syarikat takaful malaysia berhad (131646

Transcription

SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
LAPORAN TAHUNAN 2013 ANNUAL REPORT
01
02
Isi Kandungan
Contents
Notis Mesyuarat Agung
Tahunan ke-29
002
Notice of 29th Annual
General Meeting
Penyata Mengiringi Notis Mesyuarat
Agung Tahunan ke-29
Corporate Structure
Ringkasan Kewangan Lima Tahun
Five Years Financial Highlights
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
Corporate Governance Statement
Maklumat Pematuhan Tambahan
006
Additional Compliance Information
Penyata Pengurusan Risiko dan
Kawalan Dalaman
Statement Accompanying Notice of
29th Annual General Meeting
Struktur Korporat
Penyata Urus Tadbir Korporat
007
Chairman’s Statement
Penyata Kewangan
Financial Statements
010
Maklumat Hartanah
Particulars of Properties
012
020
Statistik Pegangan Saham
Shareholdings Statistics
Rangkaian Cawangan & Syarikat Subsidiari
Branch Network & Subsidiary Companies
025
027
049
051
Statement on Risk Management
and Internal Control
Penyata Pengerusi
008
036
Borang Proksi
Proxy Form
056
071
262
269
273
Notis Mesyuarat Agung Tahunan Ke-29
Notice of 29th Annual General Meeting
DENGAN INI DIMAKLUMKAN bahawa MESYUARAT
AGUNG TAHUNAN SYARIKAT TAKAFUL MALAYSIA
BERHAD yang KEDUA PULUH SEMBILAN (29) akan
NOTICE IS HEREBY GIVEN that the TWENTY NINTH
(29TH) ANNUAL GENERAL MEETING of SYARIKAT
TAKAFUL MALAYSIA BERHAD will be held at Dewan
diadakan di Dewan Ahmad Mohamed Ibrahim, Tingkat 5,
Blok Annex, Menara Takaful Malaysia, No. 4, Jalan Sultan
Sulaiman, 50000 Kuala Lumpur pada hari Selasa, 22 April
2014, jam 10:00 pagi bagi tujuan-tujuan berikut:
Ahmad Mohamed Ibrahim, 5th Floor, Annexe Block, Menara
Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala
Lumpur on Tuesday, 22 April 2014, 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 2013,
berserta laporan Pengarah dan Juruaudit berkaitan
dengannya. (Resolusi 1)
1. To receive the Audited Financial Statements for the
financial year ended 31 December 2013, together with
the reports of the Directors and Auditors thereon.
(Resolution 1)
2. Untuk meluluskan dividen akhir sebanyak 40% tier
tunggal bagi tahun kewangan berakhir 31 Disember
2013. (Resolusi 2)
2. To approve a final dividend of 40% single tier in
respect of the financial year ended 31 December 2013.
(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 Dato’ Mohamed Hassan Kamil
(Resolusi 3)
3.1 Dato’ Mohamed Hassan Kamil
(Resolution 3)
3.2 Johan Abdullah (Resolusi 4)
3.2 Johan Abdullah (Resolution 4)
3.3 Datuk Rozaida Omar
(Resolusi 5)
3.3 Datuk Rozaida Omar
(Resolution 5)
4. Untuk meluluskan bayaran yuran Pengarah-pengarah
sebanyak RM696,000 bagi tahun kewangan berakhir
31 Disember 2013. (RM783,000 bagi tahun kewangan
berakhir 31 Disember 2012)
(Resolusi 6)
4. To approve the payment of the Directors’ fees of
RM696,000 for the financial year ended 31 December
2013. (RM783,000 for the financial year ended 31
December 2012)
(Resolution 6)
5. Untuk meluluskan bayaran yuran Ahli-ahli Badan
Penasihat Syariah sebanyak RM168,000 bagi tahun
kewangan berakhir 31 Disember 2013. (RM193,000
bagi tahun kewangan berakhir 31 Disember 2012)
(Resolusi 7)
5. To approve the payment of Shariah Advisory Body
Members’ fees of RM168,000 for the financial year
ended 31 December 2013. (RM193,000 for the financial
(Resolution 7)
year ended 31 December 2012)
6. Untuk melantik semula Tetuan KPMG Desa Megat & Co.
sebagai Juruaudit Syarikat dan memberi kuasa kepada
Pengarah-pengarah untuk menetapkan bayaran
Juruaudit. (Resolusi 8)
002
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 8)
SEBAGAI URUSAN KHAS
AS SPECIAL BUSINESS
7. Resolusi Biasa - Cadangan Mandat Pemegangpemegang 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 undangundang, peraturan dan garis panduan yang berkaitan,
kelulusan dengan ini diberikan kepada Syarikat dan
subsidiari-subsidiarinya (“Kumpulan Takaful Malaysia”)
untuk memeterai Urusniaga-urusniaga yang Berulang
dengan Pihak Berkaitan Berbentuk Hasil atau
Perdagangan dengan Kumpulan BHB yang perlu bagi
operasi harian Kumpulan Takaful Malaysia seperti yang
dinyatakan dalam Seksyen 2.3 Pekeliling kepada Para
Pemegang Saham bertarikh 31 Mac 2014 (“Pekeliling”),
dengan syarat bahawa:
(a)the transactions are in the ordinary course of
business and are on terms which are not more
favourable to the related parties than those
generally available to the public and on terms not
to the detriment of the minority shareholders of the
Company;
(a)urusniaga tersebut adalah dalam urusan biasa
perniagaan dan mengikut terma yang tidak lebih
memihak kepada pihak berkaitan berbanding yang
secara umumnya tersedia kepada orang ramai
dan mengikut terma yang tidak menjejaskan para
pemegang saham minoriti Syarikat;
(b)the transactions are made at arm’s length and on
normal commercial terms; and
(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.
(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 sertamerta 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
“THAT, subject to compliance with the Listing
Requirements of Bursa Malaysia Securities Berhad,
Companies Act 1965, Memorandum and Articles of
Association of the Company and all other applicable
laws, rules, regulations and guidelines, approval be and
is hereby given to the Company and its subsidiaries
(“Takaful Malaysia Group”) to enter into the Recurrent
Related Party Transactions of a revenue or trading
nature with the BHB Group which are necessary for the
day to day operations of the Takaful Malaysia Group
as set out in Section 2.3 of the Circular to Shareholders
dated 31 March 2014 (“Circular”), provided that:
AND THAT such authority shall commence immediately
upon the passing of this resolution and shall continue to
be in force until:
(a)the conclusion of the next annual general meeting of
the Company, at which time it will lapse, unless by
a resolution passed at the meeting, the authority is
renewed;
(b)the expiration of the period within which the next
annual general meeting after the date that it is
required to be held pursuant to Section 143(1) of the
Companies Act, 1965 (“CA”) (but shall not extend
to such extension as may be allowed pursuant to
Section 143(2) of CA); or
003
(c)dibatalkan atau dipinda melalui resolusi yang
diluluskan oleh pemegang saham dalam mesyuarat
agung,
yang mana lebih awal”.
(Resolusi 9)
8. Untuk melaksanakan sebarang urusan yang mana notis
sewajarnya telah diberi.
NOTIS SETERUSNYA DENGAN INI DIBERI BAHAWA
(c)revoked or varied by resolution passed by the
shareholders in a general meeting,
whichever is the earlier”.
(Resolution 9)
8. To transact any other business for which due notice has
been given.
FURTHER NOTICE IS HEREBY GIVEN THAT for the
purpose of determining a member who shall be entitled
to attend this 29th 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 15 April 2014. Only a depositor whose
name appears on the Record of Depositors as at 15 April
2014 shall be entitled to attend the said meeting or appoint
proxies to attend and/or vote on his/her behalf.
untuk tujuan menentukan ahli yang akan layak untuk
menghadiri AGM yang ke-29, 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 15 April 2014. Hanya
pendeposit yang namanya tersenarai di dalam Rekod
Pendeposit pada 15 April 2014 sahaja berhak untuk
menghadiri mesyuarat atau melantik proksi untuk
menghadiri dan/atau mengundi bagi pihaknya.
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT
NOTIS PENERIMAAN DAN PEMBAYARAN DIVIDEN
NOTICE IS ALSO HEREBY GIVEN THAT subject to
NOTIS DENGAN INI JUGA DIBERI BAHAWA tertakluk
kepada kelulusan para pemegang saham pada Mesyuarat
Agung Tahunan Syarikat ke-29 yang akan diadakan pada
hari Selasa, 22 April 2014, dividen akhir sebanyak 40% tier
tunggal bagi tahun kewangan berakhir 31 Disember 2013,
akan dibayar pada 8 Mei 2014 kepada para Pendeposit yang
berdaftar di dalam Rekod Pendeposit pada penutupan
perniagaan pada 23 April 2014.
NOTIS SETERUSNYA DENGAN INI JUGA DIBERI
BAHAWA seorang Pendeposit adalah layak untuk
menerima dividen hanya dalam keadaan:
(a)Saham yang telah dipindahkan ke dalam Akaun Sekuriti
Pendeposit sebelum 4:00 petang pada 23 April 2014
berhubung pindahan; dan
(b)Saham yang dibeli di Bursa Malaysia Securities Berhad
dengan asas kelayakan menurut Peraturan Bursa
Malaysia Securities Berhad.
Atas Arahan Lembaga Pengarah
MOHAMAD ASRI YUSOFF (MIA 14171)
Setiausaha Syarikat
Kuala Lumpur
31 Mac 2014
004
shareholders’ approval at the 29th Annual General Meeting
of the Company to be held on Tuesday, 22 April 2014, a
final dividend of 40% single tier in respect of the financial
year ended 31 December 2013 will be paid on 8 May 2014
to Depositors registered in the Record of Depositors at the
close of business on 23 April 2014.
FURTHER NOTICE IS HEREBY GIVEN THAT a Depositor
shall qualify for entitlement to the dividend only in respect
of:
(a)Shares transferred into the Depositor’s Securities
Account before 4:00 p.m. on 23 April 2014 in respect of
transfers; and
(b)Shares bought on the Bursa Malaysia Securities Berhad
on a cum entitlement basis according to the Rules of
Bursa Malaysia Securities Berhad.
By Order of the Board
MOHAMAD ASRI YUSOFF (MIA 14171)
Company Secretary
Kuala Lumpur
31 March 2014
Nota-Nota:
Notes:
1. Pelantikan Proksi
1. Appointment of Proxy
(i) Seorang ahli Syarikat yang berhak menghadiri dan
mengundi di mesyuarat ini layak untuk melantik tidak lebih
daripada dua (2) proksi untuk menghadiri dan mengundi
bagi pihaknya pada mesyuarat yang sama dan proksi itu
tidak semestinya seorang ahli Syarikat.
(i) A member of the Company entitled to attend and vote
at this meeting is entitled to appoint not more than two
(2) proxies to attend and to vote instead of him at the
same meeting and a proxy need not be a member of the
Company.
(ii) Sekiranya ahli Syarikat melantik dua (2) proksi, pelantikan
tersebut akan menjadi tidak sah melainkan beliau
menyatakan nisbah pegangan yang akan diwakili oleh
setiap proksi.
(ii) Where a member of the Company appoints two (2) proxies,
the appointments shall be invalid unless he specifies the
proportions of his holdings to be represented by each
proxy.
(iii)Sekiranya ahli Syarikat adalah nomini berkecuali yang
dibenarkan seperti yang ditakrifkan di bawah Akta
Perindustrian Sekuriti 1991 (Depositori Pusat) yang
memegang saham-saham biasa Syarikat untuk beberapa
pemilik benefisial dalam satu akaun sekuriti (“akaun
omnibus”), tidak ada had untuk bilangan proksi yang boleh
dilantik oleh nomini berkecuali yang dibenarkan bagi setiap
akaun omnibus yang dipegangnya.
(iii)Where a member of the Company is an exempt authorised
nominee as defined under the Securities Industry (Central
Depositories) Act 1991 which holds ordinary shares in the
Company for multiple beneficial owners in one securities
account (“omnibus account”), there is no limit to the
number of proxies which the exempt authorised nominee
may appoint in respect of each omnibus account it holds.
(iv)Suratcara pelantikan proksi bagi individu hendaklah
ditandatangani oleh pelantik atau peguamnya dan dalam
hal perbadanan, ia mestilah dimeterai atau ditandatangani
oleh seorang pegawai atau peguamnya yang telah diberi
kuasa sewajarnya.
(v) Suratcara pelantikan seorang proksi mestilah dihantar
ke Pejabat Berdaftar Syarikat di Tingkat 26, Blok Annex,
Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman,
50000 Kuala Lumpur, tidak lewat dari empat puluh lapan
(48) jam sebelum waktu yang ditetapkan bagi mengadakan
mesyuarat atau sebarang penangguhannya.
(vi)Hanya ahli yang tersenarai di dalam Rekod Pendeposit
pada 15 April 2014 yang layak untuk hadir, bersuara dan
mengundi pada AGM atau melantik seorang proksi (proksiproksi) untuk hadir, bersuara dan/atau mengundi bagi
pihak mereka.
2. Nota Penerangan kepada Urusan Khas
(i) Cadangan Mandat Pemegang-pemegang Saham bagi
Urusniaga-urusniaga yang Berulang dengan Pihak
Berkaitan Berbentuk Hasil atau Perdagangan.
Cadangan Resolusi No. 9 jika diluluskan, akan memberi kuasa
kepada Syarikat untuk melaksanakan Urusniaga-urusniaga
yang Berulang dengan Pihak Berkaitan Berbentuk Hasil
atau Perdagangan yang perlu bagi operasi harian Kumpulan
Takaful Malaysia dan akan menghapuskan keperluan untuk
menjalankan mesyuarat agung yang berasingan dari masa
ke semasa untuk mendapatkan kelulusan para pemegang
saham. Butiran Cadangan Mandat Pemegang-pemegang
Saham bagi Urusniaga-urusniaga yang Berulang dengan
Pihak Berkaitan Berbentuk Hasil atau Perdagangan ada
dinyatakan di dalam Pekeliling kepada Pemegang Saham
bertarikh 31 Mac 2014.
(iv)The instrument appointing a proxy in the case of an
individual shall be signed by the appointer or his attorney
and in the case of a corporation, must be under seal or
under the hand of an officer or attorney duly authorised.
(v) The instrument appointing a proxy must be deposited
at the Registered Office of the Company at Tingkat 26,
Blok Annex, Menara Takaful Malaysia, No. 4, Jalan Sultan
Sulaiman, 50000 Kuala Lumpur not less than forty eight
(48) hours before the time for holding the meeting or any
adjournment thereof.
(vi)Only members whose names appear in the Record of
Depositors on 15 April 2014 shall be eligible to attend, speak
and vote at the AGM or appoint proxy(ies) to attend, speak
and/or vote on their behalf.
2. Explanatory Note on Special Business
(i) Proposed Shareholders’ Mandate for Recurrent Related
Party Transaction of a Revenue or Trading Nature.
The proposed Resolution 9, 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 31 March
2014.
005
Penyata Mengiringi Notis Mesyuarat Agung Tahunan Ke-29
Statement Accompanying Notice of 29th Annual General Meeting
Penyata Mengiringi Notis Mesyuarat Agung Tahunan Kedua Puluh Sembilan
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 Dato’
Mohamed Hassan Kamil, Johan Abdullah dan Datuk Rozaida Omar) dalam Mesyuarat Agung Tahunan Syarikat Takaful
Malaysia Berhad yang Kedua Puluh Sembilan akan datang.
Statement Accompanying Notice Of Twenty NinTH Annual General Meeting
pursuant to Paragraph 8.27 (2) of the Main Market Listing Requirements of Bursa
There is no individual standing for election as Director (other than directors standing for re-election i.e. Dato’ Mohamed
Hassan Kamil, Johan Abdullah and Datuk Rozaida Omar) at this forthcoming Twenty Ninth Annual General Meeting of
Syarikat Takaful Malaysia Berhad.
006
Struktur Korporat
Corporate Structure
Syarikat-Syarikat Subsidiari / Subsidiary Companies
56.00%
63.09%
P.T. SYARIKAT
*
52.67%
57.24%
42.73%
47.08%
* in members’ voluntary liquidation
007
5 Years Financial Highlights
Jumlah Sumbangan Kasar Takaful Keluarga / Total Family Takaful Gross Contribution
2013
848,711
567,736
679,831
433,007
2009 2010* 2011 2012
932,169
Syarikat / Company
1,052,493
973,005
699,344
524,867
839,909
Kumpulan / Group
2009 2010* 2011 2012
2013
Jumlah Sumbangan Kasar Takaful Am / Total General Takaful Gross Contribution
2013
2009 2010* 2011 2012
386,635
349,547
276,294
428,406
401,437
441,889
499,491
606,354
352,851
2009 2010* 2011 2012
383,316
Syarikat / Company
Kumpulan / Group
2013
Jumlah Aset (RM’000) / Total Assets (RM’000)
2009 2010* 2011 2012
008
2013
2009 2010* 2011 2012
6,543,726
5,963,150
5,440,049
4,966,219
4,306,063
Syarikat / Company
6,924,543
6,371,644
5,845,979
5,366,657
4,614,840
Kumpulan / Group
2013
5 Years Financial Highlights
Keuntungan Sebelum Cukai Selepas Zakat (RM’000) / Profit Before Taxation After Zakat (RM’000)
Kumpulan / Group
127,031
45,325
93,485
92,664
124,458
100,685
48,853
97,370
177,787
181,014
Syarikat / Company
Pulangan atas Ekuiti (%) / Return on Equity (%)
2009 2010* 2011 2012 2013
Dividen yang Dibayar / (Ditolak Cukai) (RM’000)/
Dividend Paid / (Net of Taxation) (RM’000)
Kumpulan / Group
Syarikat / Company
84,665
2013
8,853
2009 2010* 2011 2012
2013
40,704
25,644
17,096
21.3
10.2
12.0
18.4
25.9
2009 2010* 2011 2012
2009 2010* 2011 2012
2013
Kumpulan / Group
Kumpulan / Group
2009 2010* 2011 2012
2013
47.20
34.60
24.20
62.18
3.07
2.77
2.42
2.15
85.37
Pendapatan Sesaham (RM) / Earnings Per Share (RM)
3.51
Aset Bersih Sesaham (RM) / Net Assets Per Share (RM)
2009 2010* 2011 2012
2013
* 18 months financial period
009
Maklumat Korporat
LEMBAGA PENGARAH /
BOARD oF DIRECTORS
Pengerusi / Chairman
Dato’ Paduka Ismee Ismail
Pengarah Bukan Eksekutif Bukan Bebas /
Non-Independent Non-Executive Director
BADAN
PENASIHAT SYARIAH /
SHARIAH ADVISORY BODY
JAWATANKUASA
AUDIT /
AUDIT COMMITTEE
Mahadzir Azizan
Dr. Ahmad Shahbari @
Sobri Salamon
Ahli-ahli / Members
Ahli-ahli / Members
Dato’ Mohamed Hassan Kamil
Pengarah Urusan Kumpulan /
Group Managing Director
Dato’ Mohd.
Bakir Hj. Mansor
Datuk Rozaida Omar
Mahadzir Azizan
Pengarah Bukan Eksekutif Bebas Kanan /
Senior Independent Non-Executive Director
Dato’ Sulaiman Mohd Yusof
Pengarah Bukan Eksekutif Bebas /
Independent Non-Executive Director
Johan Abdullah
Zakaria Ismail
Dato’ Othman Abdullah
Dato’ Sulaiman Mohd
Yusof
Zakaria Ismail
Dato’ Othman
Abdullah
Dr. Aida Othman
Professor
Dr. Muhamad
Rahimi Osman
JAWATANKUASA
PEMILIHAN /
NOMINATION
COMMITTEE
Dato’ Wan Mohamad
Dato’ Sheikh Abdul Aziz
Mahadzir Azizan
Zakaria Ismail
Setiausaha / Secretary
datuk Rozaida Omar
Mohamad
Asri Yusoff
Yusof
Johan Abdullah
JAWATANKUASA
GANJARAN /
REMUNERATION
COMMITTEE
Zakaria Ismail
Setiausaha / Secretary
Mohamad Asri Yusoff
(MIA 14171)
Mahadzir Azizan
Johan Abdullah
DATUK ROZAIDA OMAR
JAWATANKUASA RISIKO
LEMBAGA PENGARAH /
BOARD RISK COMMITTEE
Zakaria Ismail
Mahadzir Azizan
Johan Abdullah
Yusof
010
Maklumat Korporat
PENGURUSAN /
MANAGEMENT
Dato’ Mohamed
Hassan Kamil
Lee Hin Sze
Ketua Pegawai Kewangan /
Chief Financial Officer
Azian Kassim
Ketua Pegawai Pelaburan /
Chief Investment Officer
Nazrul Hisham Abdul
Hamid
Pengurus Besar, Operasi
Takaful Am / General
Manager, General Takaful
Operations
Leem Why Chong
Pengurus Besar, Aktuari &
Aktuari Dilantik /
General Manager, Actuarial &
Appointed Actuary
Norazlin Mohd Dahari
Pengurus Besar, Perniagaan
Korporat /
General Manager, Corporate
Business
Mohd Suhaimi Ahmad
Pengurus Besar, Agensi
Runcit /
General Manager, Retail
Agency
Shuhaibahtulaslamiah
Hurmuzan
Pengurus Besar, Sumber
Manusia /
General Manager, Human
Resource
Patrick Wong Chang
Yang
Ketua Pegawai Informasi /
Chief Information Officer
Mark Anthony Nathan
Pengurus Besar,
Bankatakaful /
General Manager,
Bancatakaful
JURUAUDIT / AUDITORS
KPMG Desa Megat & Co.
(AF 0759)
Chartered Accountants
Level 10, KPMG Tower
8, First Avenue
Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Leong Chee Wan
Penolong Pengurus Besar,
Operasi – Takaful Keluarga /
Bankatakaful / Logistik
Assistant General Manager,
Operations – Family Takaful /
Bancatakaful / Logistics
Tel Fax Haniza Filzah Hayani
Abu Haniffa
Penolong Pengurus
Besar, Audit Dalaman /
Internal Audit
Tingkat 26, Blok Annex
Menara Takaful Malaysia
No. 4, Jalan Sultan Sulaiman
50000 Kuala Lumpur
Shazlyna Abdullah
Penolong Pengurus
Besar, Pematuhan &
Pengurusan Risiko /
Assistant General
Manager, Compliance
& Risk Management
Mala Patmarajah
Ketua,
Komunikasi Korporat /
Head of Corporate
Communications
: +603-7721 3388
: +603-7721 3399
PEJABAT BERDAFTAR /
REGISTERED OFFICE
: +603-2268 1984
Tel Fax : +603-2274 2864
Email :
[email protected]
Website :
www.takaful-malaysia.com.my
TEMPAT DITUBUHKAN DAN
DOMISIL /
PLACE OF
INCORPORATION AND
DOMICILE
Malaysia
PENYENARAIAN BURSA
SAHAM /
STOCK EXCHANGE LISTING
Pasaran Utama Bursa
pada 30 Julai 1996 /
Main Market of Bursa Malaysia
Securities Berhad on 30 July
1996
Kod Stok / Stock Code:
6139
Nama Stok / Stock Name:
TAKAFUL
PENDAFTAR / REGISTRAR
Symphony Share Registrars
Sdn Bhd (378993-D)
Level 6, Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
Selangor
: +603-7841 8000
Tel Fax : +603-7841 8151/52
Helpdesk Line :
+603-7849 0777
Website :
www.symphony.com.my
011
DATO’ PADUKA ISMEE ISMAIL
Dato’ Paduka Ismee Ismail, berusia 49 tahun, adalah
warganegara Malaysia dan telah dilantik sebagai
Pengerusi Bukan Eksekutif Bukan Bebas Takaful
Malaysia pada 16 Disember 2009.
Dato’ Paduka Ismee Ismail, aged 49, 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, Felda Global
Ventures Holdings Berhad dan beberapa syarikat lain.
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,
Felda Global Ventures Holdings Berhad and several other
companies.
Beliau tidak mempunyai perhubungan kekeluargaan
dengan mana-mana pengarah/pemegang saham utama
Takaful Malaysia dan tidak mempunyai percanggahan
kepentingan dengan Takaful Malaysia. Beliau tidak pernah
disabitkan dengan apa-apa kesalahan dalam tempoh
sepuluh (10) tahun yang lalu dan telah menghadiri kesemua
sembilan (9) mesyuarat Lembaga Pengarah yang diadakan
dalam tahun kewangan berakhir 31 Disember 2013.
He has no family relationship with any other directors/
major shareholders of Takaful Malaysia and has no conflict
of interest with Takaful Malaysia. He has no conviction for
offences within the past ten (10) years and has attended
all nine (9) Board of Directors’ meetings held during the
financial year ended 31 December 2013.
012
DATO’ Mohamed Hassan Kamil
Pengarah Urusan Kumpulan / Group Managing Director
Dato’ Mohamed Hassan Kamil, berusia 51 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.
Dato’ Mohamed Hassan Kamil, aged 51, is a Malaysian
citizen and was appointed to the Board of Takaful
Malaysia on 1 September 2006 as a Non-Independent
Non-Executive 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 in Actuarial
Science and a Master in Business Administration from the
University of Iowa, USA. He is a Fellow of the Society of
Actuaries, USA, a 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 sebagai Naib Presiden Kanan dan Ketua Aktuari.
Pada tahun 2004, beliau menjadi Timbalan Pengurus Besar
bagi P.T. AIA Indonesia.
He worked in the United States as an Actuary from 1987
to 1994 prior to returning to Malaysia as Deputy General
Manager at Malaysia National Insurance. In 1996, he joined
ING Insurance Berhad as Senior Vice President and Chief
Actuary. In 2004, he became the Deputy General Manager
for P.T. AIA Indonesia.
013
datuk Rozaida Omar
Datuk Rozaida Omar, berusia 51 tahun, adalah
Pengarah Bukan Eksekutif Bukan Bebas Takaful
Malaysia pada 15 Mei 2007. Beliau juga merupakan ahli
Jawatankuasa Pemilihan dan Jawatankuasa Ganjaran.
Datuk Rozaida Omar, aged 51, is a Malaysian citizen
and is a Non-Independent Non-Executive Director of
Takaful Malaysia and was appointed to the Board on
15 May 2007. She is also a member of the Nomination
Committee and Remuneration Committee.
Beliau adalah Akauntan Bertauliah (M) dan merupakan ahli
Association of Chartered Certified Accountants (ACCA)
United Kingdom sejak tahun 1986.
She is a Chartered Accountant (M) and a member of the
Association of Chartered Certified Accountants (ACCA)
United Kingdom since 1986.
Beliau memulakan kerjayanya sebagai Akauntan Kewangan
di FELDA pada tahun 1986. Pada tahun 1990, beliau menjadi
Pengurus Kredit di Citibank Berhad sehingga tahun 1991.
Beliau kemudiannya menyertai Guthrie Trading Sdn Bhd
pada tahun 1992 sebagai Pengurus Kewangan sehingga
tahun 1993. Selepas itu, beliau menjadi Pengarah Kewangan
di Glaxo SmithKline Consumer Healthcare Sdn Bhd dari
tahun 1994 sehingga tahun 2003. Kini beliau adalah Ketua
Pegawai Kewangan Kumpulan di Lembaga Tabung Haji
sejak tahun 2004. Beliau juga merupakan Pengarah Pelikan
International Corporation Berhad dan BIMB Holdings
Berhad.
She started her career as a Financial Accountant at FELDA
in 1986. In 1990, she became a Credit Manager at Citibank
Berhad until 1991. She then joined Guthrie Trading Sdn Bhd
in 1992 as a Finance Manager until 1993. After that, she
became a Finance Director of Glaxo SmithKline Consumer
Healthcare Sdn Bhd from 1994 until 2003. She is currently
the Group Chief Financial Officer of Lembaga Tabung Haji
since 2004. She is also a Director of Pelikan International
Corporation Berhad and BIMB Holdings Berhad.
014
She has no family relationship with any other directors/
of interest with Takaful Malaysia. She has no conviction for
Mahadzir Azizan
Pengarah Bukan Eksekutif Bebas Kanan /
Senior Independent Non-Executive Director
Mahadzir Azizan, berusia 65 tahun, adalah warganegara
Malaysia yang telah dilantik sebagai Pengarah
Bukan Eksekutif Bebas Takaful Malaysia pada
1 September 2007. Beliau telah dilantik sebagai Pengarah
Bukan Eksekutif Bebas Kanan pada 2 Jun 2011.
Mahadzir Azizan, aged 65, 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.
Beliau juga merupakan Pengerusi Jawatankuasa Audit
dan Jawatankuasa Pemilihan dan ahli Jawatankuasa Risiko
Lembaga Pengarah dan Jawatankuasa Ganjaran. Beliau
juga merupakan ahli Lembaga Komisaris P.T. Asuransi
Takaful Keluarga.
He is also the Chairman of the Audit Committee and
Nomination Committee and a member of Board Risk
Committee and Remuneration 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 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 juga merupakan Pengarah ECM Libra Financial
Group Berhad, Libra Invest Berhad dan beberapa syarikat
lain.
sepuluh (10) tahun yang lalu dan telah menghadiri lapan (8)
mesyuarat Lembaga Pengarah yang diadakan dalam tahun
kewangan berakhir 31 Disember 2013.
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, Libra Invest
Berhad and several other companies.
eight (8) Board of Directors’ meetings held during the
015
Dato’ Sulaiman Mohd Yusof, berusia 63 tahun, adalah
Pengarah Bukan Eksekutif Bebas Takaful Malaysia pada
1 Januari 2008. Beliau juga merupakan ahli Jawatankuasa
Audit, Jawatankuasa Pemilihan dan Jawatankuasa
Risiko Lembaga Pengarah. Beliau juga merupakan
Pengerusi Asean Retakaful International (L) Ltd. (dalam
pembubaran secara sukarela oleh ahli).
Dato’ Sulaiman Mohd Yusof, aged 63, is a Malaysian
citizen and is an Independent Non-Executive Director
of Takaful Malaysia and was appointed to the Board
on 1 January 2008. He is also a member of the Audit
Committee, Nomination Committee and Board Risk
Committee. He is also the Chairman of Asean Retakaful
International (L) Ltd. (in members’ voluntary liquidation).
Beliau memperolehi Ijazah Sarjana Muda Undang-undang
(LLB) dari University of Buckingham, United Kingdom pada
tahun 1984 dan diterima masuk ke Malaysian Bar pada
tahun 1986.
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.
016
He graduated with a Bachelor of Law (LLB) from the
University of Buckingham, United Kingdom in 1984 and was
called to the Malaysian Bar in 1986.
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.
Johan Abdullah
Johan Abdullah, berusia 57 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 Risiko Lembaga Pengarah dan
Jawatankuasa Ganjaran.
Johan Abdullah, aged 57, 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,
Board Risk 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 rejoined 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.
017
Zakaria Ismail
Zakaria Ismail, berusia 62 tahun, adalah warganegara
Malaysia dan merupakan Pengarah Bukan Eksekutif
Bebas Takaful Malaysia dan telah dilantik pada 15 Mei
2010. Beliau juga merupakan Pengerusi Jawatankuasa
Ganjaran dan Jawatankuasa Risiko Lembaga Pengarah
dan ahli Jawatankuasa Audit dan Jawatankuasa
Pemilihan.
Zakaria Ismail, aged 62, 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
also the Chairman of the Remuneration Committee
and Board Risk Committee and a member of Audit
Committee and Nomination Committee.
Beliau memperolehi Ijazah Sarjana Muda Ekonomi
(Kepujian) dari Universiti Malaya pada tahun 1974 dan
Sarjana Pentadbiran Perniagaan dan Sarjana Sastera dalam
Ekonomi dari Boston University, Amerika Syarikat, masingmasing pada tahun 1981 dan 1983. Beliau juga merupakan
ahli bersekutu The Institute of Bankers, London.
Beliau memulakan kerjayanya di Bank Negara Malaysia
(BNM) pada tahun 1974 dan memegang pelbagai jawatan
seperti Eksekutif Kanan, Penyeliaan Perbankan; Setiausaha
Sulit, Pejabat Gabenor, Eksekutif Kanan, Ekonomi; Penolong
kepada Pengarah Eksekutif, South East Asia Group IMF; di
Washington, D.C Amerika Syarikat; Pengurus, Ekonomi;
Pengurus, Penyeliaan Perbankan; Timbalan Pengarah,
Pelaburan; Timbalan Pengarah, Penyeliaan Perbankan;
Pengarah, Penyeliaan Perbankan; Pengarah, Penyeliaan
Insurans dan Pengarah, Pengawalan Insurans. Beliau telah
dipinjamkan sebagai Pengarah Urusan di Entrepreneurs
Rehabilitation Fund (ERF) pada tahun 2002 sehingga 2004
dan seterusnya dipinjamkan sebagai Pengarah Latihan
dan Pentadbiran di The South East Asian Central Banks
Research and Training Centre (SEACEN) pada tahun 2004
sehingga persaraan beliau pada tahun 2007. Beliau juga
merupakan ahli Lembaga Pengarah di Malaysian Insurance
Institute (MII) dan ahli EXCO MII dari tahun 2000 sehingga
2002. Beliau juga merupakan ahli Lembaga Pengarah di
Credit Guarantee Corporation (CGC). Kini, beliau juga
merupakan ahli Lembaga Pengarah Export-Import Bank of
Malaysia Berhad.
sepuluh (10) tahun yang lalu dan telah menghadiri tujuh (7)
018
He obtained his Bachelor of Economics (Honours) from
the University of Malaya in 1974, and a Master in Business
Administration and a Master of Arts in Economics from
Boston University, USA in 1981 and 1983 respectively. He is
also an associate of The Institute of Bankers, London.
