laporan tahunan 2011 annual report

Transcription

Laporan Tahunan 2011 Annual Report
Isi Kandungan
Contents
002
014
042
004
015
052
006
018
055
010
025
062
030
077
034
244
Nilai-nilai Korporat
Corporate Values
Visi & Misi
Vision & Mission
Notis Mesyuarat Agung Tahunan ke-27
Notice of 27th Annual General Meeting
Penyata Mengiringi Notis Mesyuarat
Agung Tahunan ke-27
Statement Accompanying Notice of
27th Annual General Meeting
012
Ringkasan Kewangan Lima Tahun
Five Years Financial Highlights
Struktur Korporat
Corporate Structure
Maklumat Korporat
Corporate Information
Profil Lembaga Pengarah
Board of Directors’ Profile
Profil Badan Penasihat Syariah
Shariah Advisory Body’s Profile
Jawatankuasa Pengurusan
Management Committee
Laporan Jawatankuasa Audit
Audit Committee Report
Penyata Urus Tadbir Korporat
Corporate Governance Statement
Maklumat Pematuhan Tambahan
Additional Compliance Information
Penyata Kawalan Dalaman
Statement on Internal Control
Penyata Pengerusi
Chairman’s Statement
Penyata Kewangan
Financial Statements
Maklumat Hartanah
Particulars of Properties
252
Statistik Pegangan Saham
Shareholdings Statistics
256
Rangkaian Cawangan
Branch Network
Borang Proksi
Proxy Form
A New Look At Life with Takaful myGenlife
A complete solution for protection and investment
Takaful myGenLife - an investment-linked Takaful plan that puts you in
complete control of your life. With its flexible options, your future is in good
hands - giving you the freedom to enjoy a new stress-free look at life.
You can now enhance your protection with our affordable medical coverage
and other wide range of protection benefits, based on your needs and
affordability.
You can also choose to invest in any of the five Shariah-compliant investment
funds* under the plan according to your risk appetite.
Takaful myGenLife, A New Look At Life.
We Should Talk
* The benefits of the investment fund will be based on the actual performance of the fund and are not guaranteed.
INTEGRITI
Komitmen kami terhadap nilai-nilai integriti
peribadi dan untuk membina kepercayaan.
Integrity
Our commitment in values of personal
integrity and to build trust.
Nilai-nilai Korporat
Tunggak khusus jenama Takaful Malaysia adalah melalui nilai-nilai korporat
yang terus diperjuangkan melalui usaha-usaha kami.
Corporate Values
The defining pillars of the Takaful Malaysia brand are the values that we
continuously strive to manifest through our work.
MEMBERI INSPIRASI
Ketabahan untuk terus membangunkan industri
kami ke tahap yang berikutnya.
Inspiring
Our perseverance to our continued development
of our industry, bringing it to the next level.
KERJA BERPASUKAN
Dedikasi terhadap kerja berpasukan adalah
bukti perpaduan dan kepercayaan antara satu
sama lain.
Teamwork
Our dedication to teamwork is a testament of
our unity and trust towards each other.
PROFESIONAL
KEMANUSIAAN
Janji kami kepada masyarakat adalah melalui ikrar
keprihatinan dan sikap ambil berat.
Humanitarian
Our promise to the community is the pledge of our
compassion and care.
Pengorbanan kami adalah melalui
pencapaian piawaian dan janji yang kami
tunaikan kepada pelanggan kami.
Professional
Our sacrifice to achieve the standards and
promises that we deliver to our customers.
Visi
“kami Ingin menjadi pilihan utama insurans”
Misi
Matlamat kami adalah untuk melangkaui jangkaan pelanggan melalui:
• Kecemerlangan Operasi
• Kebolehan Dalam Daya Saing Teknologi
• Inovasi Produk
• Budaya Kerja Berorientasikan Prestasi
Dalam usaha meningkatkan nilai pemegang-pemegang saham
Vision
“We want to be the preferred choice for insurance”
Mission
We aim to exceed customers’ expectations through:
• Operational Excellence
• Technology Driven Capabilities
• Product Innovation
• Performance Oriented Culture
Whilst delivering superior shareholders’ value
06
Syarikat Takaful Malaysia Berhad (131646-K) • Laporan Tahunan 2011 Annual Report
DENGAN INI DIMAKLUMKAN bahawa MESYUARAT
AGUNG TAHUNAN SYARIKAT TAKAFUL MALAYSIA
BERHAD YANG KEDUA PULUH TUJUH (27) akan diadakan
di Dewan Ahmad Mohamed Ibrahim, Tingkat 5, Blok Annex,
Dataran Kewangan Darul Takaful, No. 4, Jalan Sultan Sulaiman,
50000 Kuala Lumpur pada hari Khamis, 3 Mei 2012, jam 10:00
pagi bagi tujuan-tujuan berikut:
NOTICE IS HEREBY GIVEN that the TWENTY SEVENTH
(27TH) ANNUAL GENERAL MEETING of SYARIKAT
TAKAFUL MALAYSIA BERHAD will be held at Dewan
Ahmad Mohamed Ibrahim, 5th Floor, Annexe Block, Dataran
Kewangan Darul Takaful, No. 4, Jalan Sultan Sulaiman, 50000
Kuala Lumpur on Thursday, 3 May 2012, 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 2011, berserta
laporan Pengarah dan Juruaudit berkaitan dengannya.
(Resolusi 1)
1. To receive the Audited Financial Statements for the financial
year ended 31 December 2011, together with the reports
of the Directors and Auditors thereon.
(Resolution 1)
2. Untuk meluluskan dividen akhir sebanyak 10% tier tunggal
bagi tahun kewangan berakhir 31 Disember 2011.
(Resolusi 2)
2. To approve a final dividend of 10% single tier in respect of
the financial year ended 31 December 2011.
(Resolution 2)
3. Untuk melantik semula Pengarah-pengarah berikut yang
bersara menurut Artikel 62 Tataurusan Pertubuhan Syarikat:
3. To re-elect the following Directors, each of whom retires
pursuant to Article 62 of the Company’s Articles of
Association:
3.1 Puan Rozaida Omar
(Resolusi 3)
3.2 Y. Bhg. Dato’ Paduka Ismee Ismail
(Resolusi 4)
4. Untuk meluluskan bayaran yuran Pengarah-pengarah
sebanyak RM579,000 bagi tahun kewangan berakhir
31 Disember 2011. (RM721,000 bagi tempoh kewangan
lapan belas (18) bulan berakhir 31 Disember 2010).
(Resolusi 5)
5. Untuk meluluskan bayaran yuran Ahli-ahli Badan Penasihat
Syariah sebanyak RM167,000 bagi tahun kewangan berakhir
31 Disember 2011. (RM153,000 bagi tempoh kewangan
lapan belas (18) bulan berakhir 31 Disember 2010).
(Resolusi 6)
3.1 Puan Rozaida Omar
(Resolution 3)
3.2 Y. Bhg. Dato’ Paduka Ismee Ismail
(Resolution 4)
4. To approve the payment of the Directors’ fees of
RM579,000 for the financial year ended 31 December
2011. (RM721,000 for eighteen (18) months financial
period ended 31 December 2010).
(Resolution 5)
5. To approve the payment of Shariah Advisory Body
Members’ fees of RM167,000 for the financial year ended
31 December 2011. (RM153,000 for eighteen (18) months
financial period ended 31 December 2010).
(Resolution 6)
6. Untuk melantik semula Tetuan KPMG Desa Megat &
Co. sebagai Juruaudit Syarikat dan memberi kuasa
kepada Pengarah-pengarah untuk menetapkan bayaran
Juruaudit.
(Resolusi 7)
6. To re-appoint Messrs KPMG Desa Megat & Co. as the
Auditors of the Company and to authorise the Directors to
fix their remuneration.
(Resolution 7)
SEBAGAI URUSAN KHAS
AS SPECIAL BUSINESS
7. 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”).
7. Ordinary Resolution – Proposed Shareholders’ Mandate
for Recurrent Related Party Transactions of a Revenue
or Trading Nature with BIMB Holdings Berhad and its
Subsidiaries (“BHB Group”).
“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 2.1.3 Pekeliling kepada Para
Pemegang Saham bertarikh 10 April 2012 (“Pekeliling”),
dengan syarat bahawa:
(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) urusniaga dilaksanakan secara tulus dan mengikut
terma komersial biasa; dan
(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 2.1.3 of the Circular
to Shareholders dated 10 April 2012 (“Circular”), provided
that:
(a) the transactions are in the ordinary course of business
and are on terms which are not more favourable to
the related parties than those generally available to
the public and on terms not to the detriment of the
minority shareholders of the Company;
(b) the transactions are made at arm’s length and on
normal commercial terms; and
(c) the disclosure will be made in the annual report
with the breakdown of the aggregate value of the
transactions conducted pursuant to the mandate
during the financial year.
AND THAT such authority shall commence immediately
upon the passing of this resolution and shall continue to
be in force until:
(a) the conclusion of the next annual general meeting of
the Company, at which time it will lapse, unless by
a resolution passed at the meeting, the authority is
renewed;
(b) the expiration of the period within which the next
annual general meeting after the date that it is
required to be held pursuant to Section 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,
(Resolusi 8)
whichever is the earlier”.
(Resolution 8)
07
08
8. Resolusi Khas - Cadangan Pindaan kepada Tataurusan
Pertubuhan Syarikat.
8. Special Resolution – Proposed Amendments to the
Company’s Articles of Association.
“BAHAWA pembatalan, pemindaan, pengubahsuaian dan/
atau penambahan kepada Tataurusan Pertubuhan Syarikat
Takaful Malaysia Berhad seperti yang dinyatakan di dalam
Lampiran I Pekeliling kepada Pemegang Saham bertarikh
10 April 2012 adalah dengan ini diluluskan.”
(Resolusi 9)
9. Untuk melaksanakan sebarang urusan yang mana notis
sewajarnya telah diberi.
“THAT the deletions, alterations, modifications and/or
additions to the Articles of Association of Syarikat Takaful
Malaysia Berhad as set out in Appendix I of the Circular
to Shareholders dated 10 April 2012 be and hereby
approved.”
(Resolution 9)
9. To transact any other business for which due notice has
been given.
NOTIS SETERUSNYA DENGAN INI DIBERI BAHAWA
untuk tujuan menentukan ahli yang akan layak untuk menghadiri
AGM yang ke-27, 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 26 April
2012. Hanya pendeposit yang namanya tersenarai di dalam
Rekod Pendeposit pada 26 April 2012 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
27th 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 26 April 2012. Only
a depositor whose name appears on the Record of Depositors
as at 26 April 2012 shall be entitled to attend the said meeting
or appoint proxies to attend and/or vote on his/her behalf.
NOTIS PENERIMAAN DAN PEMBAYARAN DIVIDEN
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT
NOTIS DENGAN INI JUGA DIBERI BAHAWA dividen akhir
sebanyak 10% tier tunggal bagi tahun kewangan berakhir
31 Disember 2011, akan dibayar pada 28 Mei 2012 kepada
para Pendeposit yang berdaftar di dalam Rekod Pendeposit
pada penutupan perniagaan pada 9 Mei 2012.
NOTICE IS ALSO HEREBY GIVEN THAT a final dividend
of 10% single tier in respect of the financial year ended 31
December 2011 will be paid on 28 May 2012 to Depositors
registered in the Record of Depositors at the close of business
on 9 May 2012.
NOTIS SETERUSNYA DENGAN INI JUGA DIBERI
BAHAWA seorang Pendeposit adalah layak untuk menerima
dividen hanya dalam keadaan:
FURTHER NOTICE IS HEREBY GIVEN THAT a Depositor
shall qualify for entitlement to the dividend only in respect of:
(a) Saham yang telah dipindahkan ke dalam Akaun Sekuriti
Pendeposit sebelum 4:00 petang pada 9 Mei 2012
berhubung pindahan; dan
(a) Shares transferred into the Depositor’s Securities Account
before 4:00 p.m. on 9 May 2012 in respect of transfers;
and
(b) Saham yang dibeli di Bursa Malaysia Securities Berhad
dengan asas kelayakan menurut Peraturan Bursa Malaysia
Securities Berhad.
(b) Shares bought on the Bursa Malaysia Securities Berhad on
a cum entitlement basis according to the Rules of Bursa
Malaysia Securities Berhad.
Atas Arahan Lembaga Pengarah
MOHAMAD ASRI HAJI YUSOFF (MIA 14171)
Setiausaha Syarikat
Kuala Lumpur
10 April 2012
By Order of the Board
MOHAMAD ASRI HAJI YUSOFF (MIA 14171)
Company Secretary
Kuala Lumpur
10 April 2012
Nota:
Notes:
1.Pelantikan Proksi
1.Appointment of Proxy
(i) Seorang ahli yang berhak hadir untuk mengundi dalam
mesyuarat itu layak untuk melantik seorang atau beberapa
orang proksi untuk hadir dan mengundi bagi pihaknya
dan haruslah menyatakan bahagian sahamnya yang
diwakili oleh setiap proksi dan proksi itu tidak semestinya
seorang ahli Syarikat.
(i) A member entitled to attend and vote at the meeting is
entitled to appoint a proxy or proxies to attend and to
vote instead of him and shall specify the proportions of
his holdings to be represented by each proxy and a proxy
need not be a member of the Company.
(ii) 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.
(ii) 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.
(iii) The instrument appointing a proxy must be deposited at
the Registered Office of the Company at Tingkat 26, Blok
Annex, Dataran Kewangan Darul Takaful, No. 4, Jalan
Sultan Sulaiman, 50000 Kuala Lumpur not less than fortyeight (48) hours before the time for holding the meeting
or any adjournment thereof.
(iii) Suratcara pelantikan seorang proksi mestilah dihantar
ke Pejabat Berdaftar Syarikat di Tingkat 26, Blok
Annex, Dataran Kewangan Darul Takaful, 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.
2.Nota Penerangan Kepada Urusniaga Khas
(i) Cadangan Mandat Pemegang-pemegang Saham bagi
Urusniaga-urusniaga yang Berulang dengan Pihak
Berkaitan Berbentuk Hasil atau Perdagangan
Cadangan Resolusi No. 8, jika diluluskan, akan memberi
kuasa kepada Syarikat untuk melaksanakan Urusniagaurusniaga 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 Urusniagaurusniaga yang Berulang dengan Pihak Berkaitan
Berbentuk Hasil atau Perdagangan ada dinyatakan di
dalam Pekeliling kepada Pemegang Saham bertarikh
10 April 2012.
(ii) Cadangan
Syarikat
Pindaan
kepada
Tataurusan
2.Explanatory Notes on Special Business
Pertubuhan
Resolusi No. 9 yang dicadangkan adalah diperlukan untuk
membolehkan Syarikat mematuhi pindaan kepada Keperluan
Penyenaraian yang dikeluarkan oleh Bursa Malaysia
Securities Berhad pada 22 September 2011 serta selaras
dengan Seksyen 149 (1) (c) dan (d) Akta Syarikat 1965 dan
Rangka Kerja Urus Tadbir Syariah bagi Institusi Kewangan
Islam yang dikeluarkan oleh Bank Negara Malaysia. Butirbutir mengenai cadangan pindaan kepada Tataurusan
Pertubuhan Syarikat dinyatakan di dalam Pekeliling kepada
Pemegang Saham bertarikh 10 April 2012.
(i) Proposed Shareholders’ Mandate for Recurrent Related
Party Transaction of a Revenue or Trading Nature
The proposed Resolution No. 8, if passed, will empower the
Company to conduct recurrent related party transactions
of a revenue or trading in nature which are necessary for
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 10 April 2012.
(ii) Proposed Amendments to the Company’s Articles of
Association
The proposed Resolution No. 9 is required to enable the
Company to comply with the amendments to the Listing
Requirements issued by Bursa Malaysia Securities Berhad
on 22 September 2011 as well as to be in line with
Section 149(1)(c) and (d) of the Companies Act 1965 and
the Shariah Governance Framework for Islamic Financial
Institutions issued by Bank Negara Malaysia. The details
on the proposed amendments to the Company’s Articles
of Association are set out in the Circular to Shareholders
dated 10 April 2012.
09
010
Penyata Mengiringi Notis Mesyuarat Agung Tahunan Kedua Puluh
Tujuh mengikut Perenggan 8.27 (2) Keperluan Penyenaraian Pasaran
Utama Bursa Malaysia Securities Berhad
Tiada individu yang dilantik sebagai Pengarah (selain daripada pengarah yang bersedia untuk dilantik semula iaitu Puan Rozaida
Omar dan Y. Bhg. Dato’ Paduka Ismee Ismail) dalam Mesyuarat Agung Tahunan Syarikat Takaful Malaysia Berhad yang Kedua Puluh
Tujuh akan datang.
Statement Accompanying Notice Of Twenty Seventh
Annual General Meeting pursuant to Paragraph 8.27
(2) of the Main Market Listing Requirements of Bursa
Malaysia Securities Berhad
There is no individual standing for election as Director (other than directors standing for re-election i.e. Puan Rozaida Omar and
Y. Bhg. Dato’ Paduka Ismee Ismail) at this forthcoming Twenty Seventh Annual General Meeting of Syarikat Takaful Malaysia Berhad.
012
Jumlah Kasar Sumbangan Takaful (RM ’000)/ Total Gross Takaful Contributions (RM ’000)
Takaful Keluarga/Family Takaful
Syarikat/Company
Kumpulan/Group
2007
558,570
2007
470,205
2008
655,890
2008
538,546
2009
524,867
2009
433,007
2010*
839,909
2010*
679,831
2011
699,344
2011
567,736
Takaful Am/General Takaful
Syarikat/Company
Kumpulan/Group
2007
346,370
2007
306,620
2008
269,104
2008
208,041
2009
352,851
2009
276,294
2010*
606,354
2010*
499,491
2011
441,889
2011
383,316
Jumlah Aset (RM ’000)/Total Assets (RM’000)
Syarikat/Company
Kumpulan/Group
2007
3,481,540
2007
3,291,290
2008
4,047,299
2008
3,796,260
2009
4,614,840
2009
4,306,063
2010*
5,272,584
2010*
4,873,387
2011
5,883,924
2011
5,477,717
Keuntungan Sebelum Cukai Selepas Zakat (RM ’000)/Profit Before Taxation After Zakat (RM ’000)
Kumpulan/Group
Syarikat/Company
2007
21,626
2007
14,361
2008
33,860
2008
42,660
2009
48,853
2009
45,325
2010*
97,370
2010*
92,664
2011
100,685
2011
93,484
Pulangan atas Ekuiti (%)/
Return on Equity (%)
Dividen yang Dibayar/Dicadangkan (Ditolak Cukai) (RM ’000)/
Dividend Paid/Proposed (Net of Taxation) (RM ’000)
2007
7.5
2007
2008
10.3
2008
8,437
2009
12.0
2009
8,853
2010*
10.2
2010*
17,096
2011
18.4
2011
25,644
Aset Bersih Sesaham (RM)/
Net Assets Per Share (RM)
Pendapatan Sesaham (RM)/
Earnings Per Share (RM)
2007
1.90
2007
13.50
2008
1.88
2008
18.70
2009
2.15
2009
24.20
2010*
2.37
2010*
34.60
2011
2.76
2011
47.20
* 18 months financial period
013
014
Struktur Korporat
Corporate Structure
Syarikat-Syarikat Subsidiari / Subsidiary Companies
56.00%
63.09%
P.T. SYARIKAT
52.67%
57.24%
47.08%
42.73%
Maklumat Korporat
LEMBAGA PENGARAH / BOARD OF DIRECTORS
BADAN PENASIHAT SYARIAH / SHARIAH ADVISORY BODY
Pengerusi / Chairman
Y. Bhg. Dato’ Paduka Ismee Ismail
Pengarah Bukan Eksekutif Bukan Bebas /
Non-Independent Non-Executive Director
Y. Bhg. Dr. Ahmad Shahbari @ Sobri Salamon
Ahli-ahli / Members
Y. Bhg. Ustaz Mohd. Bakir Hj. Mansor
Y. Bhg. Datuk Abdul Hamid Said
(Bersara pada 1 April 2011 / Retired on 1 April 2011)
Y. Bhg. Dr. Aida Othman
Y. Bhg. Prof. Madya Dr. Muhamad Rahimi Osman
Y. Bhg. Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz
(Dilantik pada 1 Jun 2011 / Appointed on 1 June 2011)
Y. Bhg. Dato’ Mohamed Hassan Md. Kamil
Pengarah Urusan Kumpulan / Group Managing Director
Puan Rozaida Omar
Encik Mahadzir Azizan
Pengarah Bukan Eksekutif Bebas Kanan /
Senior Independent Non-Executive Director
Ahli-ahli / Members
Setiausaha / Secretary
Encik Mohamad Asri Hj. Yusoff
JAWATANKUASA AUDIT / AUDIT COMMITTEE
Y. Bhg. Dato’ Sulaiman Mohd Yusof
Pengarah Bukan Eksekutif Bebas /
Independent Non-Executive Director
Encik Johan Abdullah
Encik Zakaria Ismail
Setiausaha / Secretary
Encik Mohamad Asri Hj. Yusoff (MIA 14171)
Puan Rozaida Omar
JAWATANKUASA PEMILIHAN /
NOMINATION COMMITTEE
Puan Rozaida Omar
JAWATANKUASA GANJARAN /
REMUNERATION COMMITTEE
015
016
Maklumat Korporat
JAWATANKUASA PENGURUSAN RISIKO /
RISK MANAGEMENT COMMITTEE
JURUAUDIT / AUDITORS
KPMG Desa Megat & Co. (AF0759)
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
PENGURUSAN / MANAGEMENT
Pengarah Urusan Kumpulan / Group Managing Director
Encik Lee Hin Sze
Ketua Pegawai Kewangan / Chief Financial Officer
Puan Azian Kassim
Ketua Pegawai Pelaburan / Chief Investment Officer
Encik Nazrul Hisham Abdul Hamid
Ketua Pegawai Audit Dalaman / Chief Internal Auditor
Encik Leem Why Chong
Pengurus Besar, Aktuari & Aktuari Dilantik /
General Manager, Actuarial & Appointed Actuary
Encik Mohd Suhaimi Ahmad
Pengurus Besar, Agensi Runcit / General Manager, Retail Agency
PEJABAT BERDAFTAR / REGISTERED OFFICE
Tingkat 26, Blok Annex
Dataran Kewangan Darul Takaful
No. 4, Jalan Sultan Sulaiman
50000 Kuala Lumpur
Tel
: +603-2268 1984
Fax
: +603-2274 2864
Email
: [email protected]
Website : takaful-malaysia.com.my
PENDAFTAR / REGISTRAR
Encik Mark Anthony Nathan
Pengurus Besar, Bankatakaful / General Manager, Bancatakaful
Symphony Share Registrars Sdn Bhd (378993-D)
Level 6, Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
Selangor
Tel
: +603-7841 8000
Fax
: +603-7841 8151/52
Helpdesk Line : +603-7849 0777
Website
: www.symphony.com.my
KETUA PEGAWAI EKSEKUTIF BAGI SYARIKAT SUBSIDIARI /
CHIEF EXECUTIVE OFFICER OF SUBSIDIARY COMPANY
TEMPAT DITUBUHKAN DAN DOMISIL /
PLACE OF INCORPORATION AND DOMICILE
Encik Izzuddin Tajudin
Ketua Pegawai Eksekutif, Asean Retakaful International (L) Ltd /
Chief Executive Officer, Asean Retakaful International (L) Ltd
Malaysia
Puan Shuhaibahtulaslamiah Hurmuzan
Pengurus Besar, Sumber Manusia /
General Manager, Human Resource
Encik Patrick Wong Chang Yang
Ketua Pegawai Informasi / Chief Information Officer
PENYENARAIAN BURSA / BURSA LISTING
Pasaran Utama / Main Market
Bursa Malaysia Securities Berhad
018
Pengerusi /
Chairman
Y. Bhg. Dato’ Paduka Ismee Ismail, berusia 47 tahun, adalah
warganegara Malaysia dan telah dilantik sebagai Pengerusi
Bukan Eksekutif Bukan Bebas Takaful Malaysia pada 16
Disember 2009.
Y. Bhg. Dato’ Paduka Ismee Ismail, aged 47, is a Malaysian
citizen and was appointed to the Board on 16 December 2009
as a Non-Independent Non-Executive Chairman of Takaful
Malaysia.
Beliau adalah ahli fellow Chartered Institute of Management
Accountants (CIMA) dan ahli Institut Akauntan Malaysia (MIA).
He is a fellow member of Chartered Institute of Management
Accountants (CIMA) and a member of the Malaysian Institute
of Accountants (MIA).
Beliau kini merupakan Pengarah Urusan Kumpulan dan
Ketua Pegawai Eksekutif Lembaga Tabung Haji. Sebelum
itu, beliau merupakan Ketua Pegawai Eksekutif ECM Libra
Securities Sdn Bhd dan Pengarah ECM Libra Capital Sdn Bhd.
Beliau juga pernah berkhidmat dengan beberapa organisasi
dalam pelbagai kapasiti antaranya selaku Pengurus Besar
Kanan Kewangan, Lembaga Tabung Haji; Ketua Akauntan
di Pengurusan Danaharta Nasional Berhad; Pengurus Besar
Pembangunan Perniagaan di Arab Malaysian Development
Berhad dan beberapa jawatan berkaitan kewangan di Shell
Malaysia Trading Sdn Bhd. Beliau juga adalah Pengarah BIMB
Holdings Berhad, Bank Islam Malaysia Berhad, TH Plantations
Berhad, KFC Holdings (Malaysia) Berhad dan beberapa syarikat
lain.
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 sembilan (9) mesyuarat Lembaga
Pengarah yang diadakan dalam tahun kewangan berakhir
31 Disember 2011.
He is currently the Group Managing Director and Chief
Executive Officer of Lembaga Tabung Haji. Prior to that, he
was the Chief Executive Officer of ECM Libra Securities Sdn
Bhd and a Director of ECM Libra Capital Sdn Bhd. He has also
served several organisations in various capacities including that
of Senior General Manager of Finance, Lembaga Tabung Haji;
Chief Accountant at Pengurusan Danaharta Nasional Berhad;
General Manager of Business Development at Arab Malaysian
Development Berhad and has held several finance-related
positions at Shell Malaysia Trading Sdn Bhd. He is also a Director
of BIMB Holdings Berhad, Bank Islam Malaysia Berhad, TH
Plantations Berhad, KFC Holdings (Malaysia) Berhad and several
other companies.
He has no family relationship with any other directors/major
shareholders of Takaful Malaysia and has no conflict of interest
with Takaful Malaysia. He has no conviction for offences
within the past ten (10) years and has attended nine (9) Board
of Directors’ meetings held during the financial year ended
31 December 2011.
Pengarah Urusan Kumpulan /
Group Managing Director
Y. Bhg. Dato’ Mohamed Hassan Md. Kamil, berusia 49 tahun,
adalah warganegara Malaysia dan dilantik ke Lembaga
Pengarah Takaful Malaysia pada 1 September 2006 sebagai
Pengarah Bukan Eksekutif Bukan Bebas. 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.
Y. Bhg. Dato’ Mohamed Hassan Md. Kamil, aged 49, is a
Malaysian citizen and was appointed to the Board of Takaful
Malaysia on 1 September 2006 as a Non-Independent NonExecutive Director. 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 Fellow of the
Society of Actuaries, USA, ahli American Academy of Actuaries
dan Chartered Life Underwriter.
He graduated with a Bachelor of Science degree in Actuarial
Science and Master in Business Administration from the
University of Iowa, USA. He is a Fellow of the Society of Actuaries,
USA, a member of the American Academy of Actuaries 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 (sebelum
ini dikenali sebagai Aetna Universal Insurance) 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 (previously known as Aetna Universal Insurance) as
Senior Vice President and Chief Actuary. In 2004, he became
the Deputy General Manager for P.T. AIA Indonesia.
31 Disember 2011.
31 December 2011.
019
020
Puan Rozaida Omar
Puan Rozaida Omar, berusia 49 tahun, adalah warganegara
Malaysia dan telah dilantik sebagai Pengarah Bukan Eksekutif
Bukan Bebas Takaful Malaysia pada 15 Mei 2007. Beliau
juga merupakan ahli Jawatankuasa Audit dan Jawatankuasa
Pemilihan.
Beliau adalah Akauntan Bertauliah (M) dan merupakan ahli
Association of Chartered Certified Accountants (ACCA) United
Kingdom sejak tahun 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 dan BIMB Holdings Berhad.
dengan Takaful Malaysia. Beliau tidak pernah disabitkan
dengan apa- apa kesalahan dalam tempoh sepuluh (10) tahun
yang lalu dan telah menghadiri lapan (8) mesyuarat Lembaga
31 Disember 2011.
Puan Rozaida Omar, aged 49, 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 Audit Committee and Nomination Committee.
She is a Chartered Accountant (M) and a member of the
Association of Chartered Certified Accountants (ACCA) United
Kingdom since 1986.
She started her career as a Financial Accountant at FELDA
in 1986. In 1990, she became a Credit Manager at Citibank
Berhad until 1991. She then joined Guthrie Trading Sdn Bhd in
1992 as a Finance Manager until 1993. After that, she became
a Finance Director of Glaxo SmithKline Consumer Healthcare
Sdn Bhd from 1994 until 2003. She is currently the Group Chief
Financial Officer of Lembaga Tabung Haji since 2004. She is
also a Director of Pelikan International Corporation Berhad and
BIMB Holdings Berhad.
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 eight (8) Board
31 December 2011.
Pengarah Bukan Eksekutif Bebas Kanan /
Senior Independent Non-Executive Director
Encik Mahadzir Azizan, berusia 63 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. Beliau juga merupakan Pengerusi Jawatankuasa Audit
dan Jawatankuasa Ganjaran dan ahli Jawatankuasa Pengurusan
Risiko dan Jawatankuasa Pemilihan. Beliau juga merupakan ahli
Lembaga Komisaris P. T. Asuransi Takaful Keluarga.
Encik Mahadzir Azizan, aged 63, is a Malaysian citizen and is an
Independent Non-Executive Director of Takaful Malaysia who
was appointed to the Board on 1 September 2007. He was
appointed as Senior Independent Non-Executive Director on 2
June 2011. He is also the Chairman of the Audit Committee and
Remuneration Committee and a member of Risk Management
Committee and Nomination Committee. He is also a member of
the Board of Commissioners of 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.
He is a Barrister-At-Law from Lincoln’s Inn, London, United
Kingdom and was called to the English Bar in 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 Awam 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. Kini, beliau merupakan Pengarah ECM Libra
Financial Group Berhad, ECM Libra Investment Bank Berhad,
Avenue Invest Berhad dan beberapa syarikat lain.
31 Disember 2011.
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.
Currently, he is also a Director of ECM Libra Financial Group
Berhad, ECM Libra Investment Bank Berhad, Avenue Invest
Berhad and several other companies.
31 December 2011.
021
022
Y. Bhg. Dato ’ Sulaiman Mohd Yusof
Y. Bhg. Dato’ Sulaiman Mohd Yusof, berusia 61 tahun, adalah
warganegara Malaysia dan telah dilantik sebagai Pengarah
Bukan Eksekutif Bebas Takaful Malaysia pada 1 Januari 2008.
Beliau merupakan ahli Jawatankuasa Audit, Jawatankuasa
Pemilihan dan Jawatankuasa Pengurusan Risiko. Beliau juga
merupakan Pengerusi Asean Retakaful International (L) Ltd.
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.
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.
31 Disember 2011.
Y. Bhg. Dato’ Sulaiman Mohd Yusof, aged 61, 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 a member of the Audit Committee, Nomination Committee
and Risk Management Committee. He is also the Chairman of
Asean Retakaful International (L) Ltd.
He graduated with a Bachelor of Law (LLB) degree from the
University of Buckingham, United Kingdom in 1984 and was
called to the Malaysian Bar in 1986.
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.
31 December 2011.
Encik Johan AbduLlah
Encik Johan Abdullah, berusia 55 tahun, adalah warganegara
Malaysia dan merupakan Pengarah Bukan Eksekutif Bukan Bebas
Takaful Malaysia dan telah dilantik pada 15 Ogos 2008. Beliau
juga merupakan ahli Jawatankuasa Pemilihan, Jawatankuasa
Pengurusan Risiko dan Jawatankuasa Ganjaran.
Encik Johan Abdullah, aged 55, is a Malaysian citizen and is
a Non-Independent Non-Executive Director of Takaful Malaysia
and was appointed to the Board on 15 August 2008. He is also
a member of the Nomination Committee, Risk Management
Committee and Remuneration Committee.
Beliau memperolehi Diploma Perbankan dari Universiti Teknologi
MARA, Shah Alam pada tahun 1983, Ijazah Sarjana Muda
Pentadbiran Perniagaan (Kewangan) dari Eastern Michigan
University, USA pada tahun 1985 dan Ijazah Sarjana Pentadbiran
Perniagaan (Kewangan) dari Morehead State University, USA
pada tahun 1986.
He obtained a Diploma in Banking from University Technology
MARA, Shah Alam in 1983, a Bachelor of Business Administration
(Finance) from Eastern Michigan University, USA in 1985 and
a Master in Business Administration (Finance) from Morehead
State University, USA in 1986.
Beliau memulakan kerjaya profesionalnya pada tahun 1987 di
Kuala Lumpur Stock Exchange (sekarang ini dikenali sebagai
Bursa Malaysia Securities Berhad) sebagai Pegawai Penyenaraian.
Pada tahun 1989, beliau menyertai bahagian Kewangan
Korporat di Bumiputra Merchant Bankers Berhad dan meletak
jawatan pada awal tahun 1995 sebagai Pengurus Kanan. Beliau
kemudiannya menyertai Damansara Realty Berhad sebagai
Pengurus Besar, Perancangan Korporat. Seterusnya pada
tahun 1999, beliau menyertai semula Bursa Malaysia Securities
Berhad dan telah memegang pelbagai jawatan kanan termasuk
Deputy Chief Regulatory Officer, Group Regulation. Pada bulan
Mei 2008, beliau menyertai BIMB Holdings Berhad (“BHB”)
sebagai Pengarah Urusan Kumpulan/Ketua Pegawai Eksekutif.
Beliau juga merupakan Pengarah Bank Islam Malaysia Berhad
dan anak-anak syarikat di dalam kumpulan BHB.
He started his professional career in 1987 with Kuala Lumpur
Stock Exchange (now known as Bursa Malaysia Securities Berhad)
as Listing Officer. In 1989, he joined Corporate Finance division
of Bumiputra Merchant Bankers Berhad and left the bank in
early 1995 as Senior Manager. Later he joined Damansara Realty
Berhad as General Manager, Corporate Planning. Subsequently
in the year 1999, he re-joined Bursa Malaysia Securities Berhad
and took up various senior positions including that of Deputy
Chief Regulatory Officer, Group Regulation. In May 2008, he
joined BIMB Holdings Berhad (“BHB”) as the Group Managing
Director/Chief Executive Officer. He is also a director of Bank
Islam Malaysia Berhad and other subsidiaries within BHB
Group.
31 Disember 2011.
31 December 2011.
023
024
Encik Zakaria Ismail, berusia 60 tahun, adalah warganegara
Malaysia dan merupakan Pengarah Bukan Eksekutif Bebas Takaful
Malaysia dan telah dilantik pada 15 Mei 2010. Beliau merupakan
Pengerusi Jawatankuasa Pemilihan dan Jawatankuasa Pengurusan
Risiko dan ahli Jawatankuasa Audit dan Jawatankuasa Ganjaran.
Encik Zakaria Ismail, aged 60, is a Malaysian citizen and is an
Independent Non-Executive Director of Takaful Malaysia and was
appointed to the Board on 15 May 2010. He is the Chairman of the
Nomination Committee and Risk Management Committee and a
member of Audit Committee and Remuneration Committee.
Beliau memperolehi Ijazah Sarjana Muda Ekonomi (Kepujian)
dari Universiti Malaya pada tahun 1974 dan Sarjana Pentadbiran
Perniagaan dan Sarjana Sastera dalam Ekonomi dari Universiti
Boston, Amerika Syarikat, masing-masing pada tahun 1981 dan
1983. Beliau juga merupakan ahli bersekutu The Institute of
Bankers, London.
He obtained his Bachelor of Economics (Honours) from the University
of Malaya in 1974, and Master in Business Administration and
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.
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.
Kini, beliau merupakan ahli Lembaga Pengarah Export-Import Bank
of Malaysia Berhad.
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. Currently, he is also a Board member of
Export-Import Bank of Malaysia Berhad.
31 Disember 2011.
31 December 2011.
Y. Bhg. Dr. Ahmad Shahbari
@ Sobri Salamon
Pengerusi /
Chairman
Y. Bhg. Dr. Ahmad Shahbari @ Sobri Salamon, berusia 69 tahun,
adalah warganegara Malaysia dan merupakan Pengerusi Badan
Penasihat Syariah (BPS) Takaful Malaysia yang telah dilantik
pada 1 Julai 1985.
Y. Bhg. Dr. Ahmad Shahbari @ Sobri Salamon, aged 69, is a
Malaysian citizen and is the Chairman of the Shariah Advisory
Body (SAB) of Takaful Malaysia who 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 dan kemudian
melanjutkan pengajian di peringkat Ijazah Doktor Falsafah
dalam Sejarah di Universiti New York, Amerika Syarikat pada
tahun 1979.
He graduated with a Bachelor of Arts degree 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 and a Doctor of Philosophy in History from New York
University, USA in 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 (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 Pensyarah
di Jabatan Syariah sehingga tahun 1985. Kemudian beliau
menjadi Pengarah Eksekutif Pusat Rawatan Islam (MAIS) dari
tahun 1996 hingga 1999. Kini, beliau merupakan Pengerusi
Pusrawi Corporation Sdn Bhd dan ahli Majlis Perundingan Islam
di Jabatan Perdana Menteri (JPM).
Beliau telah menghasilkan tulisan dalam bidang pendidikan,
ekonomi, perbankan Islam dan perundangan Islam sebanyak
12 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.
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 Lecturer 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 Pusrawi Corporation Sdn Bhd
and a member of the Islamic Consultative Council in the Prime
Minister’s Department.
He has produced writings in educational, economy, Islamic
banking and Islamic law, a total of 12 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.
025
026
Y. Bhg. Ustaz Mohd Bakir Hj. Mansor
Ahli /
Member
Y. Bhg. Ustaz Mohd Bakir Hj. Mansor, berusia 75 tahun, adalah
warganegara Malaysia dan merupakan ahli Badan Penasihat
Syariah (BPS) Takaful Malaysia yang telah dilantik pada
1 Julai 2002.
Beliau memperolehi Shahadah Ulya (Sijil Tertinggi) dari Kolej
Islam Malaya pada tahun 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 Ugama 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
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.
Beliau kini merupakan Penasihat Syariah Ternama di Pusat Fiqh
Muamalat berkuatkuasa dari 1 Julai 2009. Beliau juga adalah
ahli Majlis Pengawasan Syariah Bank Islam Malaysia Berhad,
ahli Jawatankuasa Panel Syariah Amanah Ikhtiar Malaysia,
Pengerusi Jawatankuasa Penasihat Syariah BIMB Securities
Sdn Bhd, Pengerusi Jawatankuasa Penasihat Syariah Persatuan
Institusi-Institusi Perbankan Islam Malaysia dan Pengerusi
Jawatankuasa Penasihat Syariah Kumpulan Wang Simpanan
Pekerja. 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.
Y. Bhg. Ustaz Mohd Bakir Hj. Mansor, aged 75, is a Malaysian
citizen and is a member of the Shariah Advisory Body (SAB) of
Takaful Malaysia who was appointed on 1 July 2002.
He obtained the Shahadah Ulya (Highest Certificate) from Kolej
Islam Malaya in 1967.
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
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.
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 Supervisory Council of Bank Islam Malaysia
Berhad, a member of the Shariah Panel of Amanah Ikhtiar
Malaysia, the Chairman of the Shariah Advisory Committee of
BIMB Securities Sdn Bhd, the Chairman of the Shariah Advisory
Committee of the Association of Islamic Banking Institutions
Malaysia and the Chairman of the Shariah Advisory Committee
of the Employees Provident Fund. 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.
Ahli /
Member
Y. Bhg. Dr. Aida Othman, berusia 42 tahun, adalah warganegara
Malaysia dan merupakan ahli Badan Penasihat Syariah (BPS)
Takaful Malaysia yang telah dilantik pada 6 Mac 2008.
Y. Bhg. Dr. Aida Othman, aged 42, is a Malaysian citizen and is a
member of the Shariah Advisory Body (SAB) of Takaful Malaysia
who was appointed on 6 March 2008.
Beliau memperolehi Ijazah Sarjana Muda Undang-undang (LL.B)
dari Universiti Islam Antarabangsa pada tahun 1992 dan Ijazah
Sarjana Muda Undang-undang (LL.B Syariah) pada tahun 1993.
Pada tahun 1995, beliau memperolehi Sarjana Undang-undang
(LL.M) dari Universiti Cambridge, England dan pada tahun 2005
beliau memperolehi Doktor Falsafah dari Universiti Harvard,
Amerika Syarikat. Beliau juga memperolehi PostDoctorate
Fellowship dari Universiti Harvard pada tahun 2006.
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
and in 2005, she obtained a Doctor of Philosophy from the
Harvard University, USA. She also obtained a PostDoctorate
Fellowship from the Harvard University in 2006.
Beliau memulakan kerjayanya dengan Tetuan Zain & Co. pada
tahun 1993 sebagai Penolong Pegawai Undang Undang. Pada
tahun 1995, beliau menyertai Universiti Islam Antarabangsa
sebagai Pensyarah. Kemudian beliau menjadi Penyelidik di
United Nations dari tahun 1998 hingga 1999. Pada tahun 2002,
beliau berkhidmat di Universiti Harvard sebagai Teaching Fellow
sehingga tahun 2003 dan PostDoctorate Fellow dan Teaching
Assistant dari tahun 2005 hingga 2006.
Beliau kini merupakan Rakan kongsi di firma guaman Zaid
Ibrahim & Co. dan juga sebagai Pengarah di ZI Shariah Advisory
Sdn Bhd.
She started her career with Messrs. Zain & Co. in 1993 as
Assistant Legal Officer. In 1995, she joined International Islamic
University Malaysia as a Lecturer. After that, she became a
Researcher at United Nations from 1998 until 1999. In 2002,
she joined the Harvard University as a Teaching Fellow until
2003 and a PostDoctorate Fellow and Teaching Assistant from
2005 until 2006.
Currently she is a Partner at the law firm, Zaid Ibrahim & Co. as
well as a Director at ZI Shariah Advisory Sdn Bhd.
027
028
Y. Bhg. Prof. Madya
Dr. Muhamad Rahimi Osman
Ahli /
Member
Y. Bhg. Prof. Madya Dr. Muhamad Rahimi Osman, berusia
50 tahun, adalah warganegara Malaysia dan merupakan ahli
Badan Penasihat Syariah (BPS) Takaful Malaysia yang telah
dilantik pada 12 Januari 2010.
Y. Bhg. Associate Prof. Dr. Muhamad Rahimi Osman, aged 50,
is a Malaysian citizen and is a member of the Shariah Advisory
Body (SAB) of Takaful Malaysia who 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 masing-masing pada tahun 1996 dan 2007. Sekarang
ini, beliau memegang jawatan Pengarah, Pusat Pemikiran dan
Kefahaman Islam (CITU), 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 Director of the Centre for Islamic Thought and
Understanding (CITU), 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.
Beliau juga adalah ahli Jawatankuasa Penasihat Syariah, Hong
Leong Islamic Bank Malaysia, 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 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 joined Universiti Teknologi MARA (UiTM), Shah Alam in 1988
as an academic staff at the Centre for Islamic Education. He was
appointed to several administration posts such as Coordinator
of Islamic Social Science, Head of Zakat Unit, Deputy Director,
Centre for Islamic Thought and Understanding (CITU) and
Director of the Zakat Research Institute of Malaysia (IKaZ),
Universiti Teknologi MARA.
He also serves as a member of Shariah Committee of Hong
Leong Islamic Bank Malaysia, 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 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.
Y. Bhg. Dato’ Wan Mohamad
Dato’ Sheikh Abdul Aziz
Ahli /
Member
Y. Bhg. Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz, berusia
59 tahun, adalah warganegara Malaysia dan merupakan ahli
Badan Penasihat Syariah (BPS) Takaful Malaysia yang telah
dilantik pada 1 Jun 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) dan Institut
Kefahaman Islam Malaysia (IKIM) masing-masing sejak tahun
1985 dan 2011.
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 Ugama 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.
Beliau juga pernah berkhidmat sebagai ahli Majlis Penasihat
Syariah di Bank Negara Malaysia pada tahun 2008 sehingga
tahun 2010.
Y. Bhg. Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz, aged 59, is
a Malaysian citizen and is a member of the Shariah Advisory Body
(SAB) of Takaful Malaysia who was appointed on 1 June 2011.
He graduated from Universiti Kebangsaan Malaysia with a
Diploma in Education in 1977 and a Bachelor of Islamic Studies
(Honours) in 1978. He also obtained a Diploma in Management
Science from the National Institute of Public Administration
(Institut Tadbiran Awam Negara (INTAN)) in 1989. He is a
member of British Institute of Management (MBIM) and
Institute of Islamic Understanding Malaysia (Institut Kefahaman
Islam Malaysia (IKIM)) since 1985 and 2011 respectively.
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 Ugama at the Malaysian High Commission’s office in
London for three years from 1982. Upon returning to Malaysia
in 1986, he was promoted to Chief Assistant Director in BAHEIS
and thereafter as the Chief of Amar Ma’ruf Division and Chief
Registrar of Marriage, Divorce and Ruju’ at the Federal Territory
Islamic Religious Department (Jabatan Agama Islam Wilayah
Persekutuan (JAWI)). In 1993, he served as Chief Assistant Director
of Social, Administration and Economy at the Islamic Research
Center. In 1994, he served as Principal at the Darul Quran of the
Malaysian Islamic Development Department (Jabatan Kemajuan
Islam Malaysia (JAKIM)) and later assumed various positions such
as Director of Family, Social and Mosque Management Division
(KESUMA), Director of Research Division, Deputy Director General
(Operation) and Director General of JAKIM in 2000, 2003, 2004
and 2007 respectively before his retirement on 22 April 2011. He
also served as Secretary to the National Fatwa Committee while
serving as Director General of JAKIM.
He was also previously a member of the Shariah Advisory
Council of Bank Negara Malaysia from 2008 until 2010.
029
030
Pengarah Urusan Kumpulan/
Group Managing Director
Encik Lee Hin Sze
Ketua Pegawai Kewangan/
Chief Financial Officer
Puan Azian Kassim
Ketua Pegawai Pelaburan/
Chief Investment Officer
Encik Mohamad Asri Hj. Yusoff
Setiausaha Syarikat / Pengurus Besar,
Hal Ehwal Korporat/
Company Secretary / General Manager,
Corporate Affairs
Encik Nazrul Hisham Abdul Hamid
Ketua Pegawai Audit Dalaman/
Chief Internal Auditor
Encik Leem Why Chong
Pengurus Besar, Aktuari & Aktuari Dilantik/
General Manager, Actuarial & Appointed Actuary
Encik Mohd Suhaimi Ahmad
Pengurus Besar, Agensi Runcit/
General Manager, Retail Agency
Puan Shuhaibahtulaslamiah Hurmuzan
Pengurus Besar, Sumber Manusia/
General Manager, Human Resource
031
032
Encik Patrick Wong Chang Yang
Ketua Pegawai Informasi/
Chief Information Officer
Encik Mark Anthony Nathan
Pengurus Besar, Bankatakaful/
General Manager, Bancatakaful
Puan Roszy Non
Penolong Pengurus Besar,
Perkhidmatan Pelanggan / Operasi Cawangan/
Assistant General Manager,
Customer Service / Branch Operations
