rather than through continuing use, are classified as held for sale.
Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance
with the Group’s accounting policies. Thereafter, generally the assets, or disposal group are measured at the lower of their carrying
amount and fair value less costs to sell.
103
2.
(h)
Non-current assets held for sale (continued)
Any impairment loss on a disposal group is first allocated to goodwill, and then to the remaining assets and liabilities on pro-rata
basis, except that no loss is allocated to financial assets, deferred tax assets and investment property, which continue to be measured
in accordance with the Group’s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains
or losses on remeasurement are recognised in profit or loss. Gains are not recognised in excess of any cumulative impairment loss.
Intangible assets and property and equipment once classified as held for sale are not amortised or depreciated. In addition, equity
accounting of equity accounted investees ceases once classified as held for sale.
(i)
Cash and cash equivalents and placements with financial institutions
Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments which have
an insignificant risk of changes in fair value with original maturities of three months or less, and are used by the Group and the
Company in the management of their short term commitments. For the purpose of the statement of cash flows, cash and cash
equivalents are presented net of bank overdrafts and pledged deposits.
(j)
Qard
Any deficits arising in the Takaful funds are made good via a benevolent loan, or Qard, granted by the Takaful Operator to the Takaful
funds. Qard is stated at cost less any provision for impairment losses. In the Takaful funds, the Qard is stated at cost. The Qard shall
be repaid from future surpluses of the Takaful funds.
Qard receivables are assessed by Takaful Operator at each reporting date whether there is any indication of impairment. An
impairment loss of Qard is recognised if its carrying amount exceeds its recoverable amount.
The recoverable amount is the net surplus of the Participants’ Risk Fund (PRF) or part of the Participants’ Risk Fund where the
Participants’ Risk Fund is managed under smaller sub-funds (PRF). The net surplus of the PRF is the amount of the PRF less the best
estimate value of liabilities calculated according to valuation methods prescribed via Guidelines on Valuation Basis of Liabilities for
General Takaful Business and Guidelines on Valuation Basis of Liabilities for Family Takaful Business). In deriving the net surplus of
the PRF, the value of the PRF should be as at that point in time and there should not be assumption of growth of the PRF.
Impairment losses are recognised in profit or loss. Impairment losses are subsequently reversed in profit or loss if objective evidence
exists that the Qard receivable is no longer impaired.
(k)
Impairment
(i)
Financial assets, excluding takaful receivables
All financial assets (except for financial assets categorised as fair value through profit or loss, investments in subsidiaries and
investment in associate) 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. For an investment in an equity instrument, a significant or prolonged
decline in the fair value below its cost is an objective evidence of impairment. If any such objective evidence exists, then the
impairment loss of the financial asset is estimated.
An impairment loss in respect of loans and receivables (excluding takaful receivables where the policy is set out in
Note 2(k)(ii) below) and held-to-maturity investments 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.
104
2.
(k)
Impairment (continued)
(i)
Financial assets, excluding takaful receivables (continued)
An impairment loss in respect of available-for-sale financial assets is recognised in profit or loss and is measured as the
difference between the asset’s acquisition cost (net of any principal repayment and amortisation) and the asset’s current fair
value, less any impairment loss previously recognised. Where a decline in the fair value of an available-for-sale financial asset
has been recognised in other comprehensive income, the cumulative loss in other comprehensive income is reclassified from
equity to profit or loss.
An impairment loss in respect of unquoted equity instrument that is carried at cost is recognised in profit or loss and is
measured as the difference between the financial asset’s carrying amount and the present value of estimated future cash
flows discounted at the current market rate of return for a similar financial asset.
Impairment losses recognised in profit or loss for an investment in an equity instrument classified as available-for-sale is not
reversed through profit or loss.
If, in a subsequent period, the fair value of an Islamic debt instrument increases and the increase can be objectively related
to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed, to the extent
that the asset’s carrying amount does not exceed what the carrying amount would have been had the impairment not been
recognised at the date the impairment is reversed. The amount of the reversal is recognised in profit or loss.
(ii)
Takaful receivables
If there is objective evidence that the takaful receivable is impaired, the Group and the Company reduce the carrying amount
of the takaful receivable accordingly and recognises that impairment loss in profit or loss. The Group and the Company gather
the objective evidence that a takaful receivable is impaired using the same process adopted for financial assets carried at
amortised cost. The impairment loss is calculated under the same method used for those financial assets. These processes
are described in Note 2(k)(i).
(iii) Other assets
The carrying amounts of other assets (except for deferred tax asset and investment property measured at fair value and noncurrent assets classified as held for sale) are reviewed at the end of each reporting period to determine whether there is any
indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating units. Subject
to an operating segment ceiling test, for the purpose of goodwill impairment testing, cash-generating units to which goodwill
has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at
which goodwill is monitored for internal reporting purposes. The goodwill acquired in a business combination, for the
purpose of impairment testing, is allocated to a cash-generating unit or a group of cash-generating units that are expected to
benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of
disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cashgenerating unit.
105
2.
(k)
Impairment (continued)
(iii) Other assets (continued)
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated
recoverable amount.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are
allocated to reduce the carrying amount of the other assets in the cash-generating unit (groups of cash-generating units) on
a pro-rata basis.
Impairment losses recognised in prior periods are assessed at the end of each reporting period for any indications that the
loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to
determine the recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to
the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net
of depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are credited to
profit or loss in the financial year in which the reversals are recognised.
(l)
Equity instruments
Instruments classified as equity are measured at cost on initial recognition and are not remeasured subsequently.
(i)
Ordinary shares
Ordinary shares are classified as equity.
(ii)
Distributions of assets to owners of the Company
The Group measures a liability to distribute assets as a dividend to the owners of the Company at the fair value of the
assets to be distributed. The carrying amount of the dividend is remeasured at each reporting period and at the settlement
date, with any changes recognised directly in equity as adjustments to the amount of the distribution. On settlement of
the transaction, the Group recognises the difference, if any, between the carrying amount of the assets distributed and the
carrying amount of the liability in profit or loss.
(m) Employee benefits
(i)
Short-term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are measured
on an undiscounted basis and are expensed as the related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group
and the Company have a present legal or constructive obligation to pay this amount as a result of past service provided by
the employee and the obligation can be estimated reliably.
(ii)
State plans
The Group’s and the Company’s contribution to the statutory pension fund is charged to profit or loss in the financial year to
which they relate. Once the contributions have been paid, the Group and the Company have no further payment obligations.
106
2.
(m) Employee benefits (continued)
(iii) Defined benefit plans
The Group’s net obligation in respect of defined benefit plan is calculated separately for each plan by estimating the amount
of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the
fair value of any plan assets.
The calculation of the defined obligations is performed annually by a qualified actuary using the projected unit credit
method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of
economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan.
To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.
Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets
(excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other
comprehensive income. The Group determines the net interest expense or income on the net defined liability or asset for
the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period
to the then net defined benefit liability or asset, taking into account any changes in the net defined benefit liability or asset
during the period as a result of contributions and benefit payments.
Net interest expense and other expenses relating to defined benefit plans are recognised in profit or loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past
service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses
on the settlement of a defined benefit plan when the settlement occurs.
(iv) Share-based payment transactions
The grant date fair value of share-based payment granted to employees is recognised as an employee expense, with a
corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The
amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market
vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number
of awards that meet the related service and non-market performance conditions at the vesting date.
For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is
measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
The fair value of the employee share options is measured using Monte Carlo Simulation. Measurement inputs include
share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic
volatility adjusted for changes expected due to publicly available information), expected dividends, and the risk-free interest
rate (based on government bonds). Service and non-market performance conditions attached to the transactions are not
taken into account in determining fair value.
(n)
Provisions
A provision is recognised if, as a result of a past event, the Group and the Company have a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments
of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.
107
2.
(o)
General Takaful Fund
The General Takaful Fund is maintained in accordance with the Islamic Financial Services Act 2013. Included in General Takaful Fund
are funds arising from:
•
•
General Takaful; and
General retakaful funds.
The General Takaful underwriting results are determined for each class of takaful business after taking into account retakaful,
unearned contributions, claims incurred and administrative fees.
Contribution income
Contributions are recognised in a financial period in respect of risks assumed during that particular financial period based on the
inception date. Inward treaty retakaful contributions are recognised on the basis of periodic advices received from ceding takaful
operators.
Unearned contribution reserves
The Unearned Contribution Reserves (UCR) represent the portion of the net contributions of takaful certificates written that relate
to the unexpired periods of the certificates at the end of the financial year.
In determining the UCR at the end of the reporting period, the method that most accurately reflects the actual unearned
contributions is used, as follows:
a)
b)
1/365th method for all General Takaful business.
1/8th method for all classes of General Treaty Inward Retakaful business.
Provision for outstanding claims
A liability for outstanding claims is recognised in respect of direct takaful business. The amount of outstanding claims is the best
estimate of the expenditure required together with related expenses less recoveries, if any, to settle the present obligation at the
end of the reporting period. Any difference between the current estimated cost and subsequent settlement is dealt with in the
takaful statement of profit or loss and other comprehensive income of the Group and of the Company in the year in which the
settlement takes place.
Provision is also made for the cost of claims (together with related expenses) and Incurred But Not Reported Claims (IBNR) at the
end of the reporting period, using a mathematical method of estimation by a qualified external actuary where historical claims
experience are used to project future claims. The provision includes a risk margin for adverse deviation. As with all projections,
there are elements of uncertainty and the projected claims may be different from actual. These uncertainties arise from changes in
underlying risk, changes in spread of risks, claims settlement pattern as well as uncertainties in the projection model and underlying
assumptions.
108
2.
(p)
Family Takaful Fund
Included in Family Takaful Fund are funds arising from:
•
•
•
Family Takaful;
Group Family Takaful; and
Family retakaful funds.
The Family Takaful Fund is maintained in accordance with the requirements of the Islamic Financial Services Act 2013 and includes
the amounts attributable to participants which represents the participants’ share of the underwriting surplus and return on the
investments, where applicable and are distributable in accordance with the terms and conditions prescribed by the Group and the
Company.
The surplus transfer from the Family Takaful Fund to profit or loss is based on the pre-determined profit sharing ratio of the
underwriting surplus and return on investments.
Contribution income
Contribution is recognised as soon as the amount of the contribution can be reliably measured. Initial contribution is recognised from
inception date and subsequent contribution is recognised when it is due. At the end of each financial period, all due contributions
are accounted for to the extent that they can be reliably measured.
Investment-linked business
Investments of the investment-linked business are stated at closing market prices. Any increase or decrease in value of these
investments is taken into the investment-linked business revenue accounts.
Actuarial reserves
Actuarial reserves comprise the Prospective Actuarial Valuation, Cash Flow Projection Valuation and Unearned Contribution
Valuation as explained below:
(i)
Prospective Actuarial Valuation
For credit-related products, the liabilities of Family Takaful Fund shall be valued based on the sum of present value of future
benefits and any expected future expenses payable from the takaful funds, less the present value of future gross tabarru’
arising from the certificate, discounted at the appropriate risk discount rate as defined in the valuation guidelines.
For a credit-related takaful certificate whose sustainability of tabarru’ deductions is dependent on the performance of the
Participants Investment Fund (PIF), the calculation is subject to adjusting the future gross tabarru’ cash flow such that it is
limited to the period where the PIF can sustain the tabarru’ and assuming that the takaful coverage is in force for the full
duration of the takaful contract.
(ii)
Cash Flow Projection Valuation
For products with PIF other than credit-related products, the liabilities shall be valued by projecting future cash flows to
ensure that all future obligations can be met without recourse to additional finance or capital support at any future time
during the duration of the certificate. The cash flow projection shall use a basis that is consistent with the requirements of
the valuation guidelines.
109
2.
(p)
Family Takaful Fund (continued)
Actuarial reserves (continued)
(iii) Unearned Contribution Valuation
Yearly renewable products or extensions shall be valued according to the following:
(a)
For a certificate covering death or survival, the liabilities shall be valued on an unexpired risk basis using a prospective
estimate of expected future payments arising from future events covered as at the valuation date. These future
payments shall include allowance for direct claims related expenses, direct investment-related expenses, cost of
retakaful and expected future contribution refunds expected during the unexpired period.
(b)
For a certificate covering contingencies other than death or survival, the net liability is the maximum of unexpired risk
reserve or unearned contribution reserve.
Claims and provisions for claims arising on family and group family takaful certificates, including settlement costs, are
accounted for using the case basis method and for this purpose, the benefits payable under a family takaful certificate are
recognised as follows:
(q)
a)
Maturity or other policy benefit payments due on specified dates are accounted for as claims payable on the due
dates.
b)
Death, surrender and other benefits without due dates are treated as claims payable on the date of receipts of
intimation of death of the participant or occurrence of contingency covered.
c)
For individual family, group health and medical business, provision is made for the cost of claims (together with related
expenses) and IBNR at the end of the reporting period, using a mathematical method of estimation by a qualified
internal actuary where historical claims experience are used to project future claims. The provision includes a risk
margin for adverse deviation. As with all projections, there are elements of uncertainty and the projected claims may
be different from actual. These uncertainties arise from changes in underlying risk, changes in spread of risks, claim
settlement pattern as well as uncertainties in the projection model and underlying assumptions.
Expense reserves
The expense reserves is reported as a liability in Takaful Operator’s Fund.
(i)
The expense reserve for mudharabah certificates is calculated based on best estimate of the provision for unexpired expense
risk (UER) and the provision for risk margin for adverse deviation (PRAD). The expense reserve for wakalah certificates refers
to the higher of aggregate of the Unearned Wakalah Fee (UWF) for all lines of business or best estimate of the provision for
UER and the PRAD at total fund level.
110
2.
(q)
Expense reserves (continued)
(ii)
Family Takaful Fund
Expense reserves consists of the following:
(a)
Expense liabilities
The method used to value expense liabilities shall be consistent with the method used to value takaful liabilities of the
corresponding family takaful certificate (for example, for a long-term ordinary takaful certificate, the valuation method
for expense liabilities should also be long-term in nature).
(b)
Deficiency Reserve for Skim Anuiti Takaful KWSP
In addition to the expense liabilities above, an additional requirement is also complied as stipulated below:
If Participant Investment Fund (PIF) is expected to be insufficient to meet future annuity certain benefit and / or future
life annuity tabarru’, another provision shall be set aside that is in line with requirement of the valuation guideline.
Upon PIF insufficiency, the Operator’s Fund shall honour the annuity certain benefit payment to participants as well
as the tabarru’ to PRF.
(r)
Product classification
The Family Takaful Fund and General Takaful Fund consist of certificate contracts that transfer takaful risk.
Takaful contracts are those contracts that transfer significant takaful risk. A takaful contract is a contract under which the fund
has accepted significant takaful risk from another party (the certificate holders) by agreeing to compensate the participants if a
specified uncertain future event (the takaful event) adversely affects the participants. As a general guideline, to determine whether
a contract has significant takaful risk, benefits paid are compared with benefits payable if the takaful event did not occur.
Investment contracts are those contracts that do not transfer significant insurance risk. There are no contracts that are classified as
investment contracts in the Family and General Takaful Funds.
Once a contract has been classified as a takaful contract, it remains a takaful contract for the remainder of its life-time, even if the
takaful risk reduces significantly during this period, unless all rights and obligations are extinguished or expired.
Takaful contracts in the current portfolio are classified as being without discretionary participation features (DPF) as it does not
satisfy the criteria for DPF. DPF is a contractual right to receive, as a supplement to guaranteed benefits, additional benefits that are:
•
•
•
(s)
likely to be a significant portion of the total contractual benefits;
whose amount or timing is contractually at the discretion of the issuer; and
that are contractually based on the:
-
performance of a specified pool of contracts or a specified type of contract;
-
realised and / or unrealised investment returns on a specified pool of assets held by the issuer; or
the profit or loss of the company, fund or other entity that issues the contract.
-
Retakaful
The funds cede takaful risk in the normal course of business. Retakaful assets represent balances receivable and recoverable from
retakaful operators. Amounts recoverable from retakaful operators are estimated in a manner consistent with the outstanding claims
provision or settled claims associated with the retakaful’s certificates and are in accordance with the related retakaful contracts.
Ceded retakaful arrangements do not relieve the fund from its obligations to participants. Contributions and claims are presented
on a gross basis for both ceded and assumed retakaful.
111
2.
(s)
Retakaful (continued)
Retakaful assets are reviewed for impairment at each reporting date or more frequently when an indication of impairment arises
during the reporting period. Impairment occurs when there is objective evidence as a result of an event that occurred after initial
recognition of the retakaful asset that the Family and General Takaful Fund may not receive all outstanding amounts due under the
terms of the contract and the event has a reliably measurable impact on the amounts that the Family and General Takaful Fund will
receive from the retakaful operator. The impairment loss is recorded in profit or loss.
Gains or losses on buying retakaful, if any, are recognised in profit or loss immediately at the date of purchase and are not amortised.
The funds also assume retakaful risk in the normal course of business for Family Takaful and General Takaful contracts when
applicable.
Contributions and claims on assumed retakaful are recognised as revenue or expenses in the same manner as they would be if
the retakaful were considered direct business, taking into account the product classification of the retakaful business. Retakaful
liabilities represent balances due to retakaful operators. Amounts payable are estimated in a manner consistent with the related
retakaful contract.
Retakaful assets or liabilities are derecognised when the contractual rights are extinguished or expired or when the contract is
transferred to another party.
Retakaful contracts that do not transfer significant takaful risk are accounted for directly through the statement of financial position.
These are deposit assets or financial liabilities that are recognised based on the consideration paid or received less any explicit
identified contributions or fees to be retained by the retakaful operators. Investment income on these contracts is accounted for
using the effective yield method when accrued.
(t)
Other revenue recognition
(i)
Financing income
Income from financing is recognised on an accrual basis, except where financing is considered impaired, i.e. where repayments
are in arrears for more than 90 days, in which case recognition of such income is suspended. Subsequent to suspension,
income is recognised on the receipt basis until all arrears have been paid.
Income is recognised on a time proportion basis that takes into account the effective yield of the asset.
(ii)
Wakalah fees
Wakalah fees are recognised as income or expenses by the respective funds based on a predetermined percentage of
gross contributions upon inception of certificates. Wakalah surplus / (deficit) is arrived at after deducting commission and
management expenses against the Wakalah fees charged.
(iii) Rental income
Rental is recognised on an accrual basis except where default in payment of rent has already occurred and rent dues remain
outstanding for over 90 days, in which case recognition of rental income is suspended. Subsequent to suspension, income is
recognised on the receipt basis until all arrears have been paid.
(iv) Dividend income
Dividend income is recognised in profit or loss on the date that the Group’s or the Company’s right to receive payment is
established, which in the case of quoted securities is the ex-dividend date.
112
2.
(u)
Zakat
This represents tithes payable by the Group and the Company to comply with the Principles of Shariah and as approved by the
Shariah Advisory Body. Zakat is computed at 2.5% of zakat base of the Company, which is computed using the “Adjusted Growth
method” as approved by the Shariah Committee. The zakat computation is reviewed by the Shariah Committee. The Board has the
discretion to pay additional zakat above the obligatory amount payable.
(v)
Income tax expense
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the
extent that it relates to items recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates enacted or substantively
enacted by the end of the reporting period, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets
and liabilities in the statement of financial position and their tax bases. Deferred tax is not recognised for the initial recognition of
assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on
the laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they
relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to
settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary
difference can be utilised. Deferred tax assets are reviewed at the end of each reporting period and are reduced to the extent that
it is no longer probable that the related tax benefit will be realised.
(w) Operating lease payments
The Group recognises its Ijarah financing obligations as operating leases. Lease payments under the operating lease are recognised
as an expense in profit or loss on a straight-line basis over the lease term.
(x)
Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares.
Basic EPS is calculated by dividing the consolidated profit or loss attributable to ordinary shareholders of the Company by the
weighted average number of ordinary shares outstanding during the period, adjusted for own shares held.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of
ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise
convertible notes and share options granted to employees.
(y)
Operating segments
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating
segments’ operating results are reviewed regularly by the chief operating decision maker, which in this case is the Chief Executive
Officer of the Group, to make decisions about resources to be allocated to the segment and to assess its performance, and for which
discrete financial information is available.
113
2.
(z)
Fair value measurements
Fair value of an asset or a liability, except for share-based payments and lease transactions, is determined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal
market or in the absence of a principal market, in the most advantageous market.
For non-financial asset, the fair value measurement takes into account a market participant’s ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
and best use.
When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair value are
categorised into different levels in a fair value hierarchy based on the input used in the valuation technique as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can assess at the measurement
date.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly.
Level 3: unobservable inputs for the asset or liability.
The Group and the Company recognise transfers between levels of the fair value hierarchy as of the date of the event or change in
circumstances that caused the transfers.
3.
Group Takaful Operator
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
vehicles and fittings
Cost / Valuation
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 January 2014
Additions
Disposals
Write-offs
Revaluation
Effect of movement in exchange rates
114
Total
RM’000
1,029 - - - (69)
- 341 - - - 179 - 6,066 - - - 1,394 295 2,889 - - - (83)
127 1,784 107,608 119,717
1,285 18,523 19,808
(209)
(407)
(616)
- (482)
(482)
- - 1,421
54 406 882
At 31 December 2014 / 1 January 2015
Additions
Disposals
Write-offs
Revaluation
960 - - - 20 - 520 - - - - - 7,755 - - - 4,097 1,090 2,933 - - - (121)
306 2,914 125,648 140,730
-
11,929 11,929
(1,095)
(1,058)
(2,153)
(683)
-
(683)
- - 3,996
127 1,039 2,562
At 31 December 2015
980 520 3,118 1,263 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
12,942 137,558 156,381
3.
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Accumulated depreciation and
Land Buildings
Land Buildings
impairment loss
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Total
RM’000
At 1 January 2014
Accumulated depreciation
Accumulated impairment loss
-
-
-
-
736
94,513
95,249
---
160--
160
Depreciation for the year
29
Disposals
Write-offs
Adjustment for revaluation
-
-
- - - - 949 99,854 100,803
---
167--
167
-
29
Depreciation for the year
Disposals
Write-offs
-
10 - - (10)
- At 31 December 2015
- -
- -
7
- - (7)
- -
- 751 - - (751)
- - 160 321 - - (321)
7
736 361 (173)
- - 25 94,513 5,811 (400)
(430)
- 360 99,854 95,409
7,251
(573)
(430)
(1,079)
392
167 949 100,970
1,054 - - (1,054)
- 348 - - (348)
19 367 (550)
(182) - 59 - -
- -
- 186 643 -
108,327 -
108,970
186
- - 186 643 108,327 109,156
8,490 (945)
-
- 928 10,269
(1,495)
(182)
(1,412)
1,006
Carrying amounts
At 1 January 2015
1,029 341 6,066 2,729 1,048 13,095 24,308
At 31 December 2014 /
1 January 2015
960 520 7,755 2,766 1,965 25,794 39,760
At 31 December 2015
980 520 12,942 2,932 620 29,231 47,225
115
3.
Group
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
Total
Cost / Valuation
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 January 2014
50,531
134,793
21,455
20,936
1,784
107,608
337,107
Additions
- 1,160 - - 1,285 18,523 20,968
Disposals
(257)
(406)
- - (209)
(407)
(1,279)
Write-offs
- - - - - (482)
(482)
Converted to freehold building
during the year
- 3,644 - (3,644)
- -
Reclassified to assets held for sale
14
- - (842)
(1,158)
- - (2,000)
Revaluation
3,056 (3,596)
2,755 240 - - 2,455
3
4
571 243 54 406 1,281
116
Additions
Disposals
Write-offs
Revaluation
53,333 135,599 - -
- -
- -
2,051 189 - -
23,939 -
-
-
8,555 2,130 16,617 -
-
-
(267)
583 2,914 125,648 358,050
-
11,929 11,929
(1,095)
(1,058)
(2,153)
(683)
-
(683)
- - 10,528
127 1,039 3,879
At 31 December 2015
55,384 34,624 16,933 1,263 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
135,788 137,558 381,550
3.
Group
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
impairment loss
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 January 2014
-
61 Charge for the year
29
31
Impairment loss
Disposals
Write-offs
61 - 139 (1)
-
- - At 31 December 2014 / 1 January 2015
-
199 199 -
42 Total
RM’000
-
114 -
706 736 - 94,513 - 95,249
923
114 1,665 88 - -
(1,665)
- 706 957 - - -
(957)
12 736 361 - (173)
-
- 25 94,513 5,811 - (400)
(430)
- 360 96,172
11,577
227
(588)
(430)
(5,405)
397
-
28 -
202 -
718 949 - 99,854 100,803
- 1,147
28 202 718 949 99,854 367 (550)
(182)
- 59 42 2,783 - (14)
-
(2,783)
- 101,950
Charge for the year
29
Disposals
Write-offs
-
2,711 - - (2,711)
- 2,288 - - (2,288)
- 1,028 - - (1,028)
35 8,490 (945)
-
- 928 14,884
(1,495)
(182)
(6,027)
1,022
At 31 December 2015
- 199 - 28 - 202 - 753 643 108,327 108,970
- - 1,182
199 28 202 753 643 108,327 110,152
Carrying amounts
At 1 January 2014
50,470 134,751 21,341 20,230 1,048 13,095 240,935
1 January 2015
53,134 135,571 23,737 15,899 1,965 25,794 256,100
At 31 December 2015
55,185 135,760 34,422 16,180 620 29,231 271,398
117
3.
Company Takaful Operator
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
Cost / Valuation
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
118
At 1 January 2014
Additions
Disposals
Write-offs
Revaluation
1,029
- - - (69)
341
- - - 179 -
-
-
-
1 January 2015
Additions
Disposals
Write-offs
Revaluation
960 - - - 20
520 - - - -
-
-
At 31 December 2015
980 520 - - 742
683 - - - Total
RM’000
98,563
100,675
18,001 18,684
(4)
(4)
(482)
(482)
- 110
1,425 116,078 118,983
-
11,464
11,464
(489) (853)
(1,342)
(683) -
(683)
- - 20
253
126,689 128,442
At 1 January 2014
Charge for the year
29
Disposals
Write-offs
-
-
-
-
219 86,501 86,720
- 7
- - 188 5,292 5,487
-----(3)
(3)
-
-
-
-
-
(430)
(430)
-
(7)
-
-
-
-
(7)
1 January 2015
Charge for the year
29
Disposals
Write-offs
-
At 31 December 2015
- 10 - - (10) -
-
-
-
Carrying amounts
At 1 January 2014
1,029 341 At 31 December 2014 /
1 January 2015
960 At 31 December 2015
980 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
-
407 204 (285)
(182)
-
91,360 7,938 (746)
-
-
91,767
8,152
(1,031)
(182)
(10)
-
144 98,552 98,696
- - 523 12,062 13,955
520 - - 1,018 24,718 27,216
520 - - 109 28,137 29,746
3.
Company
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
Cost / Valuation
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 January 2014
Additions
Disposals
Write-offs
Converted to freehold building
during the year
14
Revaluation
50,389
134,679
- 1,160 (112)
(288)
- - - - 3,056 3,644 - (3,596)
9,736
- - - 15,391
- - - - (842)
7
(3,644)
(1,158)
428 At 31 December 2014 /
1 January 2015
Additions
Disposals
Write-offs
Revaluation
53,333 135,599 - -
- -
- -
2,051 189 8,901 - - - 350 11,017 - - - (40)
At 31 December 2015
55,384 9,251 10,977 135,788 742
683 - - - - - 98,563
18,001 (4)
(482)
Total
RM’000
309,500
19,844
(404)
(482)
- - - (2,000)
(105)
1,425 116,078 326,353
-
11,464 11,464
(489)
(853)
(1,342)
(683)
-
(683)
- - 2,550
253 126,689 338,342
119
3.
Company (continued)
Office
equipment,
furniture,
Freehold
Leasehold
Motor
fixtures
Land Buildings
Land Buildings
impairment loss
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
At 1 January 2014
-
-
-
-
219
86,501
86,720
60 28114406 - -608
Charge for the year
29
Impairment loss
31
Disposals
Write-offs
60 - 139 -
-
- At 31 December 2014 / 1 January 2015
-
199 199 28 2,783 - -
-
(2,783)
114 169 88 -
-
(169)
406 310 - -
-
(310)
219 188 - -
-
- 86,501 5,292 - (3)
(430)
- 87,328
8,742
227
(3)
(430)
(3,262)
-
28 -
202 -
406 407 - 91,360 - 91,767
835
28 202 406 407
91,360
92,602
Charge for the year
29
Disposals
Write-offs
-
2,711 - - (2,711)
181 - - (181)
319 - - (319)
204 (285)
(182) - 7,938 (746)
- - 11,353
(1,031)
(182)
(3,211)
At 31 December 2015
- 199 - 28 - 202 - 406 144 - 98,552 - 98,696
835
199 28 202 406 144 98,552 99,531
Carrying amounts
At 1 January 2014
50,329 134,651 9,622 14,985 523 12,062 222,172
53,134 135,571 8,699 10,611 1,018 24,718 233,751
55,185 135,760 9,049 10,571 109 28,137 238,811
1 January 2015
At 31 December 2015
120
Total
RM’000
3.
3.1
Revaluation of properties
All the Group’s and Company’s land and buildings were revalued in December 2015 by independent professional qualified valuers
using the comparison method.
Had the land and buildings of the Group and of the Company been carried at historical cost less accumulated depreciation, their
carrying amounts would have been as follows:
Freehold land
Freehold buildings
Leasehold land and buildings
3.2
Group
Company
2015
2014
2015
2014
2015
2014
2015
2014
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
487 127 3,436 487 132 3,281 43,601 92,880 18,668 43,601 95,265 19,079 487 127 - 487 132 - 43,601 92,880 13,409 43,601
95,265
13,683
4,050 3,900 155,149 157,945 614 619 149,890 152,549
Included in the carrying amounts of the leasehold land and buildings are:
Group
Company
2015
2014
2015
2014
2015
2014
2015
2014
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
with unexpired lease
period of
- more than 50 years
- less than 50 years
-
15,874 - 10,521 11,730
38,872 11,510 28,126 - - - - 11,730 7,890 11,510
7,800
15,874 10,521 50,602 39,636 - - 19,620 19,310
3.3
In previous financial year, a leasehold building was converted to freehold building.
121
4.
Group
Note
Takaful Operator
2015
2014
RM’000 RM’000
At 1 January
Additions
Disposal
Reclassified to assets held
for sale
14
Fair value gains / (losses)
for the year - net
26
Effect of movement in
exchange rates
10,838 - - At 31 December
Comprising of:
Freehold land and buildings
more than 50 years
less than 50 years
- Family Takaful
2015
2014
RM’000 RM’000
16,604 217,508 - -
(6,181)
(1,800)
- - 216,003 1,067 (2,053)
- General Takaful
2015
2014
RM’000 RM’000
Group
2015
2014
RM’000 RM’000
21,810 -
- 23,740 93 - 33,816 - (1,800)
39,720
(7,586)
2,000 (2,000)
2,000
-
330 (23)
551 1,645
49 37
196 385 6,557 2,090 10 30 1,340 401 11,044 10,838 223,605 217,508 24,140 21,810 34,616 33,816
3,930 3,880 179,835 179,515 15,000 14,840 9,320 11,010
7,000 6,880 24,475 24,085 2,670 570 22,415 20,025
114 78 19,295 13,908 6,470 6,400 2,881 2,781
11,044 10,838 223,605 217,508 24,140 21,810 34,616 33,816
- - The following are amounts arising from investment properties that have been recognised in profit or loss during the financial year.