He started his career with Bank Negara Malaysia (BNM)
in 1974 and assumed various positions such as Senior
Executive, Banking Supervision; Private Secretary, Office
of the Governor; Senior Executive, Economics; Assistant
to the Executive Director, South East Asia Group IMF; in
Washington, D.C. USA; Manager, Economics; Manager,
Banking Supervision; Deputy Director, Investment;
Deputy Director, Banking Supervision; Director, Banking
Supervision; Director, Insurance Supervision and Director,
Insurance Regulation. He was seconded to the Entrepreneurs
Rehabilitation Fund (ERF) as its Managing Director in 2002
until 2004 and then was seconded to The South East Asian
Central Banks Research and Training Centre (SEACEN) as
its Director of Training and Administration from 2004 until
his retirement in 2007. He was also a Board member of
the Malaysian Insurance Institute (MII) and member of the
EXCO of MII from 2000 until 2002. He was also a Board
member of Credit Guarantee Corporation (CGC). Currently,
he is also a Board member of Export-Import Bank of
Malaysia Berhad.
seven (7) Board of Directors’ meetings held during the
Dato’ Othman Abdullah, berusia 65 tahun, adalah
Pengarah Bukan Eksekutif Bebas Takaful Malaysia
pada 1 Disember 2012. Beliau juga merupakan ahli
Jawatankuasa Audit.
Dato’ Othman Abdullah, aged 65, is a Malaysian
citizen and was appointed on 1 December 2012 as an
Independent Non-Executive Director of Takaful Malaysia.
He is also a member of Audit Committee.
Beliau memperolehi Sarjana Muda Ekonomi dalam
Perakaunan dari Universiti Malaya pada tahun 1977 dan
merupakan ahli Institut Akauntan Malaysia (MIA).
He obtained his Bachelor of Economics in Accounting from
the University of Malaya in 1977 and is a member of the
Malaysian Institute of Accountants (MIA).
Beliau memulakan kerjayanya pada tahun 1977 sebagai
Akauntan Perbendaharaan di Jabatan Akauntan Negara
(AG). Beliau telah memegang pelbagai jawatan di Jabatan
AG antaranya sebagai Akauntan Kanan Perbendaharaan
pada tahun 1982 dan Akauntan pada tahun 1984. Beliau
telah dipinjamkan kepada Lembaga Letrik Sabah sebagai
Timbalan Pengurus Besar (Kewangan) pada tahun 1987.
Pada tahun 1993, beliau telah dilantik sebagai Timbalan
Pengarah, Bahagian Perkhidmatan Operasi Pusat dan
Agensi (BPOPA) dan kemudiannya menjadi Pengarah
BPOPA pada tahun 1995. Seterusnya, pada tahun
1999 beliau telah dilantik sebagai Pengarah, Bahagian
Pengurusan Perakaunan Cawangan; pada tahun 2000
sebagai Timbalan Akauntan Negara Malaysia dan pada
tahun 2003 sebagai Akauntan Negara Malaysia sehingga
beliau bersara pada bulan Mac 2005.
He started his career in 1977 as Treasury Accountant at the
Accountant General’s (AG) Department. He held various
positions in the AG Department among others as the Senior
Treasury Accountant in 1982 and Accountant in 1984.
He was seconded to the Sabah Electricity Board as the
Deputy General Manager (Finance) in 1987. In 1993, he was
appointed as the Deputy Director of Central Operation and
Agency Services Division (BPOPA) and later he became
the Director of BPOPA in 1995. In 1999, he then served as
the Director of Branch Account Management Division, in
2000 as the Deputy Accountant General of Malaysia and
in 2003 as the Accountant General of Malaysia until his
retirement in March 2005.
Kini, beliau juga adalah Pengarah ECM Libra Financial
Group Berhad, Syarikat Perumahan Negara Berhad dan
Indah Water Konsortium Sdn Bhd.
sepuluh (10) tahun yang lalu dan telah menghadiri lapan (8)
Currently, he is also a Director of ECM Libra Financial Group
Berhad, Syarikat Perumahan Negara Berhad and Indah
Water Konsortium Sdn Bhd.
eight (8) Board of Directors’ meetings held during the
019
Dr. Ahmad Shahbari @ Sobri Salamon
Dr. Ahmad Shahbari @ Sobri Salamon, berusia 71 tahun,
adalah warganegara Malaysia dan merupakan Pengerusi
Badan Penasihat Syariah (BPS) Takaful Malaysia yang
telah dilantik pada 1 Julai 1985.
Dr. Ahmad Shahbari @ Sobri Salamon, aged 71, 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, Sarjana Falsafah dalam Sains Politik dan Ijazah Doktor
Falsafah dalam Sejarah dari Universiti New York, Amerika
Syarikat masing-masing pada tahun 1975 dan 1979.
Pensyarah di Jabatan Syariah, Fakulti Pengajian Islam,
Universiti Kebangsaan Malaysia (UKM) sebelum dipinjamkan
ke Universiti Islam Antarabangsa Malaysia (UIAM) dari
tahun 1983 hingga 1984. Semasa di UKM, beliau telah dilantik
sebagai Penyelaras bagi Pendidikan Umum dari tahun 1981
hingga 1982. Pada tahun 1982, beliau berkhidmat sebagai
Pemangku Ketua Jabatan Syariah. Beliau juga merupakan
Penyelaras Program Diploma dan Sijil Pengajian Islam UKM
sehingga tahun 1983. Beliau kembali ke UKM pada tahun
1984 sebagai Prof. Madya di Jabatan Syariah sehingga tahun
1985. Kemudian beliau menjadi Pengarah Eksekutif Pusat
Rawatan Islam (MAIS) dari tahun 1996 hingga 1999. Kini,
beliau merupakan Pengerusi Eksekutif Pusrawi Corporation
Sdn Bhd, ahli Majlis Perundingan Islam di Jabatan Perdana
Menteri (JPM), Pengerusi Majlis Pengawasan Syariah Bank
Islam Malaysia Berhad dan ahli Majlis Pengawasan Syariah
Lembaga Perkhidmatan Kewangan Labuan.
Beliau telah menghasilkan tulisan dalam bidang sejarah
pendidikan, ekonomi, perbankan Islam dan perundangan
Islam sebanyak 14 buah buku, 7 jilid terjemahan, 300 skrip
tv dan 40 kertas kerja. Beliau juga dianugerahkan sebagai
‘Tokoh Ulamak Bestari Negeri Selangor’ pada tahun 2000,
‘Tokoh Ma’al Hijrah Negeri Selangor’ pada tahun 2001 dan
Ahli Majlis Agama Islam Negeri Selangor selama 21 tahun.
020
He graduated with a Bachelor of Arts in Shariah from the
University of Al-Azhar, Egypt in 1970, a Master of Arts in
International Studies from Fairleigh Dickenson University,
USA in 1973, a Master of Philosophy in Political Sciences
and a Doctor of Philosophy in History from New York
University, USA in 1975 and 1979 respectively.
He started his career in 1978 as a Lecturer at the Shariah
Department, Faculty of Islamic Studies, Universiti
Kebangsaan Malaysia (UKM) prior to his secondment to
the International Islamic University Malaysia (IIUM) from
1983 to 1984. Whilst with UKM, he was appointed as the
Coordinator for the General Teachings from 1981 to 1982.
In 1982, he served as the Acting Head of the Shariah
Department. He was also the Programme Coordinator for
Diploma and Certificate in Islamic Studies of UKM until
1983. He returned to UKM in 1984 as a Associate Prof. in
the Shariah Department until 1985. He then became an
Executive Director of Pusat Rawatan Islam (MAIS) from
1996 to 1999. Currently, he is the Executive Chairman of
Pusrawi Corporation Sdn Bhd, a member of the Islamic
Consultative Council in the Prime Minister’s Department, the
Chairman of the Shariah Supervisory Council of Bank Islam
Malaysia Berhad and a member of the Shariah Supervisory
Council of Labuan Financial Services Authority.
He has produced writings in educational history, economy,
Islamic banking and Islamic law, a total of 14 books, 7
translation bindery, 300 tv scripts and 40 paper works. He
was also awarded ‘Tokoh Ulamak Bestari Negeri Selangor’
in 2000, ‘Tokoh Ma’al Hijrah Negeri Selangor’ in 2001 and a
member of Religious Council of Selangor State for 21 years.
Dato’ Mohd Bakir Hj. Mansor
Ahli / Member
Dato’ Mohd Bakir Hj. Mansor, berusia 77 tahun, adalah
warganegara Malaysia dan merupakan ahli Badan
Penasihat Syariah (BPS) Takaful Malaysia, dilantik pada
1 Julai 2002. Beliau memperolehi Shahadah Ulya (Sijil
Tertinggi) dari Kolej Islam Malaya pada tahun 1967.
Dato’ Mohd Bakir Hj. Mansor, aged 77, is a Malaysian
citizen and is a member of the Shariah Advisory Body
(SAB) of Takaful Malaysia, appointed on 1 July 2002. He
obtained the Shahadah Ulya (Highest Certificate) from
Kolej Islam Malaya in 1967.
Beliau telah memulakan kerjayanya sebagai guru sementara
di Madrasah Mashhoor Islamiyah, Pulau Pinang dari tahun
1967 hingga 1970. Beliau kemudiannya berkhidmat sebagai
Pegawai Penerangan sementara di Majlis Kebangsaan Hal
Ehwal Agama Islam Malaysia mulai tahun 1971 hingga 1973;
sebagai Pegawai Hal Ehwal Islam di Bahagian Hal Ehwal
Islam, Jabatan Perdana Menteri dari tahun 1973 hingga
1977; sebagai Pegawai Perancangan Pendidikan Agama
di Jabatan Kemajuan Masyarakat, Kementerian Pertanian
dari tahun 1978 hingga 1980; sebagai Penolong Pengarah
Dokumentasi di Bahagian Hal Ehwal Islam, Jabatan Perdana
Menteri mulai tahun 1980 hingga 1981 dan sebagai seorang
Ketua Penolong Pengarah Pusat Penyelidikan Islam dari
tahun 1981 hingga 1984. Beliau kemudiannya berkhidmat
dengan Bank Islam Malaysia Berhad sebagai Koordinator
Syariah merangkap Setiausaha Majlis Pengawasan
Syariah Bank dari tahun 1984 hingga 2001. Beliau 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.
Beliau
telah
dianugerahkan
“Tokoh
Maulidur
Rasul 1434H/2013M” oleh kerajaan Malaysia kerana
sumbangannya dalam industri kewangan Islam.
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.
He was awarded “Tokoh Maulidur Rasul 1434H/2013M”
by the government of Malaysia for his contributions in
promoting the Islamic finance industry.
021
Dr. Aida Othman
Ahli / Member
Dr. Aida Othman, berusia 45 tahun, adalah warganegara
Malaysia dan merupakan ahli Badan Penasihat Syariah
(BPS) Takaful Malaysia yang telah dilantik pada 6 Mac
2008.
Dr. Aida Othman, aged 45, 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.
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.
022
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.
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.
Professor Dr. Muhamad Rahimi Osman
Ahli / Member
Profesor Dr. Muhamad Rahimi Osman, berusia 53 tahun,
adalah warganegara Malaysia dan merupakan ahli
Badan Penasihat Syariah (BPS) Takaful Malaysia yang
telah dilantik pada 12 Januari 2010.
Professor Dr. Muhamad Rahimi Osman, aged 53, is
a Malaysian citizen and is a member of the Shariah
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 Dekan,
Akademi Pengajian Islam Kontemporari (ACIS), Universiti
Teknologi MARA (UiTM), Shah Alam.
He graduated from the University of Malaya in 1987, holding
a Bachelor of Shariah (Hons). He obtained his Master in
Islamic Economics from the University of Yarmouk, Jordan
and a Doctor of Philosophy (PhD) in Islamic Banking from
the International Islamic University Malaysia in 1996 and
2007 respectively. Currently, he is a Dean of the Academy of
Contemporary Islamic Studies (ACIS), Universiti Teknologi
MARA (UiTM), Shah Alam.
Beliau memulakan kerjayanya sebagai pensyarah di Pusat
Pendidikan Islam, Universiti Teknologi MARA (UiTM), Shah
Alam pada tahun 1988. Beliau telah dilantik memegang
beberapa jawatan pentadbiran seperti Koordinator Sains
Sosial Islam, Ketua Unit Zakat, Timbalan Pengarah, Pusat
Pemikiran dan Kefahaman Islam (CITU) dan Pengarah,
Institut Kajian Zakat Malaysia (IKaZ), Universiti Teknologi
MARA.
He joined Universiti Teknologi MARA (UiTM), Shah Alam
in 1988 as an academic staff at the Centre for Islamic
Education. He was appointed to several administration
posts such as Coordinator of Islamic Social Science, Head of
Zakat Unit, Deputy Director, Centre for Islamic Thought and
Understanding (CITU) and Director of the Zakat Research
Institute of Malaysia (IKaZ), Universiti Teknologi MARA.
Beliau juga adalah ahli jawatankuasa Penyelaras Kurikulum
Program Muamalat, Takaful, Kewangan dan Perbankan
Islam, Kementerian Pengajian Tinggi Malaysia, Ahli
Senat Universiti dan ahli Majlis Dekan Pengajian Islam,
Institusi Pengajian Tinggi Awam Malaysia dan beberapa
jawatankuasa lain di dalam dan luar Universiti.
Beliau juga telah menulis buku dan membentangkan
kertas kerja di peringkat nasional dan antarabangsa dan
terlibat menjalankan penyelidikan dalam bidang ekonomi,
perbankan dan kewangan Islam. Artikel beliau juga telah
diterbitkan dalam jurnal tempatan dan antarabangsa.
He also serves as a member of the Curriculum Review
Committee for Muamalat, Takaful, Islamic Banking and
Finance of the Ministry of Higher Education Malaysia,
member of the Senate University, and member of the Dean
Council of Islamic Studies, Higher Learning Institutions of
Malaysia and several other committees inside and outside
of the University.
He has written books and presented papers at national and
international seminars related to Islamic economics, Islamic
banking and finance. His articles have also been published
in local and international journals.
023
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz
Ahli / Member
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz, berusia
61 tahun, adalah warganegara Malaysia dan merupakan
ahli Badan Penasihat Syariah (BPS) Takaful Malaysia
yang telah dilantik pada 1 Jun 2011.
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz, aged 61,
is a Malaysian citizen and is a member of the Shariah
appointed on 1 June 2011.
Beliau memperolehi Diploma Pendidikan pada tahun 1977
dan Sarjana Muda dalam Pengajian Islam (Kepujian) pada
tahun 1978 dari Universiti Kebangsaan Malaysia. Beliau
juga memperolehi Diploma Sains Pengurusan dari Institut
Tadbiran Awam Negara (INTAN) pada tahun 1989. Beliau
merupakan ahli British Institute of Management (MBIM)
sejak tahun 1985.
He graduated from Universiti Kebangsaan Malaysia with
a Diploma in Education in 1977 and a Bachelor of Islamic
Studies (Honours) in 1978. He also obtained a Diploma in
Management Science from the National Institute of Public
Administration (Institut Tadbiran Awam Negara (INTAN) in
1989. He is a member of British Institute of Management
(MBIM) since 1985.
Penolong Pengarah dan kemudiannya menjadi Penolong
Pengarah Kanan di Institut Dakwah dan Latihan Islam
(INDAH) Bahagian Hal Ehwal Islam (BAHEIS), Jabatan
Perdana Menteri. Beliau kemudian menjadi Atase Agama
di Pejabat Pesuruhjaya Tinggi Malaysia di London selama
tiga tahun sejak tahun 1982. Selepas pulang ke Malaysia
pada tahun 1986, beliau dinaikkan pangkat sebagai
Ketua Penolong Pengarah di BAHEIS dan kemudiannya
sebagai Ketua Bahagian Amar Ma’ruf dan Ketua Pendaftar
Nikah, Cerai dan Rujuk di Jabatan Agama Islam Wilayah
Persekutuan (JAWI). Pada tahun 1993, beliau bertugas
sebagai Ketua Penolong Pengarah Ekonomi, Pentadbiran
Sosial, Pusat Penyelidikan Islam. Pada tahun 1994, beliau
merupakan Pengetua Darul Quran Jabatan Kemajuan Islam
Malaysia (JAKIM) dan kemudiannya memegang pelbagai
jawatan seperti Pengarah Bahagian Keluarga, Sosial
dan Pengurusan Masjid (KESUMA), Pengarah Bahagian
Penyelidikan, Timbalan Ketua Pengarah (Operasi) dan
Ketua Pengarah masing-masing pada tahun 2000, 2003,
2004 dan 2007 sebelum beliau bersara pada 22 April 2011.
Sepanjang tempoh menjadi Ketua Pengarah JAKIM, beliau
juga bertindak sebagai Setiausaha Jawatankuasa Fatwa
Kebangsaan.
He started his career in 1978 as an Assistant Director and
later as Senior Assistant Director at the Institut Dakwah dan
Latihan Islam (INDAH) of Islamic Affairs Division (Bahagian
Hal Ehwal Islam (BAHEIS), Prime Minister’s Department.
He then served as Atase Agama at the Malaysian High
Commission’s office in London for three years from 1982.
Upon returning to Malaysia in 1986, he was promoted to
Chief Assistant Director in BAHEIS and thereafter as the
Chief of Amar Ma’ruf Division and Chief Registrar of Marriage,
Divorce and Ruju’ at the Federal Territory Islamic Religious
Department (Jabatan Agama Islam Wilayah Persekutuan
(JAWI)). In 1993, he served as Chief Assistant Director of
Social, Administration and Economy at the Islamic Research
Center. In 1994, he served as Principal at the Darul Quran of
the Malaysian Islamic Development Department (Jabatan
Kemajuan Islam Malaysia (JAKIM)) and later assumed
various positions such as Director of Family, Social and
Mosque Management Division (KESUMA), Director of
Research Division, Deputy Director General (Operation)
and Director General of JAKIM in 2000, 2003, 2004 and
2007 respectively before his retirement on 22 April 2011. He
also served as Secretary to the National Fatwa Committee
while serving as Director General of JAKIM.
Beliau juga pernah berkhidmat sebagai ahli Majlis Penasihat
Syariah di Bank Negara Malaysia pada tahun 2008
sehingga tahun 2010. Kini, beliau merupakan ahli Lembaga
Pengarah Institut Kefahaman Islam Malaysia (IKIM) dan ahli
Jawatankuasa Penasihat Ibadat Haji (Tabung Haji-JAKIM).
024
He was also previously a member of the Shariah Advisory
Council of Bank Negara Malaysia from 2008 until 2010.
He is currently a Board member of the Institute of Islamic
Understanding Malaysia (Institut Kefahaman Islam Malaysia
(IKIM) and a member of the Hajj Advisory Committee
(Tabung Haji-JAKIM).
1
2
3
1
4
5
6
2
3
7
4
5
6
7
Lee Hin Sze
Ketua Pegawai Kewangan /
Chief Financial Officer
Azian Kassim
Ketua Pegawai Pelaburan /
Chief Investment Officer
Mohamad Asri Hj. Yusoff
Setiausaha Syarikat /
Pengurus Besar, Hal Ehwal Korporat /
Company Secretary /
General Manager, Corporate Affairs
Nazrul Hisham Abdul Hamid
Pengurus Besar, Operasi Takaful Am /
General Manager, General Takaful Operations
Leem Why Chong
Pengurus Besar, Aktuari & Aktuari Dilantik /
General Manager, Actuarial & Appointed Actuary
Norazlin Mohd Dahari
Pengurus Besar, Perniagaan Korporat /
General Manager, Corporate Business
025
8
9
10
8
9
11
12
10
11
13
14
15
12
13
14
15
026
Mohd Suhaimi Ahmad
Pengurus Besar, Agensi Runcit /
General Manager, Retail Agency
Shuhaibahtulaslamiah Hurmuzan
Pengurus Besar, Sumber Manusia /
General Manager, Human Resource
Patrick Wong Chang Yang
Ketua Pegawai Informasi /
Chief Information Officer
Mark Anthony Nathan
Pengurus Besar, Bankatakaful /
General Manager, Bancatakaful
Leong Chee Wan
Operasi – Takaful Keluarga /
Bankatakaful / Logistik /
Operations – Family Takaful /
Bancatakaful / Logistics
Haniza Filzah Hayani Abu Haniffa
Penolong Pengurus Besar, Audit Dalaman /
Assistant General Manager, Internal Audit
Shazlyna Abdullah
Pematuhan & Pengurusan Risiko /
Compliance & Risk Management
Mala Patmarajah
Ketua, Komunikasi Korporat /
Head of Corporate Communications
LAPORAN JAWATANKUASA AUDIT
AUDIT COMMITTEE REPORT
Lembaga Pengarah Syarikat Takaful Malaysia Berhad
(“Takaful Malaysia”) dengan berbesar hati membentangkan
Laporan Jawatankuasa Audit bagi tahun kewangan yang
dikaji.
The Board of Directors of Syarikat Takaful Malaysia
Berhad (“Takaful Malaysia”) is pleased to present the Audit
Committee Report for the financial year under review.
KEAHLIAN DAN MESYUARAT
Jawatankuasa Audit (“Jawatankuasa”) kini terdiri daripada
empat (4) orang ahli, di mana kesemuanya adalah Pengarah
Bukan Eksekutif Bebas. Maklumat terperinci mengenai ahli
dan mesyuarat yang diadakan sepanjang tahun kewangan
berakhir 31 Disember 2013 adalah seperti berikut:
Nama Ahli
Jawatankuasa Audit
Bil. Mesyuarat
Name of Audit
Committee Members
No. of Meetings
Attended
Mahadzir Azizan
(Chairman)
(Senior Independent
Non-Executive Director)
8
8
(Independent Non-Executive
Director)
8
7
7
Zakaria Ismail
Director)
8
7
7
8
7
7
Director)
Dihadiri
Mahadzir Azizan
(Pengerusi)
(Pengarah Bukan Eksekutif
Bebas Kanan)
8
8
Bebas)
8
Zakaria Ismail
Bebas)
8
8
The Audit Committee (“Committee”) currently comprises
four (4) members, all of whom are Independent NonExecutive Directors. The details of members and meetings
held during the financial year ended 31 December 2013 are
as follows:
Held
Diadakan
Bebas)
MEMBERSHIP AND MEETINGS
Dato’ Othman Abdullah adalah ahli Institut Akauntan
Malaysia (“MIA”). Oleh itu, Takaful Malaysia telah mematuhi
Perenggan 15.09(1)(c)(i) Keperluan Penyenaraian Pasaran
Utama (“Keperluan Penyenaraian”) Bursa Malaysia
Securities Berhad (“Bursa Securities”) yang menggariskan
bahawa sekurang-kurangnya seorang (1) ahli Jawatankuasa
mestilah merupakan ahli MIA.
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 2013, Pengarah Urusan Kumpulan
dan Penolong Pengurus Besar / Ketua Audit Dalaman
Dato’ Othman Abdullah is a member of the Malaysian
Institute of Accountants (“MIA”). Thus, Takaful Malaysia
complies with Paragraph 15.09(1)(c)(i) of the Main Market
Listing Requirements (“Listing Requirements”) of Bursa
Malaysia Securities Berhad (“Bursa Securities”) which
stipulate that at least one (1) member of the Committee
must be a member of the MIA.
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.
027
menghadiri kesemua mesyuarat yang diadakan, manakala
Ketua Pegawai Kewangan menghadiri 6 daripada 8
mesyuarat yang diadakan.
TERMA RUJUKAN
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
Securities dan garis panduan 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 Securities.
Ahli Jawatankuasa hendaklah melantik Pengerusi daripada
kalangan mereka yang merupakan seorang Pengarah Bukan
Eksekutif Bebas. Sekiranya seorang ahli Jawatankuasa
meletak jawatan, meninggal dunia atau atas sebarang
sebab tidak lagi menjadi ahli sehingga menyebabkan
bilangan ahli kurang daripada tiga (3) orang, maka
Lembaga Pengarah hendaklah melantik ahli baru dalam
bilangan yang diperlukan untuk mencukupkan bilangan
minimum ahli kepada tiga (3) orang dalam tempoh tiga (3)
bulan dari peristiwa tersebut. Pengarah gantian tidak boleh
dilantik sebagai ahli Jawatankuasa.
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.
028
During the financial year ended 31 December 2013, the
Group Managing Director and the Assistant General
Manager / Head of Internal Audit attended all the meetings
held, while the Chief Financial Officer attended 6 out of 8
meetings held.
TERMS OF REFERENCE
Composition
The members of the Committee shall be appointed by the
Board from amongst their numbers and shall comprise
of at least three (3) members, all of whom must be
Non-Executive Directors with majority of them shall be
Independent Directors. An Independent Non-Executive
Director shall be the one who fulfils the requirements as
provided in the Bursa Securities Listing Requirements and
the guidelines of Bank Negara Malaysia (“BNM”).
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 Securities.
The members of the Committee shall elect a Chairman
from amongst their numbers who shall be an Independent
Non-Executive Director. If a member of the Committee
resigns, dies or for any reason ceases to be a member
with the result that the number of members are reduced
below three (3), the Board shall within three (3) months
of that event, appoint such number of new members as
may be required to make up the minimum number of three
(3) members. No alternate Director can be appointed as a
member of the Committee.
The Board shall review the term of office and performance
of the Committee and each of its members at least once
every three (3) years to ensure the Committee and
members have carried out their duties in accordance with
their terms of reference.
Korum dan Prosedur Jawatankuasa
Quorum and Committee’s Procedures
Mesyuarat hendaklah diadakan sekurang-kurangnya
empat (4) kali setahun atau dengan lebih kerap, mengikut
keperluan.
Meetings shall be conducted at least four (4) times annually
or more frequently as circumstances dictate.
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.
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.
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.
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.
029
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.
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.
Sekiranya Jawatankuasa berpendapat bahawa sebarang
perkara yang dilaporkan olehnya kepada Lembaga Pengarah
masih belum diselesaikan dengan memuaskan sehingga
menyebabkan pelanggaran Keperluan Penyenaraian Bursa
Securities, Jawatankuasa hendaklah melaporkan dengan
segera perkara tersebut kepada Bursa Securities.
Where the Committee is of the view that a matter
reported by it to the Board has not been satisfactorily
resolved resulting in a breach of Bursa Securities Listing
Requirements, the Committee shall promptly report such
matter to the Bursa Securities.
Tugas dan Tanggungjawab
Objektif utama Jawatankuasa adalah untuk menyediakan
pengawasan bebas laporan kewangan Takaful Malaysia
dan sistem kawalan dalaman serta memastikan semakan
dan keseimbangan di dalam Takaful Malaysia.
Oleh yang demikian, tugas dan tanggungjawab
Jawatankuasa adalah termasuk perkara-perkara berikut:
• 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,
fungsi-fungsi, daya saing dan sumber fungsi audit
dalaman dan sama ada ianya mempunyai kuasa
diperlukan untuk menjalankan tugas.
• 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.
• mengkaji penemuan audit utama dan tindakan
Pengurusan sepanjang tahun dengan pihak Pengurusan,
juruaudit luar dan juruaudit dalaman termasuk status
syor-syor audit yang terdahulu.
• mengkaji kebebasan dan objektif juruaudit luar dan
perkhidmatan
mereka,
termasuk
perkhidmatan
bukan audit dan yuran profesional, untuk memastikan
keseimbangan yang betul antara objektif dan nilai untuk
wang.
030
Duties and Responsibilities
The primary objective of the Committee is to provide
an independent oversight of Takaful Malaysia’s financial
reporting and internal control system and ensuring checks
and balances within Takaful Malaysia.
Therefore, the duties and responsibilities of the Committee
include the followings:
• to review with the external auditor and report to the
Board, the audit scope and plan, including any changes
to the planned scope of the external audit plan and
evaluation of the system of internal control.
• 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.
• 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.
• 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.
• to review the independence and objectivity of the
external auditors and their services, including nonaudit services and the professional fees, so as to ensure
a proper balance between objectivity and value for
money.
• mengkaji pelantikan, prestasi, yuran audit dan
sebarang persoalan berhubung peletakan jawatan atau
pemecatan juruaudit luar sebelum memberi cadangan
kepada Lembaga Pengarah.
• to review the appointment, performance, audit fees and
any question regarding the resignation or dismissal of
external auditors before making recommendations to
the Board.
• mengkaji keputusan suku tahunan dan penyata
kewangan akhir tahun, sebelum kelulusan Lembaga
Pengarah dengan menumpu terutamanya kepada:
• to review the quarterly and year-end financial
statements, before the approval by the Board, focusing
particularly on:
- perubahan atau pelaksanaan dasar dan praktis
perakaunan utama;
- pelarasan ketara dan peristiwa penting dan luar
biasa timbul dari audit;
- andaian perniagaan berterusan; dan
- pematuhan kepada standard kewangan, Bursa
Securities dan keperluan undang-undang.
- changes in or implementation of major accounting
policy and practice;
- significant adjustments and unusual event arising
from the audit;
- the going concern assumption; and
- compliance with accounting standards, Bursa
Securities and other legal requirements.
• mengkaji penyata Pengerusi dan pemberitahuan urus
tadbir korporat yang dibuat dalam Laporan Pengarah.
• to review the Chairman’s statement and corporate
governance disclosures made in the Directors’ Report.
• membincangkan masalah dan persoalan yang wujud
dari audit interim dan akhir dan sebarang perkara yang
ingin dibincangkan oleh juruaudit (tanpa kehadiran
pihak Pengurusan jika perlu).
• mengkaji Piagam Audit Dalaman, belanjawan dan
komposisi kakitangan Bahagian Audit Dalaman.
• mengkaji kawalan dalaman, termasuk skop urus tadbir,
prosedur, penemuan audit dalaman, dan mencadangkan
tindakan yang perlu diambil oleh Pengurusan. Laporan
audit dalaman tidak tertakluk kepada kebenaran
daripada Ketua Pegawai Eksekutif / Pengarah Urusan
Kumpulan atau Pengarah Eksekutif.
• mengarah dan sekiranya wajar, menyelia sebarang
projek atau siasatan khas jika perlu, dan mengkaji
laporan siasatan berkenaan sebarang penyalahgunaan,
penipuan dan kecurian yang besar.
• 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.
• to review internal controls, including the scope of
the internal audit governance, procedures, findings,
and recommend action to be taken by Management.
The internal audit reports should not be subject to
the clearance of the Chief Executive Officer / Group
Managing Director or Executive Directors.
• to direct and where appropriate supervise any special
projects or investigation considered necessary, and
review investigation report on any major defalcation,
frauds and thefts.
• memastikan akaun disediakan tepat pada masanya dan
dengan cara yang tepat bagi tujuan pengawalseliaan,
pengurusan dan laporan umum, dengan ulasan yang
selalu dijalankan terhadap kecukupan peruntukan yang
telah dibuat.
• to ensure that the accounts are prepared in a timely
and accurate manner for regulatory, management and
general reporting purposes, with regular reviews carried
out on the adequacy of provisions made.
• 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.
• 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.
bahawa
isu-isu
penyeliaan
yang
• memastikan
dibangkitkan oleh Bank Negara Malaysia diselesaikan
tepat pada masanya.
031
• melaksanakan sebarang fungsi lain yang mungkin
dipersetujui oleh Lembaga Pengarah.
• to ensure that supervisory issues raised by Bank Negara
Malaysia are resolved in a timely manner.
RINGKASAN AKTIVITI-AKTIVITI JAWATANKUASA
• to perform any other functions as may be agreed by the
Board.
Aktiviti-aktiviti yang telah dijalankan oleh Jawatankuasa
sepanjang tahun kewangan yang dikaji termasuk:
• Mengkaji dan memantau dengan juruaudit luar,
keputusan dan perkembangan audit bagi tahun
kewangan berakhir 31 Disember 2012, laporan audit
dan surat Pengurusan, termasuk tindakan Pengurusan
berkaitannya.
• Berbincang mengenai pelantikan semula juruaudit
luar bagi tahun kewangan berakhir 31 Disember 2013
dan menilai kesesuaian dan kebebasan mereka untuk
pelantikan semula.
• Mengkaji skop kerja dan rancangan audit juruaudit
luar bagi tahun kewangan berakhir 31 Disember 2013.
Sebelum audit dijalankan, wakil-wakil juruaudit luar
telah membentangkan strategi dan rancangan audit.
• Berbincang mengenai yuran audit yang perlu dibayar
kepada juruaudit luar.
• Berbincang dengan juruaudit luar berhubung sebarang
perkara yang memerlukan perhatian Lembaga Pengarah
dan Pemegang Saham tanpa kehadiran ahli Lembaga
Pengarah Eksekutif dan pihak Pengurusan.