Puan Noraini Mohd Yusof
Penolong Pengurus Besar, Broking
Cawangan / Korporat Langsung/
Perbendaharaan (BPP)
Assistant General Manager, Branch Broking/
Direct Corporate / Treasury (BPP)
033
Cik Leong Chee Wan
Operasi – Takaful Keluarga / Bankatakaful / Logistik/
Operations – Family Takaful / Bancatakaful / Logistics
Encik Iskandar Leong Abdullah
Pematuhan & Pengurusan Risiko/
Compliance & Risk Management
Encik Mohamed Sabri Ramli
Penolong Pengurus Besar, Operasi Takaful Am/
Assistant General Manager, General Takaful Operations
Encik Sany Tee Rudy Tee
Penolong Pengurus Besar, Agensi Korporat/
Assistant General Manager, Corporate Agency
034
Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful
Malaysia”) dengan berbesar hati membentangkan Laporan
Jawatankuasa Audit bagi tahun kewangan yang dikaji.
Jawatankuasa Audit (“Jawatankuasa”) telah ditubuhkan pada
6 Mac 1990 untuk menilai struktur kewangan, sistem kawalan
dalaman, perancangan strategik, pelaksanaan fungsi audit
Takaful Malaysia dan untuk mencadangkan keputusan yang
boleh dilaksanakan bagi memastikan piawaian tanggungjawab
korporat, kewibawaan dan kebertanggungjawaban kepada
para pemegang saham yang tinggi, selaras dengan piawaian
urus tadbir dan pendedahan yang dikehendaki daripada sebuah
syarikat senarai awam di Malaysia.
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. The Audit Committee
(“Committee”) was established on 6 March 1990 to appraise
Takaful Malaysia’s financial structure, internal control system,
strategic planning, implementation of audit function and
to propose applicable decisions in ensuring a high standard
of corporate responsibility, integrity and accountability to
shareholders in line with the corporate governance and
disclosure standards expected from that of a public listed
company in Malaysia.
KEAHLIAN DAN MESYUARAT
MEMBERSHIP AND MEETINGS
Jawatankuasa kini terdiri daripada empat (4) orang ahli, tiga
(3) daripada mereka adalah Pengarah Bukan Eksekutif Bebas.
Maklumat terperinci mengenai ahli dan mesyuarat yang
diadakan sepanjang tahun kewangan berakhir 31 Disember
2011 adalah seperti berikut:
The Committee currently comprises four (4) members, three (3)
of whom are Independent Non-Executive Directors. The details
of members and meetings held during the financial year ended
31 December 2011 are as follows:
Nama Ahli
Jawatankuasa Audit
Bil. Mesyuarat
Diadakan Dihadiri
Encik Mahadzir Azizan (Pengerusi)
8
(Pengarah Bukan Eksekutif Bebas Kanan)
Puan Rozaida Omar
8
(Pengarah Bukan Eksekutif Bukan Bebas)
8
(Pengarah Bukan Eksekutif Bebas)
8
(Pengarah Bukan Eksekutif Bebas)
Name of Audit Committee Members
No. of Meetings
Held
Attended
Encik Mahadzir Azizan (Chairman) 8
(Senior Independent Non-Executive Director)
8
6
Puan Rozaida Omar
(Non-Independent Non-Executive Director)
8
6
8
(Independent Non-Executive Director)
8
8
(Independent Non-Executive Director)
8
8
8
8
Puan Rozaida Omar 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
Malaysia”) yang menggariskan bahawa sekurang-kurangnya
seorang (1) ahli Jawatankuasa mestilah merupakan ahli MIA.
Jawatankuasa telah bermesyuarat sebanyak lapan (8) 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 dan Ketua Audit Dalaman selalunya menghadiri
mesyuarat tersebut. Dalam tahun kewangan berakhir 31
Disember 2011, Pengarah Urusan Kumpulan menghadiri
kesemua mesyuarat yang diadakan, manakala Ketua Pegawai
Kewangan dan Ketua Audit Dalaman menghadiri 7 daripada 8
mesyuarat yang diadakan.
Puan Rozaida Omar 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 Malaysia”) which stipulate that at least one (1) member
of the Committee must be a member of the MIA.
The Committee met eight (8) 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 and the Chief Internal Auditor normally attend
the meetings. During the financial year ended 31 December
2011, the Group Managing Director attended all the meetings
held, while the Chief Financial Officer and the Chief Internal
Auditor attended 7 out of 8 meetings held.
TERMA RUJUKAN
TERM OF REFERENCE
Komposisi
Ahli Jawatankuasa hendaklah dilantik oleh Lembaga Pengarah
daripada kalangan mereka dan hendaklah terdiri daripada
sekurang-kurangnya 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 Malaysia dan
garis panduan Bank Negara Malaysia (“BNM”).
Composition
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 Malaysia Listing
Requirements and the guidelines of Bank Negara Malaysia
(“BNM”).
Sekurang-kurangnya seorang (1) ahli Jawatankuasa:
1) mestilah merupakan ahli MIA; atau
2) jika beliau bukan ahli MIA, beliau mestilah mempunyai
pengalaman bekerja sekurang-kurangnya selama tiga (3)
tahun dan:(a) beliau mestilah lulus peperiksaan yang dinyatakan dalam
Bahagian I Jadual Pertama Akta Akauntan 1967; atau
(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 Malaysia.
At least one (1) member of the Committee:
1) must be a member of the MIA; or
2) if he is not a member of the MIA, he must have at least
three (3) years’ working experience and:(a) he must have passed the examinations specified in Part
I of the First Schedule of the Accountants Act 1967; or
(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
3) fulfils such other requirements as prescribed or approved
by Bursa Malaysia.
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 NonExecutive 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.
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.
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.
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.
035
036
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.
Jawatankuasa ini hendaklah bermesyuarat dengan juruaudit
luar sekurang-kurangnya dua (2) kali setahun, untuk
membincangkan sebarang perkara dengan Jawatankuasa tanpa
kehadiran mana-mana 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.
Jawatankuasa hendaklah mengatur prosiding mesyuaratnya,
dengan mengambil kira konvensyen biasa berhubung perkara
tersebut.
Kuasa
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.
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
Malaysia, Jawatankuasa hendaklah melaporkan dengan segera
perkara tersebut kepada Bursa Malaysia.
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
support 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.
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.
The Committee shall regulate the manner of proceedings of
its meetings, having regard to normal conventions on such
matter.
Authority
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.
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 Malaysia Listing Requirements, the Committee
shall promptly report such matter to the Bursa Malaysia.
Tugas dan Tanggungjawab
Fungsi utama Jawatankuasa adalah untuk membantu Lembaga
Pengarah dalam menilai proses Kumpulan berkaitan dengan
risiko dan persekitaran kawalannya, mengawasi laporan
kewangan dan menilai proses audit dalaman dan luar.
Duties and Responsibilities
The primary function of the Committee is to assist the Board
to assess the Group’s processes relating to its risks and control
environment, oversee financial reporting and evaluate the
internal and external audit processes.
Oleh yang demikian, tugas dan tanggungjawab Jawatankuasa
adalah termasuk perkara-perkara berikut:
Therefore, the duties and responsibilities of the Committee
include the followings:
• 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 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 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.
• 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 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.
• mengkaji keputusan suku tahunan dan penyata kewangan
akhir tahun, sebelum kelulusan Lembaga Pengarah dengan
menumpu terutamanya kepada:
- 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 Malaysia
dan keperluan undang-undang.
• 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.
• to review the quarterly and year end financial statements,
before the approval by the Board, focusing particularly on:
- 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 Malaysia and
other legal requirements.
• 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).
• to review the Internal Audit Charter, budget and staffing of
the Internal Audit Division.
037
038
• mengkaji kecukupan dan kewibawaan kawalan dalaman,
penemuan audit dalaman dan mencadangkan tindakan yang
perlu diambil oleh Pengurusan. Laporan juruaudit dalaman
dan Jawatankuasa tidak tertakluk kepada kebenaran dari
Ketua Pegawai Eksekutif/Pengarah Urusan Kumpulan dan
Pengarah Eksekutif.
• to review the adequacy and integrity of internal controls,
the internal audit findings, and recommend action to be
taken by Management. The reports of the internal auditors
and the Committee should not be subject to the clearance
of the Chief Executive Officer/Group Managing Director and
Executive Directors.
• mengarah dan sekiranya wajar, menyelia sebarang projek
atau siasatan khas jika perlu, dan mengkaji laporan siasatan
berkenaan sebarang penyalahgunaan, penipuan dan kecurian
yang besar.
• to direct and where appropriate supervise any special projects
or investigation considered necessary, and review investigation
report on any major defalcation, frauds and thefts.
• memastikan akaun disediakan tepat pada masanya dan
dengan cara yang tepat dengan kajian secara kerap terhadap
kecukupan peruntukan bagi luar jangka, dan hutang lapuk
dan hutang ragu.
• 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.
• melaksanakan sebarang fungsi lain yang mungkin dipersetujui
oleh Lembaga Pengarah.
RINGKASAN AKTIVITI-AKTIVITI JAWATANKUASA
Aktiviti-aktiviti yang telah dijalankan oleh Jawatankuasa
sepanjang tahun kewangan yang dikaji termasuk:
• Mengkaji dan memantau dengan juruaudit luar, keputusan
dan perkembangan audit bagi tempoh kewangan lapan
belas (18) bulan berakhir 31 Disember 2010, laporan audit
dan surat Pengurusan, termasuk tindakan Pengurusan
berkaitannya.
• to ensure that the accounts are prepared in a timely and
accurate manner with frequent reviews of the adequacy
of provisions against contingencies, and bad and doubtful
debts.
• 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 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 eighteen (18)
months financial period ended 31 December 2010, the audit
report and the Management letter, including Management’s
response thereto.
• Berbincang mengenai pelantikan semula juruaudit luar bagi
tahun kewangan berakhir 31 Disember 2011.
• Discussed the re-appointment of external auditors for the
financial year ended 31 December 2011.
• Mengkaji skop kerja dan rancangan audit juruaudit luar bagi
tahun kewangan berakhir 31 Disember 2011. Sebelum audit
dijalankan, wakil-wakil juruaudit luar telah membentangkan
strategi dan rancangan audit.
•Reviewed the external auditors’ scope of work and audit plans
for the financial year ended 31 December 2011. Prior to the
audit, representatives from the external auditors presented
their audit strategy and plan.
• Berbincang mengenai yuran audit yang perlu dibayar kepada
juruaudit luar.
• Discussed the audit fees payable to the external auditors.
• Berbincang dengan juruaudit luar berhubung sebarang
perkara yang memerlukan perhatian Lembaga Pengarah dan
Pemegang Saham tanpa kehadiran ahli Lembaga Pengarah
Eksekutif dan pihak Pengurusan.
• 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.
• Mengkaji laporan audit dalaman dan audit khas 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.
• Mengkaji pelan audit Syariah bagi tahun kewangan 2011 dan
skop kerja yang ditetapkan oleh Rangka Kerja Tadbir Urus
Syariah yang dikeluarkan oleh BNM. Laporan audit Syariah
telah dibincangkan di peringkat Jawatankuasa dan Badan
Penasihat Syariah.
• Mengkaji laporan susulan oleh juruaudit dalaman mengenai
status tindakan yang diambil oleh pihak Pengurusan terhadap
cadangan yang diberikan dalam laporan audit.
• 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.
• 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 laporan Pematuhan mengenai tahap pematuhan
dengan keperluan Pihak Penguatkuasa, undang-undang dan
Akta.
• Mengkaji dan mencadangkan penambahbaikan kepada Polisi
Pemberitahuan Maklumat lanjutan daripada Akta Perlindungan
Pemberi Maklumat, 2010 serta Polisi Penipuan & Integriti
yang penting dalam menggalakkan kelakuan beretika dalam
Kumpulan.
• Mengkaji pengumuman keputusan kewangan suku tahunan
yang belum diaudit sebelum disyorkan kepada Lembaga
Pengarah untuk kelulusan.
• Mengkaji urusniaga pihak yang berkaitan dalam Kumpulan.
• Mengkaji penyata pendedahan dalam Laporan Tahunan seperti
Penyata Urus Tadbir Korporat, Penyata Kawalan Dalaman dan
Laporan Jawatankuasa Audit dalam mematuhi Keperluan
Penyenaraian Bursa Malaysia dan Suruhanjaya Sekuriti.
• Mengkaji Laporan Tahunan Takaful myAl-Afdhal.
•Reviewed the internal audit reports and special audit reports,
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.
•Reviewed the Shariah audit plan for financial year 2011 and
the scope of work as prescribed by the Shariah Governance
Framework issued by BNM. The Shariah audit report was
deliberated at the Committee and Shariah Advisory Body level.
•Reviewed follow-up reports by the internal auditors
on the status of actions taken by the Management on
recommendations suggested in the audit reports.
•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.
•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 Compliance reports on the level of compliance
with Regulators’ requirements, laws and Acts.
•Reviewed and recommended improvement to the Whistle
Blowing Policy in response to the Whistleblower Protection
Act, 2010 as well as Fraud and Intergrity Policy which is
essential in promoting ethical conduct within the Group.
•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 Internal
Control and Audit Committee Report in compliance with Bursa
Malaysia Listing Requirements and Securities Commission.
•Reviewed the Takaful myAl-Afdhal Annual Report.
039
040
FUNGSI DAN AKTIVITI-AKTIVITI AUDIT DALAMAN
INTERNAL AUDIT FUNCTION AND ACTIVITIES
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.
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.
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
Audit Rasmi dua tahun (Tahun Kewangan Berakhir 2011 dan
2012).
• 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.
• Menjalankan semakan khas dan penyiasatan seperti yang
diminta oleh Pengurusan Kanan dan pengesahan daripada
Pengerusi Jawatankuasa Audit.
• Mengkaji semula kecukupan dan kesesuaian kawalan dalaman
dan pendedahan risiko di dalam pakej produk baru berdasarkan
semakan semula Rangka Kerja Pembangunan Produk.
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 Two-Year
Audit Plan (FYE 2011 and 2012).
• 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 Audit
Committee Chairman.
•Reviewed the adequacy and appropriateness of the internal
controls and risk exposures in the new product packages
based on the revised Product Development Framework
(PDF).
• Menyediakan bimbingan dan nasihat kepada Jawatankuasa
Pemandu Projek sebelum pelancaran produk baru dan lama.
• Provided guidance and advices to the Project Steering
Committee for new and revised products before launching.
• Menjalankan semakan ke atas penyediaan sistem
teknologi maklumat, ujian dan penggunaan sebelum ianya
dilaksanakan.
• Conducted reviews on IT system set-ups, tests and
deployments before embarking into production.
• Menjalankan semakan khas terhadap pelaksanaan
Pembersihan Data untuk sistem teras teknologi maklumat
yang baru.
• Menjalankan audit ke atas perkakasan komputer, sistem
operasi dan aplikasi serta rangkaian teknologi komunikasi
maklumat (ICT) Takaful Malaysia.
• Conducted special reviews on Data Cleansing exercise for the
new IT core system.
• Conducted audit computer hardware, operating and
application systems as well as the information communication
technology (ICT) network of Takaful Malaysia.
• Menjadi pemerhati dalam tender dan proses pemilihannya.
• Participated in tender and selection process in the capacity of
an observer.
• Menyemak dan menyediakan bimbingan terhadap latihan
Pengurusan Kesinambungan Perniagaan yang dijalankan.
•Reviewed and provided guidance on the Business Continuity
Management exercise conducted.
• Menyemak dan mengumpul data-data terkini Supervisory
Concern sebelum diserahkan kepada Bank Negara Malaysia.
•Reviewed and compiled the updates on the Supervisory
Concerns prior to submission to Bank Negara Malaysia.
• Mengkaji semula aktiviti khidmat luar terhadap Syarikat.
•Reviewed the outsourcing activities for the Company.
• Membimbing Pengurusan dalam menyediakan Laporan
Jawatankuasa Audit dan Penyata Kawalan Dalaman untuk
dizahirkan dalam Laporan Tahunan.
• Guided Management in preparing the Audit Committee
Report and Statement of Internal Control for disclosure in
the Annual Report.
• Mengkaji Laporan Tahunan Takaful myAl-Afdhal.
•Reviewed the Takaful myAl-Afdhal Annual Report.
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.
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 inhouse for the
financial year under review was approximately RM2.0 million
comprising mainly salaries, travelling and accommodation
expenses and subsistence allowance for audit assignments.
041
042
Lembaga Pengarah Syarikat Takaful Malaysia Berhad (“Takaful
Malaysia”) terus mematuhi dan menyokong sepenuhnya
Kod Urus Tadbir Korporat Malaysia (“Kod”) dan sentiasa
komited dalam memastikan supaya Prinsip-prinsip dan Amalan
Terbaik Urus Tadbir Korporat 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 of Corporate Governance
(“the Code”) and is committed to ensure that the Principles
of Corporate Governance and Best Practices 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 Kod dan sejauh mana
Kumpulan telah mematuhi Kod Amalan Terbaik sebagaimana
yang ditetapkan menurut Keperluan Penyenaraian Pasaran Utama
Bursa Malaysia Securities Berhad (“Keperluan Penyenaraian Bursa
Malaysia”) sepanjang tahun kewangan yang dikaji.
The Board is pleased to report on the application of the
Principles of the Code and the extent of compliance with the
Best Practices of the Code as required under the Main Market
Listing Requirements of Bursa Malaysia Securities Berhad
(“Bursa Malaysia Listing Requirements”) during the financial
year under review.
PENGARAH
DIRECTORS
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.
The Board of Directors
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.
Mesyuarat Lembaga Pengarah
Mesyuarat Lembaga Pengarah dijadualkan terlebih dahulu
pada permulaan tahun kalendar dengan mesyuarat tambahan
diadakan bila perlu. Sembilan (9) mesyuarat Lembaga Pengarah
telah diadakan pada tahun kewangan yang dikaji dengan
butiran kehadiran setiap Pengarah seperti berikut:
Board Meetings
Board meetings are scheduled in advance at the beginning
of a calendar year with additional meetings convened when
necessary. Nine (9) Board meetings were held during the
financial year under review with details of meetings’ attendance
of each Director as follows:
Nama/Name
Kehadiran/
Attendance
Peratus (%)/
Percentage (%)
(Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Director)
9/9
100
Y. Bhg. Dato’ Mohamed Hassan Md Kamil
(Pengarah Eksekutif Bukan Bebas/Non-Independent Executive Director)
9/9
100
Puan Rozaida Omar
8/9
89
(Pengarah Bukan Eksekutif Bebas Kanan/Senior Independent Non-Executive Director)
9/9
100
Nama/Name
Kehadiran/
Attendance
Peratus (%)/
Percentage (%)
(Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director)
9/9
100
9/9
100
(Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Director)
9/9
100
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.
Keseimbangan Lembaga Pengarah
Sepanjang tahun kewangan yang dikaji, Lembaga Pengarah
terdiri daripada:
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.
Board Balance
During the financial year under review, the Board comprises the
following:
Nama/Name
Komposisi/
Composition
Peratus(%)/
Percentage (%)
Pengarah Eksekutif Bukan Bebas/Non-Independent Executive Director 1/7
14
Pengarah Bukan Eksekutif Bukan Bebas/Non-Independent Non-Executive Directors 3/7
43
Pengarah Bukan Eksekutif Bebas/Independent Non-Executive Directors 3/7
43
Komposisi di atas mematuhi Keperluan Penyenaraian Bursa
Malaysia yang mewajibkan satu pertiga (1/3) daripada para
Pengarah Takaful Malaysia terdiri daripada Pengarah Bebas.
The above composition is in compliance with Bursa Malaysia
Listing Requirements which require that one third (1/3) of
Directors of Takaful Malaysia to be Independent Directors.
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 18 hingga
24 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 specializations,
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 18 to 24 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 Pengerusi dan Pengarah Urusan Kumpulan ditakrif
dengan jelas di mana Pengerusi bertanggungjawab terhadap
pengendalian Lembaga Pengarah dan menerajui perbincangan
di peringkat Lembaga Pengarah sementara Pengarah Urusan
Kumpulan bertanggungjawab terhadap pengurusan Syarikat
dan Kumpulan serta pelaksanaan dasar dan keputusan yang
telah diputuskan oleh Lembaga Pengarah.
The roles of the Chairman and Group Managing Director are
clearly defined with the Chairman being responsible for running
the Board and lead the discussion at the Board level 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.
043
044
Kod mengesyorkan pelantikan Pengarah Bukan Eksekutif
Bebas Kanan di mana sebarang kemusykilan boleh dirujuk oleh
pemegang saham dan pihak berkepentingan lain. Sehubungan
dengan ini, Lembaga Pengarah telah mengenalpasti dan
melantik Encik Mahadzir Azizan sebagai Pengarah Bukan
Eksekutif Bebas Kanan.
Jawatankuasa Lembaga Pengarah
Dalam memastikan Lembaga Pengarah melaksanakan tugas
mereka dengan lebih berkesan di samping meningkatkan
perniagaan dan kecekapan operasi, Lembaga Pengarah
mengagihkan tanggungjawab tertentu kepada empat (4)
Jawatankuasa Lembaga Pengarah, iaitu:
• Jawatankuasa Audit
• Jawatankuasa Pemilihan
• Jawatankuasa Ganjaran; dan
• Jawatankuasa Pengurusan Risiko
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.
Keahlian Jawatankuasa adalah bergantung kepada kemahiran
dan pengalaman seseorang Pengarah serta kebolehan mereka
memberi nilai tambah kepada Jawatankuasa.
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 kini terdiri daripada lima (5) orang ahli
di mana kesemuanya mempunyai pengalaman dan kepakaran
yang diperlukan di dalam bidang masing-masing. Y. Bhg. Dr.
Ahmad Shahbari @ Sobri Salamon merupakan Pengerusi Badan
Penasihat Syariah sekarang. Enam (6) mesyuarat Badan Penasihat
Syariah telah diadakan sepanjang tahun kewangan yang dikaji
dengan butiran kehadiran setiap ahli seperti berikut:
The Code recommends the appointment of a Senior Independent
Non-Executive Director to whom concerns may be conveyed
by shareholders and other stakeholders. Pursuant to this, the
Board has identified and appointed Encik Mahadzir Azizan as a
Senior Independent Non-Executive Director.
Board Committees
To enable the Board to discharge its duties effectively whilst
enhancing business and operational efficacy, the Board
delegates certain responsibilities to four (4) Board Committees,
namely:
•Audit Committee
•Nomination Committee
•Remuneration Committee; and
•Risk Management Committee
All Committees have clear written terms of reference and the
Board receives reports of their proceedings and deliberations.
The Chairman of the various Committees will report to the
Board the outcome of their meetings and such reports are
incorporated in the minutes of the Board Meeting.
The Committees’ membership are based on Directors’ skills
and experience as well as their ability to add value to the
Committees.
Shariah Advisory Body
The Shariah Advisory Body is entrusted by the Board to
ensure that the Group’s operations and products offered are
in accordance with the Shariah. All matters which require the
Shariah Advisory Body’s opinion and decision are deliberated
at Shariah Advisory Body meetings with the attendance of the
Management and representatives from the Shariah Division.
Thereon, the said matters are brought to the attention of the
Board for an informed decision making.
The Shariah Advisory Body currently consists of five (5)
members, all of whom have the necessary experiences and
expertise in their respective fields. The current Chairman of
the Shariah Advisory Body is Y. Bhg. Dr. Ahmad Shahbari @
Sobri Salamon. The Shariah Advisory Body meets six (6) times
during the financial year under review with details of meetings’
attendance of each member as follows:
Nama/Name
Kehadiran/
Attendance Peratus (%)/
Percentage (%)
Y. Bhg. Dr. Ahmad Shahbari @ Sobri Salamon
6/6
100
Y. Bhg. Ustaz Mohd Bakir Hj. Mansor
6/6
100
6/6
100
Y. Bhg. Prof. Madya Dr. Muhamad Rahimi Osman
6/6
100
Y. Bhg. Datuk Abdul Hamid Said
(Bersara pada 1 April 2011/Retired on 1 April 2011)
2/2
100
Y. Bhg. Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz
(Dilantik pada 1 Jun 2011/Appointed on 1 June 2011)
2/3
67
Polisi Pemberitahuan Maklumat dan Polisi Penipuan &
Integriti
Syarikat telah mewujudkan Polisi Pemberitahuan Maklumat
lanjutan daripada Akta Perlindungan Pemberi Maklumat, 2010
dengan objektif seperti berikut:1) 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;
2) Untuk melindungi pekerja-pekerja daripada hukuman atau
perlakuan yang tidak adil akibat menyuarakan kemusykilan
dengan cara yang betul selaras dengan Polisi; dan
3) 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:1) Bagi memastikan tindakan segera dan konsisten serta
memastikan keberkesanan dan keberkaitan kawalan
dalaman dalam mengurangkan risiko penipuan;
2) Untuk melindungi Syarikat dari kerugian kewangan,
kerosakan reputasi serta menanam keyakinan pesertapeserta dan pihak berkepentingan lain; dan
3) Untuk membolehkan Pengurusan memberi tumpuan
kepada pencapaian strategi perniagaan dan sasaran.
Kedua-dua Polisi di atas boleh diperolehi di portal Syarikat.
Whistle Blowing Policy and Fraud & Integrity Policy
The Company has established the Whistle Blowing Policy in
response to the Whistleblower Protection Act, 2010 with the
following objectives:1) 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;
2) To protect the employees from punishment or unfair
treatment for disclosing concerns in good faith in
accordance with the Policy; and
3) 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:1) To ensure prompt and consistent action as well as to
ensure the effectiveness and relevance of internal control
in mitigating fraud risk;
2) To safeguard the Company from financial losses, reputation
damage as well as to instill confidence of participants and
stakeholders; and
3) To enable Management to focus on achieving business
strategies and target.
Both of the above Policies are available on the Company’s
portal.
045
046
Sumber Maklumat kepada Lembaga Pengarah
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.
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. Para Pengarah juga boleh mendapatkan nasihat badan
profesional bebas dalam menjalankan tugas mereka, di bawah
tanggungan Takaful Malaysia.
Pelantikan sebagai ahli Lembaga Pengarah
Pelantikan ahli Lembaga Pengarah yang baru dipertimbang dan
dinilai oleh Jawatankuasa Pemilihan dan Jawatankuasa tersebut
akan mengesyorkan pelantikan tersebut kepada Lembaga
Pengarah untuk diluluskan. Selaras dengan 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.
Jawatankuasa Pemilihan
Jawatankuasa Pemilihan kini terdiri daripada lima (5) Pengarah
Bukan Eksekutif di mana tiga (3) daripada mereka adalah
Pengarah Bebas. Pengerusi Jawatankuasa kini ialah Encik
Zakaria Ismail, seorang Pengarah Bukan Eksekutif Bebas.
Jawatankuasa Pemilihan telah bermesyuarat sebanyak empat
(4) kali sepanjang tahun kewangan yang dikaji dengan butiran
kehadiran setiap ahli seperti berikut:
Supply of Information to the Board
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.
All the Board members 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. The Directors can also
seek independent professional advice in furtherance of their
duties, at Takaful Malaysia’s expense.
Appointment to the Board
The appointment of new Board members is considered and
evaluated by the Nomination Committee and the Committee
would recommend the appointment to the Board for approval.
In line with 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.
Nomination Committee
The Nomination Committee currently consists of five (5)
Non-Executive Directors, three (3) of whom are Independent
Directors. The current Chairman of the Committee is Encik
Zakaria Ismail, an Independent Non-Executive Director. 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
Kehadiran/
Percentage (%)
4/4
100
Encik Johan Abdullah 4/4
100
Puan Rozaida Omar 3/4
75
4/4
100
Nama/Name
Kehadiran/
Percentage (%)
(Dilantik pada 21 Ogos 2011/Appointed on 21 August 2011)
1/1
100
(Ahli sehingga 21 Ogos 2011/Member up to 21 August 2011)
3/3
100
Jawatankuasa Pemilihan telah diberikan mandat oleh Lembaga
Pengarah dan terma rujukannya untuk membentang kepada
Pengarah cadangan pemilihan ahli Lembaga Pengarah, Pengarah
Urusan Kumpulan/Ketua Pegawai Eksekutif dan Pengurus Besar,
dan sentiasa mengkaji syarat-syarat pelantikan Pengarah,
Pengarah Urusan Kumpulan/Ketua Pegawai Eksekutif dan
Pengurus Besar. Jawatankuasa Pemilihan juga diberi mandat untuk
menilai keberkesanan Lembaga Pengarah, Jawatankuasanya
dan sumbangan setiap Pengarah. Jawatankuasa Pemilihan juga
merangka pelan peralihan jawatan bagi Pengurusan Kanan
Takaful Malaysia. Penilaian keberkesanan Lembaga Pengarah dan
Jawatankuasanya iaitu Jawatankuasa Pemilihan, Jawatankuasa
Ganjaran, Jawatankuasa Audit dan Jawatankuasa Pengurusan
Risiko di samping sumbangan setiap Pengarah telah dijalankan
pada tahun ini.
Latihan Pengarah
Semua ahli Lembaga Pengarah telah menghadiri Program
Latihan Akreditasi Mandatori (“MAP”). 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 dengan Bank Negara Malaysia
Financial Institutions Directors’ Education (FIDE) Technical
Program : Board IT Governance and Risk Management, Half
Day Governance Program: Assessing the Risk and Control
Environment, Building High Performance Directors Programme
(BHPD) 2011, Corporate Directors Conference 2011 “The
Resurgence of Corporate Malaysia”, Breakfast Forum : 21st
Century Corporation : Driving Sustainable Leadership &
Innovation, Seminar: FTSE Bursa Malaysia Index Series Liquidity
Rule Enhancement, MINDA Director’s Forum 2011 : Bandung
Indonesia - Innovation and People Making it Happen, Board IT
Governance & Risk Management Program and MINDA Breakfast
Talk “War for Talent : A Battle Malaysia Cannot Afford to Lose”.
Takaful Malaysia juga terus menyediakan Pekeliling BNM,
Keperluan Penyenaraian Bursa Malaysia yang dikemaskini dan
peraturan-peraturan baru lain untuk membantu para Pengarah
dalam mendapatkan maklumat mengenai perkembangan
terkini.
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 and General Managers, and
keeps under review the terms of appointment of Directors,
Group Managing Director/Chief Executive Officer and General
Managers. The Nomination Committee is also empowered
to assess the effectiveness of the Board, its Committees and
the contribution of each individual Director. The Nomination
Committee also discussed the succession plan of the Senior
Management of Takaful Malaysia. An assessment of the
effectiveness of the Board as a whole and its Committees i.e.
Nomination Committee, Remuneration Committee, Audit
Committee and Risk Management Committee as well as the
contribution of each individual director was carried out during
the year.
Directors’ Training
All Directors have attended the Mandatory Accreditation
Programme (“MAP”). 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 training courses related
to Bank Negara Malaysia Financial Institutions Directors’
Education (FIDE) Technical Program : Board IT Governance and
Risk Management, Half Day Governance Program: Assessing
the Risk and Control Environment, Building High Performance
Directors Programme (BHPD) 2011, Corporate Directors
Conference 2011 “The Resurgence of Corporate Malaysia”,
Breakfast Forum : 21st Century Corporation : Driving Sustainable
Leadership & Innovation, Seminar: FTSE Bursa Malaysia Index
Series Liquidity Rule Enhancement, MINDA Director’s Forum
2011 : Bandung Indonesia - Innovation and People Making
it Happen, Board IT Governance & Risk Management Program
and MINDA Breakfast Talk “War for Talent : A Battle Malaysia
Cannot Afford to Lose”. Takaful Malaysia also continued
to provide BNM’s Circulars, updated Bursa Malaysia Listing
Requirements and new regulations to assist the Directors in
keeping abreast with the latest development.
047
048
Pemilihan Semula
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 Bursa Malaysia.
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.
GANJARAN PENGARAH
Peringkat dan Kandungan Ganjaran
Jawatankuasa Ganjaran bertanggungjawab mengesyorkan
rangka kerja ganjaran bagi para Pengarah termasuk pakej
ganjaran bagi Pengarah Eksekutif dan Pengurus Besar kepada
Lembaga Pengarah bagi memastikan Takaful Malaysia mampu
menarik minat, memberi motivasi dan mengekalkan ahli
Lembaga Pengarah dan Pengurusan Kanan yang diperlukan
untuk mentadbir dengan jayanya. Ganjaran para Pengarah
adalah sejajar dengan amalan keseluruhan Kumpulan mengenai
ganjaran dan imbuhan. Pengarah Eksekutif tidak terlibat dalam
apa juga cara dalam menentukan ganjarannya sendiri. Lembaga
Pengarah secara keseluruhannya menentukan ganjaran bagi
Pengarah Bukan Eksekutif.
Yuran para Pengarah diluluskan oleh para pemegang saham di
Mesyuarat Agung Tahunan.
Jawatankuasa Ganjaran
Jawatankuasa Ganjaran kini terdiri daripada tiga (3) orang
Pengarah Bukan Eksekutif, di mana dua (2) daripada mereka
adalah Pengarah Bebas. Pengerusi Jawatankuasa kini ialah Encik
Mahadzir Azizan, seorang Pengarah Bukan Eksekutif Bebas
Kanan. Jawatankuasa Ganjaran telah bermesyuarat sebanyak
empat (4) kali sepanjang tahun kewangan yang dikaji dengan
butiran kehadiran setiap ahli seperti berikut:
Re-election
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 Bursa Malaysia Listing Requirements.
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.
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 and General
Managers to the Board so as to ensure that Takaful Malaysia
attracts, motivates and retains the Directors and Senior
Management needed to run it successfully. The remuneration
of Directors is in line with the Group’s overall practice on
compensation and benefits. The Executive Director does not
participate in any way in determining his individual remuneration.
The Board as a whole determines the remuneration of NonExecutive Directors.
Directors’ fees are approved by the shareholders at the Annual
General Meeting.
Remuneration Committee
The Remuneration Committee currently consists of three (3)
Non-Executive Directors, two (2) of whom are Independent
Directors. The current Chairman of the Committee is Encik
Mahadzir Azizan, a Senior Independent Non-Executive Director.
The Remuneration Committee met four (4) times during the
financial year under review with details of meetings’ attendance
of each member as follows:
Nama/Name
Kehadiran/
Percentage (%)
4/4
100
Encik Johan Abdullah 4/4
100
4/4
100
(Ahli sehingga 21 Ogos 2011/Member up to 21 August 2011)
3/3
100
Pendedahan
Ringkasan maklumat mengenai ganjaran para Pengarah bagi tahun
kewangan berakhir 31 Disember 2011 adalah seperti berikut:
Disclosure
The details of the remuneration for the Directors for the financial
year ended 31 December 2011 are as follows:
Pengarah Eksekutif/
Pengarah Bukan Eksekutif/
Jumlah/
Executive DirectorNon-Executive DirectorsTotal
(RM’000)
(RM’000)
(RM’000)
Yuran/Fees
Gaji dan lain-lain emolumen/
Salaries and other emoluments
Manfaat seumpamanya/
Benefits-in-kind
Jumlah/Total
0
579
579
1,723
40
1,763
7
5
12
1,730
624
2,354
Ganjaran Pengarah/
Jumlah Pengarah/
Directors’ RemunerationNumber of Directors
Pengarah Eksekutif/
Pengarah Bukan Eksekutif/
Executive DirectorNon-Executive Directors
Dibawah/Below than RM50,000
-
-
RM50,001 – RM100,000
-
4
RM100,001 – RM150,000
-
2
RM150,001 – RM200,000
-
-
Melebihi/More than RM200,001
1
-
Jumlah/Total
1
6
PEMEGANG SAHAM
SHAREHOLDERS
Dialog antara Syarikat dan para Pelabur
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
Malaysia termasuk keputusan suku tahunan, laporan setengah
tahunan dan keputusan tahunan bagi memudahkan penyebaran
maklumat kepada pemegang saham. Tambahan lagi, maklumatmaklumat lain mengenai Syarikat boleh diperolehi di laman web
Takaful Malaysia, iaitu www.takaful-malaysia.com.my.
Dialogue between the Company and Investors
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 Malaysia
including quarterly, semi-annual returns and annual results
facilitate the dissemination of information to the shareholders.
In addition, other information about the Company is available
on Takaful Malaysia’s website, www.takaful-malaysia.com.my.
049
050
Mesyuarat Agung Tahunan
Mesyuarat Agung Tahunan adalah forum utama bagi
dialog dengan pemegang saham. Selain dari agenda biasa
untuk Mesyuarat Agung Tahunan, 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.
The Annual General Meeting
The Annual General Meeting is the principal forum for
dialogues with shareholders. Besides the normal agenda for the
Annual General Meeting, the Board 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.
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.
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 reelected.
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.
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.
AKAUNTABILITI DAN AUDIT
ACCOUNTABILITY AND 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.
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 balance 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
Menurut Akta Syarikat, 1965, Lembaga Pengarah perlu
menyediakan penyata kewangan bagi setiap tahun kewangan
yang memberi gambaran yang benar dan saksama mengenai
keadaan urusan hal-ehwal Syarikat dan Kumpulan sehingga
akhir tahun kewangan serta penyata hasil dan aliran tunai
Syarikat dan Kumpulan untuk tahun kewangan.
Para Pengarah memberi pertimbangan bahawa, dalam
menyediakan penyata kewangan bagi tahun berakhir 31
Disember 2011, 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.
Statement of Directors’ Responsibilities in Relation
to Financial Statements
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.
The Directors consider that, in preparing the financial
statements for the year ended 31 December 2011, 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.
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 Kawalan Dalaman yang dibentangkan di muka
surat 55 hingga 60 dalam Laporan Tahunan ini memberikan
tinjauan menyeluruh mengenai kedudukan kawalan dalaman
Kumpulan.
Hubungan dengan Juruaudit
Peranan Jawatankuasa Audit dinyatakan di muka surat 34
hingga 41. 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.
Penyata ini dibuat selaras dengan resolusi Lembaga Pengarah
bertarikh 22 Februari 2012.
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 Internal Control furnished on pages 55 to
60 in the Annual Report provides an overview of the state of
internal control within the Group.
Relationships with the Auditors
The role of the Audit Committee is as stated on pages 34 to
41. 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 22 February 2012.
051
052
1. PENGGUNAAN DANA
Tiada dana yang diterbitkan/digunakan oleh Takaful
Malaysia daripada cadangan korporat sepanjang tahun
kewangan.
2. PEMBELIAN BALIK SAHAM
Tiada sebarang pembelian balik saham dilakukan oleh
Takaful Malaysia sepanjang tahun kewangan.
3.OPSYEN, WARAN ATAU SEKURITI BOLEH TUKAR
Tiada sebarang opsyen, waran atau sekuriti boleh tukar
yang diterbitkan oleh Takaful Malaysia sepanjang tahun
kewangan.
4. PROGRAM AMERICAN DEPOSITORY RECEIPT
(ADR) ATAU GLOBAL DEPOSITORY RECEIPT (GDR)
Takaful Malaysia tidak menaja sebarang program ADR atau
GDR sepanjang tahun kewangan.
5. PENGENAAN SEKATAN/PENALTI
Tiada sekatan dan/atau penalti yang dikenakan ke atas
Takaful Malaysia dan subsidiari, para Pengarah atau
Pengurusannya oleh pihak berkuasa berkaitan sepanjang
tahun kewangan.
6.YURAN BUKAN AUDIT
Yuran bukan audit yang dibayar kepada juruaudit luar pada
tahun kewangan berjumlah RM18,000.
7. VARIASI KEPUTUSAN
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.
1.UTILISATION OF PROCEEDS
There were no proceeds raised/utilised by Takaful Malaysia
from corporate proposals during the financial year.
2.SHARE BUYBACKS
There were no share buybacks by Takaful Malaysia during
the financial year.
3.OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES
No options, warrants or convertible securities were issued
by Takaful Malaysia during the financial year.
4.AMERICAN DEPOSITORY RECEIPT (ADR) OR GLOBAL
DEPOSITORY RECEIPT (GDR) PROGRAMME
Takaful Malaysia did not sponsor any ADR or GDR
programme during the financial year.
5. IMPOSITIONS OF SANCTIONS/PENALTIES
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.NON-AUDIT FEES
There were RM18,000 non-audit fees paid to external
auditors during the financial year.
7. VARIATION IN RESULTS
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
9. KONTRAK PENTING MELIBATKAN PENGARAH
DAN PEMEGANG SAHAM UTAMA
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 44 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 44 to the financial
statements.
10.URUSNIAGA PIHAK BERKAITAN YANG BERULANG / RECURRENT RELATED PARTY TRANSACTIONS
Nilai Urusniaga
Sebenar dari
1 Januari 2011 hingga
31 Disember 2011/
Actual Transaction
Value from
1 January 2011 to
31 December 2011
(RM’000)
Bentuk
Urusniaga/
Nature of
Transactions
Pihak
Berkaitan yang
Berurusniaga/
Related Parties
Transacted with
Pihak Berkaitan, kepentingan mereka
dan bentuk hubungan dengan
Kumpulan Takaful Malaysia/
Related Parties, their interests and
nature of relationships with the
Takaful Malaysia Group
Sewa bangunan
pejabat yang
dibayar kepada
Takaful Malaysia
oleh Bank Islam
Malaysia Berhad
(BIMB)
BIMB
BIMB adalah subsidiari 51% milik BHB. BHB adalah 2,642
pemegang saham utama Takaful Malaysia yang
memegang kepentingan ekuiti sebanyak 65.22% dalam
Syarikat pada 31 Disember 2011.
Dato’ Paduka Ismee Ismail dan Encik Johan Abdullah
adalah Pengarah BHB dan BIMB dan juga Pengarah
Takaful Malaysia, yang dilantik oleh BHB. Dato’ Paduka
Ismee Ismail dan Encik Johan Abdullah tidak mempunyai
sebarang kepentingan langsung atau tidak langsung
dalam BHB, BIMB dan Takaful Malaysia.
Rental of office
premises payable
to Takaful
Malaysia by Bank
Islam Malaysia
Berhad (BIMB)
Puan Rozaida Omar adalah Pengarah BHB dan juga
Pengarah Takaful Malaysia, yang dilantik oleh BHB.
Dato’ Mohamed Hassan Md. Kamil adalah Pengarah
Takaful Malaysia, yang dilantik oleh BHB. Puan Rozaida
Omar dan Dato’ Mohamed Hassan Md. Kamil tidak
mempunyai sebarang kepentingan langsung atau tidak
langsung dalam BHB dan Takaful Malaysia.
BIMB is a 51% owned subsidiary of BHB. BHB is a major
shareholder of Takaful Malaysia holding an equity interest
of 65.22% in the Company as at 31 December 2011.
Dato’ Paduka Ismee Ismail and Encik Johan Abdullah
