English Version - Takaful Malaysia

Transcription

CONTENTS
Page
GROUP MANAGING DIRECTOR’S STATEMENT
3
FUND PROFILE
4
GLOBAL AND LOCAL ECONOMIC REVIEW
8
EQUITY AND FIXED INCOME MARKET REVIEW
10
MARKET OUTLOOK AND INVESTMENT STRATEGY
13
FUND PERFORMANCE REPORT
17
SOFT COMMISSION RECEIVED FROM BROKERS
31
STATEMENT BY DIRECTORS
32
REPORT OF THE AUDITORS
33
STATEMENTS OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2014
35
STATEMENTS OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2013
36
STATEMENTS OF INCOME AND EXPENDITURE FOR FINANCIAL YEAR ENDED
31 DECEMBER 2014
37
STATEMENTS OF INCOME AND EXPENDITURE FOR FINANCIAL PERIOD ENDED
31 DECEMBER 2013
38
STATEMENTS OF CHANGES IN NET ASSET VALUE FOR FINANCIAL YEAR ENDED
31 DECEMBER 2014
39
STATEMENTS OF CHANGES IN NET ASSET VALUE FOR FINANCIAL PERIOD
ENDED 31 DECEMBER 2013
39
CASH FLOW STATEMENT FOR FINANCIAL YEAR ENDED 31 DECEMBER 2014
40
CASH FLOW STATEMENT FOR FINANCIAL PERIOD ENDED 31 DECEMBER 2013
41
NOTES TO THE FINANCIAL STATEMENTS
42
DETAILS OF INVESTMENTS
46
COMPARATIVE PERFORMANCE TABLE
56
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GROUP MANAGING DIRECTOR’S STATEMENT
In the Name of Allah, the Most Compassionate, the Most Merciful.
It is my pleasure to present the Annual Report of Syarikat Takaful Malaysia Berhad’s Investment-Linked Funds (ILP
Funds) for the financial year ended 2014.
The year 2014 has witnessed significant shifts in the landscape of financial markets globally. The economic growth of
certain countries in Asia turned out considerably at a subdued pace due to weak momentum continued from the
previous year. For Malaysia, the local financial market dwelt in a challenging period during the year under review to
register a relatively lower growth than anticipated.
st
As at 31 December 2014, the FBM KLCI Index closed at 1,761.25 points which is 105.71 points (-5.7%) lower than its
opening level of 1,866.96 points at the beginning of the financial year. The sell-down was majorly driven by two
pertinent factors namely the plunge in Crude Oil and weakening ringgit which were down by 45.95% and 6.76%
respectively. On the contrary, countries like India (+29.9%), Philippines (+22.8%) and Indonesia (+22.3%) recorded
excellent returns compared to other countries in Asia including Malaysia (-5.7%), Korea (-4.8%) and Hong Kong (1.3%).
Against the backdrop of a volatile economy in 2014, I am pleased to report that our business remained resilient and we
rose above the challenges in delivering a stable and healthy return of investment to our valued customers. We
cautiously took important steps towards executing our investment strategies focused on fulfilling our goal to achieving
excellent investment results. Over the past years, our ILP Funds’ growth momentum has increased tremendously with a
proven track record. It is only with your trust and support that we can achieve this level of performance.
2014 has been a rewarding year for the company’s investment portfolio where we sustained a robust growth across all
our ILP Funds. As at 31 December 2014, our range of ILP Funds namely myEquity Index Fund, myGrowth Fund,
myBlue Chips Fund, myDividend Fund, myBalanced Fund, Ittizan and Istiqrar have delivered a healthy performance
compared to the respective benchmarks in the market. To top it off, our myEquity Index Fund registered the best
performance with a return of 3.23% against its benchmark performance of negative -4.17%. This is followed by the
myDividend Fund which recorded a return of 3.06% against its benchmark return of negative -4.17%.
The market is anticipated to remain volatile in 2015 as the most recent drop in oil price has yet to show any signs of
recovering. Hence, the impact of falling oil prices on the fiscal deficit of the government will definitely be monitored
thoroughly. In spite of the likely challenging circumstances, the World Bank encouragingly conjectured the local
government to achieve its 2015 fiscal deficit target of 3% of the GDP. The World Bank is projecting a growth of 4.7% of
the GDP in 2015. This could be attributed to the withdrawal of fuel subsidy and implementation of the upcoming GST. In
all such instances, Takaful Malaysia is poised to drive the growth of our investment products to greater heights. We will
continue on being prudent and vigilant in outlining our investment strategies for the ILP Funds so as to ensure that the
company’s long-term investment objectives are met whilst efficiently managing the investment risk and return levels.
We thank you for the confidence you have shown in Takaful Malaysia. My utmost gratitude goes to all our valued
customers for the continued patronage of our Takaful Investment-Linked products, particularly the Takaful myGenLife. It
is our top priority to consistently deliver results that exceed your expectations as we are at all times committed in
bringing sustainable value to our customers.
Looking ahead to 2015, we remain confident in gearing up for profitable growth of our business even though conditions
before us are challenging. I strongly believe we are well positioned for continued achievement as we embark our
successful journey for Takaful Malaysia to be the preferred choice for insurance.
May Allah give us His guidance, Amin.
Dato’ Sri Mohamed Hassan Kamil
Group Managing Director
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FUND PROFILE
ITTIZAN
Investment
Objective
 To achieve reasonable returns and capital growth opportunities via selected
investments in Shariah approved shares listed in Bursa Malaysia and Shariahcompliant Islamic debt securities.
Investment
Strategy
 Invest in a balanced asset allocation comprising of Shariah-compliant equity
and Islamic debt securities and money market.
Asset
Allocation
 At least 30% and a maximum of 70% in Malaysian shares approved by the
Shariah Advisory Council of the Securities Commission;
 The balance in cash, long and short term Islamic debt securities and other liquid
Islamic investments.
Performance
Benchmark
 70% FBM Emas Shariah Index (“FBMSI”) and 30% one-month return Maybank
General Investment Account rate (“GIA”).
ISTIQRAR
Investment
Objective
 To achieve a relatively stable pattern of investment returns over medium term
through selected investments in Shariah approved shares listed in Bursa
Malaysia and Shariah-compliant fixed income securities.
Investment
Strategy
 Invest in a balanced asset allocation comprising mainly of Islamic debt
securities with smaller exposure in Shariah-compliant equity.
Asset
Allocation
 A maximum of 35% in Malaysian shares approved by the Shariah Advisory
Council of the Securities Commission;
 At least 65% and a maximum 100% in cash, long and short term Islamic debt
securities and other liquid Islamic investments.
Performance
Benchmark
 30% FBM Emas Shariah Index (“FBMSI”) and 70% one-month return at
Maybank General Investment Account rate (“GIA”).
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myEQUITY INDEX FUND
Investment
Objective
 To achieve returns that tracks the performance of the FBM Emas Shariah Index.
Investment
Strategy
 Invest mainly in the top 40 of the Index component stocks; closely tracking the
movement of the Benchmark in the medium to long term;
 Constant rebalancing of the component stocks to closely track the benchmark
performance.
Asset
Allocation
 90% - 95% in Malaysian shares approved by the Shariah Advisory Council of the
Securities Commission;
 The balance in Islamic money market instruments.
Performance
Benchmark
 FBM Emas Shariah Index (“FBMSI”).
myGROWTH FUND
Investment
Objective
 To achieve capital growth opportunities and dividend income through selective
investments in Shariah approved shares listed in Bursa Malaysia.
Investment
Strategy
 Invest primarily in selected Shariah-compliant equities that comprise of a
diversified portfolio of index-linked companies, blue-chip stocks and companies
with growth prospects and attractive dividend yields that are listed on Bursa
Malaysia;
 Active portfolio management – constant review on asset allocation and stocks
holding. Stock / portfolio turnover would be practically high in search for
opportunities in capital gain and dividend yield stocks.
Asset
Allocation
 The balance in cash, long and short term Islamic debt securities and other liquid
Islamic investments.
Performance
Benchmark
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myBLUE CHIPS FUND
Investment
Objective
 To achieve consistent capital growth in the long run through investments in
Shariah-compliant Blue Chips Shares.
Investment
Strategy
 Invest primarily in Shariah-compliant equities with higher market capitalisation to
achieve long term capital growth;
 Active portfolio management - constant review on asset allocation and stock
holding in search of stocks that meet the objective of the Fund.
Asset
Allocation
Performance
Benchmark
myDIVIDEND FUND
Investment
Objective
 To achieve dividend income in the long term through selective investments in high
dividend yield shares that provide a minimum annual gross dividend of 4.00%.
 To achieve capital growth through selective investments in Blue Chips Shares
that could potentially provide capital growth in the long run.
Investment
Strategy
 Invest primarily in dividend yield stocks that provide a minimum annual gross
dividend of 4.00% as well as blue-chip stocks that could potentially grow in the
long run;
 At all times, exposure in stocks that yield a minimum of 4% annual gross dividend
shall be at least 50% of the equity exposure;
 Constant review on asset allocation and stock holding in search of stocks that
comply with the objectives of the Fund.
Asset
Allocation
 At least 50% of the equity exposure is in dividend yield shares;
Performance
Benchmark
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myBALANCED FUND
Investment
Objective
 To achieve moderate streams of income and consistent capital growth over
the medium-to-long term period by investing in a diversified portfolio of
investments;
 To construct a diversified portfolio containing a balanced mixture of equities
and fixed income securities.
Investment
Strategy
 Invest in a balanced asset allocation comprising of Shariah-compliant equity,
debt securities and money market.
Asset
Allocation
 At least 10% and a maximum of 60% in Islamic debt securities and Malaysian
Government Investment Issues;
Performance
Benchmark
 40% FBM Emas Shariah Index (“FBMSI”) and 60% 12 months return
Maybank General Investment Account rate (“GIA”).
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GLOBAL AND LOCAL ECONOMIC REVIEW
Economic Review
This annual report is for the financial year of 1 January 2014 to 31 December 2014.
The International Monetary Fund (IMF) revised down its projection for 2014 real GDP growth for the global
economy marginally to 3.3%, from 3.4% estimated in July, due largely to weaker-than-expected global activities in
the first half of 2014. “In advanced economies, the legacies of the pre-crisis boom and the subsequent crisis,
including high private and public debt, still cast a shadow on the recovery. Emerging markets are adjusting to
rates of economic growth lower than those reached in the pre-crisis boom and the post-crisis recovery”, the IMF
said in its latest World Economic Outlook released in October 2014.
In the United States, The U.S. economy roared into overdrive in the third quarter as consumer and business
spending fuelled the biggest expansion in more than a decade. Gross domestic product grew at a 5% annual rate
from July through September, the biggest advance since the third quarter of 2003 and up from a previously
estimated 3.9%, revised figures from the Commerce Department in Washington. The median forecast of 75
economists surveyed by Bloomberg projected a 4.3% increase in GDP.
U.S. consumer sentiment jumped in December to its highest level in nearly eight years on cheaper gasoline and
rd
better job and wage prospects, a survey released on 23 December 2014 showed. The Thomson
Reuters/University of Michigan's final December reading on the overall index on consumer sentiment came in at
93.6, its best showing on a final basis since January 2007 and the latest in a string of increases since August.
The U.S. labour market is beginning to look pretty good on average. As at November 2014, the unemployment
rate is down to 5.8%, an improvement of 1.2% year on year.
The US Fed noted in its FOMC statement released in December 2014 that, based on its current assessment, “it
can be patient in beginning to normalize the stance of monetary policy. The Committee sees this guidance as
consistent with its previous statement that it likely will be appropriate to maintain the 0 to 0.25% target range for
the federal funds rate for a considerable time following the end of its asset purchase program in October.”
Over in Europe, the Eurozone economy grew by 0.2% quarter-on-quarter in third quarter 2014, slightly higher
compared to a revised additional 0.1% in the second quarter, as Germany and France, the region’s two largest
economies, narrowly avoided a recession while Greece showed some signs of revival. A year-on-year basis, real
GDP growth remained stable at 0.8% in the third quarter, the same level as in the previous quarter, marking the
fourth straight quarter of growth. The pick-up in economic growth was attributed to a reversal in Germany’s GDP
growth into positive territory of 0.1% quarter-on-quarter in the third quarter, after registering -0.1% in the second
quarter. Similarly, France’s GDP also rebounded to grow by 0.3% quarter-on-quarter in the third quarter, after
declining by 0.1% in the previous quarter. This was further supported by Italy’s GDP, which fell at a slower pace
of 0.1% quarter-on-quarter in third quarter, from -0.2% in the previous quarter. Meanwhile, a pick-up to 0.7%
quarter-on-quarter in the Greek’s economy for the third quarter, from +0.3% in the second quarter, spelled signs
of a sustained economic recovery.