• Mengkaji laporan audit dalaman dan audit khas
(seperti Laporan-Laporan Audit Kewangan, Operasi
dan Teknologi Maklumat) 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 laporan susulan oleh juruaudit dalaman
mengenai status tindakan yang diambil oleh pihak
Pengurusan terhadap cadangan yang diberikan dalam
laporan audit.
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.
032
SUMMARY OF ACTIVITIES OF THE COMMITTEE
The activities undertaken by the Committee during the
financial year under review include the following:
• Reviewed and monitored with the external auditors,
the results and progress of the audit for the financial
year ended 31 December 2012, the audit report and the
Management letter, including Management’s response
thereto.
• Discussed the re-appointment of external auditors
for the financial year ended 31 December 2013 and
assessed their sustainability and independence for reappointment.
• Reviewed the external auditors’ scope of work and audit
plans for the financial year ended 31 December 2013.
Prior to the audit, representatives from the external
auditors presented their audit strategy and plan.
• Discussed the audit fees payable to the external
auditors.
• Discussed with external auditors any matters that
warrant the Board and Shareholders’ attention without
the presence of the member of the Executive Directors
and Management.
• Reviewed the internal audit reports and special audit
reports (i.e. Finance, Operational and IT 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 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.
berhubung isu yang dibangkitkan dalam surat
Pengurusan oleh juruaudit luar dan status tindakan yang
diambil oleh pihak Pengurusan mengenai isu tersebut.
• 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.
• 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.
• 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.
• Mengkaji laporan Pematuhan termasuk penaksiran
pematuhan risiko, pengutamaan dan polisi pengurusan,
dan pengesahan penaksiran sendiri pematuhan kritikal
suku tahunan.
• Reviewed the Compliance reports including compliance
risk assessment, prioritization and management policy,
and quarterly compliance critical self assessment
confirmation.
• Mengkaji pengumuman keputusan kewangan suku
tahunan yang belum diaudit sebelum disyorkan kepada
Lembaga Pengarah untuk kelulusan.
• Mengkaji urusniaga
Kumpulan.
pihak
yang
berkaitan
dalam
• Menyediakan bimbingan ke atas penyediaan penyata
pendedahan dalam Laporan Tahunan seperti Penyata
Urus Tadbir Korporat, Penyata Pengurusan Risiko
dan Kawalan Dalaman, Laporan Jawatankuasa Audit
dan Penyata Pengerusi dalam mematuhi Keperluan
Penyenaraian Bursa Securities dan Suruhanjaya Sekuriti.
• Reviewed the quarterly unaudited financial results
announcements before recommending them for the
Board’s approval.
• Reviewed related party transactions within the Group.
• Reviewed the disclosure statements in the Annual
Report such as Corporate Governance Statement,
Statement on Risk Management and Internal Control,
Audit Committee Report and Chairman’s Statement in
compliance with Bursa Securities Listing Requirements
and Securities Commission.
• Mengkaji Laporan Tahunan Takaful myAl-Afdhal dan
Laporan Tahunan Dana Berkaitan Pelaburan.
• Reviewed the Takaful myAl-Afdhal Annual Report and
Investment-Linked Funds Annual Report.
• Mengkaji audit Polisi dan Proses Sumber Manusia bagi
tahun 2012.
• Reviewed the audit on Human Resource Payroll Policies
and Processes for 2012.
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 unitunit tersebut terhadap dasar dan prosedur Kumpulan serta
terhadap keperluan berkanun yang berkaitan.
033
Aktiviti-aktiviti berikut telah dijalankan oleh Bahagian Audit
Dalaman dalam tahun kewangan yang dikaji:
• Melaksanakan peranan jaminan bebas dengan
membuat ulasan kajian berjadual ke atas keberkesanan,
kecekapan dan mekanisma kawalan ekonomi untuk
mengutarakan risiko dan keutamaan dalam bidang
operasi, kewangan, teknologi maklumat, pembangunan
produk, pelaburan dan fungsi-fungsi strategik yang
menggunapakai pendekatan audit berasaskan risiko
seperti yang dinyatakan dalam Pelan Strategik Audit
Dalaman Rasmi (Tahun Kewangan Berakhir 2013 dan
2014).
• 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.
• Mengkaji semula kecukupan dan kesesuaian kawalan
dalaman dan pendedahan risiko di dalam pakej produk
baru berdasarkan semakan semula Rangka Kerja
Pembangunan Produk.
• Menyediakan
bimbingan
dan
nasihat
kepada
Jawatankuasa Pemandu Projek sebelum pelancaran
produk baru dan lama.
• Menjalankan semakan ke atas penyediaan sistem
teknologi maklumat, ujian dan penggunaan sebelum
ianya dilaksanakan.
• Menjalankan audit ke atas perkakasan komputer,
sistem operasi dan aplikasi serta rangkaian Teknologi
Komunikasi Maklumat (ICT) Takaful Malaysia.
• Menjadi pemerhati dalam tender dan proses
pemilihannya dan dalam Jawatankuasa-Jawatankuasa
yang lain.
034
It is the responsibility of the Internal Audit Division to provide
the Committee with independent and objective reports on
the state of internal control of the various operating units
within the Group and the extent of compliance of the units
with the Group’s established policies and procedures as
well as relevant statutory requirements.
The following activities were undertaken by the Internal
Audit Division during the financial year under review:
• Executed independent assurance role by performing
scheduled reviews on the effectiveness, efficiency and
economical of control mechanism to address risks and
concerns in the areas of operations, financial, information
technology, product development, investment and
strategic functions on a risk based audit approach as
set out in the Formalised Internal Audit Strategic Plan
(FYE 2013 and 2014).
• Provided reasonable assurance on the extent of
compliance with established policies and procedures
as well as BNM statutory requirements and other
regulatory bodies.
• Rendered advisory services to the Management of the
Company and its subsidiaries.
• Recommended improvements to the business
processes and enhancement to the existing system of
internal controls.
• Conducted follow-up audit on status of actions taken
by the Management on recommendations suggested
in audit reports of internal auditors, external auditors,
BNM examiners, etc.
• Carried out special reviews and investigations as
requested by Senior Management and endorsement
from the Committee Chairman.
• 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).
• Provided guidance and advices to the Project Steering
Committee for new and revised products before
launching.
• Conducted reviews on IT system set-ups, tests and
deployments before deployment into production.
• Menjalankan penilaian bebas bagi menentukan
kesempurnaan
dan
kesesuaian
Pengurusan
Kesinambungan Perniagaan (BCM) dasar, strategi,
prosedur dan ujian Pelan Pemulihan Bencana (DRP).
• Conducted audit computer hardware, operating
and application systems as well as the Information
Communication Technology (ICT) network of Takaful
Malaysia.
• Menyemak dan mengumpul data-data terkini
Supervisory Concern sebelum diserahkan kepada Bank
Negara Malaysia.
• Participated in tender and selection process and other
Committees in the capacity of an observer.
• Mengkaji semula aktiviti-aktiviti perkhidmatan luar yang
dilaksanakan oleh Syarikat.
• Membimbing Pengurusan dalam menyediakan Laporan
Jawatankuasa Audit dan Penyata Kawalan Dalaman
untuk dizahirkan dalam Laporan Tahunan.
• Mengkaji Laporan Tahunan Takaful myAl-Afdhal dan
Laporan Tahunan Dana Berkaitan Pelaburan.
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 RM1.7 juta di mana ia merangkumi sebahagian
besarnya adalah gaji, elaun perjalanan dan penginapan dan
elaun sara hidup bagi menjalankan tugasan audit.
• Conducted independent evaluation of the adequacy
and relevance of Business Continuity Management
(BCM) policy, strategies, procedures and testing of the
Disaster Recovery Plan (DRP).
• Reviewed and compiled the updates on the Supervisory
Concerns prior to submission to Bank Negara Malaysia.
• Reviewed the outsourcing activities for the Company.
• Assisted Management in preparing the Audit Committee
Report and Statement on Risk Management and Internal
Control for disclosure in the Annual Report.
• Reviewed the Takaful myAl-Afdhal Annual Report and
Investment-Linked Funds Annual Report.
Reports from the audit assignments are forwarded to the
Management for attention and necessary corrective actions
as recommended. The Management is responsible for
ensuring that corrective actions on reported weaknesses
are taken within the required time frame. The costs
incurred in maintaining the Internal Audit function which
is performed in-house for the financial year under review
was approximately RM1.7 million comprising mainly salaries,
travelling and accommodation expenses and subsistence
allowance for audit assignments.
035
PENYATA URUS TADBIR KORPORAT
CORPORATE GOVERNANCE STATEMENT
Lembaga Pengarah Syarikat Takaful Malaysia Berhad
(“Takaful Malaysia”) terus mematuhi dan menyokong
sepenuhnya Kod Urus Tadbir Korporat Malaysia 2012
(“MCCG 2012”) dan sentiasa komited dalam memastikan
supaya
Prinsip-prinsip
dan
Cadangan-cadangan
dipatuhi dan diamalkan oleh keseluruhan Kumpulan bagi
membolehkan urus selia hal-ehwal Kumpulan dikendalikan
secara profesional, bertanggungjawab dan berwibawa
dengan objektif untuk melindungi dan mempertingkatkan
nilai pelaburan pemegang saham dan prestasi kewangan
Kumpulan.
The Board of Directors (“the Board”) of Syarikat Takaful
Malaysia Berhad (“Takaful Malaysia”) continues to subscribe
and fully support the Malaysian Code on Corporate
Governance 2012 (“MCCG 2012”) and is committed to ensure
that the Principles and Recommendations are observed and
practised throughout the Group so that the affairs of the
Group are conducted with professionalism, accountability
and integrity with the objective of safeguarding and
enhancing shareholders’ value and financial performance
of the Group.
Lembaga Pengarah dengan ini berbesar hati melaporkan
pelaksanaan penggunaan Prinsip-prinsip MCCG 2012
dan sejauh mana Kumpulan telah mematuhi Cadangancadangan oleh MCCG 2012 sebagaimana yang ditetapkan
menurut MCCG 2012, Keperluan Penyenaraian Pasaran
Utama (“Keperluan Penyenaraian”) Bursa Malaysia
Securities Berhad (“Bursa Securities”) dan Panduan Urus
Tadbir Korporat (“Panduan CG”) yang dikeluarkan oleh
Bursa Malaysia Berhad sepanjang tahun kewangan yang
dikaji.
The Board is pleased to report on the application of the
Principles of the MCCG 2012 and the extent of compliance
with the Recommendations of the MCCG 2012 as
required under the MCCG 2012, the Main Market Listing
Requirements (“Listing Requirements”) of Bursa Malaysia
Securities Berhad (“Bursa Securities”) and Corporate
Governance Guide (“CG Guide”) issued by Bursa Malaysia
Berhad during the financial year under review.
DIRECTORS
The Board
PENGARAH
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 sumbersumber Kumpulan bagi memelihara kepentingan para
pemegang saham dan memastikan pengurusan perniagaan
yang sewajarnya.
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:
036
The Board is responsible for the overall corporate
governance of the Group and is also entrusted with
the responsibility of exercising reasonable care of the
Company as well as Group’s resources in the best interests
of its shareholders and in ensuring the proper conduct of
business.
Board 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 are as follows:
Nama /
Name
Kehadiran /
Attendance
Peratus (%) /
Percentage (%)
(Pengarah Bukan Eksekutif Bukan Bebas / Non-Independent Non-Executive Director)
9/9
100
(Pengarah Eksekutif Bukan Bebas / Non-Independent Executive Director)
9/9
100
Datuk Rozaida Omar
9/9
100
Mahadzir Azizan
(Pengarah Bukan Eksekutif Bebas Kanan / Senior Independent Non-Executive Director)
8/9
89
(Pengarah Bukan Eksekutif Bebas / Independent Non-Executive Director)
9/9
100
Johan Abdullah
9/9
100
Zakaria Ismail
(Pengarah Bukan Eksekutif Bebas / Independent Non-Executive Director)
7/9
78
Dato’ Othman Abdullah (Pengarah Bukan Eksekutif Bebas / Independent Non-Executive Director)
8/9
89
Lembaga Pengarah berpuas hati dengan tahap komitmen
masa yang diberikan oleh para Pengarah ke arah memenuhi
peranan dan tanggungjawab mereka sebagai Pengarah
Takaful Malaysia seperti yang tertera di dalam rekod
kehadiran para Pengarah di dalam mesyuarat Lembaga
Pengarah, sebagaimana yang dinyatakan dalam jadual di
atas.
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.
Piagam Lembaga Pengarah
Lembaga Pengarah berpandu kepada Terma Rujukan
(“Piagam”) yang menggariskan peranan dan tanggungjawab
Lembaga Pengarah. Lembaga Pengarah akan mengkaji
Piagam dari semasa ke semasa bagi memastikan ianya
selari dengan perubahan dalam peraturan-peraturan dan
amalan terbaik dan memastikan ianya berkesan dan relevan
dengan objektif Lembaga Pengarah.
Kod Etika Lembaga Pengarah
The Board is satisfied with the level of time commitment
given by the Directors towards fulfilling their roles
and responsibilities as Directors of Takaful Malaysia as
evidenced by the attendance record of the Directors at
Board meetings, as set out in the above table.
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 Charter
The Board is guided by its Terms of Reference (“Charter”)
which set out the roles and responsibilities of the Board.
The Board will regularly review the Charter to keep it up
to date with changes in regulations and best practices
and ensure its effectiveness and relevance to the Board’s
objectives.
Directors’ Code of Ethics
The Directors observe the code of ethics in accordance
with the Company Directors’ Code of Ethics established by
the Companies Commission of Malaysia.
Para Pengarah mematuhi kod etika selaras dengan Kod
Etika Pengarah Syarikat yang dibentuk oleh Suruhanjaya
Syarikat Malaysia.
037
Keseimbangan
Pengarah
Lembaga
Pengarah
dan
Kebebasan
Sepanjang tahun kewangan yang dikaji, Lembaga Pengarah
terdiri daripada:
Board Balance and Independence of Directors
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 1/8
12.5
Pengarah Bukan Eksekutif Bukan Bebas / Non-Independent Non-Executive Directors 3/8
37.5
Pengarah Bukan Eksekutif Bebas / Independent Non-Executive Directors 4/8
50.0
Komposisi di atas mematuhi Keperluan Penyenaraian yang
mewajibkan satu pertiga (1/3) daripada para Pengarah
Takaful Malaysia terdiri daripada Pengarah Bebas. Salah
satu cadangan MCCG 2012 menyatakan bahawa Lembaga
Pengarah mesti terdiri daripada majoriti Pengarah Bebas jika
Pengerusi Lembaga Pengarah bukan merupakan seorang
Pengarah Bebas. Lembaga Pengarah membincangkan
mengenai perkara ini dan bersetuju bahawa bilangan
Pengarah Bebas akan dikekalkan pada 50% daripada
ahli-ahli Lembaga Pengarah kerana Lembaga Pengarah
merasakan adanya keperluan keseimbangan ahli Lembaga
Pengarah bagi memastikan kepentingan Syarikat dan
semua pihak yang berkepentingan dilindungi.
Lembaga Pengarah telah menerima pakai polisi sembilan
tahun bagi Pengarah Bukan Eksekutif Bebas dalam bulan
Ogos 2011 sebelum penerbitan MCCG 2012. Tempoh untuk
semua empat orang Pengarah Bukan Eksekutif Bebas tidak
melebihi tempoh kumulatif sembilan (9) tahun seperti
yang disyorkan oleh MCCG 2012. Mereka terus memenuhi
definisi bebas seperti yang dinyatakan di dalam Keperluan
Penyenaraian.
Rangka Tindakan Urus Tadbir Korporat 2011 menyatakan
matlamat untuk mencapai 30% penyertaan wanita di dalam
Lembaga Pengarah menjelang tahun 2016 dan kemajuan
ke arah matlamat ini akan dipantau dan dinilai pada tahun
2013. Lembaga Pengarah Takaful Malaysia kini mempunyai
seorang ahli wanita dari lapan ahli (iaitu 12.5%) sejak Mei
2007 manakala Badan Penasihat Syariah juga mempunyai
seorang ahli wanita daripada lima orang ahli (iaitu 20%)
sejak Mac 2008.
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,
038
The above composition is in compliance with the Listing
Requirements which require that one third (1/3) of Directors
of Takaful Malaysia to be Independent Directors. One of the
recommendations of the MCCG 2012 states that the Board
must comprise a majority of Independent Directors where
the Chairman of the Board is not an Independent Director.
The Board deliberated on this matter and agreed for the
number of Independent Directors to be maintained at 50%
of the Board members as the Board feel that there is a need
for a balanced Board members to ensure that the interest
of the Company and all the stakeholders are protected.
The Board has adopted a nine-year policy for Independent
Non-Executive Directors in August 2011 i.e. before
the issuance of MCCG 2012. The tenure of all the four
Independent Non-Executive Directors does not exceed
a cumulative term of nine (9) years as recommended by
the MCCG 2012. They continue to fulfill the definition of
independence as set out in the Listing Requirements.
The Corporate Governance Blueprint 2011 stated that the
goal is for women participation on Boards to reach 30% by
2016 and the progress towards this goal will be monitored
and assessed in 2013. Takaful Malaysia’s Board currently
has one women member out of eight members (i.e. 12.5%)
since May 2007 while the Shariah Advisory Body also has
one women member out of five members (i.e. 20%) since
March 2008.
The Board with their different backgrounds and
specialisations, collectively bring with them a wide range
of experience and expertise in areas such as finance,
insurance, actuary, accounting, company secretarial, legal,
management and banking. The profiles of the Directors are
provided on pages 12 to 19 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.
pengurusan dan perbankan. Profil ahli Lembaga Pengarah
ada dibentangkan di muka surat 12 hingga 19 dalam Laporan
Tahunan ini. Terdapat pembahagian yang jelas antara
tanggungjawab Pengerusi dan Pengarah Urusan Kumpulan
bagi memastikan keseimbangan kuasa dan autoriti.
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.
Lembaga Pengarah telah mengenalpasti dan melantik
Mahadzir Azizan sebagai Pengarah Bukan Eksekutif Bebas
Kanan di mana sebarang kemusykilan boleh dirujuk oleh
pemegang saham dan pihak berkepentingan lain.
Lembaga Pengarah menggalakkan urus tadbir korporat
yang baik dalam penglibatan amalan kemampanan
khususnya melalui inisiatif-inisiatif tanggungjawab sosial
korporat / program yang dijalankan oleh Syarikat sepanjang
tahun.
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 Risiko 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.
The Board has identified and appointed Mahadzir Azizan
as a Senior Independent Non-Executive Director to whom
concerns may be conveyed by shareholders and other
stakeholders.
The Board promotes good corporate governance in the
application of sustainability practices particularly through
the corporate social responsibility initiatives/programs
undertaken by the Company throughout the year.
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
Board Risk 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.
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.
039
Badan Penasihat Syariah
Shariah Advisory Body
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.
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.
Badan Penasihat Syariah terdiri daripada lima (5) orang
ahli di mana kesemuanya mempunyai pengalaman dan
kepakaran yang diperlukan di dalam bidang masingmasing. Dr. Ahmad Shahbari @ Sobri Salamon merupakan
Pengerusi Badan Penasihat Syariah. Enam (6) mesyuarat
Badan Penasihat Syariah telah diadakan sepanjang tahun
kewangan yang dikaji dengan butiran kehadiran setiap ahli
seperti berikut:
Nama /
Name
The Shariah Advisory Body consists of five (5) members, all
of whom have the necessary experiences and expertise in
their respective fields. The Chairman of the Shariah Advisory
Body is Dr. Ahmad Shahbari @ Sobri Salamon. The Shariah
Advisory Body meets six (6) times during the financial year
under review with details of meetings’ attendance of each
member are as follows:
Kehadiran /
Attendance
Peratus (%) /
Percentage (%)
Dr. Ahmad Shahbari @ Sobri Salamon 6/6
100
Dato’ Mohd Bakir Hj. Mansor 6/6
100
Dr. Aida Othman 6/6
100
Professor Dr. Muhamad Rahimi Osman
6/6
100
Dato’ Wan Mohamad Dato’ Sheikh Abdul Aziz 4/6
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 Pemberitahuan Maklumat; dan
3) Untuk membentuk budaya keterbukaan, akauntabiliti
dan integriti dalam Syarikat.
040
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 Whistle Blowing 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
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;
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
2) Untuk melindungi Syarikat dari kerugian kewangan,
kerosakan reputasi serta menanam keyakinan pesertapeserta dan pihak berkepentingan lain; dan
3) To enable Management to focus on achieving business
strategies and target.
3) Untuk membolehkan Pengurusan memberi tumpuan
kepada pencapaian strategi perniagaan dan sasaran.
Both of the above policies are available on the Company’s
portal.
Kedua-dua polisi di atas boleh diperolehi di portal Syarikat.
Supply of Information to the Board
Sumber Maklumat kepada Lembaga Pengarah
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.
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.
Pengurusan
Kanan
dijemput
untuk
menghadiri
mesyuarat Lembaga Pengarah apabila diperlukan bagi
membentangkan dan menerangkan perkara-perkara /
laporan berkaitan dengan bidang tanggungjawab mereka
kepada Lembaga Pengarah.
Semua ahli Lembaga Pengarah mempunyai akses yang
tidak terhad kepada maklumat yang tepat dan pada
masa yang ditetapkan serta khidmat nasihat Setiausaha
Syarikat yang bertanggungjawab untuk memastikan
supaya prosedur mesyuarat Lembaga Pengarah dituruti
dan semua syarat serta peraturan yang diterima pakai
dipatuhi. Para Pengarah juga boleh mendapatkan nasihat
badan profesional bebas dalam menjalankan tugas mereka,
di bawah tanggungan Takaful Malaysia.
The Senior Management are invited to attend the Board
meetings to present and brief the Board on matters /
reports relating to their areas of responsibility as and when
required.
All 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.
041
Pelantikan sebagai ahli Lembaga Pengarah
Appointment to the Board
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 Perkhidmatan Kewangan Islam 2013 (sebelumnya
Akta Takaful 1984) dan keperluan Bank Negara Malaysia
(“BNM”), pelantikan Pengarah adalah tertakluk kepada
kelulusan BNM. Setiausaha Syarikat akan memastikan
supaya semua pelantikan dilakukan dengan cara yang betul
di mana semua maklumat yang diperlukan diperolehi serta
semua syarat perundangan dan peraturan dipenuhi.
The 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 the Islamic Financial Services Act 2013
(previously Takaful Act 1984) and the requirement of Bank
Negara Malaysia (“BNM”), the appointment of Directors is
subject to the approval from BNM. The Company Secretary
will ensure that all the appointments are properly made, all
necessary information are obtained, as well as all legal and
regulatory requirements are met.
Jawatankuasa Pemilihan
Jawatankuasa Pemilihan terdiri daripada lima (5) Pengarah
Bukan Eksekutif di mana tiga (3) daripada mereka adalah
Pengarah Bebas. Pengerusi Jawatankuasa ialah Mahadzir
Azizan, seorang Pengarah Bukan Eksekutif Bebas Kanan
selaras dengan cadangan MCCG 2012. Jawatankuasa
Pemilihan telah bermesyuarat sebanyak dua (2) kali
sepanjang tahun kewangan yang dikaji dengan butiran
kehadiran setiap ahli seperti berikut:
Nama /
Name
Nomination Committee
The Nomination Committee consists of five (5) NonExecutive Directors, three (3) of whom are Independent
Directors. The Chairman of the Committee is Mahadzir
Azizan, a Senior Independent Non-Executive Director,
in line with the recommendation of the MCCG 2012. The
Nomination Committee met two (2) times during the
financial year under review with details of meetings’
attendance of each member as follows:
Kehadiran /
Attendance
Peratus (%) /
Percentage (%)
Mahadzir Azizan
2/2
100
Johan Abdullah 2/2
100
Datuk Rozaida Omar 2/2
100
2/2
100
Zakaria Ismail 2/2
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
042
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
iaitu Jawatankuasa Pemilihan, Jawatankuasa Ganjaran,
Jawatankuasa Audit dan Jawatankuasa Risiko Lembaga
Pengarah 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 termasuk:- MINDA Directors Forum 2013: “Board Rising to the
Challenges of Corporate Entrepreneurship”
- MINDA Building High Performance Directors (BHPD)
2013: “Enhancing Board Effectiveness”
- MINDA Tea Talk with Prof. Dr. Randel S. Carlock
- “Leading Board Challenges: Innovative Ideas for
Breakthrough Performance”
- FIDE Elective Program: Risk Management in Takaful
- FIDE Elective Program: Human Capital Management in
the Boardroom
- FIDE Programme and FIDE Core Programme Module A
- FIDE Forum: “Managing Talent at Board and
Management” by Professor Dave Ulrich
- FIDE Forum Breakfast Talk cum Luncheon for Members
- “Towers Watson 2012 Global Insurance ERM Survey
Results”
- Towers Watson’s Ideas Exchange (iX) Conference:
“Just Can’t Get Enough”
- Bursa Malaysia’s Advocacy Sessions on Corporate
Disclosure for Directors
- Special Dialogue and Presentation Session on Asean
Corporate Governance Scorecard 2013
Takaful Malaysia juga terus menyediakan Pekeliling BNM,
Keperluan Penyenaraian yang dikemaskini dan peraturanperaturan dan panduan-panduan baru dari pihak berkuasa
lain yang berkaitan untuk membantu para Pengarah dalam
mendapatkan maklumat mengenai perkembangan terkini.
Committee, Remuneration Committee, Audit Committee
and Board Risk 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 relevant training
courses including the following:- MINDA Directors Forum 2013: “Board Rising to the
Challenges of Corporate Entrepreneurship”
- MINDA Building High Performance Directors (BHPD)
2013: “Enhancing Board Effectiveness”
- MINDA Tea Talk with Prof. Dr. Randel S. Carlock
- “Leading Board Challenges: Innovative Ideas for
Breakthrough Performance”
- FIDE Elective Program: Risk Management in Takaful
- FIDE Elective Program: Human Capital Management in
the Boardroom
- FIDE Programme and FIDE Core Programme Module A
- FIDE Forum: “Managing Talent at Board and
Management” by Professor Dave Ulrich
- FIDE Forum Breakfast Talk cum Luncheon for Members
- “Towers Watson 2012 Global Insurance ERM Survey
Results”
- Towers Watson’s Ideas Exchange (iX) Conference:
“Just Can’t Get Enough”
- Bursa Malaysia’s Advocacy Sessions on Corporate
Disclosure for Directors
- Special Dialogue and Presentation Session on Asean
Corporate Governance Scorecard 2013
Takaful Malaysia also continued to provide BNM’s Circulars,
updated Listing Requirements and new regulations and
guidelines from other relevant regulatory authorities to
assist the Directors in keeping abreast with the latest
development.
043
Pemilihan Semula
Re-election
Tataurusan Pertubuhan Syarikat memperuntukkan agar
semua Pengarah termasuk Pengarah Urusan Kumpulan /
Ketua Pegawai Eksekutif untuk menawarkan diri mereka
bagi pemilihan semula sekurang-kurangnya setiap tiga (3)
tahun sekali selaras dengan Keperluan Penyenaraian.
The Articles of Association provide for all Directors including
the Group Managing Director / Chief Executive Officer to
submit themselves for re-election at least every three (3)
years in compliance with the Listing Requirements.
Bagi membantu para pemegang saham membuat
keputusan, maklumat yang mencukupi seperti profil
peribadi, kehadiran mesyuarat dan pegangan saham
dalam Syarikat bagi setiap Pengarah yang bersedia untuk
pemilihan semula disediakan dalam Laporan Tahunan.
To assist shareholders in their decision, sufficient
information, such as personal profile, meetings attendance
and shareholding in the Company of each director standing
for re-election are furnished in the Annual Report.
DIRECTORS’ REMUNERATION
GANJARAN PENGARAH
Level and Make-up of Remuneration
Peringkat dan Kandungan Ganjaran
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 Non-Executive
Directors. Directors’ fees are approved by the shareholders
at the Annual General Meeting.
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 terdiri daripada empat (4) orang
Pengarah Bukan Eksekutif, di mana dua (2) daripada
mereka adalah Pengarah Bebas. Pengerusi Jawatankuasa
ialah Zakaria Ismail, seorang Pengarah Bukan Eksekutif
Bebas. Jawatankuasa Ganjaran telah bermesyuarat
sebanyak enam (6) kali sepanjang tahun kewangan yang
dikaji dengan butiran kehadiran setiap ahli seperti berikut:
Remuneration Committee
The Remuneration Committee consists of four (4) NonExecutive Directors, two (2) of whom are Independent
Directors. The Chairman of the Committee is Zakaria Ismail,
an Independent Non-Executive Director. The Remuneration
Committee met six (6) times during the financial year
under review with details of meetings’ attendance of each
member are as follows:
Nama /
Name
Kehadiran /
Attendance
Peratus (%) /
Percentage (%)
Zakaria Ismail
6/6
100
Johan Abdullah 6/6
100
Mahadzir Azizan
5/6
83
Datuk Rozaida Omar (Dilantik pada 14 Februari 2014 / Appointed on 14 February 2014) t/b
n/a
t/b
n/a
t/b - tidak berkenaan kerana Datuk Rozaida Omar dilantik sebagai ahli selepas tahun kewangan berakhir 31 Disember 2013.
n/a - not applicable as Datuk Rozaida Omar was appointed as a member after the financial year ended 31 December 2013.
044
Pendedahan
Disclosure
Ringkasan maklumat mengenai ganjaran para Pengarah
bagi tahun kewangan berakhir 31 Disember 2013 adalah
seperti berikut:
The details of the remuneration for the Directors for the
financial year ended 31 December 2013 are as follows:
Pengarah
Bukan Eksekutif /
Pengarah Eksekutif /
Non-Executive
Jumlah /
Executive Director
Directors
Total
(RM’000) (RM’000)(RM’000)
Yuran / Fees
Gaji dan lain-lain emolumen / Salaries and other emoluments
0
696
696
5,049
334
5,383
91
192
283
5,140
1,222
6,362
Manfaat seumpamanya / Benefits-in-kind
Jumlah / Total
Ganjaran Pengarah /
Directors’ Remuneration
Jumlah Pengarah /
Number of Directors
Pengarah Eksekutif /
Pengarah Bukan Eksekutif /
Executive Director
Non-Executive Directors
Dibawah / Below than RM50,000
-
-
RM50,001 – RM100,000
-
4
RM100,001 – RM150,000
-
3
RM150,001 – RM200,000
-
-
Melebihi / More than RM200,001
1
-
Jumlah / Total
1
7
PEMEGANG SAHAM
SHAREHOLDERS
Dialog antara Syarikat dan para Pelabur
Dialogue between the Company and Investors
Takaful Malaysia sedar akan kepentingan untuk sentiasa
memaklumkan kepada para pemegang saham berkenaan
semua perkembangan utama Takaful Malaysia dari semasa
ke semasa. Pengerusi dan Pengarah Urusan Kumpulan
mengadakan perbincangan dengan pemegang saham
sekurang-kurangnya sekali (1) setahun semasa Mesyuarat
Agung Tahunan. Selain itu, pelbagai pendedahan dan
pengumuman dibuat kepada Bursa Securities termasuk
keputusan suku tahunan, laporan setengah tahunan
dan keputusan tahunan bagi memudahkan penyebaran
maklumat kepada pemegang saham. Tambahan lagi,
semua pengumuman-pengumuman ini dan maklumatmaklumat lain mengenai Syarikat boleh diperolehi di laman
web Takaful Malaysia, iaitu www.takaful-malaysia.com.my.
Takaful Malaysia recognizes the importance to keep the
shareholders well-informed of all major developments of
Takaful Malaysia on a timely basis. The Chairman and Group
Managing Director hold discussions with shareholders at
least once (1) a year during the Annual General Meeting.
Additionally, various disclosures and announcements made
to Bursa Securities including quarterly, semi-annual returns
and annual results facilitate the dissemination of information
to the shareholders. In addition, all these announcements
and other information about the Company is available on
Takaful Malaysia’s website, www.takaful-malaysia.com.my.
045
Syarikat berpandu kepada Keperluan
mengenai Dasar Pendedahan Korporat.
Penyenaraian
The Company is guided by the Listing Requirements
regarding the Corporate Disclosure Policy.
Mesyuarat Agung Tahunan
The Annual General Meeting
Mesyuarat Agung Tahunan (“AGM”) adalah forum utama
bagi dialog dengan pemegang saham. Selain dari agenda
biasa untuk AGM , Lembaga Pengarah akan membentangkan
laporan prestasi dan pencapaian perniagaan seperti yang
dinyatakan dalam Laporan Tahunan dan memberi peluang
kepada pemegang saham untuk mengemukakan soalan
mengenai aktiviti perniagaan Kumpulan. Pengarah Urusan
Kumpulan juga berkongsi dengan para pemegang saham
Syarikat mengenai jawapan kepada soalan-soalan yang
dikemukakan terlebih dahulu sebelum AGM oleh Badan
Pengawas Pemegang Saham Minoriti Berhad (“MSWG”).
The Annual General Meeting (“AGM”) is the principal forum
for dialogues with shareholders. Besides the normal agenda
for the AGM, the Group Managing Director presents the
progress and performance of the business as contained
in the Annual Report and provides opportunities for
shareholders to raise questions pertaining to the business
activities of the Group. The Group Managing Director also
shared with the shareholders the Company’s responses to
questions submitted in advance of the AGM by the Minority
Shareholder Watchdog Group (“MSWG”).