are Directors in BHB and BIMB and are also Directors in
Takaful Malaysia, nominated by BHB. Dato’ Paduka Ismee
Ismail and Encik Johan Abdullah do not have any direct
or indirect interest in BHB, BIMB and Takaful Malaysia.
Puan Rozaida Omar is a director in BHB and is also a
director in Takaful Malaysia, nominated by BHB. Dato’
Mohamed Hassan Md. Kamil is a director in Takaful
Malaysia, nominated by BHB. Puan Rozaida Omar and
Dato’ Mohamed Hassan Md. Kamil do not have any
direct or indirect interest in BHB and Takaful Malaysia.
053
054
10.URUSNIAGA PIHAK BERKAITAN YANG BERULANG / RECURRENT RELATED PARTY TRANSACTIONS
Nilai Urusniaga
Sebenar dari
1 Januari 2011 hingga
31 Disember 2011/
Actual Transaction
Value from
1 January 2011 to
31 December 2011
(RM’000)
Bentuk
Urusniaga/
Nature of
Transactions
Pihak
Berkaitan yang
Berurusniaga/
Related Parties
Transacted with
Pihak Berkaitan, kepentingan mereka
dan bentuk hubungan dengan
Kumpulan Takaful Malaysia/
Related Parties, their interests and
nature of relationships with the
Takaful Malaysia Group
Pajakan mesin
penyalin
Syarikat Al-Ijarah
Sdn Bhd (Syarikat
Al-Ijarah)
Syarikat Al-Ijarah adalah subsidiari milik penuh BHB. 394
BHB adalah pemegang saham utama Takaful Malaysia
yang memegang kepentingan ekuiti Syarikat sebanyak
65.22% pada 31 Disember 2011.
Lease of copier
machine
Dato’ Paduka Ismee Ismail dan Encik Johan Abdullah
adalah Pengarah BHB dan BIMB dan juga Pengarah
Takaful Malaysia, yang dilantik oleh BHB. Dato’ Paduka
Ismee Ismail dan Encik Johan Abdullah tidak mempunyai
sebarang kepentingan langsung atau tidak langsung
dalam BHB, BIMB dan Takaful Malaysia.
Puan Rozaida Omar adalah Pengarah BHB dan juga
Pengarah Takaful Malaysia, yang dilantik oleh BHB.
Dato’ Mohamed Hassan Md. Kamil adalah Pengarah
Takaful Malaysia, yang dilantik oleh BHB. Puan Rozaida
Omar dan Dato’ Mohamed Hassan Md. Kamil tidak
mempunyai sebarang kepentingan langsung atau tidak
langsung dalam BHB dan Takaful Malaysia.
Syarikat Al-Ijarah is a wholly owned subsidiary of BHB.
BHB is a major shareholder of Takaful Malaysia holding
an equity interest of 65.22% in the Company as at 31
December 2011.
Dato’ Paduka Ismee Ismail and Encik Johan Abdullah
are Directors in BHB and BIMB and are also Directors in
Takaful Malaysia, nominated by BHB. Dato’ Paduka Ismee
Ismail and Encik Johan Abdullah do not have any direct
or indirect interest in BHB, BIMB and Takaful Malaysia.
Puan Rozaida Omar is a director in BHB and is also a
director in Takaful Malaysia, nominated by BHB. Dato’
Mohamed Hassan Md. Kamil is a director in Takaful
Malaysia, nominated by BHB. Puan Rozaida Omar and
Dato’ Mohamed Hassan Md. Kamil do not have any
direct or indirect interest in BHB and Takaful Malaysia.
Penyata ini disediakan menurut Keperluan Penyenaraian Pasaran
Utama Bursa Malaysia Securities Berhad berkaitan dengan
Pematuhan Kumpulan terhadap Prinsip dan 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 Best Practices
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 keberkesanannya dalam menjaga kepentingankepentingan pemegang-pemegang 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
operasi-operasi 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 sistem kawalan dalaman Kumpulan
adalah usaha yang jitu dan berterusan, dirangka untuk mengurus
dan menghalang risiko kegagalan untuk mencapai objektifobjektif perniagaan. Sewajarnya, sistem kawalan dalaman
Kumpulan turut memberikan jaminan yang munasabah keatas
salah nyata atau kerugian yang ketara.
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
undang-undang, peraturan-peraturan, syarat-syarat, arahanarahan dan garis panduan-garis panduan adalah seperti berikut:
Rangka Kerja Pengurusan Risiko
Lembaga Pengarah mengakui bahawa mengenal pasti dan
mengurus risiko utama memainkan peranan penting dan
merupakan asas dalam mencapai objektif-objektif perniagaan
Kumpulan serta dalam menguruskan operasi hariannya.
Bagi mencapai objektif-objektif tersebut, Lembaga Pengarah
telah menyediakan Rangka Kerja Pengurusan Risiko Seluruh
Perniagaan (“ERM”) dalam Kumpulan bagi memastikan supaya
wujud proses yang berterusan bagi mengenalpasti, menilai,
memantau dan mengurus pendedahan risiko utama yang
sememangnya lazim dalam operasi perniagaannya. Kumpulan
telah menubuhkan struktur proses pengurusan risiko yang
mana peranan serta tanggungjawab Jawatankuasa Lembaga
Pengurusan Risiko (“RISCO”) dan Jawatankuasa Pengurusan
Risiko (“MRC”) adalah dinyatakan secara jelas.
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.
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
Group 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 structured risk management process of which the
roles and responsibility of Risk Management Committee of the
Board (“RISCO”) focusing on strategic and policies matters and
Management Risk Committee (“MRC”) focusing on tactical
and operational aspect are clearly spelt out.
055
056
Semakan Penilaian Risiko Korporat telah dijalankan pada tahun
ini dan telah dibentang dan diluluskan pada bulan September
2011 oleh RISCO dan kemas kini seterusnya akan dikaji semula
pada setiap suku tahun. Semakan ini adalah perlu untuk
menghadapi persekitaran perniagaan yang sentiasa berubah
seiring dengan peningkatan keperluan kawal selia fungsi
pengurusan risiko bebas dan teguh.
Revision to the Corporate Risk Rating was undertaken during
the year and was presented and approved in September
2011 by the RISCO and subsequent updates are reviewed on
a quarterly basis. This revision is necessary to cope with the
ever changing environment of the business in tandem with
the enhanced regulatory requirements of an independent and
robust risk management functions.
Semakan melibatkan pengasingan Rangka Kerja ERM kepada
Pengurusan Risiko Kewangan yang merangkumi risiko insurans,
pelaburan dan Syariah, manakala Pengurusan Risiko Operasi
(“ORM”) meliputi sistem, rakyat, proses dan pematuhan.
Penjejakan Kejadian Kerugian Operasi juga digunakan sebagai
satu lagi penunjuk untuk mengukur keberkesanan Rangka
Kerja ORM.
The revision entails the segregation of the ERM Framework
to Financial Risk Management which encompasses insurance,
investment and Shariah risk; whilst Operational Risk
Management (“ORM”) covers system, people, processes and
compliance. Operational Loss Incidences tracking are also used
as another indicator to gauge the effectiveness of the ORM
Framework.
Sebagai pengukur tahap kesediaan entiti kepada malapetaka
dan bencana; Kumpulan telah mewujudkan Rangka Kerja
Pengurusan Kesinambungan Perniagaan semenjak 2010. Dalam
mematuhi syarat-syarat BNM, Kumpulan telah menjalankan
dua ujian pemulihan bencana ke atas kerangka utama sistem
teknologi maklumat. Sepanjang tempoh kewangan, satu skala
penuh latihan simulasi krisis kesinambungan perniagaan telah
dijalankan yang melibatkan mobilisasi operasi dari Dataran
Kewangan Darul Takaful (ibu pejabat) dan beberapa cawangan
yang lain ke tapak pemulihan terpilih.
As a measurement of the level of preparedness of the entity to
disasters and disruption; the Group had established a Business
Continuity Management Framework since 2010. In compliance
with BNM requirements, the Group has conducted two IT
disaster recovery tests on the production main server. During
the financial year, one full scale crisis simulation exercise on
business continuity that involved the mobilisation of operation
from Dataran Kewangan Darul Takaful (Head Office) and
selected branches to the respective designated recovery sites,
was carried out.
MSMR dan Ujian Tekanan telah pun dilaksanakan pada setiap
suku tahunan sebagai sebahagian daripada Rangka Kerja
Pengurusan Risiko & Modal. Pada tahun ini, Rangka Kerja
Pengurusan Aset dan Liabiliti juga telah dilaksanakan untuk
memperkukuhkan lagi rangka kerja ini.
Quarterly MSMR and Stress Testing is already in place as part
of the Risk & Capital Management Framework. During the
year, Asset Liability Management Framework has also been
implemented to further strengthen this framework.
Fungsi Audit Dalaman
Internal Audit Function
Bahagian Audit Dalaman (“IAD”) membantu Lembaga Pengarah
dan Jawatankuasa Audit 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 Perniagaan Kumpulan. IAD juga
menyiasat kejadian penipuan, pemalsuan serta memberikan
cadangan-cadangan kepada Jawatankuasa Audit untuk
menghalang pengulangan semula. Perlaksanaan pelan tindakan
pengurusan yang dirangka untuk menghalang kelemahan
kawalan yang telah diperakui sepanjang tempoh kewangan
dipantau melalui kajian susulan.
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 year are monitored through follow-up reviews.
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 laporan-laporan yang disediakan oleh juruaudit
luar dan badan-badan penguatkuasaan semasa mesyuaratmesyuarat mereka serta menilai kesan ke atas keberkesanan
dan kecukupan sistem kawalan dalaman Kumpulan.
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.
Elemen Penting Kawalan Dalaman
Key Elements of Internal Control
Elemen-elemen utama dalam kawalan dalaman yang
diwujudkan oleh Lembaga Pengarah bagi menyediakan
kawalan dalaman yang berkesan termasuk pematuhan
terhadap undang-undang, peraturan dan 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
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.
•
Had Kuasa
Had kuasa yang ditakrif telah diluluskan oleh Lembaga
Pengarah dan telah dilaksanakan dalam bidang
Pengunderaitan, kelulusan Tuntutan, Pelaburan dan proses
perniagaan yang lain.
•
•
•
Prosedur Operasi Piawai
Prosedur Operasi Piawai yang mengawal proses-proses
perniagaan utama seperti kewangan, sumber manusia,
tuntutan, pelaburan telah diadakan dalam organisasi.
Rangka Kerja Pembangunan Produk Baru
Rangka Kerja Pembangunan produk baru telah ditubuhkan
pada bulan April 2010 untuk memastikan bahawa minat
semua pihak yang berkepentingan dilindungi apabila
produk baru diperkenalkan. Sepanjang tahun ini, 4 produk
baru (Pelan FirstLife, SKHPPA, Takaful myGenLife dan Takaful
mySME) telah dilancarkan oleh Syarikat dalam pematuhan
ketat terhadap Rangka Kerja Pembangunan produk baru.
Fungsi Pematuhan
Syarikat mempunyai Piagam dan Rangka Kerja Pematuhan
yang telah ditubuhkan yang menggariskan pematuhan
urus tadbir dan metodologi. Semua kehendak pematuhan,
matriks, prosedur operasi piawai dan garis panduan telah
dimuatkan dalam Portal Korporat - Bahagian Pematuhan.
•
Organisational Structure
The Group has established an organisational structure with
lines of responsibility and accountability with a defined
delegation of authority of Committees of the Board and
Management.
•
Limit of Authorities
A defined limit of authorities has been approved by the
Board and implemented in the areas of Underwriting, Claims
approval, Investments and other business processes.
•
Standard Operating Procedures
The Standard Operating Procedures that govern the key
business processes such as finance, human resources,
claims, investments are in place within the organisation.
•
New Product Development Framework
A New Product Development Framework has been established
in April 2010 to ensure that the interests of all stakeholders
are protected when new products are introduced. During the
year, 4 new products (FirstLife Plan, SKHPPA, Takaful myGenLife
and Takaful mySME) were launched by the Company in strict
adherence to the New Product Development Framework.
•
Compliance Function
The Company has an established Compliance Charter and
Framework setting out the compliance governance and
methodology. All compliances requirements, matrixes,
SOPs and guidelines are posted in the Corporate Portal –
Compliance Division.
057
058
•
•
Polisi Pemberitahuan Maklumat dan Polisi Penipuan
& Integriti
Lembaga Pengarah juga telah meluluskan Polisi
Pemberitahuan Maklumat sebagai respons kepada
Akta Perlindungan Pemberi Maklumat, 2010 serta Polisi
Penipuan & Integriti pada Ogos 2011 yang mana penting
dalam menggalakkan kelakuan beretika dalam Kumpulan.
Rangka Kerja Tadbir Urus Syariah
Rangka Kerja Tadbir Urus Syariah telah diluluskan oleh
Lembaga Badan Penasihat Syariah (“BPS”) pada Julai
2011. Rangka kerja ini bertujuan untuk memenuhi objektif
berikut:
•
Whistle Blowing Policy and Fraud & Integrity Policy
The Board has also approved the Whistle Blowing Policy
in response to the Whistleblower Protection Act, 2010 as
well as Fraud & Intergrity Policy in August 2011 which is
essential in promoting ethical conduct within the Group.
•
Shariah Governance Framework
The Shariah Governance Framework was approved by
the Shariah Advisory Board (“SAB”) in July 2011. The
framework is designed to meet the following objectives:
i.
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, internal Shariah research and Shariah
risk management processes.
iv. To establish robust Shariah principle and understanding
among stakeholders of Takaful Malaysia, include but
not limited to employees and customers of Takaful
Malaysia.
Untuk menetapkan struktur tadbir urus pentadbiran
Syariah Takaful Malaysia, proses-proses dan aturan
untuk memastikan bahawa semua operasi dan aktiviti
perniagaan adalah selaras dengan Syariah.
To set out Takaful Malaysia’s Shariah governance
structures, processes and arrangements to ensure
that all its operations and business activities are in
accordance with Shariah.
i.
ii. Untuk menyediakan satu panduan yang komprehensif
kepada Lembaga, BPS dan Pengurusan dalam
menjalankan tugasnya dalam perkara-perkara yang
berkaitan dengan Syariah.
iii. Untuk menggariskan fungsi yang berkaitan dengan
Syariah untuk kajian, di audit, penyelidikan dalaman
dan proses pengurusan risiko Syariah.
iv. Untuk mewujudkan prinsip Syariah yang kukuh dan
persefahaman antara pemegang kepentingan Takaful
Malaysia, termasuk tetapi tidak terhad kepada pekerjapekerja dan pelanggan-pelanggan Takaful Malaysia.
•
Rangka Kerja Pengurusan Aset dan Liabiliti
Rangka kerja telah diluluskan oleh Lembaga Pengarah
pada bulan November 2011 untuk menyediakan struktur
asas pengurusan aset dan liabiliti dan seterusnya
mempertingkatkan lagi mekanisma kawalan yang sedia
ada yang mendasari aktiviti perniagaan.
•
Assets Liabilities Management Framework
The framework was approved by the Board in November
2011 to provide the basic structure of the assets and
liabilities management and to further enhance the existing
control mechanism underlying the business activities.
•
Pelan Perniagaan / Pemasaran dan Proses Belanjawan
Pelan perniagaan / pemasaran serta belanjawan tahunan
Kumpulan dibentangkan kepada Lembaga Pengarah untuk
kelulusan.
•
Business / Marketing Plan and Budget Process
The Group’s annual business / marketing plan and budget
are submitted to the Board for approval.
•
Laporan Kewangan
Laporan akaun/pengurusan dibentangkan kepada Lembaga
Pengarah untuk dikaji dan dibincangkan. 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 risikorisiko termasuk pengukuhan terhadap proses penutupan
kewangan dan pelarasan.
•
Financial Reporting
Management accounts/reports are tabled to the Board
for review and discussion. 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.
•
Sistem Teknologi Maklumat
•
Information Technology System
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
kemajuan projek yang telah diluluskan, merumuskan polisi
dan pelan strategik IT.
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.
Rangka Kerja Pengurusan Data
Seperti yang ditentukan oleh Garis Panduan BNM, Rangka
Kerja Pengurusan Data telah ditubuhkan pada November
2009. Rangka Kerja ini merangkumi proses-proses serta
kawalan-kawalan yang berkaitan dengan sekuriti dan
integriti data.
Data Governance Framework
As prescribed by BNM guidelines, the Data Governance
Framework was established in November 2009. The
framework covers processes and related controls over data
security and integrity.
Jawatankuasa Peneraju Projek IT
Jawatankuasa Peneraju Projek IT dipengerusikan oleh
Pengarah Urusan Kumpulan. Jawatankuasa yang terdiri
dari wakil-wakil daripada IT dan pengguna peniagaan,
mengawasi prestasi dan pembangunan projek IT yang
berkaitan dengan perniagaan sepanjang tempoh
kewangan.
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
Conclusion
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 20 Mac 2012.
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
year under review.
This statement is made in accordance with the Board of Directors
resolution dated 20 March 2012.
059
060
Kajian Penyata oleh Juruaudit Luar
Review of the Statement by External Auditors
Menurut kehendak perenggan 15.23 Syarat-syarat Penyenaraian
Pasaran Utama Bursa Malaysia, juruaudit luar telah mengkaji
penyata ini untuk dimasukkan ke dalam Laporan Tahunan
Kumpulan untuk tahun berakhir 31 Disember 2011 dan
melaporkan kepada Lembaga Pengarah yang tiada sebarang
perkara yang sampai ke pengetahuan mereka yang
menyebabkan mereka percaya bahawa penyata ini adalah
tidak selari dengan pemahaman mereka bahawa proses yang
dipakai oleh Lembaga Pengarah dalam mengkaji kecukupan
dan ketelusan sistem kawalan-kawalan dalaman.
Pursuant to paragraph 15.23 of the Listing Requirement of Bursa
Malaysia, the external auditor has reviewed this statement for
inclusion in the Annual Report of the Group for the year ended
31 December 2011 and reported to the Board that nothing
has come to their attention that causes them to believe that
the statement is inconsistent with their understanding of the
process adopted by the Board in reviewing the adequacy and
integrity of the system of internal controls.
062
Penyata Pengerusi
Dengan Nama Allah,
yang Maha Pengasih,
lagi Maha Penyayang.
Assalamualaikum
Warahmatullahi
Wabarakatuh.
In the Name of Allah,
the Most Compassionate,
the Most Merciful.
Assalamualaikum
Warahmatullahi
Wabarakatuh.
Saya dengan sukacitanya membentangkan
Laporan Tahunan dan Penyata Kewangan
yang telah diaudit bagi tahun kewangan
yang berakhir pada 31 Disember 2011.
I am pleased to present the Annual Report
and Audited Financial Statements for the
financial year ended 31 December 2011.
Penyata Pengerusi
Tahun Dengan Pertumbuhan Kukuh
A Year Of Strong Growth
Para Pemegang Saham yang dihormati sekalian,
Tahun 2011 mungkin boleh diingati sebagai tahun yang
mempunyai banyak perkembangan yang menarik dan tidak
dijangka. Dua belas bulan yang lalu merupakan satu tempoh
yang baik untuk syarikat-syarikat Insurans Konvensional dan
Takaful ketika industri ini bergerak untuk menyesuaikan diri
dengan peristiwa-peristiwa penting yang telah berlaku.
Dear Shareholders,
2011 could perhaps be best remembered as being a year of
many interesting and unexpected developments. The last
twelve months have been truly exciting for both Conventional
Insurance and Takaful companies as the industry looked to
adapt to the many impactful events that occurred.
Walau bagaimanapun, Takaful Malaysia dan industri ini
secara umumnya telah bertindak balas secara positif terhadap
perkembangan-perkembangan ini.
However, Takaful Malaysia and the industry in general
responded positively to these developments.
Industri Insurans dan Takaful berkembang kukuh meskipun
wujudnya krisis Eurozone, kebangkitan di negara-negara
Arab dan perkembangan global yang lain. Setelah mencapai
USD7 bilion pada 2009, sumbangan Takaful kasar global telah
mencecah hampir USD12 bilion pada 2011. Penembusan
Insurans dan Takaful juga berkembang dengan teguh,
khususnya dalam segmen Takaful di mana tahap penembusan
masih rendah.
Begitu juga, sektor Insurans dan Takaful di Malaysia juga
mengalami pertumbuhan yang kukuh. Jumlah bersih premium
dan sumbangan untuk syarikat insurans dan pengendali Takaful
di negara ini meningkat sebanyak 8.2% pada tahun lepas.
Ini telah didorong oleh pertumbuhan segmen insurans hayat
biasa bagi industri Insurans Hayat dan Takaful Keluarga dan
permintaan yang meluas terhadap sektor Insurans Am.
Dalam tempoh sembilan bulan pertama 2011, jualan premium
biasa telah meningkat sebanyak 13% berbanding tempoh
sebelumnya pada tahun terdahulu. Sumbangan keseluruhan
daripada sektor Insurans dan Takaful pada 2011 juga telah
meningkat dengan kadar penembusan masing-masing di
sekitar 43% dan 10%.
Meskipun pasaran domestik telah berkembang, terdapat
persaingan yang lebih sengit apabila ramai pengendali Takaful
yang baru mula melancarkan produk-produk berkaitan
pelaburan mereka pada tahun 2011. Ini menjurus kepada
persaingan lebih hebat dan meluas apabila peserta-peserta
industri insurans terpaksa bersaing dengan syarikat-syarikat
baru ini serta syarikat-syarikat Insurans Konvensional dan
Takaful yang sedia ada. Persaingan bukan hanya terhad kepada
penguasaan pasaran, malah juga dalam permintaan pelanggan,
penempatan jenama, ruangan media dan juga yang paling
penting, modal insan.
The Insurance and Takaful industry grew strongly despite the
Eurozone crisis, the Arab Spring and other global developments.
Having reached USD7 billion in 2009, global gross Takaful
contributions were close to USD12 billion in 2011. Insurance
and Takaful penetration also grew strongly, particularly in the
latter segment where penetration is still low.
Similarly, the Insurance and Takaful sectors in Malaysia
also experienced strong growth. Total net premiums and
contributions for insurers and Takaful operators in the country
grew by 8.2% last year. This was driven by growth in the
ordinary life segments of the Life Insurance and Family Takaful
industry and a broad-based demand in the General Insurance
sector.
In the first nine months of 2011, regular premium sales were
up by 13% compared to the preceding period of the previous
year. Total contributions from the Insurance and Takaful sectors
in 2011 were also up with a penetration rate of around 43%
and 10% respectively.
While the domestic market had expanded, there was stiffer
competition as many of the new Takaful operators began
launching their investment-linked products in 2011. This led
to greater competition across the board as industry players
had to contend with these new entrants as well as existing
Conventional Insurance and Takaful providers. The competition
was not just limited to market share but also for customer
mindshare, brand positioning, media space and also the most
crucial, human capital.
063
064
Penyata Pengerusi
Sungguhpun terdapat cabaran-cabaran pada 2011, saya
dengan sukacitanya ingin melaporkan bahawa Kumpulan
telah mencatatkan satu lagi tahun dengan pertumbuhan yang
membanggakan. Takaful Malaysia mencatatkan pertumbuhan
sebanyak 55% yang belum pernah dicatatkan sebelum ini
bagi keuntungan sebelum cukai dan zakat dengan sokongan
pendapatan yang lebih tinggi. Pelaburan daripada portfolioportfolio sukuk dan ekuiti juga telah menyumbang hasil yang
paling tinggi dalam sejarah Syarikat.
Banyak sorotan penting yang telah dicapai dalam tempoh
12 bulan lalu. Kami telah mencapai kemajuan ketara dalam
menjana kecekapan operasi untuk mempertingkatkan tahap
perkhidmatan pelanggan. Kami berjaya memperluaskan saluran
pengedaran kami dan melancarkan produk-produk baru ke
dalam pasaran. Kami juga mewujudkan kesedaran dan daya
tarikan lebih tinggi kepada jenama Takaful Malaysia.
Kejayaan-kejayaan ini mendorong kami untuk bersaing dengan
lebih yakin dan agresif, terhadap syarikat-syarikat insurans
Konvensional dan pengendali-pengendali Takaful, termasuk
syarikat-syarikat multinasional. Ini terbukti apabila beberapa
kali pada 2011, kami berjaya mendapatkan akaun-akaun
yang sebelumnya diinsuranskan oleh syarikat-syarikat insurans
multinasional yang lebih besar, terutamanya dalam Perniagaan
Keluarga Kumpulan .
Hasil daripada kemenangan ini serta yang lain-lain menyumbang
kepada prestasi kewangan Kumpulan dan pertumbuhan dalam
bahagian pasaran yang lebih teguh. Sehingga akhir 2011,
Takaful Malaysia merupakan penyedia Takaful kedua terbesar
daripada segi bahagian pasaran daripada sejumlah 11 buah
syarikat. Penguasaan pasaran Kumpulan untuk perniagaan
Takaful Am dan Keluarga masing-masing berada pada 26%
dan 18% pada tahun 2011.
Despite these challenges in 2011, I am pleased to report that
the Group recorded another year of resounding growth. Takaful
Malaysia registered an unprecedented 55% growth in profits
before tax and zakat on the back of higher revenue. Our
investments from our sukuk and equity portfolios also delivered
their highest yields in the Company’s history.
Many other notable highlights were also achieved during the
last 12 months. We made significant strides in harnessing
operational efficiency to improve customer service levels. We
successfully expanded our distribution channels and launched
new products into the market. We also created greater
awareness and appeal for the Takaful Malaysia brand.
These successes spurred us on to compete with greater
confidence and aggressiveness, against both Conventional
insurers and Takaful operators, including multi-national players.
This was evident when on several occasions in 2011; we
successfully managed to secure accounts that were previously
insured by bigger multi-national insurance players, particularly
in the Group Family Business.
The result of these wins as well as others contributed to the
Group’s stronger financial performance and growth in market
share. As of end 2011, Takaful Malaysia is the second largest
Takaful provider in terms of market share from a total of 11
companies. The Group’s market share for General and Family
Takaful business stood at 26% and 18% respectively in 2011.
Penyata Pengerusi
Tinjauan Kewangan
Financial Overview
Prestasi Kumpulan
Dalam tahun tinjauan, Kumpulan mencatatkan satu lagi tahun
pertumbuhan kukuh dengan keuntungan melebihi paras
RM100 juta buat kali pertama semenjak penubuhannya pada
1984. Dalam tempoh kewangan berakhir 31 Disember 2011,
pendapatan kendalian Kumpulan meningkat sebanyak 17%
kepada RM1.35 bilion, sementara keuntungan sebelum cukai
dan zakat (PBTZ) adalah RM101.4 juta berbanding RM65.3 juta
bagi tempoh 12 bulan ditahunkan berakhir Disember 2010,
pertumbuhan sebanyak 55%. Bagi tahun kewangan untuk
tempoh berakhir Disember 2010 adalah 18 bulan. Keuntungan
selepas cukai dan zakat (PATZ) meningkat sebanyak 98.4%
kepada RM76.4 juta dari tempoh berakhir Disember 2010.
Sumber utama peningkatan ini adalah melalui strategi
pelaburan dan pengunderaitan yang lebih baik selain daripada
pengukuhan pertumbuhan perniagaan.
Group Performance
For the year under review, the Group recorded another year
of strong growth with profits exceeding the RM100 million
mark for the first time since its establishment in 1984. During
the financial period ending 31 December 2011, the Group’s
operating revenue increased by 17% to RM1.35 billion, while
profit before taxation and zakat (PBTZ) was RM101.4 million
compared to RM65.3 million for the annualized 12 months
period ending December 2010, a growth of 55%. The financial
year period for period ending December 2010 was 18 months.
Profit after tax and zakat (PATZ) increased by 98.4% to
RM76.4 million from period ending December 2010. The large
improvement in profit is largely attributable to the improved
investment and underwriting results along with strong business
growth.
Saiz aset keseluruhan telah meningkat kira-kira 11% kepada
RM5.9 bilion pada 2011 berbanding RM5.3 bilion tahun lalu.
Keuntungan keseluruhan daripada aktiviti-aktiviti pelaburan
yang terdiri daripada keuntungan terealisasi, perubahan nilai
saksama dan selepas ditolak kerugian susut nilai meningkat
sebanyak 21% kepada RM320.1 juta daripada RM265.2 juta
pada 2010.
Total assets size has risen by about 11% to RM5.9 billion in
2011 as compared to RM5.3 billion a year ago. Total profit from
investment activities which comprised realised gains, fair value
changes and net of impairment losses increased by 21% to
RM320.1 million from RM265.2 million in 2010.
065
066
Penyata Pengerusi
Prestasi Syarikat
Syarikat telah mencapai rekod pertumbuhan sebanyak 52%
dalam PBTZ berjumlah RM94 juta berbanding RM62 juta
ditahunkan untuk tempoh 12 bulan berakhir Disember 2010.
Keuntungan selepas zakat dan cukai (PATZ) telah meningkat
kepada 116% kepada RM71.7 juta bagi tahun kewangan
berakhir Disember 2010.
Company Performance
The Company achieved a record of 52% growth in PBTZ
amounting to RM94 million as compared to RM62 million for
the annualised 12 months period ending December 2010. Profit
after tax and zakat (PATZ) increased by 116% to RM71.7 million
from period ending December 2010.
Kendalian operasi merekodkan peningkatan sebanyak 19%
kepada RM1.14 bilion berbanding RM0.96 bilion ditahunkan
untuk tempoh 12 bulan berakhir Disember 2010. Jumlah
sumbangan kasar adalah RM951 juta – meningkat sebanyak
21% daripada tempoh 12 bulan ditahunkan berakhir
Disember 2010 yang berjumlah RM786 juta. Sumbangan am
menunjukkan pertumbuhan 15% kepada RM383 juta daripada
RM333 juta ditahunkan untuk tempoh 12 bulan berakhir
Disember 2010. Takaful Keluarga berkembang sebanyak 25%
ditahunkan untuk tempoh 12 bulan berakhir Disember 2010
sebanyak RM453 juta kepada RM568 juta.
Operating revenue recorded an increase of 19% to RM1.14
billion as compared to RM0.96 billion for the annualised 12
months period ending December 2010. Total gross contribution
was RM951 million – 21% increased from annualised 12
months ending December 2010’s of RM786 million. General
contribution saw growth of 15% to RM383 million from
RM333 million for the annualised 12 months ending December
2010. Family Takaful grew by 25% from annualised 12 months
ending December 2010 of RM453 million to RM568 million.
PBTZ yang lebih tinggi itu adalah disebabkan oleh pendapatan
yang bertambah baik daripada aktiviti-aktiviti pelaburan
yang terdiri daripada keuntungan terealisasi, perubahan
nilai saksama dan selepas ditolak kerugian susut nilai yang
merekodkan kenaikan sebanyak 27% kepada RM299.7 juta
daripada RM235.6 juta ditahunkan untuk tempoh 12 bulan
berakhir Disember 2010.
The higher PBTZ was attributed to the improved income from
investment activities which comprised realised gains, fair value
changes and net of impairment losses that recorded a 27%
increase to RM299.7 million from RM235.6 million for the
annualised 12 months ending December 2010.
Pada 2011, Takaful Malaysia telah dinobatkan sebagai
syarikat dengan pertumbuhan majmuk ketiga tertinggi dalam
keuntungan sebelum cukai sepanjang 3 tahun oleh The Edge
Malaysia, akhbar mingguan perniagaan dan pelaburan negara
yang telah memenangi pelbagai anugerah.
Penjenamaan Semula Agresif Untuk Memenangi
Pasaran
Salah satu daripada faktor utama di sebalik prestasi kukuh
adalah kempen penjenamaan semula kami. Dilancarkan pada
2009, kempen ini berkesan dalam dua cara: pertamanya
menempatkan semula kami dengan imej yang lebih dinamik
dan bertenaga di pasaran, disamping mewujudkan kesedaran.
Keduanya, untuk meningkatkan daya tarikan di kalangan
masyarakat awam kepada produk dan perkhidmatan kami.
Jika sebelum ini, pasaran melihat kami sebagai berbentuk
konservatif, kami secara beransur-ansur mengubah persepsi
ini dan mewujudkan hubungan dengan pelanggan daripada
semua lapisan masyarakat.
Dengan itu, pada tahun 2011, kami meneruskan usaha
penjenamaan semula kami menerusi penggunaan strategik
pengiklanan media cetak, elektronik dan luaran. Pelaburan ini
telah menerima pulangan baik dengan peningkatan kesedaran
In 2011, Takaful Malaysia was ranked as the 3rd company with
the highest compound growth in profit before tax over 3 years
by The Edge Malaysia, the country’s award-winning business
and investment weekly newspaper.
Aggressive Rebranding To Win The Marketplace
One of the key factors behind our strong performance was our
rebranding campaign. Launched in 2009, the campaign has
been effective in two ways: firstly repositioning ourselves with a
dynamic and vibrant image in the marketplace; whilst creating
awareness. Secondly, to increase appeal amongst the general
public for our products and services. If previously, the market
saw us in a conservative light, we are progressively altering
these perceptions and creating connections with customers
from all walks of life.
Hence, in 2011, we continued with our rebranding efforts
through the strategic use of print, electronic and outdoor
advertising. The investment has been well repaid with the
growing awareness and appeal for our products and services.
Together with our 15% No Claim Rebate, which has been a
Penyata Pengerusi
dan daya tarikan kepada produk dan perkhidmatan kami.
Dengan penawaran 15% Rebat Tanpa Tuntutan, kempen
penjenamaan semula ini telah memberi sumbangan yang
besar kepada prestasi perniagaan kami. Takaful Malaysia juga
telah memenangi Anugerah BrandLaureate 2010-2011 dalam
Kategori Penjenamaan Korporat bagi Jenama Terbaik dalam
Perkhidmatan Kewangan - Insurans Takaful untuk dua tahun
berturut-turut.
winning value proposition for us, the rebranding campaign
has contributed strongly to our better business performance.
Takaful Malaysia had also clinched the coveted BrandLaureate
Award 2010-2011 in the Corporate Branding Category for Best
Brands in Financial Services - Insurance Takaful for the second
year running.
Strong Product Innovation
Inovasi Produk Yang Kukuh
Inovasi dan pembangunan produk juga merupakan ciri penting
bagi kejayaan kami pada tahun yang ditinjau.
Meskipun hanya baru diperkenalkan hampir setahun, Takaful
myGenLife telah muncul sebagai pilihan utama dalam keduadua pasaran Insurans dan Takaful. Produk berkaitan pelaburan
disertai 10 tambahan pilihan yang menawarkan faedah
perlindungan menarik. Ia juga menyediakan pilihan kepada
pelanggan untuk melabur dalam lima dana pelaburan yang
berlandaskan Syariah, yang paling luas boleh diperolehi dan
ditawarkan berbanding mana-mana pengendali Takaful.
Dengan ‘menggabungkan’ kedua-dua unsur berasaskan
perlindungan dan pelaburan yang memenuhi keperluan
dan kemampuan peserta, Takaful myGenLife menawarkan
kefleksibelan dan kemampuan, yang menjadikannya popular di
kalangan pelanggan runcit.
Product innovation and development was also a key feature
during our successful year under review.
Despite being barely a year-old, Takaful myGenLife has
emerged as a leading choice in both, the Insurance and Takaful
market. The investment-linked product comes with 10 optional
supplementary riders which offer attractive coverage benefits. It
also provides options for customers to invest in our five Shariahcompliant investment funds, which is the widest available range
of Shariah-compliant funds offered by any Takaful operator.
By ‘marrying’ both protection and investment based elements
that cater to the participants’ needs and affordability, Takaful
myGenLife offered flexibility and affordability, which made it
popular among retail customers.
067
068
Penyata Pengerusi
Pada 5 April, 2011, kami telah melancarkan pelan Takaful
mySME yang menyasarkan lima sektor SME di Malaysia yang
terdiri daripada sektor-sektor utama seperti perusahaan ringan,
makanan & minuman, runcit, pejabat dan perkhidmatan.
Produk yang menyediakan perlindungan komprehensif
disamping memudahkan penghasilan perniagaan dan kecairan
aliran tunai. Ia merupakan salah satu daripada rancangan
paling komprehensif dan menarik bagi perusahaan kecil dan
sederhana.
Sebagai sebahagian daripada acara pelancaran, kami turut
menandatangani
Memorandum
Persefahaman
(MoU)
dengan SME Corporation untuk bersama-sama mendidik dan
membentuk kesedaran di kalangan semua usahawan SME di
seluruh negara melalui enam jerayawara, yang membincangkan
kepentingan pengurusan risiko yang kukuh.
Kami juga memanfaatkan skim pengesahan pekerja asing oleh
pihak kerajaan, di mana pekerja asing perlu mendapatkan
perlindungan perubatan dan kemasukan hospital sebagai
prasyarat untuk diberikan status sah oleh kerajaan.
Pengunderaitan Berhemat & Rekod Hasil Tertinggi
Meskipun kami lebih agresif pada 2011, kami tetap
mengamalkan sikap berwaspada terhadap aktiviti-aktiviti
pelaburan dan pengunderaitan. Kami lebih berhati-hati dalam
menilai dan menerima hanya kontrak pengunderaitan yang
lebih menguntungkan sementara mengelak pengunderaitan
yang cenderung kepada risiko yang lebih besar. Pendekatan ini
membolehkan kami untuk memperbaiki margin pengunderaitan
kami, membawa kepada pertumbuhan hasil dalam tahun
kewangan itu.
On April 5, 2011, we launched our Takaful mySME plans targeted
at the top five SME sectors in Malaysia consisting of the light
manufacturing, food & beverages, retail, offices and services
sectors. The product is geared towards providing comprehensive
protection while also facilitating business productivity and cash
flow liquidity. It is one of the most comprehensive and attractive
plans for small and medium enterprises.
As part of the launch event, we also signed a Memorandum of
Understanding (MoU) with SME Corporation to jointly educate
and create awareness among all SME entrepreneurs across
the country via six road shows, on the importance of solid risk
management.
We also leveraged on the government’s foreign workers
legalisation scheme, whereby foreign workers must secure
medical and hospitalisation coverage as a prerequisite to be
granted legal status by the government.
Prudent Underwriting & Record High Yield
While we were more aggressive in 2011; we exercised prudence
with regard to investment and underwriting activities. We were
cautious in assessing and accepting only the more profitable
underwriting contracts while avoiding those prone to greater
risks. This approach enabled us to improve on our underwriting
margin, leading to income growth during the financial year.
Penyata Pengerusi
Pelaburan kami juga menunjukkan penambahbaikan. Walaupun
dengan pembetulan pasaran pada suku ke-3 2011, kami
mencapai hasil yang tinggi dalam sejarah daripada portfolio
ekuiti dan sukuk. Adalah jelas bahawa keputusan kami untuk
mengambil keuntungan daripada portfolio ekuiti sebelum
kegawatan pasaran; termasuk juga memperolehi pulangan
yang lebih tinggi daripada portfolio sukuk menerusi strategi
pengurusan aktif, telah mendatangkan hasil.
Our investments also showed improvement. Despite a market
correction in the 3rd quarter of 2011, we achieved high yield
from our equity and sukuk portfolios. It is apparent that our
decision to lock in profits from our equity portfolio prior to the
market downturn; as well as achieving a higher return from
our sukuk portfolio through active management strategies has
paid off.
Selain itu, campuran portfolio aset yang seimbang dengan
ufuk pelaburan jangka panjang telah membolehkan kami untuk
meneroka prospek menarik sementara mengambil kesempatan
daripada sifat kitaran semulajadi pelaburan.
In addition, our well-balanced asset portfolio mix with a long term
investment horizon enabled us to explore attractive prospects
while capitalising on the cyclical nature of investments.
Portfolio hartanah kami juga menunjukkan peningkatan nilai
dalam tahun tinjauan. Kami telah mengambil pelbagai langkah
untuk meningkatkan hasil seperti melupuskan hartanah yang
tidak berprestasi dan menaik taraf sistem mekanikal dan
elektrikal Dataran Kewangan Darul Takaful.
Penambahbaikan Operasi
Our property portfolio also saw an appreciation in value during
the year under review. We undertook various measures to
enhance yield such as disposing of non-performing properties
and upgrading the mechanical and electrical systems of Dataran
Kewangan Darul Takaful.
Operational Improvements
Pada Jun 2011, kami telah melaksanakan Penyelesaian
Pengurusan Dokumen (DMS) dan Sistem Pengurusan Aliran
Kerja (eWMS) elektronik untuk memudahkan persekitaran
kerja tanpa kertas dan untuk menambahbaikkan keberkesanan
operasi dan produktiviti di seluruh organisasi.
In June 2011, we embarked on the implementation of our
electronic Document Management Solution (DMS) and the
Workflow Management System (eWMS) to facilitate a paperless
working environment and to improve operational efficiency and
productivity throughout the organisation.
Sistem ini telah dengan ketara mempertingkatkan proses
pengunderaitan perniagaan baru, menjadikannya lebih cepat
dan ringkas. Kami juga telah melancarkan portal-portal web
Agensi Runcit dan Korporat serta Bankatakaful yang akan
memberi kuasa kepada pasukan jualan untuk memberi
perkhidmatan yang lebih baik kepada pelanggan.
The system has significantly improved the process of
underwriting new business, making it faster and simpler. We
also launched our Retail and Corporate Agency as well as
Bancatakaful web portals, that will empower our sales force to
better serve customers.
Denagan penambahbaikan sistem teknologi maklumat
dalam tahun yang ditinjau, membolehkan Kumpulan
mempertingkatkan keupayaan operasi, perkhidmatan
pelanggan dan bertindak balas lebih cepat dalam pasaran
yang kompetitif. Bilangan kes langsung serta pertanyaan
melalui telefon dan yang bertulis juga telah berkurangan.
These and many other IT based improvements during the year
under review have enabled the Group to improve operational
capability, enhance customer service and respond faster in a
competitive marketplace. The number of walk-ins as well as
phone and written enquiries has also been reduced.
069
070
Penyata Pengerusi
Pekerja Kami, Aset Kami
Our People, Our Asset
Tidak mungkin bagi kami untuk menyatakan sorotan-sorotan
tahun ini tanpa menonjolkan kakitangan kami. Kumpulan
menyedari sepenuhnya kepentingan pekerja dalam mengekalkan
tahap perkhidmatan dan kelebihan daya saing. Oleh itu, dalam
tahun tinjauan, kami telah memperkenalkan dasar ganjaran dan
struktur gaji baru yang sejajar dengan amalan pasaran. Kami
juga memberi tumpuan kepada meningkatkan dasar dan proses
kami yang berkaitan kepada pengambilan, pemberian ganjaran,
pengekalan dan pembangunan tenaga kerja kami.
It is not possible for us to talk about the highlights of the
year without highlighting our staff. The Group is well aware
of the importance of people in retaining its service levels and
competitive edge. As such, during the year under review, we
introduced a revised remuneration policy and salary structure
aligned to market practices. We also focused on enhancing
our policies and processes in relation to recruiting, rewarding,
retaining and developing our workforce.
Jabatan Sumber Manusia juga memulakan Sistem
Maklumat Tenaga Manusia (HRIS) yang dipertingkatkan
untuk mengintegrasikan proses-proses semasa disamping
mengurangkan tugas yang tidak bernilai, menuju ke
arah penghasilan perkhidmatan lebih berkesan dan
menambahbaikkan kemudahan kepada kakitangan menerusi
fungsi layan diri. Kami akan terus menanda aras pakej-pakej
ganjaran kami bagi memastikan pakej tersebut kekal bersaing
dengan piawaian pasaran semasa.
Human Resources also embarked on the enhanced Human
Resource Information System (HRIS) to integrate current related
processes whilst reducing non-valued tasks, moving towards a
more efficient service delivery and improving convenience for
staff through self-service functions. Going forward, we shall
continue to benchmark our remuneration packages to ensure
they remain competitive to current market standards.
Kajian Mengenai Subsidiari
PT Syarikat Takaful Indonesia (STI)
Sebagai sebahagian daripada Proses Transformasi Pengurusan
kami, dua orang Ketua Pegawai Eksekutif (CEO) yang baru
telah dilantik untuk mengemudi subsidiari-subsidiari kami di
Indonesia, iaitu PT Asuransi Takaful Umum (ATU) dan PT Asuransi
Takaful Keluarga (ATK). Dengan perubahan pengurusan yang
dilakukan pada tahun yang ditinjau, kami percaya subsidiarisubsidiari ini akan mampu bersaing dengan lebih baik di ruang