China’s real GDP grew at a slower pace of 7.3% year-on-year in the third quarter, compared with +7.5% in the
second quarter and +7.4% in the first quarter. This was due to structural reforms in the nation, a sagging housing
market and higher base effects from a year ago. While it was the slowest expansion since the first quarter of
2009, the reading was still higher than the median estimate of a 7.2% gain. This will likely bolster the
government’s case for avoiding broader stimulus measures. For the first nine months, China’s real GDP growth
remained unchanged at 7.4% year-on-year, the same level of growth as in the first-half and compared with +7.7%
in the corresponding period of 2013, on the back of slowing domestic demand. The slower growth was reflected
in a moderation in tertiary industries (services), which grew by 7.9% in January-September 2014, compared with
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8.0% in first-half. These were, however, mitigated by a pick-up in primary industry (agriculture, forestry and
fishing) to 4.2% in January-September 2014, from +3.9% in first-half.
Malaysia`s Real GDP growth moderated from 6.5% year-on-year in the second quarter to 5.6% year-on-year in
third quarter of 2014, in line with market consensus. The moderation was expected given last year's high base as
well as slower exports and industrial output in the last quarter. Noteworthy are the resilient growth of household
consumption (6.7%) and the sharp slowdown of investment growth to 1.1%.
The economy was largely supported by private sector demand and positive, albeit lower net exports contribution.
Private sector spending was led by resilient household consumption while private investment growth slowed to
6.8% in third quarter.
Bank Negara expects the country’s 2014 gross domestic product (GDP) to exceed the 5%-5.5% forecast.
Malaysia's overall balance of payment (BOP) deficit widened to RM6.7bn in third quarter 2014, mainly due to a
narrower current account surplus and sustained outflows in the financial account (FA). As expected, the current
account (CA) surplus narrowed to RM7.6 billion. Based on 9 months data, the CA surplus looks set to exceed
economist full-year target of RM43.8bn or 4.1% of GDP.
Headline inflation increased to 3.0% year-on-year in November (+2.8% in October). The reading was slightly
above market expectations (+2.8%). Compared to the previous month, the consumer price index (CPI) increased
0.5% (+0.5% in October). Core inflation moderated to 2.4% year-on-year after rising to 2.5% in October. YTD
inflation remains at an average of 3.2%.
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EQUITY AND FIXED INCOME MARKET REVIEW
Equity Market
In brief, the local equity market has been a clear laggard in 2014 relative to the double-digit performance of its
regional peers. However, the underperformance was not unexpected on valuation ground.
Furthermore, as a net oil exporter, Malaysia is seen as more vulnerable to the falling crude oil price. The
performance of FBM KLCI in 2014 put it in the bottom spot when compared with its Asian peers. In terms of local
currency, the 5.7% loss recorded by the local benchmark ranked it last among the eleven major regional markets.
On net basis, foreign investors have off loaded nearly USD1.5billion of Malaysian equity shares so far in 2014.
In late January, the market was worried as China’s Flash Manufacturing PMI unexpectedly signalled a
contraction. The sub-50 number reignited investors’ concern over China’s macro trajectory as well as the
overhanging risks with regard to both its official and banking system.
Worries over the underlying cut in US Fed monetary stimulus spilled into some emerging markets such as
Argentina, South Africa and Turkey in the form of extreme currency volatility. It is noteworthy that these so-called
“Fragile 5” countries (Brazil, Indonesia, South Africa, India and Turkey) are suffering from twin-deficits in both their
fiscal and current accounts. But in a knee-jerk reaction, other Asian equity markets also traded lower with the
FBM KLCI retreated to below the 1,800 points level.
Pursuant to the late January selloff, equity market found its immediate cyclical bottom in early February. The
selloff was short-lived as investors were still convinced of China’s prospects and that the “Fragile 5” countries
shall put their houses in order. The FBM KLCI bottomed at 1,769.8 points and the ensuing recovery was rather
swift.
Equity markets around the world welcomed the second quarter with a good opening performance but turned
jittery soon after as the US market corrected. Being the bell-weather equity market, Wall Street was a cause for
concern after it recorded its worst 2-day drop since June 2013. Led by technology stocks, the selloff was sparked
by a growing concern that valuations may be too high. But the world’s equity markets recovered swiftly as the US
Fed reiterated its commitment to policies that will support economic recovery. It was a tacit signal that interest
rates are to be kept low for some time after the end of QE3. Thus investors were arguably comforted that the
liquidity punchbowl would not be taken away so hastily.
The benchmark FBM KLCI later climbed to a record after Malaysia reported first quarter GDP growth and current
account surplus that beat market estimates. The nation’s output grew 6.2% during 1Q14 from a year earlier, the
fastest pace since 4Q12, while its current account surplus expanded to RM19.8b in the quarter.
World’s equity markets greeted the second half of the year on an auspicious note. Wall Street was one of the
main catalysts for the optimism. Investors were buoyed by the strong US employment market with the
unemployment rate fell to an almost six-year low of 6.1%. Locally, the FBM KLCI recorded a new all-time high of
1,896.23 points in early July.
Nonetheless, the strong set of economic numbers has given rise to anticipations that the US Federal Reserve
may raise interest rate earlier than expected. In the local front, all eyes were on Bank Negara’s Monetary Policy
Committee (MPC) on 10 July and as widely expected, the central bank decided to hike the OPR by 25 basis
points. Equity markets around the world moved back into the red-zone after a promising start to the second half
as sentiment was compromised due to negative events in Europe and the Middle East.
Later in mid-August, the market regained momentum on optimism over the direction of monetary policy amid
increasing expectation that the US Federal Reserve will leave interest rates at current levels for longer period on
P a g e | 10
concerns that consumer spending growth may decelerate. In early September, the ECB unexpectedly cut interest
rates and announced a set of new stimulus. It also trimmed its benchmark main refinancing rate to 0.05% from
0.15%.
A development that had rather pervasive effect was arguably the US Federal Reserve’s release of its Summary of
Economic Projections. It was revealed that the median estimate for the federal funds rate (FFR) at the end of
2015 is 1.375%, higher than the 1.125% median estimate that it made known in June. As expected, any
indication of a stronger tendency to tighten monetary policy is a bane to the markets. In Asia, the situation was
further amplified by the resurgent US Dollar which knocked the wind out of the proverbial Asian equity sails. The
selloff was arguably in reaction to a small cut in IMF’s global growth outlook for 2015. This was coupled with a
deeper than expected decline in German’s monthly industrial production. It is also notable that at about the same
time, another risk asset, namely crude oil futures, was also breaking below its key price support levels.
In late November, the price of international benchmark Brent crude oil broke below USD75pb pursuant to OPEC
decision to maintain its production level. In the week that follows, price weakened further to below USD70pb as
the market fears rising supply against the backdrop of weak demand growth.
As a net oil exporter, Malaysia is seen as more vulnerable to the falling crude oil price. Furthermore, the situation
was not helped with an announcement by Petronas to cut its capex spending for next year. As a result, the local
bourse was struck by a major selloff in early December. The price casualties were rather broad-based but
particularly massive among the oil and gas related stocks.
st
FBM KLCI Index, as at 31 December 2014, closed at 1,761.25 points which is 105.71 points (-5.7%) lower than
its opening level of 1,866.96 points at the beginning of the year.
On a year-to-date basis, the worst performer were Malaysia FBM KLCI Index (-5.7%), Korea (-4.8%) and Hong
Kong (1.3%) as India (+29.9%), Philippines (+22.8%) and Indonesia (+22.3%) recorded the best returns in Asia.
Malaysia was the worst position - down 5.7% in 2014.
Our year end 2015 FBM KLCI target is set at 1,810 points which is based on 16.0x price earning (PE) multiple on
2015 estimated earnings of 112.93 per share (source: Bloomberg). As such, this translates into upside potential
for the index is 4.0% which is in-line with our neutral call on the market.
st
Ringgit has weakened further to close at RM3.4973/USD as at 31 December 2014 from RM3.2805/USD in
September 2014. For the full year of 2014, Ringgit movement was negative 6.3% against the greenback (USD).
Fixed Income Market
The year 2014 saw major government bonds across the globe strengthening from the start of the year. The UST
10-year yields stayed low, falling 86 bps year-on-year. Over in Europe, the German bunds saw significant
demand, with the 10-year yield compressed further to 0.54% at year-end, down 139 bps y-o-y. One of the reason
that led to the rally was risk aversion among the investors. This was due to various factors such as i) the end of
the Fed’s easy money whereby The Fed effectively ended its quantitative easing in October 2014, ii) ECB’s rate
cuts and purchase of covered bonds and asset-backed securities, iii) Japan’s aggressive stimulus in its battle
against deflation, and iv) the slump in oil prices. Locally, the MGS yield shift downward for most part of the year
despite the OPR hike in July 2014. The yield however started to move up in November 2014 before experiencing
a spike in December 2014 as concern on the global economic growth led to investors moving out from the riskier
emerging markets, including Malaysia.
In terms of issuance, total new government offerings for 2014 declined to 28 MGS/GII securities worth RM84.5
billion (RM51.0 billion from the MGS market and RM33.5 billion from the GII market) compared with RM92.5
billion offered in 2013. The amount was however in line with market expectation which anticipated a lower amount
of funds to be raised in 2014 in view of the smaller budget deficit which was equivalent to 3.5% of GDP. The
government also raised a total of RM6.0 billion through four SPK auctions. In the corporate debt market, a total
P a g e | 11
gross issuance of RM85.9 billion was recorded for the year 2014 slightly lower than RM87.2 billion issued in 2013
attributed to a smaller amount of funds raised from unrated private placements and Cagamas. High grades still
dominate the primary supply landscape whereby new issues with ratings of AA3/AA- or higher including quasigovernment account for 86% of total supply in 2014.
Money Market
With regards to the Islamic money market, short-term rates have moved up over the period under review as
Bank Negara Malaysia increased the OPR level from 3.00% to 3.25%. In line with the OPR hike, the 1-month
Maybank General Investment Account Rate recorded also shifted by 25 bps from 2.75% at the beginning of the
period under review to close at 3.00%.
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MARKET OUTLOOK AND INVESTMENT STRATEGY
Market Outlook
IMF cut its outlook for global growth to 3.8% in 2015, from 4.0% projected in July due to the risks of rising
geopolitical tensions and a financial-market correction as stocks reach “frothy” levels. The IMF expects the US
Federal Reserve to start raising interest rates in the middle of next year, a projection that is in line with the
median estimate of economists surveyed by Bloomberg. A sustained period of policy interest rates near zero in
advanced economies has raised the risk that some financial markets may be overheating, according to the IMF.
IMF said that downside risks related to an equity price correction in 2014 have also risen, consistent with the
notion that some valuations could be frothy without naming specific markets and there are concerns that markets
are under pricing risk, not fully internalising the uncertainties surrounding the macroeconomic outlook and their
implications for the pace of withdrawal of monetary stimulus in some major advanced economies.
Among the countries, the US is a bright spot, according to the IMF. The US economy is predicted to grow 2.2% in
2014, faster than +1.7% projected in July. The GDP growth is projected to strengthen to +3.1% in 2015,
compared with a 3% pace forecast in July. The slack in the economy, well-anchored inflation expectations, and
downside risks to the outlook imply that the current accommodative monetary policy remains appropriate in the
US, said the Fund.
The IMF, however, cut its projection of GDP growth for the Eurozone in 2014 to 0.8%, down from +1.1%
predicted in July. The region’s economy is projected to pick up pace and grow by 1.3% in 2015, albeit slower than
the 1.5% pace predicted in July. China is forecast to expand 7.4% in 2014 and 7.1% in 2015, little changed from
the fund’s forecasts in July.
World Bank, in Malaysia Economic Monitor released in December 2014, expected 2014 real GDP is expected to
grow by 5.7% on a year-to-year basis, up from 4.7 % in 2013.
Despite tighter fiscal and monetary conditions, private consumption remained buoyant, expanding by an average
of 9.3% in the first nine months of 2014. Still-robust credit growth and stable employment with continued income
growth supported this trend.