Notis Mesyuarat Agung Tahunan telah dihantar kepada
para pemegang saham lebih awal sedikit daripada
keperluan 21 hari di bawah Akta Syarikat, 1965 dan
Keperluan Penyenaraian. Bagi pemilihan semula para
Pengarah, Lembaga Pengarah akan memastikan maklumat
sepenuhnya dimaklumkan menerusi notis mesyuarat
berhubung para Pengarah yang akan bersara dan manamana Pengarah yang menawarkan diri untuk berkhidmat
sekiranya dilantik semula.
Setiap perkara urusan khas yang terkandung dalam notis
mesyuarat akan disertakan dengan penyata penerangan
bagi resolusi yang dicadangkan untuk memudahkan
pemahaman sepenuhnya dan penilaian terhadap isu
berkaitan.
Pada Mesyuarat Agung Tahunan Syarikat ke-28 yang
diadakan pada 29 April 2013, tiada resolusi substantif yang
telah dikemukakan untuk kelulusan pemegang saham,
selain daripada resolusi-resolusi yang berkaitan untuk
menerima pakai penyata kewangan yang telah diaudit
bagi tahun berakhir 31 Disember 2012, pelantikan semula /
pemilihan semula Pengarah Bukan Eksekutif yang bersara,
pembayaran yuran Pengarah-pengarah dan ahli-ahli Badan
Penasihat Syariah, pelantikan semula juruaudit luar dan
Mandat Pemegang-pemegang Saham bagi Urusniagaurusniaga yang Berulang dengan Pihak Berkaitan. Oleh
itu, resolusi yang dikemukakan untuk kelulusan pemegang
saham pada AGM yang ke-28 telah diundi dengan cara
mengangkat tangan.
046
The Notice of AGM was dispatched to shareholders slightly
earlier than the 21 days requirement under the Companies
Act 1965 and Listing Requirements. For re-election of
Directors, the Board will ensure that full information is
disclosed through the notice of meeting regarding directors
who are retiring and who are willing to serve if re-elected.
Each item of special business included in the notice of the
meeting will be accompanied by an explanatory statement
for the proposed resolution to facilitate full understanding
and evaluation of issues involved.
At the 28th AGM of the Company held on 29 April 2013,
no substantive resolutions were put forth for shareholders’
approval, other than resolutions pertaining to the adoption
of audited financial statements for the year ended 31
December 2012, re-appointment/re-election of retiring
Non-Executive Directors, payment of Directors’ and Shariah
Advisory Body members’ fees, re-appointment of external
auditors and Shareholders’ Mandate for Recurrent Related
Party Transactions. As such, the resolutions put forth for
shareholders’ approval at the 28th AGM were voted on by
a show of hands.
AKAUNTABILITI DAN AUDIT
ACCOUNTABILITY AND AUDIT
Laporan Kewangan
Financial Reporting
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.
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 2013, Kumpulan telah menggunakan dasar
perakaunan yang sesuai, digunakan secara konsisten dan
disokong oleh pertimbangan dan anggaran yang wajar dan
berhemat. Para Pengarah juga telah mempertimbangkan
bahawa kesemua piawaian perakaunan yang berkaitan
dipatuhi dan mengesahkan bahawa penyata kewangan
disediakan mengikut dasar perniagaan berterusan.
Para Pengarah bertanggungjawab memastikan supaya
Syarikat menyediakan rekod perakaunan yang secukupnya
yang menunjukkan ketepatan yang munasabah mengenai
kedudukan kewangan Syarikat bagi membolehkan mereka
memastikan agar penyata kewangan tersebut mematuhi
keperluan Akta Syarikat, 1965.
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 2013,
the Group has used appropriate accounting policies,
consistently applied and supported by reasonable and
prudent judgements and estimates. The Directors have also
considered that all applicable accounting standards have
been followed and confirm that the financial statements
have been prepared on the going concern basis.
The Directors are responsible for ensuring that the Company
maintains adequate accounting records which disclose with
reasonable accuracy the financial position of the Company
to enable them to ensure that the financial statements
comply with the requirements of the Companies Act, 1965.
The Directors generally have the duty to take such steps
as are reasonably available to them to safeguard the assets
of the Company and the Group, and to prevent and detect
fraud and other irregularities.
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.
047
Kawalan Dalaman dan Pengurusan Risiko
Internal Control and Risk Management
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.
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.
Penyata Pengurusan Risiko dan Kawalan Dalaman yang
dibentangkan di muka surat 51 hingga 55 dalam Laporan
Tahunan ini memberikan tinjauan menyeluruh mengenai
pengurusan risiko dan kawalan dalaman Kumpulan.
Hubungan dengan Juruaudit
Peranan Jawatankuasa Audit dinyatakan di muka surat
27 hingga 35. 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 14 Februari 2014.
048
The Statement on Risk Management and Internal Control
furnished on pages 51 to 55 in the Annual Report provides
an overview of the state of risk management and internal
control within the Group.
Relationships with the Auditors
The role of the Audit Committee is as stated on pages
27 to 35. 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 14 February 2014.
1. PENGGUNAAN DANA
1. UTILISATION OF PROCEEDS
Tiada dana yang diterbitkan / digunakan oleh Takaful
Malaysia daripada cadangan korporat sepanjang tahun
kewangan.
There were no proceeds raised / utilised by Takaful
Malaysia from corporate proposals during the financial
year.
2 PEMBELIAN BALIK SAHAM
2. SHARE BUYBACKS
Tiada sebarang pembelian balik saham dilakukan oleh
Takaful Malaysia sepanjang tahun kewangan.
3. OPSYEN, WARAN ATAU SEKURITI BOLEH TUKAR
Tiada sebarang opsyen, waran atau sekuriti boleh tukar
yang diterbitkan oleh Takaful Malaysia sepanjang tahun
kewangan.
There were no share buybacks by Takaful Malaysia
OPTIONS,
3. SECURITIES
WARRANTS
OR
CONVERTIBLE
No options, warrants or convertible securities were
issued by Takaful Malaysia during the financial year.
4. PROGRAM AMERICAN DEPOSITORY RECEIPT (ADR)
ATAU GLOBAL DEPOSITORY RECEIPT (GDR)
4. AMERICAN DEPOSITORY RECEIPT (ADR) OR
GLOBAL DEPOSITORY RECEIPT (GDR) PROGRAMME
Takaful Malaysia tidak menaja sebarang program ADR
atau GDR sepanjang tahun kewangan.
Takaful Malaysia did not sponsor any ADR or GDR
programme during the financial year.
5. PENGENAAN SEKATAN / PENALTI
5. IMPOSITIONS OF SANCTIONS / PENALTIES
Tiada sekatan dan / atau penalti yang dikenakan ke
atas Takaful Malaysia dan subsidiari, para Pengarah
atau Pengurusannya oleh pihak berkuasa berkaitan
sepanjang tahun kewangan.
There were no sanctions and / or penalties imposed
on Takaful Malaysia and its subsidiaries, Directors or
Management by relevant regulatory bodies during the
financial year.
6. YURAN BUKAN AUDIT
6. NON-AUDIT FEES
Yuran bukan audit yang dibayar kepada juruaudit luar
pada tahun kewangan berjumlah RM20,000.
7. VARIASI KEPUTUSAN
7. VARIATION IN RESULTS
Tiada variasi ketara (berbeza sebanyak 10% atau lebih)
antara keputusan untuk tahun kewangan dan keputusan
tidak diaudit yang diumumkan sebelumnya. Takaful
Malaysia tidak mengeluarkan sebarang anggaran,
ramalan atau unjuran keuntungan bagi tahun kewangan.
There were RM20,000 non-audit fees paid to external
auditors during the financial year.
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
8. PROFIT GUARANTEE
Tiada jaminan keuntungan diberi oleh Takaful Malaysia
sepanjang tahun kewangan.
There was no profit guarantee given by Takaful Malaysia
9. KONTRAK PENTING MELIBATKAN PENGARAH DAN
PEMEGANG SAHAM UTAMA
9. MATERIAL CONTRACTS INVOLVING DIRECTORS
AND MAJOR SHAREHOLDERS
Tiada kontrak penting yang dimeterai oleh Takaful
Malaysia dan syarikat-syarikat subsidiarinya yang
membabitkan kepentingan para Pengarah dan
Pemegang Saham utama, sama ada yang masih wujud
pada akhir tahun kewangan atau yang dimeterai sejak
akhir tahun kewangan sebelumnya kecuali untuk urus
niaga pihak berkaitan yang dinyatakan dalam Nota 42
kepada penyata kewangan.
There were no material contracts entered into by
Takaful Malaysia and its subsidiary companies involving
Directors and major Shareholders’ interest, either still
subsisting at the end of the financial year or entered
into since the end of the previous financial year except
for related parties transactions disclosed in Note 42 to
the financial statements.
049
10. URUSNIAGA PIHAK BERKAITAN YANG BERULANG / RECURRENT RELATED PARTY TRANSACTIONS
Bentuk
Urusniaga
Pihak
Berkaitan
yang
Berurusniaga
Pihak Berkaitan, kepentingan mereka dan bentuk
hubungan dengan Kumpulan Takaful Malaysia
Nilai Urusniaga Sebenar dari
1 Januari 2013 hingga
31 Disember 2013
(RM’000)
Sewa
bangunan
pejabat yang
dibayar
kepada
Takaful
Malaysia
oleh Bank
Islam
Malaysia
Berhad
(BIMB)
BIMB
BIMB adalah subsidiari 100% milik BHB. BHB adalah 2,567
pemegang saham utama Takaful Malaysia yang
memegang kepentingan ekuiti sebanyak 60.50%
dalam Syarikat pada 31 Disember 2013.
Dato’ Paduka Ismee Ismail dan Johan Abdullah adalah
Pengarah BHB dan BIMB dan juga Pengarah Takaful
Malaysia, yang dilantik oleh BHB. Dato’ Paduka Ismee
Ismail dan Johan Abdullah tidak mempunyai sebarang
kepentingan langsung atau tidak langsung dalam BHB,
BIMB dan Takaful Malaysia.
Datuk Rozaida Omar adalah Pengarah BHB dan juga
Pengarah Takaful Malaysia, yang dilantik oleh BHB.
Dato’ Mohamed Hassan Kamil adalah Pengarah Takaful
Malaysia, yang dilantik oleh BHB. Datuk Rozaida Omar
dan Dato’ Mohamed Hassan Kamil tidak mempunyai
sebarang kepentingan langsung atau tidak langsung
dalam BHB dan Takaful Malaysia.
Nature of
Transactions
Related
Parties
Transacted
with
Related Parties, their interests and nature of
relationships with the Takaful Malaysia Group
Rental of
office
premises
payable
to Takaful
Malaysia by
Bank
Islam Malaysia
Berhad
(BIMB)
BIMB
BIMB is a 100% owned subsidiary of BHB. BHB is a 2,567
major shareholder of Takaful Malaysia holding an equity
interest of 60.50% in the Company as at 31 December
2013.
Dato’ Paduka Ismee Ismail and Johan Abdullah are
Directors in BHB and BIMB and are also Directors in
Takaful Malaysia, nominated by BHB. Dato’ Paduka
Ismee Ismail and Johan Abdullah do not have any direct
or indirect interest in BHB, BIMB and Takaful Malaysia.
Datuk Rozaida Omar is a director in BHB and is also
a director in Takaful Malaysia, nominated by BHB.
Dato’ Mohamed Hassan Kamil is a director in Takaful
Malaysia, nominated by BHB. Datuk Rozaida Omar and
Dato’ Mohamed Hassan Kamil do not have any direct or
indirect interest in BHB and Takaful Malaysia.
050
Actual Transaction Value
from 1 January 2013 to
31 December 2013
(RM’000)
Penyata Pengurusan Risiko dan Kawalan Dalaman
Statement on Risk Management and Internal Control
Penyata Pengurusan Risiko dan Kawalan
Dalaman
Statement on Risk Management and Internal
Control
Penyata ini disediakan menurut Keperluan Penyenaraian
Pasaran Utama Bursa Malaysia Securities Berhad berkaitan
dengan Pematuhan Kumpulan terhadap Prinsip dan
Cadangan peruntukan-peruntukan Amalan Terbaik yang
berkaitan dengan kawalan dalaman seperti yang digariskan
di dalam Kod Urus Tadbir Korporat Malaysia (“Kod”).
This statement is made pursuant to the Main Market
Listing Requirements of Bursa Malaysia Securities Berhad
with regard to the Group’s compliance with the Principles
and Recommendations provisions relating to internal
controls as stipulated in the Malaysian Code on Corporate
Governance (“the Code”).
TanggunGjawab Lembaga Pengarah
Board Responsibility
Lembaga
Pengarah
mengiktiraf
bahawa
mereka
bertanggungjawab sepenuhnya terhadap persekitaran
kawalan dalaman dan keberkesannya dalam menjaga
kepentingan-kepentingan 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 objektif-objektif
perniagaan. Sewajarnya, sistem kawalan dalaman Kumpulan
turut memberikan jaminan yang munasabah ke atas salah
nyata atau kerugian yang ketara. Pihak Pengurusan telah
memberi jaminan kepada Lembaga Pengarah berkaitan
kecukupan dan keberkesanan pengurusan risiko Kumpulan
dan sistem kawalan dalaman.
Proses-Proses Kawalan Dalaman Utama
Proses-proses kawalan dalaman utama yang telah
ditubuhkan oleh Lembaga Pengarah dalam menyemak
kecukupan serta integriti sistem kawalan dalaman termasuk
pematuhan kepada undang-undang, peraturan-peraturan,
syarat-syarat, arahan-arahan dan garis panduan-garis
panduan adalah seperti berikut :
Rangka Kerja Pengurusan Risiko
Lembaga Pengarah mengiktiraf bahawa mengenal pasti
dan mengurus risiko yang berkaitan adalah perkara penting
dan merupakan asas untuk mencapai objektif perniagaan
Kumpulan serta pengendalian operasi hariannya.
Bagi mencapai objektif tersebut, Lembaga Pengarah
telah menyediakan Rangka Kerja Pengurusan Risiko
Operasi dalam Syarikat, bagi memastikan supaya wujud
proses yang berterusan bagi mengenalpasti, menilai,
memantau dan mengurus pendedahan risiko berkaitan
yang sememangnya lazim dalam operasi perniagaannya.
Kumpulan telah menubuhkan proses pengurusan risiko
yang berperanan untuk bertanggungjawab terhadap risiko
Syarikat melalui Lembaga Pengarah Jawatankuasa Risiko
(“BRC”) bagi menyediakan pemantauan berkesan terhadap
keseluruhan pengurusan risiko syarikat melalui mesyuarat
suku tahunannya. Pihak Pengurusan Atasan Syarikat
terlibat di dalam pengurusan risiko melalui mesyuarat
Jawatankuasa Pengurusan.
The system of internal control addresses the need for an
effective and efficient business operations, sound financial
reporting and control procedures, and compliance with
relevant laws and regulations. The Board also recognises
that reviewing the Group’s system of internal control is a
concerted and continuing process, designed to manage
and appropriately mitigate the risk of failure in achieving
business objectives. Accordingly, the Group’s system of
internal control provides reasonable assurance against
material misstatement or loss. The Management has
given the assurance to the Board on the adequacy and
effectiveness of the Group’s risk management and internal
control system.
Key Internal Control Processes
The key internal control processes that the Board has
established in reviewing the adequacy and integrity of
the system of internal control, including compliance with
applicable laws, regulations, rules, directives and guidelines,
are as follows:
Risk Management Framework
The Board acknowledges that 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 Operational Risk Management framework within
the Company to ensure there is an on-going process
of identifying, evaluating, monitoring and managing
the significant risk exposures surrounding its business
operations. The Group has established a risk management
process whereby the roles and responsibility of Board
Risk Committee (BRC) is to provide effective oversight
on company-wide risks through quarterly Board Risk
Committee meetings. Senior Management involvement are
assured through Management Committee meetings.
The company has undertaken an exercise of reviewing the
Risk Management framework where enhancements were
made to the risk management practices.
051
Syarikat telah mengambil langkah untuk mengemaskini
Rangka Kerja Pengurusan Risiko untuk meningkatkan
amalan pengurusan risiko.
Sebagai pencegahan risiko terhadap bencana dan / atau
gangguan utama, Syarikat telah mewujudkan Rangka Kerja
Pengurusan Kesinambungan Perniagaan (BCM). Pelan
Kesinambungan Perniagaan yang baru telah diperkenalkan
untuk memudahkan tindak balas yang berkesan terhadap
gangguan perniagaan dan untuk memastikan bahawa
Syarikat mampu bertindak balas terhadap insiden itu
mengikut cara yang cepat dan tepat pada masanya.
Pelan Pemulihan Perniagaan telah dibangunkan dan diuji
fungsinya sebanyak dua kali setahun pada sistem pelayan
pengeluaran yang utama.
Dalam tahun kewangan ini, pelan kesinambungan
perniagaan berskala penuh telah dilaksanakan di sebuah
cawangan bagi mempertingkatkan kesediaan Syarikat
untuk mengekalkan operasi kritikal apabila berhadapan
dengan bencana dan / atau gangguan.
Rangka Kerja Pengurusan Risiko & Modal telah disemak
semula pada Disember 2013 selaras dengan pelaksanaan
Rangka Kerja Modal Berasaskan Risiko bagi Pengendali
Takaful (RBCT) dan Tahap Sasaran Modal Individu (ITCL).
Nisbah Kecukupan Modal (CAR) dan Laporan Ujian Tekanan
Syarikat dikemaskini kepada Lembaga Pengarah setiap
suku tahun dan setengah tahun selaras dengan keperluan
di bawah Rangka Kerja Pengurusan Risiko & Modal dan
Rangka Kerja Pengurusan Aset & Liabiliti.
Rangka Kerja Tadbir Urus Pengurusan Lebihan
Dana Risiko Peserta (PRF)
Lembaga Pengarah telah meluluskan Rangka Kerja Tadbir
Urus Pengurusan Lebihan Dana Risiko Peserta (PRF) pada
November 2013 dalam persiapan untuk menyediakan
proses tadbir urus dalam menguruskan kedudukan
lebihan dana risiko peserta. Rangka Kerja ini membentuk
sebahagian daripada proses tadbir urus korporat Takaful
Malaysia untuk menggalakkan pengurusan berhemat dan
amalan pengurusan risiko yang baik terhadap dana risiko
takaful bagi meningkatkan daya tahan dana kewangan dan
melindungi kepentingan peserta.
Fungsi Audit Dalaman
Bahagian Audit Dalaman (“IAD”) membantu Lembaga
Pengarah dan Jawatankuasa Audit dalam menjalankan
tanggungjawab mereka. Audit Dalaman berfungsi
untuk memberikan jaminan ke atas keberkesanan dan
kelancaran sistem kawalan dalaman yang dilaksana oleh
pihak pengurusan. Pelan Audit Tahunan dibangunkan dari
penilaian terhadap kepentingan risiko, pendedahan, dan
strategi Kumpulan. IAD juga menyiasat kejadian penipuan,
pemalsuan serta memberikan cadangan-cadangan kepada
Jawatankuasa Audit untuk menghalang pengulangan
semula. Pelaksanaan pelan tindakan pengurusan yang
dirangka untuk menghalang kelemahan kawalan yang telah
diperakui sepanjang tempoh kewangan yang dipantau
melalui kajian susulan.
052
As a risk mitigation towards disasters and / or major
disruptions; the Company has also established a Business
Continuity Management (BCM) Framework. A new BCM
Manual was introduced to facilitate the effective response
to business disruption and to ensure that the Company is
capable of responding to such incidents in an organised and
timely manner. Business Continuity Plans are developed
and tested for functionality and Disaster Recovery Plans
are tested twice a year on the production main server.
During the financial year, a full scale business continuity
plan was implemented on a branch, which established the
Company’s readiness to maintain critical operations when
faced with possible disasters and / or disruptions.
The Risk & Capital Management Framework has been revised
in December 2013 to be consistent with implementation
of Risk Based Capital Framework for Takaful Operators
(RBCT) and our Individual Target Capital Level (ITCL).
The company’s Capital Adequacy Ratios (CAR) and Stress
Testing Reports are updated on a quarterly and semiannually basis respectively to the Board of Directors in line
with the requirements under Risk & Capital Management
Framework and Asset Liability Management Framework.
Risk
Fund
(PRF)
Surplus
Participant
Management Governance Framework
The Board has approved the PRF Surplus Management
Governance Framework in November 2013 to provide the
governance process in managing the participant risk fund
surplus position. This Framework forms as part of Takaful
Malaysia’s corporate governance process to promote
prudent management and good risk management practices
of takaful risk funds to enhance the funds’ financial resilience
and protect the interest of participant.
Internal Audit Function
The Internal Audit Division (“IAD”) assists the Board and
Audit Committee in the discharge of their responsibilities.
The internal audit function provides assurance on the
efficiency and effectiveness of the internal control systems
implemented by management. An annual audit plan is
developed based on an assessment of risk priorities,
exposures, and business strategies of the Group. IAD also
investigates incidents of fraud, malpractices and makes
necessary recommendation to the Audit Committee to
impede recurrence. The implementation of management
action plans to address the control lapses noted during the
financial period are monitored through follow-up reviews.
The Committee reviews and approves the Annual Audit
Plan, reports and findings including the follow-ups of the
Internal Auditors. They also review the actions taken on
internal control issues identified in reports prepared by
External Auditors and Regulatory Bodies during their
meetings and consider the impact on the effectiveness and
adequacy of the Group’s internal control system.
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
mesyuarat-mesyuarat mereka serta menilai kesan ke atas
keberkesanan dan kecukupan sistem kawalan dalaman
Kumpulan.
Key Elements of Internal Control
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:
• Organisational Structure
Unsur-Unsur Kawalan Dalaman Utama
Unsur-unsur utama kawalan dalaman yang diwujudkan
oleh Lembaga Pengarah bagi menyediakan kawalan
dalaman yang berkesan termasuk pematuhan terhadap
undang-undang, peraturan-peraturan dan garis panduangaris panduan adalah seperti berikut:
• Limit of Authorities
• 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 yang disemak telah diluluskan oleh
Lembaga Pengarah pada 22 November 2013 dan telah
dilaksanakan dalam bidang Pengunderaitan, Kelulusan
Tuntutan, Pelaburan dan proses perniagaan yang lain.
Prosedur Operasi Piawai yang mengawal seluruh
proses perniagaan seperti kewangan, sumber manusia,
tuntutan, pelaburan dan lain-lain telah ditempatkan di
dalam organisasi.
• Rangka Kerja Pembangunan Produk
Pada bulan Mac 2012, Takaful Malaysia telah mendapat
kelulusan daripada BNM untuk mengamalkan sistem
“pelancaran dan fail” untuk produk-produk baru.
Memandangkan sistem ”pelancaran dan fail” telah
diberikan kepada Takaful Malaysia, kami telah mengkaji
semula polisi dan prosedur yang merangkumi Rangka
Kerja Pembangunan Produk, sambil mengambilkira
jangkaan penyeliaan daripada BNM di bawah
Pengenalan Garis Panduan Produk Baru.
• Fungsi Pematuhan
The Standard Operating Procedures that govern the
key business processes such as finance, actuarial,
human resources, claims, investments etc, are in place
within the organisation.
• Product Development Framework
• Prosedur Operasi Piawai
Limit of authorities has been revised and approved by
the Board on 22 November 2013 and implemented in
the areas of Underwriting, Claims approval, and other
business process.
• Standard Operating Procedures
• Had Kuasa
The Group has established a defined organisational
structure with lines of responsibility and accountability
with a defined delegation of authority of Committees of
the Board and Management.
In March 2012, Takaful Malaysia was granted the
approval by BNM to adopt “launch-and-file” system
for new products. In view of the “launch-and-file”
system granted to Takaful Malaysia, we have reviewed
the policies and procedures within the Product
Development Framework, taking into consideration
BNM’s supervisory expectations under the Introduction
of New Product Guidelines.
• Compliance Function
The Company has established Compliance Framework
setting out the compliance governance and
methodology. All compliances requirements, matrixes,
SOPs and guidelines are posted in the Corporate Portal
– Compliance Division.
• Whistle Blowing Policy and Fraud and Integrity Policy
The Board has also approved the Whistle Blowing
Policy in response to the Whistleblower Protection Act,
2010 as well as Fraud and Integrity Policy in August 2011
which is essential in promoting ethical conduct within
the Group.
Syarikat telah mewujudkan Piagam Pematuhan
dan Rangka Kerja yang telah ditubuhkan yang
menggariskan pematuhan tadbir urus dan metodologi.
Semua kehendak pematuhan, matrik, prosedur operasi
piawai dan garis panduan telah di muatkan dalam Portal
Korporat – Bahagian Pematuhan.
053
• Polisi Pemberitahuan Maklumat dan Polisi Penipuan
dan Integriti
• Shariah Governance Framework
Lembaga Pengarah juga telah meluluskan Polisi
Pemberitahuan Maklumat sebagai respons kepada
Akta Perlindungan Pemberi Maklumat, 2010 serta
Polisi Penipuan dan Integriti pada Ogos 2011 yang
penting dalam menggalakkan kelakuan beretika dalam
Kumpulan.
i. To set out Takaful Malaysia’s Shariah governance
structures, and arrangements to ensure that all its
operations and business activities are in accordance
with Shariah.
• Rangka Kerja Tadbir Urus Syariah
Rangka Kerja Tadbir Urus Syariah telah disemak dan
diluluskan oleh Badan Penasihat Syariah (BPS) pada
22 November 2013. Rangka kerja ini direka untuk
memenuhi objektif berikut:
i. Untuk menetapkan struktur dan susunan tadbir urus
Syariah bagi Takaful Malaysia, bagi memastikan
semua operasi dan aktiviti adalah selaras dengan
Syariah.
ii. Untuk
menyediakan
satu
panduan
yang
komprehensif kepada Lembaga Pengarah, BPS dan
Pengurusan dalam menjalankan tugasnya dalam
hal-hal yang berkaitan dengan Syariah.
iii. Untuk menggariskan fungsi yang berkaitan dengan
kajian, audit, penyelidikan dalaman dan prosesproses pengurusan risiko berkaitan Syariah.
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.
• Assets Liabilities Management Framework
Rangka kerja ini telah diluluskan oleh Lembaga Pengarah
pada bulan November 2011 untuk menyediakan
struktur asas Pengurusan Aset dan Liabiliti untuk
mempertingkatkan lagi mekanisme kawalan yang sedia
ada yang mendasari aktiviti perniagaan.
• Rangka Kerja Operasi Takaful
Syarikat telah mewujudkan satu rangka kerja untuk
mentadbir dan mendokumentasi model operasi yang
diguna-pakai, polisi pengasingan dana-dana takaful,
polisi mengenai strategi pelaburan dan kaedah yang
digunakan untuk pengiraan keuntungan pelaburan bagi
dana pelaburan peserta, polisi pengiktirafan lebihan /
defisit dan peruntukan / pengedaran, polisi mengenai
mekanisma pembetulan defisit termasuk pembayaran
balik qardh, pengurusan pendapatan daripada
perniagaan takaful dan perbelanjaan dan caj-caj ke atas
dana takaful yang dibenarkan.
• Pengurusan Lebihan dan Dasar Pengagihan
Dalam menguruskan dana-dana takaful, pengendalipengendali takaful dijangka akan menguruskan
kepentingan pelbagai pihak berkepentingan tanpa
menjejaskan sikap berhemah. Polisi ini berfungsi
sebagai panduan kepada Syarikat dalam menguruskan
kedudukan lebihan dan pembahagian lebihan kepada
peserta dan pemegang saham dengan menyediakan
prinsip, pertimbangan dan amalan yang utama untuk
memastikan penyelenggaraan kesolvenan dana yang
054
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.
• Takaful Operational Framework
• Rangka Kerja Pengurusan Aset Liabiliti
The Shariah Governance framework was revised and
approved by the Shariah Advisory Body (SAB) on 22
November 2013. The framework is designed to meet the
following objectives:
The Company has established a framework to govern
and document the operational models adopted, fund
segregation policy of takaful funds, policy on investment
strategy and method used for the calculation of
investment profit for participant investment fund, policy
on recognition of surplus / deficit and its allocation /
distribution, policy on deficit rectification mechanism
including repayment of qardh, management of income
from takaful business, and allowable expenses charges
to takaful funds.
• Surplus Management and Distribution Policy
In managing the takaful funds, takaful operators are
expected to manage the interest of various stakeholders
without compromising prudence. This policy serves as a
guide to the Company in managing the surplus position
and surplus distribution to participants and shareholders
by providing key principles, considerations and
practices to ensure good maintenance of fund solvency
and financial resilience, and to safeguard the interests of
participants and equitable treatment of participants.
The annual distribution of surplus shall be endorsed by
the Shariah Advisory Body and Board of Directors.
• Business / Marketing Plan and Budget Process
The Group’s annual business / marketing plan and
budget are submitted to the Board for approval.
baik dan daya tahan kewangan dan untuk melindungi
kepentingan peserta dan memberikan layanan yang
saksama kepada semua peserta-peserta.
• Financial Reporting
Pengagihan lebihan tahunan hendaklah disahkan oleh
Badan Penasihat Syariah dan Lembaga Pengarah.
• Pelan Perniagaan / Pemasaran dan Proses Belanjawan
Pelan perniagaan / pemasaran serta belanjawan
tahunan Kumpulan dibentangkan kepada Lembaga
Pengarah untuk kelulusan.
• Laporan Kewangan
• Information Technology System
IT Steering Committee
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 risiko-risiko termasuk pengukuhan
terhadap proses penutupan kewangan dan pelarasan.
Jawatankuasa Peneraju IT telah ditubuhkan untuk
mengawasi pembangunan IT yang menyediakan pihak
pengurusan pengawalan ke atas fungsi IT di dalam
Syarikat. Jawatankuasa Peneraju IT dipengerusikan
oleh Pengarah Urusan Kumpulan. Jawatankuasa ini
bertanggungjawab untuk meluluskan perbelanjaan
berkaitan IT yang besar mengikut had yang telah
ditetapkan dan memantau projek yang telah diluluskan,
merumuskan polisi dan pelan strategik IT.
An IT Steering Committee has been established to
oversee the development of Information Technology
(IT) that provides management an oversight of the
IT function within the Company. IT Steering committee
is chaired by the Group Managing Director. The
committee is responsible for authorising major IT
expenditures within the approved limits, monitoring
approved IT projects, formulating IT policies and IT
strategic plans.
Data Governance Framework
• Sistem Teknologi Maklumat
Jawatankuasa Peneraju IT
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.
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.
IT Project Steering Committee
IT Project Steering Committee is chaired by the
Group Managing Director. The Committee consists of
representatives from IT and business users, oversees
the progress and development of business related IT
project during the financial period.
Rangka Kerja Pengurusan Data
Conclusion
Seperti yang ditentukan oleh Garis Panduan BNM,
Rangka Kerja Pengurusan Data telah ditubuhkan pada
November 2009. Rangka Kerja ini merangkumi prosesproses serta kawalan-kawalan yang berkaitan dengan
sekuriti dan integriti data.
Although control lapses were identified for certain business
processes within the Group, there were no significant
control failures or weaknesses that has resulted in material
loss that requires disclosure in the Group’s annual report for
the financial period under review.
Jawatankuasa Peneraju Projek IT
This statement is made in accordance with the Board of
Directors resolution dated 14 March 2014.
Jawatankuasa Peneraju Projek IT dipengerusikan oleh
Pengarah Urusan Kumpulan. Jawatankuasa yang terdiri
dari wakil-wakil daripada IT dan pengguna perniagaan,
mengawasi prestasi dan pembangunan projek IT yang
berkaitan dengan perniagaan sepanjang tempoh
kewangan.
Kesimpulan
Walaupun terdapat kelemahan kawalan yang dikenal
pasti dalam proses-proses perniagaan tertentu dalam
Kumpulan, namun tiada sebarang kegagalan kawalan atau
kelemahan ketara yang menyebabkan kerugian besar
yang memerlukan pendedahan dalam laporan tahunan
Kumpulan bagi tempoh kewangan yang dikaji.
Penyata ini disediakan selaras dengan resolusi Lembaga
Pengarah bertarikh 14 Mac 2014.
055
Penyata Pengerusi
Para Pemegang Saham,
Saya dengan sukacitanya
membentangkan Laporan
Tahunan Syarikat Takaful
Malaysia Berhad bagi tahun
kewangan berakhir 2013.
Dear Shareholders,
It is my pleasure to
present the Annual
Report of Syarikat
Takaful Malaysia Berhad
for the financial year
ended 2013.
Pada tahun yang ditinjau, ekonomi dunia berkembang
pada kadar yang lebih perlahan, sebanyak 3% disebabkan
oleh keadaan kewangan global yang mencabar dan
tekanan persaingan dalam pasaran. Pelarasan dasar
fiskal dan kewangan di Amerika Syarikat serta risiko
sementara yang timbul daripada keadaan di Eropah turut
mendorong kadar pertumbuhan yang lebih lembap ini.