pasaran Indonesia.
Keputusan oleh kerajaan Indonesia baru-baru ini untuk menolak
tetingkap Takaful dan membenarkan syarikat-syarikat Takaful
telah memberi harapan kepada operasi kami di Indonesia untuk
bergerak maju seterusnya.
Pada 2012, sasaran kami adalah untuk mengembangkan
perniagaan kami di Indonesia melalui bank dan tenaga agensi
runcit. Setelah bertapak dengan kukuh dipasaran untuk 15
tahun kami berharap bahawa pengalaman ini akan memberikan
kami kelebihan untuk mendapatkan bahagian pasaran yang
lebih baik bagi tahun kewangan berikutnya.
Review Of Subsidiaries
PT Syarikat Takaful Indonesia (STI)
As part of our Management Transformation Process, we
appointed two new CEOs to steer our Indonesian subsidiaries,
i.e. PT Asuransi Takaful Umum (ATU) and PT Asuransi Takaful
Keluarga (ATK). With the management changes put in place
during the year under review, we believe the subsidiaries will be
able to better compete in the Indonesian market space.
The recent decision by the Indonesian government to disallow
Takaful windows in favour of Takaful companies is cause for
optimism and bodes well for our Indonesian operations going
forward.
In 2012, our aim is to grow our Indonesia business via the
banks and retail agency force. Having established ourselves in
the market for the last 15 years, we hope that this experience
will give us a head-start in increasing our market share in the
next financial year.
Penyata Pengerusi
Asean Retakaful International (L) Ltd (ARIL)
Proses peringanan yang kami mulakan pada 2010 berlangsung
sebagaimana yang dirancang pada 2011. ARIL telah berhenti
daripada mengunderait sebarang perniagaan baru – beroperasi
berdasarkan kepada kontrak-kontrak sedia ada dengan sasaran
meringankan kontrak-kontrak ini untuk penamatan awal.
Usaha ini akan mengambil masa lebih kurang dua tahun.
Tanggungjawab Sosial Korporat
Sebagai sebuah syarikat berkaitan kerajaan (GLC), Takaful
Malaysia komited kepada objektif-objektif Tanggungjawab Sosial
Korporat (CSR) yang digariskan dalam Buku Perak. Dalam tahun
tinjauan, kami dengan bangganya telah melaksanakan pelbagai
inisiatif CSR di bawah program Takaful myJalinan Kasih dan Ilmu
kepada individu dan keluarga yang memerlukan, mangsa-mangsa
bencana alam, rumah-rumah anak yatim dan mereka yang kurang
upaya fizikal dan mental. Kami juga mempercepatkan kelulusan
tuntutan untuk pelbagai kes khas dan melakukan sumbangan
zakat kepada semua 14 jabatan agama negeri.
Tinjauan Pasaran Bagi 2012
Krisis Eurozone yang sedang berlaku akan terus memberi
kesan kepada ekonomi global pada tahun 2012. Bank Dunia
menganggarkan pertumbuhan ekonomi global pada lebih
kurang 1.9% berbanding ramalan awal sebanyak 2.7%.
Asean Retakaful International (L) Ltd (ARIL)
The commutation process we commenced in 2010 proceeded
as planned in 2011. ARIL has ceased to underwrite any new
business – operating based on existing contracts with the aim
of commutating these contracts for early termination. This
exercise will take approximately two years.
Corporate Social Responsibility
As a government-linked company (GLC), Takaful Malaysia
is committed to the Corporate Social Responsibility (CSR)
objectives outlined in the Silver Book. During the year under
review, we proudly undertook various CSR initiatives under our
Takaful myJalinan Kasih and Ilmu CSR programmes to needy
individuals and families, victims of natural disasters, orphanages
and the physically and mentally handicapped. We also hastened
claims approvals for various special cases and made zakat
contributions to all 14 state religious departments.
Market Outlook For 2012
The prevailing Eurozone crisis will continue to impact the
global economy in 2012. The World Bank estimates that global
economic growth will be approximately 1.9% from the initial
prediction of 2.7%.
071
072
Penyata Pengerusi
Meskipun Malaysia tidak terlalu terdedah sebagaimana
banyak negara lain, penghindaran risiko boleh memuncak dan
membawa kepada pengaliran keluar modal dan kecenderungan
yang lebih rendah untuk melabur dalam negara ini. Pengaliran
keluar dana akan menjejaskan simpanan, pasaran ekuiti dan
pelaburan langsung asing (FDI).
Kumpulan akan lebih berwaspada dan bersifat proaktif untuk
memberi maklumbalas sewajarnya kepada perkembangan
seperti itu dalam melindungi pelaburan dan nilai para
pemegang saham kami. Dalam mengurangkan kesan inflasi,
kami akan menguruskan secara aktif di antara instrumeninstrumen pelaburan tetap dan fleksibel. Takaful Malaysia
adalah komited untuk menghasilkan pertumbuhan yang
mapan, memaksimumkan nilai para pemegang saham dan
menjana kekayaan.
Walau bagaimanapun, tahun kewangan akan datang juga
memberikan peluang. Kami menjangkakan industri Insurans
dan Takaful berkembang dengan pesat di kedua-dua peringkat
antarabangsa dan domestik.
Pasaran Takaful di Malaysia sahaja telah berkembang pada
kadar 20%-25% setahun. Kadar penembusan masih rendah di
sekitar 10%, berbanding dengan Insurans Konvensional yang
dilaporkan hampir 43%. Inovasi produk, daya tarikan lebih luas
kepada produk-produk Takaful dan industri yang masih baru
secara relatif di tengah-tengah pasaran yang belum diterokai
akan menyokong pertumbuhan pada tahun 2012.
While Malaysia is not as exposed as many other countries, risk
aversion could intensify leading to capital outflow and a lower
propensity to invest in the country. An exit of funds will impact
deposits, the equity market and foreign direct investments
(FDI).
The Group will be vigilant and proactive to respond accordingly
to such developments in safeguarding our investments and
shareholders’ value. In mitigating the effects of inflation, we
will actively manage between fixed and flexible instruments.
Takaful Malaysia is committed to delivering sustainable growth,
maximising shareholders’ value and creating wealth.
However, the upcoming financial year also presents
opportunities. We foresee the Insurance and Takaful industries
growing strongly both on the international and domestic
front.
Malaysia’s Takaful market alone is growing at 20%-25%
annually. The penetration rate is still low at around 10%,
compared to Conventional Insurance which is reported to be
close to 43%. Product innovation, broader appeal for Takaful
products and a relatively young industry amidst an untapped
and underserved market will support growth in 2012.
Penyata Pengerusi
Inisiatif kerajaan seperti insentif cukai bagi Pelan Pencen
Swasta dan Rangka Tindakan Sektor Kewangan (2011-2020)
yang baru dikeluarkan mungkin membuka peluang-peluang
baru untuk terus merangsang pertumbuhan seterusnya dalam
industri. Insentif cukai yang lebih tinggi untuk produk-produk
persaraan juga menjadi petanda baik kepada industri secara
keseluruhannya.
Dengan peningkatan kemewahan di kalangan rakyat Malaysia
serta kesedaran yang kian meningkat terhadap perancangan
kewangan dan produk yang berlandaskan Syariah, kami
yakin bahawa permintaan untuk produk-produk Takaful akan
meningkat. Ini jelas terbukti daripada pertumbuhan pesat
industri sepanjang tiga tahun lepas dan ini harus berterusan
pada 2012.
Walau bagaimanapun, syarikat-syarikat Takaful tidak hanya
bersaing sesama sendiri, tetapi juga dengan penyedia Insurans
Konvensional termasuk syarikat multinasional yang lebih
mantap. Oleh itu, produk dan perkhidmatan Takaful mestilah
terus berkeadaan inovatif dan setanding, jika tidak lebih baik
berbanding syarikat-syarikat Insurans Konvensional.
Dengan pelaksanaan Rangka Kerja Modal Berasaskan
Risiko, industri insurans mungkin menyaksikan konsolidasi
di antara syarikat-syarikat Takaful yang lebih kecil. Sekiranya
perkembangan ini berlaku pada tahun 2012, bilangan syarikat
pesaing akan berkurangan tetapi bersaiz lebih besar. Ini mungkin
suatu petanda baik kepada kami untuk maju ke hadapan.
Industri ini juga kian berubah dari rangka kerja Mudharabah
atau pergabungan kepada model berasaskan Wakalah.
Government initiatives such as tax incentives for Private Pension
Plans and the newly released Financial Sector Blueprint (20112020) may open up new opportunities to spur further growth
in the industry. The higher tax incentives for retirement products
also bode well for the industry as a whole.
With growing affluence among Malaysians as well as improving
awareness on financial planning and Shariah-compliant
products, we are confident that demand for Takaful products
will rise. This is evident from the rapid industry growth over the
last three years and should continue in 2012.
However, Takaful companies are not just competing against
themselves, but also with Conventional Insurance providers
including large, multi-national players who are well established.
Hence, Takaful products and services must continue to be
innovative and on par, if not better than Conventional Insurance
providers.
With the implementation of the Risk Based Capital Framework, it
is possible that the industry may witness a round of consolidation
between smaller Takaful players. If this development takes place
in 2012, there will be bigger but fewer players to contend with.
This may augur well for us moving forward. The industry is also
moving from the Mudharabah or combined framework to a
Wakalah based model.
073
074
Penyata Pengerusi
Memandangkan keadaan pasaran yang dijangka tidak menentu,
produk-produk perlindungan seperti perlindungan keluarga dan
Takaful perubatan berkemungkinan mendapat jualan kukuh.
Kami menjangkakan usaha untuk merekrut ejen dan mereka
yang berpotensi sebagai cabaran utama pada 2012 dan kami
telah pun mengambil pelbagai langkah untuk menangani isu
ini pada masa akan datang.
Program Transformasi Ekonomi (ETP) juga berkemungkinan akan
memberi kesan positif terhadap perniagaan pada penghujung
2012.
Pelbagai Projek Titik Kemasukan (EPP) di bawah ETP akan
merangsang ekonomi – menyediakan pekerjaan dan menjana
aktiviti perniagaan. Kesan penggandaan atau pertindihan
daripada ini adalah penghasilan pendapatan, penjualan dan
pembelian hartanah, pengambilan pekerja, pinjaman dan
aktiviti-aktiviti lain; yang kebanyakannya akan memerlukan
perlindungan insurans.
Kerajaan juga telah melahirkan hasratnya untuk meningkatkan
Keluaran Dalam Negara Kasar (GDP) bagi insurans hayat
daripada yang sedia ada sebanyak 2.8% kepada 4% (75%
daripada populasi) menjelang 2020 melalui pelbagai inisiatif
berasaskan ETP.
Strategi Syarikat Melangkah Ke Hadapan
Portfolio produk Takaful Malaysia yang sedia ada berada dalam
kedudukan yang baik untuk meneroka banyak peluang di masa
hadapan. Imej kami yang semakin meningkat dan penerimaan
kepada produk dan perkhidmatan kami termasuk juga
tahap perkhidmatan pelanggan yang bertambah baik akan
meletakkan kami pada kedudukan baik untuk bersaing dengan
berkesan dalam pasaran.
In view of the expected volatile market conditions, protection
products such as family protection and medical Takaful are likely
to see strong sales. We foresee recruiting agents and talents
to remain a key challenge in 2012 and we are already taking
various steps to address this going forward.
The Economic Transformation Program (ETP) is also likely to
have a positive impact on business at the end of 2012.
The various Entry Point Projects (EPPs) under the ETP will boost
the economy – providing jobs and generating business activity.
The multiplier or cascading effect of this is income creation,
sale and purchase of properties, hiring of employees, loans and
other activities; most of which will require insurance coverage.
The government has also expressed its intention of increasing
the Gross Domestic Product (GDP) for life insurance from the
existing 2.8% to 4% (75% of population) by 2020 via the
various ETP based initiatives.
Company Strategy Going Forward
Takaful Malaysia’s existing products portfolio are well positioned
to tap the many opportunities going forward. Our growing
image and acceptance for our products and services as well as
improving customer service levels will hold us in good stead to
compete effectively in the market place.
Penyata Pengerusi
Kami juga akan berusaha untuk meningkatkan saluran
pengedaran kami untuk merangsang jualan. Keupayaan untuk
mencapai pelanggan di seluruh negara adalah penting dan
kami akan terus mempertingkatkan keupayaan dan kapasiti
kami dalam bidang ini.
Seperti yang digariskan di dalam Laporan Takaful Dunia 2011,
kami akan memberi penekanan kepada empat bidang teras
berikut dalam tahun kewangan akan datang:
We will also look to enhance our distribution channels to boost
sales. The ability to reach customers nationwide is crucial and
we will continue to improve our capability and capacity in this
area.
As outlined under the World Takaful Report 2011, we will look
to emphasise these four core areas in the upcoming financial
year:
•
Capaian pelanggan – Segmen pasaran dan pelanggan
yang kami ingin memberi perkhidmatan.
•
Customer reach – The markets and customer segments we
wish to serve.
•
Ketangkasan operasi – Keupayaan untuk menyesuaikan diri
dan bertindak balas kepada perubahan dalam peraturan
dan keadaan pasaran.
•
Operational agility – The ability to adapt and respond to
changes in regulations and market conditions.
•
Kos daya saing – Keupayaan untuk menetapkan harga
bersesuaian dengan kos daya saing kita.
•
Cost competitiveness – The ability to set appropriate pricing
and the competitiveness of our cost base.
•
Keyakinan pemegang saham – Untuk terus mendapatkan
sokongan dan keyakinan daripada para pemegang saham
kami sambil menghasilkan pulangan lebih tinggi untuk
mereka.
•
Stakeholder confidence – Continuing to earn the support
and confidence of our stakeholders while generating
higher returns for them.
Akhirnya, matlamat kami adalah untuk mengatasi pasaran dan
memantapkan syarikat kami sebagai pilihan utama bukan sahaja
di kalangan syarikat-syarikat Takaful tetapi juga di kalangan
penyedia insurans. Kami berhasrat untuk dikenali sebagai
sebuah Syarikat yang dinamik, berorientasikan pelanggan yang
menawarkan tahap perkhidmatan dan produk yang kompetitif
dengan jenama dan imej yang kukuh.
Ultimately, our goal is to outpace the market and firmly
establish ourselves as the preferred choice not just amongst
Takaful companies but among insurance providers as well. We
wish to be known as a dynamic, customer oriented Company
that offers the best service levels and competitive products with
a strong brand and image.
075
076
Penyata Pengerusi
Penghargaan
Acknowledgement
Bagi pihak Lembaga, saya ingin mengucapkan terima kasih
kepada Y.Bhg. Datuk Abdul Hamid Said yang bersara daripada
Badan Penasihat Syariah (BPS) pada 1 April 2011. Tempoh
perkhidmatan Y.Bhg. Datuk Abdul Hamid adalah sangat dihargai
dan kami ingin mengucapkan selamat maju jaya kepada beliau
di masa hadapan.
On behalf of the Board, I wish to thank Y. Bhg. Datuk Abdul
Hamid Said who retired from the Shariah Advisory Body (SAB)
on 1 April 2011. Y. Bhg. Datuk Abdul Hamid’s tenure on the
SAB is most appreciated and we wish him well on his future
endeavours.
Pada masa yang sama, saya juga ingin mengambil kesempatan
ini untuk mengalu-alukan Y.Bhg. Dato’ Wan Mohamad Dato’
Sheikh Abdul Aziz yang telah dilantik ke dalam BPS pada 1 Jun
2011. Pengalaman Y.Bhg. Dato’ Wan Mohamad telah terbukti
sangat bernilai dalam tahun dalam kajian.
Akhir sekali, dengan setinggi-tinggi penghargaan saya sampaikan
tanda terima kasih daripada Lembaga kepada kakitangan kami atas
dedikasi dan komitmen mereka, Pasukan Pengurusan kami yang
menerajui Syarikat ini ke arah bertumbuhan positif, Jawatankuasa
Lembaga yang berkaitan dan BPS untuk profesionalisme mereka,
rakan-rakan perniagaan dan pelanggan-pelanggan kami di atas
sokongan mereka. Kepada semua pemegang saham kami, terima
kasih atas keyakinan dan kepercayaan yang berterusan terhadap
kami sepanjang tahun dibawah kajian ini.
Pengerusi
In the same vein, I would like to also take this opportunity to
welcome Y. Bhg. Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz
who was appointed to the SAB on 1 June 2011. Y. Bhg. Dato’
Wan Mohamad’s experience has proven to be most valuable
during the year under review.
Last but not least, it is with much appreciation that I convey
the Board’s gratitude to our staff for their dedication and
commitment; our Management Team for steering the Company
to a year of positive growth, the relevant Board Committees
and SAB for their professionalism, our business partners and
customers for their support. To all our shareholders, thank you
for the continued confidence and belief in us during the year
under review.
Chairman
Financial Statements
078
091
082
094
083
095
084
097
086
098
087
100
089
103
Directors’ Report
Statement by Directors
Statutory Declaration
Independent Auditors’ Report
Report of the Shariah Advisory Body
Statements of Financial Position
Statements of Comprehensive Income
Statements of Changes In Equity
Family Takaful Statements of Financial Position
Family Takaful Statements of Comprehensive Income
General Takaful Statements of Financial Position
General Takaful Statements of Comprehensive Income
Statements of Cash Flows
Notes to the Financial Statements
078
Directors’ Report
for the Financial year Ended 31 December 2011
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the
year ended 31 December 2011.
Principal activities
The principal activities of the Company consist of managing family and general takaful businesses, whilst the principal activities of the
subsidiaries are as stated in Note 5 to the financial statements. There has been no significant change in the nature of these activities
Results
GroupCompany
RM’000RM’000
Profit for the year attributable to:
Owners of the Company
76,785
71,709
Non-controlling interests
(406)
76,379
71,709
Reserves and provisions
There were no material transfers to or from reserves and provisions during the year under review.
Dividends
Since the end of the previous financial period, the Company paid:
RM'000
In respect of the financial period ended 31 December 2010 as stated in the directors' report of that period:
Final dividend of 7% less tax at 25%, paid on 27 May 2011
8,548
In respect of the financial year ended 31 December 2011:
Interim dividend of 5% less tax at 25% and 2% single tier, paid on 2 December 2011
9,362
17,910
The final dividend recommended by the Directors in respect of the financial year ended 31 December 2011 is 10% single tier dividend
totalling RM16,281,700.
Directors of the Company
Directors who served since the date of the last report are:
Y. Bhg. Dato' Paduka Ismee Ismail
Y. Bhg. Dato' Mohamed Hassan Md. Kamil
Puan Rozaida Omar
Y. Bhg. Dato' Sulaiman Mohd Yusof
In accordance with Article 62 of the Company’s Articles of Association, Puan Rozaida Omar and Y. Bhg. Dato’ Paduka Ismee Ismail will
retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.
Directors’ Report
for the Financial Year Ended 31 December 2011
Directors’ interests
According to the register of directors’ shareholding, none of the directors in office at the end of the financial year held any interest in
the shares of the Company or its related corporations during the financial year ended 31 December 2011.
Directors’ benefits
Since the end of the previous financial period, 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) by reason of a contract made by the Company or a related company 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 had 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 corporate body.
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 Takaful (Amendment) Act, 1984 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 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 Company have complied with BNM’s Guidelines on Related Party Transactions for Takaful Operators (BNM/RH/
GL 004-7). 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 44 to the financial statements.
079
080
Directors’ Report
Statement on corporate governance and internal controls (continued)
(d)Internal controls and operational risk management
The responsibility for establishing an effective risk management and internal control system rests with the Board.
The Board has put in place an Enterprise Risk Management (ERM) framework within the Group and the Company to ensure that
there is an on-going process of identifying, evaluating, monitoring and managing the significant risk exposures surrounding
its business operations. The Group and the Company have established a structured risk management process of which the
roles and responsibility of Risk Management Committee of the Board (RISCO) focusing on strategic and policies matters and
Management Risk Committee (MRC) focusing on tactical and operational aspect are clearly spelt out. Revision to the Corporate
Risk rating was undertaken during the year and subsequent updates shall be reviewed on quarterly basis. This revision is
necessary to cope with ever changing environment of the business in tandem with the enhanced regulatory requirements.
The Business Continuity Management Framework has also been well established by the Group and the Company since 2010.
Besides that, during the year, the Group and the Company have also established the quarterly Modified Solvency Margin ratio
(MSMR) and Stress Testing and the Assets and Liabilities Management Framework.
Besides the key internal control elements already in place, Whistle Blowing Policy & Fraud and Integrity Policy, Shariah Governance
Framework and Assets and Liabilities Management Framework were also introduced during the year to provide basic structure
and further strengthen the existing control mechanism underlying the business activities.
The Group and the Company have established adequate internal control system to address the need for an effective and efficient
business operations, sound financial reporting and control procedures and compliance with relevant laws and regulations.
(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 Financial Reporting Standards (FRS) issued by the Malaysian Accounting Standards
Board (MASB), the provisions of the Companies Act, 1965, the Takaful (Amendment) Act, 1984 and Takaful Guidelines/Circular
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 provision for impaired debts and provision
for incurred claims including IBNR claims in the Group and in the Company inadequate to any substantial extent, or
Directors’ Report
Statement on corporate governance and internal controls (continued)
Other statutory information (continued)
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
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 the Company.
In the opinion of the Directors, the results of the operations of the Group and of the Company for the financial year ended 31
December 2011 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:
Dato’ Paduka Ismee Ismail
Dato’ Mohamed Hassan Md. Kamil
Kuala Lumpur,
Date: 22 March 2012
081
082
Statement by Directors
pursuant to Section 169(15) of the Companies Act, 1965
In the opinion of the Directors, the financial statements set out on pages 87 to 242 are drawn up in accordance with the provisions
of the Companies Act, 1965 and Financial Reporting Standards issued by the Malaysian Accounting Standards Board and comply
with the Principles of Shariah so as to give a true and fair view of the state of affairs of the Group and of the Company at 31
December 2011 and of the results of their operations and cash flows for the year then ended.
In the opinion of the Directors, the information set out in Note 47 to the financial statements have 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 in accordance with a resolution of the Directors:
Dato’ Paduka Ismee Ismail
Dato’ Mohamed Hassan Md. Kamil
Kuala Lumpur,
Date: 22 March 2012
Statutory declaration
pursuant to Section 169(16) of the Companies Act, 1965
I, Lee Hin Sze, 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 87 to 243 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 on 22 March 2012.
Lee Hin Sze
Before me:
083
084
Independent auditors’ 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 2011 of the Group and of the Company, and the statements of comprehensive income, statements of changes
in equity and statements of cash flow 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 87 to 242.
Directors’ Responsibility for the Financial Statements
The directors of the Company are responsible for the preparation of these financial statements that give a true and fair view in
accordance with Financial Reporting Standards and the Companies Act, 1965 in Malaysia, and for such internal controls as the
Directors determine are 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 entity’s
preparation and fair presentation 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 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 2011 and of their financial performance and cash flows for the year then ended in accordance with Financial Reporting
Standards and 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 and its
subsidiaries of which we have acted as auditors 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 5 to the financial statements.
Independent auditors’ 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 47 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 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
Khaw Hock Hoe
Firm Number: AF: 0759Approval Number: 2229/04/12 (J)
Chartered Accountants
Chartered Accountant
Petaling Jaya, Selangor
Date: 22 March 2012
085
086
Report Of The Shariah Advisory Body
We have reviewed the principles and the contracts relating to the transactions and applications introduced by Syarikat Takaful Malaysia
Berhad (Takaful Malaysia) during the financial year ended 31 December 2011. We have also conducted our reviews to form an opinion
as to whether Takaful Malaysia complied with the Shariah and with the Shariah rulings issued by the Shariah Advisory Council of Bank
Negara Malaysia.
The management of Takaful Malaysia is responsible for ensuring that Takaful Malaysia conducts its business in accordance with the
Shariah. It is our responsibility to form an independent opinion, based on our reviews of the operations of Takaful Malaysia.
We have assessed the work carried out during Shariah reviews which included examining, on a test basis, each type of transaction, the
relevant documentation and procedures adopted by Takaful Malaysia.
We planned and performed our reviews so as to obtain all the information and explanations which we considered necessary in order
to provide us with sufficient evidence to give reasonable assurance that Takaful Malaysia did not violate the Shariah.
In carrying out our roles and responsibilities, we hereby submit the following report for the financial year ended 31 December 2011:
1. The Shariah Advisory Body (SAB) held six (6) meetings to review various products, transactions and processes in line with the
Shariah.
2. In the said meetings, we discussed and approved the internal Shariah Governance Framework and Takaful Operational Framework
including five (5) policies/guidelines to be implemented by Takaful Malaysia.
3. We also approved six (6) new products, ten (10) new riders and several enhancements to four (4) existing products.
4. In addition, we have also approved the Mudharabah (profit) rate declarations for Family and General Takaful products.
5. We also discussed and approved proposals/issues related to takaful products.
6. The Company during the financial year under review has tracked the non-halal income and disposed to charity upon obtaining
approval from the SAB.
In our opinion:1. The contracts, transactions and dealings entered into by Takaful Malaysia during the financial year ended 31 December 2011 were
in compliance with the Shariah;
2. All investments were Shariah compliant;
3. The allocation of profits and charging of losses relating to investment accounts conformed to the basis that were approved by us
in accordance with the Shariah;
4. All earnings that were realised from sources or by means prohibited by the Shariah were considered for disposal to charitable
causes; and
5. The calculation of zakat was in compliance with the Shariah.
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 2011 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 : ………………………………
Ustaz Mohd. Bakir Hj. Mansor
Kuala Lumpur,
Date: 22 March 2012
Statements of financial position
as at 31 December 2011
<--------------------- Group -------------------> <----------------- Company ------------------>
31.12.2011 31.12.2010
1.7.2009 31.12.2011 31.12.2010
1.7.2009
NoteRM’000RM’000RM’000RM’000RM’000RM’000
RestatedRestatedRestatedRestated
ASSETS
Shareholders’ assets
Property and equipment
Investment properties
Investment in subsidiaries
Investment in associate
Investments
Financing receivables
Other investments
Deferred tax assets
Loans and receivables,
excluding takaful
receivables
Qardh receivables
Cash and cash equivalents
Assets held for sale
3
4
5
6
7
8
9
10
27,741 18,758 - -
- - 268,445 15,811 29,897 11,958 - -
362,084 14,438 - 12,979 35,747 11,156 - -
267,984 14,018 - 8,185 20,528 17,750 63,729 -
- - 255,631 11,301 22,642 11,665 70,747 -
293,262 10,283 - 5,985 28,109
10,865
72,247
202,353
13,411
4,295
12
14
15
16
181,595 277 61,265 - 50,298 1,357 2,691 - 46,741 31,722 7,596 1,471 139,019 - 27,811 - 36,161 - 2,321 - 29,202
28,274
6,473
1,471
Total Shareholders’ assets Total Family Takaful
assets (page 94)
Total General Takaful
assets (page 97)
Less : Interfund balances
TOTAL ASSETS
573,892 485,702 424,620 535,769 453,066 396,700
4,194,482 3,788,476 3,375,412 3,895,081 3,527,048 3,174,037
1,148,083 (32,533)
1,043,852 (45,446)
872,226 (57,418)
1,073,410 (26,543)
931,842 (38,569)
777,160
(41,834)
5,883,924 5,272,584 4,614,840 5,477,717 4,873,387 4,306,063
162,817 287,206 162,817 222,975 162,817 186,677 162,817 291,554 162,817 232,866 162,817
200,411
Total equity attributable to
owners of the Company
Non-controlling interest
450,023 27,469 385,792 27,252 349,494 27,951 454,371 - 395,683 - 363,228
-
Total equity
477,492 413,044 377,445 454,371 395,683 363,228
SHAREHOLDERS’ EQUITY
Share capital
Reserves
17
18
087
088
Statements of financial position
<--------------------- Group -------------------> <----------------- Company ------------------>
31.12.2011 31.12.2010
1.7.2009 31.12.2011 31.12.2010
1.7.2009
LIABILITIES
Shareholders’ liabilities
Provision for wakalah fee
20
Other payables
22
Tax payable
19,739 65,997 10,664 12,502 35,309 24,847 - 46,476 699 15,758 55,268 10,372 9,800 22,921 24,662 33,077
395
96,400 72,658 47,175 81,398 57,383 33,472
Total Shareholders’
liabilities
Total Family Takaful
liabilities (page 94)
liabilities (page 97)
Less : Interfund balances
260,406 228,170 285,520 234,989 204,698 252,296
983,118 (32,533)
896,143 (45,446)
784,625 (57,418)
873,941 (26,543)
753,098 (38,569)
661,303
(41,834)
TOTAL LIABILITIES
1,307,391 1,151,525 1,059,902 1,163,785 976,610 905,237
3,934,076 3,560,306 3,089,892 3,660,092 3,322,350 2,921,741
164,965 147,709 87,601 199,469 178,744 115,857
5,883,924 5,272,584 4,614,840 5,477,717 4,873,387 4,306,063
Family participants’
fund (page 94)
General participants’
fund (page 97)
TOTAL SHAREHOLDERS’
EQUITY, PARTICIPANTS’
FUNDS AND
LIABILITIES
The notes on pages 103 to 242 are an integral part of these financial statements.
Statements of comprehensive income
for the year ended 31 December 2011
GroupCompany
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
NoteRM’000RM’000RM’000RM’000
Operating revenue
1,349,907 1,728,588 1,144,685 1,440,735
97,818 85,547 102,924 118,908 92,761 84,816 101,349
118,679
183,365 221,832 177,577 220,028
Wakalah fee income
Investment income
27
Realised gains and losses
28
Fair value gains and losses
29
Other operating income
30
144,433 14,382 9,299 1,460 10,238 141,962 17,086 6,229 (668)
20,095 84,490 11,652 8,555 1,450 6,907 66,944
12,352
6,179
(671)
9,493
179,812 184,704 113,054 94,297
Management expenses
31
Commission expense
Other operating expenses
33
(197,031)
(61,636)
(3,092)
(241,281)
(59,097)
(8,272)
(157,510)
(30,268)
(8,894)
(192,211)
(23,860)
(5,232)
(261,759)
(308,650)
(196,672)
(221,303)
Profit before zakat and taxation
Zakat Taxation
34
101,418 (733)
(24,306)
97,886 (516)
(39,621)
93,959 (474)
(21,776)
93,022
(358)
(42,808)
Profit for the year/period
76,379 57,749 71,709 49,856
Transfer from statements of
comprehensive income
Family takaful
General takaful
24
23(a)
23(b)
089
090
Statements of comprehensive income
GroupCompany
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
76,379 57,749 961 (4,749)
71,709 49,856
Other comprehensive income/(expense)
(net of tax)
Foreign currency translation differences
for foreign operations
Fair value change of available-for-sale
financial assets
- Gains arising during the year
- Reclassification adjustments
for gains included in
profit or loss
4,486
- 3,811
-
(7,139)
(2,653)
- - (6,395)
(2,584)
-
Total other comprehensive expense
for the year/period
(1,692)
(4,749)
(2,584)
-
Total comprehensive income
for the year/period
74,687 53,000 69,125 49,856
Profit/(loss) for the year/period attributable to:
76,785 (406)
56,346 1,403 71,709 - 49,856
-
76,379 57,749 71,709 49,856
Total comprehensive income/(expense)
for the year/period attributable to:
74,557 130 53,699 (699)
69,125 - 49,856
-
74,687 53,000 69,125 49,856
Basic earnings per ordinary share (sen)
36
47.2 - 34.6
-
Statements of changes in equity
<---------------- Non–distributable ------------->DistributableNon-
Share
ShareTranslation Fair valueRetained controllingTotal
capital premium
reserve
reserve
profitsTotal
interests
equity
GroupNote
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
At 1 July 2009
162,817 4,098 (3,642)
-
186,221 349,494 27,951 377,445
-
-
(2,647)
-
-
(2,647)
(2,102)
(4,749)
for the period
-
-
(2,647)
-
-
(2,647)
(2,102)
(4,749)
Profit for the period
-
-
-
-
56,346 56,346 1,403 57,749
-
-
(2,647)
-
56,346 53,699 (699)
53,000
-
-
-
-
(17,401)
(17,401)
-
(17,401)
Total distribution to owners
-
-
-
-
(17,401)
(17,401)
-
(17,401)
At 31 December 2010
162,817 4,098 (6,289)
-
225,166 385,792 27,252 413,044
Foreign currency translation
differences for foreign
operations
Total other comprehensive expense
Total comprehensive (expense)/
income for the period
Dividends to owners of
the Company
37
Note 17Note 18.1Note 18.2Note 18.3
091
092
<---------------- Non – distributable ------------->DistributableNon-
Share
ShareTranslation Fair valueRetained controllingTotal
capital premium
reserve
reserve
profitsTotal
interests
equity
GroupNoteRM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
At 1 January 2011,
as previously stated
162,817
4,098
(6,289)
-
225,166
385,792
27,252
413,044
-
-
-
7,584
-
7,584
87
7,671
162,817
4,098
(6,289)
7,584
225,166
393,376
27,339
420,715
-
-
395
-
-
395
566
961
-
-
-
4,452
-
4,452
34
4,486
-
-
-
(7,075)
-
(7,075)
(64)
(7,139)
income/(expense) for the year
-
-
395
(2,623)
-
(2,228)
536
(1,692)
Profit/(loss) for the year
-
-
-
-
76,785
76,785
(406)
76,379
-
-
395
(2,623)
76,785
74,557
130
74,687
-
-
-
-
(17,910)
(17,910)
-
(17,910)
-
-
-
-
(17,910)
(17,910)
-
(17,910)
At 31 December 2011
162,817
4,098
(5,894)
4,961
284,041
450,023
27,469
477,492
Effect of adopting FRS139
45.2
At 1 January 2011, restated
Foreign currency translation
differences for foreign
operations
Fair value of available-for-sale
financial assets
- Gains arising during
the year
for gains included in
profit or loss
Total other comprehensive
Total comprehensive income/
(expense) for the year
Dividends to owners of
the Company
37
Note 17Note 18.1Note 18.2Note 18.3
<-------- Non – distributable -------->Distributable
Share
Share
Fair valueRetained
capital
premium
reserve
profitsTotal
CompanyNoteRM’000RM’000RM’000RM’000RM’000
At 1 July 2009
162,817 4,098 - 196,313 363,228
- - - 49,856 49,856
Total comprehensive income
for the period
- - - 49,856 49,856
Dividends to owners of the
Company
- - - (17,401)
(17,401)
- - - (17,401)
(17,401)
- 228,768 395,683
37
At 31 December 2010
162,817 4,098 At 1 January 2011
(as previously stated)
Effect of adopting FRS139
45.2
162,817 - 4,098 - - 7,473 228,768 - 395,683
7,473
At 1 January 2011 (restated)
162,817 4,098 7,473 228,768 403,156
Fair value of available-for-sale
financial assets
- Gains arising during the year
for gains included in profit or loss
- - 3,811
- 3,811
- - (6,395)
- (6,395)
Total other comprehensive
expense for the year
Profit for the year
- - - - (2,584)
- - 71,709 (2,584)
71,709
Total comprehensive
(expense)/income for the year
- - (2,584)
71,709 69,125
Dividends to owners of the
Company
- - - (17,910)
(17,910)
- - - (17,910)
(17,910)
282,567 454,371
37
At 31 December 2011
162,817 4,098 4,889 Note 17Note 18.2Note 18.3
093
094
Family takaful statements of financial position
<--------------------- Group -------------------> <----------------- Company ------------------>
31.12.2011 31.12.2010
1.7.2009 31.12.2011 31.12.2010
1.7.2009
ASSETS
Investments
Other investments
Retakaful assets
excluding takaful
receivables
Takaful receivables
Assets held for sale
Investment-linked
takaful assets
4
7
8
9
11
210,619 -
-
2,825,359 72,810 206,980 3,164,455 72,376 -
43,009 204,983 2,785,629 9,382 -
10,986 202,435 -
-
2,717,825 66,800 198,172 2,998,193 72,376 -
37,177 196,097
2,666,468
5,662
6,615
12
13
15
16
563,214 61,487 265,819 668 47,644 43,657 9,304 -
47,938 68,830 53,258 800 548,062 53,490 180,337 668 47,528 35,292 4,368 -
47,888
61,048
47,982
800
35
194,506 201,051 193,606 125,464 133,942 141,477
4,194,482 3,788,476 3,375,412 3,895,081 3,527,048 3,174,037
19
21
22
102,681 18,863 133,183 52,904 15,217 156,275 43,817 29,152 197,951 93,693 15,297 120,320 44,471 12,233 144,220 34,227
21,591
181,878
35
5,679 3,774 14,600 5,679 3,774 14,600
260,406 228,170 285,520 234,989 204,698 252,296
3,934,076 3,560,306 3,089,892 3,660,092 3,322,350 2,921,741
4,194,482 3,788,476 3,375,412 3,895,081 3,527,048 3,174,037
Total Family Takaful assets
LIABILITIES
Takaful contract liabilities
Takaful payables
Other payables
Investment-linked
takaful liabilities
liabilities
Participants’ fund
Family Takaful Fund
23
liabilities and
participants’ fund
Family takaful statements of comprehensive income
GroupCompany
1.1.2011
1.7.2009
1.1.2011
1.7.2009
to
to
to
to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Gross earned contributions
Contribution ceded to retakaful
25
25
694,719 (28,671)
857,487 (30,100)
563,342 (12,609)
699,073
(6,150)
Net earned contributions
25
666,048 827,387 550,733 692,923
Net benefits paid and payable
26
Administration fee
Wakalah fee
(454,722)
(6,383)
(121,096)
(527,407)
(4,199)
(106,036)
(395,915)
(6,383)
(84,490)
(457,241)
(4,199)
(66,944)
83,847 189,745 63,945 164,539
Underwriting profit/(loss)
- Individual Family
- Group Family and others
- Group Family ILB
54,441 29,568 (162)
150,835 36,714 2,196 39,350 24,757 (162)
130,026
32,317
2,196
Less: Underwriting profit - Individual Family
83,847 189,745 63,945 164,539
(54,441)
(150,835)
(39,350)
(130,026)
Underwriting profit
-Group Family and others and Group Family ILB
Investment income
27
28
29
30
Other operating expenses
33
29,406 165,760 71,641 12,009 37,116 (9,544)
38,910 228,693 62,937 32,846 48,576 (2,074)
24,595 154,058 69,681 9,393 36,017 (9,544)
34,513
213,420
53,662
18,604
40,519
(2,074)
Total profit for the year/period after excluding underwriting profit
for Individual Family
306,388 409,888 284,200 358,644
095
096
Family takaful statements of comprehensive income
GroupCompany
1.1.2011
1.7.2009
1.1.2011
1.7.2009
to
to
to
to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Total profit for the year/period after excluding
underwriting profit for Individual Family
Less: Allocation of special reserves
306,388
(4,542)
409,888
(7,413)
284,200
(4,542)
358,644
(7,413)
Profit attributable to the Group/Company and
participants for the year/period after
excluding underwriting profit
for Individual Family
Profit attributable to the Group/Company
transferred to statement of
23(a)
301,846
402,475
279,658
351,231
(97,818)
(102,924)
(92,761)
(101,349)
Profit payable to participants
23(a)
204,028
(2,420)
299,551
(1,148)
186,897
(2,029)
249,882
(1,148)
Profit attributable to participants
for the year/period:
201,608
298,403 184,868 248,734
General Takaful Statements of Financial Position
<--------------------- Group -------------------> <----------------- Company ------------------>
31.12.2011 31.12.2010
1.7.2009 31.12.2011 31.12.2010
1.7.2009
Assets
Investments
Other investments
Retakaful assets
excluding takaful
receivables
Takaful receivables
4
7
8
9
11
26,620 - - 508,119 342,614 29,234 630,589 6,320 - 285,124 28,954 525,028 3,478 - 231,619 26,620 - - 505,375 313,102 29,234 610,474 6,320 - 216,531 28,954
502,427
3,478
180,568
12
13
15
175,498 47,462 47,770 17,179 63,565 11,841 18,913 55,308 8,926 164,076 31,496 32,741 16,716 42,415 10,152 14,707
41,340
5,686
1,148,083 1,043,852 872,226 1,073,410 931,842 777,160
883,655 26,041 73,422 775,598 35,237 85,308 633,145 40,971 110,509 804,344 23,522 46,075 659,478 31,096 62,524 536,372
34,236
90,695
Total General Takaful liabilities
983,118 896,143 784,625 873,941
753,098 661,303
General Takaful Fund
164,965 147,709 87,601 199,469 178,744 115,857
1,148,083 1,043,852 872,226 1,073,410 931,842 777,160
Total General Takaful assets
Liabilities
Takaful payables
Other payables
19
21
22
23
liabilities and
participants’ fund
097
098
Marine
FireMotorAviation & TransitMiscellaneousTotal
1.1.2011 1.7.2009 1.1.2011 1.7.2009 1.1.2011 1.7.2009 1.1.2011 1.7.2009 1.1.2011 1.7.2009
to
to
to
to
to
to
to
to
to
to
31.12.201131.12.201031.12.201131.12.201031.12.201131.12.201031.12.201131.12.201031.12.201131.12.2010
GroupNoteRM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Gross earned
contributions
Contributions
ceded to Retakaful
25
118,471 173,406 181,524 236,706 13,562 18,312 88,190 25
(67,010)
(95,050)
(5,957)
(1,798)
(5,173)
(8,836)
(36,261)
(40,212) (114,401) (145,896)
Net earned
contributions
25
Net claims incurred
26
Wakalah fee
Administration income
Administration fee
51,461 (22,919)
(5,890)
18,541 (10,464)
78,356 175,567 234,908 (19,434) (143,097) (158,840)
(9,784) (10,366) (14,089)
23,867 - 4
(15,345) (10,635) (16,676)
8,389 (3,423)
(1,704)
865 (1,921)
9,476 (10,979)
(2,849)
1,100 (2,118)
51,929 (31,737)
(5,377)
5,302 (9,789)
82,482 287,346 405,222
(38,620) (201,176) (227,873)
(9,204) (23,337) (35,926)
6,805 24,708 31,776
(11,809) (32,809) (45,948)
Underwriting
surplus/(deficit)
30,729 2,206 (5,370)
10,328 Investment income
Realised gains
and losses
Fair value gains
and losses
Other operating
income
Other operating
expenses
Total profit for the
year/period
Transfer to statements
of comprehensive
income
57,660 11,469 45,307 122,694 401,747 551,118
29,654 54,732 127,251
27
28,532 36,546
28
16,389 13,892
29
643 280
30
45,711 15,050
33
(5,458)
(448)
140,549 192,571
23(b)
(85,547) (118,908)
Participants’ share
of profit
Profit payable
to participants
23(b)
55,002 73,663
(23,173)
(16,740)
Profit attributable to
participants for
the year/period
31,829 56,923
Marine
FireMotorAviation & TransitMiscellaneousTotal
1.1.2011 1.7.2009 1.1.2011 1.7.2009 1.1.2011 1.7.2009 1.1.2011 1.7.2009 1.1.2011 1.7.2009
to
to
to
to
to
to
to
to
to
to
31.12.201131.12.201031.12.201131.12.201031.12.201131.12.201031.12.201131.12.201031.12.201131.12.2010
CompanyNoteRM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Gross earned
contributions
Contributions