Rental income
122
Note
24
Takaful Operator
2015
2014
RM’000 RM’000
684 670 Family Takaful
2015
2014
RM’000 RM’000
9,911 8,169 General Takaful
2015
2014
RM’000 RM’000
773 732 Group
2015
2014
RM’000 RM’000
5,340 3,887
4.
Investment properties (continued)
Company
Note
Takaful Operator
2015
2014
RM’000 RM’000
Family Takaful
2015
2014
RM’000 RM’000
At 1 January
Additions
Disposal
Reclassified to assets
held for sale
14
Fair value gains / (losses)
for the year - net
26
10,760 - -
170 380 2,540 At 31 December
10,930 10,760 3,930 7,000 Comprising of:
more than 50 years
less than 50 years
- - 10,930 15,520 207,360 - -
(5,140)
(1,800)
Company
2015
2014
RM’000 RM’000
21,810 -
- 23,740 93 - 33,395 - (1,800)
2,000 (2,000)
2,000 -
821 330 (23)
510 1,620
208,100 207,360 24,140 21,810 34,105 33,395
3,880 179,835 179,515 15,000 14,840 9,320 11,010
6,880 24,475 24,085 2,670 570 22,415 20,025
3,790 3,760 6,470 6,400 2,370 2,360
208,100
207,360
24,140
21,810 34,105 33,395
- - 10,760 - 207,525 1,067 (2,053)
General Takaful
2015
2014
RM’000 RM’000
- 38,568
(6,793)
The following are amounts arising from investment properties that have been recognised in profit or loss during the financial year.
Rental income
Note
24
Takaful Operator
2015
2014
RM’000 RM’000
684 670 Family Takaful
2015
2014
RM’000 RM’000
9,210 7,623 General Takaful
2015
2014
RM’000 RM’000
773 732 Company
2015
2014
RM’000 RM’000
5,344 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
3,867
123
4.
Investment properties comprise a number of commercial properties that are leased to third parties. In prior year, a property has been
transferred to assets held for sale (see note 14).
Fair value information
Fair value of investment properties are categorised as follows:
2015
Takaful Operator
Family Takaful
General Takaful
Group
124
Level 1
RM’000
Group
Level 2
Level 3
RM’000
RM’000
Total
RM’000
-
-
3,930 3,930
-
-
-
-
7,000 114 7,000
114
-
-
11,044 11,044
-
-
179,835 179,835
-
-
-
-
24,475 19,295 24,475
19,295
-
-
223,605 223,605
-
-
15,000 15,000
-
-
-
-
2,670 6,470 2,670
6,470
-
-
24,140 24,140
-
-
9,320 9,320
-
-
-
-
22,415 2,881 22,415
2,881
-
-
34,616 34,616
4.
Fair value information (continued)
2015
Takaful Operator
Family Takaful
General Takaful
Company
Level 1
RM’000
Company
Level 2
Level 3
RM’000
RM’000
Total
RM’000
-
-
3,930 3,930
-
-
7,000 7,000
-
-
10,930 10,930
-
-
179,835 179,835
-
-
-
-
24,475 3,790 24,475
3,790
-
-
208,100 208,100
-
-
15,000 15,000
-
-
-
-
2,670 6,470 2,670
6,470
-
-
24,140 24,140
-
-
9,320 9,320
-
-
-
-
22,415 2,370 22,415
2,370
-
-
34,105 34,105
125
4.
2014
Takaful Operator
Family Takaful
General Takaful
Group
126
Level 1
RM’000
Group
Level 2
Level 3
RM’000
RM’000
Total
RM’000
-
-
3,880 3,880
-
-
-
-
6,880 78 6,880
78
-
-
10,838 10,838
-
-
179,515 179,515
-
-
-
-
24,085 13,908 24,085
13,908
-
-
217,508 217,508
-
-
14,840 14,840
-
-
-
-
570 6,400 570
6,400
-
-
21,810 21,810
-
-
11,010 11,010
-
-
-
-
20,025 2,781 20,025
2,781
-
-
33,816 33,816
4.
2014
Takaful Operator
Family Takaful
General Takaful
Company
Level 1
RM’000
Company
Level 2
Level 3
RM’000
RM’000
Total
RM’000
-
-
3,880 3,880
-
-
6,880 6,880
-
-
10,760 10,760
-
-
179,515 179,515
-
-
-
-
24,085 3,760 24,085
3,760
-
-
207,360 207,360
-
-
14,840 14,840
-
-
-
-
570 6,400 570
6,400
-
-
21,810 21,810
-
-
11,010 11,010
-
-
-
-
20,025 2,360 20,025
2,360
-
-
33,395 33,395
Policy on transfer between levels
The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused
the transfer.
127
4.
Level 1 fair value
Level 1 fair value is derived from quoted price (unadjusted) in active markets for identical investment properties that the entity can access
at the measurement date.
Level 2 fair value
Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the investment
property, either directly or indirectly.
Level 2 fair values of land and buildings have been generally derived using the sales comparison approach. Sales price of comparable
properties in close proximity are adjusted for differences in key attributes such as property size. The most significant input into this
valuation approach is price per square foot of comparable properties.
Transfer between Level 1 and 2 fair values
There is no transfer between Level 1 and 2 fair values during the financial year.
Level 3 fair value
Level 3 fair value is estimated using unobservable inputs for the investment property.
The following table shows a reconciliation of Level 3 fair values:
Group
Note
At 1 January 2014
Additions
Disposal
14
Gains and losses recognised in profit or loss
- Change in fair value - unrealised
128
16,604
- (6,181)
- Family
Takaful
RM’000
216,003
1,067 (2,053)
- 385 2,090 Effect of movement in exchange rates
30 401 At 31 December 2014
10,838 217,508 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
26
Takaful
Operator
RM’000
General
Takaful
RM’000
23,740
93 - (2,000)
(23)
- 21,810 Group
RM’000
39,720
(7,586)
-
1,645
37
33,816
4.
The following table shows a reconciliation of Level 3 fair values (continued):
Group
Note
Takaful
Operator
RM’000
Family
Takaful
RM’000
General
Takaful
RM’000
Group
RM’000
10,838
-
-
-
217,508
-
(1,800)
-
21,810
-
-
2,000 33,816
(1,800)
2,000
196 6,557 330 551
10 1,340 At 31 December 2015
11,044 223,605 24,140 34,616
Takaful
Operator
RM’000
Family
Takaful
RM’000
General
Takaful
RM’000
Company
RM’000
At 1 January 2015
Additions
Disposal
14
26
Company
Note
At 1 January 2014
Additions
Disposal
14
15,520
- (5,140)
-
207,525
1,067 (2,053)
-
- 49
23,740
93 - (2,000)
38,568
(6,793)
-
26
380 821 (23)
1,620
Additions
Disposal
14
10,760 -
-
-
207,360 -
(1,800)
-
21,810 -
-
2,000 33,395
(1,800)
2,000
170 2,540 330 510
10,930 208,100 24,140 34,105
26
At 31 December 2015
129
4.
The following table shows the valuation techniques used in the determination of fair values within Level 3, as well as the significant
unobservable inputs used in the valuation models.
Valuation technique
Significant unobservable inputs
Comparison method: The valuation method consider
the sales and listing of comparable properties
recorded in the area and adjustments are made
between the subject properties and those similar
properties. The adjustments are made in relation
to location and accessibility, size and shape of the
lot, physical features, legal and legislation constraints, building design and condition, supply and demand,
building code and public restriction.
Adjustment rate based on the
comparable of sales in the past
that was analysed by the National
Property Information Centre (NAPIC) under Valuation and Property
Services Department, Ministry of
Finance Malaysia.
Inter-relationship between
significant unobservable
inputs and fair value measurement
The estimated fair value would
increase (decrease) if:
- the rate were higher or lower
- the historical sales transaction
were higher or lower
Valuation processes applied by the Group and the Company for Level 3 fair value
The Group’s and the Company’s investment properties were valued by independent professional valuer firms, using the comparison, cost
and investment methods of valuations, where applicable.
In the comparison method approach, the sales and listings of comparable properties within nearby locations are compiled. From the
compiled data, adjustments are made by the valuers between the subject property and those similar properties.
The adjustments made are in relation to location, size and shape of the lot, physical features, legal and legislative constraints, building
design and condition, time element, planning provision, improvements and renovation works made, if any, surrounding developments,
facilities and amenities available and other factors that may affect the value of the subject property. These adjustments are therefore
subject to uncertainties such as property market outlook, potential increases in rental rates and general economic conditions.
In the cost method approach, the indication of values consists of the sum of the present worth of the improvement value.
For the valuation of the improvements, the valuers have considered the following:
i)
Cost of replacement of the building in accordance with current trend of market prices for materials, labour, contractor’s overhead,
profit and fees;
ii) Accrued depreciation as evidenced by the observed condition and present and prospective serviceability in comparison with new
units of like kind; and
iii) Extent, character and utility of the property.
The investment method is the capitalisation of net rent from a property. Net rent is the residue of gross annual rent less annual expenses
(outgoings) required to sustain the rent with allowance for void and management fees.
During the year, the external valuers performed an update valuation of market value of these investment properties in arriving at the
fair value, after considering the properties’ existing condition. In previous financial year, the external valuers have considered the results
of all these three methods in their valuation and applied professional judgement in the selection of the fair value of these investment
properties.
130
5. Intangible assets
Group and Company
Bancatakaful
Service Fees
Note
RM’000
Takaful Operator / Group / Company
Cost
At 1 January 2015
Additions
61,321
Amortisation
At 1 January 2015
Amortisation during the period
Carrying amounts
At 1 January 2015
61,321
29
(5,110)
(5,110)
-
At 31 December 2015
56,211
The intangible asset is in relation to the Bancatakaful Service Agreement with RHB Islamic Bank (RHB) pursuant to the term of the
Bancatakaful Service Agreement (the Agreement) entered on 26 August 2015 for the First period of the term, The Company and RHB have
entered into a ten year term to distribute Family and General takaful products via their distribution channel.
The term of the Agreement is divided over two periods, where the First Period is for the first five years of the term commencing on the
agreement date and the Second Period is for the subsequent five years. Either Party has the right to terminate the Agreement at the expiry
of the First Period. Subject to the commencement of the Second Period, a service fee of RM45,000,000 (inclusive Goods and Services Tax)
will be payable to RHB.
The intangible asset is amortised over its useful life of five years using the straight-line method.
131
6.
Investments in subsidiaries
Company Takaful Operator /
Company
2015
2014
RM’000
RM’000
At cost
Unquoted shares
Less: Accumulated impairment losses
63,185
(13,809)
69,775
(20,399)
49,376
49,376
Details of the subsidiaries are as follows:
Country of
Principal activities
incorporation
Name of subsidiaries
Asean Retakaful International
Family and General
(L) Ltd. (ARIL)** retakaful business
Malaysia
63.09%
63.09%
P.T. Syarikat Takaful
Indonesia and
its subsidiaries*
Investment holding
Indonesia
56.00%
56.00%
P.T. Asuransi Takaful
Umum*
General Takaful
business
Indonesia
64.70%
64.70%
P.T. Asuransi Takaful
Keluarga*
Family Takaful
business
Indonesia
74.80%
74.80%
*
**
Not audited by KPMG Desa Megat & Co.
Members’ Voluntary Winding-up commenced on 21 May 2012. The subsidiary has been consolidated based on management
accounts.
Non-controlling interests in subsidiaries
The Group’s subsidiaries that have non-controlling interests (NCI) are not material to the Group.
132
Effective
ownership interest
2015
2014
7.
Other investments
The other investments comprise the following:
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
Available-for-sale (AFS)
Fair value through profit or loss (FVTPL)
Held-to-maturity (HTM)
446,688 8,735
2,176
425,767 3,937 2,248 420,401 -
-
403,764
-
457,599
431,952 420,401 403,764
3,002,870 235,102 538,773 2,719,452 227,618 442,979 2,934,957 78,483 482,052 2,643,713
63,385
427,185
3,776,745 3,390,049 3,495,492 3,134,283
428,746 42,863 453,249 41,279 426,317 37,576 450,726
37,626
471,609 494,528 463,893 488,352
3,840,274 243,837 583,812 3,560,668 231,555 486,506 3,743,645 78,483 519,628 3,460,403
63,385
464,811
4,667,923 4,278,729 4,341,756 3,988,599
(a)
(b)
(c)
Family Takaful
(a)
(b)
(c)
General Takaful
(a)
(c)
Group / Company
(a)
(b)
(c)
133
7.
Other investments (continued)
(a) AFS financial assets
At fair value
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
Equity securities
- Quoted in Malaysia
- Quoted outside Malaysia
- Unquoted in Malaysia
- Unquoted outside Malaysia
59,316 9,260 380 42 43,227 7,087 380 38 59,316 - 380 - 43,227
380
-
68,998 50,732 59,696 43,607
Unit trusts
26,416 16,674 26,237 14,292 26,416 - 26,237
-
43,090 40,529 26,416 26,237
Institutional Trust Account
21,411 38,259 21,411 38,259
Islamic debt securities
311 274,848 586 257,861 - 274,848 257,861
275,159 258,447 274,848 257,861
38,030 37,800 38,030 37,800
446,688 425,767 420,401 403,764
Investment in linked funds
134
7.
(a) AFS financial assets (continued)
At fair value
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Equity securities
479,045 14,751
331,569 7,660
479,045 -
331,569
-
493,796 339,229 479,045 331,569
Unit trusts
159,036 53,162
138,601 66,087
159,036 -
138,601
-
212,198 204,688 159,036 138,601
103,801 84,900 103,801 84,900
Malaysian Government Islamic papers
164,728 236,397 164,728 236,397
-
2,028,347 1,992
1,852,246 -
2,028,347 1,852,246
2,028,347 1,854,238 2,028,347 1,852,246
3,002,870 2,719,452 2,934,957 2,643,713
Family Takaful
135
7.
(a)
AFS financial assets (continued)
At fair value
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
General Takaful
Equity securities
62,179
53,624 62,179
53,624
Unit trusts
19,677
2,429
21,535 2,523
19,677
-
21,535
-
22,106 24,058 19,677 21,535
27,429 26,154 27,429
26,154
-
5,069 -
5,069
317,032 344,344 317,032
344,344
428,746 453,249 426,317 450,726
136
7.
(a)
AFS financial assets (continued)
At fair value
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Equity securities
- Unquoted outside Malaysia
600,540 24,011
380
42
428,420 14,747
380 38
600,540 -
380
-
428,420
380
-
624,973
443,585 600,920 428,800
Unit trusts
205,129
72,265
186,373 82,902
205,129
-
186,373
-
277,394
269,275 205,129
186,373
152,641
149,313 152,641
149,313
164,728
241,466 164,728 241,466
311
2,620,227
2,578
2,454,451 -
2,620,227
2,454,451
2,620,538
2,457,029 2,620,227
2,454,451
3,840,274 3,560,668 3,743,645 3,460,403
Group / Company
137
7.
(b) FVTPL financial assets
At fair value
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
Equity securities
Unit trusts
3,552
701
-
-
1,685 -
-
-
3,498
3,236
-
-
8,735
3,937 -
-
62,019
57,883
49,229
42,893
62,019
-
49,229
-
119,902
92,122 62,019
49,229
Unit trusts
7,707
22,943 -
-
91,029
16,464
98,397 14,156 -
16,464
14,156
107,493
112,553 16,464
14,156
235,102
227,618 78,483
63,385
Family Takaful
Equity securities
138
7.
(b) FVTPL financial assets (continued)
At fair value
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Group / Company
Equity securities
Unit trusts
62,019
61,435
49,229
43,594
62,019
-
49,229
-
123,45492,82362,01949,229
9,392
22,943
-
-
94,527
16,464
101,633
14,156
-
16,464
14,156
110,991
115,789 16,464
14,156
243,837
231,555 78,483 63,385
139
7.
(c) HTM financial assets
At amortised cost
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
2,176
2,248
-
-
56,721
369,471
15,794
314,535
-
369,471
314,535
426,192
330,329 369,471
314,535
112,581 112,650
112,581
112,650
538,773
442,979 482,052 427,185
5,287
5,000
3,653
5,000 -
5,000
5,000
10,287
8,653 5,000
5,000
32,576
32,626 32,576
32,626
42,863
41,279 37,576
37,626
64,184
374,471
21,695
319,535 -
374,471
319,535
438,655
341,230 374,471
319,535
145,157 145,276 145,157
145,276
583,812
486,506 519,628
464,811
Family Takaful
General Takaful
Group / Company
140
7.
(c) HTM financial assets (continued)
At fair value
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
1,945
2,093
-
-
54,633
370,402
15,441
316,651 -
370,402
316,651
425,035
332,092 370,402
316,651
113,701
112,582 113,701
112,582
538,736 444,674 484,103
429,233
5,192
5,000
3,555
5,000 -
5,000
5,000
10,192
8,555 5,000
5,000
32,948
32,663 32,948
32,663
43,140
41,218 37,948 37,663
61,770
375,402
21,089
321,651 -
375,402
321,651
437,172
342,740 375,402
321,651
146,649 145,245 146,649
145,245
583,821
487,985 522,051
466,896
Family Takaful
General Takaful
Group / Company
141
7.
(d)
Carrying values of financial instruments
Note
AFS
RM’000
FVTPL
RM’000
HTM
RM’000
Group
RM’000
At 1 January 20144,101,229188,303404,608
4,694,140
Purchases
3,191,765 254,747 85,015 3,531,527
Maturities
(161,159)
(4,145)
(3,316)
(168,620)
Disposals
(3,485,373)
(225,141)
- (3,710,514)
Dividend capitalised
9,890 - - 9,890
Fair value gains / (losses) recorded in:
Profit or loss
26
-
11,701
-
11,701
39.2
(9,521)
-
-
(9,521)
Participants’ fund
(69,613)
-
-
(69,613)
Net assets value attributable to unitholders
295
-
-
295
Impairment losses incurred during the year
31
(14,690)
-
(361)
(15,051)
24
(6,027)
- (91)
(6,118)
3,872 6,090 651 10,613
142
Purchases
Maturities
Disposals
Profit or loss
26
39.2
31
24
3,560,668 2,343,787 (75,187)
(1,941,648)
7,130 231,555 276,539 - (276,626)
3,448 -
(4,037)
(3,444)
(230)
(49,821)
(6,786)
9,842 (7,784)
-
-
-
-
- 16,705 At 31 December 2015
3,840,274 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
243,837 486,506 4,278,729
94,840 2,715,166
(2,150)
(77,337)
- (2,218,274)
- 10,578
-
-
-
-
-
(116)
4,732 (7,784)
(4,037)
(3,444)
(230)
(49,821)
(6,902)
31,279
583,812 4,667,923
7.
(d)
Carrying values of financial instruments (continued)
Note
AFS
RM’000
FVTPL
RM’000
HTM
RM’000
At 1 January 2014
Purchases
Maturities
Disposals
Profit or loss
26
39.2
31
24
4,020,345
3,074,292 (159,474)
(3,388,979)
9,890
67,506
86,551 -
(88,892)
-
394,028
4,481,879
70,985 3,231,828
-
(159,474)
- (3,477,871)
-
9,890
Purchases
Maturities
Disposals
Profit or loss
26
39.2
31
24
3,460,403 2,218,543 (73,115)
(1,824,390)
7,130 At 31 December 2015
3,743,645 (e)
-
(9,405)
(66,745)
295
(13,789)
(6,027)
-
(2,392)
(13,978)
(230)
(21,540)
(6,786)
(1,780)
-
-
-
- - 63,385 63,249 -
(47,068)
-
(1,083)
-
-
-
-
- 78,483 Group
RM’000
-
-
-
-
- (202)
(1,780)
(9,405)
(66,745)
295
(13,789)
(6,229)
464,811 3,988,599
55,062 2,336,854
-
(73,115)
- (1,871,458)
-
7,130
-
-
-
-
-
(245)
(1,083)
(2,392)
(13,978)
(230)
(21,540)
(7,031)
519,628 4,341,756
Fair values of financial instruments
Quoted market prices category are financial instruments that are measured in whole or in part by reference to published quotes in
an active market. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available
from an exchange and published market price from print medias.
Market observable financial instruments are measured using a valuation technique based on assumptions that are supported by
prices from observable current market transactions and are instruments for which pricing is obtained from Bond Pricing Agency
Malaysia and regulatory agency. The fair value of investments in structured products are obtained via investments bankers and / or
fund managers.
Non-market observable inputs means that fair values are determined in whole or in part using a valuation technique based on
assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are
they based on available market data. The main asset class in this category are unquoted equity securities and Institutional Trust
Account.
The fair values of the unquoted equity securities were determined to approximate the carrying amount as these are immaterial in
the context of the financial statements.
143
7.
(f)
Maturity of other investments
The following investments mature after 12 months:
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Takaful Operator
AFS financial assets
FVTPL financial assets
HTM financial assets
273,517
3,188
1,945
270,151 3,237
1,812
273,206
-
-
269,854
-
2,221,195 101,219 496,663 2,062,626 108,784 441,557 2,221,195 15,466 442,030 2,059,823
12,399
427,185
319,659
41,836
335,215 40,905 319,659
37,576
335,215
37,626
2,814,371
104,407 540,444 2,667,992 112,021 484,274 2,814,060
15,466 479,606 2,664,892
12,399
464,811
Family Takaful
General Takaful
Group / Company
144
8.
Retakaful assets
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
18(a)
18(c)
37,328 242,477 53,157 206,644 36,238 232,841 52,126
199,326
279,805 259,801 269,079 251,452
366,877 55,893 352,710 69,949 360,753 53,833 346,103
68,117
422,770 422,659 414,586 414,220
404,205 55,893 242,477 405,867 69,949 206,644 396,991 53,833 232,841 398,229
68,117
199,326
702,575 682,460 683,665 665,672
Family Takaful
Claims liabilities
Actuarial liabilities
General Takaful
Claims liabilities
Contribution liabilities
18(a)
18(b)
Group / Company
Claims liabilities
Contribution liabilities
18(a)
18(b)
18(c)
145
9.
Deferred tax assets / (liabilities)
<------------------------------------------------- Group ------------------------------------------------->
Assets
Liabilities
Net
2015
2014
2015
2014
2015
2014
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Other investments
Loans and receivables, excluding
takaful receivables
Takaful receivables
Other payables
Expense reserves
Unabsorbed tax losses
- - 1,593 - - 654 199 650 6,786 23,572 2,314 1,311 406 8,257 28,093 2,082 Tax assets / (liabilities)
Set off of tax
35,114 (2,950)
40,803 (2,254)
Net tax assets
32,164 38,549 (1,052)
(1,898)
- -
(2,950)
2,950 (359)
(1,895)
- -
(2,254)
2,254 (1,052)
(1,898)
1,593 (359)
(1,895)
654
199 650 6,786 23,572 2,314 1,311
406
8,257
28,093
2,082
32,164 - 38,549
-
- - 32,164 38,549
(1,272)
(1,678)
- (393)
(1,861)
- (1,272)
(1,678)
1,593 (393)
(1,861)
654
199 650 6,786 23,572 2,314 1,311
406
8,257
28,093
2,082
32,164 - 38,549
-
32,164 38,549
Group
146
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
199 650 6,786 23,572 2,314 1,311 406 8,257 28,093 2,082 Tax assets / (liabilities)
Set off of tax
35,114 (2,950)
40,803 (2,254)
Net tax assets
32,164 38,549 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
- - 1,593 - - 654 -
(2,950)
2,950 - -
(2,254)
2,254 - Notes to the Financial Statements
9.
Deferred tax assets / (liabilities) (continued)
<----------------------------------------------- Company ----------------------------------------------->
Assets
Liabilities
Net
2015
2014
2015
2014
2015
2014
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Investment in subsidiaries
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
- 2,853 1,360 - 2,972 443 154 460 3,424 23,572 269 390 5,319 27,418 Tax assets / (liabilities)
Set off of tax
31,823 (1,898)
36,811 (1,895)
Net tax assets
29,925 34,916 (1,898)
- - -
(1,898)
1,898 (1,895)
- - -
(1,895)
1,895 (1,898)
2,853 1,360 (1,895)
2,972
443
154 460 3,424 23,572 269
390
5,319
27,418
29,925 - 34,916
-
- - 29,925 34,916
(220)
(1,678)
- - (34)
(1,861)
- - (220)
(1,678)
2,853 1,360 (34)
(1,861)
2,972
443
154 460 3,424 23,572 269
390
5,319
27,418
29,925 - 34,916
-
29,925 34,916
Company
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
- - 2,853 1,360 - - 2,972 443 154 460 3,424 23,572 269 390 5,319 27,418 Tax assets / (liabilities)
Set off of tax
31,823 (1,898)
36,811 (1,895)
Net tax assets
29,925 34,916 -
(1,898)
1,898 - -
(1,895)
1,895 - SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
147
9.
148
880 (314)
(4,003)
(4,402)
1,164 411 720 12,177 32,495 860 41,724 Tax assets / (liabilities)
(5,728)
(1)
62 886 (5,696)
41,724 Tax assets / (liabilities)
(425)
(1,923)
(2,591)
880 (314)
(4,003)
(4,402)
1,164 411 720 12,177 32,495 860 Group
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
(1)
94 886 (359)
(1,989)
(2,591)
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
2,383 -
32 - 2,351 2,351 -
- - 2,351 170 20 - 83 - 58 1
- 8
170 20 - 83 - 58 1
- 8
38,549 1,311 406 8,257 28,093 2,082 (393)
(1,861)
654 38,549 1,311 406 8,257 28,093 2,082 (359)
(1,895)
654 (7,098)
(1,156)
231 (2,202)
(4,521)
80
(13)
183
300 (7,284)
(1,156)
231 (2,202)
(4,521)
80 (13)
(3)
300 251 - - 474 - - (840)
- 617 437 - - 474 - - (654)
- 617 462 44 13 257 - 152
(26)
- 22 462 44 13 257 - 152 (26)
- 22 32,164
199
650
6,786
23,572
2,314
(1,272)
(1,678)
1,593
32,164
199
650
6,786
23,572
2,314
(1,052)
(1,898)
1,593
Recognised
Recognised
Recognised
in other
Effect of
Recognised
in other
Effect of
in profit comprehensive
movement
As at
in profitcomprehensive
movement
As at
or loss
income in exchange 31.12.2014 /
or loss
income in exchange
As at
1.1.2014
(Note 32)
(Note 32)
rate
1.1.2015
(Note 32)
(Note 32)
rate
31.12.2015
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
9.
(1,989)
3,384 (2,755)
321 704 8,794 31,820 40,279 (66)
(1,923)
3,384 (2,755)
321 704 8,794 31,820 40,279 Company Takaful Operator
Other investments
Loans and receivables, excluding takaful receivables
Takaful receivables
Other payables
Expense reserves
Tax assets / (liabilities)
Company
Other investments
Takaful receivables
Other payables
Expense reserves
Tax assets / (liabilities)
(7,746)
- 62 (412)
847 (52)
(314)
(3,475)
(4,402)
(7,714)
94 (412)
847 (52)
(314)
(3,475)
(4,402)
2,383 32 - - 2,351 - - - - 2,351 - - 2,351 - - - - 34,916 (34)
(1,861)
2,972 443 269 390 5,319 27,418 34,916 (1,895)
2,972 443 269 390 5,319 27,418 (5,422) - 183
(119)
300
(115)
70
(1,895)
(3,846)
(5,608)
(3)
(119)
300
(115)
70
(1,895)
(3,846)
431 (186)
- - 617
- - - - 617 617
-
29,925
(220)
(1,678)
2,853
1,360
154
460
3,424
23,572
29,925
(1,898)
2,853
1,360
154
460
3,424
23,572
Recognised
Recognised
Recognised
in other
Recognised
in other
in profit comprehensive
As at
in profitcomprehensive
As at
or loss
income 31.12.2014 /
or loss
income
As at
1.1.2014
(Note 32)
(Note 32)
1.1.2015
(Note 32)
(Note 32)
31.12.2015
RM’000RM’000RM’000RM’000RM’000RM’000RM’000
149
10.
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
Financing receivables
Secured financing
Unsecured financing
Staff financing
Allowance for impairment
10.1
-
74
2,357 (562)
83
290 3,522 (1,031)
-
74
1,694 (391)
290
2,649
(821)
1,869 2,864 1,377 2,118
Fixed and call deposits with licensed financial institutions
with maturity more than three months
Licensed banks in Malaysia
Banks outside Malaysia
130,425 2,038
96,629 2,687
130,425 -
96,629
-
132,463 99,316 130,425 96,629
9,372 31,920 10,158 4,747 226 6,838 22,229 8,788 22,410 4,003 238 4,748 9,320 31,904 10,158 3,369 226 659 22,229
7,887
22,410
3,044
238
557
63,261 62,416 55,636 56,365
197,593 164,596 187,438 155,112
Other receivables
Investment receivable
Due from Family Takaful Fund
21
Due from General Takaful Fund
21
Prepayment
Sundry deposits
Sundry receivables
Family Takaful
Secured financing
70,301
70,301
70,301
70,301
Allowance for impairment (301)(301)(301)(301)
70,00070,00070,00070,000
150
646,306
5,717
440,622 5,024
646,306
-
440,622
-
652,023
445,646 646,306
440,622
Other receivables
Due from Takaful Operator
21
Due from General Takaful
Prepayment
Sundry deposits
Sundry receivables
69,972 -
571
300
2,969 5,919
137,852 8,566
-
241 1,171 517 68,332 -
571
300
2,969 5,917
136,526
241
1,171
514
79,731 148,347 78,089 138,452
801,754 663,993 794,395 649,074
10.
Loans and receivables, excluding takaful receivables (continued)
Note
General Takaful
Secured financing
Group
2015
2014
RM’000
RM’000
5,381
(381)
5,381
(381)
Company
2015
2014
RM’000
RM’000
5,381
(381) 5,381
(381)
5,0005,0005,0005,000
81,825 1,228
64,075 1,475
81,825 -
64,075
-
83,053 65,550 81,825 64,075
Other receivables
9,397 26,751 9,397 26,751
Due from Takaful Operator
21
5,038
7,121
-
Due from Family Takaful Fund
21
-
99
-
99
Prepayment
89
108
89
Sundry deposits1,027715
1,027715
Sundry receivables
3,732
819 2,403 108
19,283 35,613 12,916 27,673
107,336 106,163 99,741 96,748
Group / Company
Secured financing
Unsecured financing
Staff financing
10.1
75,682
74
2,357
(1,244)
75,765 290
3,522 (1,713)
75,682 74
1,694 (1,073)
75,682
290
2,649
(1,503)
76,869 77,864 76,377 77,118
858,556 8,983
601,326 9,186
858,556 -
601,326
867,539 610,512 858,556 601,326
Other receivables
Prepayment
Sundry deposits
Sundry receivables
88,741 5,136 4,222 16,489 186,832 4,352 2,124 6,084 87,049 3,758 4,222 8,979 185,506
3,393
2,124
1,071
114,588 199,392 104,008 192,094
1,058,996 887,768 1,038,941 870,538
10.1 During the year, doubtful debts for financing receivables written off against allowance for impairment made previously in the Group
and the Company amounted to RM336,000 (2014: Nil).