The decline of crude oil prices that started in June compounded the effect of lower commodity export demand,
especially from China. Non-commodity export growth also moderated across all destinations. Electrical and
electronics exports registered their smallest expansion in six quarters.
World Bank added that export growth is expected to slow further to 4.1% in 2015 (2014: 5.4 %). Investment in oil
and gas will slow, and private consumption is also projected to moderate as consumers adjust to higher prices as
the goods and services tax (GST) rolls out in April 2015 and credit moderates further. As a result of these factors
and the high base in 2014, the forecast for GDP growth in 2015 has been revised down to 4.7%.
Weaker exports and higher factor payments led the current account to narrow to 2.9% of GDP in the third quarter.
As natural gas prices decline in tandem with crude oil prices and firms import to rebuild inventories, the current
account is likely to narrow further to 3.1% of GDP in 2015 from 4.2% in 2014. Further declines in oil prices would
put additional pressure on the current account. Policy makers should avoid delaying productive investments such
as the MRT on this account.
nd
On 22 January 2015, Prime Minister Datuk Seri Najib Tun Razak made a special address on the country’s
current economic developments, focusing mainly on the Government’s fiscal deficit position due to the sharp fall
in global crude oil prices. Since the announcement of Budget 2015 proposals on 10 October 2014, the price of
Brent crude oil has fallen sharply by around 46% from US$90.2 per barrel to US$48.8 per barrel currently. The
government acknowledges that the earlier 2015 Budget revenue and expenditure proposals, based on the
P a g e | 13
assumption of an average oil price of US$100 per barrel, are not sustainable, as prolonged low crude oil prices
will reduce Federal Government revenue, even after the savings from fuel subsidies in 2015.
In view of the current excess of global crude oil supplies, and recognizing that the drop in oil prices will take quite
a while to stabilize, the Government has revised downwards its forecast for the average baseline price of Brent
crude oil to US$55 per barrel for 2015, 45% lower from its earlier projection of US$100 per barrel. According to
the authority, based on this new oil assumption for 2015, without any fiscal measures (i.e. cut in operating
expenditure and other fiscal measures), the country’s budget deficit target will increase sharply to -3.9% of GDP
this year, from the earlier official budget deficit forecast of -3.0% of GDP. However, in order to prevent any
downgrade of the country’s sovereign credit rating by the international rating agencies, the Government will
introduce new fiscal measures to reduce its budget deficit target, especially after the reaffirmation of Malaysia’s
negative sovereign credit outlook by Fitch Ratings Agency. Based on the proposed fiscal measures, with a cut in
operating expenditure by RM5.5 billion and development expenditure remaining at RM48.5bn for fiscal year 2015,
the country’s budget deficit is still projected to improve to 3.2% of GDP in 2015, slightly higher than the 3% of
GDP projected in the 2015 Budget, but an improvement from 3.5% of GDP estimated for 2014. According to
Prime Minister, based on Brent crude oil price forecast of US$55 per barrel, there will be a revenue shortfall of
RM13.8 billion.
Figure 1: Revised Government’s Finance:
Overall, in light of the uncertainty in the global macroeconomic environment, apart from lowering the oil
assumption, the Malaysian Government has also revised downward its real GDP growth forecast for 2015 to be in
the range of 4.5-5.5%, lower than the previous forecast of 5.0-6.0%.
BNM raised the Policy Rate (OPR) by 25 basis points in July, the first rate hike in three years. BNM has since
returned to a holding pattern to support domestic demand, and is likely to maintain its supportive stance on
growth into 2015 given the sputtering export engine. Nevertheless, monetary policymakers remain highly watchful
of financial imbalances, especially from household debt, which reached 87.1% as of 3Q 2014.
Malaysia’s export-dependent economy is susceptible to the uneven recovery in advanced economies and slower
growth in China. Tighter monetary policy and liquidity conditions abroad are also likely to impact Malaysia.
However, as evidenced by the recent depreciation of the Ringgit, the key risk is further declines in oil prices which
would put pressure on external and fiscal accounts.
P a g e | 14
2015 is expected to be a challenging year for the Malaysian market mainly for these reasons:

Malaysia will implement 6% GST for the first time, effective from 1 April 2015 which will hurt domestic
consumption as consumer sentiment will likely remain dampened, while corporate margins will be
squeezed. The two sectors that will be least impacted by GST are telecommunications and plantations.

Lower prices for commodities such as oil, palm oil and rubber have negative implications on the
Malaysian economy, and therefore, we expect 2015 GDP growth to decelerate to 4.8% from 5.8% in
2014 which will not help consumer sentiment. If oil were to remain at US$70, 2015 growth could come in
closer to 4.4%.

2015 GDP growth could come in closer to 4.4%, implying downside risks to consensus 2015 GDP growth
forecast of 4.8% (vs. current consensus: 5.2%). The pressure on the 2015 budget deficit target of 3.0%
will be more than expected. We see higher risk that the central bank will not hike rates in 2015, given
weaker growth prospects and lower inflation pressures. Forex analysts continue to be bearish on the
ringgit (USDMYR forecasts of 3.49 in three months and 3.53 in 12 months).

9.2% earnings growth is too optimistic – Consensus is expecting 9.2% of earnings growth and margin
expansions in 2015, which is some analysts, are in view that it is too optimistic. Some of the reasons are :
a) 6% GST will translate into declining consumer sentiment, hence lead to weaker domestic
consumption.
b) Corporate tax cut from 25% to 24% is lagging a year behind and will only be implemented
in the year of assessment in 2016 or FY16.
c) Lower prices of commodities, such as oil, palm oil and rubber, have negative implications
on the Malaysian economy as Malaysia is a net exporter of energy/fuel; Malaysian
government is also heavily reliant on oil-related revenue with dividends from Petronas,
royalties and taxes.
Malaysian valuation (P/E or P/B) is not at long-term averages, which suggest that the market is not cheap enough
to accumulate, nor is it expensive (relative to its history). The market lacks catalysts and, therefore, expects it to
trade in line with the long-term averages.
Our year end 2015 FBM KLCI target is set at 1,810 points which is based on 16.0x price earning (PE) multiple on
2015 estimated earnings of 112.93 per share (source: Bloomberg). As such, this translates into upside potential
for the index is 4.0% which is in-line with our neutral call on the market.
st
Ringgit has weakened further to close at RM3.4973/USD as at 31 December 2014 from RM3.2805/USD in
September 2014. For the full year of 2014, Ringgit movement was negative 6.3% against the greenback (USD).
For 2015, Consensus is expecting Ringgit to weaken further exceeding RM3.60/USD before stabilizing within
RM3.40 – RM3.50 levels.
Further key risks to growth could come from:
1. Impending Fed hike. Most are expecting the US Federal Reserve to begin on rate normalization in 2015.
However, it’s crucial that the Feds get the timing right. If too soon may have the opposite effect on the
economy. It could also trigger sharp capital outflows from emerging economies, threatening their
currencies further.
2. High foreign bond ownership - 45.9% of MGS (as of October 2014) is held by foreigners, a relatively high
figure and appears inelastic for now. We worry that the MYR could be vulnerable to short-term flow
shocks.
P a g e | 15
3. High household debt - Malaysia's household debt remains relatively high (86.8% as of end-2013), the
highest in South East Asia. The Malaysian government is trying to rein in household debt, with the main
focus on properties. Property developers and potential property buyers complain of high rejection rates
when applying for mortgage loans.
4. If corporate earnings results in disappointments for the small caps, rich valuations cannot be supportedthe big cap P/E premium over the small cap in Malaysia is now 46%, which has widened from 14% in
October 2013. This is partly because small caps suffered the brunt of the market correction in
September-December 2014. This is the first time in more than a year that the big cap P/E premium has
been raised to 46%. Any further disappointment in earnings resulting from the small caps in 2015, will
impact share prices significantly, as small caps are generally liquid too.
5. 1MDB has attracted a lot of media attention lately, for the wrong reasons. The Edge has been particularly
vocal about 1MDB, which has highlighted concerns about its power assets, Penang land and its USD
debt papers. Others are concerned on the falling prospects of the net oil exporter’s petroleum revenue,
growing 1MDB’s financing woes has resulted to the jump in Malaysia's five-year credit default swaps by
40 basis points to 148 basis points in the first two weeks of 2015.
6. Japan’s prolonged recession. It is quite possible that Japan may be faced with a prolonged recession
despite the planned tax hike being postponed.
7. Europe has fallen into a deflation. The situation in Europe is as precarious as ever. Despite Mario
Draghi’s best efforts, it may take far more than what has been done to address the situation in selected
European countries.
Investment Strategy
We expect further volatility & uncertainly for FBMKLCI Index in first half of 2015 potentially caused by 1) concerns on
the earlier than expected Fed Interest rate hike 2) Further weakening of Ringgit 3) Potential capital flight back to US 4)
Lower domestic consumption post introduction of GST 4) Risk of further/prolonged oil price weakness. Hence, reiterated
our cautious stance on the market since 2014.
However, market is expected to stabilize in the second half of the year on the back of stable Ringgit & commodity
prices, reduction of risk of significant tightening of monetary policies in developed economies, recovery in corporate
earnings (from low base) and more promising global economic outlook that will be supportive of exports from Malaysia.
As such, a defensive portfolio (consists of stocks that yield above 4%) is preferred as it would help to protect capital
against any potential downside risks as mentioned above. A buy-on-weakness approach is our preferred investment
strategy. We will accumulate fundamentally robust stocks on weakness in order to outperform the market. On stock
selection, the main emphasis shall continue to be given to companies that have good historical track record, strong
management team, quality growth with strong earnings visibility and solid balance sheet strength, strong free cash flow
to sustain high dividend yield and high liquidity. In addition, high dividend paying stocks will likely to outperform the
market during times of market uncertainty.
For certain funds which have exposure to investment in fixed income, the focus will be on corporate sukuk within AAA
and AA segments for better liquidity. Active duration management would be the key focus, whereby funds may be
positioned to shorter duration as upside pressure on the yield curve persists.
P a g e | 16
FUND PERFORMANCE REPORT
ITTIZAN
Performance Review
For the 12 months ended 31 December 2014, Ittizan outperformed its benchmark, recording a return of 1.54% against
its benchmark of -2.08% (70% FBMSI and 30% 1-Month GIA).
Ittizan vs Benchmark
4.0
3.0
2.0
Ittizan
Benchmark
Return %
1.0
0.0
(1.0)
(2.0)
(3.0)
(4.0)
(5.0)
Total Return (%)
Average Annual Return (%)
Ittizan
1-Year
1.54
3-Year
23.90
5-Year
42.89
1-Year
1.54
3-Year
7.97
5-Year
8.58
Benchmark
(2.08)
17.20
32.50
(2.08)
5.73
6.50
Asset Allocation
In terms of asset allocation, the fund has invested 58.01% in equity, 22.84% in Islamic debt securities and the remaining
in money market / cash. On equity sectoral allocation, trading & services was the top sector that the fund invested in
with 42.59% exposure. The details of asset allocation and the top 5 investment holdings are given below:-
42.59%
22.84%
Trading & Services
Islamic Debt
Securities
19.15%
Money Market &
Cash
3.97%
2.96%
2.45%
2.21%
Plantation
Infrastructure
Project
Industrial Products
Property
P a g e | 17
Top 5 Investment Holding
Money Market & Cash
Islamic Debt Securities
19.15%
22.84%
Digi.com Bhd
2.96%
Telekom Malaysia Bhd
3.13%
Axiata Group Bhd
Sime Darby Bhd
Equities
58.01%
Tenaga Nasional Bhd
7.55%
7.84%
9.11%
Fees / Charges levied to the Fund
Among the fees/charges levied to the fund are:
a)
b)
Management fee which is calculated based on 1.5% per annum of the Gross Net Asset Value (NAV);
Custodian fee which is calculated based on 0.03% per annum of equity market value and at par value of debt
securities.
Details on Distribution
There was no distribution declared for Ittizan for the period ended 31 December 2014.
Descriptions of any changes in Fund’s Objectives and Strategies
There were no material changes in the fund’s objectives and strategies for the period ended 31 December 2014.
P a g e | 18
ISTIQRAR
Performance Review
For the 12 months ended 31 December 2014, Istiqrar has outperformed its benchmark, recording a return of 2.70%
against its benchmark of 0.71% (30% FBMSI and 70% 1-Month GIA).