ceded to Retakaful
25
95,803 137,603 158,194 200,685 9,226 12,376 71,545 105,498 334,768 25
(56,633)
(78,292)
(4,183)
4,014 (3,864)
(9,222)
(25,212)
(38,399)
(89,892) (121,899)
Net earned
contributions
25
Net claims incurred
26
Administration fee
39,170 (18,969)
18,540 (9,222)
59,311 154,011 204,699 (13,578) (126,593) (139,252)
23,867 - 4
(13,480) (11,382) (16,673)
5,362 (2,582)
866 (1,480)
3,154 (6,731)
1,100 (1,627)
46,333 (29,094)
5,302 (9,061)
67,099 244,876 334,263
(31,504) (177,238) (191,065)
6,805 24,708 31,776
(10,900) (31,145) (42,680)
Underwriting
surplus/(deficit)
29,519 2,166 (4,104)
13,480 Investment income
Realised gains
and losses
Fair value gains
and losses
Other operating
income
Other operating
expenses
56,120 16,036 48,778 456,162
31,500 61,201 132,294
27
27,923 35,641
28
16,311 13,892
29
643 280
30
41,157 16,139
33
(5,458)
(448)
141,777 197,798
Total profit for the
year/period
Transfer to statements
of comprehensive
income
23(b)
(84,816) (118,679)
Participants’ share
of profit Profit payable
to participants
23(b)
56,961 79,119
(22,527)
(16,232)
Profit attributable to
participants for
the year/period
34,434 62,887
099
100
Statements of cash flows
GroupCompany
1.1.2011
1.7.2009
1.1.2011
1.7.2009
to
to
to
to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000RM’000RM’000RM’000
Cash flows from operating activities
101,418 Adjustments for:
Depreciation
- Shareholders’ Fund
10,601 Fair value change of investment properties
(5,942)
Fair value change of fair value through
profit and loss financial assets
(8,170)
Income from financing receivables
(843)
Income from Islamic debt securities,
investment accounts and Islamic accepted bills (145,814)
Dividend income from Shariah approved shares
(24,057)
Gains on disposal of
available-for-sale financial assets
(97,597)
Gains on disposal of property and equipment (29)
Losses/(Gains) on disposal of investment properties
297 Write off of property and equipment 36 Amortisation of premiums, net of accretion of discounts
(1,741)
Reversal of diminution in value of investments
- Shareholders’ Fund
-
- Family Takaful Fund
-
- General Takaful Fund
-
Allowance for impairment in available-for-sale financial assets
8,250 Impairment loss of investment
in a subsidiary
-
Profit from Malaysian Government Islamic papers
(27,345)
Operating loss before working capital changes
(190,936)
97,886 93,959 93,022
13,707 (1,866)
9,419 (5,932)
11,988
(1,684)
-
(2,994)
(5,554)
(843)
(2,379)
(190,813)
(131,471)
(171,361)
(25,422)
(24,057)
(25,384)
(82,908)
(94,815)
(45,895)
(104)
(29)
(54)
(46)
27 (7,863)
297 36 (1,741)
27
(7,863)
(2,163)
(47,595)
(1,839)
-
-
-
-
8,250 (1,497)
(41,862)
(1,416)
-
-
7,018 1,500
(38,285)
(27,345)
(38,285)
(290,278)
(172,808)
(231,143)
GroupCompany
1.1.2011
1.7.2009
1.1.2011
1.7.2009
to
to
to
to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000RM’000RM’000RM’000
Operating loss before working capital changes
(190,936)
Increase in Family Takaful Fund
312,837 Increase in General Takaful Fund
115,933 Decrease/(Increase) in other investments/investments
405,959 Income from Islamic debt securities,
investment accounts,
Islamic accepted bills and profit from Malaysian Government Islamic papers
145,814 Dividend income from Shariah approved shares
24,057 (Decrease)/Increase in payables
(including claims admitted but not paid)
12,770
(Increase)/Decrease in receivables
(76,711)
(290,278)
(172,808)
(231,143)
408,573 93,645 (448,666)
275,811 174,943 136,219 341,656
94,743
(429,228)
190,813 131,471 171,361
25,422 24,057 25,384
3,822 10,764 7,308
(113,275)
5,386
17,279
749,723 (1,288)
(42,905)
(5,905)
(2,775)
(16,952)
463,726 (405)
(43,012)
(4,562)
(3,104)
(16,814)
Net cash generated from/(used in) operating activities
705,530 (25,632)
420,309 (24,480)
-
-
(7,948)
(1,815,871)
1,653,631 (11,992)
(6,561)
156 -
1,006 45 (5,535)
7,403 863
-
(6,786)
(172,319)
(5,698)
Zakat paid
Income taxes paid
Cash flows from investing activities
Purchase of investments
(2,060,964)
Proceeds from sale of investments
1,744,682 Purchase of property and equipment
(13,155)
Proceeds from sale of property and equipment
138 Purchase of investment properties
(5,535)
Proceeds from sale of investment properties
7,403 Net cash used in investing activities
(327,431)
101
102
GroupCompany
1.1.2011
1.7.2009
1.1.2011
1.7.2009
to
to
to
to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000RM’000RM’000RM’000
Cash flows from financing activity
Dividends paid to owners of the Company
(17,910)
(17,401)
(17,910)
(17,401)
(17,910)
(17,401)
(17,910)
(17,401)
360,189 31
(49,819)
(932)
230,080 -
(47,579)
-
26,307 77,058 18,919 66,498
Cash and cash equivalents at the end of financial year/period
386,527 26,307 248,999 18,919
Cash and cash equivalents comprise:
Cash and bank balances and fixed and call deposits
with licensed financial institution with maturity
less than three months
- Shareholders’ Fund (Note 15)
- Family Takaful Fund (Note 15)
- Investment-linked Business (Note 35)
- General Takaful Fund (Note 15)
61,265 265,819 11,673 47,770 2,691 9,304 2,471 11,841 27,811 180,337 8,110 32,741 2,321
4,368
2,078
10,152
386,527 26,307 248,999 18,919
Net cash used in financing activity
Net increase/(decrease) in
cash and cash equivalents
Effect of movement in exchange rates
Cash and cash equivalents at
the beginning of financial year/period
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 the Bursa Malaysia Securities Berhad. The address of its registered office and principal place of business of the Company is
located at:
26th Floor, Annexe Block
50000 Kuala Lumpur
The consolidated financial statements of the Company as at and for the year ended 31 December 2011 comprise the Company and its
subsidiaries (together referred to as the Group). The financial statements of the Company as at and for the year ended 31 December
2011 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 5 to the financial statements. There has been no significant change in the nature of these activities during the
financial year.
The immediate holding company is BIMB Holdings Berhad, a company incorporated in Malaysia and listed on the Main Market of
the Bursa Malaysia Securities Berhad. The ultimate holding corporation of the Company 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 22 March 2012.
1. Basis of preparation
(a) Statement of compliance
The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting
Standards (FRS) issued by the Malaysian Accounting Standards Board (MASB), accounting principles generally accepted
in Malaysia and the provisions of the Companies Act, 1965, the Takaful (Amendment) Act, 1984 and Takaful Guidelines/
Circulars issued by Bank Negara Malaysia. These financial statements also comply with the applicable disclosure provisions of
the Main Market Listing Requirements of the Bursa Malaysia Securities Berhad.
The Group and the Company have not applied the following accounting standards, amendments and interpretations that
have been issued by the Malaysian Accounting Standards Board (MASB) which are not yet effective for the Group and the
Company:
FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 July 2011
-
IC 19, Extinguishing Financial Liabilities with Equity Instruments
-
Amendments to IC Interpretation 14, Prepayments of a Minimum Funding Requirement
FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2012
-
FRS 124, Related Party Disclosures (revised)
-
Amendments to FRS 1, First-time Adoption of Financial Reporting Standards – Severe Hyperinflation and Removal of
Fixed Dates for First-time Adopters
103
104
1. Basis of preparation (continued)
(a) Statement of compliance (continued)
(continued)
-Amendments to FRS 7, Financial Instruments: Disclosures – Transfers of Financial Assets
-
Amendments to FRS 112, Income Taxes – Deferred Tax: Recovery of Underlying Assets
FRSs, Interpretations and amendments effective for annual periods beginning on or after 1 July 2012
-
Amendments to FRS 101, Presentation of Financial Statements – Presentation of Items of Other Comprehensive Income
-
FRS 9, Financial Instruments (2009)
-
FRS 9, Financial Instruments (2010)
-
FRS 10, Consolidated Financial Statements
-
FRS 11, Joint Arrangements
-
FRS 12, Disclosure of Interests in Other Entities
-
FRS 13, Fair Value Measurement
-
FRS 119, Employee Benefits (2011)
-
FRS 127, Separate Financial Statements (2011)
-
FRS 128, Investment in Associates and Joint Ventures (2011)
-
IC Interpretation 20, Stripping Costs in the Production Phase of a Surface Mine
The Group’s and the Company’s next set of financial statements for annual period beginning on 1 January 2012 will be
prepared in accordance with the Malaysian Financial Reporting Standards (MFRS) issued by the MASB that will also comply
with International Financial Reporting Standards (IFRS). As a result, the Group and the Company will not be adopting the
above FRSs, Interpretations and amendments that becomes effective for annual periods beginning on or after 1 July 2011
onwards.
(b) Basis of measurement
The financial statements of the Group and of the Company have been prepared on the historical cost basis except as disclosed
in the notes to the financial statements.
1. Basis of preparation (continued)
(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 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 result may
differ from these estimates.
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 a
significant effect on the amounts recognised in the financial statements other than those disclosed in the following notes:
•Note 2(e) and Note 4 – Investment properties
•Note 2(f) and Note 41 – Financial Instruments
•Note 2(p) and 2(q), Note 11, Note 19 and Note 23 – Provision for outstanding claims including IBNR claims, Family Takaful
Funds and actuarial reserves.
2. Summary of significant accounting policies
The accounting policies set out below have been applied consistently to 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 Group. Control exists when the Group has
the ability to exercise its power to govern the financial and operating policies of an entity so as to obtain benefits from its
activities. In assessing control, potential voting rights that presently are exercisable are taken into account.
Investments in subsidiaries are stated in the Company’s statement of financial position at cost less any impairment losses,
unless the investment is held for sale or distribution. The cost of investments includes transaction costs.
The accounting policies of subsidiaries are changed when necessary to align them with the policies adopted by the
Group.
(ii) Accounting for 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.
105
106
2. Summary of significant accounting policies (continued)
(a) Basis of consolidation (continued)
(ii) Accounting for business combinations (continued)
The Group has changed its accounting policy with respect to accounting for business combinations.
From 1 January 2011, the Group has applied FRS 3, Business Combinations (revised) in accounting for business
combinations. The change in accounting policy has been applied prospectively in accordance with the transitional
provisions provided by the standard and does not have any impact on earnings per share.
Acquisitions on or after 1 January 2011
For acquisition on or after 1 January 2011, the Group measures 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.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such
amounts are generally recognised in profit or loss.
Costs related to the acquisition, 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.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration
is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes
to the fair value of the contingent consideration are recognised in profit or loss.
When share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s
employees (acquiree’s awards) and relate to past services, then all or a portion of the amount of the acquiree’s replacement
awards is included in measuring the consideration transferred in the business combination. This determination is based
on the market-based value of the replacement awards compared with the market-based value of the acquiree’s awards
and the extent to which the replacement awards relate to past and/or future service.
Acquisitions between 1 January 2006 to 1 January 2011
For acquisition between 1 January 2006 to 1 January 2011, goodwill represents the excess of the cost of the acquisition
over the Group’s interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and contingent
liabilities of the acquire. When the excess was negative, a bargain purchase gain was recognised immediately in profit
or loss.
Transaction costs, other than those associated with the issue of Islamic debt or equity securities, that the Group incurred
in connection with business combinations were capitalised as part of the cost of the acquisition.
(ii) Accounting for business combinations (continued)
Acquisitions prior to 1 January 2006
For acquisitions prior to 1 January 2006, goodwill represents the excess of the cost of the acquisition over the Group’s
interest in the fair values of the net identifiable assets and liabilities.
(iii) Accounting for 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) Associates
Associates are entities, including unincorporated entities, in which the Group has significant influence, but not control,
over the financial and operating policies.
Investments in associates are accounted for in the consolidated financial statements using the equity method less any
impairment losses, unless it is classified as held for sale or distribution. The cost of investments includes transaction costs.
The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of
the equity accounted associate, after adjustments if any, to align the accounting policies with those of the Group, from
the date that significant influence commences until the date that significant influence ceases.
When the Group’s share of losses exceeds its interest in an associate, the carrying amount of that interest including any
long-term investments is reduced to zero, and the recognition of further losses is discontinued except to the extent that
the Group has an obligation or has made payments on behalf of the investee.
Investments in associates are stated 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.
(v) Non-controlling interest
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 comprehensive income as
an allocation of the profit or loss and the comprehensive income for the year between non-controlling interests and the
owners of the Company.
From 1 January 2011, the Group has applied FRS 127, Consolidated and Separate Financial Statements (revised) where
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. This change in accounting policy is applied prospectively
in accordance with the transitional provisions of the standard and does not have any impact on earnings per share.
107
108
(v) Non-controlling interest (continued)
In the previous years, where losses applicable to the non-controlling interests exceed their interests in the equity of
a subsidiary, the excess, and any further losses applicable to the non-controlling interests, were charged against the
Group’s interest except to the extent that the non-controlling interests has a binding obligation to, and was able to,
make additional investment to cover the losses. If the subsidiary subsequently reported profits, the Group’s interest was
allocated with all such profits until the non-controlling interests’ share of losses previously absorbed by the Group had
been recovered.
(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 equity accounted 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 the
exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are retranslated to
the functional currency at the exchange rates at that date.
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the end of the reporting
date except for those that are measured at fair value are retranslated to the functional currency at the exchange rates at
the date that the fair value was determined.
Foreign currency differences arising on retranslation are recognised in the 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, including goodwill and fair
value adjustments arising on acquisition, are translated to RM at exchange rates at the end of the reporting period,
except for goodwill and fair value adjustments arising from business combinations before 1 January 2006 which are
reported using the exchange rates at the dates of the acquisitions. The income and expenses of foreign operations, are
translated to RM at exchange rates at the dates of the transactions.
(b) Foreign currency (continued)
(ii) Operations denominated in functional currencies other than Ringgit Malaysia (continued)
Foreign currency differences are recognised in other comprehensive income and accumulated in the foreign currency
translation reserve (FCTR). 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 gain 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 while retaining
control, 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.
(c) Property and equipment
(i) Recognition and measurement
Freehold land is stated at cost. All other property and equipment are measured at cost less accumulated depreciation and
any accumulated impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly
attributable to bringing the assets 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 gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from
disposal with carrying amount of property and equipment and is recognised at net within “realised gains and losses”
respectively in the profit or loss.
(ii) Subsequent costs
The cost of replacing part 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 part will flow to the Group and the Company, and its
cost can be measured reliably. The carrying amount of the replaced parts 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 calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for
cost, less its residual value.
109
110
(c) Property and equipment (continued)
(iii) Depreciation (continued)
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part 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
estimated 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.
Depreciation methods, useful lives and residual values are reviewed, and adjusted as appropriate at end of the reporting
period.
(d)Leased assets
(i) Finance lease
Leases in terms of which the Group or the Company assume substantially all the risks and rewards of ownership are
classified as finance leases. On 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.
(ii) Operating lease
Leases, where the Group or the Company does not assume substantially all the risks and rewards of the ownership
are classified as operating leases and, except for property interest held under operating lease, the leased assets are not
recognised on the Group 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.
Payments made under operating leases are recognised in the profit or loss on a straight-line basis over the term of the
lease unless another systematic basis is more representative of the time pattern in which economic benefits from the
leased asset are consumed. 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.
(d)Leased assets (continued)
(ii) Operating lease (continued)
Prior to 1 January 2011, a leasehold land that normally has an indefinite economic life and title is not expected to pass to
the lessee by the end of the lease term is treated as an operating lease. The payment made on entering into or acquiring
a leasehold land was accounted for as an operating lease representing prepaid lease payments, except for leasehold land
classified as investment property.
With effect from 1 January 2011, the Group has adopted the amendment made to FRS 117 in relation to the classification
of lease of land. As a result, leasehold land which in substance is a finance lease has been reclassified and measured as
such retrospectively.
(e)Investment properties
(i) Investment properties 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
the 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 withdraw from use and no future
economic benefit 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 properties carried at fair value
When an item of property and equipment is transferred to investment properties 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 the 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 the 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.
111
112
(e)Investments properties (continued)
(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 value is 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 acted knowledgeably, prudently and, without compulsion.
(f) Financial instruments
Arising from the adoption of FRS 139, Financial Instruments: Recognition and Measurement, with effect from 1 January 2011,
financial instruments are categorised and measured using accounting policies as mentioned below. Before 1 January 2011,
different accounting policies were applied as disclosed in Note 2(h), (i), and (j). Significant changes to the accounting policies
are discussed in Note 45.
(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 and the Company become 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
at fair value though 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 and measure 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.
(f) Financial instruments (continued)
(ii) Financial instrument categories and subsequent measurement (continued)
(a) Financial assets at fair value through profit or loss (continued)
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 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 and the Company have 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.
(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
received or receivable. Subsequent to initial recognition, takaful receivables are measured at amortised cost, using
the effective interest method.
113
114
(ii) Financial instrument categories and subsequent measurement (continued)
(e) Takaful receivables (continued)
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(g).
Takaful receivables are derecognised when the derecognition criteria for financial assets, as described in Note 2(f)
(iv), have been met.
All financial assets, except for those measured at fair value through profit or loss, are subject to review for impairment
(see Note 2(g)(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 held for trading, 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 market place 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.
(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 the 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 the profit or loss.
(g)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 associates) 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 equity instrument, a significant or prolonged
decline in the fair value below its cost is an objective evidence of impairment.
An impairment loss in respect of loans and receivables (including takaful receivables where the policy is set out in Note
2(g)(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.
An impairment loss in respect of available-for-sale financial assets is recognised in the 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 the 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 the profit or
loss.
115
116
(g)Impairment (continued)
(ii) Takaful receivables
Takaful receivables 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.
Prior to adoption of FRS 139 on 1 January 2011, known doubtful debts are written off and specific allowances are made
for takaful receivables as follows:
(i) motor contributions which remain outstanding for more than 30 days from the date on which they become
receivable; and
(ii) non-motor contributions, including agents or reinsurance balances, which remain outstanding for more than six (6)
months from the date on which they become receivable.
An impairment loss in respect of takaful receivables is recognised in profit or loss and is measured as the difference
between the asset’s carrying amount and the present value of estimated future cash flows discounted at the asset’s
original effective profit rate. The carrying amount of the asset is reduced through the use of an allowance account.
If, in a subsequent period, the fair value of takaful receivables 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 the profit or loss.
The change in the policy for making allowances for takaful receivables did not have any material impact on the financial
statements.
(iii) Other assets
The carrying amounts of other assets (except for deferred tax asset and investment property that is measured at fair value
and non-current 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 group of assets (the “cashgenerating unit”). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated
to 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
to sell. 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.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable
amount.
(g)Impairment (continued)
(iii) Other assets (continued)
Impairment losses are recognised in the profit or loss. Impairment losses recognised in respect of cash-generating units
are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying
amount of the other assets in the unit (groups of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, 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 year in which
the reversals are recognised.
(h)Investments
Prior to 1 January 2011, investments are recognised initially at purchase price plus attributable transaction costs.
Subsequent to initial recognition:
•
Investments in Government Islamic Papers (Government Investment Issues and other Islamic instruments issued by the
Government or Bank Negara Malaysia (“BNM”)), Malaysian Government Securities, Islamic debt securities and other
investments as specified by BNM and held to maturity are stated at cost adjusted for amortisation of premiums or
accretion of discounts, calculated on a constant yield basis, from the date of purchase to maturity date. The amortisation
of premiums and accretion of discounts are recognised in the revenue accounts / income statements.
•
Quoted investments are stated at the lower of cost and market value determined on an aggregate portfolio basis by
category of investments except that if diminution in value of a particular investment is not regarded as temporary,
provision is made against the value of that quoted investment.
•All other unquoted investments are stated at the lower of cost and net realisable value.
•
Investments in quoted shares, unit trusts, and Islamic debt securities of Investment-linked businesses are stated at the
closing market prices.
•Unquoted Islamic debts securities and investment in commodity, equity and fixed income closed end fund of the
Investment-linked funds are stated at the prevailing prices quoted by independent financial institutions. Any increase or
decrease in value of these investments is taken into the investment-linked business revenue accounts.
Allowance for diminution in value of investments are charged directly to the revenue accounts of the takaful funds and to the
income statements. Subsequent increase in market value of the quoted investment is treated as a write back of the previous
allowance for diminution in value of investments to the extent of the carrying amount of the quoted investments that would
have been determined had no diminution in value had been recognised.
On disposal of an investment, the difference between net disposal proceeds and its carrying amount is recognised in the
revenue accounts / income statements.
117
118
(h)Investments (continued)
All investments in Islamic debt and equity securities are accounted for using settlement date accounting. Settlement date
accounting refers to:
a) the recognition of an asset on the day it is received by the entity, and
b) the derecognition on an asset and recognition of any gain or loss on disposal on the date it is delivered.
(i) Financing receivables
Prior to 1 January 2011, financing receivables are initially recognised at their cost when the contractual right to receive cash or
another financial asset from another entity is established. Financing receivables are not held for the purpose of trading.
Subsequent to initial recognition, financing receivables are stated at cost less allowance for doubtful debts.
Known bad debts are written off and specific provisions is made for any financing, which remains outstanding for more than
six months from the date on which they became payable, and for all debts which are considered doubtful.
Following the adoption of FRS 139, financing receivables are categorised and measured as loans and receivables in accordance
with Note 2(f)(ii)(c).
(j)Receivables
Prior to 1 January 2011, receivables are initially recognised at their cost when the contractual right to receive cash or another
financial asset from another entity is established. Receivables are not held for the purpose of trading.
Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.
Known bad debts are written off and specific allowance for doubtful debts is made as follows:
a) Motor contributions which remain outstanding for more than 30 days.
b)Non-motor contributions including agents and reinsurance balances, which remain outstanding for more than six
months.
Following the adoption of FRS 139, financing receivables are categorised and measured as loans and receivables in accordance
with Note 2(f)(ii)(c).
(k)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 cost to sell.
2. Summary of sinificant accounting policies (continued)
(k)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 a
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 the 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.
(l)Cash and cash equivalents and placements with financial institutions
Cash and cash equivalents consist of cash in hand, balances and deposits with banks and highly liquid investments which have
an insignificant risk of changes in value with original maturities of three months or less.
(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 has 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 contribution to the statutory pension fund is charged to the profit or loss in the year to which they relate.
Once the contributions have been paid, the Group has no further payment obligations.
(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.
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably,
the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible
obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events, are
also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.
119
120
(o) Payables
Payables are measured initially and subsequently at cost. Payables are recognised when there is a contractual obligation to
deliver cash or another financial asset to another entity.
Following the adoption of FRS 139, trade and other payables are categorised and measured as financial liabilities in accordance
with Note 2(f)(ii).
(p) General Takaful Fund
The General Takaful Fund is maintained in accordance with the Takaful Act, 1984 (amendment). Included in General Takaful
Fund is fund 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 period/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) 1/365th method for all General Takaful business within Malaysia.
b) 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 comprehensive income for the Group and the Company in the year in which the settlement
takes place.
(p) General Takaful Fund (continued)
Provision for outstanding claims (continued)
Provision is also 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 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.
(q) Family Takaful Fund
Included in Family Takaful Fund is fund arising from:• Family Takaful;
• Group Family Takaful; and
• Family retakaful funds.
The Family Takaful Fund is maintained in accordance with the requirements of the Takaful (Amendment) Act, 1984 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 the statement of comprehensive income is based on the predetermined
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. For individual family takaful contribution,
recognition is up to the extent of one due amount.
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.
121
122
(q) Family Takaful Fund (continued)
Actuarial reserves
Actuarial reserves comprise the unearned contribution reserves and the reserve computed under the net contribution valuation
as explained below :
(i) Unearned contribution reserve
The Unearned Contribution Reserve (UCR) of group family fund (except for Mortgage Reducing Term Takaful (MRTT) as
detailed below) and family retakaful fund represents 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 period/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) 1/365th method for all group family takaful business within Malaysia.
b) A pro-rata basis based on a time apportionment method for family retakaful business.
(ii) Net contribution valuation
The actuarial liabilities for MRTT products managed under group family fund and Ordinary Participants’ Special Account
(PSA) are calculated using the net contribution method of valuation (NCV). The liability is ascertained by deducting the
present value of future net contribution from the present value of the future amount-at-risk. As with all projections, there
are elements of uncertainty and the projected liability may be different from actual.
These uncertainties arise from changes in underlying risks, changes in spread of risks, claims settlement pattern as well
as uncertainties in the projection model and underlying assumptions.
(i) Investment-Linked products
Provision is made to recognise future expected losses to the Shareholders’ Fund, if any, arising from servicing of individual
certificate contracts with participants.
Provision is estimated based on the methodology stated in the Guidelines on Investment Linked Insurance/Takaful Business
(BNM/RH/GL 010-15) issued by Bank Negara Malaysia where best estimated cash flows are discounted to ensure that
there are no negative net cash flows arising in the future in the Shareholders’ Fund. The best estimate assumptions used
are consistent with that used in the valuation of the Investment Linked Risk Fund.
(ii) Single Contribution Wakalah Plans (Mortgage and Group Credit Wakalah)
Provision is estimated based on actuarial present value of future maintenance expense. The assumptions used in calculating
the provision are best estimate assumptions.
(q) Family Takaful Fund (continued)
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:
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.
(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:
•
•
•
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.
123
124
(s)Retakaful
The fund cedes 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.
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 fund also assumes 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.
(t) Other revenue recognition
(i) Financing income
Incomes from financing are 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.
(t) Other revenue recognition (continued)
(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 is recognised when the right to receive payment is established.
(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.
(v)Tax expense
Tax expense comprises current and deferred tax. Current and deferred tax is recognised in the 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 substantially
enacted at 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 (tax 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 date and are reduced to
the extent that it is no longer probable that the related tax benefit will be realised.
125
126
(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 the income statements on a straight-line basis over the lease term.
(x)Earnings per share
The Group presents basic 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.
No diluted EPS is disclosed in these financial statements as there are no dilutive potential ordinary shares.
(y) Segment reporting
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. An
operating segment’s 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.
3. Property and equipment
Shareholders’ Fund
Office
Renovation equipment,
Leasehold
and
furniture,
Group
Freehold
lands and
building inMotor fixtures and
Land
Buildings
buildings progress
vehicles
fittingsTotal
CostRM’000RM’000RM’000RM’000RM’000RM’000RM’000
At 1 July 2009
Reclassification from
prepaid lease payment
on FRS 117 adoption
1,660
7,895
-
-
1,388
91,275
102,218
-
-
4,108
-
-
-
4,108
At 1 July 2009, restated
Additions
Disposals
Write offs
Effect of movement in
exchange rates
1,660
-
-
-
7,895
35
-
-
4,108
-
-
-
-
222
-
-
1,388
385
(111)
-
91,275
7,306
(865)
(2,739)
106,326
7,948
(976)
(2,739)
-
(27)
(14)
-
(17)
(302)
(360)
1,660
-
-
-
7,903
208
-
-
4,094
-
-
-
222
-
-
-
1,645
136
(323)
-
94,675
12,811
(95)
(1,468)
110,199
13,155
(418)
(1,468)
-
(720)
(422)
-
-
-
(1,142)
(1,660)
-
(1,781)
-
(1,194)
-
-
(222)
-
-
-
222
(4,635)
-
-
39
21
-
11
128
199
-
5,649
2,499
-
1,469
106,273
115,890
At 31 December 2010/
1 January 2011, restated
Additions
Disposals
Write offs
Reclassification to investment
properties (Note 4):
-Offset of accumulated
depreciation
- Reclassification of
carrying amount
Transfers
exchange rates
At 31 December 2011
127
128
3. Property and equipment (continued)
Shareholders’ Fund (continued)
Office
GroupLeasehold
and
furniture,
Freehold
lands and
AccumulatedLand
Buildings
buildings
progress
vehicles
fittingsTotal
depreciationRM’000RM’000RM’000RM’000RM’000RM’000RM’000
At 1 July 2009
on FRS 117 adoption
-
1,488
-
-
915
67,359
69,762
-
-
817
-
-
-
817
Charge for the period
Disposals
Write offs
exchange rates
-
-
-
-
1,488
357
-
-
817
400
-
-
-
-
-
-
915
271
(111)
-
67,359
12,679
(856)
(2,704)
70,579
13,707
(967)
(2,704)
-
(12)
(14)
-
(13)
(274)
(313)
-
-
-
-
1,833
156
-
-
1,203
120
-
-
-
-
-
-
1,062
106
(221)
-
76,204
10,219
(88)
(1,432)
80,302
10,601
(309)
(1,432)
-
(720)
(422)
-
-
-
(1,142)
-
8
5
-
8
108
129
-
1,277
906
-
955
85,011
88,149
Charge for the year
Disposals
Write offs
Offset of accumulated
depreciation on property
reclassified to investment
properties
exchange rates
At 31 December 2011
Office
GroupLeasehold
and
furniture,
Freehold
lands and
Land
Buildings
buildings
progress
vehicles
fittingsTotal
Carrying amountsRM’000RM’000RM’000RM’000RM’000RM’000RM’000
1,660
6,407
3,291
-
473
23,916
35,747
1,660
6,070
2,891
222
583
18,471
29,897
-
4,372
1,593
-
514
21,262
27,741
1,660
3,417
-
-
447
80,909
86,433
-
-
1,616
-
-
-
1,616
Additions
Disposals
Write offs
1,660
-
-
-
3,417
-
-
-
1,616
-
-
-
-
222
-
-
447
170
-
-
80,909
6,169
(865)
(2,739)
88,049
6,561
(865)
(2,739)
At 31 December 2010
(restated)
1,660
3,417
1,616
222
617
83,474
91,006
At 31 December 2011
Company
Cost
At 1 July 2009
on FRS 117 adoption
129
130
Office
CompanyLeasehold
and
furniture,
Freehold
lands and building inMotor fixtures and
Land
Buildings
buildings
progress
vehicles
fittingsTotal
CostRM’000RM’000RM’000RM’000RM’000RM’000RM’000
Additions
Disposals
Write offs
Reclassification to investment
properties (Note 4):
- Offset of accumulated
depreciation
- Reclassification of
carrying amount
Transfers
1,660
-
-
-
3,417
-
-
-
1,616
-
-
-
222
-
-
-
617
-
(95)
-
83,474
11,992
(86)
(1,468)
91,006
11,992
(181)
(1,468)
-
(720)
(422)
-
-
-
(1,142)
(1,660)
-
(1,781)
-
(1,194)
-
-
(222)
-
-
-
222
(4,635)
-
-
916
-
-
522
94,134
95,572
At 1 July 2009
on FRS 117 adoption
-
871
-
-
268
58,426
59,565
-
-
375
-
-
-
375
Charge for the period
Disposals
Write offs
-
-
-
-
871
102
-
-
375
45
-
-
-
-
-
-
268
121
-
-
58,426
11,720
(856)
(2,708)
59,940
11,988
(856)
(2,708)
At 31 December 2010
(restated)
-
973
420
-
389
66,582
68,364
At 31 December 2011
Accumulated depreciation
Office
CompanyLeasehold
and
furniture,
Freehold
lands and
AccumulatedLand
Buildings
buildings
progress
vehicles
fittingsTotal
depreciationRM’000RM’000RM’000RM’000RM’000RM’000RM’000
Charge for the year
Disposals
Write offs
Offset of accumulated
depreciation on property
reclassified to investment
properties
-
-
-
-
973
17
-
-
420
2
-
-
-
-
-
-
389
80
(81)
-
66,582
9,320
(84)
(1,432)
68,364
9,419
(165)
(1,432)
-
(720)
(422)
-
-
-
(1,142)
At 31 December 2011
-
270
-
-
388
74,386
75,044
1,660
2,546
1,241
-
179
22,483
28,109
1,660
2,444
1,196
222
228
16,892
22,642
-
646
-
-
134
19,748
20,528
Carrying amounts
At 31 December 2011
131
132
3.1Leasehold lands and buildings
Included in the carrying amounts of the leasehold lands and buildings are:
GroupCompany
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000RM’000RM’000RM’000
Leasehold lands and buildings with
unexpired lease period of
- more than 50 years
- less than 50 years
-
1,593
1,196
1,695
-
-
1,196
-
1,593
2,891
-
1,196
4.Investment properties
Family Takaful
General Takaful
31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010
GroupRM’000RM’000RM’000RM’000RM’000RM’000
At 1 January 2011/
1 July 2009
-Additions
- Disposals
-Reclassified from/(to)
assets held for sale
(Note 16)
- Reclassified from
property and
equipment
(Note 3)
- Transfers
- Fair value (loss)/gain
for the year/period
- net (Note 29)
- Effect of movement
in exchange rates
At 31 December
11,958
-
-
11,156
-
-
206,980
5,092
(4,000)
204,983
-
(206)
29,234
443
(3,700)
28,954
-
-
1,471
(668)
-
-
-
4,635
707
-
-
-
(707)
-
-
-
-
-
1,460
(668)
3,839
2,254
643
280
(2)
(1)
83
(51)
-
-
18,758
11,958
210,619
206,980
26,620
29,234
4.Investment properties (continued)
Family Takaful
General Takaful
31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010
Comprising of:
Freehold lands and buildings
Leasehold lands and buildings more
than 50 years
Leasehold lands and buildings less
than 50 years
Company
At 1 January 2011/
1 July 2009
-Additions
- Disposals
-Reclassified from/(to) assets held for
sale (Note 16)
- Reclassified from property and
equipment (Note 3)
- Fair value (loss)/gain for the
year/period
- net (Note 29)
At 31 December
Comprising of:
Freehold lands and buildings
Leasehold lands and buildings more
than 50 years
Leasehold lands and buildings less
than 50 years
9,637
5,305
176,944
173,031
14,430
17,354
8,510
6,515
25,815
25,425
5,490
5,280
611
138
7,860
8,524
6,700
6,600
18,758
11,958
210,619
206,980
26,620
29,234
11,665
-
-
10,865
-
-
198,172
5,092
(4,000)
196,097
-
-
29,234
443
(3,700)
28,954
-
-
1,471
(668)
-
-
-
4,635
-
-
-
-
-
1,450
(671)
3,839
2,075
643
280
17,750
11,665
202,435
198,172
26,620
29,234
9,240
5,150
172,200
168,697
14,430
17,354
8,510
6,515
25,815
25,425
5,490
5,280
-
-
4,420
4,050
6,700
6,600
17,750
11,665
202,435
198,172
26,620
29,234
133
134
The following are amounts arising from investment properties that have been recognised in profit or loss/revenue accounts during
the financial year/period.
Family Takaful
General Takaful
31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010
Group
Rental income
27
844
649
10,067
16,312
1,144
1,747
Company
Rental income