Di Malaysia, ekonomi digerakkan oleh permintaan dalam
negeri yang kukuh untuk menghasilkan pertumbuhan
Keluaran Dalam Negara Kasar (KDNK) antara 4.5%
kepada 5.0% pada tahun 2013. Permintaan ini disokong
bukan sahaja oleh aktiviti kepenggunaan dan pelaburan
yang aktif, malahan kesan gandaan pelbagai projek
Program Transformasi Ekonomi (ETP) kerajaan yang
dilaksanakan.
During the year under review, the world economy grew
at a more subdued pace of 3% due to the challenging
global financial climate and competitive market
pressures. The fiscal and monetary policy fine-tunings
in the United States as well as the provisional risks
arising from the situation in Europe contributed to this
slower growth rate. For Malaysia, the economy was
propelled by strong domestic demand that resulted in
an expected Gross Domestic Product (GDP) growth
for 2013 of between 4.5% to 5.0%. This demand was
supported not only by robust consumption and
investment activities, but also the multiplier effect of
ongoing Economic Transformation Programme (ETP)
projects.
056
Penyata Pengerusi
Sungguhpun demikian, sektor kewangan Islam khususnya
industri Insurans Islam (Takaful) sebaliknya menyaksikan
pertumbuhan besar di seluruh dunia jika diukur dari segi
Caruman Jaminan Kasar. Ini disusuli oleh peningkatan kadar
keuntungan, risiko yang lebih berpelbagai dan peningkatan
dalam kadar nisbah tuntutan dan perbelanjaan. Arah aliran
ini digambarkan dalam Industri Takaful di Malaysia yang
secara keseluruhannya menghasilkan pertumbuhan tahunan
positif walaupun berhadapan dengan persaingan sengit
dalam industri, persekitaran rangka kerja penguatkuasaan
peraturan yang mengalami perubahan dan amalan risiko
semasa yang memberi kesan kepada industri ini secara
umum.
Di peringkat global, Malaysia, bersama-sama dengan Arab
Saudi dan Emiriyah Arab Bersatu diiktiraf sebagai salah satu
daripada tiga pasaran utama Takaful telah menunjukkan
pertumbuhan dua digit dalam keuntungan. Kadar
penembusan yang agak rendah dalam industri Takaful
Malaysia mewujudkan lonjakan besar dalam pasaran apabila
pengendali Takaful berusaha untuk menambah bahagian
pasaran mereka berbanding syarikat insurans konvensional
dan seterusnya mengukuhkan kedudukannya di pasaran
yang sedang berkembang ini.
Dengan mengambil kira arah aliran pertumbuhan
positif arena industri insurans tempatan, saya dengan
sukacitanya ingin melaporkan bahawa Takaful Malaysia
meneruskan momentum pertumbuhannya dari tahuntahun sebelumnya dan berjaya mencatatkan keputusan
The Islamic finance sector however, particularly the
Islamic insurance (Takaful) industry, witnessed sizable
growth globally when measured in terms of Gross Written
Contributions. This was complemented by increased
profitability, more risk diversification and improvements in
claims and expenses ratios. This trend was mirrored in the
Takaful industry in Malaysia that cumulatively registered
positive annual growth amidst the backdrop of intense
industry competition, an evolving regulatory framework
environment and prevailing risk practices that had impacted
the industry on the whole.
On the global scale, Malaysia, together with Saudi Arabia
and the United Arab Emirates has been recognized as one
of the three main key markets of Takaful showing doubledigit growth in profitability. The relatively low penetration
rate in the Malaysian Takaful industry had resulted in the
emergence of a significant market for Takaful operators
to expand their market share over conventional insurance
companies and therefore firmly establish a strong foothold
in this growing market.
Taking into account the positive growth trend of the
local insurance industry arena, it gives me great pleasure
to report that Takaful Malaysia has continued its growth
momentum from previous years and was successful in
recording outstanding financial results for the year under
review. The Group registered total assets of RM6.9 billion
and established itself as the market leader in the Group
Family Takaful business by capturing close to 40% of this
057
Penyata Pengerusi
kewangan yang memberangsangkan pada tahun yang
ditinjau ini. Kumpulan mencatatkan aset berjumlah RM6.9
bilion dan mengukuhkan kedudukannya sebagai peneraju
pasaran dalam perniagaan Takaful Keluarga Berkelompok
dengan menguasai hampir 40% daripada sektor pasaran ini
dan 23% daripada gabungan perniagaan Takaful Keluarga
dan Am, pada S3 2013. Takaful Malaysia turut menerajui
perniagaan Manfaat Pekerja dengan sasaran untuk
menguasai bahagian pasaran yang lebih besar pada tahuntahun yang akan datang.
Kelebihan yang dimiliki oleh Takaful Malaysia sebagai
syarikat Takaful pertama di Malaysia, disokong oleh
proposisi unik kami sebagai pengendali Takaful pertama
dan satu-satunya di Malaysia yang menawarkan Pulangan
Tunai sebanyak 15% kepada pelanggan kami yang dihargai
secara konsisten (sekiranya mereka tidak membuat
sebarang tuntutan sepanjang tempoh perlindungan)
mengukuhkan kedudukan asas Syarikat di pasaran.
Kelebihan semula jadi ini diteguhkan oleh strategi
pengurusan kami yang aktif, pengunderaitan dan aktiviti
pelaburan yang berhemat, serta produk mengutamakan
pelanggan yang komprehensif bagi disesuaikan dengan
keperluan para pelanggan kami yang semakin berkembang.
Di samping itu, kami telah mempertingkatkan lagi taraf
infrastruktur dan operasi kami, meluaskan rangkaian,
memperkasakan tenaga agensi dan memupuk perkongsian
strategik dengan pelanggan korporat dan bank. Usaha
ini berserta dengan strategi pemasaran dan kempen
penjenamaan yang agresif telah memperluaskan lagi
bahagian pasaran kami.
TAHUN YANG DITINJAU – PERISTIWA PENTING &
PENCAPAIAN
PRESTASI KEWANGAN
Prestasi Kumpulan
Bagi tahun yang ditinjau, hasil kendalian Kumpulan
meningkat sebanyak 6% kepada RM1.71 bilion, sementara
keuntungan sebelum cukai dan zakat (PBTZ) berada pada
tahap RM179.3 juta berbanding RM125.5 juta, peningkatan
sebanyak 43% berbanding tahun kewangan sebelumnya.
Keuntungan selepas cukai dan zakat (PATZ) meningkat
sebanyak 34% kepada RM134.4 juta daripada RM100.1 juta
pada tahun kewangan lepas. Hasil dan keuntungan yang
bertambah baik ini didorong terutamanya oleh jualan
lebih tinggi yang dijana oleh perniagaan Takaful Keluarga,
keputusan pengunderaitan dan pelaburan yang lebih baik
dan pendapatan yuran wakalah bersih yang lebih tinggi,
hasil daripada pertumbuhan perniagaan yang mantap.
058
market sector and 23% of the combined Family and General
Takaful business, in Q3 2013. Takaful Malaysia also takes the
lead in the Employee Benefit business with the target of
securing a larger market share in future years.
Takaful Malaysia’s advantageous position as the first
Takaful operator in Malaysia is underpinned by our unique
proposition as the first and only Takaful operator in Malaysia
to consistently offer our valued customers a 15% Cash Back
(should they make no claims during the coverage period)
fundamentally strengthening the Company’s foothold in
the market.
This natural advantage was bolstered by our active
management strategy, prudent underwriting and
investment activities, as well as comprehensive customercentric products to suit the growing needs of our
customers. In addition, we enhanced our infrastructure
and operations, grew extensive network, empowered our
agency force and forged strategic partnerships with our
corporate clients and bank partners. These, coupled with
a more aggressive marketing and branding campaigns
resulted in an expansion of our market share.
THE YEAR IN REVIEW – HIGHLIGHTS & ACHIEVEMENTS
FINANCIAL PERFORMANCE
Group Performance
For the year under review, the Group’s operating revenue
grew by 6% to RM1.71 billion, while profit before taxation and
zakat (PBTZ) was measured at RM179.3 million compared
to RM125.5 million, increased by 43% from the previous
financial year.
Profit after tax and zakat (PATZ) grew by 34% to RM134.4
million from RM100.1 million in the previous financial year.
The improved revenue and profit were largely attributable
to higher sales generated by the Family Takaful business,
better underwriting and investment results and higher net
wakalah fee income arising from strong business growth.
Takaful Malaysia’s total asset size increased by 9% to RM6.9
billion. Total profit from investment, comprising realized
gains and fair value changes, increased by 7% to RM386.6
million in 2013 as compared to RM362.4 million in the
previous financial year.
Penyata Pengerusi
Saiz jumlah aset Takaful Malaysia meningkat sebanyak
9% kepada RM6.9 bilion. Jumlah keuntungan daripada
pelaburan, yang meliputi keuntungan yang direalisasi dan
perubahan nilai saksama, bertambah 7% kepada RM386.6
juta pada 2013 berbanding dengan RM362.4 juta pada
tahun kewangan sebelumnya.
Prestasi Syarikat
Takaful Malaysia mengakhiri tahun kewangan yang ditinjau
dengan mencatatkan rekod keuntungan yang tinggi. Kami
mengatasi pencapaian pasaran dan terus mencatatkan
pertumbuhan kewangan yang kukuh sambil bersedia untuk
memanfaatkan kelebihan daripada kedudukan kami yang
teguh dalam industri Takaful tempatan.
Syarikat mencapai pertumbuhan sebanyak 43% dalam
PBTZ, berjumlah RM182.3 juta berbanding RM127.8 juta
pada tahun kewangan lepas. Hasil kendalian meningkat
sebanyak 9% kepada RM1.54 bilion daripada RM1.41 bilion
pada 2012. Jumlah Caruman Kasar yang dicatatkan adalah
sebanyak RM1.3 bilion, peningkatan sebanyak 8% daripada
RM1.2 bilion pada 2012.
Caruman kasar daripada Takaful Keluarga dan Takaful
Am berkembang sebanyak 10% daripada tahun kewangan
terdahulu. Caruman Kasar Takaful Keluarga berjumlah
RM932.2 juta berbanding RM848.7 juta pada tahun lepas
dan caruman kasar Takaful Am pula berjumlah RM386.6 juta
berbanding dengan RM349.5 juta pada tahun kewangan
lepas.
Company Performance
Takaful Malaysia ended the financial year under review with
record high profits. We outpaced the market and continued
to register robust financial growth while positioning
ourselves to capitalize on our already strong foothold in the
local Takaful industry.
The Company achieved 43% growth in PBTZ amounting
to RM182.3 million as compared to RM127.8 million in the
previous financial year. Operating revenue increased by
9% to RM1.54 billion from RM1.41 billion in 2012. Total Gross
contribution was recorded at RM1.3 billion, 8% increased
from the RM1.2 billion in 2012.
Both Family Takaful and General Takaful gross contribution
grew by 10% from previous financial year. Family Takaful
gross contribution was RM932.2 million compared to
RM848.7 million in the previous year and General Takaful
gross contribution was RM386.6 million compared to
RM349.5 million in the previous financial year.
The higher PBZT was largely due to better underwriting,
investment results and higher net wakalah fee income
arising from the growth in both the Family and General
Takaful Business.
The much higher growth in PBZT has a direct impact to profit
after tax and zakat (PATZ) which grew by 36% to RM139.3
million from RM102.7 million in the previous financial year.
059
Penyata Pengerusi
Keuntungan sebelum zakat dan cukai yang lebih tinggi
disebabkan oleh keputusan pengunderaitan serta pelaburan
yang lebih baik dan pendapatan yuran wakalah bersih
yang lebih tinggi, hasil daripada pertumbuhan Perniagaan
Takaful Keluarga dan Takaful Am.
Pertumbuhan PBZT yang lebih tinggi ini mempunyai kesan
langsung terhadap keuntungan selepas cukai dan zakat
(PATZ) yang melonjak sebanyak 36% kepada RM139.3 juta
daripada RM102.7 juta pada tahun kewangan lepas. Hasil
dan keuntungan yang semakin baik ini didorong oleh jualan
lebih tinggi yang dijana oleh perniagaan Takaful Keluarga,
keputusan pengunderaitan dan pelaburan yang lebih baik
dan pendapatan yuran wakalah bersih yang lebih baik hasil
keteguhan pertumbuhan perniagaan.
TINJAUAN SYARIKAT SUBSIDIARI
PT Syarikat Takaful Indonesia (STI)
Syarikat subsidiari kami di Indonesia, PT Asuransi Takaful
Umum (ATU), PT Asuransi Takaful Keluarga (ATK) dan
Syarikat Takaful Indonesia (STI) terus berdepan persaingan
sengit daripada syarikat insurans konvensional yang masih
dibenarkan menjual produk Islam melalui konsep ‘window’.
Justeru, sumbangan daripada operasi Indonesia kami
kepada hasil Kumpulan adalah kurang 5% daripada jumlah,
dengan sumbangan kasar kurang daripada 15% daripada
jumlah sumbangan kasar Kumpulan.
060
The improved revenue and profit were largely attributable
to higher sales generated by the Family Takaful business,
better underwriting and investment results and higher net
wakalah fee income arising from strong business growth.
REVIEW OF SUBSIDIARIES
PT Syarikat Takaful Indonesia (STI)
Our Indonesian subsidiaries, PT Asuransi Takaful Umum
(ATU), PT Asuransi Takaful Keluarga (ATK) and Syarikat
Takaful Indonesia (STI) continue to face stiff competition
from conventional domestic players who are still permitted
to sell Islamic products through a window concept.
Consequently, contribution from our Indonesian operations
to the Group’s bottom line is less than 5% of the total, with
gross contribution standing at less than 15% of the Group’s
total gross contribution.
However, we remain positive of our prospects in the
country given the Group’s 18-year presence in Indonesia and
expected regulatory changes to disallow the operating of
Islamic windows by conventional insurers. Our confidence is
further bolstered by the country’s fast growing population,
a large proportion of who are Muslims. With rising incomes
in tandem with rapid development, demand for protection
and investment products in Islamic and conventional
insurance is likely to increase in the near future.
Penyata Pengerusi
Walau bagaimanapun, kami kekal positif berhubung
prospek kami di negara ini berasaskan kepada kehadiran
Kumpulan selama 18 tahun di Indonesia. Kami menjangka
perubahan peraturan untuk tidak membenarkan syarikat
insurans konvensional mengendalikan operasi produk
insurans Islam. Keyakinan kami disokong oleh pertambahan
bilangan penduduk negara tersebut, yang sebahagian
besarnya beragama Islam. Selaras dengan pembangunan
pesat yang menyaksikan peningkatan pendapatan,
permintaan bagi produk perlindungan dan pelaburan
dalam insurans Islam dan konvensional berkemungkinan
besar akan turut meningkat dalam jangka masa terdekat.
Kami akan terus fokus terhadap usaha mengembangkan
pertumbuhan perniagaan kami di Indonesia melalui
kerjasama dengan bank dan agensi runcit.
DIVIDEN
Berlandaskan kepada prestasi teguh, Lembaga Pengarah
telah mengisytiharkan dua dividen interim kepada para
pemegang saham pada tahun kewangan berakhir 31
Disember 2013. Pembayaran dividen interim pertama tier
tunggal sebanyak 12% berjumlah RM19.5 juta dan dividen
interim kedua tier tunggal sebanyak 30% yang berjumlah
RM48.8 juta masing-masing telah diumumkan pada 3
September 2013 dan 26 November 2013. Ini menjadikan
hasil dividen sebanyak 4.1%, berdasarkan kepada harga
penutup saham Syarikat RM10.30 pada 31 Disember 2013.
Di samping dua dividen interim di atas, Lembaga Pengarah
juga mencadangkan pembayaran dividen akhir tier tunggal
sebanyak 40% berjumlah RM65.1 juta pada Mesyuarat
Agung Tahunan yang akan datang. Jumlah dua dividen
interim dan dividen akhir yang diumumkan mewakili nisbah
pembayaran kira-kira 99% daripada keuntungan bersih
yang dijana bagi tahun berakhir 31 Disember 2013.
PENGUNDERAITAN & PELABURAN
Kejayaan
Takaful
Malaysia
mencatatkan
prestasi
membanggakan dalam aktiviti pengunderaitan adalah hasil
penilaian berhemah kami dalam risiko pengunderaitan.
Peningkatan pangkalan data dan kecekapan pentadbiran
kami yang disokong oleh usaha pengawalan kos yang
lebih baik dan rangka kerja penguatkuasaan peraturan
yang kukuh turut menyumbang kepada pengurangan
margin perbelanjaan pada tahun kewangan yang ditinjau.
Ini diperlihatkan melalui kadar keuntungan yang semakin
meningkat bagi semua segmen produk kami.
We will continue to focus to grow our Indonesia business
via the bank and retail agency force.
DIVIDENDS
In light of the solid performance registered, the Board
of Directors has declared two interim dividends to the
shareholders during the financial year ended 31 December
2013. The first interim dividend payout of 12% single tier
amounting to RM19.5 million and the second interim
dividend of 30% single tier amounting to RM48.8 million
were announced on 3 September 2013 and 26 November
2013 respectively. This translated into a dividend yield
of 4.1% based on the Company’s share closing price of
RM10.30 as at 31 December 2013.
In addition to the above two interim dividends, the Board
of Directors is also proposing for a final dividend of 40%
single tier amounting to RM65.1 million at the forthcoming
Annual General Meeting. The total two interim and the final
dividends represent a payout ratio of approximately 99% of
the net profits generated for the year ended 31 December
2013.
UNDERWRITING & INVESTMENT
Takaful Malaysia registered stronger performance
in underwriting activities as a result of our prudent
assessment in underwriting risks. Our enhanced database
and administration efficiency supported by bettercost control and a robust regulatory framework also
contributed towards the Company’s reduced expense
margin during the financial year under review and this
translated into improved profitability across most of our
product segments.
The Company accomplished yet another record-breaking
investment income at Company level in 2013. We registered
an investment income of RM368.2 million, an increase by
RM34.4 million compared to RM333.8 million recorded
in 2012. Despite the volatile and challenging investment
environment, this was achieved by our effective strategic
asset allocation which was skewed towards achieving the
long term returns.
061
Penyata Pengerusi
Syarikat mencapai satu lagi pendapatan pelaburan yang
memecahkan rekod di peringkat Syarikat pada 2013. Kami
mencatatkan pendapatan pelaburan sebanyak RM368.2
juta, meningkat sebanyak RM34.4 juta berbanding RM333.8
juta yang dicapai pada tahun 2012. Walaupun berhadapan
dengan persekitaran pelaburan tidak menentu dan sangat
mencabar, keputusan ini dicapai melalui keberkesanan
peruntukan aset strategik kami yang disasar untuk
menghasilkan pulangan jangka panjang.
Pelaburan kami terus diperkukuh dengan dua kelas
aset utama; iaitu portfolio ekuiti dan Sukuk, yang telah
menampilkan hasil pelaburan yang luar biasa. Dari segi
ekuiti, pasaran ekuiti Malaysia mengatasi jangkaan pretasi
pada tahun 2013 kerana keyakinan pelabur telah kembali
berikutan selesainya Pilihan Raya Umum pada Mei 2013.
Pelabur asing merupakan pembeli bersih bagi ekuiti Malaysia
dari bulan Januari hingga Mei, dan menjadi penjual bersih
dari bulan Jun dan seterusnya. Walaupun menghadapi
jualan agresif pelabur asing, Bursa Malaysia tetap mampu
mencatatkan beberapa pencapaian tertinggi disebabkan
oleh sokongan teguh daripada pelabur institusi tempatan
dan mencatatkan keuntungan memberangsangkan
sebanyak 10.5% pada tahun 2013 dan Indeks Komposit KL
FTSE Bursa Malaysia berjaya ditutup pada rekod tinggi iaitu
1,866.96 mata pada 31 Disember 2013.
Jumlah pendapatan daripada ekuiti mencatatkan
lonjakan keuntungan sebanyak 59% kepada RM102.7 juta
pada tahun 2013 berbanding RM64.8 juta pada tahun
2012 untuk mencatatkan Pulangan ke atas Pelaburan
(ROI) sebanyak 13.61%. Selain daripada prestasi pasaran
yang positif, pengurusan portfolio aktif kami juga telah
membolehkan kami mengambil kesempatan daripada
beberapa kelemahan pasaran untuk mempertingkatkan
pendedahan ekuiti kami dan merealisasi keuntungan secara
beransur-ansur apabila berpeluang. Pasukan kami memilih
kaunter yang mempunyai rekod lampau yang cemerlang,
pasukan
pengurusan
berkebolehan,
pertumbuhan
berkualiti dengan keputusan pendapatan yang kukuh, kunci
kira-kira yang mantap dan aliran tunai yang teguh untuk
membolehkan penghasilan dividen tinggi yang berterusan
dan mengekalkan kecairan yang baik.
Portfolio Sukuk Syarikat mencatatkan pulangan yang
baik sebanyak 6.71% walaupun peluang untuk merealisasi
keuntungan lebih rendah kerana keluk hasil bertukar ke
arah meningkat. Walau bagaimanapun, strategi pengurusan
aktif kami telah membolehkan kami memanfaatkan
kelebihan pergerakan hasil yang positif pada separuh tahun
kedua 2013 untuk merealisasikan keuntungan daripada
062
Our investment continued to be anchored by two main
asset classes; equities and Sukuk portfolios, both which
delivered exceptional investment yields. On the equity
side, the Malaysian equity market outperformed in 2013
as investors’ confidence returned following the conclusion
of General Election in May 2013. Foreigners were the net
buyers of Malaysian equities from January to May, who
then became net sellers from June 2013 onwards. Despite
the aggressive foreign selling, Bursa Malaysia managed to
register record multiple highs due to the strong support of
local institution and posted a commendable gain of 10.5%
in 2013 and our FTSE Bursa Malaysia KL Composite Index
managed to close at record high of 1,866.96 points at 31
December 2013.
Total income from equities posted a sharp gain of 59% to
RM102.7 million in 2013 compared to RM64.8 million in 2012
to record a Return on Investment (ROI) of 13.61%. Aside
from the positive market performance, our active portfolio
management enabled us to take advantage of certain
market weaknesses to increase our equity exposure and
gradually realizing profits as and when opportunities arise.
The team had picked counters which had commendable
track records, capable management teams, quality growth
with strong earnings visibility, solid balance sheets and
healthy free cash flow that was able to sustain high dividend
yields and maintain good liquidity.
The Company’s Sukuk portfolio recorded a commendable
return of 6.71% despite lesser opportunity to realize profit as
the yield curve shifted upwards, particularly in the second
half of the year. Nonetheless, our active management
strategy enabled us to take advantage of the favorable
yield movement in the first half of 2013 to realize profit from
our existing holdings. We also benefited from numerous
corporate exercises undertaken by certain issuers resulting
in redemption and/or refinancing of existing Sukuk.
Penyata Pengerusi
pegangan yang sedia ada. Kami turut mendapat manfaat
daripada beberapa langkah korporat penerbit tertentu
yang melakukan penebusan dan/atau pembiayaan semula
Sukuk sedia ada.
MENGUKUHKAN JENAMA TAKAFUL MALAYSIA
Takaful Malaysia berbangga menjadi syarikat Takaful
pertama dalam industri insurans tempatan dan kami sentiasa
menggandakan usaha untuk menyediakan penyelesaian
Takaful yang terbaik kepada para pelanggan kami yang
dihargai dengan matlamat utama untuk mempertingkatkan
pulangan pemegang saham.
Dengan memanfaatkan proposisi unik yang menawarkan
ganjaran Pulangan Tunai sebanyak 15% jika mereka tidak
membuat tuntutan sepanjang tempoh perlindungan
benar-benar membezakan kami daripada para pesaing
lain di pasaran – sama ada syarikat Takaful mahu pun
penyedia insurans Konvensional. Kami telah memperbaiki
inisiatif strategi pemasaran dan penjenamaan kami untuk
mengukuhkan lagi kehadiran jenama kami pada pandangan
umum, menjadikan kami semakin hampir untuk menjadi
jenama seisi rumah dan mengukuhkan kedudukan kami
sebagai pilihan utama untuk perlindungan.
Syarikat telah melancarkan Kempen popular “Kita
Perlu Berbincang” yang menyaksikan Takaful Malaysia
mengedarkan lebih daripada satu juta risalah dalam tiga
bahasa kepada orang ramai bagi membantu mereka
memahami bagaimana Takaful Malaysia memberi ganjaran
AMPLIFYING THE TAKAFUL MALAYSIA BRAND
Takaful Malaysia is proud to be the first Takaful operator
in the local insurance industry and we consistently go the
extra mile in providing the best Takaful solutions for our
valued customers all with the unswerving aim of creating
increasing shareholder return.
Leveraging on the Company’s unique proposition of
rewarding its customers with a 15% Cash Back reward if
they made no claims during the coverage period has truly
distinguished us from other competitors in the market - be
it both Takaful operators and the Conventional insurance
providers. We improved our marketing and branding
initiatives more strategically to further enhance our brand
presence amongst the public, taking us closer towards
becoming a household name and establishing ourselves as
the preferred choice for protection.
The Company launched the popular “We Should Talk”
Campaign that saw Takaful Malaysia distributing more
than one million flyers in three languages to the public to
help them understand better how Takaful Malaysia rewards
its customers apart from just providing comprehensive
protection product solutions that cater to diverse needs.
Realizing the effectiveness of point-of-purchase advertising,
Takaful Malaysia also successfully launched another
branding initiative to reach consumers with its
‘Be Rewarded With 15% Cash Back For No Claims’
advertising campaign. This strategic aggressive effort
063
Penyata Pengerusi
kepada para pelanggannya dan bukan hanya menyediakan
penyelesaian produk perlindungan komprehensif yang
memenuhi pelbagai keperluan.
Menyedari keberkesanan pengiklanan di titik pembelian,
Takaful Malaysia juga berjaya melancarkan satu lagi inisiatif
penjenamaan untuk sampai kepada pengguna melalui
kempen iklan ‘Dapatkan Ganjaran Pulangan Tunai 15% Jika
Tiada Tuntutan’. Usaha agresif strategik ini dilaksanakan
untuk terus mempertingkatkan kehadiran dan manfaat
yang diberi oleh jenama Takaful Malaysia kepada orang
ramai.
Pada tahun kewangan yang ditinjau, Takaful Malaysia
telah mencatatkan rekod pembayaran sebanyak RM29.6
juta melalui Pulangan Tunai sebanyak 15% kepada para
pelanggan dan rakan perniagaan portfolio Takaful Am yang
dihargai dan seterusnya menepati janji jenama kami ‘Kami
Lindungi. Kami Prihatin. Kami Berkongsi’.
MEMPERKASAKAN OPERASI KAMI
Takaful Malaysia mencatatkan peningkatan ketara dalam
operasi korporatnya untuk mencapai prestasi optimum.
Syarikat telah menyusun semua proses perniagaannya
dan mengkaji semula struktur organisasi operasi amnya
untuk diselaraskan dengan matlamat perniagaan dan
pertumbuhan yang disasarkan. Ia juga berperanan
sebagai landasan bagi mengukuhkan perniagaannya bagi
menghasilkan rizab yang berterusan dan peningkatan
lestari dalam kecekapan operasi Syarikat.
Di samping itu, Syarikat turut menggariskan pelbagai
strategi yang realistik untuk menyediakan kapasiti yang
berdaya fleksibel, kitaran pembangunan produk yang
lebih pantas, memperhebatkan pengalaman pelanggan
dan mempertingkatkan produktiviti pengedaran sambil
mengekalkan perjalanan ‘perniagaan seperti biasa’. Ini
bertujuan untuk menguruskan jumlah perniagaan sedia
ada yang berjaya menghasilkan kawalan dan pemantauan
pengurusan yang mantap serta pertumbuhan organik
operasi dalaman yang terjamin.
Takaful Malaysia telah melonjakkan kecekapan teknologi
dengan ketara pada tahun yang ditinjau. Kami telah
mengupayakan Protokol Pemindahan Fail (FTP) dan
perkhidmatan e-Serahan untuk produk terpilih dan berjaya
mengintegrasikan dan melaksanakan sistem On-Base bagi
mengesan dan berhubung antara muka dengan Bahagian
Jualan Pengurusan Perhubungan Pelanggan (CRM) yang
disediakan untuk bahagian Perniagaan Korporat dan
Bankatakaful.
064
was carried out to continuously expand the visibility and
benefits of Takaful Malaysia’s brand to the public.
During the financial year under review, Takaful Malaysia
paid out a record breaking total of RM29.6 million through
the 15% Cash Back to its valued customers and business
partners as a result of positive growth in our General
Takaful portfolio, thus keeping in line of our brand promise
of ‘We Protect. We Care. We Share’.
EMPOWERING OUR OPERATIONS
Takaful Malaysia made significant improvements to its
corporate operations to achieve optimum performance. The
Company revamped its business processes and revisited
the organizational structure of the general operations to
accommodate its business goals and targeted growth. This
also served as an opportunity to reinforce its business to
deliver lasting reserves and sustainable improvements in
the Company’s operational efficiency.
Additionally, the Company outlined realistic strategies to
provide capacity flexibility, faster product development
cycle, enhanced customer experience and improved
distribution productivity whilst maintaining ‘business as
usual’ to manage the volume of our existing business that
resulted in strong management control and supervision
and secured operational organic growth internally.
Takaful Malaysia enhanced its technology competency
tremendously during the year under review. We enabled
File Transfer Protocol (FTP) and e-Submission services
for selected products and managed to integrate and
implement an On-Base system to track and interface with
the Sales Customer Relationship Management (CRM)
catered for Corporate Business and Bancatakaful divisions.
The Company adopted smart underwriting features in
its Data Management System for certain products to
hasten the processing time for approvals. In addition,
Takaful Malaysia also instigated a major Enterprise Backup
Solution that enabled the Infrastructure Technology (IT)
team to effectively manage the entire enterprise backup
infrastructure and reduced the Company’s renewal and
licensing costs by almost RM700,000.
Penyata Pengerusi
Syarikat menerima pakai ciri-ciri pengunderaitan pintar
dalam Sistem Pengurusan Datanya bagi produk tertentu
untuk mempercepatkan masa pemprosesan kelulusan.
Selain itu, Takaful Malaysia juga melancarkan sebuah
Penyelesaian Sokongan Perniagaan yang membolehkan
pasukan Teknologi Infrastruktur (IT) untuk menguruskan
dengan berkesan seluruh infrastruktur sokongan
perniagaan dan mengurangkan kos pembaharuan dan
pelesenan Syarikat sebanyak RM700,000.
MENGOPTIMUMKAN WARGA KERJA KAMI
Kami percaya bahawa warga kerja kami merupakan
aset terpenting Syarikat dan mereka merupakan kunci
pertumbuhan, kejayaan dan kemampanan kami. Strategi
sumber manusia kami memfokus terhadap pembinaan
keupayaan kakitangan untuk mencapai prestasi yang
lebih tinggi di dalam persekitaran yang mencabar. Ini telah
dicapai melalui peningkatan kecekapan warga kerja melalui
pelbagai program latihan dan pembangunan yang tersusun
dan dirangka khas untuk mereka. Kami turut memastikan
agar prestasi kajian kekal relevan dengan perniagaan
untuk memandu ke arah tingkah laku yang betul. Kami
mewujudkan strategi pengurusan prestasi yang kukuh
berserta dengan automasi proses-proses utama untuk
menyediakan kelebihan daya saingan yang ketara kepada
Syarikat bagi memacu pertumbuhan ke tahap yang lebih
tinggi.
Dalam memenuhi jangkaan para pemegang saham, kami
terus memberi tumpuan terhadap proses inovasi dan
OPTIMIZING OUR PEOPLE
We strongly believe that our employees are our greatest
assets and they are the key to our growth, success and
sustainability. Our human resource strategies have focused
on building employees’ capabilities to achieve higher
performance in this challenging environment. This has been
achieved by improving the employees’ efficiency through
structured and customized trainings and development
programs. We also ensured the performance reviews stayed
relevant with the business to drive the right behaviour. We
established a solid performance management strategy
coupled with the automation of key processes in order
to provide the Company with a significant competitive
advantage to drive our growth to greater heights.
In meeting the expectation of our shareholders
expectations, we continued to focus on innovation and
transformation processes that would have an impact on
the workforce. Our focus on client-centricity, continuous
improvement and implementation of new technologies
to increase employees’ productivity influenced the way
of working and the required skills needed to build and
maintain the Company’s performance.
On 24 July 2013, the shareholders of the Company
approved the Long Term Incentive Plan (LTIP) proposed
during the Extraordinary General Meeting. The program
involved the establishment and implementation of a
long-term incentive plan of up to 10% of the issued and
065
Penyata Pengerusi
transformasi yang akan memberi kesan kepada tenaga kerja.
Fokus kami terhadap sikap mengutamakan pelanggan,
peningkatan berterusan dan pelaksanaan teknologi baru
bagi mempertingkatkan produktiviti warga kerja telah
mempengaruhi cara kerja dan tuntutan kemahiran yang
diperlukan bagi membina dan mengekalkan prestasi
Syarikat.
Pada 24 Julai 2013, para pemegang saham Syarikat
telah meluluskan Pelan Insentif Jangka Panjang (LTIP)
yang dicadangkan semasa Mesyuarat Agung Luar Biasa.