Istiqrar vs Benchmark
4.0
Istiqrar
3.0
Benchmark
Return %
2.0
1.0
0.0
(1.0)
(2.0)
(3.0)
1-Year
2.70
0.71
Istiqrar
Benchmark
Total Return (%)
3-Year
15.56
12.17
5-Year
25.81
20.41
1-Year
3-Year
5-Year
2.70
5.19
5.16
0.71
4.06
4.08
Asset Allocation
In terms of asset allocation, the fund has invested 31.2% in equity, 52% in Islamic debt securities and the remaining in
money market / cash which is in accordance with its asset allocation strategy. On equity sectoral allocation, trading &
services was the top sector the fund has invested in with 22.69% exposure. The details of asset allocation and the top 5
investment holdings are given below:-
52.00%
22.69%
16.80%
Islamic Debt
Securities
Trading/Services
Money Market &
Cash
2.11%
1.86%
1.47%
1.14%
Plantation
Infrastructure
Project
Industrial Products
Property
P a g e | 19
Money Market &
Cash
16.80%
Jimah Energy Ventures
Tenaga Nasional Bhd
Equities
31.20%
Islamic Debt
Securities
BGSM Management
52.00%
4.47%
5.07%
5.77%
Kapar Energy Ventures
6.03%
National Bank of Abu Dhabi
6.08%
Among the fees/charges levied to the fund are as follows:
a)
b)
securities;
There was no distribution declared for Istiqrar for the period ended 31 December 2014.
There were no material changes in the fund’s objectives and strategies for the period ended 31 December 2014.
P a g e | 20
myEQUITY INDEX FUND
Performance Review
For the period under review, myEquity Index Fund recorded a positive return of 3.23%, outperforming the negative
return of 4.17% in its benchmark of FBMSI. Additionally, the tracking error was within the parameters set by the fund
and its strategy as to closely track its benchmark. For the period, the fund’s tracking error stood at 1.49.
6.0
myEquity Index vs Benchmark
myEquity Index Fund (LHS)
4.0
6.00
5.50
Benchmark (LHS)
5.00
Tracking Error (RHS)
4.50
2.0
4.00
Return %
3.50
0.0
3.00
2.50
(2.0)
2.00
1.50
(4.0)
1.00
0.50
(6.0)
myEquity Index
Benchmark
Tracking Error
0.00
Total Return (%)
1-Year
3-Year
3.23
39.35
(4.17)
20.97
1.49
-
5-Year
62.21
41.58
-
1-Year
3-Year
5-Year
3.23
13.12
12.44
(4.17)
6.99
8.32
-
Note : Tracking error (also called active risk) is a measure of the deviation from the benchmark. It measures how closely a portfolio
follows the index to which it is benchmarked. The index fund could have a tracking error close to zero, while an actively managed
portfolio would normally have a higher tracking error.
P a g e | 21
Asset Allocation
In terms of asset allocation, the fund has invested 77.61% in equity and the remaining in money market / cash. The
asset allocation as at 31 December 2014 was below the minimum equity exposure limit of 90%. This was due to tactical
strategy enforced as to reduce market risk & to ensure capital is preserved.
On equity sectoral allocation, trading & services was the top sector the fund has invested in, which is in accordance to
the Bursa Malaysia FBMSI index component allocation. The details of asset allocation and the top 5 investment
holdings are given below:52.35%
22.39%
Trading/Services
Money Market &
Cash
5.58%
5.04%
Construction
Plantation
4.49%
3.95%
3.24%
Infrastructure Project Industrial Products
Consumer
Money Market & Cash
Digi.com Bhd
22.39%
4.49%
5.69%
Sime Darby Bhd
Equities
Axiata Group Bhd
77.61%
7.84%
8.27%
Tenaga Nasional Bhd
9.49%
a)
b)
Management fee which is calculated based on 1.5% per annum of the equity market value and 1% of the
remaining Gross Net Asset Value (NAV);
securities.
There was no distribution declared for myEquity Index Fund for the period ended 31 December 2014.
There were no material changes in fund’s objectives and strategies for the period ended 31 December 2014.
P a g e | 22
myGROWTH FUND
Performance Review
For the financial year ended 31 Decembers 2014, myGrowth Fund recorded a positive return of 1.16% in tandem with
the movement of the benchmark, FBMSI which recorded a decrease of 4.17% during the same period under review.
myGrowth Fund vs Benchmark
5.0
4.0
3.0
myGrowth Fund
Benchmark
Return (%)
2.0
1.0
0.0
-1.0
-2.0
-3.0
-4.0
-5.0
-6.0
myGrowth
Benchmark
Total Return (%)
1-Year
3-Year
1.16
30.40
(4.17)
20.97
5-Year
42.86
41.58
1-Year
3-Year
5-Year
1.16
10.13
8.57
(4.17)
6.99
8.32
Asset Allocation
In terms of asset allocation, the fund has invested 81.63% in equity and the remaining is in money market / cash. On
equity sectoral allocation, trading & services was the top sector the fund has invested in with 55.63% exposure. The
details of asset allocation and the top 5 investment holdings are given below:55.63%
18.37%
Trading/Services
Money Market & Cash
5.13%
5.11%
4.36%
4.13%
Plantation
Construction
Industrial Products
Infrastructure Project
P a g e | 23
Money Market &
Cash
Petronas Gas Bhd
4.36%
4.41%
18.37%
Equities
81.63%
Axiata Group Bhd
8.27%
Sime Darby Bhd
8.38%
Tenaga Nasional Bhd
9.18%
a)
b)
Securities.
There was no distribution declared for myGrowth Fund for the period ended 31 December 2014.
P a g e | 24
myBLUE CHIPS FUND
Performance Review
For the period under review, myBlue Chips Fund recorded a positive return of 0.81%, outperforming the negative return
of 4.17% in its benchmark of FBMSI.
myBlueChips Fund vs Benchmark
4.0
myBlue Chips Fund
3.0
Benchmark
2.0
Return (%)
1.0
0.0
-1.0
-2.0
-3.0
-4.0
-5.0
-6.0
myBlue Chips
Benchmark
1-Year
0.81
(4.17)
Total Return (%)
3-Year
35.30
20.97
5-Year
45.53
41.58
1-Year
3-Year
5-Year
0.81
11.77
9.11
(4.17)
6.99
8.32
Asset Allocation
In terms of asset allocation, the fund has invested 81.25% in equity and the remaining in money market / cash. On
equity sectoral allocation, trading and services was the top sector the fund has invested in as most of the blue chip
companies are included in this sector. The details of asset allocation and the top 5 investment holdings are given
below:55.22%
18.75%
Trading/Services Money Market & Cash
5.96%
5.04%
4.11%
3.85%
Plantation
Construction
Infrastructure Project
Consumer
P a g e | 25
Money Market &
Cash
Digi.com Bhd
18.75%
Equities
81.25%
4.11%
4.53%
Axiata Group Bhd
7.91%
Sime Darby Bhd
8.06%
Tenaga Nasional Bhd
9.61%
a)
b)
remaining Gross Net Asset Value (NAV).
securities.
There was no distribution declared for myBlue Chips Fund for the period ended 31 December 2014.
P a g e | 26
myDIVIDEND FUND
Performance Review
For the 12 months ending 31 December 2014, myDividend Fund recorded a return of 3.06%, outperforming its
benchmark negative return of 4.17% of FBMSI. The fund which focused on high dividend yielding stocks tend to be less
volatile as compared to the overall market as reflected in the fund performance for the period under review.
myDividend Fund vs Benchmark
6.0
myDividend Fund
Benchmark
4.0
Return (%)
2.0
0.0
-2.0
-4.0
-6.0
myDividend
Benchmark
1-Year
3.06
(4.17)
Total Return (%)
3-Year
39.22
20.97
5-Year
52.60
41.58
1-Year
3-Year
5-Year
3.06
13.07
10.52
(4.17)
6.99
8.32
Asset Allocation
In terms of asset allocation, the fund has invested 82.14% in equity and the remaining is in money market/cash. On
equity sectoral allocation, trading & services was the top sector the fund invested in with 53.23% allocation. The details
of asset allocation and the top 5 investment holdings are shown below:-
53.23%
17.86%
5.38%
Trading/Services
Money Market & Cash Infrastructure Project
5.10%
4.51%
4.25%
Plantation
Construction
Industrial Products
P a g e | 27
Money Market
& Cash
17.86%
Digi.com Bhd
4.61%
5.38%
Axiata Group Bhd
Equities
8.29%
Sime Darby Bhd
82.14%
Tenaga Nasional Bhd
8.78%
9.23%
a)
b)
management fee which is calculated based on 1.5% per annum of the equity market value and 1% of the
custodian fee which is calculated based on 0.03% per annum of equity market value and at par value of debt
securities.
There was no distribution declared for myDividend Fund for the period ended 31 December 2014.
P a g e | 28
myBALANCED FUND
Performance Review
For the financial year ended 31 December 2014, myBalanced Fund recorded a positive return of 2.58%, outperforming
its blended benchmark return of 0.26% (40% FBMSI and 60% 12-Month Maybank GIA rate).
myBalanced Fund vs Benchmark
4.0
myBalanced Fund
Benchmark
3.0
Return (%)
2.0
1.0
0.0
-1.0
-2.0
-3.0
Total Return (%)
1-Year
3-Year
2.58
20.69
0.26
14.15
myBalanced
Benchmark
5-Year
-
1-Year
3-Year
5-Year
2.58
6.90
0.26
4.72
-
Note : The fund has not completed 5 years financial track record.
Asset Allocation
As at 31 December 2014, the majority of the fund’s asset allocation is towards Islamic debt securities in line with its
stated asset allocation mandate to invest up to 60% in Islamic debt securities. The fund had invested 35.20% in Islamic
debt securities with the top holding is TNB Northern Bhd sukuk with a holding of 5.57% of the fund’s NAV. The details of
asset allocation and the top 5 investment holdings are given below:35.20%
32.96%
21.42%
1.98%
Islamic Debt
Securities
Money Market &
Cash
Trading/Services Industrial Products
1.96%
1.85%
1.27%
Infrastructure
Project
Plantation
Property
P a g e | 29
Equities
Money Market &
Cash
31.84%
Alam Maritime Resources
3.76%
Ranhill Powertron II Sdn Bhd
3.88%
Jimah Energy Ventures
4.12%
32.96%
Islamic Debt
Securities
Tenaga Nasional Bhd
35.20%
4.60%
TNB Northern Bhd
5.57%
Fees / Charges levied to the fund
a)
b)
securities.
There was no distribution declared for myBalanced Fund for the period ended 31 December 2014.
P a g e | 30
SOFT COMMISSION RECEIVED FROM BROKERS
Soft commissions received from brokers may be retained by the Company on behalf of the funds; provided that the
services rendered are related to the management of the investment-linked funds and of demonstrable benefit to
certificate owners as per the requirements of Clause 6.2 of the Guidelines on Investment-Linked Insurance / Takaful
Business.
During the financial year under review, the management company had received on behalf of the funds, soft
commissions in the form of research materials and investment related publications which are incidental to the
investment management of the funds. Meanwhile, all dealings with brokers are executed at competitive market rates.
P a g e | 31
STATEMENT BY DIRECTORS
In the opinion of the Directors, the Takaful Investment-Linked Funds (“Funds’’) financial statements set out on pages 35
to 45, comprising the Statements of Assets and Liabilities as at 31 December 2014 and the related Statements of
Income and Expenditure, Statements of Changes in Net Asset Value and Statements of Cash Flows of the Funds for
the financial year ended 31 December 2014 together with the notes thereto, have been prepared, in all material
respects in accordance with the accounting policies set out in Note 1 to the financial statements and Guidelines on
Investment-Linked Insurance / Takaful Business (BNM/RH/GL 010-15) issued by Bank Negara Malaysia.
Signed in accordance with a resolution of the Directors:
…………………………………………………………
Tan Sri Ismee Ismail
…………………………………………………………
Dato’ Sri Mohamed Hassan Kamil
Kuala Lumpur,
Date : 12 March 2015
P a g e | 32
REPORT OF THE AUDITORS
to the unitholders of the Takaful Malaysia’s Investment-Linked Funds
(Company No. 131646-K) (Incorporated in Malaysia)
Report on the Financial Statements
We have audited the financial statements of Takaful Investment-Linked Funds (“Funds”) of Syarikat Takaful Malaysia
Berhad, which comprise the Statements of Assets and Liabilities as at 31 December 2014, and the related Statements
of Income and Expenditure, Changes in Net Asset Value and cash flow of the Funds for the year then ended, and a
summary of significant accounting policies and other explanatory information, as set out on pages 35 to 45.