151
10.
Loans and receivables, excluding takaful receivables (continued)
The following loans and receivables, excluding takaful receivables mature after 12 months:
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Takaful Operator
Other receivables
1,213 28,000
226
1,383 25,000
238
1,018 28,000
226
885
25,000
238
29,439 26,621 29,244 26,123
Family Takaful
Other receivables
70,00070,00070,00070,000
246,000
145,000 246,000
145,000
2,969
1,171
2,969
1,171
318,969
318,969 216,171
General Takaful
Other receivables
5,0005,0005,0005,000
31,000
20,000
31,000
20,000
1,027
715
1,027
715
37,027
25,715 37,027
25,715
Group / Company
Other receivables
76,213 305,000
4,222
76,383 190,000 2,124 76,018 305,000
4,222
75,885
190,000
2,124
385,435 268,507 385,240 268,009
Offsetting of financial assets and financial liabilities
No financial assets and liabilities have been set off for presentation purposes.
152
11.
Takaful receivables
Note
Family Takaful
Due contributions
Due from retakaful / co-takaful
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
75,010 27,800 66,230 25,794 73,900 25,759 64,247
23,323
102,810 (3,130)
92,024 (1,052)
99,659 (3,121)
87,570
(1,022)
99,680 90,972 96,538 86,548
Due contributions
44,340 8,640 28,844 12,210 40,087 7,183 26,430
8,406
Less: Allowance for impaired debts
39.4
52,980 (4,387)
41,054 (3,435)
47,270 (3,833)
34,836
(3,121)
48,593 37,619 43,437 31,715
Due contributions
119,350 36,440 95,074 38,004 113,987 32,942 90,677
31,729
39.4
155,790 (7,517)
133,078 (4,487)
146,929 (6,954)
122,406
(4,143)
148,273 128,591 139,975 118,263
39.4
General Takaful
Group / Company
Offsetting of financial assets and financial liabilities
No financial assets and liabilities have been set off for presentation purposes.
12.
Qard receivables
Takaful Operator
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
At 1 January ---Write back of Qard 27
14,516
-
-
(Repayment) / Increase during the year
(14,516)
362
-
Qard written off
31
-
(362)
At 31 December ---
The Qard is not repayable and has been fully written off, taking into the consideration the subsidiary and its Takaful Funds are under
Members’ Voluntary Winding-up since 21 May 2012 and there is no expected future experience of the fund to generate surplus.
153
13.
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Takaful Operator
Cash and bank balances
Fixed and call deposits with licensed financial institutions with
maturity less than three months
1,877 105 300
91,906 14,768
125,681 18,941
91,906 -
111,623
-
120,639 146,499 92,011 111,923
Family Takaful
16,670 31,581 842 24,484
242,614 53,648
522,350 43,410
242,614 -
513,874
-
312,932 597,341 243,456 538,358
6,063 5,332 4,700 3,000
92,954 14,726
96,135 10,968
92,954 -
93,311
-
113,743 112,435 97,654 96,311
General Takaful
154
13,965 Group / Company
36,698 38,790 5,647 27,784
427,474 83,142
744,166 73,319
427,474 -
718,808
-
547,314 856,275 433,121 746,592
14.
The assets held for sale are as follows:
Note
Group and Company
2015
2014
RM’000
RM’000
Takaful Operator
At 1 January
Settlement for asset held for sale
-
-
1,730
(1,730)
At 31 December
-
-
Family Takaful
At 1 January
-
-
2,260
(2,260)
At 31 December
-
-
General Takaful
At 1 January
Transferred to / from investment properties
4
2,000
-
(2,000)
2,850
(2,850)
2,000
At 31 December
-
2,000
Group / Company
At 1 January
Transferred from property and equipment
Transferred to investment properties
4
2,000
-
-
(2,000)
6,840
(6,840)
2,000
-
At 31 December
-
2,000
The carrying value of investment properties is the same as its carrying value before being reclassified to current assets.
155
15.
Share capital and reserves
Number
Number
Amount
of shares
Amount
of shares
2015
2015
2014
2014
RM’000’000
RM’000’000
Authorised
Ordinary shares of RM0.20# (2014: RM1.00) each
At 1 January
Share split
500,000 500,000 - 2,000,000 500,000 - 500,000
-
At 31 December
500,000 500,000 500,000
Issued and fully paid
Ordinary shares of RM0.20# (2014: RM1.00) each
At 1 January
Issued under LTIP
Share split
163,006 161 - 163,006 804 652,026 162,817 189 - 162,817
189
-
At 31 December
163,167 815,836 163,006 163,006
2,500,000 # The ordinary shares of RM1.00 each were sub-divided into RM0.20 per ordinary share each during the current financial year.
Ordinary shares
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Company.
Share premium
Share premium comprises the premium paid on subscription of shares in the Company over and above the par value of the shares.
Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign
operations.
Fair value reserve
The fair value reserve comprises the cumulative net change in the fair value of available-for-sale financial assets recognised in other
comprehensive income until the investments are derecognised or impaired.
Revaluation reserve
The revaluation reserve relates to the revaluation of land and buildings.
LTIP (Long Term Incentive Plan) reserve
The LTIP reserve comprises the cumulative value of employee services received for the issue of Restricted Share Plan and Performance
Share Plan. When the LTIP is exercised, the amount from the LTIP reserve is transferred to share premium. When the LTIP expires, the
amount from the LTIP reserve is transferred to retained earnings. LTIP is disclosed in note 16.
156
15.
Share capital and reserves (continued)
Retained earnings
The Company may distribute single tier exempt dividend to its shareholders out of its retained earnings. Pursuant to Section 60(1) of the
IFSA, the Company is required to obtain Bank Negara Malaysia’s written approval prior to declaring or paying any dividend with effect from
financial year beginning 1 January 2014.
Pursuant to the RBC Framework for Takaful Operator, the Company shall not pay dividends if its Capital Adequacy Ratio position is less than
its internal target capital level or if the payment of dividend would impair its Capital Adequacy Ratio position to below its internal target.
16.
Employee benefits
Share-based payments arrangement
At the Extraordinary General Meeting held on 24 July 2013, the Company’s shareholders approved the establishment of a Long Term
Incentive Plan (LTIP), which comprises a Restricted Share Plan (RSP) and a Performance Share Plan (PSP), of not more than 10% of issued
and paid-up share capital of the Company (excluding treasury shares) to eligible employees and executive director of the Company. The
LTIP was effected on 25 July 2013 following the submission of the By-Laws for the LTIP to Bursa Malaysia Securities Berhad, the receipt of
all required approvals and the compliance with the requirements pertaining to the LTIP.
The salient features of the LTIP are, inter alia, as follows:
i)
The RSP is a restricted share plan for selected key employees and the executive director of the Group. The RSP Grant is intended
as a one-off grant, subject to the discretion of the LTIP Committee for future grants, to retain key employees for the development,
growth and success of the Group. The RSP will be vested to the RSP Grantees at no consideration over a period of up to three
(3) years pro-rata which may include additional holding periods for each vesting as determined by the LTIP committee, whereby
selected employees will be assessed based on, amongst others, the individual performance and achievement, which may include
but are not limited to, profit after zakat and taxation and / or other financial measures as may be relevant, in accordance with terms
and conditions stipulated and determined by the LTIP Committee in its discretion. The LTIP Committee is a committee established
by the Board to implement and administer the LTIP in accordance with the LTIP By-Laws.
ii)
The PSP is a performance share plan for selected key employees and the executive director of the Group. The PSP Grant is an annual
grant to incentivise key employees for the long-term success and growth of the Group as well as shareholders’ value enhancement.
The PSP will be vested to the RSP Grantees at no consideration over a period of up to three (3) years cliff vesting schedule whereby
selected employees will be assessed based on, amongst others, the total shareholders’ return, which is the improvement in stock
price including dividends paid, and the long-term financial performance of the Company over a period of three (3) financial years,
or such other period of time should the LTIP committee choose to do so, in accordance with terms and conditions stipulated and
determined by the LTIP Committee in its discretion.
iii)
Eligible employees are those executives (including executive director) of the Group (other than subsidiaries which are dormant)
who have attained the age of 18 years; entered into a full-time or fixed-term contract of employment with and is on the payroll of a
company within the Group; have not served notice of resignation or received notice of termination on the date of the offer; whose
service / employment have been confirmed in writing; and have fulfilled other eligibility criteria which has been determined by the
LTIP Committee at its sole and absolute discretion from time to time.
iv)
The total number of the Company’s shares to be offered to any one of the employees and / or to be vested in any one of the
grantees shall not be more than 10% of the Takaful Malaysia Shares made available under the LTIP and shall not either singly or
collectively through persons connected with the said employee, holds 20% or more of the Company’s issued and paid up share
capital.
157
16.
Employee benefits (continued)
The salient features of the LTIP are, inter alia, as follows (continued):
v)
The maximum number of Takaful Malaysia Shares to be allotted and issued under LTIP shall not be more than in aggregate 10% of
the issued and paid-up ordinary share capital of the Company at any point in time during the duration of the LTIP.
vi)
The LTIP shall be in force for a period of ten (10) years from the effective date of implementation of the LTIP.
vii)
The new Company’s shares to be allotted and issued pursuant to the LTIP shall, upon allotment and issuance, rank pari passu
in all respects with the then existing issued Company’s shares and shall be entitled to any rights, dividends, allotments and /
or distributions attached thereto and / or which may declared, made or paid to the Company’s shareholders, provided that the
relevant allotment date of such new shares is before the record date (as defined in the LTIP By-Laws) for any right, allotment or
distribution.
viii) If the LTIP Committee so decides (but not otherwise), in the event of any alteration in the capital structure of the Company during
the duration of the LTIP, such corresponding alterations (if any) may be made in the number of unvested Takaful Malaysia Shares
and / or the method and / or manner in the vesting of the Takaful Malaysia Shares comprised in a grant.
During the year, the number of the shares granted are as follows:
Outstanding at 1 January 2014
Granted during the year
Exercised during the year
Forfeited during the year
Outstanding at 31 December 2014 / 1 January 2015
Effect of share split
Granted during the year
Exercised during the year
Forfeited during the year
Outstanding at 31 December 2015
158
Number of ordinary shares of
RM0.20# (2014: RM1.00) each
Restricted Performance
Shares
Shares
Total
(’000)
(’000)
(’000)
607
-
(189)
(39)
724
460
-
(111)
1,331
460
(189)
(150)
379
1,514 - (804)
(263)
1,073
4,291 1,860 - (735)
1,452
5,805
1,860
(804)
(998)
826 6,489 7,315
During the financial year, 804,000 shares of RM0.20 each (2014: 189,500 shares of RM1.00 each) were exercised. The weighted average
share price at the date of exercise for the year was RM1.79 (2014: RM8.96).
16.
Employee benefits (continued)
The fair value of services received in return for Restricted Shares and Performance Shares granted are based on the fair value of Restricted
Shares and Performance Shares granted respectively, measured using the Monte Carlo Simulation, with the following inputs:
Fair value and assumption
Fair value at grant date
Restricted
shares
2015
1.439
Restricted Performance Performance
shares
shares
shares
2014
2015
2014
7.194
3.227
2.106
Weighted average share price
1.439
7.194
3.227
10.533
Share price at grant date
1.551
7.755
3.850
12.580
Expected volatility (weighted average volatility)
34.30%
34.30%
26.74% to
31.19%
34.30%
34.30%
Option life (expected weighted average life)
3
3
3
3
Expected dividends
0.0384
0.0384
0.0364 to
0.0384 to
0.04310.0431
Risk-free interest rate (based on Malaysian government bonds)
3.30% to
3.30% to
3.43% to
3.43% to
3.52%
3.52%
3.52%
3.52%
Value of employee services received for issue of shares
Expense recognised as share-based payments
Restricted shares
- Shares granted in 2013
Group and Company
2015
2014
RM’000RM’000
649
2,327
Performance shares
1,191
1,609
407 2,017
470
-
3,207
2,487
3,856
4,814
Retirement benefit
The Group also makes contribution to a define benefit plans that provides pension for eligible permanent employees of its Indonesia
subsidiaries. The amounts are determined based on years of service and salaries of the employees at the time of pension. The benefits
will be paid upon retirement, permanent disability or termination.
159
17.
Qard payables
Group
2015
2014
RM’000RM’000
Family Takaful
At 1 January
(Repayment) / Increase during the year
Utilised for participants’ fund deficits
24,912
(9,946)
(18,146)
3,180
23,028
362
1,522
-
24,912
27,301
(4,570)
(26,217)
3,486
25,634
1,667
-
27,301
At 31 December
General Takaful
At 1 January
Repayment during the year
Utilised for participants’ fund deficits
At 31 December
18.
The takaful contract liabilities comprise the following:
Note
Family Takaful
(a)
(c)
Company
2015
2014
RM’000
RM’000
182,970 5,157,639 203,058 4,874,488 179,987 4,778,656 183,319
4,549,961
5,340,609 5,077,546 4,958,643 4,733,280
558,099 297,773 225,836 605,433 290,899 207,133 546,375 282,699 214,368 584,001
276,584
200,804
1,081,708 1,103,465 1,043,442 1,061,389
Group / Company
Provision for unearned contributions
741,069 297,773 5,345,445 808,491 290,899 5,043,821 726,362 282,699 4,954,994 767,320
276,584
4,712,965
6,384,287 6,143,211 5,964,055 5,756,869
General Takaful
(a)
(b)
(c)
(a)
(b)
(c)
160
Group
2015
2014
RM’000
RM’000
18.
Takaful contract liabilities (continued)
(a)
The provision for outstanding claims and its movements are further analysed as follows:
<------------------------------------------------ Group ------------------------------------------------>
2015 2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
Provision for claims reported by participants 25,268 Provision for IBNR
157,702 (4,104)
(33,224)
21,164 124,478 33,310 169,748 (3,352)
(49,805)
29,958
119,943
182,970 (37,328)
145,642 203,058 (53,157)
149,901
General Takaful
189,662 (273,667)
(93,210)
94,770 96,452 375,636 229,797 (259,623)
(93,087)
116,013
136,710
558,099 (366,877)
191,222 605,433 (352,710)
252,723
Group
347,364 (277,771)
(126,434)
115,934 220,930 408,946 399,545 (262,975)
(142,892)
145,971
256,653
(404,205)
336,864 808,491 (405,867)
402,624
741,069 <--------------------------------------------- Company --------------------------------------------->
2015 2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
156,700 (3,308)
(32,930)
19,979 123,770 18,918 164,401 (2,526)
(49,600)
16,392
114,801
179,987 (36,238)
143,749 183,319 (52,126)
131,193
General Takaful
188,380 (267,942)
(92,811)
90,053 95,569 360,418 223,583 (253,588)
(92,515)
106,830
131,068
546,375 (360,753)
185,622 584,001 (346,103)
237,898
Company
345,080 (271,250)
(125,741)
110,032 219,339 379,336 387,984 (256,114)
(142,115)
123,222
245,869
(396,991)
329,371 767,320 (398,229)
369,091
161
18.
(a)
Provision for outstanding claims (continued)
Movement of provision for outstanding claims:
Note
<------------------------------------------------ Group ------------------------------------------------>
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
At 1 January
28
203,058 Claims incurred during the year
690,995 Claims paid during the year
28
(700,819)
(Decrease) / Increase in IBNR
(12,751)
2,487 At 31 December
28
General Takaful
28
At 1 January
Claims incurred during the year
Adjustment to claims incurred
in prior accident years
Claims paid during the year
28
exchange rates
At 31 December
28
Group
28
At 1 January
28
exchange rates
At 31 December
162
28
(53,157)
(68,790)
68,119 16,607 149,901 622,205 (632,700)
3,856 195,807
593,045 (601,070)
14,091 (35,123)
(52,192)
51,176 (16,960)
160,684
540,853
(549,894)
(2,869)
(107)
2,380 1,185 (58)
1,127
182,970 (37,328)
145,642 203,058 (53,157)
149,901
605,433 275,305 (352,710)
(126,116)
252,723 149,189 665,467
209,162 (372,270)
(83,806)
293,197
125,356
(69,483)
(214,604)
(40,885)
25,192 87,467 (76)
(44,291)
(127,137)
(40,961)
(66,989)
(201,051)
(2,455)
45,418 70,578 (12,117)
(21,571)
(130,473)
(14,572)
2,333 (634)
1,699 1,299 (513)
786
558,099 (366,877)
191,222 605,433 (352,710)
252,723
808,491 961,213 (405,867)
(194,906)
402,624 766,307 861,274
796,871 (407,393)
(135,998)
453,881
660,873
(69,483)
(910,336)
(53,636)
25,192 155,586 16,531 (44,291)
(754,750)
(37,105)
(66,989)
(796,785)
11,636 45,418 121,754 (29,077)
(21,571)
(675,031)
(17,441)
4,820 (741)
4,079 2,484 (571)
1,913
741,069 (404,205)
336,864 808,491 (405,867)
402,624
18.
(a)
Provision for outstanding claims (continued)
Note
<---------------------------------------------- Company ---------------------------------------------->
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
At 1 January
28
28
183,319 631,892 (627,523)
(7,701)
(52,126)
(58,510)
57,728 16,670 131,193 573,382 (569,795)
8,969 176,375
523,871 (531,092)
14,165 (33,621)
(43,028)
42,070 (17,547)
142,754
480,843
(489,022)
(3,382)
28
179,987 (36,238)
143,749 183,319 (52,126)
131,193
At 31 December
General Takaful
28
At 1 January
28
584,001 269,427 (346,103)
(125,142)
237,898 144,285 633,291
207,072 (357,445)
(89,473)
275,846
117,599
(69,483)
(202,367)
(35,203)
25,192 85,596 (296)
(44,291)
(116,771)
(35,499)
(66,989)
(186,704)
(2,669)
45,418 67,596
(12,199)
(21,571)
(119,108)
(14,868)
At 31 December
546,375 (360,753)
185,622 584,001
(346,103)
237,898
28
Company
At 1 January
28
Adjustment to claims incurred in
prior accident years
28
767,320 898,592 (398,229)
(183,652)
369,091 714,940 809,666
728,064 (391,066)
(132,501)
418,600
595,563
(69,483)
(827,163)
(42,904)
25,192 143,324 16,374 (44,291)
(683,839)
(26,530)
(66,989)
(714,917)
11,496 45,418 109,666 (29,746)
(21,571)
(605,251)
(18,250)
At 31 December
726,362 (396,991)
329,371 767,320 (398,229)
369,091
28
163
18.
(b)
The provision for unearned contributions and its movements are further analysed as follows:
<------------------------------------------------ Group ------------------------------------------------>
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful / Group
297,773 (55,893)
241,880 290,899 (69,949)
220,950
<---------------------------------------------- Company ---------------------------------------------->
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful / Company
282,699 (53,833)
228,866 276,584 (68,117)
208,467
Movement of provision for unearned contributions:
<------------------------------------------------ Group ------------------------------------------------>
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
At 1 January
Contributions written
during the year
23
Contributions earned
during the year
23
exchange rates
At 31 December
290,899 (69,949)
220,950 296,425
(80,200)
216,225
476,051 (186,996)
289,055 451,319 (170,096)
281,223
(470,462)
201,266 (269,196)
(457,441)
180,457 (276,984)
1,285 (214)
1,071 596 (110)
486
297,773 (55,893)
241,880 290,899 (69,949)
220,950
296,425
(80,200)
216,225
451,554 (170,096)
281,458
(457,676)
180,457 (277,219)
596 (110)
486
290,899 (69,949)
220,950
Group
At 1 January
290,899 (69,949)
220,950 Contributions written
during the year
476,329 (186,996)
289,333 Contributions earned
during the year
(470,740)
201,266 (269,474)
exchange rates
1,285 (214)
1,071 At 31 December
297,773 (55,893)
241,880 164
18.
(b)
Provision for unearned contributions (continued)
Note
General Takaful
At 1 January
during the year
23
during the year
23
At 31 December
<---------------------------------------------- Company ---------------------------------------------->
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
276,584 (68,117)
208,467 280,111
(77,545)
202,566
444,525 (180,611)
263,914 418,459 (163,429)
255,030
(438,410)
194,895 (243,515)
(421,986)
172,857 (249,129)
282,699 (53,833)
228,866 276,584 (68,117)
208,467
276,584 (68,117)
208,467 280,111
(77,545)
202,566
Company
At 1 January
during the year
during the year
444,803 (180,611)
264,192 418,145 (163,429)
254,716
(438,688)
194,895 (243,793)
(421,672)
172,857 (248,815)
At 31 December
282,699 (53,833)
228,866 276,584 (68,117)
208,467
(c)
Participants’ fund balance at end of the reporting period comprise the following:
<------------------------------------------------ Group ------------------------------------------------>
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
Unallocated surplus /
accumulated surplus
AFS reserve
Translation reserve
Net assets value attributable
to unitholders
4,222,570 (242,477)
3,980,093 4,022,862 (206,644)
3,816,218
791,232 (62,755)
(1,553)
- - - 791,232 (62,755)
(1,553)
732,842 (61,878)
765
- -
-
732,842
(61,878)
765
208,145 - 208,145 179,897
-
179,897
4,915,162 4,874,488 (206,644)
4,667,844
5,157,639 (242,477)
General Takaful
Unallocated surplus /
accumulated surplus
AFS reserve
Translation reserve
233,368 (8,923)
1,391 - - - 233,368 (8,923)
1,391 213,255
(6,356)
234
-
-
-
213,255
(6,356)
234
225,836 - 225,836 207,133 -
207,133
165
18.
(c)
Participants’ fund (continued)
<------------------------------------------------ Group ------------------------------------------------>
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Group
4,222,570 Unallocated surplus / accumulated surplus 1,024,600 AFS reserve
(71,678)
Translation reserve
(162)
to unitholders
170,115 5,345,445 (242,477) 3,980,093 - 1,024,600 - (71,678)
- (162)
- (242,477)
4,022,858 946,098 (68,234)
999
(206,644) 3,816,214
- 946,098
-
(68,234)
-
999
170,115 142,100
-
142,100
5,102,968 5,043,821 (206,644)
4,837,177
<---------------------------------------------- Company ---------------------------------------------->
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
3,945,264 Actuarial liabilities
Unallocated surplus / accumulated surplus 791,232 AFS reserve
(59,912)
to unitholders
102,072 4,778,656 - (232,841)
3,776,136 732,842
(48,083)
(199,326)
-
-
3,576,810
732,842
(48,083)
102,072 89,066
-
89,066
4,545,815 4,549,961 (199,326)
4,350,635
General Takaful
Unallocated surplus / accumulated surplus
AFS reserve
223,014 (8,646)
- - 223,014 (8,646)
207,301
(6,497)
-
-
207,301
(6,497)
214,368 - 214,368 200,804 -
200,804
(232,841) 3,712,423 - 1,014,246 - (68,558)
3,776,136 940,143 (54,580)
Company
3,945,264 Unallocated surplus / accumulated surplus 1,014,246 AFS reserve
(68,558)
to unitholders
64,042 166
(232,841) 3,712,423 - 791,232 - (59,912)
4,954,994 - (232,841)
64,042 51,266 4,722,153 4,712,965 (199,326) 3,576,810
- 940,143
- (54,580)
- (199,326)
51,266
4,513,639
18.
(c)
The participants’ fund movements are analysed as follows:
<------------------------------------------------ Group ------------------------------------------------>
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
At 1 January
Investment income
Fees deducted (net)
Profit paid to participants
Increase in actuarial liabilities
Profit attributable to the Takaful Operator
Excess payment transferred to participants
Change in AFS reserve
Withholding tax
4,874,488 1,048,244 215,276 17,819 (2,334)
2,859 (678,244)
(225,047)
(52,265)
(1,678)
31,079 (97,506)
(846)
(877)
(9,166)
35,837 (206,644) 4,667,844 (61,312)
986,932 - 215,276 - 17,819 - (2,334)
- 2,859 52,183 (626,061)
- (225,047)
- (52,265)
- (1,678)
(34,959)
(3,880)
9,129 (88,377)
- (846)
- (877)
- (9,166)
(874)
34,963 4,554,923
958,130 191,950 37,490 12,894 3,277 (607,136)
(192,999)
(15,567)
(552)
58,295 (67,443)
(1,239)
(59,701)
(10,655)
12,821 (148,340) 4,406,583
(65,737)
892,393
- 191,950
- 37,490
- 12,894
- 3,277
69,152 (537,984)
- (192,999)
- (15,567)
- (552)
(58,016)
279
(3,414)
(70,857)
- (1,239)
- (59,701)
- (10,655)
(289)
12,532
At 31 December
5,157,639 (242,477)
4,915,162 4,874,488 (206,644)
4,667,844
General Takaful
At 1 January
Investment income
Fees deducted (net)
Withholding tax
207,133 269,196 29,031 555 330 8,243 (63,937)
(154,104)
(6,027)
(22,243)
(40,464)
(2,567)
(470)
1,160 -
207,133 269,196 29,031 555 330 8,243 (63,937)
(154,104)
(6,027)
(22,243)
(40,464)
(2,567)
(470)
1,160 219,124
276,984 29,164 4,519 (23)
3,263 (89,213)
(128,368)
(9,058)
(29,877)
(59,186)
(9,912)
(626)
342
-
-
-
-
-
-
-
-
-
-
-
-
-
-
219,124
276,984
29,164
4,519
(23)
3,263
(89,213)
(128,368)
(9,058)
(29,877)
(59,186)
(9,912)
(626)
342
At 31 December
225,836 - 225,836 207,133 -
207,133
167
18.
(c)
<------------------------------------------------ Group ------------------------------------------------>
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Group
At 1 January
Investment income
Fees deducted (net)
Withholding tax
5,043,821 1,317,440 244,307 18,374 (2,004)
11,102 (742,181)
(379,151)
(58,292)
(23,921)
31,079 (138,200)
(846)
(3,444)
(9,636)
36,997 (206,644) 4,837,177 (61,312) 1,256,128 - 244,307 - 18,374 - (2,004)
- 11,102 52,183 (689,998)
- (379,151)
- (58,292)
- (23,921)
(34,959)
(3,880)
9,129 (129,071)
- (846)
- (3,444)
- (9,636)
(874)
36,123 4,735,952
1,235,114 221,114 42,009 12,871 6,540 (696,349)
(321,367)
(24,625)
(30,429)
58,295 (126,334)
(1,239)
(69,613)
(11,281)
13,163 (148,340) 4,587,612
(65,737) 1,169,377
- 221,114
- 42,009
-
12,871
-
6,540
69,152 (627,197)
- (321,367)
- (24,625)
- (30,429)
(58,016)
279
(3,414)
(129,748)
- (1,239)
- (69,613)
- (11,281)
(289)
12,874
At 31 December
5,345,445 (242,477)
5,043,821 (206,644)
5,102,968 4,837,177
<---------------------------------------------- Company ---------------------------------------------->
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
168
Family Takaful
4,549,961 At 1 January
931,950 Investment income
203,540 Realised gains and (losses)
11,904 Fair value gains and (losses)
1,457 Other operating income
1,158 Net benefits and claims
(624,191)
Fees deducted (net)
(202,134)
(25,995)
(1,063)
30,487 Profit attributable to the Takaful Operator
(76,577)
(846)
(11,829)
Withholding tax
(9,166)
(199,326) 4,350,635 (51,143)
880,807 - 203,540 - 11,904 - 1,457 - 1,158 41,840 (582,351)
- (202,134)
- (25,995)
- (1,063)
(33,515)
(3,028)
9,303 (67,274)
- (846)
- (11,829)
- (9,166)
4,282,474
850,714 180,639 26,163 (959)
3,180 (538,036)
(168,967)
(14,546)
(171)
58,703 (60,791)
(1,239)
(56,548)
(10,655)
(142,240)
(55,633)
-
-
-
-
60,575 -
-
-
(57,086)
(4,942)
-
-
-
4,140,234
795,081
180,639
26,163
(959)
3,180
(477,461)
(168,967)
(14,546)
(171)
1,617
(65,733)
(1,239)
(56,548)
(10,655)
At 31 December
(232,841)
4,549,961 (199,326)
4,350,635
4,778,656 4,545,815 Notes to the Financial Statements
18.
(c)
<---------------------------------------------- Company ---------------------------------------------->
2015
2014
Gross
Retakaful
Net
Gross
Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful
At 1 January
Investment income
Fees deducted (net)
Withholding tax
200,804 243,515 27,876 480 330
6,926 (64,495)
(140,132)
(4,534)
(21,055)
(32,728)
(2,149)
(470)
-
-
-
-
-
-
-
-
-
At 31 December
214,368
-
200,804 243,515 27,876 480 330
6,926
(64,495)
(140,132)
(4,534)
(21,055)
(32,728)
(2,149)
(470)
213,801
249,129 28,229 4,458 (23)
2,835 (81,160)
(114,009)
(3,725)
(29,877)
(58,031)
(10,197)
(626)
-
-
-
-
-
-
-
-
-
-
-
-
-
213,801
249,129
28,229
4,458
(23)
2,835
(81,160)
(114,009)
(3,725)
(29,877)
(58,031)
(10,197)
(626)
214,368
200,804 -
200,804
Company
At 1 January
Investment income
Fees deducted (net)
Withholding tax
4,712,965 1,175,465 231,416 12,384 1,787 8,084 (688,686)
(342,266)
(30,529)
(22,118)
30,487 (109,535)
(846)
(13,978)
(9,636)
(199,326) 4,513,639 (51,143) 1,124,322 - 231,416 - 12,384 - 1,787 - 8,084 41,840 (646,846)
- (342,266)
- (30,529)
- (22,118)
(33,515)
(3,028)
9,303 (100,232)
- (846)
- (13,978)
- (9,636)
4,458,180
1,099,843 208,868 30,621 (982)
6,015 (619,196)
(282,976)
(18,271)
(30,048)
58,703 (118,527)
(1,239)
(66,745)
(11,281)
(142,240)
(55,633)
-
-
-
-
60,575 -
-
-
(57,086)
(4,942)
-
-
-
4,315,940
1,044,210
208,868
30,621
(982)
6,015
(558,621)
(282,976)
(18,271)
(30,048)
1,617
(123,469)
(1,239)
(66,745)
(11,281)
At 31 December
4,954,994 (232,841)
4,712,965 (199,326)
4,513,639
4,722,153 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
169
19.