27
815
643
9,398
15,511
1,144
1,747
Investment properties comprise a number of commercial properties that are leased to third parties. During the year, three properties
have been transferred from property and equipment (see Note 3) to investment properties, since the buildings were no longer used
by the Group and the Company and are now leased to third parties.
The Group’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 of 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.
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.
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.
5.Investment in subsidiaries
31.12.2011
31.12.2010
CompanyRM’000RM’000
At cost
Unquoted shares
Less: Accumulated impairment losses
80,759
(17,030)
80,759
(10,012)
63,729
70,747
Details of the subsidiaries are as follows:
Effective
Country of
ownership interest
Name of subsidiaries
Principal activities
incorporation
31.12.2011
31.12.2010
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
** Audited by a firm affiliated with KPMG Desa Megat & Co
6.Investment in associate
Investment in associate company amounting to RM2,473,000 (2010: RM2,473,000) was fully written down during the financial
year ended 30 June 2007.
135
136
7.Investments
(a) Shareholders’ Fund
31.12.2011
31.12.2010
Cost/Market Value/Cost/Market Value/
Valuation
Fair Value
Valuation
Fair Value
GroupRM’000RM’000RM’000RM’000
Quoted:
Shares
- In Malaysia
-
-
34,876
Unit trusts
- In Malaysia
- Outside Malaysia
-
-
42,695
5,814
-
-
48,509
Unquoted:
Shares
- In Malaysia
- Outside Malaysia
-
-
380
46
-
-
426 Islamic debt securities
- In Malaysia
- Outside Malaysia
Amortisation of premiums
-
-
-
42,856
2,916
(347)
-
-
45,425
46,223
Units in Investment-linked Funds
-
-
32,954
36,860
Deposits and money market
placement with:
Licensed banks
- Local
- Foreign
-
-
167,591
32,303
-
-
199,894 -
Total investments
-
-
362,084 -
Investments maturing
more than twelve months
-
-
45,253 -
39,017
49,823
-
7.Investments (continued)
(a) Shareholders’ Fund (continued)
31.12.2011
31.12.2010
Valuation
Fair Value
Valuation
Fair Value
CompanyRM’000RM’000RM’000RM’000
Quoted:
Shares
- In Malaysia
-
-
34,876
39,017
Unit Trust
- In Malaysia
-
-
42,695
43,813
Unquoted:
Shares
- In Malaysia
-
-
380
-
Islamic debt securities
Amortisation of premiums
-
-
42,856
(347)
-
-
42,509
43,307
Units in Investment-linked Funds
-
-
32,954
36,860
Deposits and money market
placement with:
Licensed banks
-
-
139,848 -
Total investments
-
-
293,262
-
Investments maturing
more than twelve months
-
-
42,509 -
137
138
(b) Family Takaful Fund
31.12.2011
31.12.2010
Valuation
Fair Value
Valuation
Fair Value
Quoted:
Shares
- In Malaysia
- Outside Malaysia
-
-
272,814
74
-
-
272,888
Unit trusts
- In Malaysia
- Outside Malaysia
Allowance for diminution
-
-
-
163,048
26,835
(1,037)
-
-
188,846
Unquoted:
Malaysian Government Islamic papers
Amortisation of premium
Allowance for diminution
-
-
-
571,670
(528)
-
-
-
571,142
578,828
Shares
- In Malaysia
-
-
135 -
- In Malaysia
- Outside Malaysia
Accretion of discounts
-
-
-
1,493,870
56,319
12,378
-
-
1,562,567
Deposits and money market placement with:
Licensed banks
- Local
- Foreign
-
-
484,773
84,104
-
-
568,877 -
Total investments
-
-
3,164,455 -
Investments maturing more than twelve months
-
-
2,117,472 -
292,582
189,916
1,646,815
(b) Family Takaful Fund (continued)
31.12.2011
31.12.2010
Valuation
Fair Value
Valuation
Fair Value
Quoted:
Shares
- In Malaysia
-
-
272,814
292,478
Unit trusts
- In Malaysia
-
-
163,048
164,118
Unquoted:
-
-
571,670
(528)
-
-
571,142
578,828
Shares
- In Malaysia
-
-
135 -
Amortisation of discount
-
-
1,493,870
12,411
-
-
1,506,281
1,588,889
Licensed banks
-
-
484,773 -
Total investments
-
-
2,998,193 -
-
-
2,067,089 -
139
140
(c)Investment-linked Fund
31.12.2011
31.12.2010
Valuation
Fair Value
Valuation
Fair Value
Quoted:
Shares
- In Malaysia
Unrealised gain
-
-
23,262
3,222
-
-
26,484
Unit Trust
- Outside Malaysia
Unrealised gain
-
-
45,535
11,333
-
-
56,868
Unquoted:
- In Malaysia
- Outside Malaysia
Unrealised gain
-
-
-
13,744
7,545
282
-
-
21,571
Investment in commodity,
equity and fixed income
closed end fund
Unrealised gain
-
-
75,210
4,439
-
-
79,649
Licensed banks
- Local
- Foreign
-
-
6,974
2,315
-
-
9,289 -
Total investments
-
-
193,861 -
26,484
56,868
21,571
79,649
(c)Investment-linked Fund (continued)
31.12.2011
31.12.2010
Valuation
Fair Value
Valuation
Fair Value
Quoted:
Shares in Malaysia
Unrealised gain
-
-
23,262
3,222
-
-
26,484
Unquoted:
Unrealised gain
-
-
13,744
294
-
-
14,038
Investment in commodity,
equity and fixed income
closed end fund
Unrealised gain
-
-
75,210
4,439
-
-
79,649
79,649
Licensed banks
-
-
6,974 -
Total investments
-
-
127,145 -
26,484
14,038
141
142
(d) General Takaful Fund
31.12.2011
31.12.2010
Valuation
Fair Value
Valuation
Fair Value
Quoted:
Shares
- In Malaysia
-
-
52,152
Unit trusts
- In Malaysia
- Outside Malaysia
-
-
33,156
909
-
-
34,065
34,887
Unquoted:
Shares
- In Malaysia
-
-
89 -
-
-
120,045
(278)
-
-
119,767
- In Malaysia
- Outside Malaysia
-
-
-
245,452
1,715
2,310
-
-
249,477
Licensed banks
- Local
- Foreign
-
-
157,548
17,491
-
-
175,039 -
Total investments
-
-
630,589 -
-
-
358,876 -
59,232
121,301
258,832
(d) General Takaful Fund (continued)
31.12.2011
31.12.2010
Valuation
Fair Value
Valuation
Fair Value
Quoted:
Shares
- In Malaysia
-
-
52,152
59,232
Unit trusts
- In Malaysia
-
-
33,156
33,882
Unquoted:
Shares
- In Malaysia
-
-
89 -
-
-
120,045
(278)
-
-
119,767
-
-
245,452
2,310
-
-
247,762
257,117
Licensed banks
-
-
157,548 -
Total investments
-
-
610,474 -
-
-
357,161
-
121,301
143
144
8. Financing receivables
GroupCompany
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Shareholders’ FundNoteRM’000RM’000RM’000RM’000
Secured financing
Staff financing
Allowance for doubtful financing
41.4
- - - 2,653 14,708 (2,923)
- - - 2,310
10,617
(2,644)
Total financing
- 14,438 - 10,283
Amount receivable after twelve months
- 14,412 - 10,268
Secured financing
41.4
- - 75,362 (2,986)
- - 75,362
(2,986)
Total financing
- 72,376 - 72,376
- 72,376 - 72,376
Secured financing
Unsecured financing
41.4
- - - 4,386 5,000 (3,066)
- - - 4,386
5,000
(3,066)
Total financing
- 6,320 - 6,320
- 6,320 - 6,320
Family Takaful Fund
9. Other investments
The other investments comprise the following:
Shareholders’
FamilyInvestment
General
FundTakaful
-linkedTakafulTotal
31 December 2011RM’000RM’000RM’000RM’000RM’000
Group
Available-for-sale
Fair value through profit or loss
Held-to-maturity
264,293
-
4,152
2,554,428
-
270,931
-
174,392
-
473,623
-
34,496
3,292,344
174,392
309,579
268,445
2,825,359
174,392
508,119
3,776,315
Available-for-sale
Fair value through profit or loss
Held-to-maturity
255,631
-
-
2,475,921
-
241,904
-
108,913
-
472,609
-
32,766
3,204,161
108,913
274,670
255,631
2,717,825
108,913
505,375
3,587,744
Company
(a)Available-for-sale (AFS) financial assets
Shareholders’
FamilyInvestment
General
At fair value
FundTakaful
-linkedTakafulTotal
Group
Equity securities
- Quoted in Malaysia
- Quoted outside Malaysia
- Unquoted in Malaysia
- Unquoted outside Malaysia
36,572
535
380
47
316,651
415
-
-
-
-
-
-
57,410
-
-
-
410,633
950
380
47
37,534
317,066
-
57,410
412,010
Unit trusts
12,934
5,214
48,726
18,730
48,826
174,649
-
-
-
5,047
1,014
33,711
36,711
55,054
257,086
66,874
242,205
-
39,772
348,851
10,291
492,315
-
89,100
591,706
145
146
9. Other investments (continued)
(a)Available-for-sale (AFS) financial assets (continued)
Shareholders’
FamilyInvestment
General
At fair value
FundTakaful
-linkedTakafulTotal
Group
Islamic debt securities:
2,866
108,506
29,266
1,473,576
-
-
-
287,341
32,132
1,869,423
111,372
1,502,842
-
287,341
1,901,555
Investment in linked funds
38,222
-
-
-
38,222
Total AFS financial assets
264,293
2,554,428
-
473,623
3,292,344
Equity securities
36,572
380
316,651
-
-
-
57,410
-
410,633
380
36,952
316,651
-
57,410
411,013
Unit trusts
12,934
48,726
18,730
174,649
-
-
5,047
33,711
36,711
257,086
61,660
193,379
-
38,758
293,797
10,291
492,315
-
89,100
591,706
108,506
1,473,576
-
287,341
1,869,423
38,222
-
-
-
38,222
Total AFS financial assets
255,631
2,475,921
-
472,609
3,204,161
Company
(b) Fair value through profit or loss (FVTPL) financial assets
Shareholders’
FamilyInvestment
General
At fair value
FundTakaful
-linkedTakafulTotal
Group
Equity securities
-
-
-
-
29,747
31,251
-
-
29,747
31,251
-
-
60,998
-
60,998
Investment units in commodity, equity and
fixed income closed end fund
-
-
63,906
-
63,906
Unit trusts
-
-
25,971
-
25,971
-
-
-
-
15,260
8,257
-
-
15,260
8,257
-
-
23,517
-
23,517
Total FVTPL financial assets
-
-
174,392
-
174,392
Equity securities
-
-
29,747
-
29,747
Investment units in commodity, equity and
fixed income closed end fund
-
-
63,906
-
63,906
-
-
15,260
-
15,260
Total FVTPL financial assets
-
-
108,913
-
108,913
Company
147
148
(c)Held-to-maturity (HTM) financial assets
Shareholders’
FamilyInvestment
General
FundTakaful
-linkedTakafulTotal
Group
At amortised cost
Malaysian Government
Islamic papers
-
4,152
129,061
29,027
-
-
-
1,730
129,061
34,909
-
112,843
-
32,766
145,609
Total HTM financial assets
4,152
270,931
-
34,496
309,579
At fair value
Islamic papers
-
4,165
138,988
28,579
-
-
-
1,730
138,988
34,474
-
114,631
-
33,279
147,910
4,165
282,198
-
35,009
321,372
Company
At amortised cost
Islamic papers
-
129,061
-
-
129,061
-
112,843
-
32,766
145,609
-
241,904
-
32,766
274,670
At fair value
-
138,988
-
-
138,988
Islamic papers
-
114,631
-
33,279
147,910
-
253,619
-
33,279
286,898
(d)Carrying values of financial instruments
AFS
FVTPLHTMTotal
GroupNoteRM’000RM’000RM’000RM’000
At 1 January 2011
Effect on adoption of FRS 139
45.2
2,919,173
134,167
184,571
-
296,106
-
3,399,850
134,167
Purchases
Maturities
Disposals
Dividend income capitalised
Fair value gains/(losses) recorded in:
Profit or loss
Other comprehensive income
Allowance for impairment
in financial assets
Amortisation of premiums,
net of accretion of discounts
3,053,340
1,894,490
(44,769)
(1,605,514)
9,467
184,571
22,663
-
(41,571)
-
296,106
143,811
(130,405)
-
-
3,534,017
2,060,964
(175,174)
(1,647,085)
9,467
-
8,170
-
(3,514)
-
-
(3,915)
8,170
(3,514)
(3,915)
(8,250)
-
-
(8,250)
1,780
(771)
-
559
(23)
90
1,757
(122)
At 31 December 2011
3,292,344
174,392
309,579
3,776,315
At 1 January 2011
Effect on adoption of FRS 139
45.2
2,845,044
131,568
120,170
-
274,714
-
3,239,928
131,568
Purchases
Maturities
Disposals
Dividend income capitalised
Fair value gains/(losses) recorded in:
Profit or loss
Other comprehensive income
in financial assets
Amortisation of premiums,
net of accretion of discounts
2,976,612
1,793,727
(44,769)
(1,519,861)
9,467
120,170
22,144
-
(38,955)
-
274,714
-
(5)
-
-
3,371,496
1,815,871
(44,774)
(1,558,816)
9,467
-
5,554
-
(3,445)
-
-
(1,100)
5,554
(3,445)
(1,100)
(8,250)
-
-
(8,250)
1,780
-
(39)
1,741
At 31 December 2011
3,204,161
108,913
274,670
3,587,744
Company
149
150
(e) Fair values of financial investments
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.
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.
The following investments mature after 12 months:
Shareholders’
FamilyInvestment
General
FundTakaful
-linkedTakafulTotal
Group
AFS financial assets
FVTPL financial assets
HTM financial assets
115,276
-
4,152
Company
115,276
1,930,674
-
-
- 231,904 1,952,123
-
254,357
-
77,657
-
367,443
-
33,458
2,434,842
77,657
291,967
-
77,657 - 366,429
2,412,379
- 77,657
32,766 264,670
The comparative figures as at 31 December 2010 have not been presented based on the new categorisation of financial assets
resulting from the adoption of FRS 139 by virtue of the exemption given in FRS 7.44AA.
10.Deferred taxation
Deferred tax (assets) and liabilities are attributable to the following:
AssetsLiabilitiesNet
31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010
Other investments/Investments
Loans and receivables, excluding
takaful receivables/Financing
receivables
Takaful receivables
Other payables
Unabsorbed tax losses
(25)
-
-
(32)
(121)
-
-
1,651
1,837
-
-
259
(25)
1,651
1,837
(32)
(121)
259
(976)
(1,222)
(10,280)
(4,614)
(2,182)
(1,345)
(1,933)
(3,931)
(3,124)
(2,752)
-
-
-
-
-
-
-
-
-
-
(976)
(1,222)
(10,280)
(4,614)
(2,182)
(1,345)
(1,933)
(3,931)
(3,124)
(2,752)
Tax (assets)/liabilities
Set off of tax
(19,299)
3,488
(13,238)
259
3,488
(3,488)
259
(259)
(15,811)
-
(12,979)
-
Net tax assets
(15,811)
(12,979)
-
-
(15,811)
(12,979)
-
(2,130)
-
(121)
(375)
-
1,651
-
1,837
-
-
1,588
1,651
(2,130)
1,837
(121)
(375)
1,588
(680)
(1,222)
(6,818)
(3,939)
(1,345)
(1,577)
(1,706)
(2,449)
-
-
-
-
-
-
-
-
(680)
(1,222)
(6,818)
(3,939)
(1,345)
(1,577)
(1,706)
(2,449)
Set off of tax
(14,789)
3,488 (7,573)
1,588 3,488
(3,488)
1,588
(1,588)
(11,301)
- (5,985)
-
Net tax assets
(11,301)
(5,985)
(11,301)
(5,985)
Company
Other investments/Investments
takaful receivables/Financing
receivables
Takaful receivables
Other payables
- - 151
152
10.Deferred taxation (continued)
Movement in temporary differences during the year/period:
Effect ofEffect of
RecognisedmovementRecognisedRecognisedmovement
As at in profit
inAs at 31 in profit
in other
inAs at 31
1 July
or loss exchangeDecember
or losscomprehensive exchangeDecember
2009 (Note 34)
rates
2010 (Note 34)
income
rates
2011
GroupRM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Investments/Other
investments
Unearned contribution
reserves
Financing receivables/
Loans and receivables
excluding takaful
receivables
Takaful receivables
Qardh receivables
Other payables
Unabsorbed capital
allowances
Unabsorbed tax losses
1,951
280
(1,985)
(409)
2
8
(32)
(121)
7
1,772
-
-
-
-
(25)
1,651
(2,303)
2,562
-
259
(39)
1,630
(13)
1,837
16
(16)
-
-
-
-
-
-
(1,084)
(2,931)
7,069
(5,124)
-
(260)
1,006
(7,069)
1,176
(3,124)
(1)
(8)
-
17
-
(1,345)
(1,933)
-
(3,931)
(3,124)
729
355
-
(6,348)
(1,490)
-
-
-
-
-
(4)
-
-
(1)
-
(976)
(1,222)
(10,280)
(4,614)
(5,617)
(442)
5,617
(2,392)
-
82
-
(2,752)
-
598
-
-
-
(28)
(2,182)
(8,185)
(4,894)
100
(12,979)
(4,416)
1,630
(46)
(15,811)
10.Deferred taxation (continued)
RecognisedRecognisedRecognised
As at
in profitAs at 31
in profit
in otherAs at 31
1 July
or lossDecember
or loss comprehensiveDecember
2009
(Note 34)
2010 (Note 34)
income
2011
CompanyRM’000RM’000RM’000RM’000RM’000RM’000
Investments/Other investments
Financing receivables/
excluding takaful receivables
Takaful receivables
Qardh receivables
Other payables
Unabsorbed capital allowances
1,951
-
26
(974)
16
(1,951)
(375)
(147)
2,562
(16)
-
(375)
(121)
1,588
-
-
(1,755)
1,772
(1,381)
-
-
-
-
1,630
-
(2,130)
1,651
1,837
-
(1,066)
(2,209)
7,069
(3,491)
-
(5,617)
(279)
632
(7,069)
1,785
(2,449)
5,617 (1,345)
(1,577)
-
(1,706)
(2,449)
-
665
355
-
(5,112)
(1,490)
-
-
-
-
-
-
-
(680)
(1,222)
(6,818)
(3,939)
-
(4,295)
(1,690)
(5,985)
(6,946)
1,630 (11,301)
153
154
11.Retakaful assets
31.12.2011
31.12.2010
1.7.2009
Retakaful of takaful contractsNoteRM’000RM’000RM’000
Group
Family Takaful Fund
Claims liabilities
Actuarial liabilities
19(a)
23(a)
Contribution liabilities
Claims liabilities
19(b)
19(b)
8,002
64,808
2,392
40,617
2,500
8,486
72,810
43,009
10,986
88,597
254,017
48,213
236,911
26,680
204,939
342,614
285,124
231,619
7,045
59,755
1,535
35,642
1,651
4,964
66,800
37,177
6,615
85,326
227,776
36,059
180,472
24,586
155,982
313,102
216,531
180,568
Company
Family Takaful Fund
Claims liabilities
19(a)
23(a)
Contribution liabilities
Claims liabilities
19(b)
19(b)
Estimation of fair values
The carrying amounts disclosed above in respect of the retakaful contracts approximate the fair value at the date of the statements
of financial position.
12.Loans and receivables, excluding takaful receivables
Shareholders’
Family
General
FundTakafulTakaful
31 December 2011
Note RM’000RM’000RM’000
Group
Secured financing
Unsecured financing
Staff financing
41.4 1,371 - 12,024 (2,102)
72,556 - - (944)
6,964
(1,024)
11,293 71,612 5,940
Fixed and call deposits with licensed financial institutions
with maturity more than three months
Licensed banks in Malaysia
Banks outside Malaysia
127,258 5,854 447,809 12,811 153,463
2,807
133,112 460,620 156,270
Other receivables:
Investment receivable
Sundry deposits
Due from Family Takaful Fund 22 Due from General Takaful Fund
22 Due from ILB 35 Sundry receivables
2,801 563 16,229 3,425 947 13,225 28,564 - - - 2,418 6,447
37,190 30,982 13,288
181,595 563,214 175,498
4,811
2,030
Other receivables
3,560 - - 70,648 18,065 1,122 5,360
6,645
-
3,560 89,835 12,005
155
156
12.Loans and receivables, excluding takaful receivables (continued)
Shareholders’
Family
General
FundTakafulTakaful
31 December 2011
Company
Secured financing
Unsecured financing
Staff financing
41.4 1,257 - 8,728 (1,823)
72,556 - - (944)
6,964
(1,024)
8,162 71,612 5,940
with maturity more than three months
108,552 446,389 146,044
Other receivables:
Sundry deposits
2,801 474 8,621 5,043 947 4,419 28,564 - - - - 1,497 6,447
4,811
834
22,305 30,061 12,092
139,019 548,062 164,076
Other receivables
432 - - 70,648 18,065 1,122 5,360
6,645
-
432 89,835 12,005
12.Loans and receivables, excluding takaful receivables (continued)
Shareholders’
Family
General
FundTakafulTakaful
31 December 2010
Group
Other receivables:
Deposits
Due from Shareholders’ Fund 22 Due from Family Takaful Fund 22 Due from General Takaful Fund
1,748 495 - 24,273 12,329 68 11,385 47,254 179 - - - - 211 7,529
463
6,692
2,495
50,298 47,644 17,179
Other receivables:
Deposits
1,748 495 17,859 12,329 68 3,662 47,254 179 - - - 95 7,529
6,692
2,495
36,161 47,528 16,716
Company
Estimation of fair values
The fair value of the financing receivables were determined to approximate the carrying amounts as these are immaterial in the
context of the financial statements. The carrying amounts of fixed and call deposits and other receivables approximate their fair
values.
157
158
13.Takaful receivables
Family Takaful Fund
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Due contributions
Due from retakaful/co-takaful 53,874 13,180 44,744 8,347 41,663 15,321 67,580
22,704
Less: Allowance for impaired/doubtful debts
41.4
67,054 (5,567)
53,091 (9,434)
56,984 (9,522)
90,284
(26,719)
61,487 43,657 47,462 63,565
Due contributions
Due from retakaful/co-takaful 50,527 8,404 40,004 3,264 38,369 2,571 57,325
8,137
Less: Allowance for impaired/doubtful debts
41.4
58,931 (5,441)
43,268 (7,976)
40,940 (9,444)
65,462
(23,047)
53,490 35,292 31,496 42,415
Company
14. Qardh receivables
GroupCompany
31.12.2011
31.12.2010
31.12.2011
31.12.2010
At 1 January 2011/1 July 2009
Increase/(Decrease) during the year/period
1,357 68 31,722 (26,826)
- - 28,274
(28,274)
Qardh written off 33
1,425 (1,145)
(3)
4,896 (2,995)
(544)
- - - -
277 1,357 - -
At 31 December
15.Cash and cash equivalents
GroupCompany
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000RM’000RM’000RM’000
Cash and bank balances
Fixed and call deposits with licensed financial
institutions with maturity less than three months
8,226 2,691 8,123 2,321
29,535 23,504 -
-
19,688 -
-
61,265 2,691 27,811 2,321
Family Takaful Fund
31,215 9,304 22,998 4,368
166,010 68,594 -
-
157,339 -
-
265,819 9,304 180,337 4,368
6,438 11,841 3,431 10,152
31,951 9,381 -
-
29,310 -
-
47,770 11,841 32,741 10,152
The carrying amounts approximate their fair values due to the relatively short-term nature of these financial instruments.
159
160
16.Assets held for sale
As at 31 December 2011, the assets held for sale are as follows:
Shareholders’ Fund Family Takaful
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Group and Company
Reclassified (to)/from investment properties
4
Settlement for asset held for sale
-
-
-
1,471 (1,471)
-
-
668 -
800
(800)
At 31 December
-
-
668 -
The proposed sale of investment properties of the Shareholders’ Fund was aborted during the previous financial period as the
potential buyer had withdrawn from the transaction. Accordingly, the property has been reclassified to Investment Properties
during the financial period ended 31 December 2010.
17. Share capital
Group and Company
NumberNumber
Amount
of sharesAmount
of shares
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000
’000RM’000
’000
Authorised
Ordinary shares of RM1.00 each
500,000 500,000 500,000 500,000
Issued and fully paid
Ordinary shares of RM1.00 each 162,817 162,817 162,817 162,817
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. 18.Reserves
The balances as shown in the statements of changes in equity are as follows:
18.1 Foreign currency translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of
the Group entities with functional currencies other than RM.
18.Reserves (continued)
18.2 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.
18.3 Retained earnings
The Finance Act 2007 introduced a single tier company income tax system with effect from 1 January 2008. As such, the
remaining Section 108 tax credit is available to the Company until such time the credit is fully utilised or upon expiry of the
six year transitional period on 31 December 2013, whichever is earlier. During the year, the Company has fully utilised its
available Section 108 tax credit balances.
19.Takaful contract liabilities
GrossRetakafulNet
Group
31 December 2011
Family Takaful Fund
19(a) 19(b) 102,681 883,655 (8,002)
(342,614)
94,679
541,041
986,336
(350,616)
635,720
52,904 775,598 (2,392)
(285,124)
50,512
490,474
828,502
(287,516)
540,986
43,817 633,145
(2,500)
(231,619)
41,317
401,526
676,962 (234,119) 442,843
31 December 2010
Family Takaful Fund
19(a) 19(b) 1 July 2009
Family Takaful Fund
19(a) 19(b) 161
162
19.Takaful contract liabilities (continued)
GrossRetakafulNet
Company Note RM’000RM’000RM’000
31 December 2011
Family Takaful Fund
19(a)
19(b)
93,693
804,344
(7,045)
(313,102)
86,648
491,242
898,037
(320,147)
577,890
44,471
659,478
(1,535)
(216,531)
42,936
442,947
703,949
(218,066)
485,883
34,227
536,372
(1,651)
(180,568)
32,576
355,804
570,599
(182,219)
388,380
31 December 2010
Family Takaful Fund
19(a)
19(b)
1 July 2009
Family Takaful Fund
19(a)
19(b)
(a) Family Takaful Fund
The Family Takaful Fund contract liabilities and its movements are further analysed as follows:
GrossRetakafulNet
GroupRM’000RM’000RM’000
31 December 2011
Provision for claims reported by participants
Provision for IBNR
30,237
72,444
(1,279)
(6,723)
28,958
65,721
102,681
(8,002)
94,679
Provision for IBNR
26,762
26,142
(1,080)
(1,312)
25,682
24,830
52,904
(2,392)
50,512
31 December 2010
(a) Family Takaful Fund (continued)
GrossRetakafulNet
1 July 2009
Provision for IBNR
19,931
23,886
(724)
(1,776)
19,207
22,110
43,817
(2,500)
41,317
Provision for IBNR
26,150
67,543
(696)
(6,349)
25,454
61,194
93,693
(7,045)
86,648
Provision for IBNR
24,085
20,386
(266)
(1,269)
23,819
19,117
44,471
(1,535)
42,936
Provision for IBNR
17,242
16,985
(88)
(1,563)
17,154
15,422
34,227
(1,651)
32,576
Company
31 December 2011
31 December 2010
1 July 2009
163
164
GrossRetakafulNet
GroupNoteRM’000RM’000RM’000
At 1 July 2009
Claims incurred during the period
Claims paid during the period
26
Increase in IBNR
43,817
553,162
(546,309)
2,256
(22)
(2,500)
(28,475)
28,107
464
12
41,317
524,687
(518,202)
2,720
(10)
At 31 December 2010/1 January 2011
Claims incurred during the year
Claims paid during the year
26
Increase/(Decrease) in IBNR
52,904
436,516
(432,862)
46,302
(179)
(2,392)
(22,685)
22,113
(5,411)
373
50,512
413,831
(410,749)
40,891
194
At 31 December 2011
102,681
(8,002)
94,679
At 1 July 2009
Claims incurred during the period
26
Increase in IBNR
34,227
464,179
(457,336)
3,401
(1,651)
(10,633)
10,455
294
32,576
453,546
(446,881)
3,695
Claims incurred during the year
26
Increase/(Decrease) in IBNR
44,471
369,063
(366,998)
47,157
(1,535)
(15,225)
14,795
(5,080)
42,936
353,838
(352,203)
42,077
At 31 December 2011
93,693
(7,045)
86,648
Company
Included in the Company’s increase in IBNR is approximately RM28,630,000 due to revisions made to factors used in the IBNR
determination and a higher level of precision in estimating the IBNR for certain lines of business within the Family Takaful
Fund.
(b) General Takaful Fund
The General Takaful contract liabilities and its movements are further analysed as follows:
GrossRetakafulNet
31 December 2011
Provision for IBNR
387,642
143,859
(215,374)
(38,643)
172,268
105,216
Provision for unearned contributions
531,501
352,154
(254,017)
(88,597)
277,484
263,557
883,655
(342,614)
541,041
Provision for IBNR
356,285 107,271 (211,009)
(25,902)
145,276
81,369
463,556 312,042 (236,911)
(48,213)
226,645
263,829
775,598 (285,124)
490,474
Provision for IBNR
296,288
80,056
(193,392)
(11,547)
102,896
68,509
376,344
256,801
(204,939)
(26,680)
171,405
230,121
633,145
(231,619)
401,526
(i)
(ii)
31 December 2010
(i)
(ii)
1 July 2009
(i)
(ii)
165
166
(b) General Takaful Fund (continued)
GrossRetakafulNet
CompanyNoteRM’000RM’000RM’000
31 December 2011
Provision for IBNR
340,045
137,236
(190,079)
(37,697)
149,966
99,539
477,281
327,063
(227,776)
(85,326)
249,505
241,737
804,344
(313,102)
491,242
Provision for IBNR
279,433
101,530
(154,882)
(25,590)
124,551
75,940
380,963
278,515
(180,472)
(36,059)
200,491
242,456
659,478
(216,531)
442,947
Provision for IBNR
227,201
73,985
(144,443)
(11,539)
82,758
62,446
301,186
235,186
(155,982)
(24,586)
145,204
210,600
536,372
(180,568)
355,804
(i)
(ii)
31 December 2010
(i)
(ii)
1 July 2009
(i)
(ii)
(i) Provision for outstanding claims
GrossRetakafulNet
At 1 July 2009
Claims incurred for current accident period
Adjustment to claims incurred in prior accident years
Increase in IBNR
26
Effect of movement in exchange rate
376,344
346,912
11,396
27,215
(298,973)
662
(204,939)
(142,816)
(691)
(14,355)
126,446
(556)
171,405
204,096
10,705
12,860
(172,527)
106
Claims incurred for current accident year
Increase in IBNR
26
Effect of movement in exchange rate
463,556
230,274
(8,241)
36,588
(189,669)
(1,007)
(236,911)
(69,437)
25,765
(12,741)
38,902
405
226,645
160,837
17,524
23,847
(150,767)
(602)
At 31 December 2011
531,501
(254,017)
277,484
At 1 July 2009
Claims incurred for current accident period
Increase in IBNR
26
301,186
303,040
(11,058)
27,545
(239,750)
(155,982)
(124,628)
10,217
(14,051)
103,972
145,204
178,412
(841)
13,494
(135,778)
Claims incurred for current accident year
Increase in IBNR
26
380,963
199,154
16,320
35,706
(154,862)
(180,472)
(53,318)
(8,517)
(12,107)
26,638
200,491
145,836
7,803
23,599
(128,224)
At 31 December 2011
477,281
(227,776)
249,505
Company
167
168
(ii) Provision for unearned contributions
GrossRetakafulNet
At 1 July 2009
Contributions written during the period
25
Contributions earned during the period
25
256,801
606,354
(551,118)
5
(26,680)
(167,424)
145,896
(5)
230,121
438,930
(405,222)
-
Contributions written during the year
25
Contributions earned during the year
25
312,042
441,889
(401,747)
(30)
(48,213)
(154,871)
114,401
86
263,829
287,018
(287,346)
56
At 31 December 2011
352,154
(88,597)
263,557
At 1 July 2009
Contributions written during the period
25
Contributions earned during the period
25
235,186
499,491
(456,162)
(24,586)
(133,372)
121,899
210,600
366,119
(334,263)
Contributions written during the year
25
Contributions earned during the year
25
278,515
383,316
(334,768)
(36,059)
(139,159)
89,892
242,456
244,157
(244,876)
At 31 December 2011
327,063
(85,326)
241,737
Company
20. Provision for wakalah fee
GroupCompany
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Provision for the year/period, net
31
12,502
7,317
(80)
-
12,502
- At 31 December 2011
19,739 12,502 9,800
5,958
- 15,758 9,800
9,800
21.Takaful payables
GroupCompany
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Family Takaful FundRM’000RM’000RM’000RM’000
Due to retakaful companies
Due to Intermediaries/Participants
11,082
7,781
4,912
10,305
7,516
7,781
1,928
10,305
18,863
15,217
15,297
12,233
Due to retakaful companies
Due to Intermediaries/Participants
22,479
3,562
29,013
6,224
19,960
3,562
24,872
6,224
26,041
35,237
23,522
31,096
The carrying amounts disclosed above approximate their fair values at the end of the reporting period.
22. Other payables
GroupCompany
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Deposit payable
Outstanding purchases of
investment securities
Due to General Takaful Fund
12
Zakat payable
Other payables and accruals
296
278
296
278
638
-
676
64,387
-
463
1,231
33,337
638
-
224
54,110
154
22,489
65,997
35,309
55,268
22,921
Family Takaful Fund
Advanced takaful contribution
Deposit payable
Due to Shareholders’ Fund
12
Due to General Takaful Fund
12
Due to ILB
35
5,356
3,285
15,624
2,423
5,356
1,680
15,624
1,908
6,788
16,229
4,811
7,121
89,593
-
24,273
6,692
1,621
105,642
6,788
8,621
4,811
7,121
85,943
17,859
6,692
1,621
100,516
133,183
156,275
120,320
144,220
169
170
22. Other payables (continued)
GroupCompany
31.12.2011
31.12.2010
31.12.2011
31.12.2010
General Takaful FundNoteRM’000RM’000RM’000RM’000
Advanced takaful contribution
Profit payable to participants
Unclaimed monies
12
Statutory liabilities - Qardh
8,090
3,997
1,703
7,150
4,348
3,160
8,090
3,997
1,703
7,150
4,253
3,160
983
3,425
-
55,224
3,298
12,329
19,074
35,949
983
5,043
-
26,259
3,298
12,329
32,334
73,422
85,308
46,075
62,524
The carrying amounts disclosed above approximate their fair values at the end of the reporting period.
23. Participants’ fund
Family Takaful Fund balance at end of the reporting period comprise the following:
GrossRetakafulNet
31 December 2011
40(a)
Unallocated surplus
AFS reserve
Special reserve
Net asset value attributable to unitholders
3,124,962
(64,808)
485,635
-
110,710
-
24,947
187,822
-
3,060,154
485,635
110,710
24,947
187,822
3,934,076
(64,808)
3,869,268
40(a)
Unallocated surplus
Special reserve
2,909,664
403,352
51,078
196,212
(40,617)
-
-
-
2,869,047
403,352
51,078
196,212
3,560,306
(40,617)
3,519,689
31 December 2010
23. Participants’ fund (continued)
GrossRetakafulNet
1 July 2009
Unallocated surplus
Special reserve
2,592,138
276,276
43,664
177,814
(8,486)
-
-
-
2,583,652
276,276
43,664
177,814
3,089,892
(8,486)
3,081,406
40(a)
Unallocated surplus
AFS reserve
Special reserve
2,927,235
477,978
111,153
24,947
118,779
(59,755)
-
-
-
-
2,867,480
477,978
111,153
24,947
118,779
3,660,092
(59,755)
3,600,337
40(a)
Unallocated surplus
Special reserve
2,745,004
397,165
51,078
129,103
(35,642)
-
-
-
2,709,362
397,165
51,078
129,103
3,322,350
(35,642)
3,286,708
Unallocated surplus
Special reserve
2,463,027
289,365
43,664
125,685
(4,964)
-
-
-
2,458,063
289,365
43,664
125,685
2,921,741
(4,964)
2,916,777
Company
31 December 2011
31 December 2010
1 July 2009
171
172
The Family Takaful Fund and its movements are analysed as follows:
GrossRetakafulNet
At 1 July 2009
Reclassification of balances upon adoption of FRS 4
3,115,374
(25,482)
-
(8,486)
3,115,374
(33,968)
Earned contributions
25(i)
Liabilities paid for death, maturities, surrenders,
benefits and claims
Fees deducted
Investment income
Other operating income (net)
Profit paid to participants
Increase in actuarial reserve
Profit attributable to the Group transferred
to statements of comprehensive income
3,089,892
857,487
(8,486)
(30,100)
3,081,406
827,387
(555,394)
(110,235)
228,693
62,937
32,846
46,502
(1,148)
16,829
27,987
-
-
-
-
-
-
(32,131)
(527,407)
(110,235)
228,693
62,937
32,846
46,502
(1,148)
(15,302)
(105,037)
(3,066)
2,113
-
(102,924)
(3,066)
Effect of first time adoption of FRS 139
45.2
3,560,306
105,340
(40,617)
-
3,519,689
105,340
25(i)
benefits and claims
Fees deducted
Investment income
Profit attributable to the Group transferred
AFS reserve
3,665,646
694,719
(40,617)
(28,671)
3,625,029
666,048
(482,465)
(127,479)
165,760
71,641
12,009
27,572
(2,420)
(863)
27,743
-
-
-
-
-
-
(24,191)
(454,722)
(127,479)
165,760
71,641
12,009
27,572
(2,420)
(25,054)
(98,746)
5,370
3,332
928
-
-
(97,818)
5,370
3,332
At 31 December 2011
3,934,076
(64,808)
3,869,268
GrossRetakafulNet
CompanyNoteRM’000RM’000RM’000
At 1 July 2009
2,945,051
(23,310)
-
(4,964)
2,945,051
(28,274)
25(i)
benefits and claims
Fees deducted
Investment income
Profit attributable to the Company transferred
2,921,741
699,073
(4,964)
(6,150)
2,916,777
692,923
(467,580)
(71,143)
213,420
53,662
18,604
38,445
(1,148)
14,436
10,339
-
-
-
-
-
-
(30,678)
(457,241)
(71,143)
213,420
53,662
18,604
38,445
(1,148)
(16,242)
(97,160)
(4,189)
(101,349)
45.2
3,322,350
103,035
(35,642)
-
3,286,708
103,035
25(i)
benefits and claims
Fees deducted
Investment income
Profit attributable to the Company transferred
AFS reserve
3,425,385
563,342
(35,642)
(12,609)
3,389,743
550,733
(416,220)
(90,873)
154,058
69,681
9,393
26,473
(2,029)
(2,171)
20,305
-
-
-
-
-
-
(24,113)
(395,915)
(90,873)
154,058
69,681
9,393
26,473
(2,029)
(26,284)
(85,065)
8,118
(7,696)
-
(92,761)
8,118
At 31 December 2011
3,660,092
(59,755)
3,600,337
173
174
Family Takaful Participants’ fund comprises Participants’ Account (PA), Participants’ Special Account (PSA) and Group Family
Takaful Fund (GFTA) funds.
The valuation of PSA and GFTA was carried out by a qualified internal actuary. For the valuation of the PSA and Mortgage
Reducing Term Takaful (MRTT) of GFTA funds of the Company, the net contribution method of valuation (with negative
reserves eliminated) was used, based on certain underlying assumptions, including profit rates, mortality rates and disability
rates. As with all projections, the projected future liability payable may be different from the actual amount payable due to
inherent uncertainty involved in the assumptions used. For other products of GFTA, the unearned contribution reserves (UCR)
were calculated using the 1/365 method.
In respect of the Ordinary Family PSA & Annuity Waqaf, the statutory valuation of the Company’s Family Takaful Fund was made
for the year ended 31 December 2011 and the results (before shareholders’ transfer) showed a surplus of RM350,280,000
(31.12.2010: RM304,810,000) for the Company when compared the fund balance against the actuarial projected liabilities.
In respect of the Ordinary Family GFTA fund, the statutory valuation of the Company’s Group Family Takaful Fund was made
for the year ended 31 December 2011. As at 31 December 2011, the deficit for the MRTT business (before shareholder’s
transfer) has reduced to RM5,700,000 (31.12.2010: RM13,860,000). No further injection of Qardh is required as there is
sufficient other surplus from the GFTA other products valuation to mitigate the shortfall. GFTA for other products showed a
reserving surplus (before shareholders’ transfer) of RM184,930,000 (31.12.2010: RM167,320,000) for the Company.
The valuation of the PSA and GFTA funds of the Indonesian subsidiary was carried out by a qualified internal actuary. The
method used for PSA is based on prospective method (net level premium) on a policy-by-policy basis for inforce policies. As
for the GFTA funds, the unearned contribution reserves were calculated by using the 1/365 method.
The statutory valuation of the subsidiary’s PSA and GFTA made for the year ended 31 December 2011, showed a surplus of
RM3,000,000 (31.12.2010: Deficit of RM1,078,000).
General Takaful Fund balance at end of the reporting period comprise the following:
31.12.2011
31.12.2010
1.7.2009
Revenue account accumulated surplus
Special reserves
AFS reserves
Foreign currency translation reserve
150,402
-
9,380
5,183
118,573
23,061
-
6,075
61,650
23,061
2,890
164,965
147,709
87,601
31.12.2011
31.12.2010
1.7.2009
CompanyRM’000RM’000RM’000
Revenue account accumulated surplus
Special reserves
AFS reserves
190,117 - 9,352 155,683 23,061 - 92,796
23,061
-
199,469 178,744 115,857
The General Takaful Fund and its movements are analysed as follows:
GroupCompany
NoteRM’000RM’000
At 1 July 2009, as previously stated
336,967 (249,366)
326,457
(210,600)
Net contributions received /receivable
Net claims incurred for the period
Fees deducted, net
Investment income
Other operating expense
Increase in unearned contribution reserves
Surplus transferred to statements of comprehensive income
87,601 438,930 (227,873)
(50,098)
36,546 13,892 280 15,050 (448)
(16,740)
(33,708)
(118,908)
3,185 115,857
366,119
(191,065)
(10,904)
35,641
13,892
280
16,139
(448)
(16,232)
(31,856)
(118,679)
-
147,709 18,665 178,744
18,570
Net contributions received/receivable Net claims incurred for the year
Fees deducted, net
Investment income
Release of special reserve
Increase in unearned contribution reserves
Surplus transferred to statements of comprehensive income AFS reserve
166,374 287,018 (201,176)
(31,438)
28,532 57,285 (23,061)
(23,173)
328 (85,547)
(9,285)
(892)
197,314
244,157
(177,238)
(6,437)
27,923
52,653
(23,061)
(22,527)
719
(84,816)
(9,218)
-
At 31 December 2011
164,965 199,469
45.2 175
176
24. Operating revenue
Shareholders’
Family
General
FundTakafulTakafulTotal
1 January 2011 to 31 December 2011
Gross contributions
Investment income
25
27
-
14,382
699,344
165,760
441,889
28,532
1,141,233
208,674
14,382
865,104
470,421
1,349,907
-
17,086
839,909
228,693
606,354
36,546
1,446,263
282,325
17,086
1,068,602
642,900
1,728,588
-
11,652
567,736
154,058
383,316
27,923
951,052
193,633
11,652
721,794
411,239
1,144,685
-
12,352
679,831
213,420
499,491
35,641
1,179,322
261,413
12,352
893,251
535,132
1,440,735
1 July 2009 to 31 December 2010
Gross contributions
Investment income
25
27
Company
Gross contributions
Investment income
25
27
Gross contributions
Investment income
25
27
25.Net earned contributions
Family Takaful
General Takaful
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
(i) Gross contributions
Change in actuarial reserves/
unearned contributions reserves
699,344
839,909
441,889
606,354
(4,625)
17,578
(40,142)
(55,236)
694,719
857,487
401,747
551,118
(ii)Retakaful
(27,608)
(30,824)
(154,871)
(167,424)
(1,063)
724
40,470
21,528
(28,671)
(30,100)
(114,401)
(145,896)
666,048
827,387
287,346
405,222
(i) Gross contributions
567,736
679,831
383,316
499,491
(4,394)
19,242
(48,548)
(43,329)
563,342
699,073
334,768
456,162
(ii)Retakaful
(12,609)
(6,150)
(139,159)
(133,372)
-
-
49,267
11,473
(12,609)
(6,150)
(89,892)
(121,899)
550,733
692,923
244,876
334,263
Contributions ceded to retakaful
(iii)Net earned contributions
Company
(iii)Net earned contributions
177
178
26.Net benefits and claims
Family Takaful
General Takaful
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Gross benefits/claims paid
Retakaful recoveries
(432,862)
22,113
(546,309)
28,107
(189,669)
38,902
(298,973)
126,446
Net benefits/claims paid
(410,749)
(518,202)
(150,767)
(172,527)
Gross change in contract liabilities:
At 31 December
(102,681)
(52,904)
174
(52,904)
(43,817)
2
(531,501)
(463,556)
1,395
(463,556)
(376,344)
(662)
(49,603)
(9,085)
(66,550)
(87,874)
Change in contract liabilities ceded to
retakaful companies:
At 31 December
8,002
2,392
20
2,392
2,500
(12)
254,017
236,911
(965)
236,911
204,939
556
5,630
(120)
16,141
32,528
(454,722)
(527,407)
(201,176)
(227,873)
Net benefits paid and payable/claims incurred
(i) Family Takaful Fund benefits paid and payable:
Family Takaful
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
By typeRM’000RM’000
Death/disability
Maturities
Surrenders
Medical
Others
(159,899)
(78,428)
(159,226)
(53,354)
(3,815)
(157,328)
(65,678)
(230,941)
(70,159)
(3,301)
(454,722)
(527,407)
26.Net benefits and claims (continued)
Family Takaful
General Takaful
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Gross benefits/claims paid
Retakaful recoveries
(366,998)
14,795
(457,336)
10,455
(154,862)
26,638
(239,750)
103,972
Net benefits/claims paid
(352,203)
(446,881)
(128,224)
(135,778)
Gross change in contract liabilities:
At 31 December
(93,693)
(44,471)
(44,471)
(34,227)
(477,281)
(380,963)
(380,963)
(301,186)
(49,222)
(10,244)
(96,318)
(79,777)
Change in contract liabilities ceded to
retakaful companies:
At 31 December
7,045
1,535
1,535
1,651
227,776
180,472
180,472
155,982
5,510
(116)
47,304
24,490
(395,915)
(457,241)
(177,238)
(191,065)
Net benefits paid and payable/claims incurred
(i) Family Takaful Fund benefits paid and payable:
Family Takaful
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
By typeRM’000RM’000
Death/disability
Maturities
Surrenders
Medical
Others
(151,502)
(66,564)
(129,058)
(46,309)
(2,482)
(151,115)
(50,063)
(194,367)
(61,681)
(15)
(395,915)
(457,241)
179
180
27.Investment income
Shareholders’
Family
General
FundTakafulTakaful
Rental income from investment properties
Dividend income
- Equity securities quoted in Malaysia
Profit earned on Islamic debts securities
Dividend income
- Unit trust
Profit income
- Islamic debts securities
- Malaysian Government Islamic papers
Amortisation of premiums, net of accretion of discounts
Profit income
LAR profit income
Cash and cash equivalents profit income
Investment expenses
844
10,067
1,144
-
-
917
662
-
1,054
1,909
8,253
8,519
1,621
1,784
3,370
3
(332)
86,612
19,559
2,708
13,576
4,004
(596)
29
-
-
7,926
11
(432)
4,289
2,922
(10)
23,496
54
(2,288)
149
857
(29)
6,434
49
(461)
14,382
165,760
28,532
Profit from Islamic debt securities
Profit from deposits with financial institutions
Profit from financing
Other income from investments
Dividend from equity securities
Investment expenses
649
4,115
-
7,742
1,399
2,514
16,312
124,716
32,396
26,491
1,010
136
1,747
16,836
5,889
6,310
585
1,953
1,499
(329)
(503)
21,586
7,124
(1,078)
2,337
1,068
(179)
Total investment income
17,086
228,693
36,546
27.Investment income (continued)
Shareholders’
Family
General
FundTakafulTakaful
Dividend income
Profit earned on Islamic debts securities
Dividend income
- Unit trust
Profit income
Profit income
LAR profit income
Cash and cash equivalents profit income
Investment expenses
815
9,398
1,144
-
-
917
662
-
1,054
1,909
8,253
8,519
1,621
1,784
2,950
3
(332)
79,600
19,559
2,708
13,408
4,004
(596)
29
-
-
5,645
11
(432)
4,289
2,922
(10)
19,475
54
(2,288)
149
857
(29)
5,993
49
(461)
11,652
154,058
27,923
Profit from Islamic debt securities
Profit from deposits with financial institutions
Profit from financing
Other income from investments
Dividend from equity securities
Investment expenses
643
2,721
-
5,287
784
2,288
15,511
115,889
32,396
20,846
1,010
136
1,747
16,582
5,889
5,659
585
1,953
1,461
(329)
(503)
21,586
7,124
(1,078)
2,337
1,068
(179)
12,352
213,420
35,641
181
182
28.Realised gains and (losses)
Shareholders’
Family
General
FundTakafulTakaful
Realised gains/(losses):
29
-
-
-
706
(1,003)
6,689
113
39,619
(888)
10,599
78
970
153
383
607
17
887
520
-
714
248
-
26,801
1,961
1,931
5,976
219
Total realised gains for AFS financial assets
9,270
70,935
17,392
9,299
71,641
16,389
Investments
104
-
6,125
-
46
62,891
13,892
6,229
62,937
13,892
Equity securities
- quoted in Malaysia
- quoted outside Malaysia
Unit trust
- unquoted in Malaysia
28.Realised gains and (losses) (continued)
Shareholders’
Family
General
FundTakafulTakaful
29
-
-
-
706
(1,003)
6,689
39,619
10,599
970
153
607
17
520
-
714
-
26,801
1,931
5,976
219
Total realised gains for AFS financial assets
8,526
68,975
17,314
8,555
69,681
16,311
Realised gains
Investments
54
6,125
-
53,662
13,892
6,179
53,662
13,892
Equity securities
Unit trust
183
184
29. Fair value gains and (losses)
Shareholders’
Family
General
FundTakafulTakaful
Fair value gains/(losses) arising from:
1,460
3,839
643
-
-
1,344
2,616 -
-
(8)
-
-
4,218
-
-
8,170
-
1,460
12,009
643
Fair value (losses)/gains arising from:
Investments
(668)
-
2,254
30,592
280
-
(668)
32,846
280
1,450
3,839
643
-
1,344
-
-
(8)
-
-
4,218
-
-
5,554
-
1,450
9,393
643
Equity securities
Commodity, equity and fixed income closed end fund
Total fair value gains for FVTPL financial assets
35