Directors’ Responsibility for the Financial Statements
The Directors of the Manager are responsible for the preparation of these financial statements in accordance with the
accounting policies set out in Note 1 to the financial statements and Guidelines on Investment-Linked Insurance/Takaful
Business (BNM/RH/GL 010-15), and for such internal control 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 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 judgment, 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 Funds’ preparation of the financial statements 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 Funds’
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the Directors of the Manager, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements as of 31 December 2014 and for the year then ended have been prepared, in all
material respects in accordance with the accounting policies set out in Note 1 to the financial statements and the
Guidelines on Investment-Linked Insurance/Takaful Business (BNM/RH/GL 010-15).
P a g e | 33
Other Matters
This report is made solely to the unitholders of Takaful Investment-Linked Funds, as a body, in accordance with the
Guidelines on Investment-Linked Insurance/Takaful Business (BNM/RH/GL 010-15) 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
Date : 12 March 2015
P a g e | 34
STATEMENTS OF ASSETS AND LIABILITIES
AS AT 31 DECEMBER 2014
Note
ITTIZAN
RM
ISTIQRAR
RM
myEQUITY
INDEX
RM
myGROWTH
RM
myBLUE
CHIPS
RM
myDIVIDEND
RM
myBALANCED
RM
ASSETS
Islamic Debt
Securities
2
5,340,310
6,448,064
-
-
-
-
2,367,639
Quoted Shares
3
13,566,326
3,869,259
12,248,081
5,724,933
5,551,176
6,128,340
2,141,509
253,100
158,528
1,013,262
282,389
237,214
295,303
322,600
4,636,000
2,124,000
3,563,625
1,329,233
1,327,233
1,388,243
2,098,000
8,231
2,848
4,836
305
2,735
1,390
1,697
23,803,967
12,602,699
16,829,804
7,336,860
7,118,358
7,813,276
6,931,445
418,757
201,869
1,048,622
323,794
285,818
352,127
205,674
418,757
201,869
1,048,622
323,794
285,818
352,127
205,674
23,385,210
12,400,830
15,781,182
7,013,066
6,832,540
7,461,149
6,725,771
Certificate
Holders Capital
8,570,380
7,386,792
12,662,879
5,757,803
5,518,972
5,755,863
6,080,579
Accumulated
Income Carried
Forward
14,814,830
5,014,038
3,118,303
1,255,263
1,313,568
1,705,286
645,192
23,385,210
12,400,830
15,781,182
7,013,066
6,832,540
7,461,149
6,725,771
Number of Units
12,518,467
8,751,945
9,160,411
5,177,770
4,955,050
5,036,643
5,668,099
Net Asset Value
Per Unit
1.8681
1.4169
1.7228
1.3545
1.3789
1.4814
1.1866
Other Assets
Deposits with
Financial
Institutions
Cash and Cash
Equivalents
LIABILITIES
Other Liabilities
Net Asset Value
REPRESENTED BY
P a g e | 35
STATEMENTS OF ASSETS AND LIABILITIES
AS AT 31 DECEMBER 2013
Note
ITTIZAN
RM
ISTIQRAR
RM
myEQUITY
INDEX
RM
myGROWTH
RM
myBLUE
CHIPS
RM
myDIVIDEND
RM
myBALANCED
RM
ASSETS
Islamic Debt
Securities
2
6,121,221
7,761,776
Quoted Shares
3
16,790,567
4,297,038
11,386,959
5,476,841
Other Assets
738,124
349,890
1,051,744
Deposits with
Financial
Institutions
1,908,157
540,000
498
-
2,384,640
5,363,790
5,923,098
2,001,333
275,751
284,752
322,122
265,438
758,000
792,000
683,056
750,062
668,000
833
529
373
251
1,073
54
25,558,567
12,949,537
13,197,232
6,544,965
6,331,849
6,996,355
5,319,465
1,100,805
416,571
819,478
290,619
264,552
309,090
173,095
1,100,805
416,571
819,478
290,619
264,552
309,090
173,095
24,457,762
12,532,966
12,377,754
6,254,346
6,067,297
6,687,265
5,146,370
Certificate
Holders Capital
9,333,915
7,581,405
9,204,411
4,839,363
4,605,083
4,940,073
4,525,724
Accumulated
Income Carried
Forward
15,123,847
4,951,561
3,173,343
1,414,983
1,462,214
1,747,192
620,646
24,457,762
12,532,966
12,377,754
6,254,346
6,067,297
6,687,265
5,146,370
Number of Units
12,926,122
8,904,600
7,153,541
4,510,356
4,302,222
4,487,083
4,356,342
Net Asset Value
Per Unit
1.8921
1.4075
1.7303
1.3867
1.4103
1.4903
1.1814
Cash and Cash
Equivalents
-
-
-
LIABILITIES
Other Liabilities
Net Asset Value
REPRESENTED BY
P a g e | 36
STATEMENTS OF INCOME AND EXPENDITURE FOR
FINANCIAL YEAR ENDED 31 DECEMBER 2014
ISTIQRAR
RM
myEQUITY
INDEX
RM
myGROWTH
RM
356,462
98,043
291,229
137,722
287,625
349,704
-
130,330
61,746
2,232,522
542,224
21,368
26,903
236,525
3,264,832
ITTIZAN
RM
myBLUE
CHIPS
RM
myDIVIDEND
RM
myBALANCED
RM
141,944
144,599
49,675
-
-
-
129,346
77,020
35,794
35,891
41,357
39,835
1,402,113
585,155
574,659
697,598
193,288
-
-
-
-
63,635
127,762
64,987
63,800
63,817
23,869
1,142,255
1,898,124
823,658
816,294
947,371
436,013
Income
Gross Dividend
Income
Profit Income:
Islamic Debt
Securities
Islamic Investment
Deposits with
Financial
Institutions
Profit on Disposal:
Quoted Shares
Islamic Debt
Securities
Other Income
-
Outgo
Fees
Unrealised Capital
Loss
Other Outgo
(Excess of Outgo
over Income)/Excess
of Income over Outgo
(360,820)
(187,380)
(198,314)
(95,285)
(93,273)
(107,606)
(69,444)
(2,956,563)
(795,431)
(1,597,020)
(812,341)
(797,504)
(797,706)
(298,368)
(256,466)
(96,967)
(157,830)
(75,752)
(74,163)
(83,965)
(43,655)
(3,573,849)
(1,079,778)
(1,953,164)
(983,378)
(964,940)
(989,277)
(411,467)
(55,040)
(159,720)
(148,646)
(41,906)
24,546
(309,017)
62,477
Undistributed Income
brought forward
15,123,847
4,951,561
3,173,343
1,414,983
1,462,214
1,747,192
620,646
Amount Available for
Distribution
14,814,830
5,014,038
3,118,303
1,255,263
1,313,568
1,705,286
645,192
carried forward
14,814,830
5,014,038
3,118,303
1,255,263
1,313,568
1,705,286
645,192
P a g e | 37
STATEMENTS OF INCOME AND EXPENDITURE FOR
FINANCIAL PERIOD ENDED 31 DECEMBER 2013
ISTIQRAR
RM
myEQUITY
INDEX
RM
myGROWTH
RM
434,435
112,072
274,944
119,215
298,580
390,190
-
71,723
24,834
1,616,014
ITTIZAN
RM
myBLUE
CHIPS
RM
myDIVIDEND
RM
myBALANCED
RM
119,101
149,042
45,760
-
-
-
113,188
15,706
15,946
19,914
20,458
18,582
449,507
717,963
403,794
415,382
511,896
146,877
878,826
157,540
755,487
450,210
356,260
297,986
116,281
3,299,578
1,134,143
1,764,100
989,165
910,657
979,382
440,688
Income
Gross Dividend
Income
Profit Income:
Islamic Debt
Securities
Islamic Investment
Deposits with
Financial Institutions
Profit on Disposal:
Quoted Shares
Unrealised Capital
Gain
Outgo
Fees
(348,084)
(182,908)
(141,219)
(76,824)
(74,202)
(79,045)
(54,948)
(50,480)
(65,770)
-
-
-
-
(9,440)
(272,319)
(92,616)
(150,359)
(87,639)
(80,138)
(86,675)
(39,980)
(670,883)
(341,294)
(291,578)
(164,463)
(154,340)
(165,720)
(104,368)
Loss on Disposal:
Islamic Debt
Securities
Other Outgo
Excess of Income
over Outgo
2,628,695
792,849
1,472,522
824,702
756,317
813,662
336,320
brought forward
12,495,152
4,158,712
1,700,821
590,281
705,897
933,530
284,326
Amount Available for
Distribution
15,123,847
4,951,561
3,173,343
1,414,983
1,462,214
1,747,192
620,646
Undistributed
Income carried
forward
15,123,847
4,951,561
3,173,343
1,414,983
1,462,214
1,747,192
620,646
P a g e | 38
STATEMENTS OF CHANGES IN NET ASSET VALUE
FOR FINANCIAL YEAR ENDED 31 DECEMBER 2014
ITTIZAN
RM
Net Asset Value at the
Beginning of the
Financial Year
Amount Received from
Units Creation
Amount Paid from
Units Cancellation
(Net Loss)/Net Income
End of Financial Year
ISTIQRAR
RM
myEQUITY
INDEX
RM
myGROWTH
RM
myBLUE
CHIPS
RM
myDIVIDEND
RM
myBALANCED
RM
24,457,762
12,532,966
12,377,754
6,254,346
6,067,297
6,687,265
5,146,370
620,501
282,451
4,326,637
1,113,499
1,166,731
1,333,027
1,716,863
(1,384,036)
(309,017)
23,385,210
(477,064)
(868,169)
(195,059)
(252,842)
(517,237)
(162,008)
62,477
(55,040)
(159,720)
(148,646)
(41,906)
24,546
12,400,830
15,781,182
7,013,066
6,832,540
7,461,149
6,725,771
STATEMENTS OF CHANGES IN NET ASSET VALUE
FOR FINANCIAL YEAR ENDED 31 DECEMBER 2013
ITTIZAN
RM
Beginning of the
Financial Year
Amount Received from
Units Creation
Amount Paid from
Units Cancellation
Net Income
End of Financial Year
ISTIQRAR
RM
myEQUITY
INDEX
RM
myGROWTH
RM
myBLUE
CHIPS
RM
myDIVIDEND
RM
myBALANCED
RM
22,775,294
12,118,214
7,722,366
4,620,532
4,579,077
4,719,043
4,141,322
912,718
373,258
3,450,915
886,597
791,021
1,218,814
728,109
(77,485)
(59,118)
(64,254)
(59,381)
(1,858,945)
(751,355)
(268,049)
2,628,695
792,849
1,472,522
824,702
756,317
813,662
336,320
24,457,762
12,532,966
12,377,754
6,254,346
6,067,297
6,687,265
5,146,370
P a g e | 39
CASH FLOW STATEMENT FOR FINANCIAL YEAR
2014
Cash Flow from
Operating Activities
Income Before Taxation
Adjustment for:
Profit Income
Gross Dividend
Income
Profit on Disposal
Unrealised Capital Loss
Outgo from Operations
Before Changes in
Operating Assets and
Liabilities
Proceeds from Disposal
of Investment
Purchase of Investment
Decrease/(Increase) in
Other Assets
Increase/(Decrease) in
Other Liabilities
Cash Used in
Operations
ITTIZAN
RM
ISTIQRAR
RM
myEQUITY
INDEX
myGROWTH
RM
RM
myBLUE
CHIPS
RM
myDIVIDEND
RM
myBALANCED
RM
(309,017)
62,477
(55,040)
(159,720)
(148,646)
(41,906)
24,546
(417,955)
(411,450)
(77,020)
(35,794)
(35,891)
(41,357)
(169,181)
(356,462)
(98,043)
(291,229)
(137,722)
(141,944)
(144,599)
(49,675)
(2,253,890)
2,956,563
(569,127)
795,431
(1,402,113)