Expense reserves
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
At 1 January 142,127131,522137,673127,279
Provision for the year, net
(333)
10,415 (168)
10,394
464
190
-
At 31 December
20.
142,258
142,127 137,505
137,673
Takaful payables
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
170
Family Takaful
Due to retakaful companies
Due to intermediaries / participants
23,514 12,714
30,218 10,731 22,272 12,714
28,497
10,731
36,228
40,949 34,986 39,228
General Takaful
49,683
9,736
16,190 4,178 48,051
9,736
15,576
4,177
59,419
20,368 57,787
19,753
Group / Company
73,197
22,450
46,408 14,909 70,323
22,450
44,073
14,908
95,647
61,317 92,773
58,981
21.
Other payables
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
Deposit payable
Outstanding purchases of investment securities
Due to Family Takaful Fund
10
Due to General Takaful Fund
10
Zakat payable
Other payables and accruals
294
-
-
5,038
666 70,813 252 2,403 8,566
7,121
663 70,833 294
-
-
-
236 58,084 252
2,403
200
61,852
76,811 89,838 58,614 64,707
Family Takaful
Advanced takaful contribution
Deposit payable
Profit payable to participants
Unclaimed monies
Due to Takaful Operator
10
10
Due to General Takaful Fund
4,419
4,975 792 7,168 7,061 31,920 -
61,349 5,009 5,772 1,539 423 18,271 8,788 99 61,268 4,419
2,091 19 7,168 7,061 31,904 -
60,769 5,009
2,030
17
423
18,271
7,887
99
60,831
117,684 101,169 113,431 94,567
General Takaful
Deposit payable
Due to Takaful Operator
10
Due to Family Takaful Fund
10,981
238
427
-
10,158
571 24,689
6,335 274 2,283 3,109 22,410 - 38,037 10,981
238
427
-
10,158
571 19,847
6,335
274
1,921
3,109
22,410
35,965
47,064 72,448 42,222 70,014
Group / Company
Deposit payable
Unclaimed monies
Zakat payable
15,400 5,507 1,219 7,168 7,061 666 156,851 11,344 6,298 3,822 423 23,783 663 170,138 15,400 2,623 446 7,168 7,061 236 138,700 11,344
2,556
1,938
423
23,783
200
158,648
193,872 216,471 171,634 198,892
171
22.
Operating revenue
Note
24
28,066 26,483 25,894 23,764
Family Takaful
Gross contributions
Investment income
23
24
1,044,692 215,276 958,060 191,950 928,922 203,540 852,331
180,639
1,259,968 1,150,010 1,132,462 1,032,970
476,051 29,031 451,319 29,164 444,525 27,876 418,459
28,229
505,082 480,483 472,401 446,688
1,521,021 267,553 1,409,614 243,025 1,373,270 253,195 1,270,476
228,586
1,788,574 1,652,639 1,626,465 1,499,062
General Takaful
Gross contributions
Investment income
23
24
Group / Company
Gross contributions
Investment income
23
24
Note
Family Takaful
(i) Gross contributions
22
Change in actuarial reserves / unearned
contributions reserves
172
Company
2015
2014
RM’000
RM’000
Takaful Operator
Investment income
23.
Group
2015
2014
RM’000
RM’000
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
1,044,692 958,060 928,922 852,331
3,552 70 3,028 (1,617)
1,048,244 958,130 931,950 850,714
(ii)
Retakaful
(61,312)
(65,737)
(51,143)
(55,633)
Contributions ceded to retakaful
(61,312)
(65,737)
(51,143)
(55,633)
(iii)
986,932 892,393 880,807 795,081
23.
Net earned contributions (continued)
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
476,051 451,319 444,525 418,459
(5,589)
6,122 (6,115)
3,527
18(b)
470,462 457,441 438,410 421,986
(ii) Retakaful
18(b)
(186,996)
(170,096)
(180,611)
(163,429)
(14,270)
(10,361)
(14,284)
(9,428)
(201,266)
(180,457)
(194,895)
(172,857)
(iii)
269,196 276,984 243,515 249,129
1,521,021 1,409,614 1,373,270 1,270,476
(2,037)
6,192 (3,087)
1,910
1,518,984 1,415,806 1,370,183 1,272,386
(ii) Retakaful
(248,308)
(235,833)
(231,754)
(219,062)
(14,270)
(10,361)
(14,284)
(9,428)
(262,578)
(246,194)
(246,038)
(228,490)
(iii)
1,256,406 1,169,612 1,124,145 1,043,896
General Takaful
18(b),22
18(b)
Group / Company
22
173
24.
Investment income
Note
Takaful Operator
Rental income from investment properties
4
Dividend income
- Equity securities
- quoted outside Malaysia
Profit income
- Islamic debt securities
Dividend income
- Equity securities
- quoted in Malaysia
- unquoted outside Malaysia
- Unit trusts
Profit income
- Institutional Trust Account
- Malaysian Government Islamic papers
Profit income
LAR and Cash and cash equivalents profit income
Investment expenses
Total investment income
174
22
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
684 670 684 670
256
23
-
-
289
262
-
-
1,909
-
8
1,251
2,263 133
-
1,056 1,909
-
-
1,251 2,263
1,056
1,613
13,696
17
(1,059)
2,201
12,231 23
(1,191)
1,613
13,696
17
(1,059)
2,201
12,175
23
(1,191)
202
9,373 (173)
133
9,060 (381)
-
7,956 (173)
6,948
(381)
28,066 26,483 25,894 23,764
24.
Investment income (continued)
Note
Family Takaful
4
Dividend income
- Equity securities
Profit income
Dividend income
- Equity securities
- Unit trusts
Profit income
Profit income
Investment expenses
22
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
9,911 8,169 9,210 7,623
1,722 269
1,220 33 1,722 -
1,220
-
5,632 6,062 826 767
14,741 121
7,598
16,211 75 6,516 14,741 -
7,598
16,211
6,516
4,375
100,191
7,324
(4,285)
6,300 88,398 11,189 (3,442)
4,375
100,061
7,324
(4,285)
6,300
88,005
11,189
(3,442)
20,876
4,367
(66)
44,702 (2,202)
13,949 4,368 (43)
35,431 (2,486)
18,195
4,367
(195)
41,492 (1,891)
12,945
4,368
(154)
31,342
(2,251)
215,276 191,950 203,540 180,639
175
24.
Note
General Takaful
4
Dividend income
- Equity securities
- Unit trusts
Profit income
Profit income
Investment expenses
176
22
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
773
732 773
732
2,113
786
2,885
701 2,113
786
2,885
701
1,314
17,274
63
(1,442)
1,599 17,001 819 (1,394)
1,314
17,274
63
(1,442)
1,599
17,001
819
(1,394)
328
1,279
(50)
6,700 (107)
231
1,279
(48)
5,548 (189)
-
1,279
(50)
5,873 (107)
1,279
(48)
4,844
(189)
29,031 29,164 27,876 28,229
24.
Note
Group / Company
4
Dividend income
- Equity securities
Profit income
Dividend income
- Equity securities
- unquoted outside Malaysia
- Unit trusts
Profit income
7(d)
Profit income
7(d)
LAR and cash and cash equivalents profit income
Investment expenses
22
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
5,340 3,887 5,344 3,867
1,722 525
1,220 56
1,722 -
1,220
-
5,921 6,324 826 767
18,763
121
8
9,635
21,359 208
- 8,273 18,763
-
- 9,635
21,359
8,273
7,302
131,161
7,404
(6,786)
10,100 117,630 12,031 (6,027)
7,302
131,031
7,404
(6,786) 10,100
117,181
12,031
(6,027)
21,406 5,646
(116)
60,775 (1,274)
14,313 5,647 (91)
50,039 (1,944)
18,195 5,646
(245)
55,321 (963)
12,945
5,647
(202)
43,134
(1,709)
267,553 243,025 253,195 228,586
177
25.
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Takaful Operator
Realised gains / (losses):
111
63 3
3
-
580 -
368
Asset held for sale
-
(221)
-
(221)
(533)
445
944 453
(533)
-
944
-
50
1,450
465 854
50
-
465
-
617
71
107
196
617
71
107
196
2,100 3,019 205 1,712
2,211 3,441 208 1,862
Family Takaful
1,776
114 1,776
114
Asset held for sale
-
69
-
69
(1,435)
972
14,500
305
(1,435)
-
14,500
-
Equity securities
Unit trusts
- unquoted in Malaysia
178
Equity securities
Unit trusts
572
4,943
4,200
10,999
572
-
4,200
-
10,576
-
415
5,276
23
2,004
10,576
-
415
5,276
2,004
16,043 37,307 10,128 25,980
17,819 37,490 11,904 26,163
25.
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
General Takaful
Asset held for sale
-
597
-
597
(1,129)
2,188 (1,129)
2,188
141
75
404
61
141
-
404
-
1,409
59
600
669
1,409
59
600
669
555 3,922 480 3,861
555 4,519 480 4,458
Group / Company
111 119 3
59
1,776
638 1,776
426
Asset held for sale
-
445
-
445
(3,097)
1,417
17,632
758
(3,097)
-
17,632
-
Equity securities
Unit trusts
Equity securities
Unit trusts
763
6,468
5,069
11,914
763
-
5,069
-
12,602
-
545
5,983
23 2,869 12,602
-
545
5,983
2,869
18,698
44,248 10,813 31,553
20,585
45,450 12,592
32,483
179
26.
Note
Takaful Operator
Fair value gains / (losses) arising from:
385 170 380
1,063
1,023
-
-
122
-
-
-
(78)
(126)
-
-
1,107
897 -
-
1,303
1,282 170
380
Family Takaful
6,557 2,090 2,540 821
(962)
(7,412)
(1,696)
14,259
(962)
-
(1,696)
-
(396)
(121)
(1,675)
(84)
-
(121)
(84)
(8,891)
10,804 (1,083)
(1,780)
(2,334)
12,894 1,457 (959)
330
(23)
330
(23)
Equity securities
Unit trusts
4
Equity securities
General Takaful
180
Company
2015
2014
RM’000
RM’000
196 4
Group
2015
2014
RM’000
RM’000
4
26.
Fair value gains and (losses) (continued)
Note
Group / Company
4
Equity securities
Unit trusts
7(d)
27.
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
551
1,645 510
1,620
(962)
(6,349)
(1,696)
15,282
(962)
-
(1,696)
-
122
-
-
-
(474)
(121)
(1,801)
(84)
-
(121)
(84)
(7,784)
11,701 (1,083)
(1,780)
(7,233)
13,346 (573)
(160)
Note
Group
2015
2014
RM’000
RM’000
Takaful Operator
Income from Family Takaful business, service charge and
management fees
Writeback of:
- Allowance for impaired financing
- Impairment of investment in subsidiary
- Qard
12
Miscellaneous income
133
- 14,516 2,326
25,594
Family Takaful
39.4
Writeback of allowance for impaired debts
8,619
10,215 Company
2015
2014
RM’000
RM’000
5,437
5,592
94
6,590 -
798
205
1,648
247
10,898 12,919
7,692
-
2,859
1,732 1,545 -
1,158
1,732
1,448
2,859
3,277 1,158
3,180
224 - -
459 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
181
27.
Other operating income (continued)
Note
28.
Company
2015
2014
RM’000
RM’000
General Takaful
39.4
Writeback of allowance for impaired debts
-
8,243 2,513 750 - 6,926
2,513
322
8,243 3,263 6,926
2,835
367
2,239 -
622
Group / Company
Income from Family Takaful business, service charge and
management fees
Writeback of:
- Allowance for impaired debts
39.4
- Allowance for impaired financing
- Impairment of investment in subsidiary
-
133
-
13,428
4,245 224 - 2,754 -
94
6,590
8,882
4,245
205
1,648
2,017
13,928
9,462 15,566
8,737
Note
Family Takaful
Gross benefits / claims paid
Retakaful recoveries
18(a)
18(a)
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
(700,819)
68,119 (601,070)
51,176 (627,523)
57,728 (531,092)
42,070
(632,700)
(549,894)
(569,795)
(489,022)
(182,970)
(203,058)
(179,987)
(183,319)
(203,058)
2,487
(195,807)
1,185 (183,319)
-
(176,375)
-
22,575 (6,066)
3,332 (6,944)
37,328 53,157 36,238 52,126
53,157 (107)
35,123 (58)
52,126 -
33,621
-
(15,936)
17,976 (15,888)
18,505
(626,061)
(537,984)
(582,351) (477,461)
Net benefits / claims paid
Gross change in contract liabilities:
At 31 December
18(a)
Less:
At 1 January
18(a)
Change in contract liabilities ceded to retakaful companies:
At 31 December
18(a)
Less:
At 1 January
18(a)
182
Group
2015
2014
RM’000
RM’000
28.
Net benefits and claims (continued)
Note
General Takaful
18(a)
18(a)
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
(214,604)
87,467 (201,051)
70,578 (202,367)
85,596 (186,704)
67,596
(127,137)
(130,473)
(116,771)
(119,108)
(558,099)
(605,433)
(546,375)
(584,001)
(605,433)
2,333 (665,467)
1,299 (584,001)
-
(633,291)
-
49,667 61,333 37,626 49,290
366,877 352,710 360,753 346,103
352,710 (634)
372,270 (513)
346,103 -
357,445
-
13,533 (20,073)
14,650 (11,342)
(63,937)
(89,213)
(64,495)
(81,160)
(910,336)
155,586 (796,785)
121,754 (827,163)
143,324 (714,917)
109,666
(754,750)
(675,031)
(683,839)
(605,251)
(741,069)
(808,491)
(726,362)
(767,320)
(808,491)
4,820 (861,274)
2,484 (767,320)
- (809,666)
-
72,242 55,267 40,958 42,346
404,205 405,867 396,991 398,229
405,867 (741)
407,393 (571)
398,229 -
391,066
-
(2,403)
(2,097)
(1,238)
7,163
(684,911)
(621,861)
(644,119)
(555,742)
At 31 December
18(a)
Less:
At 1 January
18(a)
At 31 December
18(a)
Less:
At 1 January
18(a)
Group / Company
18(a)
18(a)
At 31 December
18(a)
Less:
At 1 January
18(a)
At 31 December
18(a)
Less:
At 1 January
18(a)
183
29.
Management expenses
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
Personnel expenses (including key management personnel)
Directors’ remuneration
- Salaries and other emoluments
- Fees
Shariah Committee remuneration
- Company
29(i)
- Subsidiaries
Wages, salaries and others
Contributions to Employees’ Provident Fund
7,453 1,028 5,815 978 7,278 752 5,663
747
316 127
110,259 14,454
371 154 101,910 11,752 316 -
92,061 14,454
371
82,305
11,752
133,637 120,980 114,861 100,838
3
10,269 7,251 8,152 5,487
Depreciation of property and equipment
5
5,110 - 5,110 Auditors’ remuneration Company auditors
- Statutory audit 544544544544
- Other services
156
208
156
208
Other auditors
- Statutory audit
106
100
-
License fees
257 221 156 114
Legal fees
1,025 603 356 423
15,659 14,527 13,673 13,430
Professional fees
Rental of properties
7,318 7,018 5,666 5,550
Rental of equipments
1,802 1,461 1,802 1,461
Repair and maintenance
- property and equipment
10,103 9,765 9,430 9,210
Travelling expenses
2,584 2,958 1,566 2,689
Utilities
2,006 2,121 932 978
Communication costs
5,472 5,517 4,495 4,446
4,337 4,590 3,066 2,931
Advertising
Other expenses
39,239 28,212 36,590 25,426
184
105,987 85,096 91,694 72,897
Total management expenses
239,624 206,076 206,555 173,735
All management expenses are borne by the Takaful Operator.
29.
Management expenses (continued)
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Group / Company
Personnel expenses (including key management personnel)
Directors’ remuneration
- Salaries and other emoluments
- Fees
- Company
29(i)
- Subsidiaries
Contributions to Employees’ Provident Fund
7,453 1,028 5,815 978 7,278 752 5,663
747
316 127
110,082 14,454 371 154 101,596 11,752 316 -
91,884 14,454 371
81,991
11,752
133,460 120,666 114,684 100,524
Depreciation of property and equipment
3
5
Auditors’ remuneration Company auditors
- Statutory audit
- Other services
Other auditors
- Statutory audit
License fees
Legal fees
Professional fees
Rental of properties
Rental of equipments
Repair and maintenance
- property and equipment
Travelling expenses
Utilities
Communication costs
Advertising
Other expenses
14,884 5,110 11,353 5,110 8,742
-
11,577 - 544
156
544 208
544
156
544
208
106
257 1,025 15,659 1,290 1,802 100
221 603 14,527 1,334 1,461 -
156 356 13,673 343 1,802 114
423
13,430
392
1,461
10,103 2,584 2,006 5,472 4,337 39,239 9,765 2,958 2,121 5,517 4,590 28,212 9,430 1,566 932 4,495 3,066 36,590 9,210
2,689
978
4,446
2,931
25,426
104,574 83,738 89,572 70,994
Total management expenses
238,034 204,404 204,256 171,518
All management expenses are borne by the Takaful Operator.
185
29.
Management expenses (continued)
(i) The Shariah Committee remuneration is as follows:
Takaful Operator / Company
- Fees
- Other emoluments
- Benefits-in-kind
183
129
4
168
109
94
316
371
The total remuneration of the Shariah Committee members are as follows:
Company
2015
2014
RM’000RM’000
Takaful Operator / Company
Dato’ Mohd Bakir Hj Mansor
Fees
Other emoluments
Benefits-in-kind
30
25
-
30
23
30
55
83
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz
Fees
Other emoluments
30
25
30
20
55
50
Ahmad Shahbari @ Sobri Salamon
Fees
Other emoluments
48
26
48
24
74
72
Aida Othman
Fees
Other emoluments
Benefits-in-kind
30
24
2
30
21
32
56
83
Muhamad Rahimi Osman
Fees
Other emoluments
Benefits-in-kind
30
25
2
30
21
32
57
83
Ahmad Suffian Che Abdullah
Fees
Other emoluments
15
4
-
19
-
186
Company
2015
2014
RM’000RM’000
316
371
30.
Key management personnel compensation
The key management personnel compensation are as follows:
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Executive Director
Salaries and Bonus
Other emoluments
Benefits-in-kind
4,520 622 1,428 339 4,420 623 252 213 4,520 622 1,350 339 4,420
623
180
202
6,909 5,508 6,831 5,425
Non-executive Directors
Fees
Other emoluments
Benefits-in-kind
784 796 228 747 475 402 752 786 228 747
440
394
1,808 1,624 1,766 1,581
Subsidiaries’ Directors
Fees
Other emoluments
Benefits-in-kind
244
87
1
231 45 1
-
- -
-
332
277 -
-
Other key management personnel:
Benefits-in-kind
8,648 595 119 7,183 625 130 6,826 595 76 6,421
625
79
9,362 7,938 7,497 7,125
Total
18,411 15,347 16,094 14,131
The estimated monetary value of benefits-in-kind received by the Directors are RM568,000 (2014: RM597,000) and RM567,000 (2014:
RM596,000) at Group and Company level respectively.
187
30.
Key management personnel compensation (continued)
The total remuneration (including benefits-in-kind) of the Directors are as follows:
Note
Company
2015
2014
RM’000
RM’000
Executive Director
Salaries and bonus
Other emoluments
Benefits-in-kind
4,520 622 1,428 339 4,420 623 252 213 4,520 622 1,350 339 4,420
623
180
202
Total remunerations - Executive Director
6,909 5,508 6,831 5,425
86 348
77 511 90 69 23 182 114
67
31
212
96
67
23 186
90 63 121 274 88 56 20 164 112 60 45 217 96 59 52 207 Non-executive Directors
Tan Sri Ismee Ismail
Fees
Other emoluments
Benefits-in-kind
Fees
Other emoluments
Benefits-in-kind
Fees
Other emoluments
Benefits-in-kind
Fees
Other emoluments
Benefits-in-kind
188
Group
2015
2014
RM’000
RM’000
30.1 86 348 77 511
90 69 23 182 114
67
31
212
90
63
121
96
67
23
96
59
52
186
207
274
88
56
20
164
112
60
45
217
30.
Key management personnel compensation (continued)
The total remuneration (including benefits-in-kind) of the Directors are as follows:
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Non-executive Directors
Datuk Rozaida Omar Fees
Other emoluments
Benefits-in-kind
84
58
20
162
83 52 50 185 84
58
20
83
52
50
162 185
Mahadzir Azizan Fees
Other emoluments
Benefits-in-kind
176 104 31
311
142 109 92 343 144 94 31
269 142
75
83
Zakaria Ismail Fees
Other emoluments
Benefits-in-kind
138
83
23
244
136 75 23 234 138
83
23
136
75
23
244
234
Total remuneration
- Non-executive Directors
1,808 1,624 1,766
1,581
Total remunerations
8,717 7,132 8,597 7,006
300
30.1 Included in other emoluments of non-executive Directors is a motor vehicle given to a Director, as a token of appreciation for his
contributions and past services, which has a market value of RM270,000. The net book value of the motor vehicle is RM501,000 as
disclosed in note 31.
189
31.
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
Impairment of:
4,058 1,597 1,210 1,597
- AFS financial assets
- HTM financial assets
-
361
-
Allowance for impaired wakalah fee receivables
334
74
-
Write-off of:
30.1
501
52
501
52
- Property and equipment
- Financing receivables
30
-
30
12 -
362-- Qard
- Wakalah fee receivables
-
1,454
-
Agency related expenses
9,071
5,201
9,071
5,201
Miscellaneous expenses
1,222 3,628 476 2,189
15,216 12,729 11,288 9,039
Family Takaful
Impairment of:
39.4
Allowance for impaired debts
Write-off of bad debts
43,628 2,076 687
5,874 11,021 7
-
4,539 18,195 2,099 -
5,701 10,120
4,426
52,265 15,567 25,995 14,546
General Takaful
Impairment of:
39.4
Write-off of bad debts
2,135
907 1,909 1,076 2,072
213 1,913 4,860 2,135
712 611 1,076 2,072
60
1,593
6,027 9,058 4,534 3,725
-
49,821 -
227 14,690 361
-
21,540 -
227
13,789
-
2,983 334
220 74 2,811 -
-
Group / Company
Impairment of:
3
7(d)
- HTM financial assets
7(d)
Allowance for:
- Impaired debts
39.4
- Impaired wakalah fee receivables
Write-off of:
- Bad debts
30.1
- Financing receivables
- Wakalah fee receivables
Agency related expenses
2,596 501 30 -
9,071 6,670 1,913 52 - 1,454 5,201 12,048 611 501 30 -
9,071 5,751 60
52
5,201
7,229
72,006 36,240 40,315 26,558
31.1 Included in property and equipment written off is a motor vehicle with a net book value of RM501,000 given to a Director of the
Company as disclosed in note 30.
190
32.
Tax expense
Note
Group
2015
2014
RM’000
RM’000
Takaful Operator
Recognised in profit or loss
Current tax expense
Malaysian - current 36,077 - prior years
(2,703)
Overseas - prior years
-
Total current tax recognised in profit or loss
33,374 Deferred tax benefits
Deferred tax recognised in profit or loss
9
7,284 Total tax expense
40,658 Reconciliation of tax expense
Profit for the year
164,797 432 Zakat
Total income tax expense
40,658 Profit before zakat and taxation
205,887 Income tax using Malaysian tax rate of 25%
51,472 Effect of tax rates in foreign jurisdictions
(1,154)
Effect of change in tax rate
1,265 Items not subject to tax
(39,638)
31,416 Non-deductible expenses
Over provided in prior years
(2,703)
Tax expense
40,658 Recognised directly in equity
Deferred tax
9
(617)
Defined benefits liabilities
9
(474)
- Revaluation reserve
9
654 (437)
Company
2015
2014
RM’000
RM’000
42,308 (5,547)
5,088 36,052 (2,703)
-
42,308
(5,547)
-
41,849 33,349 36,761
5,696 5,608 7,714
47,545 38,957 44,475
138,486 389 47,545 151,324 200 38,957 144,378
200
44,475
186,420 190,481 189,053
46,605 (432)
- (1,761)
3,592 (459)
47,620 -
1,265 (38,186)
30,961 (2,703)
47,263
(829)
3,588
(5,547)
47,545 38,957 44,475
(2,351)
- (617)
- (2,351)
-
- - -
(2,351)
(617)
(2,351)
191
32.
Tax expense (continued)
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Group / Company
Recognised in profit or loss
Current tax expense
Malaysian - current - prior years
Overseas - prior years
36,077 (2,703)
-
42,304 (5,547)
5,088 36,052 (2,703)
-
42,304
(5,547)
-
Total current tax recognised in profit or loss
33,374 41,845 33,349 36,757
9
7,098 5,728 5,422 7,746
Total tax expense
40,472 47,573 38,771 44,503
Reconciliation of tax expense
Profit for the year
Zakat Total income tax expense
163,306 432 40,472 138,735 389 47,573 150,766 200 38,771 144,463
200
44,503
204,210 186,697 189,737 189,166
Income tax using Malaysian tax rate of 25%
Effect of tax rates in foreign jurisdictions
Effect of change in tax rate
Items not subject to tax
Non-deductible expenses
Over provided in prior years
51,022 (1,154)
1,265 (39,638)
31,680 (2,703)
46,674 (473)
- (1,761)
3,592 (459)
47,434 -
1,265 (38,186)
30,961 (2,703)
47,291
(829)
3,588
(5,547)
Tax expense
40,472 47,573 38,771 44,503
9
9
(617)
(474)
9
840 (32)
186 (32)
9
(251)
(2,383)
(431)
(2,383)
Deferred tax benefits
Deferred tax recognised in profit or loss
Recognised directly in equity
Deferred tax
Defined benefits liabilities
- Revaluation reserve
(2,351)
- (617)
- (2,351)
-
32.1 Based on recent amendments to Section 60AA of the Income Tax Act 1967 (ITA), the wakalah fee received by Shareholders’ fund
from Family Business is not subjected to income tax. Accordingly, commission and management expenses incurred by Shareholders’
fund in relation to Family Business are disallowed as deductible expenses. The amended Section 60AA of ITA will be effective for
year of assessment 2015 onwards.
32.2 The Group subsidiary in Indonesia, PT Asuransi Takaful Keluarga, was served with additional tax assessment for year of assessment
2007 amounting to approximately RM5.1 million (Rp18.4 billion) on 30 December 2013. The additional assessment raised by
the Indonesian tax authority is mainly due to the disallowance of unit linked contribution reserves arising from the increase in
value of unit linked investments as tax deduction. Management had submitted an objection on 4 February 2014. Subsequently,
the Indonesian tax authority rejected the subsidiary’s objection to the additional tax assessment on 29 January 2015. whilst the
subsidiary continues to file an appeal to the Tax Court, the Group has provided in the previous year for the full tax impact in the
financial statements.
192
33.
<------------------------------------------------- Group ------------------------------------------------->
2015
2014
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Items that will not be reclassified
Revaluation of property and equipment
- Gains arising during the year
(1,894)
4,753 (474)
- (2,368)
-
-
-
4,753 2,500
-
2,500
2,859 (474)
2,385 2,500 -
2,500
6,897
-
6,897
5,036
-
5,036
Foreign currency translation differences
for foreign operations
- Losses arising during the year
- Reclassification adjustments for gain
on disposal included in profit or loss
(1,937)
566 (1,371)
(6,502)
1,597 (4,905)
(2,100)
51 (2,049)
(3,019)
754 (2,265)
2,860 617 3,477 (4,485)
2,351 (2,134)
5,719 143 5,862 (1,985)
2,351 366
(5,497)
-
(5,497)
(1,995)
-
(1,995)
15,166
-
15,166
(22,394)
- (22,394)
(16,043)
-
(16,043)
(37,307)
- (37,307)
6,374
-
6,374
60,174 - 60,174
-
-
-
(1,522)
- (1,522)
Family Takaful
- Gains / (Losses) arising during the year
Other comprehensive income attributable
to participants
193
33.
Other comprehensive income (continued)
<------------------------------------------------- Group ------------------------------------------------->
2015
2014
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful
Items that may be reclassified subsequently
to profit or loss
to participants
Group
- Realisation of revaluation surplus
arising from disposal of property
and equipment
to participants
194
(2,208)
-
(2,208)
(1,267)
-
(1,267)
(2,012)
-
(2,012)
(5,990)
-
(5,990)
(555)
-
(555)
(3,922)
-
(3,922)
4,775
-
4,775
9,569
-
9,569
-
-
-
(1,610)
-
(1,610)
(2,368)
- (2,368)
- - -
16,555 (840)
15,715 7,955 32 7,987
-
-
-
(95)
-
(95)
(10,404)
(5,477)
-
(5,477)
(10,404)
- 3,783
(840)
2,943
2,383 32 2,415
6,897
-
6,897
5,093
-
5,093
Fair value of available- for-sale financial assets
(1,937)
566 (1,371)
(6,502)
1,597 (4,905)
(2,100)
51 (2,049)
(3,019)
754 (2,265)
2,860 617 3,477 (4,428)
2,351 (2,077)
6,643 (223)
6,420 (2,045)
2,383 338
33.
<--------------------------------------------- Company --------------------------------------------->
2015
2014
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Item that will not be reclassified
30
-
30
117
-
117
30
-
30
117 -
117
(2,187)
566 (1,621)
(7,693)
1,923 (5,770)
(205)
51 (154)
(1,712)
428 (1,284)
(2,392)
617 (1,775)
(9,405)
2,351 (7,054)
(2,362)
617 (1,745)
(9,288)
2,351 (6,937)
Family Takaful
to participants
(1,701)
- (1,701)
(30,568)
- (30,568)
(10,128)
- (10,128)
(25,980)
- (25,980)
11,829 - 11,829 56,548 - 56,548
------
195
33.
<--------------------------------------------- Company --------------------------------------------->
2015
2014
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful
to participants
Company
- Realisation of revaluation surplus arising from disposal of property and equipment
to participants
-
(1,669)
(6,336)
-
(6,336)
(480)
-
(480)
(3,861)
-
(3,861)
2,149
-
2,149
10,197
-
10,197
------
5,947 (186)
5,761 3,252 -
-
-
(95)
(5,173)
-
(5,173)
(3,157)
774 (186)
588 (2,187)
566 (1,621)
(205)
51 (2,392)
(1,618)
Items that may be reclassified subsequently
to profit or loss
196
(1,669)
32 - 3,284
(95)
-
(3,157)
32 32
(7,693)
1,923 (5,770)
(154)
(1,712)
428 (1,284)
617 (1,775)
(9,405)
2,351 (7,054)
431 (1,187)
(9,405)
2,383 (7,022)
- Notes to the Financial Statements
34.