Company
Fair value gains/(losses) arising from:
Equity securities
Commodity, equity and fixed income closed end fund
Total fair value gains for FVTPL financial assets
35
29. Fair value gains and (losses) (continued)
Shareholders’
Family
General
FundTakafulTakaful
Fair value (losses)/gains arising from:
Investments
(671)
-
2,075
16,529
280
-
(671)
18,604
280
30. Other operating income
Shareholders’
Family
General
FundTakafulTakaful
GroupNotesRM’000RM’000RM’000
Income from ILB, service charge and management fees
Miscellaneous income
Recovery of bad debts written off
Writeback of allowance for impaired debts
41.4
Writeback of allowance for impaired financing
41.4
Writeback of special reserve
7,495
1,922
-
-
821
-
-
402
132
3,867
2,042
30,673
960
2,451
17,197
2,042
23,061
10,238
37,116
45,711
Writeback of allowance for doubtful debts
Writeback of allowance for doubtful financing
Writeback of allowance for diminution in value of investments
10,363
5,305
2,264
-
2,163
-
9,498
7,887
125
31,066
827
12,260
124
1,839
20,095
48,576
15,050
Recovery of bad debts written off
41.4
Writeback of allowance for impaired financing
41.4
Writeback of special reserve
6,086
-
-
-
821
-
-
635
132
2,535
2,042
30,673
2,451
13,603
2,042
23,061
6,907
36,017
41,157
Company
185
186
30. Other operating income (continued)
Shareholders’
Family
General
FundTakafulTakaful
CompanyNotesRM’000RM’000RM’000
Writeback of allowance for doubtful debts
Writeback of allowance for doubtful financing
Writeback of allowance for diminution in value of investments
7,996
-
-
-
1,497
-
15,061
-
125
25,333
2,819
11,780
124
1,416
9,493
40,519
16,139
31.Management expenses
GroupCompany
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Shareholders’ FundNotesRM’000RM’000RM’000RM’000
Personnel expenses (including key
management personnel)
Directors’ remuneration
- Salaries and other emoluments
- Fees
Shariah Committee remuneration
- Emoluments
- Fees
Wages, salaries and others
Contributions to Employees’
Provident Fund
1,852
860
5,574
983
1,763
579
5,165
721
113
167
90,063
207
155
107,915
-
167
76,355
71
153
90,090
9,106
13,565
9,106
13,278
102,161
128,399
87,970
109,478
31.Management expenses (continued)
GroupCompany
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Shareholders’ FundNotesRM’000RM’000RM’000RM’000
Depreciation
Auditors’ remuneration
Company auditors
- Statutory audit
Other auditors
- Statutory audit
Licence fees
Legal fees
Professional fees
Rental of properties
Rental of equipments
Repair and maintenance
- property and equipment
Travelling expenses
Utilities
Communication costs
Advertising
Provision for wakalah fees
20
Other expenses
10,601
13,707
9,419
11,988
424
374
400
340
79
193
150
11,521
8,353
2,284
89
616
323
11,058
11,701
4,061
-
127
87
10,702
6,035
2,275
522
145
10,640
8,948
4,047
7,831
4,423
2,426
6,552
5,418
7,317
27,298
10,325
4,968
4,107
9,901
5,228
12,502
23,922
6,840
3,759
1,094
4,446
3,573
5,958
14,825
9,553
4,223
3,244
7,363
3,721
9,800
8,199
94,870
112,882
69,540
82,733
Total management expenses
197,031
241,281
157,510
192,211
All management expenses are incurred at the Shareholders’ Fund level.
187
188
32.Key management personnel compensation
The key management personnel compensation are as follows:
GroupCompany
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000RM’000RM’000RM’000
Directors
Executive:
Salaries and other emoluments
Benefits-in-kind
1,812
7
5,309
10
1,723
7
5,165
10
1,819
5,319
1,730
5,175
Non-Executive:
Other emoluments
Fees
Benefits-in-kind
40
860
9
265
983
3
40
579
5
721
3
909
1,251
624
724
Other key management personnel:
Short-term employment benefits
Benefits-in-kind
4,426
159
5,451
180
3,718
-
4,417
-
4,585
5,631
3,718
4,417
Total
7,313
12,201
6,072
10,316
The estimated monetary value of benefits-in-kind received by the Directors, are RM16,000 (2010: RM13,000) and RM12,000
(2010: RM13,000) at Group and Company level respectively.
33. Other operating expenses
Shareholders’
Family
General
FundTakafulTakaful
Allowance for impairment in AFS financial assets
Write off of equipment and other assets
Qardh written off
Miscellaneous expenses
1,418
36
1,145
493
4,547
- - 4,997
2,285
3,173
3,092
9,544
5,458
Allowance for bad and doubtful debts
Qardh written off
Administrative and general expenses
214
1,754
532
2,995
1,446
1,331
469
- - - - 1,605
448
8,272
2,074
448
Allowance for impairment in value of investment in subsidiary
Allowance for impairment in AFS financial assets
7,018
1,418
36
422
- 4,547
- 4,997
2,285
3,173
8,894
9,544
5,458
Allowance for diminution in value of investment in subsidiary
Allowance for bad and doubtful debts
Administrative and general expenses 1,500
- 532
1,754
1,446
- - 469
- - - 1,605 448
5,232 2,074 448
Company
189
190
34.Tax expense
GroupCompany
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Recognised in profit or loss
Current tax expense
Malaysian - current
Overseas - current
Under provision in prior years
24,434
-
4,288
36,579
17
7,919
24,434
-
4,288
36,579
7,919
Total current tax recognised
in profit or loss
28,722
44,515
28,722
44,498
Deferred tax benefits
Deferred tax recognised in profit or loss
(4,416)
(4,894)
(6,946)
(1,690)
24,306
39,621
21,776
42,808
Zakat
Total income tax expense
76,379
733
24,306
57,749
516
39,621
71,709
474
21,776
49,856
358
42,808
101,418
97,886
93,959
93,022
Income tax using Malaysian tax rate of 25%
Items not subject to tax
Non deductible expenses
25,355
(19,997)
14,660
24,472
(14,104)
21,334
23,490
(18,533)
12,531
23,256
(7,618)
19,251
Under provision of tax in prior years
20,018
4,288
31,702
7,919
17,488
4,288
34,889
7,919
Tax expense
24,306
39,621
21,776
42,808
1,630 -
10
Total tax expense
Reconciliation of tax expense
Recognised directly in equity
- Deferred tax
10
1,630 - Syarikat Takaful Malaysia Berhad (131646-K) • Laporan Tahunan 2011 Annual Report
35.Investment-linked business (ILB)
Statements of financial position as at 31 December 2011
GroupCompany
2011
2010
2011
2010
AssetsNoteRM’000RM’000RM’000RM’000
Investments
7(c)
Other investments
9(b)
Takaful receivables
takaful receivables
Due from Family Takaful Fund
22
-
174,392
865
193,861
-
-
-
108,913
865
127,145
-
455
7,121
11,673
3,098
1,621
2,471
455
7,121
8,110
3,098
1,621
2,078
Total ILB assets
194,506
201,051
125,464
133,942
Takaful payables
Other payables
12
212
633
3,887
947
453
-
3,253
68
212
633 3,887
947
453
3,253
68
Total ILB liabilities
5,679
3,774
5,679
3,774
Net asset value of funds
188,827
197,277
119,785
130,168
Liabilities
Statements of comprehensive income for the year ended 31 December 2011
GroupCompany
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000RM’000RM’000RM’000
27,945
36
25,560
(75)
11,113
36
6,942
(75)
Net earned contributions
27,981
25,485
11,149
6,867
Wakalah fee
Administration fee
(42,143)
-
(3,748)
(48,900)
(880)
(11)
(24,051)
-
(3,748)
(26,621)
(880)
(11)
Underwriting loss
(17,910)
(24,306)
(16,650)
(20,645)
191
192
35.Investment-linked business (ILB) (continued)
GroupCompany
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
Comprises:
Underwriting (loss)/profit
- Individual Family ILB
- Group Family ILB
(17,748)
(162)
(26,502)
2,196
(16,488)
(162)
(22,841)
2,196
Less: Underwriting loss
(17,910)
(24,306)
(16,650)
(20,645)
17,748
26,502
16,488
22,841
Underwriting (loss)/profit – Group Family ILB
Investment income
Fair value gains and (losses)
29
(162)
1,085
8,170
274
2,196
2,409
38,011
-
(162)
1,085
5,554
274
2,196
2,409
19,068
-
and participants after excluding
underwriting profit
transferred to statements of
9,367
42,616
6,751
23,673
(355)
(1,130)
(355)
(1,130)
9,012
41,486
6,396
22,543
197,277
179,006
130,168
126,877
(17,748)
(26,502)
(16,488)
(22,841)
for the year/period
Family ILB Fund at beginning
of the year/period
Underwriting loss
for the year/period
Seed capital
Family ILB Fund at end of the year/period
9,012
(291)
- 577 188,827 41,486 589 3,000 (302)
197,277 6,396 (291)
- - 119,785 22,543
589
3,000
130,168
36.Earnings per share - Group
Basic earnings per ordinary shares
The calculation of basic earnings per share is based on the net profit attributable to ordinary shareholders of RM76,785,000
(2010 : RM56,346,000) and the weighted average number of ordinary shares issued during the year of 162,817,000 (2010 :
162,817,000).
37.Dividends
Sen perTotal
share
amountDate of
(net of tax)RM’000
payment
Ordinary dividend paid, final for financial period 2010
Ordinary dividend paid, interim for financial year 2011
5.25
5.75
Total amount
8,548 9,362 27.5.2011
2.12.2011
17,910
Ordinary dividend paid, final for financial year 2009
Ordinary dividend paid, interim for financial period 2010
5.44
5.25
Total amount
8,853 8,548 11.12.2009
8.10.2010
17,401
Subsequent to the end of the reporting period, the Directors proposed a final dividend as set out below. The said dividends will be
recognised in subsequent financial reports upon approval by the shareholders.
Final proposed for financial year ended
31 December 2011 - ordinary
Sen perTotal
share
amount
(net of tax)RM’000
10.00
16,282
193
194
38. 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 business. 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 Shareholder’s Fund 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.
MalaysiaIndonesiaConsolidated
Geographical segmentsRM’000RM’000RM’000
Total external revenue
Inter-segment revenue
1,153,171
-
196,736
-
1,349,907
-
Total segment revenue
1,153,171
196,736
1,349,907
Segment result/Profit before zakat and taxation
98,543
2,875
101,418
Zakat
Tax expense
(733)
(24,306)
Profit for the year
76,379
38. Operating segments (continued)
MalaysiaIndonesiaConsolidated
Geographical segmentsRM’000RM’000RM’000
Segment assets by location of assets
5,483,394
400,530
5,883,924
Segment liabilities by location of liabilities
1,240,612
66,779
1,307,391
Capital expenditure by location of assets
12,028
1,127
13,155
Depreciation and amortisation
9,475
1,126
10,601
Non cash expenses other than depreciation and amortisation
9,431
-
9,431
Total external revenue
Inter-segment revenue
1,464,794
-
263,794
-
1,728,588
-
Total segment revenue
1,464,794
263,794
1,728,588
Segment result/Profit before zakat and taxation
89,559
8,327
97,886
Zakat
Tax expense
(516)
(39,621)
57,749
Segment assets by location of assets
4,376,081
896,503
5,272,584
Segment liabilities by location of liabilities
986,140
165,385
1,151,525
Capital expenditure by location of assets
6,618
1,330
7,948
Depreciation and amortisation
11,988
1,719
13,707
Non cash expenses other than depreciation and amortisation
27
1,184
1,211
195
196
Segmental Information on Cash Flows
Shareholders’
Family
General
Cash flows from/(used in):
Operating activities
Investing activities
Financing activity
203,692
(127,322)
(17,910)
424,417
(158,617)
-
77,421
(41,492)
-
705,530
(327,431)
(17,910)
58,460
265,800
35,929
360,189
Net increase in cash and cash equivalents
Cash and cash equivalents:
At beginning of the year
58,460
114
265,800
(83)
35,929
-
360,189
31
2,691
11,775
11,841
26,307
At end of the year
61,265
277,492
47,770
386,527
21,220
(7,792)
(17,401)
(49,767)
1,006
-
2,915
-
-
(25,632)
(6,786)
(17,401)
(3,973)
(48,761)
2,915
(49,819)
Net (decrease)/increase in cash and cash equivalents
At beginning of the period
(3,973)
(932)
(48,761)
-
2,915
-
(49,819)
(932)
7,596
60,536
8,926
77,058
At end of the period
2,691
11,775
11,841
26,307
Financing activity
Segmental Information on Cash Flows (continued)
Shareholders’
Family
General
Financing activity
142,708
(99,308)
(17,910)
221,524
(39,523)
-
56,077
(33,488)
-
420,309
(172,319)
(17,910)
25,490
182,001
22,589
230,080
Net increase in cash and cash equivalents
At beginning of the year
25,490
182,001
22,589
230,080
2,322
6,445
10,152
18,919
At end of the year
27,812
188,446
32,741
248,999
19,748
(6,498)
(17,401)
(48,694)
800
-
4,466
-
-
(24,480)
(5,698)
(17,401)
(4,151)
(47,894)
4,466
(47,579)
Net (decrease)/increase in cash and cash equivalents
At beginning of the period
(4,151)
(47,894)
4,466
(47,579)
6,473
54,339
5,686
66,498
At end of the period
2,322 6,445 10,152 18,919
Financing activity
197
198
39.Risk management framework
Enterprise Risk Management (ERM) framework is in place and endorsed by the Board of Directors (the Board). The governance over
the ERM is by the Risk Management Committee of the Board (RISCO) and the key functional roles of RISCO are the approval and
oversight of risk policies, methodologies and risks appetite, risk tolerance and acceptance.
The operational and tactical risks are escalated to the Management Risk Committee (MRC) chaired by the Group Managing
Director. The MRC consists of all divisional heads.
The ERM comprises of the Operational Risk Management (ORM) – Compliance (including Shariah), People, Processes and Systems
and Business Risks, whereas Financial Risk Management (FRM) comprises of Financial Risks, Investment and Insurance risks. Focus
is on the identification, evaluation, managing and monitoring of all the Key Risks Indicator, which are strategically linked to the
Key Results Areas and Key Performance Indicators (Balanced Scorecard) via an established system of Quarterly Risks Scoring and
updating to evaluate the control effectiveness and implementation of Management Action Plans to reach the targeted Corporate
and Divisional/Departmental risks scoring.
Operational Loss Incidences reporting (including fraud risks, compliances and business/systems disruptions) based on the Basel
II (7 dimensions) are also reported to RISCO and the Board to act as a gauge of the effectiveness of the ORM in place. Financial
Fraud Risks Management – AMLA and Internal & External Frauds are governed by the Fraud and Integrity Policy, and Distribution
Channels Frauds and Ethics by the Whistle Blowing Policy are in place. FRM consisting of Risk and Capital Management Framework,
Stress Testing and Quarterly MSMR Capital Adequacy monitoring is in place.
Asset and Liability Management Framework was put in place during the financial year ended 31 December 2011 to enhance FRM
and to facilitate in the Group’s and the Company’s investment strategy.
40.Takaful risk management
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 plan, regular contribution individual ordinary plans and annuity plans. The
main products type 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 and
single contribution structured investment-linked plan. The main products are Takaful myInvest and Takaful myGenLife.
40.Takaful risk management (continued)
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 benefit, dread disease benefit, 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:
GrossRetakafulNet
31 December 2011
Term
Endowment
Mortgage
Investment-linked
Annuity
301,896
1,431,050
1,082,552
392
309,072
(1,361)
(583)
(62,853)
(11)
-
300,535
1,430,467
1,019,699
381
309,072
Total Family actuarial liabilities
3,124,962
(64,808)
3,060,154
Term
Endowment
Mortgage
Investment-linked
Annuity
232,986
1,400,226
971,472
594
304,386
(2,402)
(459)
(37,756)
-
-
230,584
1,399,767
933,716
594
304,386
2,909,664
(40,617)
2,869,047
Term
Endowment
Mortgage
Investment-linked
Annuity
296,513
1,271,956
1,049,391
303
309,072
-
-
(59,755)
-
-
296,513
1,271,956
989,636
303
309,072
2,927,235
(59,755)
2,867,480
23(a)
31 December 2010
23(a)
Company
31 December 2011
23(a)
199
200
GrossRetakafulNet
31 December 2010
Term
Endowment
Mortgage
Investment-linked
Annuity
228,166
1,264,137
947,721
594
304,386
-
-
(35,642)
-
-
228,166
1,264,137
912,079
594
304,386
2,745,004
(35,642)
2,709,362
23(a)
Key Assumptions
Reserves for all plans were valued on a basis that the Appointed Actuary would consider adequate and appropriate, and in
line with the valuation basis set out by BNM in a letter issued by BNM in respect of the Valuation of Liabilities for Mortgage
Reducing Term Takaful (JPIT/1/2007/TO) and Guidelines on Investment Linked Insurance/Takaful Business (BNM/RH/GL 010-15).
For certain products where there is no specific guideline issued by BNM for takaful operators, the reserves were calculated
in accordance with actuarial principles, taking into account the reserving methodology and basis stated in the Insurance
Regulation, 1996 which was applicable to conventional insurance companies prior to implementation of Risk-Based Capital
(RBC).
The key assumptions to which the estimation of actuarial liabilities is particularly sensitive are as follows:
-
Mortality and morbidity rates
This is significant for contract with significant coverage for death, total permanent disability and critical illness and the
increase in the mortality or morbidity would have direct impact on the liability.
-
Discount rate
As the liabilities are the present value of future cash flows, both incomes and outgo, a decrease in discount rate would
have an increasing impact on the liabilities and vice-versa.
Sensitivities
A summary of key assumptions used for sensitivity analysis is as below:
Group and Company
31 December 2011
31 December 2010
Mortality andMortality and
morbidityDiscount
morbidityDiscount
rates
rate
rates
rate
Endowment
Mortgage
Investment-linked
+10%(i)
+10%(ii)
+10%(i)
-1%
-1%
-1%
+10%(i)
+10%(ii)
+10%(i)
-1%
-1%
-1%
(i) 10% Industry mortality and morbidity experience tables DGI96
(ii) 10% Industry mortality and morbidity experience tables M8388
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.
Impact onImpact onImpact on
Change in
gross
net
unallocated
assumptions
liabilities
liabilities
surplus
Family takaful contractsRM’000RM’000RM’000
Group
31 December 2011
Mortality/morbidity
Discount rate
+10%
-1%
148,637
116,131
131,101
106,152
(131,101)
(106,152)
+10%
-1%
131,883
95,806
117,413
85,874
(117,413)
(85,874)
+10%
-1%
103,595
73,339
89,984
67,284
(89,984)
(67,284)
+10%
-1%
98,322
63,813
86,662
56,691
(86,662)
(56,691)
31 December 2010
Mortality/morbidity
Discount rate
Company
31 December 2011
Mortality/morbidity
Discount rate
31 December 2010
Mortality/morbidity
Discount rate
201
202
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.
GrossRetakafulNet
31 December 2011
Fire
Motor
Marine
Miscellaneous
117,618
177,991
21,445
124,835
(65,949)
(5,463)
(13,426)
(70,033)
51,669
172,528
8,019
54,802
Gross contributions
441,889
(154,871)
287,018
Fire
Motor
Marine
Miscellaneous
201,450
259,908
21,045
123,951
(106,355)
(5,547)
(11,155)
(44,367)
95,095
254,361
9,890
79,584
Gross contributions
606,354
(167,424)
438,930
Fire
Motor
Marine
Miscellaneous
99,186
155,794
17,468
110,868
(58,531)
(4,157)
(12,226)
(64,245)
40,655
151,637
5,242
46,623
Gross contributions
383,316
(139,159)
244,157
Fire
Motor
Marine
Miscellaneous
160,708
227,585
12,953
98,245
(84,410)
(3,109)
(9,375)
(36,478)
76,298
224,476
3,578
61,767
Gross contributions
499,491
(133,372)
366,119
31 December 2010
Company
31 December 2011
31 December 2010
Key Assumptions
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,
business mix for each accident year.
Additional qualitative judgments are used to assess the extent to which past trends may not apply in the future, for example,
isolated occurrence, 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 nonlinear.
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.
203
204
Below shows the summary of changes in key assumptions and the impact to the gross and net claim liabilities, and the
operating surplus.
Impact onImpact onImpact on
GroupChange in
gross
net
operating
assumptions
liabilities
liabilities
surplus
31 December 2011RM’000RM’000RM’000
Fire loss ratio for AY 2011
Motor Act loss ratio for AY 2011
Average claim cost
10%
10%
10%
10%
Increase by 6 months
10,949
2,466
48,545
26,512
9,948
4,647
2,466
22,235
18,935
6,748
(4,647)
(2,466)
(22,235)
(18,935)
(6,748)
10%
10%
10%
10%
Increase by 6 months
15,864
4,011
43,505
23,058
8,000
6,744
4,011
19,832
16,018
5,417
(6,744)
(4,011)
(19,832)
(16,018)
(5,417)
10% 10% 10% 10% Increase by 6 months
9,386 2,466 46,280 24,166 8,381 4,026 2,466 21,423 18,094 5,678 (4,026)
(2,466)
(21,423)
(18,094)
(5,678)
10% 10% 10% 10% Increase by 6 months
13,819 4,011 40,541 19,989 6,462 5,931 4,011 18,769 14,917 4,366 (5,931)
(4,011)
(18,769)
(14,917)
(4,366)
31 December 2010
Average claim cost
Company
31 December 2011
Average claim cost
31 December 2010
Average claim cost
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 that 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.
Gross General Takaful contract liabilities for 2011 (Group):
Before
2004
2005
2006
2007
2008
2009
2010
2011Total
Accident yearRM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
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
-
234,898
206,890
194,983
192,045
189,581
196,061
195,770
90,875 253,619 363,421 211,719
86,085 325,921 308,462 163,964
92,503 295,261 269,303 170,990
93,243 303,714 261,723 194,484
90,995 281,700 258,296
-
90,481 302,434
-
-
93,519
-
-
-
-
-
-
-
151,643
159,147
202,227
-
-
-
-
-
256,026
325,009
-
-
-
-
-
-
252,127
-
-
-
-
-
-
-
Current estimate
of cumulative
claims incurred
195,770
93,519
302,434
202,227
325,009
252,127 1,823,866
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
(105,269)
(146,665)
(160,551)
(169,189)
(175,539)
(179,759)
(189,414)
(190,692)
(27,691)
(59,729)
(75,143)
(78,658)
(82,292)
(86,220)
(87,386)
-
(82,819)
(190,943)
(217,611)
(229,294)
(278,594)
(289,121)
-
-
Cumulative
payments
to-date
(190,692)
(87,386) (289,121) (227,646) (152,230) (146,646) (174,690)
Gross General
Takaful
contract
liabilities
5,078
6,133
13,313
258,296
194,484
(63,455) (50,291) (71,393) (101,724)
(179,619) (109,315) (132,370) (174,690)
(204,297) (142,410) (146,646)
-
(219,658) (152,230)
-
-
(227,646)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,650
42,254
55,581
150,319
(58,326)
-
-
-
-
-
-
-
(58,326)(1,326,737)
193,801 497,129
Additional risk margin
34,372
Gross General Takaful contract liabilities per financial position (Note 19(b)) 531,501
205
206
Net General Takaful contract liabilities for 2011 (Group):
Before
2004
2005
2006
2007
2008
2009
2010
2011Total
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
-
156,117
155,416
157,018
154,906
152,233
155,251
155,818
63,823
62,949
64,807
67,029
65,417
65,717
65,736
-
74,834
87,371
85,739
89,693
87,519
88,504
-
-
Current estimate
of cumulative
claims incurred
155,818
65,736
88,504 115,828
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
(91,361)
(120,067)
(129,924)
(137,151)
(142,306)
(145,529)
(151,195)
(152,082)
(20,616)
(43,175)
(52,501)
(55,375)
(58,309)
(61,114)
(62,286)
-
Cumulative
payments
to-date
(152,082) (62,286) (80,318) (107,236) (84,233) (92,171) (143,180) (53,570) (775,076)
Net General
Takaful
contract
liabilities
3,736
3,450
(27,543)
(57,372)
(65,805)
(71,801)
(77,566)
(80,318)
-
-
8,186
106,409 102,188 107,014 211,276 179,670
118,800 86,706 109,700 214,389
-
117,551 92,132 115,733
-
-
119,607 98,093
-
-
-
115,828
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(47,717)
(85,148)
(94,843)
(102,483)
(107,236)
-
-
-
8,592
98,093 115,733 214,389 179,6701,033,771
(33,040) (44,099) (84,167) (53,570)
(60,702) (79,458) (143,180)
-
(74,740) (92,171)
-
-
(84,233)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,860
23,562
71,209 126,100 258,695
18,789
Net General Takaful contract liabilities per financial position (Note 19(b)) 277,484
Gross General Takaful contract liabilities for 2011 (Company):
Before
2004
2005
2006
2007
2008
2009
2010
2011Total
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
-
232,067
202,503
188,570
185,148
181,351
187,560
186,429
87,174
81,409
84,764
82,581
80,838
79,250
82,361
-
Current estimate
of cumulative
claims incurred
186,429
82,361 278,157 236,734 174,438 154,775 287,375 220,4831,620,752
238,449
309,434
278,073
283,222
260,068
278,157
-
-
347,965
292,058
250,498
239,114
236,734
-
-
-
197,826 114,835 224,758 220,483
148,112 113,473 287,375
-
152,046 154,775
-
-
174,438
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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
(105,269)
(144,046)
(156,590)
(164,115)
(169,874)
(173,628)
(183,158)
(184,254)
Cumulative
payments
to-date
(184,254) (78,279) (269,285) (209,324) (135,664) (102,785) (148,043) (48,450)(1,176,084)
Gross General
Takaful
contract
liabilities
2,175
(25,237)
(55,885)
(68,248)
(71,408)
(74,176)
(77,747)
(78,279)
-
4,082
(70,359)
(175,243)
(199,717)
(210,770)
(259,972)
(269,285)
-
-
8,872
(50,179)
(164,274)
(187,483)
(202,364)
(209,324)
-
-
-
27,410
(36,888) (37,036) (79,900) (48,450)
(94,478) (90,453) (148,043)
-
(127,247) (102,785)
-
-
(135,664)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
38,774
51,990 139,332 172,033 444,668
32,613
Gross General Takaful contract liabilities per financial position (Note 19(b)) 477,281
207
208
Net General Takaful contract liabilities for 2011 (Company):
Before
2004
2005
2006
2007
2008
2009
2010
2011Total
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
-
153,584
151,141
150,920
148,379
144,355
147,102
146,832
60,649
58,964
57,830
57,114
56,008
55,232
55,324
-
62,510 94,925
74,089 106,623
71,772 102,978
72,410 101,230
69,085 98,655
67,460
-
-
-
-
-
91,338
74,215
76,563
81,426
-
-
-
-
90,320 193,764 164,771
89,557 194,943
-
93,924
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Current estimate
of cumulative
claims incurred
146,832
55,324
67,460
98,655
81,426
93,924 194,943 164,771 903,335
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
(91,361)
(117,724)
(126,254)
(132,366)
(136,985)
(139,725)
(145,266)
(145,973)
(18,690)
(40,022)
(46,296)
(48,801)
(50,870)
(53,316)
(53,854)
-
(17,925)
(44,872)
(51,119)
(56,474)
(62,130)
(63,703)
-
-
(37,770)
(73,387)
(81,612)
(88,771)
(92,652)
-
-
-
Cumulative
payments
to-date
(145,973) (53,854) (63,703) (92,652) (70,969) (73,271) (125,883) (44,725) (671,030)
Net General
Takaful
contract
liabilities
859
1,470
3,757
6,003
(22,618) (29,194) (68,055) (44,725)
(49,154) (62,390) (125,883)
-
(62,879) (73,271)
-
-
(70,969)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,457
20,653
69,060 120,046 232,305
17,200
Net General Takaful contract liabilities per financial position (Note 19(b)) 249,505
41. Financial instruments
Comparative figures have not been presented for 31 December 2010 for the disclosures shown below by virtue of the exemption
provided in paragraph 44G of FRS 7.
41.1Categories 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)Other financial liabilities measured at amortised cost (OL)
Shareholders’
FamilyInvestment
General
FundTakaful
-linkedTakafulTotal
Financial assets
Group
Other investments
Other investments
Other investments
264,293
2,554,428
-
473,623
3,292,344
-
-
174,392
-
174,392
4,152
270,931
-
34,496
309,579
Retakaful assets
takaful receivables
Takaful receivables
Qardh receivables
-
1,279
-
215,374
216,653
174,946
-
277
61,265
563,214
61,487
-
265,819
455
865
-
11,673
175,498
47,462
-
47,770
914,113
109,814
277
386,527
236,488
891,799
12,993
486,104
1,627,384
209
210
41. Financial instruments (continued)
41.1Categories of financial instruments (continued)
Shareholders’
FamilyInvestment
General
FundTakaful
-linkedTakafulTotal
Financial assets
Company
Other investments
255,631
2,475,921
-
472,609
3,204,161
Other investments
-
-
108,913
-
108,913
Other investments
-
241,904
-
32,766
274,670
Retakaful assets
takaful receivables
Takaful receivables
-
696
-
190,079
190,775
135,374
-
27,811
548,062
53,490
180,337
455
865
8,110
164,076
31,496
32,741
847,967
85,851
248,999
163,185
782,585
9,430
418,392
1,373,592
Group
Takaful payables
Other payables
-
-
65,997
30,237
18,863
133,183
212
633
3,887
387,642
26,041
73,422
418,091
45,537
276,489
65,997
182,283
4,732
487,105
740,117
Company
Takaful payables
Other payables
-
-
55,268
26,150
15,297
120,320
212
633
3,887
340,045
23,522
46,075
366,407
39,452
225,550
55,268
161,767
4,732
409,642
631,409
Financial liabilities
- Other financial liabilities
measured at amortised cost
41.2Net gains and losses arising from use of financial instruments
Shareholders’
FamilyInvestment
General
FundTakaful
-linkedTakaful
31 December 2011RM’000RM’000RM’000RM’000
Group
Net gains/(losses) arising on:
- recognised in profit or loss
-
-
9,749
-
- recognised in other
- recognised in participants’ fund
(3,514)
-
13,865
-
5,370
192,039
-
-
-
(9,285)
35,496
LAR
10,351
29
7,460
197,409
7,201
28,533
-
-
283
26,211
977
28,199
17,840
233,143
10,032
55,387
Net gains/(losses) arising on:
-
-
7,133
-
- recognised in other
- recognised in participants’ fund
(3,445)
-
12,962
-
8,118
183,067
-
-
-
(9,218)
35,250
LAR
9,247
29
6,477
191,185
7,201
23,955
-
-
283
26,032
977
24,138
15,753
222,341
7,416
51,147
Company
211
212
41.3 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
41.4Credit 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
portfolios 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 Banking and Financial
Institutions Act 1989 and the Islamic Banking Act 1983 which are regulated by Bank Negara Malaysia.
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 RM118,169,600.
41.4Credit risk (continued)
Credit exposure
The table below shows the maximum exposure to credit risk for the components recognised in the statements of Financial
Position.
Shareholders’
FamilyInvestment
General
31 December 2011
FundTakaful
-linkedTakafulTotal
GroupRM’000RM’000RM’000RM’000RM’000
Islamic papers
Islamic papers
LAR
Retakaful assets
excluding takaful
receivables
Takaful receivables
Qardh receivables
-
1,279
174,946
-
277
61,265
362,303
111,372
1,502,842
-
287,341
1,901,555
10,291
492,315
-
89,100
591,706
-
-
23,517
-
23,517
4,152
158,088
-
1,730
163,970
112,843
32,766
145,609
-
215,374
216,653
563,214
61,487
-
265,819
455
865
-
11,673
175,498
47,462
-
47,770
914,113
109,814
277
386,527
3,157,887
36,510
897,041
4,453,741
-
213
214
Credit exposure (continued)
Shareholders’
FamilyInvestment
General
31 December 2011
FundTakaful
-linkedTakafulTotal
CompanyRM’000RM’000RM’000RM’000RM’000
Islamic papers
Islamic papers
LAR
Retakaful assets
excluding takaful
receivables
Takaful receivables
108,506
1,473,576
-
287,341
1,869,423
10,291
492,315
-
89,100
591,706
-
-
15,260
-
15,260
-
129,061
-
-
129,061
-
112,843
-
32,766
145,609
-
696
-
190,079
190,775
135,374
-
27,811
548,062
53,490
180,337
455
865
8,110
164,076
31,496
32,741
847,967
85,851
248,999
281,982
2,990,380
24,690
827,599
4,124,651
Credit exposure by credit rating
The table below provides information regarding the credit risk exposure of the the Group and the Company by classifying
assets according to the Group’s and the Company’s internal credit ratings of counterparties.
<------------------------ Group ------------------------> <------------------------ Company ------------------------>
NeitherNeither
31 December
past-due Past-due past-due Past-due
2011
nor
but not
nor
but not
Shareholders’
impaired impairedImpairedTotal impaired impairedImpairedTotal
FundRM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Islamic debt
securities
111,372
Malaysian
Government
Islamic papers
10,291
Islamic debt
securities
4,152
LAR
excluding takaful
receivables
167,970
Qardh receivables
-
Cash and cash
equivalents
61,265
355,050
-
-
111,372
108,506
-
-
108,506
-
-
10,291
10,291
-
-
10,291
-
-
4,152
-
-
-
-
-
-
9,078
277
177,048
277
128,401
-
-
-
8,796
-
137,197
-
-
-
61,265
27,811
-
-
27,811
-
9,355
364,405
275,009
-
8,796
283,805
215
216
Credit exposure by credit rating (continued)
<------------------------ Group ------------------------> <------------------------ Company ------------------------>
NeitherNeither
31 December
2011
nor
but not
nor
but not
Family Takaful impaired impairedImpairedTotal impaired impairedImpairedTotal
Islamic debt
securities
1,502,842
Malaysian
Government
Islamic papers
492,315
Islamic debt
securities
158,088
Malaysian
Government
Islamic papers
112,843
LAR
Retakaful assets
1,279
excluding takaful
receivables
563,112
Takaful receivables
51,896
Cash and cash
equivalents
265,819
3,148,194
-
- 1,502,842 1,473,576
-
- 1,473,576
-
-
492,315
492,315
-
-
492,315
-
-
158,088
129,061
-
-
129,061
-
-
112,843
112,843
-
-
112,843
-
-
1,279
696
-
-
696
-
15,148
1,046
10
564,158
67,054
547,960
49,704
-
9,217
1,046
10
549,006
58,931
-
-
265,819
180,337
-
-
180,337
1,056 3,164,398 2,986,492
9,217
15,148
1,056 2,996,765
<------------------------ Group ------------------------> <------------------------ Company ------------------------>
NeitherNeither
31 December
2011
nor
but not
nor
but not
General Takaful
impaired impairedImpairedTotal impaired impairedImpairedTotal
Islamic debt
securities
287,341
Malaysian
Government
Islamic papers
89,100
Islamic debt
securities
1,730
Malaysian
Government
Islamic papers
32,766
LAR
Retakaful assets
215,374
excluding takaful
receivables
175,399
Takaful receivables
33,035
Cash and cash
equivalents
47,770
882,515
-
-
287,341
287,341
-
-
287,341
-
-
89,100
89,100
-
-
89,100
-
-
1,730
-
-
-
-
-
-
32,766
32,766
-
-
32,766
-
-
215,374
190,079
-
-
190,079
-
22,069
1,123
1,880
176,522
56,984
163,977
28,130
-
10,930
1,123
1,880
165,100
40,940
-
-
47,770
32,741
-
-
32,741
22,069
3,003
907,587
824,134
10,930
3,003
838,067
217
218
The table below provides information regarding the credit risk exposure of the Group and 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.
31 December 2011AAAAAANot-ratedUnit-linkedTotal
LAR
Retakaful assets
Takaful receivables
Qardh receivables
691,762
-
903,349
-
-
-
-
-
23,517
23,517
48,423
-
-
-
-
115,547
- 145,609*
-
-
163,970
145,609
-
-
-
216,653
-
216,653
19,094
-
-
55,762
137,081
-
-
167,481
393,560
-
-
17,446
363,923
108,949
277
134,165
455
865
-
11,673
914,113
109,814
277
386,527
815,041 1,207,911
25,846
280,598
- 591,706*
436,852 1,957,427
- 1,901,555
-
591,706
36,510 4,453,741
* Malaysian Government Islamic paper is not rated by RAM but instead is rated A- based on Malaysia Sovereign rating accorded
by Standard & Poor.
31 December 2011AAAAAANot-ratedUnit-linkedTotal
Islamic papers
Islamic papers
LAR
Retakaful assets
Takaful receivables
691,762
903,349
25,846
248,466
-
-
- 591,706*
-
-
-
48,423
-
-
-
- 1,869,423
-
591,706
-
15,260
15,260
80,638
-
129,061
-
- 145,609*
-
145,609
-
-
-
190,775
-
190,775
19,094
-
55,762
137,081
-
167,481
393,560
-
17,446
297,777
84,986
200
455
865
8,110
847,967
85,851
248,999
815,041 1,207,911
436,852 1,640,157
24,690 4,124,651
* Malaysian Government Islamic paper is not rated by RAM but instead is rated A- based on Malaysia Sovereign rating accorded
by Standard & Poor.
219
220
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 when 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 was as follow:
<----------------------------------------- Days Past-Due ----------------------------------------->
1 - 30 days 31 - 60 days 61 - 90 days 91 - 180 days > 180 daysTotal
31 December 2011RM’000RM’000RM’000RM’000RM’000RM’000
Group
Family Takaful Fund
5,778
1,195
1,162
1,611
5,402
15,148
8,490
764
-
4,482
8,333
22,069
Family Takaful Fund
1,298
900
870
1,072
5,077
9,217
31
15
-
2,940
7,944
10,930
Company
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, on 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 receivable is above
RM470,000 and RM200,000 for Family and General Takaful receivables respectively;
(ii) significant financial difficulty of customer/intermediaries;
Impairment loss of takaful receivables (continued)
(iii) long outstanding balances where these are disputed and not resolved; and
(iv) breach of contract, such as a default or delinquency in payments.
The Group and the Company record impairment allowance for loans and receivables and insurance 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:
Family
General
TakafulTakafulTotal
GroupNotesRM’000RM’000RM’000
At 1 January 2011
Effect of adoption of FRS 139
- reversal of allowances for doubtful debts
- allowances for impaired debts
9,434
26,719
36,153
(9,434)
9,434
(26,719)
26,719
(36,153)
36,153
30
9,434
(3,867)
26,719
(17,197)
36,153
(21,064)
At 31 December 2011
5,567
9,522
15,089
13
Company
At 1 January 2011
- reversal of allowances for doubtful debts
- allowances for impaired debts
7,976
23,047
31,023
(7,976)
7,976
(23,047)
23,047
(31,023)
31,023
30
7,976
(2,535)
23,047
(13,603)
31,023
(16,138)
At 31 December 2011
5,441
9,444
14,885
13
221
222
Impairment loss of other financial assets
A reconciliation of the allowance for impairment losses for other financial assets was as follows:
Shareholders’
Family
General
GroupNotesRM’000RM’000RM’000RM’000
At 1 January 2011
8
- reversal of allowances for
doubtful debts
- allowances for impairment loss
2,923
2,986
3,066
8,975
(2,923)
2,923
(2,986)
2,986
(3,066)
3,066
(8,975)
8,975
Write back of allowance
for impairment loss
30
2,923
2,986
3,066
8,975
(821)
(2,042)
(2,042)
(4,905)
At 31 December 2011
12
2,102
944
1,024
4,070
At 1 January 2011
8
- reversal of allowances for
doubtful debts
- allowances for impairment loss
2,644
2,986
3,066
8,696
(2,644)
2,644
(2,986)
2,986
(3,066)
3,066
(8,696)
8,696
Write back of allowance
for impairment loss
30
2,644
2,986
3,066
8,696
(821)
(2,042)
(2,042)
(4,905)
At 31 December 2011
1,823
944
1,024
3,791
Company
12
41.5Liquidity 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 or 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 insurance 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.
223
224
41.5Liquidity risk (continued)
Maturity profiles
The table below summarises the maturity profile of the financial liabilities of the Group and 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.
CarryingUp to
1-3
3 - 5
5 - 15
OverNo
value
a year*
years
years
years 15 yearsMaturityTotal
31 December 2011RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Group
Other payables
65,997 31,871 26,848 55,268 28,966 26,302 53 1,758 5,312 155 65,997
Company
Other payables
- * expected utilisation or settlement is within 12 months from the reporting date.
- - - 55,268
Maturity profiles (continued)
CarryingUp to
1-3
3-5No
value
a year*
years
yearsMaturityTotal
Family Takaful
Group
Takaful payables
Other payables
30,237 18,863 133,183 30,237 17,812 130,753 - 1,051 1,173 - - 132 - - 1,125 30,237
18,863
133,183
182,283
178,802
2,224 132 1,125 182,283
Takaful payables
Other payables
26,150 15,297 120,320 26,150 14,246 119,015 - 1,051 1,173 - - 132 - - - 26,150
15,297
120,320
161,767
159,411
2,224
132 -
161,767
Company
* expected utilisation or settlement is within 12 months from the reporting date.
225
226
Maturity profiles (continued)
CarryingUp to
1-3
3-5
5-15
value
a year*
years
years
yearsTotal
General Takaful
Group
Takaful payables
Other payables
387,642 26,041 73,422 180,685 23,522 69,965 132,135 2,519 1,797 54,628 - 623 20,194 -
1,037
387,642
26,041
73,422
487,105 274,172 136,451 55,251
21,231
487,105
Company
Takaful payables
Other payables
340,045 23,522 46,075 136,600 23,522 45,841 128,623 -
234 54,628 -
-
20,194
-
-
340,045
23,522
46,075
409,642 205,963 128,857 54,628 20,194
409,642
* expected utilisation or settlement is within 12 months from the reporting date.
41.6Market 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 rates/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:
- 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.
- 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 certificateholders 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.
41.7Currency 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 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 Insurance Act, 1996, and hence, primarily denominated in
the same currency (the local RM) as its insurance and investment contract liabilities. Accordingly, the main foreign exchange
risk from recognised assets and liabilities arises from transactions other than those in which insurance 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 reinsurance
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.
227
228
41.8 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.
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 profitbearing 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.
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 follow:
Shareholders’
FamilyInvestment
General
FundTakaful
-linkedTakafulTotal
Fixed rate instruments
Group
LAR
121,663 - 4,152 197,444 1,995,157 - 270,931 766,836 - 23,517 - - 376,441 - 34,496 203,542 2,493,261
23,517
309,579
1,167,822
323,259 3,032,924 23,517 614,479 3,994,179
LAR
118,797 - - 136,402 1,965,891 - 241,904 675,340 - 15,260 - - 376,441 - 32,766 181,294 2,461,129
15,260
274,670
993,036
255,199 2,883,135 15,260 590,501 3,744,095
Company
41.8 Profit yield risk (continued)
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.
Group Company
Impact onImpact on
Change in
profitImpact on
profitImpact on
31 December 2011
variables
before tax
equity*
before tax
equity*
Shareholders’ FundRM’000RM’000RM’000RM’000
+50bps -50bps -
-
(1,580)
2,347 - - (1,551)
2,318
* impact on Equity reflects adjustments for tax, when applicable.
Group Company
Impact onImpact onImpact onImpact on
Change in
operating
participants’
operating
participants’
variables
surplus
fund
surplus
fund
Family Takaful Fund
+50bps -50bps - - (64,777)
70,051 - - (64,501)
69,775
Investment-linked Fund
+50bps -50bps (285)
290 (285)
290 (247)
252 (247)
252
+50bps -50bps - - (8,257)
8,483 The Group and the Company have no significant concentration of profit yield risk.
- - (8,257)
8,483
229
230
41.9 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).
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 has no significant concentration of price risk.
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 Shareholders’ Fund, and showing the impact on operating surplus/participants’
fund for Investment-linked 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.
Group Company
Impact onImpact on
Change in
profitImpact on
profitImpact on
31 December 2011
variables
before tax
equity*
before tax
equity*
Shareholders’ Fund RM’000RM’000RM’000RM’000
Market price
Market price
+15% -15% - - 10,516 (10,516)
- - 9,869
(9,869)
* impact on Equity reflects adjustments for tax, when applicable.
Group Company
Change in
operating
participants’
operating
participants’
variables
surplus
fund
surplus
fund
31 December 2011
RM’000RM’000RM’000RM’000
Family Takaful Fund
Market price
Market price
+15% -15% - - 57,693 (57,693)
- - 50,307
(50,307)
41.9 Price risk (continued)
Group Company
Change in
operating
participants’
operating
participants’
variables
surplus
fund
surplus
fund
31 December 2011
RM’000RM’000RM’000RM’000
Market price
Market price
+15% -15% 13,045 (13,045)
13,045 (13,045)
4,462 (4,462)
4,462
(4,462)
Market price
Market price
+15% -15% - - 9,521 (9,521)
- - 9,369
(9,369)
41.10 Operational risk
Operational risk is the risk of loss arising from system failure, human error, fraud, or external events. When controls fail to
perform, operational risks can cause damage to reputation, have legal or regulatory implications or can lead to financial loss.
The Group and the Company cannot expect to eliminate all operational risks but by initiating a rigorous control framework
and by monitoring and responding to potential risks, the Group and the Company is able to manage the risks. Controls
include effective segregation of duties, accesss controls, authorisation and reconciliation procedures, staff training and
evaluation procedures, including the use of Internal Audit.
Business risks, such as changes in environment, technology and the industry are monitored through the Group’s and the
Company’s strategic planning and budgeting process.
41.11 Fair value hierarchy