1,597,020
(585,155)
812,341
(574,659)
797,504
(697,598)
797,706
(193,288)
298,368
(380,761)
(220,712)
(228,382)
(106,050)
(103,637)
(127,754)
(89,230)
22,587,460
(22,012,824)
7,979,063
20,518,282
(8,047,876) (24,379,936)
11,096,040
9,191,879
(12,108,551) (10,246,286)
9,892,330
3,519,164
(10,835,861)
(5,177,419)
485,024
191,362
38,482
(6,638)
47,538
26,819
(57,162)
(682,048)
(214,702)
229,144
33,175
21,266
43,037
32,579
(3,149)
(312,865)
(3,822,410)
(1,092,024) (1,089,240)
(1,001,429)
(1,772,068)
Profit Income Received
417,955
411,450
77,020
35,794
35,891
41,357
169,181
Gross Dividend Income
Received
356,462
98,043
291,229
137,722
141,944
144,599
49 675
Net Cash Generated
From/(Used in)
771,268
196,628
(3,454,161)
(918,508)
(911,405)
(815,473)
620,501
282,451
4,326,637
1,113,499
(1,553,212)
Cash Flow from
Financing Activities
Proceeds from Creations
of Units
Payment for Cancellation
of Units
Net Cash (Used
in)/Generated from
Net Increase/(Decrease)
in Cash and Cash
Equivalents
Cash and Cash
Equivalents at 1
January 2014
Cash and Cash
Equivalents at 31
December 2014
(1,384,036)
(477,064)
(763,535)
(194,613)
(868,169)
3,458,468
1,166,731
1,333,027
1,716,863
(195,059)
(252,842)
(517,237)
918,440
913,889
815,790
1,554,855
2,484
317
1,643
(68)
(162,008)
7,733
2,015
4,307
498
833
529
373
251
1,073
54
8,231
2,848
4,836
305
2,735
1,390
1,697
P a g e | 40
CASH FLOW STATEMENT FOR FINANCIAL YEAR
myBLUE
CHIPS
RM
myDIVIDEND
RM
824,702
756,317
813,662
336,320
2013
Cash Flow from
Income Before Taxation
2,628,695
792,849
(370,303)
(434,435)
(1,565,534)
(878,826)
(415,024)
(112,072)
(383,737)
(157,540)
(15,706)
(274,944)
(717,963)
(755,487)
(15,946)
(119,215)
(403,794)
(450,210)
(19,914)
(119,101)
(415,382)
(356,260)
(20,458)
(149,042)
(511,896)
(297,986)
(131,770)
(45,760)
(137,437)
(116,281)
(620,403)
(275,524)
(291,578)
(164,463)
(154,340)
(165,720)
(94,928)
Adjustment For:
Profit Income
Profit on Disposal
Unrealised Capital Gain
Outgo from Operations
Before Changes in
Operating Assets and
Liabilities
Proceeds from Disposal
of Investment
Purchase of Investment
Decrease/(Increase) in
Other Assets
Increase/(Decrease) in
Other Liabilities
Cash Used in
Operations
Profit Income Received
Received
Net Cash Generated
From/(Used In)
ISTIQRAR
RM
myEQUITY
INDEX
myGROWTH
RM
RM
ITTIZAN
RM
1,472,522
3,861,594
RM
14,501,909
6,321,153
6,237,450
(13,661,880)
(6,180,629)
(9,171,401)
(363,848)
(116,898)
(731,698)
(114,697)
271,559
81,847
483,237
127,337
(170,051)
370,303
415,024
15,706
15,946
19,914
20,458
131,770
434,435
112,072
274,944
119,215
119,101
149,042
45,760
932,075
357,045
(3,183,340)
(809,425)
(733,339)
(1,155,681)
(669,692)
912,718
373,258
3,450,915
886,597
791,021
1,218,814
728,109
(77,485)
(59,118)
809,112
731,903
(3,473,990)
3,856,636
myBALANCED
4,331,429
2,295,084
(5,459,883)
(2,989,066)
(123,726)
(182,849)
(139,351)
154,450
126,387
151,842
81,039
(944,586)
(872,354)
(4,676,512) (4,582,269)
(1,325,181)
(847,222)
Cash Flow from
Proceeds from Creations
of Units
Payment for Cancellation
of Units
Net Cash (Used
In)/Generated From
Net Increase/(Decrease)
in Cash and Cash
Equivalents
Cash and Cash
Equivalents at 1
January 2013
Cash and Cash
Equivalents at 31
December 2013
(1,858,945)
(751,355)
(946,227)
(378,097)
(14,152)
(21,052)
14,650
21,885
498
833
(268,049)
3,182,866
(474)
(64,254)
1,154,560
(59,381)
668,728
(313)
(1,436)
(1,121)
(964)
1,003
686
1,687
2,194
1,018
529
373
251
1,073
54
P a g e | 41
NOTES TO THE FINANCIAL STATEMENTS
The Manager and its principal activities
The Manager 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 its registered office and principal place of business of the
Company is located at:
th
26 Floor, Annexe Block
Menara Takaful Malaysia
No.4, Jalan Sultan Sulaiman
50000 Kuala Lumpur
The Manager is principally engaged in managing family and general takaful businesses. The family takaful business
includes investment-linked products.
The financial statements were approved by the Board of Directors of the Manager on 12 March 2015.
1. Summary of significant accounting policies
The accounting policies set out below have been applied consistently to periods presented in these financial
statements, unless otherwise stated.
(a) Basis of accounting
The financial statements have been prepared in accordance with the notes set out in Note 1, The
Guidelines on Investment-Linked Insurance/Takaful Business (BNM/RH/GL 010-15) issued by Bank Negara
Malaysia and the requirements of the certificate document.
(b) Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (RM), which is the Funds’ functional currency.
(c) Investments
Quoted shares, which are Shariah approved, are stated at the closing market prices as at the date of the
statement of assets and liabilities.
Islamic debt securities are valued at cost adjusted for amortisation of premiums or accretion of discounts
over their par values at the time of acquisition using the effective yield method. The carrying value is
subsequently revalued to reflect their fair values by using price quoted by Bond Pricing Agency Malaysia.
Any increase or decrease in value of investments at each reporting date is taken into Statement of Income
and Expenditure.
(d) Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand and bank balances.
(e) Net Creation of Units
Net creation of units represents contributions paid by participants as payment for new certificate/top up for
existing certificate. Net creation of units is recognized on a receipt basis.
P a g e | 42
(f) Net Cancellation of Units
Net cancellation of units represents cancellation of units arising from the surrenders and withdrawals by
participant. Net cancellation of units is recognized upon surrendering of/withdrawal from the related takaful
certificates.
(g) Income Recognition
Dividend income is recognized when the right to receive payment is established.
Income is recognized on time proportion basis that takes into account the effective yield of the asset.
Gain or loss of disposal of quoted shares is credited or charged to the Statement of Income and
Expenditure.
(h) Investment management fees
Investment management fees are calculated in accordance with the provisions of the certificate document.
2. Islamic debt securities
31 December 2014
RM
31 December 2013
RM
5,484,341
(144,031)
5,340,310
6,220,649
(99,428)
6,121,221
6,603,369
(155,305)
6,448,064
7,846,691
(84,915)
7,761,776
2,444,158
(76,519)
2,367,639
2,444,158
(59,518)
2,384,640
31 December 2014
RM
31 December 2013
RM
13,107,332
13,419,613
458,994
3,370,954
13,566,326
16,790,567
(i) Ittizan
Cost
Unrealised capital gain/(loss)
Market value
(ii) Istiqrar
Cost
Market value
(iii) myBalanced
Cost
Market value
3. Quoted shares
(i) Ittizan
Cost
Market value
P a g e | 43
(ii)
31 December 2014
RM
31 December 2013
RM
3,682,901
3,385,639
186,358
911,399
3,869,259
4,297,038
11,884,944
9,426,801
363,137
1,960,158
12,248,081
11,386,959
5,735,657
4,675,224
(10,724)
801,617
5,724,933
5,476,841
5,493,132
4,508,243
58,044
855,547
5,551,176
5,363,790
6,015,583
5,012,635
112,757
910,463
6,128,340
5,923,098
Cost
2,096,593
44,916
1,675,050
326,283
Market value
2,141,509
2,001,333
Istiqrar
Cost
Market value
(iii) myEquity Index
Cost
Market value
(iv) myGrowth
Cost
Market value
(v)
myBlue Chips
Cost
Market value
(vi)
myDividend
Cost
Market value
(vii) myBalanced
P a g e | 44
4. Financial Instruments
The Funds are exposed to market, credit, liquidity and profit rate risks.
Market risk
Market risk arises when the value of securities fluctuates in response to the activities of the individual
companies, general market or economic conditions. The market risk is managed through portfolio diversification
and asset allocation whereby the securities exposure will be reduced in the event of anticipated market
weakness.
Credit risk
Credit risk refers to the ability of an issuer or a counterparty to make timely profit and principal payments. The
maximum exposure to credit risk is represented by the carrying amount of each financial asset as disclosed in
the Statement of Assets and Liabilities.
Liquidity risk
This may come about when realisation of units is required in excess of normal amounts. The extent of exposure
to the risk is contained in provisions set out in the prospectus.
Profit rate risk
When the profit rate rises, bond prices fall and vice versa. The market risk is monitored through periodic reviews
of its asset and liability positions with the objective to limit the net changes in the value of assets and liabilities
arising from profit rate movements.
Shariah risk
Shariah risk arises when transaction entered by Islamic Financial Institution (IFI) are declared impermissible.
Any profit sourced from shariah non compliance activities shall be cleansed in order to retain compliance and it
also will impact the reputation of IFI.
Fair values
The fair values of investments have been disclosed in notes 2 and 3. The basis of deriving the fair values is
disclosed in Note 1(c).