Program tersebut melibatkan penubuhan dan pelaksanaan
pelan insentif jangka panjang sehingga 10% daripada modal
saham dibenarkan dan berbayar Syarikat pada satu-satu
masa sepanjang tempoh LTIP kepada warga kerja dan
Pengarah Eksekutif Kumpulan yang layak.
MENYAMPAIKAN JENAMA KORPORAT KAMI
Memupuk muhibah dan pembelajaran, dan membina
hubungan yang merentasi bangsa, jantina dan usia
sentiasa menjadi amalan syarikat kami melalui projekprojek berasaskan kemasyarakatan yang berorientasikan
kemanusiaan. Sejajar dengan falsafah korporat kami
untuk menjadi teladan terbaik dalam Tanggungjawab
Sosial Korporat (CSR), kami terus beriltizam untuk
menyampaikan janji jenama kami iaitu ‘Kami Lindungi. Kami
Prihatin. Kami Berkongsi’ di peringkat Syarikat dan juga
pihak luar. Kami mempamerkan keutuhan kami melalui
pelbagai jenis aktiviti CSR yang melibatkan kakitangan
dan juga pihak pengurusan. Pada tahun kewangan yang
066
paid-up share capital of the Company at any point in time
throughout the duration of the LTIP to eligible employees
and Executive Directors of the Group.
DELIVERING OUR CORPORATE BRAND PROMISE
Fostering goodwill and learning, and building relationships
that transcend race, gender and age are what we as a
company continue to practice via our community-based
people-oriented projects. In line with our corporate
philosophy of being a model in Corporate Social
Responsibility (CSR), we are continuously committed in
delivering our brand promise of ‘We Protect. We Care. We
Share’ throughout the Company as well as external parties.
We demonstrated our perseverance in improving lives
and building the community through wide-ranging CSR
activities involving our staff and management. During the
financial year under review, we disbursed approximately
RM1 million under our Takaful myJalinan Corporate Social
Responsibility Programs. Our CSR initiatives enabled us
to provide both monetary and in-kind contributions to
various charitable organisations, education centres and
communities. In addition, the Company also made zakat
contributions across all 14 state religious departments
amounting to RM1.16 million.
Penyata Pengerusi
ditinjau, kami membelanjakan anggaran RM1 juta di bawah
Program Tanggungjawab Sosial Korporat kami yang
dikenali sebagai Takaful myJalinan. Inisiatif CSR sebegini
telah membolehkan kami menghulur pelbagai bentuk
sumbangan sama ada kewangan mahu pun barangan
kepada pelbagai pertubuhan amal, pusat pendidikan
dan komuniti. Di samping itu, Syarikat juga mengagihkan
bayaran zakat kepada semua 14 jabatan agama negeri
berjumlah RM1.16 juta.
ACCOLADES
PENGIKTIRAFAN
Takaful Malaysia was also awarded the ‘Best Performing
Stock’ under the Finance Sector at the prestigious annual
awards presentation of The Edge Billion Ringgit Club
Corporate Awards 2013 in September 2013. We were
proud to be acknowledged as the first ever Islamic Financial
Institution to have won any awards given by The Edge
Billion Ringgit Club (BRC) Corporate Awards. The award
was presented by YAB Dato’ Seri Mohd Najib Tun Abdul
Razak, Prime Minister of Malaysia.
Takaful Malaysia memperoleh anugerah penghargaan dan
pengiktirafan yang bermakna sepanjang tahun ini. Pada
bulan Februari 2013, kami telah diiktiraf sebagai Syarikat
Takaful Terbaik di Malaysia di majlis penyampaian
anugerah International Takaful Awards ketujuh yang
berlangsung di Kaherah. Anugerah ini merupakan
pengiktirafan kecemerlangan khusus kepada industri
Takaful, penampilan kualiti terunggul yang meletakkan
Takaful Malaysia di kedudukan berbeza berbanding para
pesaingnya.
Takaful Malaysia juga diberikan anugerah ‘Prestasi Saham
Terbaik’ di bawah Sektor Kewangan di majlis penyampaian
anugerah tahunan berprestij The Edge Billion Ringgit Club
Corporate Awards 2013 yang berlangsung pada bulan
September 2013. Kami berbangga kerana diiktiraf sebagai
Institusi Kewangan Islam yang pertama pernah memenangi
anugerah yang diberikan oleh The Edge Billion Ringgit Club
(BRC) Corporate Awards. Anugerah ini telah disampaikan
oleh YAB Dato’ Seri Mohd Najib Tun Abdul Razak, Perdana
Menteri Malaysia.
Takaful Malaysia garnered significant accolades and
recognition during the year. In February 2013, we were
acclaimed as the Best Takaful Company in Malaysia at the
7th International Takaful Awards held in Cairo. The award
was in recognition of the excellence dedicated to the
Takaful industry and having demonstrated superior quality
thereby distinguishing Takaful Malaysia from its peers.
PROSPECTS AND OUTLOOK
The Takaful industry in Malaysia has expanded at a rapid
pace over the last couple of years. Relying on this positive
development, we expect the growth of the Takaful sector
for 2014 to remain strong taking into consideration that
healthy growth prospects and improved risk management
will lead to increased demand for Takaful amongst the
public at large.
067
Penyata Pengerusi
PROSPEK DAN MASA DEPAN
Industri Takaful di Malaysia telah berkembang dengan
pesat sejak beberapa tahun lepas. Berasaskan kepada
perkembangan positif ini, kami menjangka pertumbuhan
sektor Takaful akan kekal kukuh pada tahun 2014,
memandangkan prospek pertumbuhannya yang sihat dan
pengurusan risiko yang bertambah baik bakal meningkatkan
permintaan untuk Takaful di kalangan orang ramai.
Sejajar dengan misi Malaysia untuk menjadi hab Kewangan
Islam, pertumbuhan berterusan perniagaan Takaful Keluarga
dilihat sebagai keutamaan insurans yang serta-merta di
mana produk takaful-mikro, perubatan dan persaraan
adalah langkah berikutnya yang perlu dimanfaatkan oleh
industri. Di samping itu, insurans Motor dan Kebakaran pula
dijangka akan terus menjadi dua penyumbang terbesar
kepada pertumbuhan portfolio Insurans Am di negara ini.
Permintaan produk skim manfaat pekerja dan pelaburan
juga diunjur akan meningkat dan mencatatkan peningkatan
pertumbuhan pada masa hadapan.
Produk pinjaman Islam yang memerlukan pengurusan risiko
sewajarnya juga merupakan satu peluang terbuka kepada
industri Takaful. Pertumbuhan pinjaman yang mematuhi
hukum Syariah di pasaran, penggunaan Takaful sebagai
mekanisma permindahan risiko juga akan mencatatkan
pertumbuhan serentak. Pada tahun 2014, pinjaman korporat
dan komersial dijangka akan mengatasi pertumbuhan
pinjaman runcit. Pinjaman runcit akan terjejas daripada
garis panduan pinjaman Bank Negara Malaysia terhadap
068
In line with Malaysia’s mission to become an Islamic
Financial hub, the continuing growth of the Family Takaful
business is seen as the immediate insurance priority with
micro-takaful, medical and retirement products viewed as
the next steps for the industry. In addition, Motor and Fire
insurance are anticipated to continue to be the two biggest
contributions to the growth of the General Insurance
portfolio in the country. Employee Benefit schemes and
investment products are also projected to be in demand
and will have an increasing growth trend moving forward.
Islamic loan products that require appropriate risk
management is also an opportunity for the Takaful industry.
With the growth of Shariah-compliant loans in the market,
the use of Takaful as its risk transfer mechanism will also
grow concurrently. In 2014, the corporate and commercial
loans are expected to outpace the growth of retails loans.
Retail loans will be impacted by Bank Negara Malaysia’s
lending guidelines on retail loans and the introduction of
higher Real Property Gains Tax for 2014.
The enforcement of the Risk-Based Capital in 2014 will
eventually affect the landscape of the Takaful industry
moving forwards. Admittedly, there are certain areas of the
local Takaful industry where we project a muted earnings
growth outlook because of impact from investment derisking and financial market volatility. Nevertheless, in the
long run, the potential for growth and improved earnings
will emerge as continued robust economic growth, rising
household incomes and a finely tuned risk understanding
Penyata Pengerusi
pinjaman runcit serta pengenalan Cukai Keuntungan
Hartanah Sebenar yang lebih tinggi pada tahun 2014.
will drive greater premium growth for the foreseeable
outlook.
Penguatkuasaan Modal Berasaskan Risiko pada tahun
2014 akhirnya akan menjejaskan landskap industri Takaful
pada masa hadapan. Memang tidak dinafikan, terdapat
beberapa bidang dalam industri Takaful tempatan di mana
kami menjangka pertumbuhan pendapatannya pada masa
depan akan suram akibat kesan daripada penarikan risiko
pelaburan dan ketidaktentuan di pasaran kewangan. Walau
bagaimanapun, dalam jangkamasa panjang, pertumbuhan
dan peningkatan pendapatan masih berpotensi dicapai
kerana pertumbuhan mantap ekonomi secara berterusan,
kenaikan pendapatan isi rumah dan risiko yang telah
difahami lebih terperinci akan mendorong pertumbuhan
premium pada masa hadapan.
The Company must take into account the need to address
investment challenges as volatility in investment return will
affect their ability to meet both certificate holders’ and
shareholders’ expectations. The Company would also
be occupied with the necessary preparations due to the
impending implementation of the Goods and Services Tax
(GST) in 2015. The Company will invest to ensure system
readiness.
Syarikat perlu mengambil kira keperluan menangani pelbagai
cabaran kerana ketidaktentuan pulangan pelaburan akan
menjejaskan keupayaan mereka memenuhi jangkaan
pemegang sijil dan pemegang saham. Syarikat juga akan
sibuk dengan persediaan pelaksanaan Cukai Barangan dan
Perkhidmatan (GST) yang bakal berkuatkuasa pada tahun
2015. Justeru, Syarikat akan membuat pelaburan untuk
memastikan tahap kesediaan sistem.
In a nutshell, the outlook for the local Takaful industry
for 2014 will continue to be positive and the industry is
anticipated to remain encouraging for both conventional
and Takaful operators through the introduction of new
and more innovative products by Takaful companies. The
local Takaful industry is projected to chalk up another year
of healthy growth next year as there is plenty of room
for organic growth, given the fact that Malaysia still has
relatively low insurance penetration in both conventional
and Takaful sectors.
Kesimpulannya, prospek bagi industri Takaful tempatan
pada tahun 2014 akan kekal positif dan industri ini
dijangka akan terus menggalakkan bagi pengendali
insurans konvensional dan Takaful melalui pengenalan
pelbagai produk baru dan lebih inovatif oleh syarikat-
069
Penyata Pengerusi
syarikat Takaful. Industri Takaful tempatan dijangka akan
mencatatkan satu lagi pertumbuhan sihat pada tahun
hadapan kerana ruang pertumbuhan organik masih luas
terbuka memandangkan Malaysia secara relatif masih
mempunyai kadar penembusan insurans yang agak rendah,
baik dalam sektor konvensional mahupun Takaful.
PENGHARGAAN
Bagi pihak Lembaga Pengarah, saya ingin merakamkan
ucapan setinggi-tinggi penghargaan kepada pihak
pengurusan dan kakitangan di atas ketekunan dan
kesungguhan tidak berbelah bahagi yang anda sekalian
tunjukkan. Di samping itu, saya juga ingin menyampaikan
ribuan terima kasih kepada seluruh rakan perniagaan di atas
sokongan yang diberikan melalui hubungan perkongsian
dan juga kepada para pemegang saham serta pelanggan
yang sangat dihargai atas keyakinan yang diberikan kepada
kami.
Akhir sekali, penghargaan ikhlas daripada saya ini ditujukan
kepada rakan ahli Lembaga Pengarah, Jawatankuasa
Pengarah dan Badan Penasihat Syariah atas nasihat,
panduan dan komitmen mereka yang dinamik dalam
memberikan perkhidmatan cemerlang bagi membantu
melonjakkan pencapaian syarikat di kedudukan sedia ada.
Saya yakin dengan keupayaan kita menyampaikan secara
konsisten janji yang terkandung dalam jenama kita, ‘Kami
Lindungi. Kami Prihatin. Kami Berkongsi’. Bersama-sama,
kita
meneruskan perjalanan ke arah kejayaan untuk
meletakkan Takaful Malaysia sebagai pilihan utama untuk
insurans.
Pengerusi
070
ACKNOWLEDGEMENTS
On behalf of the Board of Directors, I would like to express
my deepest appreciation to our management and staff
for your hard work and unwavering dedication. I would
also like to extend my appreciation to all our partners for
the support provided via our partnerships and also to our
valued shareholders and customers for the confidence you
have placed in us.
Finally, my sincere gratitude goes to my fellow members
of the Board, Board Committees and the Shariah Advisory
Body for their counsel, guidance and dynamic commitment
in providing excellent service to help propel the Company
to the best as it is now.
I am confident in our ability to consistently deliver our brand
promise of ‘We Protect. We Care. We Share’. Together, we
continue our successful journey for Takaful Malaysia to be
the preferred choice for insurance.
Chairman
FINANCIAL
STATEMENTS
072
Directors’ Report
077
Statement by Directors
078
Statutory Declaration
079
Independent Auditors’ Report
081
Report of the Shariah Advisory Body
083
Statements of Financial Position
085
Statements of Profit or Loss and Other
Comprehensive Income
089
Statements of Changes In Equity
092
Statements of Cash Flows
094
Notes to the Financial Statements
Directors’ Report
for the year ended 31 December 2013
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the financial year
ended 31 December 2013.
Principal activities
The Company is principally engaged in managing family and general takaful businesses, whilst the principal activities of the subsidiaries are as stated
in Note 5 to the financial statements. There has been no significant change in the nature of these activities during the financial year.
Results
GroupCompany
RM’000
RM’000
Profit for the year attributable to:
Owners of the Company
Non-controlling interests
138,999 (4,619)
139,318
-
134,380 139,318
Reserves and provisions
There were no material transfers to or from reserves and provisions during the financial year under review, except as disclosed in the financial
statements.
Dividends
Since the end of the previous financial year, the Company:
i)
Paid a second interim single tier dividend of 10 sen per ordinary share totalling RM16,281,700 in respect of the financial year ended 31 December
2012 on 11 January 2013;
ii)
Declared a first interim single tier dividend of 12 sen per ordinary share totalling RM19,538,040 in respect of the financial year ended 31 December
2013 on 3 September 2013 and paid on 4 October 2013; and
iii) Declared a second interim single tier dividend of 30 sen per ordinary share totalling RM48,845,100 in respect of the financial year ended 31
December 2013 on 26 November 2013 and paid on 23 December 2013.
The final dividend recommended by the Directors in respect of the financial year ended 31 December 2013 is 40% single tier dividend per ordinary
share totaling RM65,126,800.
072
Directors’ Report
Directors of the Company
Directors who served since the date of the last report are:
Datuk Rozaida Omar
Mahadzir Azizan
Johan Abdullah
Zakaria Ismail
In accordance with Article 62 of the Company’s Articles of Association, Johan Abdullah, Dato’ Mohamed Hassan Kamil and Datuk Rozaida Omar will
retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.
Directors’ interests in shares
None of the Directors holding office at 31 December 2013 had any interest in the shares and options over shares of the Company and of its related
corporations during the financial year.
Issue of shares and debentures
There were no changes in the authorised, issued and paid-up capital of the Company during the financial year.
There were no debentures issued during the financial year.
Long Term Incentive Plan
At the Extraordinary General Meeting held on 24 July 2013, the Company’s shareholders approved the establishment of a Long Term Incentive Plan
(LTIP), which comprises a Restricted Share Plan (RSP) and a Performance Share Plan (PSP), of not more than 10% of issued and paid-up share capital
of the Company (excluding treasury shares) to eligible employees and executive director of the Company. The LTIP was effected on 20 August 2013
following the submission of the By-Laws for the LTIP to Bursa Malaysia Securities Berhad, the receipt of all required approvals and the compliance
with the requirements pertaining to the LTIP.
The salient features of the LTIP are as disclosed in Note 16 to the financial statements.
As at the date of this Report, the shares granted under LTIP are as follow:
Number of ordinary shares of RM1 each
At
At
1 January 31 December
2013 GrantedForfeited
2013
20 August 2013
- Restricted Share Plan
- Performance Share Plan
-
-
607,100
724,200
-
-
607,100
724,200
-
1,331,300
-
1,331,300
073
Directors’ Report
Options granted over unissued shares
No options were granted to any person to take up unissued shares of the Company during the financial year.
Directors’ benefits
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive any benefit (other than a benefit
included in the aggregate amount of emoluments received or due and receivable by Directors as shown in the financial statements or the fixed salary
of a full time employee of the Company or of related corporations) by reason of a contract made by the Company or a related corporation with the
Director or with a firm of which the Director is a member, or with a company in which the Director has a substantial financial interest.
There were no arrangements during and at the end of the financial year which has the object of enabling Directors of the Company to acquire
benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate apart from the issue of the LTIP.
Statement on corporate governance and internal controls
(a) Board responsibilities
The Board of Directors (the Board) is ultimately responsible for the proper stewardship of the Group’s and Company’s resources, the achievement
of corporate objectives and good corporate citizenship and discharges this responsibility through compliance with the Takaful Act, 1984 (repealed
on 30 June 2013), Islamic Financial Services Act 2013 (effective on 30 June 2013) and Bank Negara Malaysia’s (BNM) Guidelines on Directorship for
Takaful Operators (BNM/RH/GL 004-1) and other directives, in addition to adopting other best practices on corporate governance.
The Board comprises seven non-executive directors and one executive director to enable a balanced and objective consideration of issues,
hence facilitating optimal decision making. The executive director adds value to the decision making process by providing a management and
operational perspective to issues placed before the Board.
(b) Management accountability
The Group and the Company have an organisational structure showing all reporting lines as well as clearly documented job descriptions for all
management and executive employees.
Authority limits, as approved by the Board, are clearly established and made available to all employees.
(c) Corporate independence
The Group and the Company have complied with BNM’s Guidelines on Related Party Transactions for Takaful Operators (BNM/RH/GL 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 42 to the financial statements.
074
Directors’ Report
Statement on corporate governance and internal controls (continued)
(d) Internal controls and operational risk management
The Board has overall oversight responsibility to ensure the Group and the Company maintain an adequate system of internal controls, effective
and efficient operations, and risk management, as well as procedures to ensure compliance with laws, regulations, internal guidelines and
requirements to safeguard the assets of the Group and the Company and stakeholders’ interests.
The Group and the Company established the Operational Risk Management Framework to ensure an ongoing process of identifying, evaluating,
monitoring and managing the significant risk exposures surrounding its business operations.
All new Takaful products are governed by the Group’s and the Company’s Product Development Framework.
Whistle Blowing Policy & Fraud and Integrity Policy, Shariah Governance Framework and Assets and Liabilities Management Framework are also
in place to provide basic structure and further strengthen the existing control mechanism underlying the business activities.
Business Continuity Management is consistently practiced and tested annually to safeguard the lives of the employees and others in the office
premises and ensure the business is up and running at all times.
The Board, Group Managing Director and Management Committee are consciously committed to the risk culture and ensure Board Risk
Committee and Management Risk Committee perform as required.
(e) Public accountability
As custodian of public funds, the Group’s and the Company’s dealings with the public are always conducted fairly, honestly and professionally.
(f) Financial reporting
The Group and the Company have maintained proper accounting records and the Group’s and the Company’s financial statements are prepared
in accordance with Malaysian Financial Reporting Standards (MFRS) issued by the Malaysian Accounting Standards Board (MASB), International
Financial Reporting Standards (IFRS), the requirements of the Companies Act, 1965, the Takaful Act, 1984 (repealed on 30 June 2013), Islamic
Financial Services Act 2013 (effective on 30 June 2013) and Takaful Guidelines / Circulars issued by BNM and Principles of Shariah.
Other statutory information
Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that:
i) all known impaired debts have been written off and adequate impairment allowance made for impaired debts,
ii) any current assets which were unlikely to be realised in the ordinary course of business have been written down to an amount which they might
be expected so to realise, and
iii) there was adequate provision for incurred claims, including Incurred But Not Reported (IBNR) claims.
075
Directors’ Report
Statement on corporate governance and internal controls (continued)
Other statutory information (continued)
At the date of this report, the Directors are not aware of any circumstances:
i) that would render the amount written off for impaired debts or the amount of the allowance for impaired debts and provision for incurred claims
including IBNR claims in the Group and in the Company inadequate to any substantial extent, or
ii) that would render the value attributed to the current assets in the financial statements of the Group and of the Company misleading, or iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading
or inappropriate, or
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)
ii)
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
any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable within the period of
twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the Group and of
the Company to meet their obligations as and when they fall due.
For the purpose of this paragraph, contingent and other liabilities do not include liabilities arising from contracts of takaful underwritten in the
ordinary course of business of the Group and of the Company.
In the opinion of the Directors, the financial performance of the Group and of the Company for the financial year ended 31 December 2013 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:
Kuala Lumpur
Date: 14 March 2014
076
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 83 to 260 are drawn up in accordance with Malaysian Financial Reporting
Standards, International Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia and comply with the Principles
of Shariah so as to give a true and fair view of the financial position of the Group and of the Company as of 31 December 2013 and of their financial
performance and cash flows for the financial year then ended.
In the opinion of the Directors, the information set out in Note 44 on page 261 to the financial statements has been compiled in accordance with the
Guidance on Special Matter No.1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosures Pursuant to Bursa Malaysia
Securities Berhad Listing Requirements, issued by the Malaysian Institute of Accountants, and presented based on the format prescribed by Bursa
Malaysia Securities Berhad.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
Kuala Lumpur
Date: 14 March 2014
077
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 83 to 261 are, to the best of my knowledge and belief, correct and I make this solemn declaration
conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the above named in Kuala Lumpur in the Federal Territory on 14 March 2014.
Lee Hin Sze
Before me:
078
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
2013 of the Group and of the Company, and the statements of profit or loss and other comprehensive income, changes in equity and cash flows of
the Group and of the Company for the year then ended, and a summary of significant accounting policies and other explanatory information, as set
out on pages 83 to 260.
Directors’ Responsibility for the Financial Statements
The Directors of the Company are responsible for the preparation of these financial statements so as to give a true and fair view in accordance with
Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia.
The Directors are also responsible for such internal controls as the Directors determine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved
standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on our judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation of financial statements that give a true
and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the Group and of the Company as of 31 December 2013
and of their financial performance and cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards, International
Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia.
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:
a)
In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company have been properly kept in
accordance with the provisions of the Act.
b) We have considered the accounts and the auditors’ reports of all the subsidiaries of which we have not acted as auditors, which are indicated in
Note 5 to the financial statements.
079
to the members of Syarikat Takaful Malaysia Berhad
(Company No. 131646-K)
(Incorporated in Malaysia)
Report on Other Legal and Regulatory Requirements (continued)
c)
We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’s financial statements are in form and
content appropriate and proper for the purposes of the preparation of the financial statements of the Group and we have received satisfactory
information and explanations required by us for those purposes.
d)
The audit reports on the accounts of the subsidiaries did not contain any qualification or any adverse comment made under Section 174(3) of the
Act.
Other Reporting Responsibilities
Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The information set out in Note 44 on page
261 to the financial statements has been compiled by the Company as required by the Bursa Malaysia Securities Berhad Listing Requirements and is
not required by the Malaysian Financial Reporting Standards or International Financial Reporting Standards. We have extended our audit procedures
to report on the process of compilation of such information. In our opinion, the information has been properly compiled, in all material respects,
in accordance with the Guidance on Special Matter No.1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosures
Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the Malaysian Institute of Accountants, and presented based on the
format prescribed by Bursa Malaysia Securities Berhad. Other Matters
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965 in Malaysia and for
no other purpose. We do not assume responsibility to any other person for the content of this report.
KPMG Desa Megat & Co
Firm Number: AF 0759
Chartered Accountants
Petaling Jaya, Selangor
Date: 14 March 2014
080
Mok Wan Kong
Approval Number: 2877/12/14 (J)
Chartered Accountant
In carrying out the roles and responsibilities of the Shariah Advisory Body of Syarikat Takaful Malaysia Berhad (Takaful Malaysia), we hereby submit
our report for the financial year ended 31 December 2013:
The Management of Takaful Malaysia is responsible in ensuring that Takaful Malaysia conducts its business, operations and activities in accordance
with the Shariah. It is our responsibility to form an independent opinion, based on our reviews of the operations of Takaful Malaysia.
We held six (6) meetings during the financial year ended 31 December 2013 in which we reviewed the principles and the contracts relating to the
products and transactions introduced by Takaful Malaysia.
We also conducted our reviews as to whether the business, operations and activities of Takaful Malaysia are in compliance with the Shariah and the
Shariah rulings as issued by the Shariah Advisory Council of Bank Negara Malaysia, as well as Shariah decisions made by us.
We assessed all matters presented by examining them on a test case basis, evaluating each type of transaction, its relevant documentation and
procedures as adopted by Takaful Malaysia. Our assessments were planned in a way to ensure all the information and explanations considered
necessary for Shariah compliance were obtained so that there were no violation.
In addition, we hereby report the following:
1.
Throughout the financial year, we discussed and approved two (2) new products, two (2) new riders as well as deliberations on other issues in
relation to Takaful products;
2.
We also approved the Mudharabah (profit) and surplus distribution rate declarations for Family and General Takaful products;
3.
Furthermore, we also approved several Shariah guidelines to be implemented by Takaful Malaysia to comply with the Islamic Financial Services
Act (IFSA) 2013; and
4. We noted that Bank Negara Malaysia have issued a Circular on Shariah Non-Compliance Reporting to be adhered by all Islamic financial
institutions. Pursuant to this, reports were sent to Bank Negara Malaysia on a monthly basis since May 2013 which served as a declaration or
official attestation on the status of Shariah compliance of Takaful Malaysia.
081
In our opinion:
1.
The contracts, transactions and dealings entered into by Takaful Malaysia during the financial year ended 31 December 2013 were in compliance
with the Shariah;
2.
All investments were Shariah compliant;
3.
The allocation of profits and losses charged in relation to investment accounts conformed to the Shariah;
4.
Any Shariah non-compliance events occurred during the financial year were rectified accordingly and all earnings 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 2013 were conducted in conformity with the Shariah.
We bear witness only to what we know, and we could not well guard against the unseen! (surah Yusuf, verse: 81)
Chairman of the SAB : ………………………………
Dr. Ahmad Shahbari @ Sobri Salamon
Member of the SAB : ………………………………
Dato’ Mohd Bakir Hj. Mansor
Kuala Lumpur,
Date: 14 March 2014
082
as at 31 December 2013
<-------------------------------------------------------- Group ------------------------------------------------------>
20132012
Takaful FamilyGeneral Takaful FamilyGeneral
OperatorTakafulTakaful Group
NoteRM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
ASSETS
Property and equipment
Investment properties
Investment in associate
Other investments
Retakaful assets
Deferred tax assets
Loans and receivables,
excluding takaful receivables
Takaful receivables
Qardh receivables
Cash and cash equivalents
Assets held for sale
3
4
6
7
8
9
24,308
-
16,604
216,003
-
-
484,169 3,642,815
-
183,463
41,724
-
-
240,935
23,740
39,720
-
-
605,251 4,694,140
452,470
635,933
-
41,724
10
160,537
521,902
89,576
717,476
11
-68,19748,959
117,156
12
-
-
-
-
13
89,171
265,736
75,712
430,619
14
1,730
2,260
2,850
6,840
29,752 -
18,194 212,813 -
-
394,213 3,485,015 -
82,527 34,382 -
- 241,064
25,774 45,470
-
601,339 4,439,587
354,776 437,303
-
34,382
133,381 -
-
102,972 1,340 116,276 25,541 -
61,108 540 441,121 68,472 -
288,172 1,360 624,333
94,013
452,252
3,240
TOTAL ASSETS
818,243 4,900,376 1,298,558 6,924,543
714,234 4,579,480 1,185,354 6,371,644
EQUITY AND LIABILITIES
Share capital
Reserves
15
15
162,817
408,028
-
(23,028)
-
(24,922)
162,817
409,257
162,817 336,513 -
(11,189)
-
(23,394)
162,817
336,431
Total equity attributable to owners of the Company
570,845
18,342
(23,028)
-
(24,922)
-
572,074
17,825
499,330 26,328 (11,189)
-
(23,394)
-
499,248
26,113
TOTAL EQUITY
589,187
(23,028)
(24,922)
589,899
525,658 (11,189)
(23,394)
525,361
LIABILITIES
17
Qardh payables
Takaful contract liabilities 18
Expense reserves
19
Takaful payables
20
21
Other payables
Current tax liabilities
-
23,028
25,634
-
-4,750,7301,181,0165,893,651
131,522
-
-
131,522
-
25,859
49,569
75,428
91,367
123,787
67,261
227,876
6,167
-
-
6,167
-
10,398 23,888 - 4,403,336 1,100,743 5,463,099
89,486 -
-
89,486
-
20,501 22,625 43,126
84,531 156,434 61,492 236,013
14,559 -
-
14,559
TOTAL LIABILITIES
229,056 4,923,404 1,323,480 6,334,644
188,576 4,590,669 1,208,748 5,846,283
TOTAL EQUITY AND LIABILITIES818,243 4,900,376 1,298,558 6,924,543
714,234 4,579,480 1,185,354 6,371,644
083
as at 31 December 2013
<----------------------------------------------------- Company ----------------------------------------------------->
20132012
OperatorTakafulTakaful
Company
Company
ASSETS
Investments in subsidiaries
Other investments
Retakaful assets
Deferred tax assets
Takaful receivables
Assets held for sale
3
4
5
6
7
8
9
13,955
-
15,520
207,525
58,712
-
-
-
468,467 3,451,164
-
175,861
40,279
-
10
11
13
14
134,751
-
45,773
1,730
495,498
62,835
204,687
2,260
-
222,172
23,740
38,568
-
58,712
-
-
600,343 4,481,879
434,990
610,851
-
40,279
75,538
40,511
62,779
2,850
667,840
103,346
313,239
6,840
18,036 -
17,250 204,824 63,729 -
-
-
384,209 3,278,123 -
75,736 30,623 -
- 221,405
25,774 44,479
-
63,729
-
596,164 4,217,516
335,199 410,935
-
30,623
111,789 -
49,017 1,340 105,444 17,605 42,515 540 425,074 62,893 211,248 1,360 587,945
80,498
302,780
3,240
TOTAL ASSETS
779,187 4,599,830 1,240,751 6,543,726
675,993 4,259,258 1,123,241 5,963,150
EQUITY AND LIABILITIES
Share capital
Reserves
162,817
416,444
-
-
-
-
162,817
416,444
162,817 341,287 -
-
-
-
162,817
341,287
Total equity attributable to owners of the Company
579,261
-
-
579,261
504,104 -
-
504,104
LIABILITIES
Takaful contract liabilities 18
Expense reserves
19
Takaful payables
20
21
Other payables
Current tax liabilities
- 4,458,849 1,127,203 5,547,957
127,279
-
-
127,279
-
22,725
48,449
71,174
66,866
118,256
65,099
212,274
5,781
-
-
5,781
- 4,098,783 1,042,433 5,100,236
84,973 -
-
84,973
-
15,318 20,505 35,823
72,680 145,157 60,303 223,778
14,236 -
-
14,236
TOTAL LIABILITIES
199,926 4,599,830 1,240,751 5,964,465
171,889 4,259,258 1,123,241 5,459,046
TOTAL EQUITY AND LIABILITIES
779,187 4,599,830 1,240,751 6,543,726
675,993 4,259,258 1,123,241 5,963,150
15
15
The notes on pages 94 to 261 are an integral part of these financial statements.