Earnings per share - Group
Basic earnings per ordinary share
The calculation of basic earnings per ordinary share at 31 December 2015 was based on the profit attributable to ordinary shareholders of
RM155,977,000 (2014: RM140,521,000) and a weighted average number of ordinary shares outstanding, calculated as follows:
Group
2015
2014
Unit’000
Unit’000
Issued ordinary shares at beginning of the year (basic)
Effect of ordinary shares issued under LTIP
Share split
163,006 282
652,026
162,817
65
651,530
Weighted average number of ordinary shares (basic)
815,314 814,412
Diluted earnings per ordinary share
The calculation of diluted earnings per ordinary share at 31 December 2015 was based on the profit attributable to ordinary shareholders
of RM155,977,000 (2014: RM140,521,000) and a weighted average number of ordinary shares outstanding after adjustment for the
effects of all dilutive potential ordinary shares, calculated as follows:
Group
2015
2014
Unit’000
Unit’000
Weighted average number of ordinary shares (basic)
Effect of Restricted / Performance shares on issue
Share split
815,314 1,005
3,652
814,412
767
3,926
Weighted average number of ordinary shares (diluted)
819,971 819,105
Sen per
share
(single tier)
Total
amount
RM’000
Date of
payment
2015
Final ordinary dividend per ordinary share of RM1.00 each for financial year 2014
35.00
57,052 25.5.2015
2014
Final ordinary dividend per ordinary share of RM1.00 each for financial year 2013
First interim ordinary dividend per ordinary share of RM1.00 each for financial year 2014
40.00
40.00
65,127 65,202 8.5.2014
4.11.2014
35.
Dividends
Dividends recognised by the Company:
Total amount
130,329
Subsequent to the end of the reporting period, the Directors declared an interim single tier dividend of 7.35 sen per ordinary share of RM0.20
each totalling RM59,963,983 in respect of the financial year ended 31 December 2015 on 8 January 2016 which will be paid on 17 February
2016. The dividends will be recognised in subsequent financial period. SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
197
36.
Operating segments
Segment information is presented in respect of the Group’s geographical segments. This is based on the Group’s management and internal
reporting structure. Inter-segment pricing, if any, is determined based on negotiated terms. The Group does not present information by
business segment as it is principally engaged as an operator of Family and General takaful / retakaful businesses. The financial position
and performance of the Family and General Takaful businesses managed by the Group and the Company have been disclosed separately
within these financial statements.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable
basis. Unallocated items comprise expenses, which are all incurred by Takaful Operator for the management of Takaful funds.
Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are expected to be used for more
than one year.
Geographical segments
In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers.
Segment assets are also based on the geographical location of assets.
2015
Total external revenue
Inter-segment revenue
1,626,656 161,918 1,788,574
---
Total segment revenue
1,626,656 161,918 1,788,574
201,022 3,188 204,210
Zakat
Tax expense
(432)
(40,472)
Profit for the year
163,306
Segment result / Profit before zakat and taxation
198
Malaysia
Indonesia Consolidated
RM’000RM’000RM’000
Segment assets by location of assets
7,011,178 515,943 7,527,121
Segment liabilities by location of liabilities
6,367,658 450,694 6,818,352
Capital expenditure by location of assets
11,464 465 11,929
Depreciation and amortisation
11,353 3,531 14,884
Non-cash expenses other than depreciation and amortisation
27,478 28,757 56,235
36.
Operating segments (continued)
Geographical segments (continued)
Malaysia
Indonesia Consolidated
RM’000RM’000RM’000
2014
Total external revenue
Inter-segment revenue
1,499,636 153,003 1,652,639
---
Total segment revenue
1,499,636 153,003 1,652,639
186,657 40 186,697
Zakat
Tax expense
(389)
(47,573)
Profit for the year
138,735
Segment result / Profit before zakat and taxation
Segment assets by location of assets
6,720,181 444,607 7,164,788
Segment liabilities by location of liabilities
6,177,866 390,476 6,568,342
19,844 1,124 20,968
8,742 2,835 11,577
14,128 4,863 18,991
Capital expenditure by location of assets
Depreciation and amortisation
Non-cash expenses other than depreciation and amortisation
37.
Risk management framework
The Board with the assistance of the management team is responsible for the Risk Management Framework within the Group. The
Board delegates the responsibility of oversight and monitoring of management’s initiatives in managing key risk areas and ensuring the
functioning of the risk management processes to the Board Risk Committee (BRC). The BRC is supported by the Management Committee
(MC) who is represented by the respective heads of divisions and headed by the Group Managing Director.
The Group established the Enterprise Risk Management (ERM) Framework to ensure an ongoing process of identifying, evaluating,
monitoring and managing the significant risk exposures surrounding its business strategies and operations.
By executing the risk management process through robust controls, monitoring and responding to potential risks, the Group is able to
mitigate risks to within the risk appetite of the Board. Operational Loss Incidences reporting based on the BNM’s ORION requirement are
reported to BNM, BRC and the Board to act as a gauge on the effectiveness of the ERM in place.
Whistle Blowing Policy & Fraud and Integrity Policy and Shariah Governance Framework are also in place to provide basic structure and
further strengthen the existing control mechanism underlying the business activities.
Business Continuity Management is consistently practiced in accordance with Bank Negara Malaysia guidelines. The Group tests the
Business Continuity Plan annually to ensure the continuity of essential services in the event of major disruption and to safeguard the lives
of the employees and others in the office premises. The Disaster Recovery Plan is tested twice a year to ensure the critical IT systems are
up and running at all times.
199
37.
Risk management framework (continued)
In Financial Risk, the Group has a Risk and Capital Management Framework to maintain financial resilience and stability, whilst having the
flexibility of pursuing strategic business opportunities to optimize shareholder value.
Stress Testing is conducted twice a year by the Actuarial Division together with Investment Department and Risk Management Department
to ensure the Group’s financial standing is secure under several risk scenarios.
Asset and Liability Management Framework and Strategic Asset Allocation are also in place to enhance Financial Risk Management and
facilitate in the Group’s and the Company’s investment strategy.
38.
Takaful risk management
(a)
Family Takaful Fund
The Family Takaful contracts consist of:
(i)
Family Takaful non-investment-linked contracts
The Family Takaful non-investment-linked contracts are mainly credit related takaful products, group takaful schemes, yearly
renewable individual ordinary medical plans, regular contribution individual ordinary plans and annuity plans. The main
product types are Mortgage Reducing Term Takaful (MRTT), Group Credit Takaful, Group Term Takaful and Group Medical
Takaful.
(ii)
Family Takaful investment-linked contracts
The Family Takaful investment-linked contracts are mainly made up of regular contribution investment-linked products. The
main products are Takaful myInvest and Takaful myGenLife.
The key coverage for the Family Takaful contracts
The key coverage for the Family Takaful contracts are death, total and permanent disability, hospital and surgical benefits, personal
accident benefits, daily hospitalisation cash allowance benefits, dread disease benefits, waiver of contribution benefits and survival
benefits (for annuity).
Concentration of Family Takaful risk
The following gives details of the Group’s and the Company’s concentration of risks based on outstanding actuarial reserves by main
product categories:
<------------------- Group ----------------->
Gross
Retakaful
Net
Note
RM’000
RM’000
RM’000
200
2015
Term
Endowment
Mortgage
Annuity
1,100,893 1,155,152 1,647,864 318,661 (103,122)
997,771
- 1,155,152
(139,355) 1,508,509
- 318,661
Total Family actuarial liabilities
4,222,570 (242,477)
18(c)
3,980,093
38.
Takaful risk management (continued)
(a) Family Takaful Fund (continued)
Note
<------------------- Group ----------------->
Gross
Retakaful
Net
RM’000
RM’000
RM’000
2014
Term
Endowment
Mortgage
Annuity
874,389 1,358,507 1,466,686 323,280 (101,692)
772,697
(18) 1,358,489
(104,934) 1,361,752
- 323,280
4,022,862 (206,644)
18(c)
Note
3,816,218
<---------------- Company ---------------->
Gross
Retakaful
Net
RM’000
RM’000
RM’000
2015
Term
Endowment
Mortgage
Annuity
865,805 1,113,826 1,646,972 318,661 (103,122)
762,683
- 1,113,826
(129,719) 1,517,253
- 318,661
3,945,264 (232,841)
2014
Term
Endowment
Mortgage
Annuity
870,369 1,154,453 1,428,034 323,280 (101,555)
768,814
- 1,154,453
(97,771) 1,330,263
- 323,280
3,776,136 (199,326)
18(c)
18(c)
3,712,423
3,576,810
Key assumptions
Reserves for all plans were valued on a basis that the Appointed Actuary considers adequate and appropriate, and in line with the
valuation basis set out by BNM in respect of the Guidelines on Valuation Basis for Liabilities of Family Takaful Business (BNM/RH/GL
004-20) and Risk-Based Capital Framework for Takaful Operator.
201
38.
(a)
Key assumptions (continued)
The key assumptions to which the estimation of actuarial liabilities is particularly sensitive are as follows:
-
Mortality and morbidity rates
This is significant for contracts with significant coverage for death, total permanent disability and critical illness and the
increase in the mortality or morbidity rates would have direct impact on the liability.
-
Discount rate
As the liabilities are the present value of future cash flows, both income and outgo, a decrease in discount rate would have
an increasing impact on the liabilities and vice-versa.
-
Surrender rate
This is only applicable to long-term products, where when the rate is reduced (products with PIF) or increased (products
without PIF), the impact is an increase of the liability.
Sensitivities
A summary of key assumptions used for sensitivity analysis is as below:
2015
Endowment
Mortgage
Investment-linked
+10%(i)
+10%(i)
+10%(i)
-1%
-1%
-1%
-20%
-20%
-20%
2014
Endowment
Mortgage
Investment-linked
+10%(i)
+10%(i)
+10%(i)
-1%
-1%
-1%
-20%
-20%
-20%
(i)
202
<----------------Group and Company------------->
Mortality and
morbidity
Discount Surrender
rates
rate
rate
10% Industry mortality and morbidity experience tables M8388 and M9903
38.
(a)
Sensitivities (continued)
The analysis below is performed for reasonably possible movements in each of the key assumptions with all other assumptions
held constant, showing the impact on gross and net liabilities, and unallocated surplus. The correlation of assumptions will have
a significant effect in determining the ultimate claims liabilities, but to demonstrate the impact due to changes in assumptions,
assumptions had to be changed on an individual basis. It should be noted that movements in these assumptions are non-linear.
Sensitivity information will also vary according to the current economic assumptions.
<--------------------------------- Group ------------------------------->
Impact on Impact on Impact on
Change in
gross
net unallocated
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2015
Mortality / morbidity rate
Discount rate
Surrender rate
+10%
-1%
-20%
214,705 197,439 60,193 144,994 163,864 41,472 (144,994)
(163,864)
(41,472)
2014
Discount rate
Surrender rate
+10%
-1%
-20%
196,164 183,304 58,568 136,580 161,481 44,264 (136,580)
(161,481)
(44,264)
<-------------------------------Company----------------------------->
Change in
gross
net unallocated
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2015
Discount rate
Surrender rate
+10%
-1%
-20%
152,258 141,344 4,895 93,864 117,093 (4,749)
(93,864)
(117,093)
4,749
2014
Discount rate
Surrender rate
+10%
-1%
-20%
139,860 131,698 7,763 89,541 117,398 776 (89,541)
(117,398)
(776)
203
38.
(b)
The General Takaful contracts consist of fire, motor, personal accident, workmen’s compensation and employers’ liability, liabilities
and engineering and others.
Concentration of General Takaful risk
The table below sets out the concentration of General Takaful gross contribution by type of business.
Note
<---------------------Group------------------>
Gross
Retakaful
Net
RM’000
RM’000
RM’000
2015
Fire
Motor
Marine
Miscellaneous
182,318 212,541 4,909 76,283 (90,802)
(66,407)
(2,010)
(27,777)
91,516
146,134
2,899
48,506
Gross contribution
476,051 (186,996)
289,055
2014
Fire
Motor
Marine
Miscellaneous
163,537 208,649 5,733 73,400 (82,606)
(64,912)
(3,320)
(19,258)
80,931
143,737
2,413
54,142
Gross contribution
451,319 (170,096)
281,223
23
23
Note
204
<---------------- Company ----------------->
Gross
Retakaful
Net
RM’000
RM’000
RM’000
2015
Fire
Motor
Marine
Miscellaneous
173,921 198,884 4,443 67,277 (87,473)
(65,581)
(1,837)
(25,720)
86,448 133,303
2,606
41,557
Gross contribution
444,525 (180,611)
263,914
2014
Fire
Motor
Marine
Miscellaneous
154,272 195,509 4,392 64,286 (79,592)
(63,990)
(2,583)
(17,264)
74,680
131,519
1,809
47,022
Gross contribution
418,459 (163,429)
255,030
23
23
38.
(b)
General Takaful Fund (continued)
Key assumptions
The provision for Takaful liabilities is in accordance with the valuation methods set out by BNM in respect of the Guidelines on
Valuation Basis for Liabilities of General Takaful Business (BNM/RH/GL 004-21) and Risk-Based Capital Framework for Takaful
Operator. The key assumptions underlying the estimation of liabilities is that the Group’s and the Company’s future claims
development will follow a similar pattern to past claims development experience, including average claim cost, average claim
frequency and business mix for each accident year.
Additional qualitative judgements are used to assess the extent to which past trends may not apply in the future, for example,
isolated occurrences, changes in market factors such as public attitude to claiming, economic conditions, as well as internal factors
such as portfolio mix, underwriting policy, policy conditions and claims handling procedures.
Other key circumstances affecting the reliability of assumptions include delays in settlement and changes in foreign currency rates.
Sensitivities
The General Takaful claim liabilities are sensitive to the above key assumptions and change in these assumptions may impact the
liabilities and operating surplus of the General Takaful Fund significantly. It has not been possible to quantify the sensitivity of
certain assumptions, such as, legislative changes or uncertainty in the estimation process.
The analysis below is performed for reasonably possible movements in key assumptions with all other assumptions held constant,
showing the impact on gross and net liabilities and operating surplus. The correlation of assumptions will have a significant effect
in determining the ultimate claims liabilities, but to demonstrate the impact due to changes in assumptions, assumptions had to be
changed on an individual basis. It should be noted that movements in these assumptions are non-linear.
The key assumptions to which the estimation of actuarial liabilities is particularly sensitive are as follows:
-
Fire loss ratio for latest accident year
This is significant as Fire portfolio is one of the largest under general business, a change in loss ratio estimate will impact the
liabilities significantly.
-
Motor Act loss ratio for latest accident year
Motor Act business is long tailed in nature and need years before the claim experience matures. A significant impact may
result if the ultimate experience differs from current estimation.
-
Average claim cost
Reserves are based on assumption that historical average claim cost is reflective of the future experience. Increase in average
cost will increase future liabilities.
-
Average claim frequency
Reserves are based on assumption that historical average claim number in each accident year reflects the future experience.
A change in average number of claims will impact the future liabilities.
-
Average claim settlement period
Reserves are based on assumption that claim settlement period will be stable over years. A change in claim handling practice
will affect the claim cost and the future liabilities.
205
38.
(b)
Below shows the summary of changes in key assumptions and the impact to the gross and net claim liabilities, and the operating
surplus.
<--------------------------------- Group ------------------------------->
Change in
gross
net
operating
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2015
Fire loss ratio for AY 2015
Motor Act loss ratio for AY 2015
Average unpaid claims
+10%
+10%
+10%
+10%
Increase by 6 months
17,525 3,284 55,310 13,893 29,011 6,480 2,289 18,814 8,815 24,295 (6,480)
(2,289)
(18,814)
(8,815)
(24,295)
2014
+10%
+10%
+10%
+10%
15,709 3,247 60,263 33,179 12,523 6,386 2,919 28,415 20,960 8,181 (6,386)
(2,919)
(28,415)
(20,960)
(8,181)
<-------------------------------Company----------------------------->
Change in
gross
net
operating
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2015
206
+10%
+10%
+10%
+10%
16,086 2,693 54,197 12,881 28,316 5,944 1,873 17,920 8,002 23,737 (5,944)
(1,873)
(17,920)
(8,002)
(23,737)
38.
(b)
<-------------------------------Company----------------------------->
Change in
gross
net
operating
assumptions
liabilities
liabilities
surplus
RM’000RM’000RM’000
2014
+10%
+10%
+10%
+10%
15,603 2,572 58,994 32,361 10,158 5,472 1,617 23,611 19,933 6,006 (5,472)
(1,617)
(23,611)
(19,933)
(6,006)
Claims development table
The following tables show the estimate of cumulative incurred claims, including both claims notified and IBNR for each successive
accident year at the end of reporting period, together with cumulative payments to-date.
In setting provisions for claims, the Group and the Company give consideration to the probability and magnitude of future experience
being more adverse than assumed and exercise the degree of caution in setting reserves when there is considerable uncertainty. In
general, the uncertainty associated with the ultimate claims experience in an accident year is greatest when the accident year is at
an early stage of development and the margin necessary to provide the necessary confidence in adequacy of provision is relatively
at its highest. As claims develop and the ultimate cost of claims becomes more certain, the relative level of margin maintained
should decrease. SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
207
38.
208
(b)
(156,160)
515 167,640 (50,291)
(109,315)
(142,410)
(152,230)
(156,264)
(157,581)
(158,663)
(168,043) (168,043)
(403)
Current estimate of cumulative claims incurred
At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Cumulative payments to-date
2013
RM’000
2014
RM’000
2015
RM’000
320,413 261,752 Gross General Takaful contract liabilities per financial position (Note 18(a))
114,203 (147,549)
(64,629) (1,287,001)
558,099
148,210 (172,203)
(64,629)
-
233,338 1,774,437
Total
RM’000
72,403
(1,740)
19,134 (161,275)
(51,497)
(56,640)
(64,682)
(113,394) (130,366) (147,549) (147,379) (172,203) - (161,275) - - - - - - - - - - - - - - 180,409 235,113 348,058 272,807 233,338
226,965 322,024 261,752 195,807 320,413 - 180,409 - - - - - - - - - - - - - - -
2012
RM’000
Additional risk margin
19,084 (182,455)
(58,326)
(132,258)
(164,490)
(179,202)
(182,455) - - - 201,539 252,127 256,803 237,588 216,253 201,539 - - - 2011
RM’000
487,436
Gross General Takaful contract liabilities
17,984 (234,687)
(101,724)
(174,690)
(205,770)
(221,959)
(230,198)
(234,687) - - 252,671 256,026 325,009 314,734 289,971 261,764 252,671 - - - 2010
RM’000
168,709 (71,393)
(132,370)
(146,646)
(153,005)
(155,143)
(155,984)
(156,160) - 156,675 151,643 159,147 202,227 186,882 172,266 159,098 156,675 - 211,719 163,964 170,990 194,484 182,666 165,483 161,903 167,640 At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
2009
RM’000
Before
2008
RM’000
Accident year
Gross General Takaful contract liabilities for 2014 (Group):
38.
(b)
(97,748)
(1,574)
Net General Takaful contract liabilities
2,015 (188,487)
(84,167)
(143,180)
(158,560)
(171,555)
(175,176)
(188,487) - - 2015
RM’000
140,901 132,815 135,810 6,181 (151,276)
10,755 (130,146)
21,290 (111,525)
40,395 (95,415)
Total
RM’000
(47,288)
(921,524)
135,775 1,089,315
(53,570)
(47,769)
(48,340)
(47,835)
(47,288)
(119,794) (101,619)
(94,643)
(95,415) (144,833) (122,291) (111,525) - (152,714) (130,146) - - (151,276) - - - - - - - - - - - - - - - -
157,457 2014
RM’000
169,228 156,615 156,941 135,775
169,004 143,677 135,810 152,765 132,815 - 140,901 - - - - - - - - - - - - - - -
2013
RM’000
Net General Takaful contract liabilities per financial position (Note 18(a))
191,222
242 (99,639)
(44,099)
(79,458)
(92,171)
(97,214)
(98,469)
(98,930)
(99,639) - 190,502 179,670 183,927 179,313 168,629 157,457 - - - 2012
RM’000
22,319
1,112
(33,040)
(60,702)
(74,740)
(84,233)
(87,523)
(88,292)
(88,685)
(97,748) At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
99,881 211,276 214,389 203,874 197,585 185,014 190,502 - - 2011
RM’000
96,174 Current estimate of cumulative claims incurred
107,014 109,700 115,733 107,449 104,480 100,610 99,881 - 2010
RM’000
167,791
102,188 86,706 92,132 98,093 96,590 93,306 90,836 96,174 At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
2009
RM’000
88,487 Before
2008
RM’000
Accident year
Net General Takaful contract liabilities for 2015 (Group):
209
210
(b)
235 17,843 17,045 (146,199)
146,203 (158,980)
305,183 112,982 (138,390)
251,372 162,286 473,867
(59,362) (1,118,610)
221,648 1,592,477
Total
RM’000
72,508
Gross General Takaful contract liabilities per financial position (Note 18(a)) 546,375
16,096 (161,070)
163,244 215,615 331,800 262,204 221,648
209,161 306,084 251,372 177,695 305,183 - 163,244 - - - - - - - - - - - - - - -
1,177 Gross General Takaful contract liabilities
(202,917)
178,913 220,483 232,454 215,580 192,988 178,913 - - - (109,468)
219,013 224,758 287,375 277,643 248,672 227,251 219,013 - - (142,224)
109,703 114,835 113,473 154,775 139,639 123,689 110,589 109,703 - Cumulative payments to-date
2015
RM’000
(36,888)(37,036)(79,900)(48,450)(43,107)(47,866)(58,855)(59,362)
(94,478)
(90,453) (148,043) (113,694)
(99,559) (117,379) (138,390) (127,247) (102,785) (178,214) (144,454) (132,631) (158,980) -
(135,664) (106,453) (191,372) (158,005) (146,199) - -
(139,549) (108,601) (198,460) (161,070)
- - -
(140,865) (109,380) (202,917)
- - - -
(141,942) (109,468)
- - - - -
(142,224)
- - - - - -
-
2014
RM’000
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
2013
RM’000
143,401 2012
RM’000
Current estimate of cumulative claims incurred
2011
RM’000
197,826 148,112 152,046 174,438 162,567 146,915 143,329 143,401 2010
RM’000
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
2009
RM’000
Before
2008
RM’000
Accident year
Gross General Takaful contract liabilities for 2015 (Company):
38.
(b)
Net General Takaful contract liabilities per financial position (Note 18(a))
5,674 (134,801)
2014
RM’000
2015
RM’000
121,436 128,160 127,623 9,985 (117,457)
20,133 (101,303)
39,961 (88,199)
(42,496)
(40,054)
(41,956)
(43,125)
(42,496)
(89,419)
(84,498)
(88,199) (109,666) (101,303) - (117,457) - - - - - - - - - - - - - - -
127,442 (805,174)
968,372
Total
RM’000
185,622
2,000 (167,151)
(44,725)
(104,575)
(128,583)
(136,415)
(134,801) - - - 2013
RM’000
155,701 145,951 149,409 127,623
155,158 131,597 128,160 138,856 121,436 - 127,442 - -
- - - - - - - - - - - - -
2012
RM’000
22,424
179 (78,413)
(68,055)
(125,883)
(140,510)
(150,249)
(153,849)
(167,151) - - 140,475 164,771 166,938 162,745 151,294 140,475 - - - 2011
RM’000
(75,354)
(29,194)
(62,390)
(73,271)
(76,033)
(77,277)
(77,715)
(78,413) - 169,151 193,764 194,943 184,831 175,340 162,922 169,151 - - 2010
RM’000
163,198
(22,618)
(49,154)
(62,879)
(70,969)
(74,198)
(74,964)
(75,354)
(75,354) At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
78,592 90,320 89,557 93,924 85,745 82,749 78,799 78,592 - 2009
RM’000
85,127 75,493 Current estimate of cumulative claims incurred
139
91,338 74,215 76,563 81,426 79,913 78,153 75,681 75,493 At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Net General Takaful contract liabilities
Before
2008
RM’000
Accident year
Net General Takaful contract liabilities for 2015 (Company):
38.
211
39.
Financial instruments
39.1 Categories of financial instruments
The table below provides an analysis of financial instruments categorised as follows:
(a) Loans and receivables (LAR);
(b) Fair value through profit or loss (FVTPL) - Held for trading (HFT);
(c) Available-for-sale financial assets (AFS);
(d) Held-to-maturity financial assets (HTM); and
(e) Financial liabilities measured at amortised cost (FL).
2015
Financial assets
Takaful Operator
Other investments
457,599 192,846 120,639 - 192,846 120,639 8,735 - -
446,688 - -
2,176
-
771,084 313,485 8,735 446,688 2,176
235,102 -
-
-
-
3,002,870 -
-
-
-
538,773
-
235,102 3,002,870 538,773
Family Takaful
Other investments
Retakaful assets
Takaful receivables
3,776,745
4,104 801,454 99,680 312,932 4,994,915 General Takaful
Other investments
Retakaful assets
Takaful receivables
212
<---------------------------------------- Group --------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
471,609 273,667 107,247 48,593 113,743 - 4,104 801,454 99,680 312,932 1,218,170 - 273,667 107,247 48,593 113,743 - -
-
-
-
428,746 -
-
-
-
42,863
-
- 428,746 42,863
1,014,859 543,250 Group
Other investments
Retakaful assets
Takaful receivables
4,667,923 277,771 1,053,860 148,273 547,314 - 277,771 1,053,860 148,273 547,314 243,837 -
-
-
-
3,840,274 -
-
-
-
583,812
-
6,695,141 2,027,218 243,837 3,840,274 583,812
39.
39.1 Categories of financial instruments (continued)
2015
<-------------------------------------- Company ------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
Financial assets
Takaful Operator
Other investments
420,401 184,069 92,011 -
-
184,069 92,011 -
-
-
420,401 -
-
-
696,481 276,080 - 420,401 -
78,483 -
-
-
-
2,934,957 -
-
-
-
482,052
-
78,483 2,934,957 482,052
Family Takaful
Other investments
Retakaful assets
Takaful receivables
3,495,492 3,308 794,095 96,538 243,456 4,632,889 - 3,308 794,095 96,538 243,456 1,137,397 General Takaful
Other investments
Retakaful assets
Takaful receivables
463,893 267,942 99,652 43,437 97,654 - 267,942 99,652 43,437 97,654 - -
-
-
-
426,317 -
-
-
-
37,576
-
972,578 508,685 - 426,317 37,576
Company
Other investments
Retakaful assets
Takaful receivables
4,341,756 271,250 1,035,183 139,975 433,121 - 271,250 1,035,183 139,975 433,121 78,483 -
-
-
-
3,743,645 -
-
-
-
519,628
-
6,221,285 1,879,529 78,483 3,743,645 519,628
213
39.
2015
Takaful Operator
Other payables
214
<-------------------------------------- Group --------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
(76,811)
(76,811)---
Family Takaful
Takaful payables
Other payables
(25,268)
(36,228)
(117,684)
(25,268)--(36,228)--(117,684)---
(179,180)
(179,180)---
General Takaful
Takaful payables
Other payables
(368,437)
(59,419)
(47,064)
(368,437)--(59,419)--(47,064)---
(474,920)
(474,920)---
Group
Takaful payables
Other payables
(393,705)(393,705)--(95,647)
(95,647)--(193,872)
(193,872)---
(683,224)
(683,224)---
39.
2015
Takaful Operator
Other payables
<------------------------------------- Company ------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
(58,614)
(58,614)---
Family Takaful
Takaful payables
Other payables
(23,287)
(34,986)
(113,431)
(23,287)--(34,986)--(113,431)---
(171,704)
(171,704)---
General Takaful
Takaful payables
Other payables
(357,995)
(57,787)
(42,222)
(357,995)--(57,787)--(42,222)---
(458,004)
(458,004)---
Company
Takaful payables
Other payables
(381,282)
(92,773)
(171,634)
(381,282)--(92,773)--(171,634)---
(645,689)
(645,689)---
215
39.
2014
<-------------------------------------- Group --------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
Financial assets
Takaful Operator
Other investments
431,952 160,593 146,499 - 160,593 146,499 3,937 - -
425,767 - -
2,248
-
739,044 307,092 3,937 425,767 2,248
227,618 -
-
-
-
2,719,452 -
-
-
-
442,979
-
227,618 2,719,452 442,979
Family Takaful
Other investments
Retakaful assets
Takaful receivables
3,390,049 3,352 663,752 90,972 597,341 4,745,466 General Takaful
Other investments
Retakaful assets
Takaful receivables
216
494,528 259,623 106,055 37,619 112,435 - 3,352 663,752 90,972 597,341 1,355,417 - 259,623 106,055 37,619 112,435 - -
-
-
-
453,249 -
-
-
-
41,279
-
- 453,249 41,279
231,555 -
-
-
-
3,560,668 -
-
-
-
486,506
-
231,555 3,560,668 486,506
1,010,260 515,732 Group
Other investments
Retakaful assets
Takaful receivables
4,278,729 262,975 883,416 128,591 856,275 - 262,975 883,416 128,591 856,275 6,409,986 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
2,131,257 Notes to the Financial Statements
39.
2014
<------------------------------------- Company ------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
Financial assets
Takaful Operator
Other investments
403,764 152,068 111,923 -
152,068 111,923 -
-
-
403,764 -
-
-
667,755 263,991 - 403,764 -
63,385 -
-
-
-
2,643,713 -
-
-
-
427,185
-
63,385 2,643,713 427,185
Family Takaful
Other investments
Retakaful assets
Takaful receivables
3,134,283 2,526 648,833 86,548 538,358 4,410,548 - 2,526 648,833 86,548 538,358 1,276,265 General Takaful
Other investments
Retakaful assets
Takaful receivables
488,352 253,588 96,748 31,715 96,311 - 253,588 96,748 31,715 96,311 - -
-
-
-
450,726 -
-
-
-
37,626
-
966,714 478,362 - 450,726 37,626
63,385 -
-
-
-
3,460,403 -
-
-
-
464,811
-
63,385 3,460,403 464,811
Company
Other investments
Retakaful assets
Takaful receivables
3,988,599 256,114 867,145 118,263 746,592 5,976,713 - 256,114 867,145 118,263 746,592 1,988,114 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
217
39.
2014
Takaful Operator
Other payables
218
<-------------------------------------- Group --------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
(89,838)
(89,838)
-
-
-
Family Takaful
Qard payables
Takaful payables
Other payables
(24,912)
(33,310)
(40,949)
(101,169)
(24,912)
(33,310)
(40,949)
(101,169)
-
-
-
-
-
-
-
-
-
(200,340)
(200,340)
-
-
-
General Takaful
Qard payables
Takaful payables
Other payables
(27,301)
(375,636)
(20,368)
(72,448)
(27,301)
(375,636)
(20,368)
(72,448)
-
-
-
-
-
-
-
-
-
(495,753)
(495,753)
-
-
-
Group
Takaful payables
Other payables
(408,946)
(61,317)
(216,471)
(408,946)
(61,317)
(216,471)
-
-
-
-
-
-
-
(686,734)
(686,734)
-
-
-
39.
2014
<------------------------------------- Company ------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Other payables
(64,707)
(64,707)
-
-
-
Family Takaful
Takaful payables
Other payables
(18,918)
(39,228)
(94,567)
(18,918)
(39,228)
(94,567)
-
-
-
-
-
-
-
(152,713)
(152,713)
-
-
-
General Takaful
Takaful payables
Other payables
(360,418)
(19,753)
(70,014)
(360,418)
(19,753)
(70,014)
-
-
-
-
-
-
-
(450,185)
(450,185)
-
-
-
Company
Takaful payables
Other payables
(379,336)
(58,981)
(198,892)
(379,336)
(58,981)
(198,892)
-
-
-
-
-
-
-
(637,209)
(637,209)
-
-
-
219
39.