P a g e | 45
DETAILS OF INVESTMENTS
ITTIZAN
Number of
Units
Total Cost
Market Value
% of NAV
Gamuda Berhad
63,100
292,585
316,131
1.35%
IJM Corporation Bhd
18,000
119,242
118,260
0.51%
42,000
498,720
460,320
1.97%
25,900
558,907
573,944
2.45%
112,200
597,602
692,274
2.96%
Genting Plantations Bhd
20,000
221,891
200,000
0.86%
IOI Corporation Bhd
37,000
167,035
177,600
0.76%
Kuala Lumpur Kepong Bhd
24,200
559,016
551,760
2.36%
SP Setia Bhd
55,000
181,096
181,500
0.78%
Sunway Bhd
102,000
339,725
335,580
1.44%
Axiata Group Bhd
250,450
1,502,616
1,765,672
7.55%
Berjaya Auto Bhd
77,000
247,906
254,100
1.09%
Dialog Group Bhd
231,664
404,494
347,496
1.49%
IHH Healthcare Bhd
68,000
327,979
327,760
1.40%
KPJ Healthcare Bhd
123,000
462,043
455,100
1.95%
MISC Berhad
32,000
215,738
231,040
0.99%
Maxis Berhad
84,000
549,379
575,400
2.46%
Security Name
Construction
Consumer
UMW Holding Bhd
Industrial Products
Petronas Gas Bhd
Infrastructure Project Company
Digi.com Bhd
Plantation
Property
Trading/Services
Petronas Dagangan Bhd
26,500
454,314
453,680
1.94%
Perisai Petroleum Teknologi Bhd
647,000
407,603
294,385
1.26%
Sime Darby Bhd
199,452
1,821,672
1,832,964
7.84%
106,462
684,113
732,459
3.13%
Tenaga Nasional Bhd
154,387
1,724,704
2,130,541
9.11%
UMW Oil and Gas Corporation Bhd
237,600
768,954
558,360
2.39%
2,736,915
13,107,332
13,566,326
58.01%
Total Malaysian Equities
P a g e | 46
Malaysian Debt Securities
Kapar Energy Ventures Sdn Bhd
500,000
512,000
498,645
2.13%
BGSM Management Sdn Bhd
439,999
482,591
476,774
2.04%
Padiberas Nasional Bhd
250,000
255,225
250,668
1.07%
Senari Synergy Sdn Bhd
250,000
254,025
252,552
1.08%
CIMB Islamic Bank Bhd
200,000
219,540
210,810
0.90%
Anih Berhad
500,000
505,200
505,525
2.16%
DRB Hicom Berhad
500,000
501,110
499,765
2.14%
Project Lebuhraya Usahasama Bhd
500,000
505,350
501,855
2.15%
Jimah Energy Ventures Sdn Bhd
500,000
594,400
553,745
2.37%
500,000
550,200
522,280
2.23%
TNB Northern Energy Bhd
600,000
600,000
561,816
2.40%
Alam Maritime Resources Bhd
500,000
504,700
505,875
2.16%
7,976,914
18,591,673
18,906,636
80.85%
Total Malaysian Equities & Debt
Securities
P a g e | 47
ISTIQRAR
Number of
Units
Total Cost
Market Value
% of NAV
Construction
IJM Corporation Bhd
Gamuda Berhad
12,000
6,000
79,046
30,774
78,840
30,060
0.64%
0.24%
Consumer
UMW Holding Bhd
12,000
143,017
131,520
1.06%
Industrial Products
Petronas Gas Bhd
8,200
173,073
181,712
1.47%
Digi.com Bhd
37,300
197,035
230,141
1.86%
Plantation
IOI Corporation Bhd
5,000
10,000
7,200
55,474
45,144
164,323
50,000
48,000
164,160
0.40%
0.39%
1.32%
Property
SP Setia Bhd
Sunway Bhd
15,000
28,000
49,492
93,259
49,500
92,120
0.40%
0.74%
Trading/Services
Axiata Group Bhd
Berjaya Auto Bhd
Dialog Group Bhd
IHH Healthcare Bhd
KPJ Healthcare Bhd
MISC Berhad
Maxis Berhad
Sime Darby Bhd
Tenaga Nasional Bhd
66,175
21,000
88,608
23,000
33,000
7,000
26,000
166,000
10,800
50,451
29,670
45,575
53,500
356,030
67,624
154,981
110,331
123,987
47,453
170,006
102,446
182,232
460,811
191,138
522,129
163,096
466,534
69,300
132,912
110,860
122,100
50,540
178,100
75,530
184,896
463,645
204,129
628,935
125,725
3.76%
0.56%
1.07%
0.89%
0.98%
0.41%
1.44%
0.61%
1.49%
3.74%
1.65%
5.07%
1.01%
761,479
3,682,901
3,869,259
31.20%
Security Name
P a g e | 48
Kapar Energy Ventures Sdn Bhd
Senari Synergy Sdn Bhd
Anih Berhad
DRB Hicom Berhad
Securities
750,000
750,000
659,999
500,000
250,000
400,000
500,000
500,000
500,000
500,000
500,000
500,000
768,000
752,318
723,886
510,450
254,025
439,080
505,200
501,110
594,400
550,200
500,000
504,700
747,968
754,058
715,161
501,335
252,552
421,620
505,525
499,765
553,745
522,280
468,180
505,875
6.03%
6.08%
5.77%
4.04%
2.04%
3.40%
4.08%
4.03%
4.47%
4.21%
3.78%
4.08%
7,071,478
10,286,270
10,317,323
83.20%
P a g e | 49
myEQUITY
Number of
Units
Total Cost
Market Value
% of NAV
Construction
Gamuda Berhad
IJM Corporation Bhd
126,000
38,000
618,345
249,517
631,260
249,660
4.00%
1.58%
Consumer
UMW Holding Bhd
46,600
550,610
510,736
3.24%
Industrial Products
Petronas Gas Bhd
28,100
603,202
622,696
3.95%
Digi.com Bhd
114,900
636,335
708,933
4.49%
Plantation
IOI Corporation Bhd
13,500
35,000
21,600
150,418
158,006
481,805
135,000
168,000
492,480
0.86%
1.06%
3.12%
Property
SP Setia Bhd
Sunway Bhd
45,000
96,000
148,170
319,742
148,500
315,840
0.94%
2.00%
Trading/Services
Axiata Group Bhd
Berjaya Auto Bhd
Dialog Group Bhd
IHH Healthcare Bhd
KPJ Healthcare Bhd
MISC Berhad
Maxis Berhad
Petronas Chemical Holdings Bhd
Sime Darby Bhd
Tenaga Nasional Bhd
185,200
72,000
258,984
70,000
88,600
65,000
76,000
45,000
22,000
127,000
134,714
130,479
108,525
153,700
1,115,568
231,821
459,466
335,709
333,070
430,669
496,201
239,249
379,164
129,331
1,249,259
837,313
1,285,323
444,011
1,305,660
237,600
388,476
337,400
327,820
469,300
520,600
245,250
376,640
57,785
1,238,022
897,695
1,497,645
361,195
8.27%
1.51%
2.46%
2.14%
2.08%
2.97%
3.30%
1.55%
2.39%
0.37%
7.84%
5.69%
9.49%
2.29%
1,600
2,640
3,888
0.02%
2,103,502
11,884,944
12,248,081
77.61%
Security Name
Warrants
Genting Plantations Bhd-Warrant
P a g e | 50
myGROWTH
Number of
Units
Total Cost
Market Value
% of NAV
Construction
Gamuda Berhad
IJM Corporation Bhd
WCT Holdings Bhd
35,000
25,000
11,716
171,245
163,802
27,118
175,350
164,250
18,628
2.50%
2.34%
0.27%
Consumer
UMW Holding Bhd
24,000
283,250
263,040
3.75%
Industrial Products
Petronas Gas Bhd
13,800
319,992
305,808
4.36%
Digi.com Bhd
47,000
268,247
289,990
4.13%
Plantation
IOI Corporation Bhd
12,400
16,000
280,305
72,231
282,720
76,800
4.03%
1.10%
Property
SP Setia Bhd
Sunway Bhd
25,000
50,000
82,354
166,289
82,500
164,500
1.18%
2.35%
Trading/Services
Axiata Group Bhd
Berjaya Auto Bhd
Dialog Group Bhd
IHH Healthcare Bhd
KPJ Healthcare Bhd
MISC Berhad
Maxis Berhad
Sime Darby Bhd
Tenaga Nasional Bhd
82,300
33,000
93,512
35,000
53,000
35,900
39,000
307,000
21,000
11,000
63,947
46,650
44,988
84,000
532,738
106,266
163,034
167,826
199,599
222,857
268,550
206,385
111,668
189,945
599,289
577,555
290,108
265,003
580,215
108,900
140,268
168,700
196,100
259,198
267,150
139,685
114,450
188,320
587,673
643,770
309,518
197,400
8.27%
1.55%
2.00%
2.41%
2.80%
3.70%
3.81%
1.99%
1.63%
2.69%
8.38%
9.18%
4.41%
2.81%
1,210,213
5,735,657
5,724,933
81.63%
Security Name
P a g e | 51
myBLUECHIPS
Number of
Units
Total Cost
Market Value
% of NAV
Construction
Gamuda Berhad
IJM Corporation Bhd
32,000
28,000
156,529
182,952
160,320
183,960
2.35%
2.69%
Consumer
UMW Holding Bhd
24,000
283,250
263,040
3.85%
Industrial Products
Petronas Gas Bhd
11,700
261,034
259,272
3.79%
Digi.com Bhd
45,500
257,225
280,735
4.11%
Plantation
IOI Corporation Bhd
7,500
16,000
11,200
83,210
72,231
258,922
75,000
76,800
255,360
1.10%
1.12%
3.74%
Property
SP Setia Bhd
Sunway Bhd
20,000
48,000
65,925
159,628
66,000
157,920
0.97%
2.31%
Trading/Services
Axiata Group Bhd
Berjaya Auto Bhd
Dialog Group Bhd
IHH Healthcare Bhd
KPJ Healthcare Bhd
MISC Berhad
Maxis Berhad
Sime Darby Bhd
Tenaga Nasional Bhd
76,700
32,000
98,512
33,000
48,000
35,500
38,000
20,000
11,200
298,000
59,956
44,971
47,600
73,100
474,504
103,046
173,852
158,285
180,345
234,069
247,583
106,350
192,933
200,251
568,612
289,975
566,765
215,656
540,735
105,600
147,768
159,060
177,600
256,310
260,300
109,000
191,744
135,590
550,996
309,401
656,880
171,785
7.91%
1.55%
2.16%
2.33%
2.60%
3.75%
3.81%
1.60%
2.81%
1.98%
8.06%
4.53%
9.61%
2.51%
1,160,439
5,493,132
5,551,176
81.25%
Security Name
P a g e | 52
myDIVIDEND
Number of
Units
Total Cost
Market Value
% of NAV
Construction
Gamuda Berhad
IJM Corporation Bhd
37,000
23,000
180,727
150,805
185,370
151,110
2.48%
2.03%
Consumer
UMW Holding Bhd
26,000
306,496
284,960
3.82%
Industrial Products
Petronas Gas Bhd
14,300
319,861
316,888
4.25%
Digi.com Bhd
65,000
357,393
401,050
5.38%
Plantation
IOI Corporation Bhd
7,100
17,000
10,000
78,757
76,746
228,379
71,000
81,600
228,000
0.95%
1.09%
3.06%
Property
SP Setia Bhd
Sunway Bhd
25,000
46,000
82,354
153,210
82,500
151,340
1.11%
2.03%
Real Estate Investment Trust
Axis Real Estate Investment Trust
56,000
193,876
202,720
2.72%
Trading/Services
Axiata Group Bhd
Berjaya Auto Bhd
Dialog Group Bhd
IHH Healthcare Bhd
KPJ Healthcare Bhd
MISC Berhad
Maxis Berhad
Sime Darby Bhd
Tenaga Nasional Bhd
87,700
34,000
81,800
36,000
51,000
34,500
44,000
22,000
11,500
71,290
60,000
50,022
49,900
74,000
564,198
109,486
144,617
172,631
191,564
233,244
286,797
116,985
197,416
676,479
61,102
322,380
595,883
214,200
618,285
112,200
122,700
173,520
188,700
249,090
301,400
119,900
196,880
655,155
27,300
344,152
688,620
173,900
8.29%
1.50%
1.64%
2.33%
2.53%
3.34%
4.04%
1.61%
2.64%
8.78%
0.37%
4.61%
9.23%
2.33%
1,034,112
6,015,582
6,128,340
82.14%
Security Name
P a g e | 53
myBALANCED
Number of
Units
Total Cost
Market Value
% of NAV
IJM Corporation Bhd
6,000
39,521
39,420
0.59%
Gamuda Berhad
7,400
37,765
37,074
0.55%
7,000
82,759
76,720
1.14%
6,000
136,917
132,960
1.98%
21,400
119,307
132,038
1.96%
4,200
94,169
95,760
1.42%
IOI Corporation Bhd
6,000
27,087
28,800
0.43%
SP Setia Bhd
10,000
33,063
33,000
0.49%
Sunway Bhd
16,000
53,291
52,640
0.78%