084
Statements of Profit or Loss and Other Comprehensive Income
<-------------------------------------------------------- Group ------------------------------------------------------>
20132012
Operating revenue
22
Takaful operator income
Gross earned contributions
23(i)
Contributions ceded
to retakaful
23(ii)
Net earned contributions
23(iii)
24,529 1,233,516
459,283 1,713,006
556,918
-
- 1,098,994
-
-
424,992 1,523,388
476,548 -
(51,952) (132,969) (184,921)
-
(46,869) (121,955) (168,824)
-
940,792 -
- 1,047,042
292,023 1,338,467
19,456 1,159,386 -
987,661 432,468 1,607,534
-
457,129 1,444,313
335,174 1,275,489
Administrative income
Investment income
24
25
Realised gains and (losses)
Fair value gains and (losses)
26
Other operating income
27
-
24,529
11,816
(195)
11,951
1,022
181,023
117,092
9,025
1,133
29,932
30,877
15,844
596
1,798
30,954
232,705
144,597
9,676
5,483
-
19,456 9,699 845 10,852 187 186,381 98,082 10,634 6,587 23,158 31,031 13,508 (306)
5,675 23,345
233,569
121,289
8,591
16,543
Other income
48,101
309,295
79,047
423,415
40,852 301,871 73,066 403,337
(607,451) (176,055) (769,419)
47,009
32,834
79,843
-
-
Gross benefits and claims paid
Claims ceded to retakaful
Gross change to contract
liabilities
Change to contract liabilities
ceded to retakaful
Net benefits and claims
28
28
-
-
28
-
(46,995)
(83,693) (130,688)
-
(46,333)
(55,655) (101,988)
28
-
16,687
92,416
109,103
-
10,758 30,169 28
-
(590,750) (134,498) (711,161)
-
(490,187) (172,553) (659,087)
Wakalah fee expense
Commission expense /
Administrative fees
19
Expense reserves
Management expenses
29
Other operating expenses
31
-
(246,744) (146,055)
-
(186,041)
(201) (130,324) (103,297)
-
(42,770) (70,110)
- (234,131) (208,039)
(2,985) (18,229)
(8,838)
(9,642)
-
-
(12,722)
(130,270)
(42,770)
(236,312)
(17,940)
(112)
-
-
(8,796)
-
(484,087) (173,590) (654,024)
29,475 26,523 55,998
40,927
(94,226)
-
(9,532) (122,247)
-
(70,110)
- (205,721)
(5,319) (23,689)
Other expenses
(427,292) (255,652) (149,241) (425,454) (390,284) (208,405) (109,077) (421,767)
Total profit for the year
Profit attributable to the
Takaful Operator / participants
177,727
509,935
87,331
625,267
127,116 544,071 126,610 597,972
-
(520,574)
(87,155) (445,963)
-
Profit / (Loss) before zakat and
taxation
Zakat
Tax expense
32
177,727
(1,517)
(43,261)
(10,639)
-
-
176
-
-
179,304
(1,517)
(43,407)
127,116 (1,000)
(24,526)
(647)
-
-
(4,621)
-
-
125,458
(1,000)
(24,314)
Profit for the year
132,949
(10,639)
176
134,380
101,590 (647)
(4,621)
100,144
(544,718) (131,231) (472,514)
085
<-------------------------------------------------------- Group ------------------------------------------------------>
20132012
Profit for the year
132,949
(10,639)
176
134,380
101,590 (647)
(4,621)
100,144
Other comprehensive
income /(expense),
net of tax
Items that will not be
reclassified subsequently
to profit or loss
Revaluation of property
and equipment
2,379
-
-
6,207
6,424 -
-
13,510
Other comprehensive income
attributable to participants ---
(4,265)---
(6,222)
2,379--
1,942
6,424--
7,288
Items that may be reclassified
subsequently to profit or loss
Fair value change of
available-for-sale financial
assets
Foreign currency translation
differences for foreign
operations
Other comprehensive income attributable to participants
1,882
(99,503)
(6,909)
1,882
2,905 (13,384)
1,084 2,905
(7,314)
(1,000)
(2,861)
(7,299)
(6,321)
17 1,476 (6,036)
-
99,303
8,066
-
-
13,641
(2,259)
-
(5,432)(1,200)(1,704)(5,417)(3,416)
Total other comprehensive
income / (expense)
for the year
(3,053)
(1,200)
(1,704)
(3,475)
Total comprehensive income
for the year
129,896
(11,839)
(1,528)
Profit / (Loss) for the year attributable to:
137,265
(4,316)
(10,639)
-
132,949
Total comprehensive
income / (expense)
for the year attributable to:
33
274
301 (3,131)
3,008 274 301 4,157
130,905
104,598 (373)
(4,320)
104,301
176
-
138,999
(4,619)
102,476 (886)
(647)
-
(4,621)
-
101,245
(1,101)
(10,639)
176
134,380
101,590 (647)
(4,621)
100,144
137,882
(7,986)
(11,839)
-
(1,528)
-
139,193
(8,288)
105,739 (1,141)
(373)
-
(4,320)
-
105,657
(1,356)
129,896
(11,839)
(1,528)
130,905
104,598 (373)
(4,320)
104,301
Basic earnings per ordinary
share (sen)34
Diluted earnings per ordinary
share (sen)
34
086
85.37
84.83
62.18
62.2
<----------------------------------------------------- Company ----------------------------------------------------->
20132012
Company
Company
Operating revenue22
21,6691,103,000 416,4591,537,381
17,000 1,013,929 379,711 1,407,489
Takaful operator income
500,584---
23(i)
-978,839385,875
1,364,116
Contributions ceded
to retakaful
23(ii)
- (41,004)(126,471)(167,475)
415,046 -
-
(33,244) (112,989) (146,233)
1,196,641
Net earned contributions23(iii) -937,835259,404
-
829,478 - 1,02229,32530,347
21,669170,831 29,824219,175
11,029108,016 15,641134,531
-11,808 59614,530
6,9821,0961,2672,590
-
17,000 9,047 840 7,141 187 165,218 92,909 10,256 5,514 22,401 30,164 13,358 (306)
4,953 22,588
209,708
115,314
8,796
11,037
Other income
39,680292,773 76,653401,173
34,028 274,084 70,570 367,443
Administrative income
24
Investment income
25
26
27
Gross benefits and claims paid
Claims ceded to retakaful
Gross change to contract
liabilities
Change to contract liabilities
ceded to retakaful
-
862,722 -
397,259 1,259,504
284,270 1,113,271
28
28
- (540,752)(157,328)(686,637)
-36,84129,29666,137
-
-
28
- (35,702) (87,902)(123,604)
-
(46,980)
(68,108) (115,088)
28
-16,04691,991
108,037
-
10,530 37,678 Net benefits and claims28
- (523,567)(123,943)(636,067)
-
(433,078) (160,277) (589,702)
Wakalah fee expense
Commission expense /
Administrative fees
Expense reserves
19
Management expenses
29
31
-
(155,362)
(103,197)(112)(168)
(103,218) (74,865)
(42,306)
-
-(42,306) (69,215)
(201,787)
-
-(199,389) (171,234)
(11,275)(7,899)(2,898)
(22,032)
(5,091)
(9,642)
-
-
(11,596)
(9,330) (93,613)
-
(69,215)
- (168,813)
(3,732) (20,599)
Other expenses
(358,565)(224,806)(130,090)(366,945) (320,405) (176,600)
(83,563) (352,240)
Total profit for the year
181,699482,235 82,024594,802
Profit attributable to the Takaful
Operator / participants
- (482,235) (82,024)(412,520)
111,000 - (216,795)(127,024)
-
128,669 -
(415,977) (153,229) (565,553)
19,349 23,382 42,731
493,884 48,208
(70,501)
-
538,772
(493,884) (111,000) (410,952)
Profit before zakat and
taxation
181,699--
182,282
Zakat
(1,268)
-
-(1,268)
Tax expense
32
(41,550)
-
-(41,696)
128,669 (789)
(24,586)
-
-
-
-
-
-
127,820
(789)
(24,374)
Profit for the year
138,881--
139,318
103,294 -
-
102,657
087
<----------------------------------------------------- Company ----------------------------------------------------->
20132012
Company
Company
Profit for the year
138,881
-
-
139,318
103,294 -
-
102,657
Other comprehensive income /
(expense), net of tax
to profit or loss
Revaluation of property and
equipment
126
-
-
1,285
56 -
-
5,654
attributable to participants ---
(1,596)---
(4,961)
126--
(311)
56--
693
Items that may be reclassified
subsequently to profit or loss
Fair value change of
available-for-sale
financial assets
attributable to participants
2,517
(89,750)
(6,673)
2,517
2,815 (12,938)
1,021 2,815
-
89,750
6,673
-
-
12,938 (1,021)
-
2,517--
2,517
2,815--
2,815
Total other comprehensive
income / (expense)
for the year
33
2,643
-
-
2,206
2,871 -
-
3,508
for the year
141,524
-
-
141,524
106,165 -
-
106,165
Profit for the year
attributable to:
138,881
-
-
139,318
103,294 -
-
102,657
for the year attributable to:
141,524
-
-
141,524
106,165 -
-
106,165
088
Statements of Changes in Equity
<------------------------------------------- Attributable to owners of the Company ----------------------------------->
<------------------------------------------ Non - distributable--------------------------------> Distributable
Non
Group
Share
ShareTranslation
RevaluationFair value
capital premium
reserve
LTIP Retained
controlling
reserve reserve reserve earnings
Total
Totalinterests equity
NoteRM’000RM’000RM’000RM’000
RM’000
RM’000RM’000
RM’000
RM’000
RM’000
At 1 January 2012
162,817 4,098 (5,894)
554 4,961 -
284,041 450,577 27,469 478,046
33
-
-
-
4,486 -
-
-
4,486 2,802 7,288
33
-
-
-
-
2,866 -
-
2,866 39 2,905
33
-
-
(2,940)
-
-
-
-
(2,940)
(3,096)
(6,036)
-
4,412 (255)
4,157
and equipment
Fair value of available-for-sale
financial assets
differences for foreign
operations
Other comprehensive
(expense) / income
for the year
33
Profit / (Loss) for the year
-
-
(2,940)
4,486 2,866 -
-
-
-
-
-
-
101,245 101,245 (1,101) 100,144
-
-
(2,940)
4,486 2,866 -
101,245 105,657 (1,356) 104,301
-
-
-
-
-
-
(56,986) (56,986)
Total comprehensive
(expense) / income
for the year
Contributions by
and distributions to
owners of the Company
- Dividends to owners
of the Company
35
-
(56,986)
-
(56,986)
Total transactions
with owners
of the Company
-
-
-
-
-
At 31 December 2012
162,817 4,098 (8,834)
5,040 7,827 Note 15
Note 15
Note 15
Note 15
Note 15
-
(56,986) (56,986)
- 328,300 499,248 26,113 525,361
Note 15
089
<------------------------------------------- Attributable to owners of the Company ----------------------------------->
<------------------------------------------ Non - distributable--------------------------------> Distributable
Non
Group
Share
ShareTranslation
RevaluationFair value
capital premium
reserve
LTIP Retained
controlling
reserve reserve reserve earnings
Total
Totalinterests equity
RM’000
RM’000RM’000
RM’000
RM’000
RM’000
At 1 January 2013
162,817 4,098 (8,834)
5,040 7,827 -
328,330 499,248 26,113 525,361
and equipment33 ---
376
-
-
575
951
991
1,942
Fair value of available
for-sale financial assets
33 ----
2,073
--
2,073
(191)
1,882
Foreign currency
translation differences
for foreign operations
33
-
-
(2,830)
-
-
-
-
(2,830)
575
194
(4,469)
(7,299)
(3,669)
(3,475)
Other comprehensive
(expense) / income for the year
33
-
-
(2,830)
376
2,073
-
-
-
-
-
-
-
138,999 138,999
(4,619) 134,380
-
-
(2,830)
376
2,073
-
139,574139,193
(8,288)130,905
16
-
-
-
-
-
2,016
- 2,016
35
-
-
-
-
-
-
(68,383)(68,383)
Profit / (Loss) for the year
Total comprehensive
(expense) / income
for the year
Contributions by and
distributions to
owners of the Company
- Share-based payment
transactions
-
2,016
- Dividends to owners of the Company
- (68,383)
Total transactions
with owners -
2,016
(68,383)
(66,367)
-
(66,367)
of the Company ----
At 31 December 2013
162,817
Note 15
4,098
Note 15
(11,664)
Note 15
090
5,416
Note 15
9,900
Note 15
2,016
Note 15
399,491572,074
17,825 589,899
<-------------------------------------- Attributable to owners of the Company ----------------------------------->
<----------------------------------- Non - distributable -------------------------------->Distributable
ShareShare
Revaluation
Fair value LTIP
Retained Total
capital
premiumreservereservereserve
earnings equity
Company
NoteRM’000RM’000RM’000RM’000RM’000RM’000RM’000
At 1 January 2012
162,817 4,098 554 4,889 -
282,567 Revaluation of property and equipment
33
-
-
693 -
-
-
454,925
693
Fair value of available-for-sale financial assets
33
-
-
-
2,815 -
-
2,815
Other comprehensive income for the year
33
-
-
693 2,815 -
-
3,508
Profit for the year
-
-
-
-
-
102,657 102,657
Total comprehensive income for the year
-
-
693 2,815 -
102,657 106,165
Contributions by and distributions to owners
of the Company
-
-
-
-
-
(56,986)
(56,986)
Total transactions with owners of the Company
35
-
-
-
-
-
(56,986)
(56,986)
At 31 December 2012 / 1 January 2013
162,817 4,098 1,247 7,704 -
328,238 504,104
Revaluation of property and equipment
33
-
-
(311)
-
-
-
(311)
Fair value of available-for-sale financial assets
33
-
-
-
2,517
-
-
2,517
Other comprehensive income for the year
33
-
-
(311)
2,517
-
-
2,206
Profit for the year
-----
139,318
139,318
Total comprehensive income for the year
-
-
(311) 2,517
-139,318141,524
Contributions by and distributions to owners
of the Company
-
Share-based payment transactions
16 ----
2,016-
2,016
35
-
Total transactions with owners of the Company
-
-
-
-
(68,383)
(68,383)
----
2,016
(68,383)
(66,367)
At 31 December 2013
162,817 4,098
Note 15
Note 15
936 10,221 2,016399,173579,261
Note 15
Note 15
Note 15
Note 15
091
Cash flows from operating activities
Profit before zakat and taxation
Adjustments for:
Depreciation
Equity settled share-based payment
Fair value change of investment properties
Fair value change of fair value through profit or loss
financial assets
Profit from financing receivables
Profit from Islamic debt securities, investment accounts and Islamic accepted bills Dividend income from Shariah approved shares
Gains on disposal of available-for-sale financial assets
Gains on disposal of property and equipment
Losses on disposal of assets held for sale
Write off of property and equipment Amortisation of premiums, net of accretion of discounts
Impairment loss of financial assets
Impairment loss of investment properties
Impairment loss of investment in a subsidiary
Impairment loss of property and equipment
Profit from Malaysian Government Islamic papers
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
179,304
125,458
182,282
127,820
13,57415,16111,24113,059
2,016
-
2,016
(6,101)
(2,257)
(5,754)
(2,315)
(3,575)(6,334)(8,776)(6,481)
(3,630)
(651)
(3,630)
(651)
(179,160)
(30,001)
(171,578)
(34,522)
(165,697)
(29,724)
(147,563)
(34,522)
(144,886)(121,202)(135,064)(115,260)
(391)
(159)
(147)
(126)
680
72
680
72
51
46
37
46
8,9387,0478,6926,864
2,247
8,304
1,508
8,304
6
26
-
26
-
-
5,017
-
848 -
479
(27,180)
(29,350)
(27,180)
(29,350)
Operating loss before changes in working capital
(188,108)
(209,091)
(164,499)
(179,598)
Profit from Islamic debt securities, investment accounts, Islamic accepted bills and profit from Malaysian Government Islamic papers
Dividend income from Shariah approved shares
Increase in retakaful assets
(Increase) / Decrease in receivables
Increase in Takaful contract liabilities
Increase in payables 206,340
16,085
(202,981)
(118,103)
590,575
86,136
200,928
34,522
(25,035)
282,365
431,557
65,378
192,877
15,808
(199,916)
(99,113)
546,284
82,215
176,913
34,522
(31,033)
250,249
388,028
72,544
Zakat paid
Income taxes paid
389,944
780,624
373,656
711,625
(1,225)(446)
(1,048)(224)
(60,500)(41,119)(60,500)(41,176)
Net cash generated from operating activities
328,219739,059312,108670,225
092
Cash flows from operating activities
Purchase of investments
Proceeds from sale of investments
Maturity of other investments
Purchase of property and equipment
Proceeds from sale of property and equipment
Proceeds from sale of assets held for sale
Net cash used in investing activities
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
(3,211,437)(2,594,661)(3,079,041)(2,443,851)
2,756,813
1,927,213
2,662,651
1,834,267
207,160
52,151
202,634
40,000
(7,522)
(7,474)
(6,589)
(6,887)
1,673
202
251
135
3,110
596
3,110
596
(250,203)(621,973)(216,984)(575,740)
Cash flows from financing activity
Dividends paid to owners of the Company
(84,665)
Net cash used in financing activity
(84,665)(40,704)(84,665)(40,704)
Net (decrease) / increase in cash and cash equivalents
Effect of exchange rate fluctuations on cash held
Cash and cash equivalents at 1 January
(6,649)76,38210,45953,781
(14,984)
(10,657)
-
452,252 386,527 302,780 248,999
Cash and cash equivalents at 31 December
430,619452,252313,239302,780
(40,704)
(84,665)
(40,704)
Cash and cash equivalents included in the statements of cash flows comprise the following statements of financial position amounts:
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Cash and bank balances and fixed and call deposits with licensed
financial institution with maturity less than three months
- Takaful Operator (Note 13)
- Family Takaful Fund (Note 13)
- General Takaful Fund (Note 13)
89,171
265,736
75,712
102,972
288,172
61,108
45,773
204,687
62,779
49,017
211,248
42,515
430,619
452,252
313,239
302,780
093
Syarikat Takaful Malaysia Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa
Malaysia Securities Berhad. The address of the principal place of business and registered office of the Company is as follows:
26th Floor, Annexe Block
50000 Kuala Lumpur
The consolidated financial statements of the Company as at and for the financial year ended 31 December 2013 comprise the Company and its
subsidiaries (together referred to as the “Group”) and the Group’s interest in associates. The financial statements of the Company as at and for the
financial year ended 31 December 2013 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 during the financial year is BIMB Holdings Berhad, a company incorporated in Malaysia and listed on the Main
Market of Bursa Malaysia Securities Berhad. The ultimate holding corporation of the Company during the financial year is Lembaga Tabung Haji, a
statutory body established under the Tabung Haji Act 1995 (Act 535).
The financial statements were authorised for issue by the Board of Directors on 14 March 2014.
1. Basis of preparation (a) Statement of compliance The financial statements of the Group and the Company have been prepared in accordance with Malaysian Financial Reporting Standards
(MFRSs), International Financial Reporting Standards, the Companies Act, 1965, the Takaful Act, 1984 (repealed on 30 June 2013), Islamic
Financial Services Act 2013 (effective on 30 June 2013), Takaful Guidelines / Circulars issued by Bank Negara Malaysia (BNM) and Principles
of Shariah.
A Takaful Operator is required to present consolidated financial statements for itself and the Takaful funds it manages and controls in
accordance with the requirements of MFRS 127, Consolidated and Separate Financial Statements. The statements of financial position and
the statements of profit or loss and other comprehensive income of the Takaful Operator, Family Takaful Fund and General Takaful Fund are
supplementary financial information presented in accordance with the requirements of BNM, Takaful Act, 1984 (repealed on 30 June 2013)
and Islamic Financial Services Act 2013 (effective on 30 June 2013) in Malaysia to segregate assets, liabilities, income and expenses of Takaful
funds from its own. The statements of financial position and profit or loss and other comprehensive income of the Takaful Operator include
only assets, liabilities, income and expenses of the Takaful Operator, excluding the Takaful funds managed by it. The statements of financial
position and profit or loss and other comprehensive income of the Family and General Takaful Fund include only the assets, liabilities,
income and expenses of the family solidarity fund and General Takaful Fund that is set up, managed and controlled by the Takaful Operator.
094
1.
Basis of preparation (continued)
(a) Statement of compliance (continued)
The following are accounting standards, amendments and interpretations that have been issued by the Malaysian Accounting Standards
Board (MASB) but have not been adopted by the Group and the Company:
MFRSs, Interpretations and Amendments effective for annual periods beginning on or after 1 January 2014
•
Amendments to MFRS 10, Consolidated Financial Statements: Investment Entities
•
Amendments to MFRS 12, Disclosure of Interests in Other Entities: Investment Entities
•
Amendments to MFRS 127, Separate Financial Statements (2011): Investment Entities
•
Amendments to MFRS 132, Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities
•
Amendments to MFRS 136, Impairment of Assets - Recoverable Amount Disclosures for Non-Financial Assets
• Amendments to MFRS 139, Financial Instruments: Recognition and Measurement - Novation of Derivatives and Continuation of Hedge
Accounting
IC Interpretation 21, Levies
•
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 July 2014
•
Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards
(Annual Improvements 2011-2013 Cycle)
Amendments to MFRS 2, Share-based Payment (Annual Improvements 2010-2012 Cycle)
•
Amendments to MFRS 3, Business Combinations (Annual Improvements 2010-2012 Cycle and 2011-2013 Cycle)
•
•
Amendments to MFRS 8, Operating Segments (Annual Improvements 2010-2012 Cycle)
Amendments to MFRS 13, Fair Value Measurement (Annual Improvements 2010-2012 Cycle and 2011-2013 Cycle)
•
•
Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2010-2012 Cycle)
•
Amendments to MFRS 119, Employee Benefits – Defined Benefit Plans: Employee Contributions
•
Amendments to MFRS 124, Related Party Disclosures (Annual Improvements 2010-2012 Cycle)
•
Amendments to MFRS 138, Intangible Assets (Annual Improvements 2010-2012 Cycle)
•
Amendments to MFRS 140, Investment Property (Annual Improvements 2011-2013 Cycle)
MFRSs, Interpretations and Amendments effective for a date yet to be confirmed
•
MFRS 9, Financial Instruments (2009)
•
MFRS 9, Financial Instruments (2010)
•
MFRS 9, Financial Instruments – Hedge Accounting and Amendments to MFRS 9, MFRS 7 and MFRS 139
•
Amendments to MFRS 7, Financial Instruments: Disclosure - Mandatory Effective Date of MFRS 9 and Transition Disclosures
The Group and the Company plan to apply the abovementioned standards, amendments and interpretations:
•
•
from the annual period beginning on 1 January 2014 for those accounting standards, amendments or interpretations that are effective
for annual periods beginning on or after 1 January 2014.
from the annual period beginning on 1 January 2015 for those accounting standards, amendments or interpretations that are effective
for annual periods beginning on or after 1 July 2014.
The initial application of the abovementioned amendments and interpretation are not expected to have any material impacts to the
financial statements of the Group and the Company except as mentioned below:
MFRS 9, Financial Instruments
MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement on the classification and measurement of
financial assets and financial liabilities, and on hedge accounting.
The Group is currently assessing the financial impact that may arise from the adoption of MFRS 9.
095
1.
Basis of preparation (continued)
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis other than as disclosed in Note 2.
(c) Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency. All financial information is
presented in RM and has been rounded to the nearest thousand, unless otherwise stated.
(d) Use of estimates and judgements
The preparation of financial statements in conformity with MFRS which requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, income and expenses. Actual
results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimates are revised and in any future periods affected.
There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant effect
on the amounts recognised in the financial statements other than those disclosed in the following notes:
•
•
•
•
Note 2(f) and Note 4 – Investment properties
Note 2(c) and Note 39 – Financial instruments
Note 2(n), (o) and Note 19 - Computation of expense reserves
Note 2(m), (n), Note 8 and Note 18 – 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 the periods presented in these financial statements, and have been
applied consistently by Group entities, unless otherwise stated.
(a) Basis of consolidation
(i)Subsidiaries
Subsidiaries are entities, including unincorporated entities, controlled by the Company. The financial statements of subsidiaries are
included in the consolidated financial statements from the date that control commences until the date that control ceases.
The Group adopted MFRS 10, Consolidated Financial Statements in the current financial year. This resulted in changes to the following
policies:
•
•
096
Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability
to affect those returns through its power over the entity. In the previous financial years, 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.
Potential voting rights are considered when assessing control only when such rights are substantive. In the previous financial
years, potential voting rights are considered when assessing control when such rights are presently exercisable.
2.
Summary of significant accounting policies (continued)
(a) Basis of consolidation (continued)
(i) Subsidiaries (continued)
•
The Group considers it has de facto power over an investee when, despite not having the majority of voting rights, it has the
current ability to direct the activities of the investee that significantly affect the investee’s return. In the previous financial years,
the Group did not consider de facto power in its assessment of control.
The change in accounting policy has been made retrospectively and in accordance with the transitional provision of MFRS 10. The
adoption of MFRS 10 has no significant impact to the financial statements of the Group.
Investments in subsidiaries are measured in the Company’s statement of financial position at cost less any impairment losses, unless
the investment is classified as held for sale or distribution. The cost of investments includes transaction costs.
(ii) Business combinations
Business combinations are accounted for using the acquisition method from the acquisition date, which is the date on which control
is transferred to the Group.
The Group measures the cost of goodwill at the acquisition date as:
•
•
•
•
the fair value of the consideration transferred; plus
the recognised amount of any non-controlling interests in the acquiree; plus
if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less
the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
For each business combination, the Group elects whether it measures the non-controlling interests in the acquiree either at fair value
or at the proportionate share of the acquiree’s identifiable net asset at the acquisition date.
Transaction costs, other than those associated with the issue of Islamic debt or equity securities, that the Group incurs in connection
with a business combination are expensed as incurred.
(iii) Acquisition of non-controlling interests
The Group treats all changes in its ownership interest in a subsidiary that do not result in a loss of control as equity transactions
between the Group and its non-controlling interest holders. Any difference between the Group’s share of net assets before and after
the change, and any consideration received or paid, is adjusted to or against Group reserves.
(iv) Loss of control
Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the former subsidiary,
any non-controlling interests and the other components of equity related to the former subsidiary. Any surplus
or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the former
subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for
as an equity accounted investee or as an available-for-sale financial asset depending on the level of influence retained.
097
2.
(v)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 the investment includes transaction costs. The consolidated
financial statements include the Group’s share of the profit or loss and other comprehensive income of the 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 associate.
When the Group ceases to have significant influence over an associate, any retained interest in the former associate at the date when
significant influence is lost is measured at fair value and this amount is regarded as the initial carrying amount of a financial asset. The
difference between the fair value of any retained interest plus proceeds from the interest disposed of and the carrying amount of the
investment at the date when equity method is discontinued is recognised in profit or loss.
When the Group’s interest in an associate decreases but does not result in a loss of significant influence, any retained interest is not remeasured. Any gain or loss arising from the decrease in interest is recognised in profit or loss. Any gains or losses previously recognised
in other comprehensive income are also reclassified proportionately to profit or loss if that gain or loss would be required to be
reclasified to profit or loss on the disposal of the related assets or liabilities.
Investments in associates are measured in the Company’s statement of financial position at cost less any impairment losses, unless the
investment is classified as held for sale or distribution. The cost of investments includes transaction costs.
(vi) Non-controlling interests
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. Non-controlling interests in the results of the
Group is presented in the consolidated statement of profit or loss and other comprehensive income as an allocation of the profit or
loss and the comprehensive income for the year between non-controlling interests and the owners of the Company.
Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes
the non-controlling interests to have a deficit balance.
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2.
(vii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated
in preparing the consolidated financial statements.
Unrealised gains arising from transactions with associates are eliminated against the investment to the extent of the Group’s interest
in the associates. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence
of impairment.
(b) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates at the
dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at
the exchange rate at that date.
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the reporting date, except for those
that are measured at fair value that are retranslated to the functional currency at the exchange rate at the date that the fair value was
determined.
Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation
of available-for-sale equity instruments, which are recognised in other comprehensive income.
(ii) Operations denominated in functional currencies other than Ringgit Malaysia
The assets and liabilities of operations denominated in functional currencies other than RM and fair value adjustments arising on
acquisition, are translated to RM at exchange rates at the end of the reporting period. The income and expenses of foreign operations
are translated to RM at exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and accumulated in the foreign currency translation
reserve (FCTR) in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the
translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of such that control, significant
influence or joint control is lost, the cumulative amount in the FCTR related to that foreign operation is reclassified to profit or loss as
part of the profit or loss on disposal.
When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation, the relevant proportion of
the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in
an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant
proportion of the cumulative amount is reclassified to profit or loss.
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2.
(c) Financial instruments
(i) Initial recognition and measurement
A financial asset or a financial liability is recognised in the statement of financial position when, and only when, the Group or the
Company becomes a party to the contractual provisions of the instrument.
A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through profit or
loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument.
An embedded derivative is recognised separately from the host contract and accounted for as a derivative if, and only if, it is not closely
related to the economic characteristics and risks of the host contract and the host contract is not categorised as fair value through
profit or loss. The host contract, in the event an embedded derivative is recognised separately, is accounted for in accordance with
policy applicable to the nature of the host contract.
(ii) Financial instrument categories and subsequent measurement
The Group and the Company categorise financial instruments as follows:
Financial assets
(a) Financial assets at fair value through profit or loss
Fair value through profit or loss category comprises financial assets that are held for trading, including derivatives (except for
a derivative that is a financial guarantee contract or a designated and effective hedging instrument) or financial assets that are
specifically designated into this category upon initial recognition.
Derivatives that are linked to and must be settled by delivery of unquoted equity instruments whose fair values cannot be reliably
measured are measured at cost.
Other financial assets categorised as fair value through profit or loss are subsequently measured at their fair values with the gain
or loss recognised in profit or loss.
(b) Held-to-maturity investments
Held-to-maturity investments category comprises Islamic debt instruments that are quoted in an active market and the Group or
the Company has the positive intention and ability to hold them to maturity.
Financial assets categorised as held-to-maturity investments are subsequently measured at amortised cost using the effective
interest method.
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(c) Financial instruments (continued)
(ii) Financial instrument categories and subsequent measurement (continued)
Financial assets (continued)
(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 receivable.
Subsequent to initial recognition, takaful receivables are measured at amortised cost, using the effective interest method.
All financial assets, except for those measured at fair value through profit or loss, are subject to review for impairment (see Note 2(i)(i)
and (ii)).
Financial liabilities
All financial liabilities are initially measured at fair value and subsequently measured at amortised cost other than those categorised as
fair value through profit or loss.
Fair value through profit or loss category comprises financial liabilities that are derivatives (except for a derivative that is a financial
guarantee contract or a designated and effective hedging instrument) or financial liabilities that are specifically designated into this
category upon initial recognition.
Derivatives that are linked to and must be settled by delivery of unquoted equity instruments whose fair values cannot be reliably
measured are measured at cost.
Financial liabilities categorised as fair value through profit or loss are subsequently measured at their fair values with the gain or loss
recognised in profit or loss.
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(c) Financial instruments (continued)
(iii) Regular way purchase or sale of financial assets
A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose terms require delivery of the asset within
the time frame established generally by regulation or convention in the marketplace concerned.
A regular way purchase or sale of financial assets is recognised and derecognised, as applicable, using trade date accounting. Trade
date accounting refers to:
(a) the recognition of an asset to be received and the liability to pay for it on the trade date, and
(b) derecognition of an asset that is sold, recognition of any gain or loss on disposal and the recognition of a receivable from the
buyer for payment on the trade date.
(iv)Derecognition
A financial asset or part of it is derecognised when, and only when the contractual rights to the cash flows from the financial asset
expire or the financial asset is transferred to another party without retaining control or substantially all risks and rewards of the
asset. On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received
(including any new asset obtained less any new liability assumed) and any cumulative gain or loss that had been recognised in equity
is recognised in profit or loss.
A financial liability or a part of it is derecognised when, and only when, the obligation specified in the contract is discharged or cancelled
or expires. On derecognition of a financial liability, the difference between the carrying amount of the financial liability extinguished or
transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised
in profit or loss.
(d) Property and equipment
(i) Recognition and measurement
The land and buildings are stated at cost / valuation less any accumulated depreciation and any accumulated impairment losses. Items
of equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.
The Group and the Company revalue their land and buldings annually and at shorter intervals whenever the fair values of the revalued
assets are expected to differ materially from their carrying value. Addition subsequent to their revaluation are stated in the financial
statements at cost until the next revaluation exercise.
An external independent valuation company, having the appropriate recognised professional qualifications, values the Group’s land
and buildings on annual basis. The revalued amounts are based on market value, being the estimated amount for which a property
could be exchanged between a willing buyer and a willing seller in an arm’s length transaction.
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2.
(d) Property and equipment (continued)
(i) Recognition and measurement (continued)
Surpluses arising from revaluation are dealt with in the revaluation reserve account. Any deficit arising is offset against the revaluation
reserve to the extent any previous surpluses recognised for the same property. In all other cases, a decrease in carrying amount is
charged to profit or loss.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly attributable to
bringing the asset to working condition for its intended use, and the costs of dismantling and removing the items and restoring the
site on which they are located.
Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
When significant parts of an item of property and equipment have different useful lives, they are accounted for as separate items
(major components) of property and equipment.
The gain or loss on disposal of an item of property and equipment is determined by comparing the proceeds from disposal with the
carrying amount of property and equipment and is recognised net within “realised gains and losses” in profit or loss.
(ii) Subsequent costs
The cost of replacing a component of an item of property and equipment is recognised in the carrying amount of the item if it is
probable that the future economic benefits embodied within the component will flow to the Group or the Company, and its cost can
be measured reliably. The carrying amount of the replaced component is derecognised to profit or loss. The costs of the day-to-day
servicing of property and equipment are recognised in profit or loss as incurred.
(iii)Depreciation
Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed, and if a
component has a useful life that is different from the remainder of that asset, then that component is depreciated separately.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of
property and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably
certain that the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated. Property and equipment
under construction are not depreciated until the assets are ready for their intended use.
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(d) Property and equipment (continued)
(iii) Depreciation (continued)
The annual depreciation rates for the current and comparative periods are as follows:
Buildings2.0%
Renovation16.7%
Furniture, fixtures and fittings
16.7% - 20.0%
Motor vehicles
20.0%
Computer and equipment
20.0% - 33.3%
The depreciable amount is determined after deducting the residual value.