39.2 Net gains and losses arising from use of financial instruments
Note
Takaful Operator
Net gains / (losses) arising on:
- recognised in profit or loss
220
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
1,652
1,182
-
-
- recognised in other comprehensive income
7(d)
(4,037)
15,477 (9,521)
18,138 (2,392)
16,422 (9,405)
16,642
LAR
11,440 202
23,658 8,617 (228)
7,394 14,030 -
8,020 7,237
7,154
36,952 16,965 22,050 14,391
Family Takaful
(1,268)
18,119 1,465 207
- recognised in
participants’ fund
18(c)
(877)
102,480 (59,701)
151,533 (11,829)
121,747 (56,548)
140,639
LAR
101,603 25,177 41,939 91,832 18,274 37,156 109,918 22,367 38,782 84,091
17,159
33,074
167,451 165,381 172,532 134,531
39.
39.2 Net gains and losses arising from use of financial instruments (continued)
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
General Takaful
- recognised in participants’ fund
18(c)
(2,567)
18,528 (9,912)
23,461 (2,149)
18,453 (10,197)
23,400
LAR
15,961 1,557 3,884 13,549 1,462 5,935 16,304 1,229 5,161 13,203
1,231
7,297
21,402 20,946 22,694 21,731
Group / Company
384 19,301 1,465 207
- recognised in other comprehensive income
7(d)
- recognised in participants’ fund
18(c)
(4,037)
(3,444)
136,485 (9,521)
(69,613)
193,132 (2,392)
(13,978) 156,622 (9,405)
(66,745)
180,681
LAR
129,004 26,936 54,965 113,998 19,508 50,921 140,252 23,596 51,963 104,531
18,390
47,525
211,289 203,728 217,276 170,653
39.3 Financial risk management
The Group and the Company have exposure to the following risks arising from its use of financial instruments:
- Credit risk
- Liquidity risk
- Market risk (currency risk, profit rate risk, price risk)
- Operational risk
221
39.
39.4 Credit risk
Credit risk is the potential financial loss resulting from the failure of a customer, an intermediary or counterparty to settle its
financial and contractual obligations to the Group and the Company as and when they fall due.
The Group’s and the Company’s portfolio of Islamic debt securities, and to a lesser extent short-term and other investments, are
subject to credit risk. This risk is defined as the potential loss resulting from adverse changes in a borrower’s ability to repay the debt.
The Group’s and the Company’s objective is to earn competitive relative returns by investing in a diversified portfolio of securities.
Management has an investment credit risk policy in place. Limits are established to manage credit quality and concentration risk.
The Group and the Company have takaful and other receivables balances that are subject to credit risk. Among the most significant
of these are retakaful recoveries. To mitigate the risk of the counterparties not paying the amount due, the Group and the Company
have established certain business and financial guidelines for retakaful approval, incorporating ratings by major agencies and
considering currently available market information. The Group and the Company also periodically review the financial stability of
retakaful companies from public and other sources and the settlement trend of amounts due from retakaful companies.
Cash and deposits are generally placed with banks and financial institutions licensed under the Financial Services Act 2013 and
Islamic Financial Services Act 2013 which are regulated by Bank Negara Malaysia and Sharia Insurance Regulation in Indonesia.
The Group and the Company manage individual exposures as well as concentration of credit risks. At end of the reporting period,
there were no significant concentration of credit risks, other than investments in Islamic debts securities issued by single issuer
amounted to RM269,965,000 (2014: RM269,671,000 ) and investment in Institutional Trust Account amounted to RM152,641,000
(2014: RM149,313,000 ).
Credit exposure
The table below shows the maximum exposure to credit risk for the components recognised in the statements of financial position.
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Takaful Operator
LAR
222
21,411
275,159 38,259 258,447 21,411
274,848 38,259
257,861
3,498
3,236 -
-
2,176
2,248 -
-
192,846 120,639 160,593 146,499 184,069 92,011 152,068
111,923
615,729 609,282 572,339 560,111
39.
39.4 Credit risk (continued)
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Family Takaful
LAR
Retakaful assets
Takaful receivables
General Takaful
LAR
Retakaful assets
Takaful receivables
103,801 2,028,347 164,728 84,900 1,854,238 236,397 103,801 2,028,347 164,728 84,900
1,852,246
236,397
107,493 112,553 16,464 14,156
426,192 112,581 330,329 112,650 369,471 112,581 314,535
112,650
4,104 801,454 99,680 312,932 3,352 663,752 90,972 597,341 3,308 794,095 96,538 243,456 2,526
648,833
86,548
538,358
4,161,312 4,086,484 3,932,789 3,891,149
27,429 317,032 -
26,154 344,344 5,069 27,429 317,032 -
26,154
344,344
5,069
10,287 32,576 8,653 32,626 5,000 32,576 5,000
32,626
273,667 107,247 48,593 113,743 259,623 106,055 37,619 112,435 267,942 99,652 43,437 97,654 253,588
96,748
31,715
96,311
930,574 932,578 890,722 891,555
223
39.
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Group / Company
LAR
Retakaful assets
Takaful receivables
152,641 2,620,538 164,728 149,313 2,457,029 241,466 152,641 2,620,227 164,728 149,313
2,454,451
241,466
110,991 115,789 16,464 14,156
438,655 145,157 341,230 145,276 374,471 145,157 319,535
145,276
277,771 1,053,860 148,273 547,314 262,975 883,416 128,591 856,275 271,250 1,035,183 139,975 433,121 256,114
867,145
118,263
746,592
5,659,928 5,581,360 5,353,217 5,312,311
Credit exposure by credit rating
The table below provides information regarding the credit risk exposure of the Group and of the Company by classifying assets
according to the Group’s and the Company’s internal credit ratings of counterparties.
2015
224
Takaful Operator
LAR
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
21,411 275,159 -
-
-
-
21,411
275,159
3,498 -
-
3,498
2,176 - 562 2,738
192,846 120,639 - -
562 -
193,408
120,639
615,729 - 1,124 616,853
39.
Credit exposure by credit rating (continued)
2015
Family Takaful
LAR
Retakaful assets
Takaful receivables
General Takaful
LAR
Retakaful assets
Takaful receivables
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
103,801 2,028,347 164,728 -
- -
-
1,409 -
103,801
2,029,756
164,728
107,493 -
-
107,493
426,192 112,581 -
-
-
-
426,192
112,581
-
- 39,674 -
-
301 3,130 -
4,104
801,755
102,810
312,932
4,121,638 39,674 4,840 4,166,152
27,429 317,032 -
-
-
-
27,429
317,032
10,287 32,576 -
-
-
-
10,287
32,576
4,104 801,454 60,006 312,932 273,667 107,247 34,009 113,743 -
- 14,584 -
-
381 4,387 -
273,667
107,628
52,980
113,743
915,990 14,584 4,768 935,342
225
39.
2015
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
Group
LAR
Retakaful assets
Takaful receivables
226
152,641 2,620,538 164,728 -
- -
110,991 -
438,655 145,157
- -
-
1,409 -
152,641
2,621,947
164,728
-
110,991
562 -
439,217
145,157
277,771--
277,771
1,053,860
-
1,244
1,055,104
94,015
54,258
7,517
155,790
547,314
-
-
547,314
5,605,67054,25810,732
5,670,660
39.
2014
Takaful Operator
LAR
Qard receivables
Family Takaful
LAR
Retakaful assets
Takaful receivables
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
38,259 258,447 - - - - 38,259
258,447
3,236 - - 3,236
2,248 - 160,593 -
146,499 - -
- 1,031 52,213 - 161,624
52,213
146,499
609,282 - 53,806 663,088
84,900 1,854,238 236,397 - - - 112,553 - - 112,553
330,329 112,650 - - - - 330,329
112,650
3,352 663,752 86,608 597,341 -
- 4,364 - -
301 1,052 - 3,352
664,053
92,024
597,341
4,364 2,762 4,082,120 562 2,810
- 84,900
1,409 1,855,647
- 236,397
4,089,246
227
39.
2014
General Takaful
LAR
Retakaful assets
Takaful receivables
<-------------------------------- Group -------------------------------->
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
26,154 344,344 5,069 - - - - - - 26,154
344,344
5,069
8,653 32,626 - - - - 8,653
32,626
259,623 106,055 29,489 112,435 - - 8,130 - - 381 3,435 - 259,623
106,436
41,054
112,435
924,448 8,130 3,816 936,394
Group
LAR
Retakaful assets
Takaful receivables
228
149,313 2,457,029 241,466 - - - 115,789 - - 115,789
341,230 145,276 - - 562 - 341,792
145,276
262,975 883,416 116,097 856,275 - - 12,494 - - 1,713 4,487 - 262,975
885,129
133,078
856,275
12,494 8,171 5,568,866 - 149,313
1,409 2,458,438
- 241,466
5,589,531
39.
2015
Takaful Operator
LAR
Family Takaful
LAR
Retakaful assets
Takaful receivables
<----------------------------- Company ------------------------------>
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
21,411 274,848 -
-
-
-
21,411
274,848
184,069 92,011 -
-
391 -
184,460
92,011
572,339 - 391 572,730
103,801 2,028,347 164,728 -
-
-
-
-
-
103,801
2,028,347
164,728
16,464 -
-
16,464
369,471 112,581 -
-
-
-
369,471
112,581
3,308 794,095 57,283 243,456 3,893,534 -
- 39,255 - -
301 3,121 - 39,255 3,422 3,308
794,396
99,659
243,456
3,936,211
229
39.
2015
General Takaful
LAR
Retakaful assets
Takaful receivables
Company
LAR
Retakaful assets
Takaful receivables
230
<----------------------------- Company ------------------------------>
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
27,429 317,032 -
-
-
-
27,429
317,032
5,000 32,576 -
-
-
-
5,000
32,576
267,942 99,652 31,436 97,654 -
- 12,001 -
-
381 3,833 -
267,942
100,033
47,270
97,654
878,721 12,001 4,214 894,936
152,641 2,620,227 164,728 -
-
-
-
-
-
152,641
2,620,227
164,728
16,464 -
-
16,464
374,471 145,157 -
-
-
-
374,471
145,157
271,250 1,035,183 88,719 433,121 -
- 51,256 -
-
1,073 6,954 -
271,250
1,036,256
146,929
433,121
5,301,961 51,256 8,027 5,361,244
39.
2014
Takaful Operator
LAR
Family Takaful
LAR
Retakaful assets
Takaful receivables
<----------------------------- Company ------------------------------>
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
38,259 257,861 - - - - 38,259
257,861
152,068 111,923 - - 821 - 152,889
111,923
560,111 - 821 560,932
84,900 1,852,246 236,397 - - - - 84,900
- 1,852,246
- 236,397
14,156 - - 14,156
314,535 112,650 - - - - 314,535
112,650
2,526 648,833 83,193 538,358 - - 3,355 - - 301 1,022 - 2,526
649,134
87,570
538,358
3,355 1,323 3,887,794 3,892,472
231
39.
2014
General Takaful
LAR
Retakaful assets
Takaful receivables
Company
LAR
Retakaful assets
Takaful receivables
232
<----------------------------- Company ------------------------------>
Neither
Past-due
past-due
but not
nor impaired
impaired
Impaired
Total
RM’000
RM’000
RM’000
RM’000
26,154 344,344 5,069 - - - - - - 26,154
344,344
5,069
5,000 32,626 - - - - 5,000
32,626
253,588 96,748 24,381 96,311 - - 7,334 - - 381 3,121 - 253,588
97,129
34,836
96,311
884,221 7,334 3,502 895,057
149,313 2,454,451 241,466 - -
-
- 149,313
-
2,454,451
-
241,466
14,156 -
-
14,156
319,535 145,276 -
-
-
-
319,535
145,276
256,114 867,145 107,574 746,592 5,301,622 -
- 10,689 - -
1,503 4,143 - 10,689 5,646 256,114
868,648
122,406
746,592
5,317,957
- - - - - - 40,361 - - 270,734 - - 111,163 -
- -
- Takaful Operator
-
-
-
83,636 147,962 18,787 FVTPL financial assets
998 - 1,183 HTM financial assets
932 - 1,244 LAR
14,224 57,790 19,147 Cash and cash equivalents
11,373 64,982 - 193,471 101,685 44,284 - 1,317 21,411 24,774 - - - - - -
- 615,729
192,846
120,639
2,176
3,498
21,411
275,159
The table below provides information regarding the credit risk exposure of the Group and of the Company by classifying assets according to the Rating Agency of Malaysia’s
(RAM) credit ratings of counterparties. AAA is the highest possible rating. Assets that fall outside the range of AAA to A are classified as speculative grade.
<-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Not-rated Unit-linked
Total
2015
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
39.
233
234
<-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
991,547 1,441,524 234,750 18,483 - 1,374,550 100,458 * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor.
4,161,312
Family Takaful
-
-
-
-
-
103,801 -
103,801
590,711 1,036,345 175,731 18,483 - 207,077 - 2,028,347
- - - - - 164,728 * - 164,728
12,780 6,345 12,496 - - 23,917 51,955 107,493
166,312 10,493 7,797 - - 241,590 - 426,192
- - - - - 112,581*
- 112,581
LAR
Retakaful assets-----
4,104 -
4,104
146,038 293,535 38,726 - - 321,006 2,149 801,454
Takaful receivables-----
99,680 -
99,680
75,706 94,806 - - - 96,066 46,354 312,932
2015
39.
<-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
127,137 259,029 31,883 2,640 - 509,885 * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor.
- 930,574
General Takaful
-
-
-
-
-
27,429 -
27,429
87,869 162,452 30,068 2,640 - 34,003 - 317,032
Islamic debt securities 2,177 1,555 1,555 - - 5,000 - 10,287
- - - - - 32,576 * - 32,576
LAR
273,667 -
273,667
22,960 36,126 259 - - 47,902 - 107,247
Takaful receivables
-
-
-
-
-
48,593 -
48,593
14,131 58,896 1
- - 40,715 - 113,743
2015
39.
235
236
<-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
1,229,847 1,971,287 306,994 21,123 - 2,030,219 100,458 * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor.
5,659,928
Group
-
-
-
-
-
152,641 -
152,641
762,216 1,346,759 224,586 21,123 - 265,854 - 2,620,538
- - - - - 164,728 *
- 164,728
13,778 6,345 13,679 - - 25,234 51,955 110,991
169,421 12,048 10,596 - - 246,590 - 438,655
- - - - - 145,157 *
- 145,157
LAR
277,771 -
277,771
183,222 387,451 58,132 - - 422,906 2,149 1,053,860
148,273 -
148,273
101,210 218,684 1
- - 181,065 46,354 547,314
2015
39.
57,790 64,982 14,224 11,373 108,922 270,734 - 147,962 - 83,325 37,934 19,147 - - 18,787 - - - - - - - - - - 154,749 92,908 15,656 21,411 24,774 - - - -
- 572,339
184,069
92,011
21,411
274,848
<----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
LAR
2015
39.
237
238
161,594 - -
146,038 -
75,706 974,049 1,424,686 - - -
293,535 -
94,806 -
214,457 - - -
38,726 -
- -
-
175,731 - 18,483 -
-
-
-
-
18,483 - 207,877 112,581 *
3,308 313,647 96,538 38,507 -
103,801 207,077 164,728 *
- 1,248,064 -
-
-
-
-
- - 53,050 - - -
2,149 -
34,437 3,932,789
369,471
112,581
3,308
794,095
96,538
243,456
16,464
-
103,801
- 2,028,347
- 164,728
16,464 * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor.
-
-
-
590,711 1,036,345 - - <----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
Retakaful assets
Takaful receivables
2015
39.
<----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
124,960 257,474 30,328 2,640 - 475,320 * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor.
- 890,722
General Takaful
-
-
-
-
-
27,429 -
27,429
87,869 162,452 30,068 2,640 - 34,003 - 317,032
-
-
-
-
-
5,000 -
5,000
- - - - - 32,576 *
- 32,576
LAR
267,942 -
267,942
22,960 36,126 259 - - 40,307 - 99,652
43,437 -
43,437
14,131 58,896 1
- - 24,626 - 97,654
2015
39.
239
240
<----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
1,207,931 1,895,104 263,572 21,123 - 1,912,437 53,050 * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor.
5,353,217
Company
-
-
-
-
-
152,641 -
152,641
761,905 1,346,759 224,586 21,123 - 265,854 - 2,620,227
- - - - - 164,728 *
- 164,728
- - - - - - 16,464 16,464
161,594 - - - - 212,877 - 374,471
- - - - - 145,157 *
- 145,157
LAR
271,250 -
271,250
183,222 329,661 38,985 - - 481,166 2,149 1,035,183
139,975 -
139,975
101,210 218,684 1
- - 78,789 34,437 433,121
2015
39.
- - - - - - 85,751 - - 255,001 - - 142,629 - - - - 125,901 55,834 20,385 - 1,246 38,259 10,177 - - - - - - - 609,282
160,593
146,499
2,248
3,236
38,259
258,447
<-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
- - - Islamic debt securities
77,801 166,675 3,794 FVTPL financial assets
924 - 1,066 HTM financial assets
843 - 1,405 LAR
31,380 17,952 55,427 Cash and cash equivalents
31,681 70,374 24,059 2014
39.
241
242
5,753 2,725 - - 81,422 - 203,817 17,231 155,827 - - 150,737 - 182,216 1,098,391 443,904 - 218,709 - 127,612 2,778 - 17,593 - 77,212 - 17,804 -
- - - - 17,804 - 3,352 212,884 90,972 44,620 168,999 112,650 * 34,958 84,900 193,973 236,397 * - 1,183,705 -
- - - - - - 76,094 - - - 39,076 - - 4,086,484
3,352
663,752
90,972
597,341
330,329
112,650
112,553
- 84,900
- 1,854,238
- 236,397
1,266,586 - 972,869 - - 592,380 - <-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
LAR
Retakaful assets
Takaful receivables
2014
39.
1,124 - - 17,016
- 63,613 843 - - 15,072
- 33,447 158,147 49,335 - 36,200
4,561 2,110 1,405 - - 5,059 - 2,543 - -
- - - - - 2,543 - 195 - -
195 - - - - - - 436,762 259,623 37,767
32,863 13,265 5,281
32,626 * 26,154 24,114 5,069 * * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor.
285,596 - 203,843 - - 108,785 - - - -
- - - - - - - 932,578
259,623
106,055
37,619
112,435
8,653
32,626
26,154
344,344
5,069
<-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Islamic debt securities Malaysian Government Islamic papers
LAR
Retakaful assets
Takaful receivables
2014
39.
243
244
3,849 - - 116,390 - 337,804 157,513 - - 197,189 - 247,344 1,399,167 578,990 - 310,336 4,561 153,781 20,347 -
- - - - 20,347 - 195 - - 195 - - - - - - - 1,699,384 262,975 259,501 123,835 78,270 174,280 145,276 * 36,204 149,313 228,264 241,466 * 76,094 - - - 39,076 - - 5,581,360
262,975
883,416
128,591
856,275
341,230
145,276
115,789
- 149,313
- 2,457,029
- 241,466
1,807,183 18,659 5,753 18,155 5,588 - - 86,065 - - - 778,966 1,343,387 - - <-------------------------------------------------------------------- Group -------------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Group
LAR
Retakaful assets
Takaful receivables
2014
39.
17,952 70,309 31,380 31,566 140,450 254,936 - 166,675 - 77,504 69,222 55,427 10,001 - 3,794 - - - - - - - - - - 95,503 47,309 47 38,259 9,888 - - - - - 560,111
152,068
111,923
38,259
257,861
<----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
LAR
2014
39.
245
246
- - - - 81,422 - 203,735 - 151,567 - - 150,737 - 182,159 1,076,843 413,065 - 218,709 - 119,136 - - - - 75,220 - 17,804 -
- - - - 17,804 - 2,526 197,965 86,548 1,626 162,968 112,650 *
- 84,900 193,973 236,397 * - 1,079,553 -
- - - - - - 45,858 - - - 31,702 - - 3,891,149
2,526
648,833
86,548
538,358
314,535
112,650
14,156
- 84,900
- 1,852,246
- 236,397
1,258,026 - 972,869 - - 592,380 - <----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Family Takaful
LAR
Retakaful assets
Takaful receivables
2014
39.
- - - 17,016 - 62,599 - - - 15,072 - 33,370 157,227 45,820 - 36,200 4,561 - - - - 5,059 - 2,543 -
- - - 2,543 - 195 - - 195 - - - - - - 402,312 253,588 28,460 26,959 342 5,000 32,626 *
26,154 24,114 5,069 * * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor.
283,458 - 203,843 - - 108,785 - - -
- - - - - 891,555
253,588
96,748
31,715
96,311
5,000
32,626
26,154
344,344
5,069
<----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
LAR
Retakaful assets
Takaful receivables
2014
39.
247
248
- - 98,438 - 336,643 151,567 - - 197,189 - 247,095 1,374,520 472,680 - 254,909 4,561 129,137 - - - - 84,073 - 20,347 -
- - - - 20,347 - 195 - - 195 - - - - - - - 1,620,243 256,114 316,609 113,507 2,015 167,968 145,276 * - 149,313 227,975 241,466 * 45,858 - - - 31,702 - - 5,312,311
256,114
867,145
118,263
746,592
319,535
145,276
14,156
- 149,313
- 2,454,451
- 241,466
1,778,468 - - - - 778,669 1,343,387 - - <----------------------------------------------------------------- Company ----------------------------------------------------------------->
AAA
AA
A
BBB
BB
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Company
LAR
Retakaful assets
Takaful receivables
2014
39.
39.
Age analysis of takaful receivables past-due but not impaired
A financial asset is deemed past-due when the counterparty has failed to make payment even though the outstanding amount
is contractually due. Receivables past-due but not impaired includes contribution due and claims recovery from retakaful which
remained outstanding after the contractual due date for more than 6 months.
The age analysis of takaful receivables past-due but not impaired as at the end of the reporting period based on days past-due was
as follows:
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Family Takaful
Days past-due
1-30 days
31-60 days
61-90 days
91-180 days
> 180 days
1,393 3,611 307 28,468 5,895 623 247 416 1,423 1,655 1,361 3,595 295 28,348 5,656 597
151
402
1,394
811
39,674 4,364 39,255 3,355
1,894 2,569 1,964 3,791 4,366 997 415 1,140 1,230 4,348 1,723 2,293 1,698 3,174 3,113 902
352
1,080
1,018
3,982
14,584 8,130 12,001 7,334
Group / Company
Days past-due
1-30 days
31-60 days
61-90 days
91-180 days
> 180 days
3,287 6,180 2,271 32,259 10,261 1,620 662 1,556 2,653 6,003 3,084 5,888 1,993 31,522 8,769 1,499
503
1,482
2,412
4,793
54,258 12,494 51,256 10,689
General Takaful
Days past-due
1-30 days
31-60 days
61-90 days
91-180 days
> 180 days
249
39.
Impairment loss of takaful receivables
The Group and the Company assess impairment on an individual and collective basis. The Group and the Company will assess on
a case by case basis, whether there is any objective evidence that the outstanding due is impaired for contribution due and claims
recovery that are considered individually significant. The criteria that the Group and the Company use to determine whether there
is objective evidence of impairment for those selected for individual assessment include:
(i)
contribution due or claims recovery past-due for 6 months or more and where outstanding receivables is above 2% of total
takaful receivables and RM200,000 for Family and General takaful receivables respectively;
(ii)
significant financial difficulty of customer / intermediaries;
(iii)
long outstanding balances where these are disputed and not resolved; and
(iv)
breach of contract, such as default or delinquency in payments.
The Group and the Company record impairment allowance for loans and receivables and takaful receivables in separate “Allowance
for Impairment” accounts. Unless the Group and the Company are satisfied that recovery of the amount is possible, the amount
considered irrecoverable is written off against the receivables directly.
A reconciliation of the allowance for impairment losses for takaful receivables was as follows:
Note
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Family Takaful
At 1 January
11 1,0522,7811,0222,754
27
-
(1,732)
-
(1,732)
31
2,076 7
2,099 2
(4)
-
-
At 31 December
11
General Takaful
At 1 January
11 3,4355,7413,1215,634
27
-
(2,513)
-
(2,513)
31
907 213 712 - Effect of movement in exchange rates
At 31 December
11
3,130 1,052 3,121 1,022
45
(6)
-
-
4,387 3,435 3,833 3,121
Group / Company
At 1 January
11 4,4878,5224,1438,388
27
-
(4,245)
-
(4,245)
31
2,983 220 2,811 Effect of movement in exchange rates
47
(10)
-
At 31 December
250
11
7,517 4,487 6,954 4,143
39.
39.5 Liquidity risk
Liquidity risk is the risk that the Group and the Company will encounter difficulty in meeting obligations associated with financial
instruments. In respect of catastrophic events, there is also a liquidity risk associated with the timing differences between gross cash
outflows and expected retakaful recoveries.
The following policies and procedures are in place to mitigate the Group’s and the Company’s exposure to liquidity risk:
-
The Group and the Company-wide liquidity risk policy setting out the evaluation and determination of the components of
liquidity risk of the Group and the Company. Compliance with the policy is monitored and reported monthly and exposures
and breaches are reported to the Group’s and the Company’s Risk Management Committee as soon as practicable. The policy
is regularly reviewed for pertinence and for changes in the risk environment.
-
Setting up guidelines on asset allocations, portfolio limit structures and maturity profiles of assets, in order to ensure
sufficient funding is available to meet takaful and investment contracts obligations.
-
Setting up contingency funding plans which specify minimum proportions of funds to meet emergency calls as well as
specifying events that would trigger such plans.
-
The Company’s catastrophe excess of loss retakaful contracts contains clauses permitting the immediate draw down of funds
to meet claims payments should claims events exceed certain amount.
Maturity profiles
The table below summarises the maturity profile of the financial liabilities of the Group and of the Company based on remaining
undiscounted contractual obligations, including profit payable.
For takaful contract liabilities, maturity profiles are determined based on estimated timing of net cash outflows from the recognised
takaful liabilities. Investment-linked liabilities are repayable or transferable on demand and are included in the “up to a year”
column.
2015
Takaful Operator
Other payables
<--------------------------------------------------- Group ----------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
76,811 76,517 294 - - Family Takaful
Takaful payables
Other payables
25,268 36,228 117,684 24,444 36,228 115,593 179,180 176,265 - 76,811
555 - 2,091 112 - - 157 - - - 25,268
- 36,228
- 117,684
2,646 112 157 - 179,180
* expected utilisation or settlement is within 12 months from the reporting date.
251
39.
39.5 Liquidity risk (continued)
Maturity profiles (continued)
2015
<--------------------------------------------------- Group ----------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Takaful payables
Other payables
368,437 59,419 47,064 154,647 59,419 46,826 124,105 - 238 71,649 - - 18,036 - - - 368,437
- 59,419
- 47,064
474,920 260,892 124,343 71,649 18,036 - Group
Takaful payables
Other payables
393,705 95,647 193,872 179,091 95,647 191,249 124,660 - 2,623 71,761 - - 18,193 - - - 393,705
- 95,647
- 193,872
683,224 465,987 127,283 71,761 18,193 - 683,224
89,838 86,446 588 16 2,788 - 89,838
Family Takaful
Qard payables
Takaful payables
Other payables
24,912 33,310 40,949 101,169 24,912 32,240 40,949 88,710 - 240 - 12,299 - 93 - 121 - 737 - 39 -
200,340 186,811 12,539 214 776 - General Takaful
Qard payables
Takaful payables
Other payables
27,301 375,636 20,368 72,448 27,301 137,499 20,204 72,268 - 130,439 164 180 - 106,136 - - - 1,562 - - -
495,753 257,272 130,783 106,136 1,562 - Group
Takaful payables
Other payables
408,946 61,317 216,471 169,739 61,153 200,440 130,679 164 13,067 106,229 - 137 2,299 - 2,827 - 408,946
- 61,317
- 216,471
686,734 431,332 143,910 106,366 5,126 - 2014
Takaful Operator
Other payables
252
474,920
24,912
33,310
40,949
101,169
200,340
27,301
375,636
20,368
72,448
495,753
686,734
39.
2015
Takaful Operator
Other payables
<------------------------------------------------ Company -------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
58,614 58,320 294 - - - 58,614
Family Takaful
Takaful payables
Other payables
23,287 34,986 113,431 23,287 34,986 111,340 - - 2,091 - - - - - - - 23,287
- 34,986
- 113,431
171,704 169,613 2,091 - - - General Takaful
Takaful payables
Other payables
357,995 57,787 42,222 144,205 57,787 41,984 124,105 - 238 71,649 - - 18,036 - - - 357,995
- 57,787
- 42,222
458,004 243,976 124,343 71,649 18,036 - Company
Takaful payables
Other payables
381,282 92,773 171,634 167,492 92,773 169,011 124,105 - 2,623 71,649 - - 18,036 - - - 381,282
- 92,773
- 171,634
645,689 429,276 126,728 71,649 18,036 - 171,704
458,004
645,689
253
39.
2014
<------------------------------------------------ Company -------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Other payables
64,707 64,455 Family Takaful
Takaful payables
Other payables
18,918 39,228 94,567 18,918 39,228 82,108 152,713 140,254 General Takaful
Takaful payables
Other payables
360,418 19,753 70,014 124,160 19,753 69,834 128,560 106,136 - - 180 - 1,562 - - - 360,418
- 19,753
- 70,014
450,185 213,747 128,740 1,562 - Company
Takaful payables
Other payables
379,336 58,981 198,892 143,078 58,981 186,001
128,560 106,136 - - 12,731 121 1,562 - 39 - 379,336
- 58,981
- 198,892
637,209 388,060
141,291 1,601 - 252 - - - 64,707
- - 12,299 - - 121 - - 39 - - - 18,918
39,228
94,567
12,299 121 39 - 152,713
106,136 106,257 450,185
637,209
39.6 Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three (3) types of risk - foreign exchange rates (Currency risk), market profit yields (Profit Yield risk)
and market prices (Price risk).
The key features of the Group’s and the Company’s market risk management practices and policies are as follows:
-
254
A Group and the Company-wide market risk policy setting out the evaluation and determination of components of market
risk for the Group and the Company. Compliance with the policy is monitored and reported monthly to the Risk Management
Committee (RMC) and exposures and breaches are reported as soon as practicable.
39.
39.6 Market risk (continued)
-
Set asset allocation, portfolio limit structure and diversification benchmark to ensure that assets back specific contract
liabilities and that assets are held to deliver income and gains for certificate holders in line with terms of the respective
contracts expectations of policies. The Group’s and the Company’s policies on asset allocation, portfolio limit structure and
diversification benchmark have been set in line with Group’s and Company’s risk management policy after taking cognisance
of the regulatory requirements in respect of maintenance of assets and solvency.