Axiata Group Bhd
29,500
184,771
207,975
3.09%
Berjaya Auto Bhd
13,000
41,862
42,900
0.64%
Dialog Group Bhd
41,304
73,132
61,956
0.92%
IHH Healthcare Bhd
13,000
62,342
62,660
0.93%
KPJ Healthcare Bhd
17,000
63,932
62,900
0.94%
MISC Berhad
5,000
34,008
36,100
0.54%
Maxis Berhad
15,000
98,114
102,750
1.53%
92,000
53,344
41,860
0.62%
4,000
21,271
21,800
0.32%
4,000
64,449
68,480
1.02%
Sime Darby Bhd
25,804
244,067
237,139
3.53%
17,368
112,175
119,492
1.78%
Tenaga Nasional Bhd
22,400
268,939
309,120
4.60%
27,900
81,066
65,565
0.97%
Axis Real Estate Investment Trust
20,000
69,242
72,400
1.08%
431,276
2,096,593
2,141,509
31.84%
Security Name
Construction
Consumer
UMW Holding Bhd
Industrial Products
Petronas Gas Bhd
Digi.com Bhd
Plantation
Property
Trading/Services
Real Estate Investment Trust
P a g e | 54
250,000
250,773
251,353
3.74%
220,000
241,295
238,387
3.54%
250,000
255,225
250,668
3.73%
200,000
219,540
210,810
3.13%
Project Lebuhraya Usahasama Bhd
250,000
252,675
250,928
3.73%
250,000
297,200
276,872
4.12%
250,000
275,100
261,140
3.88%
400,000
400,000
374,544
5.57%
250,000
252,350
252,937
3.76%
2,751,276
4,540,751
4,509,148
67.04%
Securities
P a g e | 55
COMPARATIVE PERFORMANCE TABLE
31-Dec-14
(%)
58.01
1.86
1.97
2.45
2.96
3.97
2.21
42.59
22.84
19.15
31-Dec-13
(%)
68.65
2.20
8.02
3.46
8.76
46.20
0.01
25.03
6.32
ITTIZAN
31-Dec-12
(%)
67.29
3.66
1.72
7.65
4.74
5.26
1.52
41.09
1.65
23.13
9.58
100.00
100.00
100.00
100.00
100.00
31-Dec-14
23,385,210
12,518,467
1.868
1.934
1.802
31-Dec-13
24,457,156
12,926,122
1.892
1.892
1.628
31-Dec-12
22,774,730
13,530,802
1.683
1.683
1.522
31-Dec-11
21,239,238
13,871,401
1.531
1.551
1.406
31-Dec-10
20,661,313
14,199,486
1.455
1.458
1.230
Total Annual Return (% p.a)
a) Capital Growth
b) Income Distributions
1.54
-
12.42
-
9.94
-
5.22
-
13.77
-
Average Annual Return :
One-Year
Three-Year
Five-Year
1.54
7.97
8.58
12.42
9.20
6.32
9.94
9.64
2.96
5.22
3.07
8.96
13.77
-0.13
6.58
Portfolio Composition
a. Equities:
● Construction
● Consumer Products
● Industrial Products
● Infrastructure
● Plantation
● Property
● Trading & Services
● REITs
● Derivatives
b. Islamic Debt Securities
c. Money Market & Cash
TOTAL
Total NAV (RM)
Number of units
NAV per Unit (RM)
Highest NAV (RM)
Lowest NAV (RM)
31-Dec-11
(%)
58.55
4.91
2.52
7.08
4.71
3.38
3.05
31.42
1.48
25.14
16.31
31-Dec-10
(%)
55.72
4.68
2.33
4.67
6.09
4.93
1.00
32.02
22.59
21.69
Benchmark Performance (70% FBM Shariah Index : 30% 1-Month GIA Rates Maybank)
One-Year
Three-Year
Five-Year
-2.08
5.73
6.50
10.13
7.28
5.26
9.15
8.15
2.17
2.56
2.34
7.99
12.74
-0.29
8.11
P a g e | 56
a. Equities:
● Construction
● Infrastructure
● Plantation
● Property
● REITs
TOTAL
Total NAV (RM)
Number of units
NAV per Unit (RM)
Highest NAV (RM)
Lowest NAV (RM)
a) Capital Growth
One-Year
Three-Year
Five-Year
31-Dec-14
(%)
31.20
0.88
1.06
1.47
1.86
2.11
1.14
0.00
22.69
52.00
16.80
31-Dec-13
(%)
34.28
1.15
4.22
1.77
4.60
22.53
0.01
61.92
3.80
ISTIQRAR
31-Dec-12
(%)
29.38
1.41
1.14
3.30
2.84
1.78
16.84
2.07
59.96
10.66
100.00
100.00
100.00
100.00
100.00
31-Dec-14
12,400,830
8,751,945
1.417
1.430
1.372
31-Dec-13
12,534,317
8,904,600
1.408
1.408
1.298
31-Dec-12
12,120,158
9,203,208
1.317
1.317
1.24
31-Dec-11
11,715,673
9,423,878
1.243
1.244
1.19
31-Dec-10
11,796,035
9,910,043
1.19
1.2
1.111
2.70
-
6.91
-
5.95
-
4.45
-
5.8
-
2.70
5.19
5.16
6.91
5.77
4.98
5.95
5.4
1.86
4.45
0.69
3.81
5.8
-1.6
2.35
31-Dec-11
(%)
29.64
1.16
1.24
3.21
2.70
2.21
1.19
16.14
1.79
69.61
0.75
31-Dec-10
(%)
32.41
1.22
1.55
1.99
3.02
3.21
1.04
20.38
63.96
3.63
Benchmark Performance (30% FBM Shariah Index : 70% 1-Month GIA Rates Maybank)
One-Year
Three-Year
Five-Year
0.71
4.06
4.08
5.91
4.74
3.43
5.55
4.60
2.02
2.77
1.90
4.43
5.47
0.59
4.34
P a g e | 57
a. Equities:
● Construction
● Information Technology
● Infrastructure
● Plantation
● Property
● Warrants
TOTAL
31-Dec-14
(%)
77.61
5.58
3.24
3.95
4.49
5.04
2.94
52.35
0.02
22.39
100.00
myEQUITY INDEX
31-Dec-13 31-Dec-12 31-Dec-11
(%)
(%)
(%)
92.00
93.83
94.38
3.65
6.68
9.40
1.47
2.56
10.94
9.08
11.13
4.30
8.51
7.22
11.99
9.31
12.66
4.54
4.64
61.07
52.24
46.77
0.05
8.00
6.17
5.62
100.00
100.00
100.00
31-Dec-10
(%)
93.15
7.70
2.72
5.95
5.35
14.46
2.98
53.99
6.85
100.00
Total NAV (RM)
Number of units
NAV per Unit (RM)
Highest NAV (RM)
Lowest NAV (RM)
31-Dec-14
15,781,182
9,160,411
1.723
1.785
1.625
31-Dec-13
12,377,753
7,153,541
1.730
1.730
1.432
31-Dec-12
7,722,366
5,126,342
1.506
1.506
1.320
31-Dec-11
5,058,579
3,790,811
1.334
1.351
1.178
31-Dec-10
4,010,804
3,140,055
1.277
1.280
1.004
3.23
-
19.46
-
16.66
-
5.12
-
17.74
-
3.23
13.12
12.44
19.46
13.75
-
16.66
13.17
5.12
-
17.74
-
Benchmark Performance (FBM Shariah Index)
One-Year
-4.17
Three-Year
6.99
Five-Year
8.32
13.29
9.18
-
11.85
10.82
-
2.41
-
18.20
-
a) Capital Growth
One-Year
Three-Year
Five-Year
P a g e | 58
myGROWTH
31-Dec-12 31-Dec-11
(%)
(%)
87.97
71.33
7.03
9.31
2.01
11.89
8.09
5.60
1.55
9.26
7.10
1.09
8.09
51.08
37.19
1.40
12.03
28.67
100.00
100.00
a. Equities:
● Construction
● Infrastructure
● Plantation
● Property
● REITS
TOTAL
31-Dec-14
(%)
81.63
5.11
3.75
4.36
4.13
5.13
3.52
55.63
18.37
100.00
31-Dec-13
(%)
87.57
4.58
1.93
13.76
4.76
10.45
52.08
12.44
100.01
Total NAV (RM)
Number of units
NAV per Unit (RM)
Highest NAV (RM)
Lowest NAV (RM)
31-Dec-14
7,013,066
5,177,770
1.3545
1.455
1.300
31-Dec-13
6,254,346
4,510,356
1.387
1.387
1.142
31-Dec-12
4,620,531
3,867,556
1.195
1.195
1.097
31-Dec-11
3,786,286
3,383,972
1.119
1.161
0.997
31-Dec-10
3,422,707
3,158,543
1.084
1.089
0.972
1.16
-
19.98
-
9.26
-
2.77
-
9.69
-
1.16
10.13
8.57
19.98
10.67
-
9.26
7.24
-
2.77
-
9.69
-
One-Year
-4.17
Three-Year
6.99
Five-Year
8.32
13.29
9.18
-
11.85
10.82
-
2.41
-
18.20
-
a) Capital Growth
One-Year
Three-Year
Five-Year
31-Dec-10
(%)
77.79
4.75
1.06
5.25
3.79
9.38
4.31
49.25
22.21
100.00
P a g e | 59
a. Equities:
● Construction
● Infrastructure
● Plantation
● Property
● REITS
TOTAL
31-Dec-14
(%)
81.25
5.04
3.85
3.79
4.11
5.96
3.28
55.22
18.75
100.00
myBLUE CHIPS
31-Dec-13 31-Dec-12 31-Dec-11
(%)
(%)
(%)
88.40
85.81
69.99
2.94
7.84
8.92
2.92
2.95
10.43
9.35
8.57
4.35
5.36
4.14
11.60
7.49
8.58
2.06
3.79
59.08
50.79
33.04
11.60
14.19
30.01
100.00
100.00
100.00
31-Dec-10
(%)
74.59
7.16
4.67
4.46
10.41
2.49
45.40
25.41
100.00
Total NAV (RM)
Number of units
NAV per Unit (RM)
Highest NAV (RM)
Lowest NAV (RM)
31-Dec-14
6,832,540
4,955,050
1.379
1.452
1.324
31-Dec-13
6,067,297
4,302,222
1.410
1.410
1.174
31-Dec-12
4,579,614
3,733,835
1.226
1.226
1.095
31-Dec-11
3,672,455
3,335,751
1.101
1.131
0.997
31-Dec-10
3,349,985
3,112,006
1.076
1.089
0.972
0.81
-
20.17
-
14.32
-
1.68
-
8.55
-
0.81
11.77
9.11
20.17
12.06
-
14.32
8.18
-
1.68
-
8.55
-
One-Year
-4.17
Three-Year
6.99
Five-Year
8.32
13.29
9.18
-
11.85
10.82
-
2.41
-
18.20
-
a) Capital Growth
One-Year
Three-Year
Five-Year
P a g e | 60
myDIVIDEND
31-Dec-12 31-Dec-11
(%)
(%)
84.99
72.32
5.08
4.31
4.36
6.21
9.83
8.91
9.78
6.58
6.84
5.34
2.27
5.35
43.5
32.12
3.32
3.5
15.01
27.68
100.00
100.00
a. Equities:
● Construction
● Infrastructure
● Plantation
● Property
● REITs
TOTAL
31-Dec-14
(%)
82.14
4.51
3.82
4.25
5.38
5.1
3.13
53.23
2.72
17.86
100.00
31-Dec-13
(%)
88.57
3.01
10.21
0.47
4.36
11.71
58.8
11.43
100.00
Total NAV (RM)
Number of units
NAV per Unit (RM)
Highest NAV (RM)
Lowest NAV (RM)
31-Dec-14
7,461,149
5,036,643
1.481
1.539
1.400
31-Dec-13
6,687,100
4,487,083
1.490
1.490
1.240
31-Dec-12
4,719,043
3,638,863
1.297
1.297
1.125
31-Dec-11
3,741,263
3,306,250
1.132
1.140
1.039
31-Dec-10
3,285,447
3,088,798
1.063
1.067
1.002
3.06
-
18.21
-
17.95
-
6.29
-
7.09
-
3.06
13.07
10.52
18.21
14.15
-
17.95
10.44
-
6.29
-
7.09
-
One-Year
-4.17
Three-Year
6.99
Five-Year
8.32
13.29
9.18
-
11.85
10.82
-
2.41
-
18.20
-
a) Capital Growth
One-Year
Three-Year
Five-Year
31-Dec-10
(%)
58.53
3.12
10.03
4.93
1.53
2.24
36.68
41.47
100.00
P a g e | 61
a. Equities:
● Construction
● Infrastructure
● Plantation
● Property
● REITs
TOTAL
31-Dec-14
(%)
31.84
1.14
1.14
1.98
1.96
1.85
1.27
21.42
1.08
35.20
32.96
100.00
myBALANCED
31-Dec-13 31-Dec-12 31-Dec-11
(%)
(%)
(%)
38.89
37.48
31.51
1.49
2.82
2.00
0.82
2.03
4.74
4.60
5.61
1.80
3.58
1.92
4.78
3.62
4.96
0.46
1.47
26.07
21.57
13.52
46.34
41.86
51.06
14.77
20.66
17.43
100.00
100.00
100.00
31-Dec-10
(%)
10.24
1.77
8.47
58.25
31.51
100.00
Total NAV (RM)
Number of units
NAV per Unit (RM)
Highest NAV (RM)
Lowest NAV (RM)
31-Dec-14
6,725,771
5,668,099
1.1866
1.2020
1.1470
31-Dec-13
5,146,369
4,356,342
1.1810
1.1810
1.1420
31-Dec-12
4,141,321
3,762,770
1.1010
1.1010
1.0380
31-Dec-11
3,458,390
3,326,291
1.0400
1.0540
0.9960
31-Dec-10
3,126,259
3,084,619
1.0130
1.0140
1.0000
a) Capital Growth
2.58
-
10.23
-
7.88
-
4.18
-
-
One-Year
Three-Year
Five-Year
2.58
6.90
-
10.23
7.43
-
7.88
5.02
-
4.18
-
-
One-Year
0.26
Three-Year
4.72
Five-Year
-
7.23
5.57
-
6.66
4.97
-
2.81
-
5.45
-
* There was no performance return for Ihsan in FYE 31 December 2010 as the fund commenced March 2010.
P a g e | 62
P a g e | 63

English Version - Takaful Malaysia

Transcription

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