The table below analyses those financial instruments carried at fair value by their valuation method. The different levels
have been defined as follows:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
.
231
232
41.11 Fair value hierarchy (continued)
Level 1Level 2Level 3Total
Group
Equity securities
Unit trusts
Islamic debts securities
37,107
18,148
-
38,222
-
-
-
111,372
-
10,291
427
48,726
-
-
-
37,534
66,874
111,372
38,222
10,291
93,477
121,663
49,153
264,293
Family Takaful Fund
Equity securities
Unit trusts
317,066
67,556
-
-
-
-
1,502,842
492,315
-
174,649
-
-
317,066
242,205
1,502,842
492,315
384,622
1,995,157
174,649
2,554,428
Equity securities
Investment units in commodity, equity
and fixed income closed end fund
Unit trusts
60,998
-
-
60,998
-
25,971
-
-
-
23,517
63,906
-
-
63,906
25,971
23,517
86,969
23,517
63,906
174,392
Equity securities
Unit trusts
57,410
6,061
-
-
-
-
287,341
89,100
-
33,711
-
-
57,410
39,772
287,341
89,100
63,471
376,441
33,711
473,623
41.11 Fair value hierarchy (continued)
Level 1Level 2Level 3Total
Company
Equity securities
Unit trusts
36,572 12,934 - 38,222 - - -
108,506 - 10,291 380 48,726 - - - 36,952
61,660
108,506
38,222
10,291
87,728 118,797 49,106 255,631
Family Takaful Fund
Equity securities
Unit trusts
316,651 18,730 - - - - 1,473,576 492,315 - 174,649 - - 316,651
193,379
1,473,576
492,315
335,381 1,965,891 174,649 2,475,921
29,747
-
-
29,747
-
-
-
15,260
63,906
-
63,906
15,260
29,747
15,260
63,906
108,913
Equity securities
Unit trusts
57,410 5,047 - - - - 287,341 89,100 - 33,711 - - 57,410
38,758
287,341
89,100
62,457 376,441 33,711 472,609
Equity securities
Investment units in commodity, equity
and fixed income closed end fund
233
234
42. Operating leases
Leases as lessee
Total future minimum lease payments under non-cancellable operating leases are as follows:
Group and Company
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
RM’000RM’000
Non-related parties:
Less than one year
Between one and five years
9,086
9,094
1,195
1,585
Related party:
Less than one year
18,180
2,780
99
-
38
493
99
531
18,279
3,311
Lease commitments are wholly payable from the Shareholders’ Fund. The Group and the Company lease a number of computers
and equipment under operating leases. The leases typically run an initial 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:
Family Takaful
General Takaful
1.1.2011 to 1.7.2009 to 1.1.2011 to 1.7.2009 to 1.1.2011 to 1.7.2009 to
31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010
Less than one year
216 173 181 337 6,994 8,921 2,925 4,782 718 819 376
577
389 518 15,915 7,707 1,537 953
Related party:
Less than one year
788 602 449 618 1,741 1,043 1,338 582 512 468 282
656
1,390 1,067 2,784 1,920 980 938
1,779 1,585 18,699 9,627 2,517 1,891
42. Operating leases
Leases as lessor (continued)
Family Takaful
General Takaful
1.1.2011 to 1.7.2009 to 1.1.2011 to 1.7.2009 to 1.1.2011 to 1.7.2009 to
31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010
Less than one year
187 173 176 337 6,969 8,826 2,852 4,782 718 819 376
577
360 513 15,795 7,634 1,537 953
Related party:
Less than one year
788 602 449 618 1,082 1,043 879 582 512 468 282
656
1,390 1,067 2,125 1,461 980 938
1,750 1,580 17,920 9,095 2,517 1,891
43.Capital commitments
Group and Company
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
RM’000RM’000
Authorised by the Directors and contracted for
172
23,623
44.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.
Key management personnel are 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 includes 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 32.
235
236
44.Related parties (continued)
Significant transactions with related parties during the year/period, other than key management personnel compensation, are as
follows:
GroupCompany
1.1.2011 to
1.7.2009 to
1.1.2011 to
1.7.2009 to
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000RM’000RM’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
Holding company
Dividend paid
Related companies
Contribution income for Family Takaful
Contribution income for General Takaful
Claims paid for Family Takaful
Claims paid for General Takaful
Investment income
Lease rental expense
Rental income
Commission paid
Bank commissions
452
2,149
2,051
871
866
1,891
-
-
452
2,149
2,051
871
866
1,891
-
11,680
11,348
11,680
11,348
15
1,793
2,693
140
1,178
394
2,642
196
325
1,326
3,023
-
-
933
591
4,414
-
928
15
1,793
2,693
140
1,178
394
2,642
196
325
1,326
3,023
933
591
4,414
928
The significant outstanding balances of the Group and of the Company as at 31 December 2011 with its related parties, are as
follows:
Family Takaful
General Takaful
GroupCompany
GroupCompany
GroupCompany
Related companies
Bank balances
Fixed and call deposits
3,765
1,464
3,765
1,464
8,801
9,899
8,801
9,899
4,153
6,620
4,153
6,620
5,229
5,229
18,700
18,700
10,773
10,773
Bank balances
Fixed and call deposits
167 -
348 -
1,019 34,896 1,516 34,896 23 7,220 7,220
167 348 35,915 36,412 7,243 7,220
31 December 2010
Related companies
45.Changes in accounting policies
The following are the key changes in accounting policies at the beginning of the financial year.
45.1 FRS 8, Operating Segments
As of 1 January 2011, the Group determines and presents operating segments based on the information that internally is
provided to the Group Managing Director, who is the Group’s chief operating decision maker. This change in accounting
policy is due to the adoption of FRS 8. Previously, operating segments were determined and presented in accordance with
FRS 1142004, Segment Reporting.
45.2 FRS 139, Financial Instruments: Recognition and Measurement
The adoption of FRS 139 has resulted in several changes to accounting policies relating to the recognition and measurement
of the financial instruments. Significant changes in accounting policies are as follows:
(i) Investments in equity securities
Prior to the adoption of FRS 139, investments in non-current equity securities, other than investments in subsidiaries
and associates were measured at cost less allowance for diminution in value which is other than temporary. With the
adoption of FRS 139, quoted investments in non-current equity securities (other than investments in subsidiaries and
associates are now categorised and measured as fair value through profit or loss) or as available-for-sale as detailed in
Note 2(f)(ii).
Prior to the adoption of FRS 139, current equity securities were carried at the lower of cost and market value, determined
on an aggregate portfolio basis by category of investments. With the adoption of FRS 139, current equity securities are
now categorised and measured as fair value through profit or loss or as available-for-sale as detailed in Note 2(f)(ii).
The financial effect of the changes in accounting policies set out above is disclosed in Note 9(d), Note 23(a) and Note
23(b) to the financial statements and statements of changes in equity.
(ii) Investments in Islamic debt securities
Prior to the adoption of FRS 139, investments in Islamic debt securities were measured at amortised cost using the
effective interest method less allowance for diminution in value which is other than temporary. With the adoption of
FRS 139, investments in Islamic debt securities are now categorised and measured at fair value through profit or loss,
available-for-sale or at amortised cost as detailed in Note 2(f)(ii).
The financial effect of the changes in accounting policies set out above is disclosed in Note 9(d), Note 23(a) and Note
23(b) to the financial statements and statements of changes in equity.
237
238
45.Changes in accounting policies (continued)
45.2 FRS 139, Financial Instruments: Recognition and Measurement (continued)
(iii) Impairment of trade and other receivables
Prior to the adoption of FRS 139, an allowance for doubtful debts was made when a receivable is considered doubtful
where receivables had been outstanding for more than six months. With the adoption of FRS 139, an impairment loss
is recognised for takaful and other receivables 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.
In accordance to the transitional provisions of FRS 139 for first-time adoption, adjustments arising from remeasuring
the financial instruments at the beginning of the financial year were recognised as adjustments of the opening balance
of retained earnings or accumulated surplus of the Family and General Takaful Funds. Comparatives are not adjusted.
As such, adjustments arising for impairment loss are as follows:
Shareholders’
Family
General
FundTakafulTakaful
Retained earnings/Accumulated surplus
at 1 January 2011, as previously reported
225,166
3,560,306
147,709
Reversal of allowance for doubtful debts
(2,923)
(12,420)
(29,785)
Allowance for impairment loss on
adoption of FRS 139
2,923
12,420
29,785
at 1 January 2011, restated
225,166
3,560,306
147,709
at 1 January 2011, as previously reported
228,768
3,322,350
178,744
Reversal of allowance for doubtful debts
(2,644)
(10,962)
(26,113)
Allowance for impairment loss on
adoption of FRS 139
2,644
10,962
26,113
at 1 January 2011, restated
228,768
3,322,350
178,744
Company
45.Changes in accounting policies (continued)
45.3 FRS 101, Presentation of Financial Statements (revised)
The adoption of FRS 101 (revised) effective for the financial year ended 31 December 2011 resulted in the following:
(i) income statements for the year ended 31 December 2010 have been re-presented as statements of comprehensive
income. All non-owner changes in equity that were presented in the statement of changes in equity are now included in
the statement of comprehensive income as other comprehensive income. Consequently, components of comprehensive
income are not presented in the statement of changes in equity; and
(ii) a statement of financial position at the beginning of the earliest comparative period, i.e. 1 July 2009 have been included
following the change in the comparative figures for 31 December 2010 to conform with current year’s presentation.
45.4 FRS 117, Leases
The Group has adopted the amendment to FRS 117. The Group has reassessed and determined that all leasehold land of
the Group are in substance finance leases and has reclassified the leasehold land to property, plant and equipment. The
change in accounting policy has been made retrospectively in accordance with the transitional provisions of the amendment
and is disclosed in Note 3 to the financial statements.
The reclassification does not affect the basic and diluted earnings per ordinary share for the current and prior periods.
45.5 FRS 4, Insurance Contracts
Under FRS 4, the Group and the Company are required to identify takaful contracts and investment contracts. Takaful
contracts are those contracts when the Group and the Company have accepted significant takaful risk (by pooling of risk
in a Risk Fund) from another party (participants) and agreeing to compensate the participants if a specified uncertain event
(the insured event) adversely affects the participants.
Any takaful contracts which does not contain significant insurance risk will be treated as investment contracts. FRS 4 also
requires the Group and the Company to perform Liability Adequacy Test (LAT) to ensure that the recognised Family and
General takaful contract liabilities are adequate. LAT is performed at each reporting date, using current estimates of future
cashflows under its takaful contracts.
In addition, takaful contract liabilities are required to be presented at gross of retakaful assets.
Certain comparative figures have been restated as a result of FRS 4 adoption and changes are as disclosed in Note 46.
239
240
46.Comparatives figures
31.12.2010
1.7.2009
AsAs previouslyAsAs previously
restated
stated
restated
stated
Statements of financial positionRM’000RM’000RM’000RM’000
Group
Prepaid lease payment
29,897
-
27,006
2,891
35,747
-
32,456
3,291
22,642
-
21,446
1,196
28,109
-
26,868
1,241
43,009
(52,904)
(15,217)
(156,275)
-
-
(3,560,306)
-
-
-
-
(44,016)
(173,730)
(3,523,947)
10,986
(43,817)
(29,152)
(197,951)
-
-
(3,089,892)
(48,130)
(186,322)
(3,115,374)
Company
Prepaid lease payment
Family Takaful Fund
Group
Retakaful assets
Takaful payables
Other payables
Payables
46.Comparatives figures (continued)
31.12.2010
1.7.2009
restated
stated
restated
stated
Statements of financial positionRM’000RM’000RM’000RM’000
Family Takaful Fund (continued)
Company
Retakaful assets
Takaful payables
Other payables
Payables
37,177
(44,471)
(12,233)
(144,220)
-
-
(3,322,350)
-
-
-
-
(42,936)
(156,453)
(3,286,708)
6,615
(34,227)
(21,591)
(181,878)
-
-
(2,921,741)
(40,680)
(167,091)
(2,945,051)
285,124
(775,598)
(35,237)
(85,308)
-
-
(147,709)
-
-
-
-
(226,645)
(101,471)
(430,612)
231,619
(633,145)
(40,971)
(110,509)
-
-
(87,601)
(171,405)
(132,235)
(336,967)
216,531
(659,478)
(31,096)
(62,524)
-
-
(178,744)
-
-
-
-
(200,491)
(93,620)
(421,200)
180,568
(536,372)
(34,236)
(90,695)
-
-
(115,857)
(145,204)
(124,931)
(326,457)
Group
Retakaful assets
Takaful payables
Other payables
Payables
Company
Retakaful assets
Takaful payables
Other payables
Payables
241
242
46.Comparatives figures (continued)
GroupCompany
Statement of comprehensive income
restated
stated
restated
stated
from 1 July 2009 to 31 December 2010RM’000RM’000RM’000RM’000
Commission expense
Other operating expense
6,229
(668)
20,095
(59,097)
(8,272)
-
-
26,324
-
(68,037)
6,179
(671)
9,493
(23,860)
(5,232)
15,672
(29,763)
857,487
(30,100)
(4,199)
-
62,937
32,846
48,576
839,909
(30,824)
-
(4,199)
-
-
144,359
699,073
(6,150)
(4,199)
-
53,662
18,604
40,519
679,831
(6,150)
(4,199)
112,785
551,118
(145,896)
31,776
(45,948)
-
13,892
280
15,050
606,354
(167,424)
-
-
(14,173)
-
-
29,222
456,162
(121,899)
31,776
(42,680)
-
13,892
280
16,139
499,491
(133,372)
(10,904)
30,311
Family Takaful Fund
Gross contributions
Administration fee
Net administration fee
Gross contributions
Administration fee
Net administration fee
47. Supplementary financial information on the breakdown of realised and unrealised profits
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:
GroupCompany
31.12.2011
31.12.2010
31.12.2011
31.12.2010
RM’000RM’000RM’000RM’000
Total retained profits of the Company and
its subsidiaries:
- Realised
- Unrealised
257,535 (677)
205,370 (2,164)
297,769 (15,202)
240,945
(12,177)
256,858 203,206 282,567 228,768
Total share of retained profits of associates:
- Realised
- Unrealised
- - - - - - -
Add: Consolidation adjustments
256,858 27,183 203,206 21,960 282,567 - 228,768
-
Total retained profits
284,041 225,166 282,567 228,768
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.
243
244
Maklumat Hartanah
Usia
Bangunan/
Age of
Building
(tahun/
years)
Keluasan
Tanah,
Kawasan
Bina/
Land,
Built-up
Area
(kaki
persegi/
square feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2011
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
28
3,485/
14,434
1,340,000
31.12.2011
Pajakan bandar 999 20
tahun berakhir
pada 31.12.2895
999 years town
lease expiring
on 31.12.2895
4,025/
6,037
2,700,000
31.12.2011
25
3,095/
6,935
800,000
31.12.2011
Satu unit Rumah kedai/ Pajakan 99 tahun
berakhir pada
Pejabat 3 tingkat 30.03.2081
One unit of 3 storey
Shophouse/Office
99 years lease
expiring
on 30.03.2081
16
1,539/
4,255
480,000
31.12.2011
No. 84
Batu 3 1/4
Jalan Gombak
53000 Kuala Lumpur
Satu unit Rumah kedai/ Pegangan Bebas
Freehold
Pejabat 5 tingkat
Shophouse/Office
25
1,883/
8,700
1,300,000
31.12.2011
6
Lot 6966, Blok 59
Muara Tuang
Jalan Datok Mohd
Musa
94300 Kota
Samarahan
Sarawak
Satu unit Rumah kedai/
Pejabat 3 tingkat
Shophouse/Office
Pajakan 60 tahun
berakhir pada
31.12.2053
60 years lease
expiring on
31.12.2053
16
1,312/
3,750
620,000
31.12.2011
7
Lot 54 & 55
Bandar Wilayah Jasa
Jalan Bunga Raya
91100 Lahad Datu
Sabah
Dua unit Rumah kedai/
Pejabat 3 tingkat
Two units of 3 storey
Shophouse/Office
Pajakan bandar
99 tahun berakhir
pada 31.12.2090
99 years town
lease expiring on
31.12.2090
16
2,400/
7,200
1,520,000
31.12.2011
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
Hakmilik/
Tenure
1
Lot 557 & 559
Plaza Melaka
Jalan Hang Tuah
75300 Melaka
Dua unit Rumah kedai/ Pegangan Bebas
Pejabat 4 1/2 tingkat
Freehold
Two units of 4 1/2
storey Shophouse/
Office
2
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
3
No. 64 & 65
Kompleks Jitra
Jalan Sungai Korok
06000 Jitra
Kedah Darul Aman
Freehold
Pejabat 2 tingkat Two units of 2 storey
Shophouse/Office
4
No. 23
Medan Istana 3
Bandar Ipoh Raya
30450 Ipoh
Perak Darul Ridzuan
5
Maklumat Hartanah
Usia
Bangunan/
Age of
Building
(tahun/
years)
Keluasan
Tanah,
Kawasan
Bina/
Land,
Built-up
Area
(kaki
persegi/
square feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2011
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
Pejabat 3 tingkat Freehold
Shophouse/Office
17
3,200/
9,600
4,500,000
31.12.2011
No. 15 & 17
Jalan Kelibang
Langkawi Mall
07000 Kuah
Langkawi
Kedah Darul Aman
Shophouse/Office
18
1,440/
7,720
550,000
31.12.2011
10
No. 26 & 28
Jalan Perda Barat
Bukit Mertajam
Seberang Prai
14000 Penang
Dua unit Rumah kedai/ Pegangan bebas
Freehold
Shophouse/Office
13
3,293/
8,840
1,230,000
31.12.2011
11
No. 433, 434 & 435
Jalan Kulas
93400 Kuching
Sarawak
Tiga unit Rumah kedai/ Pegangan Bebas
Freehold
Pejabat 4 tingkat Three units of 4 storey
Shophouse/Office
16
4,817/
18,892
4,046,107
31.12.2011
12
No. 312
Jalan Bandar 13
Taman Melawati
53100 Kuala Lumpur
Freehold
Pejabat 4 tingkat One unit of 4 storey
Shophouse/Office
17
1,920/
7,070
1,500,000
31.12.2011
13
No. 20, Fasa 1A
Jalan Haji Manan
86000 Kluang
Johor Darul Ta’zim
Satu unit Rumah kedai/ Pajakan 99 tahun 15
99 years lease
Shophouse/Office
2,658/
9,930
1,650,000
31.12.2011
14
Lot 13 & 14
Lazenda Commercial
Centre
Jalan Okk Abdullah
87007 Wilayah
Persekutuan Labuan
Dua unit bangunan
Pejabat 3 tingkat
Office building
2,504/
7,200
1,900,000
31.12.2011
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
8
No. 24
Jalan USJ 10/1B
47620 UEP
Subang Jaya
9
Hakmilik/
Tenure
Pajakan 999 tahun 17
berakhir pada
30.06.2902
999 years lease
expiring on
30.06.2902
245
246
Maklumat Hartanah
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
Hakmilik/
Tenure
Usia
Bangunan/
Age of
Building
(tahun/
years)
Keluasan
Tanah,
Kawasan
Bina/
Land,
Built-up
Area
(kaki
persegi/
square feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2011
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
15
Lot 6967, Blok 59
Muara Tuang Jalan
Datok Mohd Musa
94300 Kota
Samarahan
Sarawak
Pejabat 3 tingkat
Shophouse/Office
Pajakan 60 tahun
berakhir pada
31.12.2053
60 years lease
expiring on
31.12.2053
16
1,312/
3,750
620,000
31.12.2011
16
Lot 28, 30 & 32 Jalan
2/3A, Pasar Borong
68100 Selayang Selangor Darul Ehsan
Tiga unit Rumah kedai/
Pejabat 4 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
11.03.2086
99 years lease
expiring on
11.03.2086
24
4,447/
16,800
2,700,000
31.12.2011
17
Lot 12680
Level 1 & Mezzanine
Jalan Bukit Timbalan
80000 Johor Bharu Johor Darul Ta’zim
Dua tingkat bangunan
Pejabat 13 tingkat
Two floors of 13 storey
Office building
Pajakan 99 tahun
berakhir pada
26.07.2080
99 years lease
expiring on
26.07.2080
13
8,354*
2,390,000
31.12.2011
18
Lot 12680
Level 3
Jalan Bukit Timbalan
80000 Johor Bharu
Satu tingkat bangunan
Pejabat 13 tingkat One floor of 13 storey
Office building
Pajakan 99 tahun
berakhir pada
26.07.2080
99 years lease
expiring on
26.07.2080
13
6,594*
1,450,000
31.12.2011
19
Lot 14(S1) & 15(S1)
Indah Point, Section 12
Pulau Indah Industrial
Park
42000 Klang
West Port
Pejabat 4 tingkat
(kosong)
Shophouse/Office
(vacant)
Pajakan 99 tahun
berakhir pada
24.02.2097
99 years lease
expiring on
24.02.2097
12
3,300/
10,560
660,000
31.12.2011
20
No. 1 & 2
Jalan Kelicap
Taman Pekan Baru
34200 Parit Buntar
Perak Darul Ridzuan
Shophouse/Office
Pajakan 99 tahun
berakhir pada
05.09.2078
99 years lease
expiring on
05.09.2078
24
3,956/
7,044
730,000
31.12.2011
Maklumat Hartanah
Usia
Bangunan/
Age of
Building
(tahun/
years)
Keluasan
Tanah,
Kawasan
Bina/
Land,
Built-up
Area
(kaki
persegi/
square feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2011
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
Two units of 4 Storey
Shophouse/Office
22
3,220/
12,092
1,420,000
31.12.2011
No. 180 & 181
Jalan Tuan Hitam
22000 Jerteh
Terengganu Darul
Iman
Freehold
Shophouse/Office
21
3,200/
12,250
1,560,000
31.12.2011
23
Lot 82, 84 & 86
Jalan Rugbi 13/30
Seksyen 13
40100 Shah Alam
Pejabat 2 tingkat
Shophouse/Office
12
6,339/
11,309
2,520,000
31.12.2011
24
No. 229
Jalan Shahab 2 Shahab Perdana Jalan Sultanah
Sambungan 05350 Alor Star Kedah Darul Aman
Freehold
One unit of 2 1/2 storey
Shophouse/Office
15
1,400/
3,570
480,000
31.12.2011
25
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
12
2,001/
3,120
450,000
31.12.2011
26
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
11
3,200/
8,019
2,100,000
31.12.2011
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
21
No. 46 & 47
Darul Takaful
Jalan Rahmat
83000 Batu Pahat
22
Hakmilik/
Tenure
Pajakan 99 tahun
berakhir pada
22.01.2102
99 years lease
expiring on
22.01.2102
247
248
Maklumat Hartanah
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
Hakmilik/
Tenure
Usia
Bangunan/
Age of
Building
(tahun/
years)
Keluasan
Tanah,
Kawasan
Bina/
Land,
Built-up
Area
(kaki
persegi/
square feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2011
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
27
No. 27, 29 & 31
Pusat Komersil
Temerloh
28000 Temerloh
Pahang Darul Makmur
Three units of
2 1/2 storey
Shophouse/Office
Pajakan 99 tahun
berakhir pada
01.04.2095
99 years lease
expiring on
01.04.2095
11
4,195/
15,050
1,800,000
31.12.2011
28
No. 2 & 4
Jalan 6C/7
43650 Bandar Baru
Bangi
Dua unit Rumah kedai/ Pajakan 99 tahun
berakhir pada
Pejabat 2 tingkat
08.07.2086
Shophouse/Office
99 years lease
expiring on
08.07.2086
24
6,383/
8,032
1,540,000
31.12.2011
29
Lot 14
Seremban City Centre
Jalan Tuanku Munawir
70000 Seremban
Negeri Sembilan
Darul Khusus
Shophouse/Office
Pajakan 99 tahun
berakhir pada
07.04.2082
99 years lease
expiring on
07.04.2082
15
1,500/
14,589
3,375,000
31.12.2011
30
No. 29, Jalan Delima
Pusat Perdagangan
Pontian
82000 Pontian Johor Darul Ta’zim
Pejabat 3 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
25.09.2097
99 years lease
expiring on
26.09.2097
10
3,899/
10,248
1,400,000
31.12.2011
31
Lot 11 & 12
Kompleks Seri Temin
Jalan Ibrahim
08000 Sungai Petani
Kedah Darul Aman
Shophouse/Office
Pajakan 99 tahun
berakhir pada
03.10.2080
99 years lease
expiring on
03.10.2080
26
2,800/
11,020
1,328,000
31.12.2011
32
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
9
3,600/
23,637
6,700,000
31.12.2011
Maklumat Hartanah
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
Hakmilik/
Tenure
Usia
Bangunan/
Age of
Building
(tahun/
years)
Keluasan
Tanah,
Kawasan
Bina/
Land,
Built-up
Area
(kaki
persegi/
square feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2011
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
33
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 year lease
expiring on
05.10.2088
19
4,498/
8,685
950,000
31.12.2011
34
No. 6, Jalan 6C/7
43650 Bandar Baru
Bangi
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
08.07.2086
99 year lease
expiring on
08.07.2086
24
1,905/
3,508
660,000
31.12.2011
35
Suite 3B/G
Blok 3B, Plaza Sentral
Jalan Stesen Sentral 5
50470 Kuala Lumpur
Satu tingkat bangunan Pegangan bebas
Freehold
Pejabat 22 tingkat One floor of 22 storey
Office building
10
6,409*
7,600,000
31.12.2011
36
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
30
1,600/
4,000
620,000
31.12.2011
37
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
29
3,200/
15,200
1,870,000
31.12.2011
38
Dataran Kewangan
Darul Takaful
Jalan Sultan Sulaiman
50000 Kuala Lumpur
Pegangan Bebas
Dua unit bangunan
Freehold
Pejabat
Blok Utama - 26 tingkat
Blok Annex - 29 tingkat
Two units of
Office building
Main Block - 26 storey
Annexe Block - 29
storey
Blok Utama/ 90,427/
Main Block 393,508
- 38
Blok Annex/
Annexe
Block
- 31
165,000,000 31.12.2011
249
250
Maklumat Hartanah
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
Hakmilik/
Tenure
Usia
Bangunan/
Age of
Building
(tahun/
years)
Keluasan
Tanah,
Kawasan
Bina/
Land,
Built-up
Area
(kaki
persegi/
square feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2011
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
39
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
15
2,800/
5,300
820,000
31.12.2011
40
No. 76A & 76
Pusat Perniagaan
Jalan Tupai
34000 Taiping
Perak Darul Ridzuan
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pegangan Bebas
Freehold
8
3,134/
18,304
1,530,000
31.12.2011
41
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
9
3,852/
9,120
1,980,000
31.12.2011
42
No. 4197
Jalan Teluk Wanjah
05200 Alor Star
Kedah Darul Aman
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pegangan Bebas
Freehold
9
8,716/
18,440
3,240,000
31.12.2011
43
No. 10 & 8
Jalan Padi Emas 5/2
Bandar Baru UDA
81200 Johor Bharu
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
16.02.2099
99 years lease
expiring on
16.02.2099
6
3,080/
8,024
1,420,000
31.12.2011
44
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
26
1,400/
5,510
660,000
31.12.2011
Maklumat Hartanah
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
Hakmilik/
Tenure
Usia
Bangunan/
Age of
Building
(tahun/
years)
Keluasan
Tanah,
Kawasan
Bina/
Land,
Built-up
Area
(kaki
persegi/
square feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2011
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
45
No. 16, Jalan
Cenderawasih
Jalan Kilang Lama 09000 Kulim Kedah Darul Aman
Satu unit bangunan
Pejabat 3 tingkat
Office building
Pegangan Bebas
Freehold
12
1,600/
4,172
420,000
31.12.2011
46
Lot 1340, Miri
Waterfront Commercial Centre 98000 Miri Sarawak
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pajakan 60 tahun
berakhir
30.09.2052
60 years expiring
on 30.09.2052
7
1,400/
5,500
1,200,000
31.12.2011
47
No. 6, Jalan Padi Emas
5/2, Bandar Baru UDA
81200 Johor Bharu
Satu unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
16.02.2099
99 years lease
expiring
on 16.02.2099
6
1,540/
4,012
710,000
31.12.2011
48
No. 148, Kompleks
Munshi Abdullah
75200 Melaka
Satu unit bangunan
Pejabat 4 ½ tingkat
One unit of 4 ½ storey
Office building
Pajakan 99 tahun
berakhir pada
23.04.2102
99 years lease
expiring
on 23.04.2102
18
1,470/
6,117
720,000
31.12.2011
49
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
12
3,218/
9,280
1,360,000
31.12.2011
Jumlah/Total
* Kawasan Bina/Build-up Area
248,119,107
251
252
Modal Saham / Share Capital
Modal Dibenarkan
: 500,000,000 saham biasa bernilai RM1.00 sesaham
Authorised capital 500,000,000 ordinary shares of RM1.00 each
Modal yang diterbitkan dan dibayar sepenuhnya pada 2 Mac 2012
: 162,817,000 saham biasa bernilai RM1.00 sesaham
Issued and fully paid-up capital as at 2 March 2012 162,817,000 ordinary shares of RM1.00 each
Jumlah pemegang saham pada 2 Mac 2012
No. of shareholders as at 2 March 2012
: 2,084
Kelas saham
: Saham biasa bernilai RM1.00 sesaham
Class of shares Ordinary shares of RM1.00 each
Hak mengundi
: 1 undi bagi setiap saham biasa
Voting right 1 vote per ordinary share
Pemegang-Pemegang Saham Utama (5% Dan Lebih) Pada 2 mac 2012
Substantial Shareholders’ Shareholdings (5% And Above) as at 2 march 2012
Nama Pemegang Saham
Jumlah Saham
Peratus (%)
Name of ShareholdersNumber of SharesPercentage (%)
BIMB Holdings Berhad
Citigroup Nominees (Tempatan) Sdn Bhd (Employees Provident Fund Board)
106,183,675
8,249,220
65.22
5.07
Jumlah/Total
114,432,895
70.29
Pegangan Saham Para Pengarah Pada 2 Mac 2012
Directors’ Shareholdings as at 2 March 2012
Nama Pengarah
Jumlah Saham
Peratus (%)
Name of DirectorsNumber of SharesPercentage (%)
-
-
-
-
Puan Rozaida Omar
-
-
-
-
-
-
-
-
-
-
Analisa Pegangan Saham Mengikut Saiz Pada 2 Mac 2012
Analysis By Size Of Shareholdings as at 2 March 2012
Saiz Pegangan Saham
Bilangan
Peratus (%)
Jumlah
Size of Shareholdings
Pemegang Saham Percentage (%) Pegangan Saham
Number ofNumber of
Shareholders
Shareholdings
Peratus (%)
Percentage (%)
Kurang dari 100
Less than 100
235
11.28
3,620
0.00
100 - 1,000
410
19.67
250,113
0.15
1,174
56.33
3,981,822
2.45
10,001 - 100,000
213
10.22
7,012,500
4.31
100,001 sehingga kurang daripada
5% saham diterbitkan
100,001 to less than 5% of issued shares
50
2.40
37,136,050
22.81
5% dan lebih saham diterbitkan
5% and above of issued shares
2
0.10
114,432,895
70.28
2,084
100.00
162,817,000
100.00
1,001 - 10,000
Jumlah/Total
Tiga Puluh (30) Pemegang Saham Terbesar Pada 2 Mac 2012
Thirty (30) Largest Shareholders as at 2 March 2012
Nama Pemegang Saham
Jumlah Saham
Peratus (%)
BIMB Holdings Berhad
106,183,675
65.22
Citigroup Nominees (Tempatan) Sdn Bhd
(Employees Provident Fund Board)
8,249,220
5.07
Bimsec Nominees (Asing) Sdn Bhd
(Islamic Development Bank)
7,000,000
4.30
Affin Nominees (Tempatan) Sdn Bhd
(Affin Fund Management Sdn Bhd for Majlis
Ugama Islam Dan Adat Resam Melayu Pahang)
4,602,000
2.83
RHB Nominees (Asing) Sdn Bhd
(RUSD Investment Bank Inc.)
3,796,500
2.33
253
254
Tiga Puluh (30) Pemegang Saham Terbesar Pada 2 Mac 2012 (sambungan)
Thirty (30) Largest Shareholders as at 2 March 2012 (continued)
Nama Pemegang Saham
Jumlah Saham
Peratus (%)
AmanahRaya Trustees Berhad
(Public Islamic Select Treasures Fund)
3,003,700
1.84
Lembaga Kemajuan Tanah Persekutuan (FELDA)
2,961,400
1.82
Majlis Agama Islam Negeri Sembilan
2,070,900
1.27
Kenanga Nominees (Tempatan) Sdn Bhd
(Pledged Securities Account for Majlis Agama Islam
Dan Adat Melayu Terengganu (STC))
1,554,600
0.95
Saleem Abdullatif Mustafa 1,154,000
0.71
Majlis Agama Islam Melaka 998,250
0.61
T.O. Lim Holdings Sdn Bhd
600,000
0.37
Alliancegroup Nominees (Tempatan) Sdn Bhd
(Pledged Securities Account for Shanmugam A/L Thoppalan [8069535])
531,900
0.33
Universiti Sains Malaysia
500,000
0.31
Public Nominees (Tempatan) Sdn Bhd (Pledged Securities Account for Lee Kin Kheong [E-IMO])
497,900
0.31
Meng Hin Holdings Sdn Bhd
489,300
0.30
Public Nominees (Tempatan) Sdn Bhd
(Pledged Securities Account for Lee Chow Yong [E-SLY/WMU])
437,400
0.27
Amin Baitulmal Johor 400,000
0.25
Majlis Agama Islam Dan Adat Melayu Perak Darul Ridzuan 400,000 0.25
HLB Nominees (Tempatan) Sdn Bhd
(Pledged Securities Account for Vanitha A/P Kaneson)
370,000
0.23
Miss Wipaporn Limprana 350,000
0.21
PKNS Infra Berhad
320,000
0.20
Tiga Puluh (30) Pemegang Saham Terbesar Pada 2 Mac 2012 (sambungan)
Thirty (30) Largest Shareholders as at 2 March 2012 (continued)
Nama Pemegang Saham
Jumlah Saham
Peratus (%)
Kenanga Nominees (Tempatan) Sdn Bhd
(Pledged Securities Account for Chin Kiam Hsung)
304,100
0.19
Lim Khuan Eng
294,000
0.18
AmanahRaya Trustees Berhad
(Public Islamic Treasures Growth Fund)
291,500
0.18
TA Nominees (Tempatan) Sdn Bhd (Pledged Securities Account for Phua Lee Ping)
282,000
0.17
Philip A/L K.O Kunjappy
277,000
0.17
Tan Yong Kiang
255,000
0.16
Cheng Hon Sang
220,000
0.14
Ho Ah Chai
209,500
0.13
148,603,845
91.27
Jumlah/Total
255
256
Rangkaian Cawangan
Branch Network
IBU PEJABAT/HEAD OFFICE
SYARIKAT TAKAFUL MALAYSIA BERHAD
(131646-K)
26th Floor, Annexe Block
50000 Kuala Lumpur
P.O. Box 11483
50746 Kuala Lumpur
Tel
: +603-2268 1984
Fax : +603-2274 0237
Toll Free : 1-300-8-825 2385
Web : www.takaful-malaysia.com.my
TAKAFUL myCARE CENTRES*
DATARAN KEWANGAN DARUL TAKAFUL
Tingkat Bawah, Blok Utama
50000 Kuala Lumpur
SHAH ALAM
No. 82, 84, 86
Tingkat Bawah, Darul Takaful
Jalan Rugbi 13/30, Seksyen 13
40100 Shah Alam
PETALING JAYA
No. 10-2 & 12-2, Tingkat 1
Jalan 14/22, The Right Angle
46100 Petaling Jaya
BANDAR PERDA
No. 28, Jalan Perda Barat 1
Bandar Baru Perda
14000 Bukit Mertajam
Pulau Pinang
GELUGOR
No. 2480, Tingkat Bawah
Jalan Sultan Azlan Shah
11700 Gelugor
Pulau Pinang
ALOR SETAR
No. 229, Darul Takaful
Jalan Shahab 2, Shahab Perdana
Jalan Sultanah Sambungan
05150 Alor Setar
Kedah Darul Aman
IPOH
No. 23A, Medan Istana 3
Bandar Ipoh Raya
30000 Ipoh
Perak Darul Ridzuan
Rangkaian Cawangan
Branch Network
KUALA TERENGGANU
Tingkat 2, Darul Takaful
Jalan Sultan Ismail
20100 Kuala Terengganu
Terengganu Darul Iman
KOTA BHARU
Lot 331 & 332
Tingkat Bawah, Darul Takaful
Jalan Sultan Yahya Petra, Wakaf Siku
15200 Kota Bharu
Kelantan Darul Naim
KUANTAN
No. 45, Tingkat Bawah, Darul Takaful
Jalan Teluk Sisek
25000 Kuantan
Pahang Darul Makmur
SEREMBAN
Darul Takaful, Suite 14 – 2
Seremban City Centre
Jalan Pasar
70000 Seremban
Negeri Sembilan Darul Khusus
KOTA KINABALU
Lot A 202 & 203, Tingkat 2, Blok A
Wisma MUIS, Jalan Tengku Abdul Rahman
88850 Kota Kinabalu
Sabah
KUCHING
No. 435, Tingkat 1, Darul Takaful
Bangunan Tuanku Haji Mohammad Al-Idrus
Jalan Kulas, 93400 Kuching
Sarawak
JOHOR BAHRU
Tingkat Bawah, No. 5, Jalan Setia Tropika 1/30
Taman Setia Tropika
81200 Johor Bahru
Johor Darul Takzim
TAKAFUL RETAIL CENTRES*
KL SENTRAL
Lot CS/3B/G, Tingkat Bawah
Plaza Sentral, Jalan Stesen Sentral 5
50470 Kuala Lumpur
IFiC JOHOR BAHRU
Ground Floor, Menara TH Johor Bahru
PTB 20485, Jalan Ayer Molek
80000 Johor Bahru
Johor Darul Takzim
TAKAFUL myDESKS*
TABUNG HAJI CAWANGAN JALAN TUN RAZAK
2nd Floor, Menara Lembaga Tabung Haji
201, Jalan Tun Razak
50732 Kuala Lumpur
Tel
: 012-285 2523
: 012-646 3586
TABUNG HAJI CAWANGAN BAGAN SERAI
Bangunan Tabung Haji
No. 110, Jalan Besar
34300 Bagan Serai
Perak Darul Ridzuan
Tel
: 05-721 0320
: 012 505 2009
Fax
: 05-721 0323
TABUNG HAJI CAWANGAN BUTTERWORTH
Bangunan TH, No. 2828-G-1
Jalan Bagan Luar
12000 Butterworth
Pulau Pinang
Tel
: 04-323 2892
TABUNG HAJI CAWANGAN BENTONG
Jalan Ah Peng
28700 Bentong
Pahang Darul Makmur
Tel
: 09-2220 840
Fax
: 09-2220 839
257
258
Rangkaian Cawangan
Branch Network
TABUNG HAJI CAWANGAN KOTA TINGGI
No. 24, Jalan Niaga 1
81900 Kota Tinggi
Johor Darul Takzim
Tel
: 07-883 2880
: 012 774 7553
Fax
: 07-882 2790
TABUNG HAJI CAWANGAN TANAH MERAH
Tingkat 1, Bangunan TH
Lot 211, Jalan Hospital
17500 Tanah Merah
Kelantan Darul Naim
Tel
: 09-955 7411
Fax
: 09-955 7413
TABUNG HAJI CAWANGAN KUALA PILAH
Lot No 234
Jalan Dato’ Undang Johol
72000 Kuala Pilah
Negeri Sembilan Darul Khusus
Tel
: 06-481 0971
Fax : 06-481 0972
BRANCHES*
Wilayah Persekutuan
PUTRAJAYA
Lot 11F
Tingkat 1, Blok E 16
Parcel E, Precint 1 Anjung
62000 Putrajaya
Wilayah Persekutuan
Tel : 03-8889 5261
Fax : 03-8889 5262
SELANGOR DARUL EHSAN
KAJANG
No. 5A, Plaza Kajang
Jalan Dato’ P. Algendra 1
43000 Kajang
Tel : 03-8734 6479
: 03-8737 6591
Fax
: 03-8734 6480
JOHOR DARUL TAKZIM
BATU PAHAT
No. 46 & 47, Tingkat 2
Darul Takaful, Jalan Rahmat
83000 Batu Pahat
Johor Darul Takzim
Tel
: 07-434 8560
: 07-432 5673
Fax
: 07-433 2729
KLUANG
20, Tingkat 2, Darul Takaful
Jalan Haji Manan
86000 Kluang
Johor Darul Takzim
Tel
: 07-774 1053
: 07-772 1757
Fax
: 07-776 8285
KEDAH DARUL AMAN
SUNGAI PETANI
Darul Takaful
No. 4, Kompleks Seri Temin
Jalan Ibrahim
08000 Sungai Petani
Kedah Darul Aman
Tel : 04-421 4510
: 04-425 6588
Fax
: 04-425 7588
KULIM
Darul Takaful
No. 16, Taman Cenderawasih
Jalan Tuanku Putra
09000 Kulim
Kedah Darul Aman
Tel : 04-490 6306
: 04-495 0615
Fax : 04-491 1241
KELANTAN DARUL NAIM
MACHANG
Lot 27, Tingkat 1, Jalan Tanjung
18500 Machang
Kelantan Darul Naim
Tel : 09-975 1789
: 09-975 8553
Fax : 09-975 7626
Rangkaian Cawangan
Branch Network
MELAKA
MASJID TANAH
SU 953, Tingkat Bawah
Jalan Bandar Baru 6
Taman Bandar Baru, Masjid Tanah
78300 Masjid Tanah
Melaka
Tel
: 06-384 7233
Fax
: 06-384 8533
Kompleks Munsyi Abdullah
148, Kompleks Munsyi Abdullah
Jalan Munsyi Abdullah
75100 Melaka
Tel
: 06-288 3054
Fax
: 06-288 1341
PAHANG DARUL MAKMUR
TEMERLOH
No. 27, Jalan Dato’ Bahaman 3
Darul Takaful, Pusat Dagangan Temerloh
28000 Temerloh
Pahang Darul Makmur
Tel : 09-296 5560
: 09-296 2595
Fax : 09-296 5417
PERAK DARUL RIDZUAN
BANDAR BARU SRI MANJUNG
No. 2406, Taman Samudera
32040 Sri Manjung
Perak Darul Ridzuan
Tel : 05-688 1186
: 05-688 6211
Fax : 05-688 7211
TAIPING
No. 76, Tingkat 1 & 2
Darul Takaful, Pusat Perniagaan Taiping
Jalan Tupai
34000 Taiping
Perak Darul Ridzuan
Tel
: 05-807 9876
: 05-807 6588
: 05-804 1782
Fax : 05-808 7588
TELUK INTAN
Lot 51-1, Jalan Intan 2, Bandar Baru
36000 Teluk Intan
Perak Darul Ridzuan
Tel
: 05-622 7790
: 05-622 6202
Fax : 05-622 9311
TERENGGANU DARUL IMAN
KEMAMAN
Lot 2.07 & 2.08, Tingkat 2
Wisma Serangkai, Jalan Sulaimani, Chukai
24000 Kemaman
Terengganu Darul Iman
Tel : 09-859 4796
: 09-858 6878
Fax : 09-858 3455
SABAH
TAWAU
Lot 268, Blok 28, Tingkat 2
Jalan Mahkamah, Fajar Kompleks
91000 Tawau
Sabah
Tel : 089-776 510
: 088-770 960
Fax : 089-756 697
SARAWAK
MIRI
Darul Takaful, Lot 1340, Tingkat Bawah & 1
Miri Waterfront Commercial Centre
Jalan Waterfront
98000 Miri
Sarawak
Tel : 085-425 961
: 085-420 651
Fax : 085-411 724
SIBU
No. 10H, Lot 1735
Tingkat 1, Bangunan Koperasi Seduan
Jalan Kampong Datuk
96000 Sibu
Sarawak
Tel : 084-348 346
Fax : 084-325 276
* For further details, please contact our: Toll-free number 1300-8-TAKAFUL (825 2385) or Email at [email protected]
259
260
Rangkaian Cawangan
Branch Network
SUBSIDIARY COMPANIES
ASEAN RETAKAFUL
INTERNATIONAL (L) LTD. (LL01129)
Level 14, Blok 4
Financial Park Complex
Jalan Merdeka
87000 Wilayah Persekutuan Labuan
Tel : 087-451 301
: 087-451 302
: 087-451 303
Fax
: 087-451 300
PT SYARIKAT TAKAFUL INDONESIA
Graha A, Graha Takaful Indonesia
Jalan Mampang Prapatan Raya
No. 100, Jakarta
12790 Indonesia
Tel : 6221-799 1234
: 6221-799 2345
Fax : 6221-790 1435
PT ASURANSI TAKAFUL KELUARGA
Graha B, Graha Takaful Indonesia
No. 100, Jakarta
12790 Indonesia
Tel : 6221-799 1234
: 6221-799 2345
Fax : 6221-790 1435
PT ASURANSI TAKAFUL UMUM
Graha A, Graha Takaful Indonesia
No. 100, Jakarta
12790 Indonesia
Tel : 6221-799 1234
: 6221-799 2345
Fax : 6221-790 1944
Borang Proksi/Proxy Form
Saya / Kami / I / We ..................................................................................................................................................................................................................................................
sebagai Ahli / Ahli - Ahli Syarikat yang dinyatakan di atas dengan ini melantik
being a Member / Members of the abovenamed Company, hereby appoint
………………………………………..……………………………………………………………….…………...................................................................…..............……................
dari / of …..................…..........…………………………….………………………………………………………..………………………………......................................................
atau / Pengerusi Mesyuarat jika beliau tidak dapat hadir / or the Chairman of the Meeting failing him .……………….........................……...................………………
dari / of …..................…..........…………………………….………………………………………………………..………………………………......................................................
sebagai proksi saya / kami untuk mengundi bagi pihak saya / kami di MESYUARAT AGUNG TAHUNAN SYARIKAT TAKAFUL MALAYSIA BERHAD yang KEDUA PULUH
TUJUH yang akan diadakan pada hari Khamis, 3 Mei 2012 pada jam 10:00 pagi dan pada sebarang penangguhannya.
as my / our proxy to vote for me / us on my / our behalf at the TWENTY SEVENTH ANNUAL GENERAL MEETING OF SYARIKAT TAKAFUL MALAYSIA BERHAD, to be held
on Thursday, 3 May 2012 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
MENYOKONG/
MENENTANG/
FORAGAINST
1Untuk menerima Penyata-Penyata Kewangan yang telah diaudit bagi tahun kewangan berakhir 31 Disember
2011, beserta laporan Pengarah dan Juruaudit berkaitan dengannya.
To receive the Audited Financial Statements for the financial year ended 31 December 2011, together with
the reports of the Directors and Auditors thereon.
2Untuk meluluskan dividen akhir sebanyak 10% tier tunggal bagi tahun kewangan berakhir 31 Disember 2011.
To approve a final dividend of 10% single tier in respect of the financial year ended 31 December 2011.
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:
3Puan Rozaida Omar
4
5 Untuk meluluskan bayaran yuran Pengarah-pengarah sebanyak RM579,000 bagi tahun kewangan berakhir
31 Disember 2011. (RM721,000 bagi tempoh kewangan lapan belas (18) bulan berakhir 31 Disember 2010)
To approve the payment of the Directors’ fees of RM579,000 for the financial year ended 31 December 2011.
(RM721,000 for eighteen (18) months financial period ended 31 December 2010)
6Untuk meluluskan bayaran yuran Ahli-Ahli Badan Penasihat Syariah sebanyak RM167,000 bagi tahun
kewangan berakhir 31 Disember 2011. (RM153,000 bagi tempoh kewangan lapan belas (18) bulan berakhir
31 Disember 2010)
To approve the payment of Shariah Advisory Body Members’ fees of RM167,000 for the financial year ended
31 December 2011. (RM153,000 for eighteen (18) months financial period ended 31 December 2010)
7Untuk 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.
8
Cadangan Mandat Pemegang-Pemegang Saham bagi Urusniaga-Urusniaga yang Berulang dengan Pihak Berkaitan.
Proposed Shareholders’ Mandate for Recurrent Related Party Transactions.
9
Cadangan Pindaan kepada Tataurusan Pertubuhan Syarikat.
Proposed Amendments to the Company’s Articles of Association.
JUMLAH SAHAM
NO. OF SHARES
Pada / Dated this …..… haribulan / day of …... 2012
Tandatangan/ Cop Mohor Pemegang Saham
Signature/ Common Seal of Shareholders
Nota-Nota:
(i) Seorang ahli Syarikat yang berhak hadir dan mengundi dalam mesyuarat, berhak melantik seorang atau beberapa orang proksi untuk hadir dan mengundi bagi
pihaknya dan haruslah menyatakan bahagian pegangan sahamnya yang diwakili oleh setiap proksi dan seorang proksi tidak semestinya ahli Syarikat.
(ii) Suratcara pelantikan proksi mestilah dibuat secara bertulis dan ditandatangani oleh pihak yang melantik atau wakilnya yang diberi kuasa secara bertulis atau jika
pihak yang melantik itu sebuah perbadanan, ianya hendaklah dibuat sama ada di bawah meteri atau ditandatangani oleh pegawai atau wakil yang diberi kuasa.
(iii) Semua borang proksi hendaklah dihantar kepada Pejabat Berdaftar Syarikat, di Tingkat 26, Blok Annex, Dataran Kewangan Darul Takaful, 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.
(iv) Kecuali arahan mengundi dinyatakan dalam ruang yang disediakan di atas, seorang proksi boleh mengundi sebagaimana yang ia fikirkan sesuai.
Notes:
(i) A member of the Company entitled to attend and vote at the meeting may appoint a proxy or proxies to attend and vote instead of him and shall specify the
proportions of his holdings to be represented by each proxy and a proxy need not be a member of the Company.
(ii) The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or if the appointer is a corporation,
either under seal or under the hand of an officer or attorney duly authorised.
(iii) All proxy forms should be deposited at the Registered Office of the Company at Tingkat 26, Blok Annex, Dataran Kewangan Darul Takaful, 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.
(iv) Unless voting instructions are indicated in the spaces provided above, the proxy may vote as he/she thinks.
Setiausaha Syarikat / The Company Secretary
SYARIKAT TAKAFUL MALAYSIA BERHAD
50000 Kuala Lumpur
SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
50000 Kuala Lumpur
':1300-8-TAKAFUL (8252385)
6 :603-2274 0237
*:[email protected]

laporan tahunan 2011 annual report

Transcription

Similar documents

Citrawarna Malaysia

Koperasi Kastam Diraja Malaysia Berhad (KOSKAM)

DPS - Cyberjaya University College of Medical Sciences

Flag Off Ceremony, Malaysia, 10th September 2009

here - Insurance Info

Danmarks Eksportråd

Teenage Issues and Challenges

company profile

WRITER: BAKRi BAhAROM

SHC Corporate Profile

Tun Dr. Mahathir Mohamad Biography