The Group and the Company also issue unit-linked investment policies. In the unit-linked business, the certificate holders bear
investment risk on the assets held in the unit-linked funds as the certificate benefits are directly linked to value of the assets in the
funds. The Group’s and Company’s exposure to market risk on this business is limited to the extent that income arising from asset
management charges is based on the value of the assets in the funds.
39.7 Currency risk
Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign
exchange rates.
The Group’s and the Company’s primary transactions are carried out in Ringgit Malaysia (RM) and its exposure to foreign exchange
risk arises principally with respect to Indonesia Rupiah (Rp) and US Dollar (USD).
As the Group’s and Company’s business is conducted primarily in Malaysia, the Group’s and the Company’s financial assets are also
primarily maintained in Malaysia as required under the Islamic Financial Services Act 2013, and hence, primarily denominated in
the same currency (the local RM) as its takaful and investment contract liabilities. Accordingly, the main foreign exchange risk from
recognised assets and liabilities arises from transactions other than those in which takaful and investment contract liabilities are
expected to be settled.
As the Group’s and the Company’s main foreign exchange risk from recognised assets and liabilities arises from retakaful transactions
for which the balances are expected to be settled and realised in less than a year, the impact arising from sensitivity in foreign
exchange rates is deemed minimal as the Group and the Company has no significant concentration of foreign currency risk.
The Group’s and the Company’s exposure to currency risk is immaterial in the context of the financial statements and hence,
sensitivity analysis is not presented.
39.8 Profit yield risk
Profit yield risk is the risk that the value or future cash flows of a financial instrument will fluctuate because of changes in market
profit yield.
Floating rate / yield instruments expose the Group and the Company to cash flow risk, whereas fixed rate / yield instruments expose
the Group and the Company to fair value risk.
Risk management objectives, policies and processes for managing the risk
The Group’s and the Company’s profit risk policy requires Management to manage the risk by maintaining an appropriate mix
of variable and fixed rate / yield instruments. The policy also requires Management to manage the maturities of profit-bearing
financial assets and liabilities. Floating rate / yield instruments will be re-priced at intervals of not more than one (1) year. Profit on
fixed rate / yield instruments is priced at inception of the financial instrument and is fixed until maturity.
255
39.
39.8 Profit yield risk (continued)
Exposure to profit yield risk
The profit yield profile of the Group’s and the Company’s significant profit-bearing financial instruments, based on carrying amounts
as at the end of the reporting period was as follows:
Fixed rate instruments
Group
2015
2014
RM’000
RM’000
Company
2015
2014
RM’000
RM’000
Takaful Operator
LAR
275,159 3,498
2,176
241,006 258,447 3,236 2,248 246,802 274,848 -
-
223,708 257,861
210,370
521,839 510,733 498,556 468,231
Family Takaful
LAR
2,193,075 107,493 538,773 1,018,285 2,090,635 112,553 442,979 1,081,406 2,193,075 16,464 482,052 958,920 2,088,643
14,156
427,185
1,024,496
3,857,626 3,727,573 3,650,511 3,554,480
General Takaful
LAR
317,032 42,863 195,733 349,413 41,279 177,653 317,032 37,576 179,779 349,413
37,626
162,386
555,628 568,345 534,387 549,425
Group / Company
LAR
2,785,266 110,991 583,812 1,455,024 2,698,495 115,789 486,506 1,505,861 2,784,955 16,464 519,628 1,362,407 2,695,917
14,156
464,811
1,397,252
4,935,093 4,806,651 4,683,454 4,572,136
The Group and the Company have no significant concentration of profit yield risk.
A change of 50 basis points in profit rates at the end of the reporting period would have increased / (decreased) other comprehensive
income / equity, Family and General Takaful participant’s fund by the amounts shown below. This analysis assumes that all other
variables remain constant.
256
39.
Exposure to profit yield risk (continued)
Change in
variables
2015
Takaful Operator
<------------------------------- Group ----------------------------->
profit Impact on
operating participants’
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
+50bps
+50bps
-
17 (9,998)
17 -
-
-
17 (9,981)
-
-
-50bps
-50bps
-
(17)
14,387 (17)
-
-
-
(17)
14,370 -
-
+50bps
+50bps
-
-
-
-
-
(234)
(132,800)
(234)
-
-
(234)
(133,034)
-50bps
-50bps
-
-
-
-
-
459 219,817
459
-
-
459 220,276
General Takaful
+50bps
-50bps
-
-
-
-
-
-
(16,582)
25,758
Group
+50bps
+50bps
-
17 (9,998)
17 - (234)
(149,382)
(234)
17 (9,981)
(234)
(149,616)
-50bps
-50bps
-
(17)
14,387 (17)
- 459 245,575
459
(17)
14,370 459 246,034
Family Takaful
* impact on equity reflects adjustments for tax, when applicable.
257
39.
Change in
variables
2014
Takaful Operator
<------------------------------- Group ----------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
+50bps
+50bps
-
10
(8,020)
10
-
-
-
10 (8,010)
-
-
-
(10)
-
-
-
-50bps
-50bps
8,790
(10)
(10)
8,780-Family Takaful
+50bps
+50bps
-
-
-
-
-
(8)
(146,929)
(8)
-
-
(8)
(146,937)
-50bps
-50bps
-
-
-
-
-
4
128,438
4
-
-
4
128,442
General Takaful
+50bps
-50bps
-
-
-
-
-
-
(19,240)
16,050
Group
+50bps
+50bps
-
10 (8,020)
10 - (8)
(166,169)
(8)
10 (8,010)
(8)
(166,177)
- (10)
8,790 (10)
- 4
144,488
4
(10)
8,780 4
144,492
-50bps
-50bps
258
39.
Change in
variables
2015
<----------------------------- Company -------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
+50bps
-50bps
-
-
(10,000)
14,389 -
-
-
Family Takaful
+50bps
+50bps
-
-
-
-
-
(699)
(132,800)
(699)
-
-
(699)
(133,499)
-50bps
-50bps
-
-
-
-
-
927 219,817
927
-
-
927 220,744
General Takaful
+50bps
-50bps
-
-
-
-
-
-
(16,582)
25,758
Company
+50bps
+50bps
-
-
(10,000)
-
- (699)
(149,382)
(699)
-
(10,000)
(699)
(150,081)
-50bps
-50bps
-
-
14,389 -
- 927 245,575
927
-
14,389 927 246,502
259
39.
Change in
variables
2014
Takaful Operator
+50bps
-50bps
-
-
(8,021)
8,791
-
-
-
Family Takaful
+50bps
+50bps
-
-
-
-
-
(515)
(146,939)
(515)
-
-
(515)
(147,454)
-50bps
-50bps
-
-
-
-
-
511
128,448
511
-
-
511 128,959
General Takaful
+50bps
-50bps
-
-
-
-
-
-
(19,240)
16,050
Company
+50bps
+50bps
-
-
(8,021)
-
- (515)
(166,179)
(515)
-
(8,021)
(515)
(166,694)
-50bps
-50bps
-
-
8,791 -
- 511 144,498
511
-
8,791 511 145,009
260
<----------------------------- Company -------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
39.
39.9 Other price risk
Equity price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices (other than those arising from profit yield risk or currency risk), whether those changes are caused by factors specific
to the individual financial instrument or its issuer or factors affecting similar financial instruments traded in the market.
The Group’s and the Company’s equity price risk exposure relates to financial assets whose values will fluctuate as a result of
changes in market prices (excluding those investment securities held for the account of unit-linked business).
Risk management objectives, policies and processes for managing the risk
The Group’s and the Company’s price risk policy requires it to manage such risks by setting and monitoring objectives and constraints
on investments, diversification plans, limits on investments in each country, sector, market and issuer, having regard also to such
limits stipulated by BNM. The Group and the Company comply with BNM stipulated limits during the financial year and have no
significant concentration of price risk.
Equity price risk sensitivity analysis
The analysis below is performed for reasonably possible movements in key variables with all other variables held constant, showing
the impact on OCI / Equity for Takaful Operator, and showing the impact on operating surplus / participants’ fund for Investmentlinked Fund, and participants’ fund for Family Takaful Fund and General Takaful Fund accordingly. The correlation of variables will
have a significant effect in determining the ultimate impact on price risk, but to demonstrate the impact due to changes in variables,
variables had to be changed on individual basis. It should be noted that movements in these variables are non-linear.
Change in
variables
2015
<------------------------------- Group ----------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Market price
Market price
+15%
-15%
5
(5)
13,484 (13,484)
-
-
-
Family Takaful
Market price
Market price
+15%
-15%
-
-
-
-
8,125 (8,125)
112,007
(112,007)
General Takaful
Market price
Market price
+15%
-15%
-
-
-
-
-
-
12,211
(12,211)
Group
Market price
Market price
+15%
-15%
5
(5)
13,484 (13,484)
8,125 (8,125)
124,218
(124,218)
261
39.
39.9 Other price risk (continued)
Equity price risk sensitivity analysis (continued)
Change in
variables
2014
Takaful Operator
Market price
Market price
+15%
-15%
8
(8)
12,073
(12,073)
-
-
-
Family Takaful
Market price
Market price
+15%
-15%
-
-
-
-
8,136 (8,136)
77,429
(77,429)
General Takaful
Market price
Market price
+15%
-15%
-
-
-
-
-
-
11,318
(11,318)
Group
Market price
Market price
+15%
-15%
8
(8)
7,820 (7,820)
8,136 (8,136)
88,747
(88,747)
Change in
variables
2015
<----------------------------- Company -------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Market price
Market price
+15%
-15%
-
-
13,923 (13,923)
-
-
-
Family Takaful
Market price
Market price
+15%
-15%
-
-
-
-
9,303 (9,303)
114,318
(114,318)
General Takaful
Market price
Market price
+15%
-15%
-
-
-
-
-
-
12,278
(12,278)
Company
Market price
Market price
+15%
-15%
-
-
9,645 (9,645)
9,303 (9,303)
126,596
(126,596)
262
<------------------------------- Group ----------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
39.
39.9 Other price risk (continued)
Equity price risk sensitivity analysis (continued)
Change in
variables
2014
<----------------------------- Company -------------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Market price
Market price
+15%
-15%
-
-
12,067
(12,067)
-
-
-
Family Takaful
Market price
Market price
+15%
-15%
-
-
-
-
7,384 (7,384)
77,910
(77,910)
General Takaful
Market price
Market price
+15%
-15%
-
-
-
-
-
-
11,274
(11,274)
Company
Market price
Market price
+15%
-15%
-
-
7,814 (7,814)
7,384 (7,384)
89,184
(89,184)
39.10 Fair value information
The carrying amounts of cash and cash equivalents, and short-term receivables and payables reasonably approximate their fair
values due to the relatively short-term nature of these financial instruments.
It was not practicable to estimate the fair value of the Group’s investment in unquoted shares due to the lack of comparable quoted
market prices in an active market and the fair value cannot be reliably measured. Please refer to the respective note for the fair
values of other financial assets and liabilities, together with the carrying amounts shown in the statements of financial position.
263
264
39.10 Fair value information (continued)
863,763 2,270,408 Family Takaful
Financial assets
Equity securities
613,698 - Unit trusts
159,036 60,869 - - Institutional Trust Account
91,029 2,044,811 Malaysian Government
- 164,728 293,207 455,001 103,801 - 3,237,972 164,728 - 613,698 - 219,905 103,801 103,801 - 2,135,840 21,411 54,633 - - - - 54,633 1,945 - - - 1,945 - 484,103 113,701 - - - 370,402 - -
- - -
- -
456,946 72,128 44,775 21,411 280,602 38,030 538,736 113,701 3,776,708 278,429 - 613,698 - 219,905 - 103,801 425,035 2,560,875 1,945 - - - 1,945 - 3,776,745
277,309
613,698
219,905
103,801
2,562,032
457,177
72,128
44,775
21,411
280,833
38,030
140,383 72,128 44,775 21,411 278,657 38,030 - - 21,411 - - 72,128 26,416 - 3,809 38,030 Takaful Operator
Financial assets
Equity securities
Unit trusts
- 18,359 - 274,848 - <-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
Fair value of financial instruments
Total
Carrying
carried at fair value
not carried at fair value
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
2015
The table below analyses financial instruments carried at fair value and those not carried at fair value for which fair value is disclosed, together with their fair values and
carrying amounts shown in the statements of financial position.
39.
1,047,972 - 2,883,076 164,728 748,005 - 205,129 81,657 - - 94,838 2,636,691 Group
Financial assets
Equity securities
Unit trusts
Malaysian Government
Islamic papers
319,461 - - 81,856 - 2,429 - 317,032 62,179 19,677 - - 428,746 - 62,179 22,106 27,429 317,032 `
152,641 - 4,083,689 164,728 - 748,005 - 286,786 152,641 152,641 - 2,731,529 27,429 - - - 27,429 - 61,770 - - - - 61,770 5,192 - - - - 5,192 522,051 146,649 - - - 375,402 37,948 32,948 - - - 5,000 - - -
- - -
471,886 32,948 62,179 22,106 27,429 327,224 583,821 146,649 4,667,510 311,377 - 748,005 - 286,786 - 152,641 437,172 3,168,701 43,140 32,948 - - - 10,192 4,667,501
309,885
748,005
286,786
152,641
3,170,184
471,609
32,576
62,179
22,106
27,429
327,319
<-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2015
39.
265
266
700,100 - 541,064 - 159,036 - - - - 2,044,811 Family Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2,209,539 164,728 274,848 123,762 - - - 274,848 - 59,316 26,416 - - 38,030 420,021 59,316 26,416 21,411 274,848 38,030 103,801 - 3,013,440 164,728 - 541,064 - 159,036 103,801 103,801 - 2,044,811 21,411 - - 21,411 - - - - -
- -
484,103 113,701 - - - 370,402 - -
- - -
- -
420,021 59,316 26,416 21,411 274,848 38,030 484,103 113,701 3,497,543 278,429 - 541,064 - 159,036 - 103,801 370,402 2,415,213 - -
3,495,492
277,309
541,064
159,036
103,801
2,414,282
420,021
59,316
26,416
21,411
274,848
38,030
<------------------------------------------------------------------------------------- Company ------------------------------------------------------------------------------------->
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Financial ssets
Equity securities
Unit trusts
2015
39.
867,688 - 2,801,419 164,728 662,559 - 205,129 - - - - 2,636,691 Company
Financial assets
Equity securities
Unit trusts
Islamic papers
317,032 - - 81,856 - - - 317,032 62,179 19,677 - - 426,317 - 62,179 19,677 27,429 317,032 152,641 - 3,821,748 164,728 - 662,559 - 205,129 152,641 152,641 - 2,636,691 27,429 - - - 27,429 - - - -
- - -
522,051 146,649 - - - 375,402 37,948 32,948 - - - 5,000 - - -
- - -
464,265 32,948 62,179 19,677 27,429 322,032 522,051 146,649 4,343,799 311,377 - 662,559 - 205,129 - 152,641 375,402 3,012,093 37,948 32,948 - - - 5,000 4,341,376
309,885
662,559
205,129
152,641
3,011,162
463,893
32,576
62,179
19,677
27,429
322,032
<------------------------------------------------------------------------------------ Company ------------------------------------------------------------------------------------>
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2015
39.
267
268
693,284 - 2,168,886 236,397 84,900 - 2,947,070 236,397 - 431,351 - 227,631 84,900 84,900 - 1,966,791 429,286 15,441 - - - - 15,441 2,093 429,233 112,582 - - - 316,651 - - - -
- 431,379 51,015 40,529 38,259 263,776 37,800 444,674 112,582 3,391,744 348,979 - 431,351 - 227,631 - 84,900 332,092 2,298,883 2,093 - - - 2,093 - 3,390,049
349,047
431,351
227,631
84,900
2,297,120
431,534
51,015
40,529
38,259
263,931
37,800
431,351 - 161,544 66,087 - - 100,389 1,866,402 38,259 -
Family Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
272,153 - - - 2,093 - 118,874 51,015 40,529 38,259 261,683 37,800 - - 38,259 - - 51,015 26,237 - 3,822 37,800 Takaful Operator
Financial assets
Equity securities
Unit trusts
- 14,292 - 257,861 - <-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
2014
39.
849,517 - 2,792,975 241,466 535,990 - 209,316 82,902 - - 104,211 2,468,607 Group
Financial assets
Equity securities
Unit trusts
Islamic papers
351,936 5,069 - 75,159 - 2,523 - 344,344 53,624 21,535 - - 453,249 5,069 53,624 24,058 26,154 344,344 149,313 - 3,791,805 241,466 - 535,990 - 292,218 149,313 149,313 - 2,572,818 26,154 - - - 26,154 - 21,089 - - - - 21,089 3,555 - - - - 3,555 466,896 145,245 - - - 321,651 37,663 32,663 - - - 5,000 - - -
- - -
494,467 37,732 53,624 24,058 26,154 352,899 487,985 145,245 4,279,790 386,711 - 535,990 - 292,218 - 149,313 342,740 2,915,558 41,218 32,663 - - - 8,555 4,278,311
386,742
535,990
292,218
149,313
2,914,048
494,528
37,695
53,624
24,058
26,154
352,997
<-------------------------------------------------------------------------------------- Group -------------------------------------------------------------------------------------->
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2014
39.
269
270
519,399 - 2,102,799 236,397 84,900 - 2,707,098 236,397 - 380,798 - 138,601 84,900 84,900 - 1,866,402 403,384 - - -
- 429,233 112,582 - - - 316,651 - -
- - -
- -
403,384 43,227 26,237 38,259 257,861 37,800 429,233 112,582 3,136,331 348,979 - 380,798 - 138,601 - 84,900 316,651 2,183,053 - -
3,134,283
349,047
380,798
138,601
84,900
2,180,937
403,384
43,227
26,237
38,259
257,861
37,800
380,798 - 138,601 - - - - 1,866,402 38,259 Family Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
257,861 -
107,264 43,227 26,237 38,259 257,861 37,800 - - 38,259 - - 43,227 26,237 - - 37,800 Takaful Operator
Financial assets
Equity securities
Unit trusts
- - - 257,861 - <------------------------------------------------------------------------------------ Company ------------------------------------------------------------------------------------>
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
2014
39.
664,022 - 2,710,073 241,466 477,649 - 186,373 - - - - 2,468,607 Company
Financial assets
Equity securities
Unit trusts
Islamic papers
349,413 5,069 - 75,159 - - - 344,344 53,624 21,535 - - 450,726 5,069 53,624 21,535 26,154 344,344 149,313 - 3,523,408 241,466 - 477,649 - 186,373 149,313 149,313 - 2,468,607 26,154 - - - 26,154 - - - -
- - -
466,896 145,245 - - - 321,651 37,663 32,663 - - - 5,000 - - -
- - -
488,389 37,732 53,624 21,535 26,154 349,344 466,896 145,245 3,990,304 386,711 - 477,649 - 186,373 - 149,313 321,651 2,790,258 37,663 32,663 - - - 5,000 3,988,219
386,742
477,649
186,373
149,313
2,788,142
488,352
37,695
53,624
21,535
26,154
349,344
<------------------------------------------------------------------------------------ Company ------------------------------------------------------------------------------------>
Total
Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
General Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2014
39.
271
39.
Policy on transfer between levels
The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that
caused the transfer.
Level 1 fair value
Level 1 fair value is derived from quoted price (unadjusted) in active markets for identical financial assets or liabilities that the entity
can access at the measurement date.
Level 2 fair value
Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the identical
financial assets or liabilities, either directly or indirectly.
Non-derivative financial liabilities
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash
flows, discounted at the market rate of interest at the end of the reporting period.
Transfer between Level 1 and 2 fair values
There has been no transfer between Level 1 and 2 fair values during the financial year (2014: no transfer in either direction).
Level 3 fair value
Level 3 fair value is estimated using unobservable inputs for the financial assets and liabilities.
The following table shows a reconciliation of Level 3 fair values:
Group and Company
2015
2014
RM’000RM’000
Takaful Operator
Balance at 1 January
Purchases
Disposal
Maturities
Investment income - realised
Balance at 31 December
272
38,259
3,244 (18,555)
(3,244)
64,268
(28,236)
1,707
2,227
21,411
38,259
39.
Group and Company
2015
2014
RM’000RM’000
Family Takaful
Purchases
Maturities
84,900
196,482
63,813(49,060)
(117,624)
General Takaful
Purchases Maturities
Group / Company
Purchases Maturities
4,148
6,042
103,801
84,900
26,154
20,811
(20,811)
38,147
(13,614)
1,275
1,621
27,429
26,154
149,313
69,313
(73,115)
298,897
(159,474)
7,130
9,890
152,641 149,313
The following table shows the valuation techniques used in the determination of fair values within Level 3, as well as the key
unobservable inputs used in the valuation models.
(a)
Financial instruments carried at fair value
Significant
unobservable
Type
Valuation technique
inputs
Discounted cash flows
Discount rate of 4.58%
using market interest
rates for a similar
instrument at the
measurement date.
Inter-relationship
between significant
unobservable inputs and
fair value measurement
The estimated fair value
would increase (decrease)
if the discount rate were
(lower) higher.
273
39.
(a)
Financial instruments carried at fair value (continued)
Sensitivity analysis for Level 3
Change in
variables
2015
<------------------- Group and Company---------------------->
profit Impact on
before tax
equity*
surplus
fund
RM’000
RM’000
RM’000
RM’000
Takaful Operator
Discount rate
Discount rate
+1%
-1%
-
-
(220)
227 -
-
-
Family Takaful
Discount rate
Discount rate
+1%
-1%
-
-
-
-
-
-
(2,689)
2,815
General Takaful
Discount rate
Discount rate
+1%
-1%
-
-
-
-
-
-
(959)
1,010
Group / Company
Discount rate
Discount rate
+1%
-1%
-
-
(220)
227 - - (3,648)
3,825
2014
Takaful Operator
Discount rate
Discount rate
+1%
-1%
-
-
(611)
633 -
-
-
Family Takaful
Discount rate
Discount rate
+1%
-1%
-
-
-
-
-
-
(936)
965
General Takaful
Discount rate
Discount rate
+1%
-1%
-
-
-
-
-
-
(206)
210
Group / Company
Discount rate
Discount rate
+1%
-1%
-
-
(611)
633 - -
(1,142)
1,175
Valuation processes applied by the Group for Level 3 fair value
The Group has an established control framework in respect to the measurement of fair values of financial instruments. This
includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including
Level 3 fair values, which reports directly to the Chief Investment Officer and General Manager, Finance. The valuation team
regularly review significant unobservable inputs and valuation adjustments.
274
40.
Operating leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Takaful Operator
Non-related parties:
Less than one year
Between one and five years
342
6,347
651 6,366 342
6,347
651
6,366
6,689
7,017 6,689
7,017
Related party:
Less than one year
115 26 92 - 44 26 -
141 92 70 -
6,830 7,109 6,759 7,017
Group / Company
Less than one year
342 6,347 651 6,366 342 6,718 651
6,366
6,689 7,017 7,060 7,017
Related party:
Less than one year
44 26 -
- 44 26 -
70 -
70 -
6,759 7,017 7,130 7,017
Lease commitments are wholly payable from the Takaful Operator. The Group and the Company lease a number of computers and
equipment under operating leases. The leases typically run for a period of five years, with an option to renew the lease after that date.
Leases as lessor
The Group and the Company lease out their investment properties (see Note 4). The future minimum lease receivables under noncancellable leases are as follows:
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Takaful Operator
Less than one year
57
67
43
57
57
67
43
57
124
100 124
100
Related party:
Less than one year
624
68
763
693
624
68
763
693
692
1,456 692
1,456
816
1,556 816
1,556
275
40.
Operating leases (continued)
Leases as lessor (continued)
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Family Takaful
Less than one year
7,214
3,362
6,425
7,806
7,214
3,362
6,425
7,806
10,576
14,231 10,576
14,231
Related party:
Less than one year
1,686
1,730
1,170
936
1,615
1,730
1,078
936
3,416 2,106 3,345 2,014
13,992 16,337 13,921 16,245
657
368
535
656
657
368
535
656
1,025 1,191 1,025
1,191
Related party:
Less than one year
173
79
184
244
173
79
184
244
252 428 252
428
1,277
1,619 1,277
1,619
Group / Company
Less than one year
7,928
3,797
7,003 8,519 7,928
3,797
7,003
8,519
11,725
15,522 11,725
15,522
Related party:
Less than one year
2,412
1,877
2,117 1,873 2,412
1,877
2,025
1,873
4,289
3,990 4,289
3,898
16,014 19,512 16,014
19,420
General Takaful
Less than one year
276
41.
Capital commitments
Authorised by the Directors and contracted for
Group and Company
2015
2014
RM’000RM’000
4,968
15,183
42.
Related parties
Identity of related parties
For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the
Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial
and operating decisions, or vice-versa, or where the Group or the Company and the party are subject to common control or common
significant influence. Related parties may be individuals or other entities.
Related parties also include key management personnel defined as those persons having authority and responsibility for planning,
directing and controlling the activities of the Group either directly or indirectly. The key management personnel include all the Directors
of the Group, and certain members of senior management of the Group. Compensation paid to key management personnel have been
disclosed in Note 30.
The Group has related party relationships with its holding companies, significant investors, subsidiaries, Directors and key management
personnel.
Significant related party transactions
Related party transactions have been entered into in the normal course of business under normal trade terms. The significant related party
transactions of the Company, other than key management personnel compensation as disclosed in Note 30, are as follows:
Group and Company
2015
2014
RM’000RM’000
Ultimate holding company
Contribution income for Family Takaful
Contribution income for General Takaful
Claims paid for Family Takaful
Claims paid for General Takaful
576
3,622
656
480
5,823
2,675
985
718
Holding company
Dividend paid
Contribution income for Family Takaful Contribution income for General Takaful
34,409
-
-
-
78,726
81
17
187
277
42.
Related parties (continued)
Significant related party transactions (continued)
Related companies
Contribution income for Family Takaful Contribution income for General Takaful
Claims paid for General Takaful
Investment income
Rental income
Commision paid
Bank charges
1,512 2,001 2,267
22
3,634
2,515
15,039
1,436
11,692
3,590
7,369
64
7,325
2,632
3,241
1,158
The significant outstanding balances of the Group and of the Company with its related parties, are as follows:
278
Group and Company
2015
2014
RM’000RM’000
Group and Company
2015
2014
RM’000RM’000
Takaful Operator
Bank balances
Fixed and call deposits
45
34,549
231
48,391
34,594
48,622
Family Takaful
Bank balances
939
80,324
12,256
60,209
81,263
72,465
General Takaful
Bank balances
160
33,753
1,776
24,099
33,913
25,875
Group / Company
Bank balances
1,144
148,626
14,263
132,699
149,770146,962
43.
Regulatory capital requirements
The Company’s capital management policy is to optimise the efficient and effective use of resources to maximise the return on equity and
provide an appropriate level of capital to protect participants and meet regulatory requirements.
The Company is required to comply with the regulatory capital requirement prescribed in the Risk Based Capital for Takaful (RBCT)
Framework issued by Bank Negara Malaysia where Takaful operators are required to satisfy a minimum capital adequacy ratio of 130%. As
at period end, the Company has a capital adequacy ratio in excess of the minimum requirement.
The capital structure of the Company as at 31 December 2015, as prescribed under the RBCT Framework is provided below:
Tier 1 capital
Tier 2 capital
Amount deducted from capital
Total capital available
Company
2015
2014
RM’000RM’000
1,167,906
(30,374)
(143,163)
1,035,554
3,294
(93,704)
994,369
945,144
279
44.
Supplementary financial information on the breakdown of realised and unrealised profits or losses
The breakdown of the retained profits of the Group and of the Company as at 31 December, into realised and unrealised profits, pursuant
to Paragraphs 2.06 and 2.23 of the Bursa Malaysia Main Market Listing Requirements, are as follows:
Group
Company
2015
2014
2015
2014
RM’000RM’000RM’000RM’000
Total retained profits of the Company and its subsidiaries:
- Realised
- Unrealised
280
457,358 34,234 336,892 41,231 489,433 17,642 396,988
16,373
Total share of retained profits of associates:
- Realised
- Unrealised
491,592 378,123 507,075 413,361
Add: Consolidation adjustments
491,592 15,450
378,123 31,655
507,075 -
413,361
-
Total retained profits
507,042 409,778 507,075 413,361
----
-
-
-
The determination of realised and unrealised profits is based on the Guidance of Special Matter No.1, Determination of Realised and
Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the
Malaysian Institute of Accountants on 20 December 2010.
Maklumat Hartanah
A. PELABURAN HARTANAH / INVESTMENT PROPERTIES
No
Lokasi / Location
Penerangan Kegunaan / Hakmilik / Tenure
Description of Existing
Use
1
No. 325A & 325B
Blok 41, Kompleks
Perniagaan Fajar
91000 Tawau
Sabah
Tiga unit Kompleks
Perniagaan/ Pejabat 4
tingkat
Three units of 4 storey
Commercial Complex/
Office
2
No. 64 & 65
Kompleks Jitra
Jalan Sungai Korok
06000 Jitra
Kedah Darul Aman
3
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
Land, Builtup Area (kaki
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2015
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
Pajakan bandar
24
999 tahun berakhir
pada 31.12.2895 /
999 years town
lease expiring on
31.12.2895
4,025/
6,037
3,080,000
31.12.2015
Dua unit Rumah kedai/
Pejabat 2 tingkat
Two units of 2 storey
Shophouse/Office
Pegangan bebas /
Freehold
29
3,095/
6,935
1,130,000
31.12.2015
No. 23
Medan Istana 3
Bandar Ipoh Raya
30450 Ipoh
Perak Darul Ridzuan
Satu unit Rumah kedai/
Pejabat 3 tingkat
One unit of 3 storey
Shophouse/Office
Pajakan 99 tahun
berakhir pada
30.03.2081 /
99 years lease
expiring on
30.03.2081
20
1,539/
4,255
570,000
31.12.2015
4
Lot 54 & 55
Bandar Wilayah Jasa
Jalan Bunga Raya
91100 Lahad Datu
Sabah
Pejabat 3 tingkat
Shophouse/Office
Pajakan bandar
99 tahun berakhir
pada 31.12.2090 /
99 years town
lease expiring on
31.12.2090
20
2,400/
7,200
1,680,000
31.12.2015
5
No. 15 & 17
Jalan Kelibang
Langkawi Mall
07000 Kuah
Langkawi
Kedah Darul Aman
Pejabat 2 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
22
1,440/
7,720
680,000
31.12.2015
6
No. 26 & 28
Jalan Perda Barat
Bukit Mertajam
Seberang Prai
14000 Penang
Pejabat 3 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
17
3,293/
8,840
1,240,000
31.12.2015
281
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2015
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
7
No. 433 & 434
Jalan Kulas
93400 Kuching
Sarawak
Pejabat 4 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
20
3,589/
12,855
3,930,000
31.12.2015
8
Lot 13 & 14
Lazenda Commercial
Centre
Jalan Okk Abdullah
87007 Wilayah
Persekutuan Labuan
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 999 tahun
berakhir pada
30.06.2902 /
999 years lease
expiring on
30.06.2902
21
2,504/
7,200
2,240,000
31.12.2015
9
No. 1 & 2
Jalan Kelicap
Taman Pekan Baru
34200 Parit Buntar
Perak Darul Ridzuan
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
05.09.2078 /
99 years lease
expiring on
05.09.2078
28
3,956/
7,044
880,000
31.12.2015
10
No. 46 & 47
Jalan Rahmat
83000 Batu Pahat
Johor Darul Takzim
Pejabat 4 tingkat
Two units of 4 Storey
Shophouse/Office
Pegangan bebas /
Freehold
26
3,220/
12,092
1,745,000
31.12.2015
11
No. 180 & 181
Jalan Tuan Hitam
22000 Jerteh
Terengganu Darul
Iman
Pejabat 4 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
25
3,200/
12,250
1,780,000
31.12.2015
12
Lot 82, 84 & 86
Jalan Rugbi 13/30
Seksyen 13
40100 Shah Alam
Selangor Darul
Ehsan
Tiga unit Rumah kedai/
Pejabat 2 tingkat
Three units of 2 storey
Shophouse/Office
Pajakan 99 tahun
berakhir pada
22.01.2102 /
99 years lease
expiring on
22.01.2102
16
6,339/
11,309
3,230,000
31.12.2015
13
No. 229
Jalan Shahab 2
Shahab Perdana
Jalan Sultanah
Sambungan
05350 Alor Star
Kedah Darul Aman
Pejabat 2 1/2 tingkat
One unit of 2 1/2 storey
Shophouse/Office
Pegangan bebas /
Freehold
19
1,400/
3,570
530,000
31.12.2015
282
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2015
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
14
Lot No. 3803
Jalan Dato’ Ulu Muar
72000 Kuala Pilah
Negeri Sembilan
Darul Khusus
Pejabat 3 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
06.10.2079 /
99 years lease
expiring on
06.10.2079
16
2,001/
3,120
560,000
31.12.2015
15
No. 45
Jalan Teluk Sisek
25000 Kuantan
Pahang Darul
Makmur
Pejabat 4 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
18.09.2068 /
99 years lease
expiring on
18.09.2068
15
3,200/
8,019
2,560,000
31.12.2015
16
No. 27
Pusat Komersil
Temerloh
28000 Temerloh
Pahang Darul
Makmur
Shophouse/Office
Pajakan 99 tahun
berakhir pada
01.04.2095 /
99 years lease
expiring on
01.04.2095
15
1,398/
5,017
730,000
31.12.2015
17
No. 2 & 4
Jalan 6C/7
43650 Bandar Baru
Bangi
Selangor Darul
Ehsan
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
08.07.2086 /
99 years lease
expiring on
08.07.2086
28
6,383/
8,032
1,995,000
31.12.2015
18
Lot 14
Seremban City
Centre
Jalan Tuanku
Munawir
70000 Seremban
Negeri Sembilan
Darul Khusus
Pejabat 6 tingkat
Shophouse/Office
Pegangan bebas /
Freehold
19
1,500/
14,589
3,770,000
31.12.2015
19
No. 29, Jalan Delima
Pusat Perdagangan
Pontian
82000 Pontian
Johor Darul Takzim
Pejabat 3 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
25.09.2097 /
99 years lease
expiring on
25.09.2097
14
3,899/
10,248
1,690,000
31.12.2015
283
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2015
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
20
Lot 1129 & 1130
Bangunan Darul
Takaful
Jalan Sultan Ismail
20100 Kuala
Terengganu
Terengganu Darul
Iman
Satu unit bangunan
Pejabat 12 tingkat
Office building
Pajakan kecil 35
tahun berakhir
pada 27.02.2037 /
35 years sub
lease expiring on
27.02.2037
13
3,600/
23,637
6,470,000
31.12.2015
21
No. 616 & 617
Jalan Besar
73000 Tampin
Negeri Sembilan
Darul Khusus
Dua unit bangunan
Pejabat 2 tingkat
Office building
Pajakan 99 tahun
berakhir pada
05.10.2088 /
99 years lease
expiring on
05.10.2088
23
4,498/
8,685
1,750,000
31.12.2015
22
No. 6
Jalan 6C/7
43650 Bandar Baru
Bangi
Selangor Darul
Ehsan
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
08.07.2086 /
99 years lease
expiring on
08.07.2086
28
1,905/
3,508
790,000
31.12.2015
23
Suite 3B/G
Blok 3B, Plaza
Sentral
Jalan Stesen
Sentral 5
50470 Kuala Lumpur
Satu tingkat bangunan
Pejabat 22 tingkat
One floor of 22 storey
Office building
Pegangan bebas /
Freehold
14
6,409*
8,600,000
31.12.2015
24
No. 26 & 27
Jalan Tanjung
Pasar Baru
18500 Machang
Kelantan Darul Naim
Dua unit bangunan
Pejabat 2 tingkat
Office building
Pajakan 66 tahun
berakhir pada
18.02.2069 /
66 years lease
expiring on
18.02.2069
34
1,600/
4,000
700,000
31.12.2015
25
No. 330 & 331
Jalan Sultan Yahya
Petra
15720 Kota Bharu
Kelantan Darul Naim
Dua unit bangunan
Two units of 4 1/2
storey Office building
Pajakan 99 tahun
berakhir pada
09.12.2069 /
99 years lease
expiring on
09.12.2069
33
3,200/
15,200
2,200,000
31.12.2015
284
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2015
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
26
Menara Takaful
Malaysia
No.4, Jalan Sultan
Sulaiman
50000 Kuala Lumpur
Dua unit bangunan
Pejabat
Blok Utama - 26 tingkat
Blok Annex - 29 tingkat
Two units of
Office building
Main Block - 26 storey
Annexe Block – 29
storey
Pegangan bebas /
Freehold
Blok
Utama/
Main Block
- 42
Blok
Annex/
Annexe
Block
- 35
90,427/
393,508
172,000,000
31.12.2015
27
No. 2408
Taman Samudera
32040 Sri Manjung
Perak Darul Ridzuan
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
19.05.2091 /
99 years lease
expiring on
19.05.2091
19
2,800/
5,300
810,000
31.12.2015
28
No. 76A & 76
Pusat Perniagaan
Jalan Tupai
34000 Taiping
Perak Darul Ridzuan
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pegangan bebas /
Freehold
12
3,134/
18,304
1,560,000
31.12.2015
29
No. 10 & 11
Jalan Sultan Yahya
Petra
15200 Kota Bharu
Kelantan Darul Naim
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 33 tahun
berakhir pada
08.09.2037 /
33 years lease
expiring on
08.09.2037
13
3,852/
9,120
2,370,000
31.12.2015
30
No. 4197
Jalan Teluk Wanjah
05200 Alor Star
Kedah Darul Aman
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pegangan bebas /
Freehold
13
8,716/
18,440
1,800,000
31.12.2015
31
No. 10 & 8
Jalan Padi Emas 5/2
Bandar Baru UDA
81200 Johor Bharu
Johor Darul Takzim
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
16.02.2099 /
99 years lease
expiring on
16.02.2099
10
3,080/
8,024
2,140,000
31.12.2015
32
No. 4
Kompleks Seri Temin
Jalan Ibrahim
08000 Sungai Petani
Kedah Darul Aman
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pajakan 99 tahun
berakhir pada
03.10.2080 /
99 years lease
expiring on
03.10.2080
30
1,400/
5,510
680,000
31.12.2015
285
Maklumat Hartanah
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2015
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
33
Lot 1340
Miri Waterfront
Commercial Centre
98000 Miri
Sarawak
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pajakan 60 tahun
berakhir
30.09.2066 /
60 years expiring
on 30.09.2066
11
1,400/
5,500
1,420,000
31.12.2015
34
No. 6, Jalan Padi
Emas 5/2
Bandar Baru UDA
81200 Johor Bharu
Johor Darul Takzim
Satu unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
16.02.2099 /
99 years lease
expiring
on 16.02.2099
10
1,540/
4,012
1,070,000
31.12.2015
35
No. 148, Kompleks
Munshi Abdullah
75200 Melaka
Satu unit bangunan
Office building
Pajakan 99 tahun
berakhir pada
23.04.2102 /
99 years lease
expiring
on 23.04.2102
22
1,470/
6,117
1,060,000
31.12.2015
36
No. 16474 & 16475
Pusat Perniagaan
Inderapura
Jalan Tras Raub
Pahang Darul
Makmur
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
29.06.2092 /
99 years lease
expiring on
29.06.2092
16
3,218/
9,280
1,630,000
31.12.2015
37
No. 20, Fasa 1A
Jalan Haji Manan
86000 Kluang
Johor Darul Takzim
Pejabat 4 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
10.12.2108 /
99 years lease
expiring on
10.12.2108
19
2,658/
9,930
2,100,000
31.12.2015
Jumlah / Total
* Kawasan Bina/Built-up Area
286
243,170,000
Maklumat Hartanah
B. HARTANAH YANG DIHUNI-SENDIRI / SELF-OCCUPIED PROPERTY
No
Lokasi / Location
Use
Usia
Bangunan /
Age of
Building
(tahun /
years)
Keluasan Tanah,
Kawasan Bina /
persegi / square
feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2015
(RM)
Tarikh
Penilaian
Semula /
Date of
Revaluation
1
No. 435
Jalan Kulas
93400 Kuching
Sarawak
Pejabat 4 tingkat
Shophouse/Office
20
1,214/
4,262
1,500,000
31.12.2015
Pegangan bebas /
Freehold
287
MODAL SAHAM / SHARE CAPITAL
: 2,500,000,000 saham biasa bernilai RM0.20 sesaham
Modal Dibenarkan Authorised Capital 2,500,000,000 ordinary shares of RM0.20 each
Modal yang diterbitkan dan dibayar sepenuhnya pada 29 Januari 2016 : 815,836,500 saham biasa bernilai RM0.20 sesaham
Issued and fully paid-up capital as at 29 January 2016 815,836,500 ordinary shares of RM0.20 each
Jumlah pemegang saham pada 29 Januari 2016
No. of shareholders as at 29 January 2016
: 3,836
Kelas saham
: Saham biasa bernilai RM0.20 sesaham
Class of shares Ordinary shares of RM0.20 each
Hak mengundi : 1 undi bagi setiap saham biasa
Voting right 1 vote per ordinary share
PEMEGANG-PEMEGANG SAHAM UTAMA (5% DAN LEBIH) PADA 29 JANUARI 2016
SUBSTANTIAL SHAREHOLDERS’ SHAREHOLDINGS (5% AND ABOVE) AS AT 29 JANUARY 2016
Nama Pemegang Saham Name of Shareholders
Jumlah Saham Number of Shares
Peratus (%)
Percentage (%)
BIMB Holdings Berhad
Employees Provident Fund Board
491,550,925
86,452,200
60.25
10.60
Jumlah / Total
578,003,12570.85
PEGANGAN SAHAM PARA PENGARAH PADA 29 JANUARI 2016
DIRECTORS’ SHAREHOLDINGS AS AT 29 JANUARY 2016
Nama Pengarah Name of Directors
Dato’ Sri Mohamed Hassan Kamil Datuk Rozaida Omar Mahadzir Azizan Dato’ Sulaiman Mohd Yusof Zakaria Ismail
288
Jumlah Saham Number of Shares
Peratus (%)
Percentage (%)
347,500
-
-
-
-
-
0.04
-
ANALISA PEGANGAN SAHAM MENGIKUT SAIZ PADA 29 JANUARI 2016
ANALYSIS BY SIZE OF SHAREHOLDINGS AS AT 29 JANUARY 2016
Saiz Pegangan Saham Size of Shareholdings Kurang dari 100 Less than 100
Bilangan Jumlah Pemegang Saham Pegangan Saham Number of
Peratus (%) Total
Peratus (%)
Shareholders
Percentage (%)
Shareholdings
Percentage (%)
515
13.43
9,565
0.00
100 - 1,000
1,041
27.14
689,723
0.08
1,001 - 10,000
1,603
41.79
7,564,365
0.93
10,001 - 100,000
521
13.58
14,744,956
1.81
100,001 hingga 40,791,824 (kurang daripada 5% saham diterbitkan)
100,001 to 40,791,824 (less than 5% of issued shares)
154
4.01
214,824,766
26.33
2
0.05
578,003,125
70.85
40,791,825 (5% saham diterbitkan) dan lebih
40,791,825 (5% of issued shares) and above
Jumlah / Total
3,836
100.00 815,836,500100.00
TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 29 JANUARI 2016
THIRTY (30) LARGEST SHAREHOLDERS AS AT 29 JANUARY 2016
Nama Pemegang Saham Name of Shareholders Jumlah Saham
Number of Shares
Peratus (%)
Percentage (%)
BIMB Holdings Berhad 491,550,925
60.25
Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board 74,225,600
9.10
Bimsec Nominees (Asing) Sdn Bhd Islamic Development Bank
35,000,000
4.29
Amsec Nominees (Tempatan) Sdn Bhd Amtrustee Berhad for CIMB Islamic Dali Equity Growth Fund (UT-CIMB-DALI)
27,259,700
3.34
Cartaban Nominees (Asing) Sdn Bhd Exempt An for Daiwa Securities Co. Ltd. Client Acc
22,535,400
2.76
Amanahraya Trustees Berhad Public Islamic Select Treasures Fund
19,649,500
2.41
289
TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 29 JANUARI 2016 (sambungan)
THIRTY (30) LARGEST SHAREHOLDERS AS AT 29 JANUARY 2016 (continued)
Nama Pemegang Saham Name of Shareholders Jumlah Saham Number of Shares
Peratus (%)
Percentage (%)
Cartaban Nominees (Tempatan) Sdn Bhd
Exempt An for Eastspring Investments Berhad
9,946,000
1.22
Citigroup Nominees (Tempatan) Sdn Bhd
Exempt An for AIA Bhd. 9,644,800
1.18
Amanahraya Trustees Berhad
Public Islamic Opportunities Fund
9,124,000
1.12
Employees Provident Fund Board (AMUNDI)
8,491,300
1.04
Kumpulan Wang Persaraan (Diperbadankan) 3,650,100
0.45
Cartaban Nominees (Tempatan) Sdn Bhd
Exempt An for Eastspring Investments Berhad (1)
3,630,200
0.44
HSBC Nominees (Tempatan) Sdn Bhd
HSBC (M) Trustee Bhd For Affin Hwang AIIMAN Growth Fund (4207) 3,623,900
0.44
T. O. Lim Holdings Sdn Bhd
2,884,000
0.35
DB (Malaysia) Nominee (Tempatan) Sendirian Berhad Deutsche Trustees Malaysia Berhad for Eastpring Investmentsdana Al-Ilham
2,790,800
0.34
Employees Provident Fund Board (Nomura)
2,735,300
0.34
Universiti Sains Malaysia
2,500,000
0.31
HSBC Nominees (Asing) Sdn Bhd BBH and Co Boston for Prusik Asian Smaller Companies Fund Public Limited Company
2,200,000
0.27
Public Islamic Growth & Income Fund
2,078,800
0.25
Amin Baitulmal Johor
2,000,000
0.25
Majlis Agama Islam dan Adat Melayu Perak Darul Ridzuan 2,000,000
0.25
290
TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 29 JANUARI 2016 (sambungan)
THIRTY (30) LARGEST SHAREHOLDERS AS AT 29 JANUARY 2016 (continued)
Nama Pemegang Saham Name of Shareholders Jumlah Saham Number of Shares
Peratus (%)
Percentage (%)
Citigroup Nominees (Asing) Sdn Bhd Exempt An for Citibank New York (Norges Bank 14)
1,941,700
0.24
Meng Hin Holdings Sdn Bhd
1,867,500
0.23
Citigroup Nominees (Asing) Sdn Bhd CBNY for DFA Emerging Markets Small Cap Series
1,577,600
0.19
Public Islamic Dividend Fund 1,571,000
0.19
CIMB Group Nominees (Tempatan) Sdn Bhd
Yayasan Hasanah (AUR-VCAM)
1,532,400
0.19
Amsec Nominees (Tempatan) Sdn Bhd
Amtrustee Berhad for Apex Dana Al-Sofi-I (UT-APEX-SOFI)
1,413,500
0.17
CIMB Islamic Nominees (Tempatan) Sdn Bhd CIMB Islamic Trustee Berhad - Kenanga Syariah Growth Fund
1,388,500
0.17
Citigroup Nominees (Asing) Sdn Bhd
CBNY for Emerging Market Core Equity Portfolio DFA Investment Dimensions Group Inc
1,308,599
0.16
Public Islamic Treasures Growth Fund
1,137,500
0.14
Jumlah / Total
751,258,62492.08
291
Rangkaian Cawangan & Syarikat Subsidiari
Branch Network & Subsidiary Companies
IBU PEJABAT / HEAD OFFICE
1-300 88 252 385
603-2274 0237
50000 Kuala Lumpur
takaful-malaysia.com.my
P.O.Box 11483
[email protected]
50746 Kuala Lumpur
Syarikat Takaful Malaysia Berhad
TAKAFUL myCARE CENTRES
KUALA LUMPUR
Tingkat Bawah, Blok Utama
50000 Kuala Lumpur
SELANGOR
Shah Alam
Tingkat Bawah
Lot. No 82, 84, 86
Jalan Rugbi 13/30, Seksyen 13
40100 Shah Alam
Selangor Darul Ehsan
PUTRAJAYA
Putrajaya
Lot 11F, Tingkat 1, Blok E 16
Anjung Parcel E, Presint 1
62000 Putrajaya
PERAK
Ipoh
No. 23, Medan Istana 3
Bandar Ipoh Raya
30000 Ipoh
Perak Darul Ridzuan
KEDAH
Alor Setar
No. 229, Jalan Shahab 2
Shahab Perdana
Jalan Sultanah Sambungan
05150 Alor Setar
Kedah Darul Aman
Sungai Petani
No. 4, Kompleks Seri Temin
Jalan Ibrahim
08000 Sungai Petani
Kedah Darul Aman
JOHOR
Batu Pahat
Tingkat Bawah
No. 46, Jalan Rahmat
83000 Batu Pahat
Johor Darul Takzim
Johor Bahru
Tingkat Bawah
No 5, Jalan Setia Tropika 1/30
Taman Setia Tropika
81200 Johor Bahru
Johor Darul Takzim
MELAKA
Melaka
148, Kompleks Munshi Abdullah
Jalan Munshi Abdullah
75100 Melaka
NEGERI SEMBILAN
Seremban
Suite 14-2, Tingkat 2
Seremban City Centre
Jalan Tuanku Munawir
70000 Seremban
Negeri Sembilan Darul Khusus
PULAU PINANG
Bandar Perda
No.28, Jalan Perda Barat 1
Bandar Baru Perda
14000 Bukit Mertajam
Pulau Pinang
TERENGGANU
Kuala Terengganu
Tingkat 2, Lot 1129 & 1130
Jalan Sultan Ismail
20200 Kuala Terengganu
Terengganu Darul Iman
Gelugor
No. 2480, Tingkat Bawah
Jalan Sultan Azlan Shah
11700 Gelugor
Pulau Pinang
PAHANG
Kuantan
No. 45, Tingkat Bawah
Jalan Teluk Sisek
25000 Kuantan
Pahang Darul Makmur
292
Temerloh
No. 27, Jalan Dato’ Bahaman 3
Pusat Dagangan Temerloh
28000 Temerloh
Pahang Darul Makmur
KELANTAN
Kota Bharu
Lot 331 & 332
Tingkat Bawah
Jalan Sultan Yahya Petra
Wakaf Siku, 15200 Kota Bharu
Kelantan Darul Naim
SARAWAK
Miri
Lot 1340, Tingkat Bawah
Miri Waterfront
Commercial Centre
Jalan Waterfront
98000 Miri, Sarawak
Kuching
Lot 435, Tingkat 1 & 2
Bangunan Tuanku Haji
Mohammad Al-Edrus
Jalan Kulas
93400 Kuching, Sarawak
SABAH
Kota Kinabalu
Lot A 202 & 203, Tingkat 2
Blok A, Wisma MUIS
Jalan Tengku Abdul Rahman
88850 Kota Kinabalu, Sabah
TAKAFUL RETAIL CENTRES
KL Sentral
Lot CS/3B/G, Tingkat Bawah
Plaza Sentral
Jalan Stesen Sentral 5
50470 Kuala Lumpur
IFiC Jalan Tun Razak
Aras 2, Menara Tabung Haji
201, Jalan Tun Razak
54000 Kuala Lumpur
IFiC Johor Bahru
Tingkat Bawah
Menara TH Johor Bahru
PTB 20485, Jalan Ayer Molek
80000 Johor Bahru
Johor Darul Takzim
IFiC Banda Kaba
Bangunan Tabung Haji
Lot 250, Jalan Banda Kaba
Peti Surat 205
75740 Melaka
SYARIKAT SUBSIDIARI/
SUBSIDIARY COMPANIES
ASEAN RETAKAFUL
INTERNATIONAL (L) LTD. (LL01129)
(in member’s voluntary liquidation)
Level 14, Blok 4
Financial Park Complex
Jalan Merdeka
87000 Wilayah Persekutuan
Labuan
6087-451 301
6087-451 302
6087-451 300
PT SYARIKAT TAKAFUL INDONESIA
Graha B, Graha Takaful Indonesia
Jalan Mampang Prapatan Raya
No. 100, Jakarta
12790 Indonesia
6221-799 1234
6221-790 1435
www.takaful.com
PT ASURANSI TAKAFUL KELUARGA
Graha B, Graha Takaful Indonesia
No. 100, Jakarta
12790 Indonesia
6221-799 1234
6221-790 1435
www.takaful.com /
www.takaful.co.id
PT ASURANSI TAKAFUL UMUM
Graha A, Graha Takaful Indonesia
No. 100, Jakarta
12790 Indonesia
6221-799 2345
6221-790 1944
www.takaful.com /
www.takafulumum.co.id
BORANG PROKSI / PROXY FORM
UNTUK AGM KE-31 / FOR 31ST AGM
(Diperbadankan di Malaysia di bawah Akta Syarikat, 1965/
Incorporated in Malaysia under the Companies Act, 1965)
Saya / Kami / I / We .................................................................................................................................................................................................................................
(Nama Penuh Pemegang Saham / Full Name of Shareholder)
NRIC No. / Passport No./ Company No....................................................................................................................................................................................................
dari / of ...................................................................................................................................................................................................................................................
(Alamat / Address)
No. Telefon / Telephone no. …………………….............………………. sebagai ahli / ahli - ahli Syarikat Takaful Malaysia Berhad (“Syarikat”) dengan ini melantik / being a
member / members of Syarikat Takaful Malaysia Berhad (“the Company”), hereby appoint;
................................................................................................................................................................................................................................................................
(Nama Penuh & NRIC No / Full Name & NRIC No)
dari / of ...................................................................................................................................................................................................................................................
(Alamat / Address)
dan / atau jika beliau tidak dapat hadir / and / or failing him / her:
.................................................................................................................................................................................................................................................................
(Nama Penuh & NRIC No / Full Name & NRIC No)
dari / of ...................................................................................................................................................................................................................................................
(Alamat / Address)
atau jika beliau tidak dapat hadir, Pengerusi Mesyuarat sebagai proksi saya / kami untuk mengundi bagi pihak saya / kami di MESYUARAT AGUNG TAHUNAN
SYARIKAT TAKAFUL MALAYSIA BERHAD yang KETIGA PULUH SATU yang akan diadakan di Dewan Ahmad Mohamed Ibrahim, Tingkat 5, Blok Annex, Menara Takaful
Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur pada hari Khamis, 31 Mac 2016 pada jam 10:00 pagi dan pada sebarang penangguhannya.
or failing him, the Chairman of the Meeting as my / our proxy to vote for me / us on my / our behalf at the THIRTY FIRST ANNUAL GENERAL MEETING of SYARIKAT
TAKAFUL MALAYSIA BERHAD to be held at Dewan Ahmad Mohamed Ibrahim, 5th Floor, Annexe Block, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman,
50000 Kuala Lumpur on Thursday, 31 March 2016 at 10:00 a.m and any adjournment thereof.
Sila tandakan “X” di dalam ruang yang disediakan di bawah bagaimana anda ingin mengundi untuk resolusi-resolusi berikut. Sekiranya tiada arahan-arahan
tertentu, proksi anda akan mengundi atau tidak mengundi sepertimana yang dia anggap patut. Jika anda melantik dua proksi, sila nyatakan bahagian pegangan
untuk diwakilkan kepada setiap proksi.
Please indicate an “X” in the space provided below, how you wish your vote to be cast in respect of the following resolutions. In the absence of specific directions,
your proxy may vote or abstain at his/her discretion. If you appoint two proxies, please specify the proportions of holdings to be represented by each proxy.
Wakil saya / kami akan mengundi seperti berikut / My / Our proxy is to vote as indicated hereunder:
NO. RESOLUSI / RESOLUTION
1
MENYOKONG /
FOR
MENENTANG /
AGAINST
Untuk menerima Penyata-penyata Kewangan yang telah diaudit bagi tahun kewangan berakhir 31 Disember
2015, beserta laporan Pengarah dan Juruaudit berkaitan dengannya.
To receive the Audited Financial Statements for the financial year ended 31 December 2015, together with the
reports of the Directors and auditors thereon.
Untuk melantik semula Pengarah-pengarah berikut yang bersara menurut Artikel 62 Tataurusan Pertubuhan
Syarikat:To re-elect the following Directors, each of whom retires pursuant to Article 62 of the Company’s Articles of
Association:
2
Zakaria Ismail
3
4
Untuk meluluskan bayaran yuran Pengarah-pengarah sebanyak RM752,000 bagi tahun kewangan berakhir 31
Disember 2015. (RM747,000 bagi tahun kewangan berakhir 31 Disember 2014)
To approve the payment of the Directors’ fees of RM752,000 for the financial year ended 31 December 2015.
(RM747,000 for the financial year ended 31 December 2014)
5
Untuk meluluskan bayaran yuran Ahli-ahli Badan Penasihat Syariah sebanyak RM183,000 bagi tahun kewangan
berakhir 31 Disember 2015. (RM168,000 bagi tahun kewangan berakhir 31 Disember 2014)
To approve the payment of the Shariah Advisory Body Members’ fees of RM183,000 for the financial year
ended 31 December 2015. (RM168,000 for the financial year ended 31 December 2014)
6
Untuk melantik semula Tetuan KPMG Desa Megat & Co. sebagai Juruaudit Syarikat dan memberi kuasa kepada
Pengarah-pengarah untuk menetapkan bayaran Juruaudit.
To re-appoint Messrs KPMG Desa Megat & Co. as the Auditors of the Company and to authorise the Directors
to fix their remuneration.
7
Cadangan Mandat Pemegang-pemegang Saham bagi Urusniaga-urusniaga yang Berulang dengan Pihak
Berkaitan.
Proposed Shareholders’ Mandate for Recurrent Related Party Transactions.
JUMLAH SAHAM
Untuk pelantikan dua proksi, jumlah saham dan peratusan pemegangan saham yang akan
NO. OF SHARES
diwakili oleh proksi-proksi adalah seperti berikut /
For appointment of two proxies, the number of shares and percentage of shareholdings to be
Pada / Dated this.................haribulan / day of ........ 2016
represented by the proxies are as follows:
Jumlah saham / No. of shares
Peratus / Percentage
Proksi 1/Proxy 1
...........................................................................................
Tandatangan / Cop Mohor Pemegang Saham
Signature / Common Seal of Shareholders
Proksi 2/Proxy 2
Jumlah/Total
100%
Nota-Nota:
(i) Seorang ahli Syarikat yang berhak menghadiri dan mengundi di mesyuarat ini layak untuk melantik tidak lebih daripada dua (2) proksi untuk menghadiri dan mengundi bagi
pihaknya pada mesyuarat yang sama dan proksi itu tidak semestinya seorang ahli Syarikat.
(ii) Sekiranya ahli Syarikat melantik dua (2) proksi, pelantikan tersebut akan menjadi tidak sah melainkan beliau menyatakan nisbah pegangan yang akan diwakili oleh setiap proksi.
(iii) Sekiranya ahli Syarikat adalah nomini berkecuali yang dibenarkan seperti yang ditakrifkan di bawah Akta Perindustrian Sekuriti 1991 (Depositori Pusat) yang memegang sahamsaham biasa Syarikat untuk beberapa pemilik benefisial dalam satu akaun sekuriti (“akaun omnibus”), tidak ada had untuk bilangan proksi yang boleh dilantik oleh nomini
berkecuali yang dibenarkan bagi setiap akaun omnibus yang dipegangnya.
(iv) Suratcara pelantikan proksi bagi individu hendaklah ditandatangani oleh pelantik atau peguamnya dan dalam hal perbadanan, ia mestilah dimeterai atau ditandatangani oleh
seorang pegawai atau peguamnya yang telah diberi kuasa sewajarnya.
(v) Suratcara pelantikan seorang proksi mestilah dihantar ke Pejabat Berdaftar Syarikat di Tingkat 26, Blok Annex, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala
Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan bagi mengadakan mesyuarat atau sebarang penangguhannya.
(vi) Hanya ahli yang tersenarai di dalam Rekod Pendeposit pada 23 Mac 2016 yang layak untuk hadir, bersuara dan mengundi pada AGM atau melantik seorang proksi (proksi-proksi)
untuk hadir, bersuara dan/atau mengundi bagi pihak mereka.
Notes:
(i) A member of the Company entitled to attend and vote at this meeting is entitled to appoint not more than two (2) proxies to attend and to vote instead of him at the same meeting
and a proxy need not be a member of the Company.
(ii) Where a member of the Company appoints two (2) proxies, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.
(iii) Where a member of the Company is an exempt authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991 which holds ordinary shares in the
Company for multiple beneficial owners in one securities account (“omnibus account”), there is no limit to the number of proxies which the exempt authorised nominee may
appoint in respect of each omnibus account it holds.
(iv) The instrument appointing a proxy in the case of an individual shall be signed by the appointer or his attorney and in the case of a corporation, must be under seal or under the
hand of an officer or attorney duly authorised.
(v) The instrument appointing a proxy must be deposited at the Registered Office of the Company at Tingkat 26, Blok Annex, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman,
50000 Kuala Lumpur not less than forty eight (48) hours before the time for holding the meeting or any adjournment thereof.
(vi) Only members whose names appear in the Record of Depositors on 23 March 2016 shall be eligible to attend, speak and vote at the AGM or appoint proxy(ies) to attend, speak
and/or vote on their behalf.
stamp
Setiausaha Syarikat / The Company Secretary
Syarikat Takaful Malaysia Berhad
Tingkat 26, Blok Annex
50000 Kuala Lumpur
We Should Talk
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50000 Kuala Lumpur
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Syarikat Takaful Malaysia Berhad (131646-K)
26th Floor, Annexe Block, Menara Takaful Malaysia
No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur
1-300 88 252 385
+603-2274 0237
[email protected]
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LAPORAN TAHUNAN ANNUAL REPORT

Transcription

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