Depreciation methods, useful lives and residual values are reviewed at end of the reporting period, and adjusted as appropriate.
(e) Leased assets
(i) Finance lease
Leases in terms of which the Group or the Company assumes substantially all the risks and rewards of ownership are classified as
finance leases. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present
value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting
policy applicable to that asset.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the
outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of
profit on the remaining balance of the liability. Contingent lease payments are accounted for by revising the minimum lease payments
over the remaining term of the lease when the lease adjustment is confirmed.
Leasehold land which in substance is a finance lease is classified as property and equipment.
(ii) Operating lease
Leases, where the Group or the Company does not assume substantially all the risks and rewards of ownership are classified as
operating leases and, except for property interest held under operating lease, the leased assets are not recognised on the Group’s or
the Company’s statement of financial position. Property interest held under an operating lease, which is held to earn rental income or
for capital appreciation or both, is classified as investment property and measured using fair value model.
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease
incentives received are recognised in profit or loss as an integral part of the total lease expense, over the term of the lease. Contingent
rentals are charged to profit or loss in the reporting period in which they are incurred.
Leasehold land which in substance is an operating lease is classified as prepaid lease payments.
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2.
(f)
Investment property
(i) Investment property carried at fair value
Investment properties are properties which are owned or held under a leasehold interest to earn rental income or for capital
appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of services or for
administrative purposes.
Investment properties are measured initially at cost and subsequently at fair value with any change therein recognised in profit or loss
for the period in which they arise.
Cost includes expenditure that is directly attributable to the acquisition of the investment property.
An investment property is derecognised on its disposal, or when it is permanently withdrawn from use and no future economic
benefits are expected from its disposal. The difference between the net disposal proceeds and the carrying amount is recognised in
profit or loss in the period in which the item is derecognised.
(ii) Reclassifications to / from investment property carried at fair value
When an item of property and equipment is transferred to investment property following a change in its use, any difference arising
at the date of transfer between the carrying amount of the item immediately prior to transfer and its fair value is recognised directly
in equity as a revaluation of property and equipment. However, if a fair value gain reverses a previous impairment loss, the gain
is recognised in profit or loss. Upon disposal of an investment property, any surplus previously recorded in equity is transferred to
retained earnings; the transfer is not made through profit or loss.
When the use of a property changes such that it is reclassified as property and equipment, its fair value at the date of reclassification
becomes its cost for subsequent accounting.
(iii) Determination of fair value
An external, independent valuation firm, having appropriate recognised professional qualifications and recent experience in the
location and category of property being valued, values the Group’s and the Company’s investment property portfolio annually.
The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the
valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had
each acted knowledgeably.
(g) Non-current assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities that are expected to be recovered primarily through sale rather than
through continuing use, are classified as held for sale.
Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the
Group’s accounting policies. Thereafter, generally the assets, or disposal group are measured at the lower of their carrying amount and fair
value less costs to sell.
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2.
(g) Non-current assets held for sale (continued)
Any impairment loss on a disposal group is first allocated to goodwill, and then to the remaining assets and liabilities on pro-rata basis,
except that no loss is allocated to financial assets, deferred tax assets and investment property, which continue to be measured in
accordance with the Group’s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains or losses
on remeasurement are recognised in profit or loss. Gains are not recognised in excess of any cumulative impairment loss.
Intangible assets and property and equipment once classified as held for sale are not amortised or depreciated. In addition, equity
accounting of equity accounted investees ceases once classified as held for sale.
(h) Cash and cash equivalents and placements with financial institutions
Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments which have an
insignificant risk of changes in fair value with original maturities of three months or less, and are used by the Group and the Company in the
management of their short term commitments. For the purpose of the statement of cash flows, cash and cash equivalents are presented
net of bank overdrafts and pledged deposits.
(i)Impairment
(i) Financial assets, excluding takaful receivables
All financial assets (except for financial assets categorised as fair value through profit or loss, investments in subsidiaries and investment
in associate) are assessed at each reporting date whether there is any objective evidence of impairment as a result of one or more
events having an impact on the estimated future cash flows of the asset. Losses expected as a result of future events, no matter how
likely, are not recognised. For an investment in an equity instrument, a significant or prolonged decline in the fair value below its cost is
an objective evidence of impairment. If any such objective evidence exists, then the financial asset’s recoverable amount is estimated.
An impairment loss in respect of loans and receivables (excluding takaful receivables where the policy is set out in Note 2(i)(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 profit or loss and is measured as the difference
between the asset’s acquisition cost (net of any principal repayment and amortisation) and the asset’s current fair value, less any
impairment loss previously recognised. Where a decline in the fair value of an available-for-sale financial asset has been recognised in
other comprehensive income, the cumulative loss in other comprehensive income is reclassified from equity to profit or loss.
An impairment loss in respect of unquoted equity instrument that is carried at cost is recognised in profit or loss and is measured as
the difference between the financial asset’s carrying amount and the present value of estimated future cash flows discounted at the
current market rate of return for a similar financial asset.
Impairment losses recognised in profit or loss for an investment in an equity instrument classified as available-for-sale is not reversed
through profit or loss.
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(i) Impairment (continued)
(i) Financial assets, excluding takaful receivables (continued)
If, in a subsequent period, the fair value of an Islamic debt instrument increases and the increase can be objectively related to an event
occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed, to the extent that the asset’s
carrying amount does not exceed what the carrying amount would have been had the impairment not been recognised at the date
the impairment is reversed. The amount of the reversal is recognised in profit or loss.
(ii) Takaful receivables
If there is objective evidence that the takaful receivable is impaired, the Group and the Company reduce the carrying amount of the
takaful receivable accordingly and recognises that impairment loss in profit or loss. The Group and the Company gather the objective
evidence that a takaful receivable is impaired using the same process adopted for financial assets carried at amortised cost. The
impairment loss is calculated under the same method used for those financial assets. These processes are described in Note 2(i)(i).
(iii) Other assets
The carrying amounts of other assets (except for deferred tax asset and investment property 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 cash-generating units. Subjects to an operating
segment ceiling test, for the purpose of goodwill impairment testing, cash-generating units to which goodwill has been allocated
are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for
internal reporting purposes. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to
group of cash-generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs 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 or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable
amount.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated to
reduce the carrying amount of the other assets in the cash-generating unit (groups of cash-generating units) on a pro-rata basis.
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2.
(i) Impairment (continued)
(iii) Other assets (continued)
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.
(j) Equity instruments
Instruments classified as equity are measured at cost on initial recognition and are not remeasured subsequently.
(i) Ordinary shares
Ordinary shares are classified as equity.
(ii) Distributions of assets to owners of the Company
The Group measures a liability to distribute assets as a dividend to the owners of the Company at the fair value of the assets to be
distributed. The carrying amount of the dividend is remeasured at each reporting period and at the settlement date, with any changes
recognised directly in equity as adjustments to the amount of the distribution. On settlement of the transaction, the Group recognises
the difference, if any, between the carrying amount of the assets distributed and the carrying amount of the liability in profit or loss.
(k) Employee benefits
(i) Short-term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are measured on an
undiscounted basis and are expensed as the related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group and the
Company have a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and
the obligation can be estimated reliably.
(ii) State plans
The Group’s and the Company’s contribution to the statutory pension fund is charged to profit or loss in the financial year to which
they relate. Once the contributions have been paid, the Group and the Company have no further payment obligations.
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(k) Employee benefits (continued)
(iii) Share-based payment transactions
The grant date fair value of share-based payment granted to employees is recognised as an employee expense, with a corresponding
increase in equity, over the period that the employees unconditionally become entitled to the awards. The amount recognised as an
expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to
be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service
and non-market performance conditions at the vesting date.
For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to
reflect such conditions and there is no true-up for differences between expected and actual outcomes.
The fair value of the employee share options is measured using Monte Carlo Simulation. Measurement inputs include share price on
measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility adjusted for
changes expected due to publicly available information), expected dividends, and the risk-free interest rate (based on government
bonds). Service and non-market performance conditions attached to the transactions are not taken into account in determining fair
value.
(l)Provisions
A provision is recognised if, as a result of a past event, the Group and the Company have a present legal or constructive obligation that
can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are
determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of
money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.
(m) General Takaful Fund
The General Takaful Fund is maintained in accordance with the Takaful Act, 1984 (repealed on 30 June 2013) and Islamic Financial Services
Act 2013 (effective on 30 June 2013). Included in General Takaful Fund are funds arising from:
•
•
General Takaful; and
General retakaful funds.
The General Takaful underwriting results are determined for each class of takaful business after taking into account retakaful, unearned
contributions, claims incurred and administrative fees.
Contribution income
Contributions are recognised in a financial period in respect of risks assumed during that particular financial period based on the inception
date. Inward treaty retakaful contributions are recognised on the basis of periodic advices received from ceding takaful operators.
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2.
(m) General Takaful Fund (continued)
Unearned contribution reserves
The Unearned Contribution Reserves (UCR) represent the portion of the net contributions of takaful certificates written that relate to the
unexpired periods of the certificates at the end of the financial year.
In determining the UCR at the end of the reporting period, the method that most accurately reflects the actual unearned contributions is
used, as follows:
a)1/365th method for all General Takaful business.
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 profit or loss
and other comprehensive income of the Group and of the Company in the year in which the settlement takes place.
Provision is also made for the cost of claims (together with related expenses) and Incurred But Not Reported Claims (IBNR) at the end of the
reporting period, using a mathematical method of estimation by a qualified external actuary where historical claims experience are used
to project future claims. The provision includes a risk margin for adverse deviation. As with all projections, there are elements of uncertainty
and the projected claims may be different from actual. These uncertainties arise from changes in underlying risk, changes in spread of risks,
claims settlement pattern as well as uncertainties in the projection model and underlying assumptions.
(n) Family Takaful Fund
Included in Family Takaful Fund are funds arising from:
•
•
•
Family Takaful;
Group Family Takaful; and
Family retakaful funds.
The Family Takaful Fund is maintained in accordance with the requirements of the Takaful Act, 1984 (repealed on 30 June 2013), Islamic
Financial Services Act 2013 (effective on 30 June 2013) and includes the amounts attributable to participants which represents the
participants’ share of the underwriting surplus and return on the investments, where applicable and are distributable in accordance with
the terms and conditions prescribed by the Group and the Company.
The surplus transfer from the Family Takaful Fund to profit or loss is based on the predetermined profit sharing ratio of the underwriting
surplus and return on investments.
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(n) Family Takaful Fund (continued)
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.
Actuarial reserves
Actuarial reserves comprise the Prospective Actuarial Valuation, Cash Flow Projection Valuation and Unearned Contribution Valuation as
explained below:
(i) Prospective Actuarial Valuation
For credit-related products, the liabilities of Family Takaful Fund shall be valued based on the sum of present value of future benefits
and any expected future expenses payable from the takaful funds, less the present value of future gross tabarru’ arising from the
certificate, discounted at the appropriate risk discount rate as defined in the valuation guidelines.
For a credit-related takaful certificate whose sustainability of tabarru’ deductions is dependant on the performance of the Participants
Investment Fund (PIF), the calculation is subject to adjusting the future gross tabarru’ cash flow such that it is limited to the period
where the PIF can sustain the tabarru’ and assuming that the takaful coverage is in force for the full duration of the takaful contract.
(ii) Cash Flow Projection Valuation
For products with PIF other than credit-related products, the liabilities shall be valued by projecting future cash flows to ensure that all
future obligations can be met without recourse to additional finance or capital support at any future time during the duration of the
certificate. The cash flow projection shall use a basis that is consistent with the requirements of the valuation guidelines.
(iii) Unearned Contribution Valuation
Yearly renewable products or extensions shall be valued according to the following:
(a) For a certificate covering death or survival, the liabilities shall be valued on an unexpired risk basis using a prospective estimate
of expected future payments arising from future events covered as at the valuation date. These future payments shall include
allowance for direct claims related expenses, direct investment-related expenses, cost of retakaful and expected future
contribution refunds expected during the unexpired period.
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2.
(n) Family Takaful Fund (continued)
Actuarial reserves (continued)
(iii) Unearned Contribution Valuation (continued)
(b) For a certificate covering contingencies other than death or survival, the net liability is the maximum of unexpired risk reserve or
unearned contribution reserve.
Claims and provisions for claims arising on family and group family takaful certificates, including settlement costs, are accounted for using
the case basis method and for this purpose, the benefits payable under a family takaful certificate are recognised as follows:
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.
(o) Expense reserves
The expense reserves is reported as a liability in Takaful Operator’s Fund.
(i) General Takaful Fund
The expense reserve for mudharabah certificates is calculated based on best estimate of the provision for unexpired expense risk
(UER) and the PRAD. The expense reserve for wakalah certificates refers to the higher of aggregate of the Unearned Wakalah Fee (UWF)
for all lines of business or best estimate of the provision for UER and the PRAD at total fund level.
(ii) Family Takaful Fund
Expense reserves consists of the following:
(a) Expense liabilities
The method used to value expense liabilities shall be consistent with the method used to value takaful liabilities of the
corresponding family takaful certificate (for example, for a long-term ordinary takaful certificate, the valuation method for
expense liabilities should also be long-term in nature).
112
2.
(o) Expense reserves (continued)
(ii) Family Takaful Fund (continued)
(b) Deficiency Reserve for Skim Anuiti Takaful KWSP
In addition to the expense liabilities above, an additional requirement is also complied as stipulated below:
If Participant Investment Fund (PIF) is expected to be insufficient to meet future annuity certain benefit and / or future life annuity
tabarru’, another provision shall be set aside that is in line with requirement of the valuation guideline. Upon PIF insufficiency, the
Operator’s Fund shall honour the annuity certain benefit payment to participants as well as the tabarru’ to PRF.
(p) 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.
-
(q)Retakaful
The funds cede takaful risk in the normal course of business. Retakaful assets represent balances receivable and recoverable from retakaful
operators. Amounts recoverable from retakaful operators are estimated in a manner consistent with the outstanding claims provision or
settled claims associated with the retakaful’s certificates and are in accordance with the related retakaful contracts.
113
2.
(q) Retakaful (continued)
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 funds also assume retakaful risk in the normal course of business for Family Takaful and General Takaful contracts when applicable.
Contributions and claims on assumed retakaful are recognised as revenue or expenses in the same manner as they would be if the retakaful
were considered direct business, taking into account the product classification of the retakaful business. Retakaful liabilities represent
balances due to retakaful operators. Amounts payable are estimated in a manner consistent with the related retakaful contract.
Retakaful assets or liabilities are derecognised when the contractual rights are extinguished or expired or when the contract is transferred
to another party.
Retakaful contracts that do not transfer significant takaful risk are accounted for directly through the statement of financial position.
These are deposit assets or financial liabilities that are recognised based on the consideration paid or received less any explicit identified
contributions or fees to be retained by the retakaful operators. Investment income on these contracts is accounted for using the effective
yield method when accrued.
(r) Other revenue recognition
(i) Financing income
Income from financing is recognised on an accrual basis, except where financing is considered impaired, i.e. where repayments are in
arrears for more than 90 days, in which case recognition of such income is suspended. Subsequent to suspension, income is recognised
on the receipt basis until all arrears have been paid.
Income is recognised on a time proportion basis that takes into account the effective yield of the asset.
(ii) Wakalah fees
Wakalah fees are recognised as income or expenses by the respective funds based on a predetermined percentage of gross
contributions upon inception of certificates. Wakalah surplus / (deficit) is arrived at after deducting commission and management
expenses against the Wakalah fees charged.
114
2.
(r) Other revenue recognition (continued)
(iii) Rental income
Rental is recognised on an accrual basis except where default in payment of rent has already occurred and rent dues remain outstanding
for over 90 days, in which case recognition of rental income is suspended. Subsequent to suspension, income is recognised on the
receipt basis until all arrears have been paid.
(iv) Dividend income
Dividend income is recognised in profit or loss on the date that the Group’s or the Company’s right to receive payment is established,
which in the case of quoted securities is the ex-dividend date.
(s)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.
(t) Income tax expense
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent
that it relates to items recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates enacted or substantively enacted
by the end of the reporting period, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets and
liabilities in the statement of financial position and their tax bases. Deferred tax is not recognised for the initial recognition of assets or
liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is
measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have
been enacted or substantively enacted by the end of the reporting period.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to
income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax
liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary
difference can be utilised. Deferred tax assets are reviewed at the end of each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
(u) Operating lease payments
The Group recognises its Ijarah financing obligations as operating leases. Lease payments under the operating lease are recognised as an
expense in profit or loss on a straight-line basis over the lease term.
115
2.
(v) 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.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary
shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise convertible notes
and share options granted to employees.
(w) Operating segments
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses,
including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating
results are reviewed regularly by the chief operating decision maker, which in this case is the Chief Executive Officer of the Group, to make
decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is
available.
(x) Fair value measurements
From 1 January 2013, the Group and the Company adopted MFRS 13, Fair Value Measurement which prescribed that fair value of an asset or
a liability, except for share-based payment and lease transactions, is determined as the price that would be recevied to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date. The measurement assumes that the
transaction to sell the asset or transfer the liability takes place either in the principal market or in the absence of a principal market, in the
most advantageous market.
For non-financial asset, the fair value measurement takes into account a market participant’s ability to generate economic benefits by using
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
In accordance with the transitional provision of MFRS 13, the Group and the Company applied the new fair value measurement guidance
prospectively, and has not provided any comparative fair value information for new disclosures. The adoption of MFRS 13 has not
significantly affected the measurements of the Group’s and the Company’s assets or liabilities other than the additional disclosures.
116
3.
Group Takaful Operator
Office
equipment,
furniture,
fixtures
Freehold
Leasehold Motorand
LandBuildings
LandBuildings vehicles fittings
Total
Cost / ValuationRM’000RM’000RM’000RM’000RM’000RM’000RM’000
At 1 January 2012
894
306
2,499
4,733
1,469
106,273
116,174
Additions----
775
6,699
7,474
Disposals----
(258)
(218)
(476)
(2,183)
(2,183)
Write offs-----
Revaluation 41
94,151 433
-
-4,634
Effect of movement
in exchange rates
-
-
(796)
(475)
(76)
(940)
(2,287)
935
315
5,854
4,691
1,910
109,631
123,336
Additions----
465
4,358
4,823
-
- (812)(380)(429)(343)
(1,964)
Disposals
Write offs-----
(4,513)
(4,513)
-
-1,320
Revaluation 94 262,044 (844)
Effect of movement in exchange rates
-
-
(1,020)
(578)
(162)
(1,525)
(3,285)
At 31 December 20131,029 3416,0662,8891,784
107,608
119,717
117
3.
Property and equipment (continued)
Office
equipment,
furniture,
fixtures
Freehold
Leasehold Motorand
Accumulated depreciation and
Land Buildings
Land Buildings vehicles
fittings
Total
impairment loss
At 1 January 2012
Depreciation for the year
29
Impairment loss
31
Disposals
Write offs
Adjustment for revaluation
Accumulated depreciation
Accumulated impairment loss
Depreciation for the year
29
Disposals
Write offs
At 31 December 2013
-
-
906
1,007
955
85,011
87,879
-
6
301
402
169
10,430
11,308
---
197--
197
----
(227)
(206)
(433)
-----
(2,137)
(2,137)
-
(6)
(1,207)
(1,027)
-
-
(2,240)
-
-
-
(107)
(45)
(838)
(990)
-
-
- 275 85292,26093,387
---
197--
197
-
-
- 472 85292,26093,584
-
6
491
315
315
8,372
9,499
-
- (10) (4)(356)(312)(682)
-----
(4,462)
(4,462)
-
(6)
(481)
(572)
-
-
(1,059)
-
-
-
(51)
(75)
(1,345)
(1,471)
----
736
94,513
95,249
---
160--
160
-
-
- 160 73694,51395,409
Carrying amounts
At 1 January 2012
894
306
1,593
3,726
514
21,262
28,295
935
315
5,854
4,219
1,058
17,371
29,752
At 31 December 20131,029 3416,0662,7291,048
13,095
24,308
118
3.
Group
Office
equipment,
furniture,
fixtures
Freehold
Leasehold Motorand
LandBuildings
Total
Cost / Valuation
At 1 January 2012
48,990
130,238
17,976
20,793
1,469
106,273
325,739
Additions----
775
6,699
7,474
Disposals----
(258)
(218)
(476)
Write offs-----
(2,183)
(2,183)
Revaluation 296 8953,3763,300
-
-7,867
(14)
(12)
(824)
(1,116)
(76)
(940)
(2,982)
49,272
131,121
20,528
22,977
1,910
109,631
335,439
Additions
-2,699
-
- 4654,3587,522
Disposals
-
- (812)(380)(429)(343)
(1,964)
(4,513)
(4,513)
Write offs-----
4 -
5,535----
5,535
Reclassified from investment properties
Reclassified to assets held for sale
14
-
-
(800)
(460)
-
-
(1,260)
Revaluation 1,284(4,541)4,469 (139)
-
- 1,073
(25)
(21)
(1,930)
(1,062)
(162)
(1,525)
(4,725)
At 31 December 2013
50,531
134,793
21,455
20,936
1,784
107,608
337,107
119
3.
Group
Office
equipment,
furniture,
fixtures
Freehold
Leasehold Motorand
Land Buildings
fittings
Total
impairment loss
At 1 January 2012
-
- 906 1,007 95585,01187,879
Accumulated impairment loss 26174354 - -
140
26
17 949 1,061 95585,01188,019
Charge for the year
29
-
2,604
301
1,657
169
10,430
15,161
Impairment loss
31 35 22 71720 - -848
Disposals ----
(227)
(206)
(433)
(2,137)
(2,137)
Write offs -----
-
(2,604)
(1,207)
(2,282)
-
-
(6,093)
-
-
-
(107)
(45)
(838)
(990)
-
-
- 275 85292,26093,387
61 39114774 - -988
61
39 114 1,049 85292,26094,375
Charge for the year
29
-
2,787
1,139
961
315
8,372
13,574
Impairment loss
31 -6----6
Disposals
-
- (10) (4)(356)(312)(682)
Write offs -----
(4,462)
(4,462)
-
(2,787)
(1,129)
(1,218)
-
-
(5,134)
-
(3)
-
(82)
(75)
(1,345)
(1,505)
At 31 December 2013
Accumulated depreciation ----
736
94,513
95,249
61 42114706 - -923
61 42114706736
94,513
96,172
Carrying amounts
At 1 January 2012
48,964
130,221
17,027
19,732
514
21,262
237,720
49,211
131,082
20,414
21,928
1,058
17,371
241,064
At 31 December 2013
50,470
134,751
21,341
20,230
1,048
13,095
240,935
120
3.
Company Takaful Operator
Office
equipment,
furniture,
fixtures
Freehold
Leasehold Motorand
LandBuildings
Total
Cost / Valuation
At 1 January 2012
894
306
-
-
522
94,134
95,856
Additions ----
567
6,320
6,887
Disposals ----
(192)
(214)
(406)
Write offs -----
(2,183)
(2,183)
Revaluation 419----
50
935
315
-
-
897
98,057
100,204
174
3,716
3,890
Additions ----
Disposals ----
(329)
(343)
(672)
Write offs -----
(2,867)
(2,867)
Revaluation 94
26----
120
At 31 December 2013
1,029
341
-
-
742
98,563
100,675
At 1 January 2012----
388
74,386
74,774
Charge for the year
29
-
6
-
-
123
9,805
9,934
(192)
(205)
(397)
Disposals ----
(2,137)
(2,137)
Write offs -----
Adjustment for revaluation -(6)----(6)
29
Charge for the year
Disposals
Write offs
-
-
-
-
319
81,849
82,168
-
6
-
-
156
7,794
7,956
----
(256)
(312)
(568)
-----
(2,830)
(2,830)
-(6)----(6)
At 31 December 2013
-
-
-
-
219
86,501
86,720
Carrying amounts
At 1 January 2012
894
306
-
-
134
19,748
21,082
935
315
-
-
578
16,208
18,036
At 31 December 2013
1,029
341
-
-
523
12,062
13,955
121
3.
Company
Office
equipment,
furniture,
fixtures
Freehold
Leasehold Motorand
LandBuildings
Total
Cost / Valuation
At 1 January 2012
48,827
130,085
9,194
14,598
522
94,134
297,360
Additions----
567
6,320
6,887
Disposals----
(192)
(214)
(406)
Write offs-----
(2,183)
(2,183)
2,523
Revaluation288898861476 - -
49,115
130,983
10,055
15,074
897
98,057
304,181
Additions
-2,699
-
- 1743,7166,589
Disposals----
(329)
(343)
(672)
Write offs-----
(2,867)
(2,867)
Reclassified from investment
properties
4 -
5,535----
5,535
14
-
-
(800)
(460)
-
-
(1,260)
Revaluation 1,274(4,538) 481 777
-
-(2,006)
At 31 December 2013
50,389
134,679
9,736
15,391
742
98,563
309,500
impairment loss
At 1 January 2012
388
74,386
74,774
26
6
43
54
-
-
129
26
6
43
54 38874,38674,903
Charge for the year
29
-
2,601
166
364
123
9,805
13,059
Impairment loss
31 34 22 71352 - -479
Disposals ----
(192)
(205)
(397)
Write offs -----
(2,137)
(2,137)
-
(2,601)
(166)
(364)
-
-
(3,131)
At 31 December 2012
319
81,849
82,168
Accumulated impairment loss 60 28114406 - -608
60 28114406319
81,849
82,776
122
3.
Company
Office
equipment,
furniture,
fixtures
Freehold
Leasehold Motorand
Land Buildings
fittings
Total
impairment loss
At 1 January 2013
319
81,849
82,168
60 28114406 - -608
60 28114406319
81,849
82,776
Charge for the year
29
-
2,784
172
335
156
7,794
11,241
Disposals ----
(256)
(312)
(568)
(2,830)
(2,830)
Write offs -----
-
(2,784)
(172)
(335)
-
-
(3,291)
At 31 December 2013
219
86,501
86,720
60 28114406 - -608
60 28114406219
86,501
87,328
Carrying amounts
At 1 January 2012
48,801
130,079
9,151
14,544
134
19,748
222,457
49,055
130,955
9,941
14,668
578
16,208
221,405
At 31 December 2013
50,329
134,651
9,622
14,985
523
12,062
222,172
3.1 Revaluation of properties
All the Group’s and Company’s land and buildings were revalued in December 2013 by independent professional qualified valuers
using the comparison method.
Had the land and buildings of the Group and of the Company been carried at historical cost less accumulated depreciation, their
carrying amounts would have been as follows:
GroupCompany
Takaful Operator
Group
Takaful Operator
Company
20132012201320122013201220132012
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Freehold land
Freehold buildings
Leasehold land and buildings
487 48743,84643,877
137 14294,56996,898
3,486 4,57423,99726,430
487
137
-
48743,70543,705
14294,50496,820
-19,02919,893
4,110
624
629157,238160,418
5,203162,412167,205
123
3.
3.2 Leasehold land and buildings
Included in the carrying amounts of the leasehold land and buildings are:
GroupCompany
Takaful Operator
Group
Takaful Operator
Company
20132012201320122013201220132012
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
with unexpired lease
period of
-
more than 50 years
- less than 50 years
4.
-
-17,27717,279
8,795
10,073
24,294
25,063
-
-
-17,27717,279
-
7,330
7,330
8,79510,07341,57142,342
-
-24,60724,609
Group
Takaful Operator
Family Takaful
General Takaful
Group
20132012201320122013201220132012
At 1 January 18,19418,758
212,813
210,61925,77426,62045,47046,572
Additions --
2,479-
220--Reclassified to property
and equipment
3 ------
(5,535)Reclassified to assets
held for sale
14 (1,730)(1,340)(2,810)(1,360)(2,850) (540)(6,130)(3,240)
Transfers -
17-
(17)---Fair value gains / (losses)
for the year - net
26
317
845
4,938
4,300
596
(306)
6,101
2,257
Impairment loss
31 ---
(26)---
(26)
Effect of movement in
exchange rates (177)(86)
(1,417)
(703) - -(186)(93)
At 31 December 16,60418,194
216,003
212,81323,74025,77439,72045,470
Comprising of:
Freehold land and buildings 8,931 8,973
177,095
173,10514,80014,46416,97517,499
more than 50 years 6,830 8,56026,86729,639 2,550 5,30018,03026,220
less than 50 years
843 661
12,041
10,0696,3906,0104,7151,751
16,60418,194
216,003
212,81323,74025,77439,72045,470
124
4.
Investment properties (continued)
The following are amounts arising from investment properties that have been recognised in profit or loss during the financial year.
Group
Rental income
Company
Takaful Operator
Family Takaful
General Takaful
Group
20132012201320122013201220132012
24
642 7427,3208,821 7831,0323,0874,901
Takaful Operator
Family Takaful
General Takaful
Company
20132012201320122013201220132012
At 1 January 17,25017,750
204,824
202,43525,77426,62044,47945,430
Additions --
2,479-
220--Reclassified to property and
equipment
3 ------
(5,535)Reclassified to assets
held for sale
14 (1,730)(1,340)(2,810)(1,360)(2,850) (540)(6,130)(3,240)
Fair value gains / (losses)
for the year - net
26
-
840
3,032
3,775
596
(306)
5,754
2,315
31 ---
(26)---
(26)
Impairment loss
At 31 December 15,52017,250
207,525
204,82423,74025,77438,56844,479
Comprising of:
Freehold land and buildings 8,690 8,690
177,095
173,10514,80014,46416,97517,499
more than 50 years 6,830 8,56026,86729,639 2,550 5,30018,03026,220
less than 50 years
-
-3,5632,0806,3906,0103,563 760
15,52017,250
207,525
204,82423,74025,77438,56844,479
The following are amounts arising from investment properties that have been recognised in profit or loss during the financial year.
Company
Rental income
Takaful Operator
Family Takaful
General Takaful
Company
20132012201320122013201220132012
24
642 7376,7098,172 7831,0323,0514,872
125
4.
Investment properties comprise a number of commercial properties that are leased to third parties. During the financial year, four properties
have been transferred to assets held for sale (see note 14).
Fair value information
Fair value of investment properties are categorised as follows:
Group
Level 1
Level 2
Level 3
Total
2013
RM’000RM’000RM’000RM’000
Takaful Operator
Freehold land and buildings
- more than 50 years
-
-
8,931
8,931
-
-
-
-
6,830
843
6,830
843
-
-
16,604
16,604
Family Takaful
-
-
177,095
177,095
-
-
-
-
26,867
12,041
26,867
12,041
-
-
216,003
216,003
General Takaful
-
-
14,800
14,800
-
-
-
-
2,550
6,390
2,550
6,390
-
-
23,740
23,740
Group
-
-
16,975
16,975
-
-
-
-
18,030
4,715
18,030
4,715
-
-
39,720
39,720
126
4.
Fair value information (continued)
Company
Level 1
Level 2
Level 3
Total
2013
RM’000RM’000RM’000RM’000
Takaful Operator
-
-
8,690
8,690
-
-
6,830
6,830
-
-
15,520
15,520
Family Takaful
-
-
177,095
177,095
-
-
-
-
26,867
3,563
26,867
3,563
-
-
207,525
207,525
General Takaful
-
-
14,800
14,800
-
-
-
-
2,550
6,390
2,550
6,390
-
-
23,740
23,740
Company
-
-
16,975
16,975
-
-
-
-
18,030
3,563
18,030
3,563
-
-
38,568
38,568
127
4.
Policy on transfer between levels
The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused the
transfer.
Level 1 fair value
Level 1 fair value is derived from quoted price (unadjusted) in active markets for identical investment properties that the entity can access at the
measurement date.
Level 2 fair value
Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the investment property,
either directly or indirectly.
Level 2 fair values of land and buildings have been generally derived using the sales comparison approach. Sales price of comparable properties
in close proximity are adjusted for differences in key attributes such as property size. The most significant input into this valuation approach is
price per square foot of comparable properties.
Transfer between Level 1 and 2 fair values
There is no transfer between Level 1 and 2 fair values during the financial year.
Level 3 fair value
Level 3 fair value is estimated using unobservable inputs for the investment property.
The following table shows a reconciliation of Level 3 fair values:
Takaful
Family
General
operator
Takaful
Takaful
Group
2013201320132013
Group NoteRM’000RM’000RM’000RM’000
At 1 January
18,194
212,813
25,774
45,470
Additions
-2,479 220
Reclassified to property and equipment
3
-
-
-
(5,535)
14
(1,730)
(2,810)
(2,850)
(6,130)
Gains and losses recognised in profit or loss
- Change in fair value - unrealised
317
4,938
596
6,101
(177)
(1,417)
-
(186)
At 31 December
16,604
216,003
23,740
39,720
128
26
4.
The following table shows a reconciliation of Level 3 fair values (continued):
Takaful FamilyGeneral
Operator
Takaful
Takaful Company
2013201320132013
Company NoteRM’000RM’000RM’000RM’000
At 1 January
17,250
204,824
25,774
44,479
Additions
-2,479 220
Reclassified to property and equipment
3
-
-
-
(5,535)
14
(1,730)
(2,810)
(2,850)
(6,130)
- Change in fair value - unrealised
26
At 31 December
-
3,032
596
5,754
15,520
207,525
23,740
38,568
The following table shows the valuation techniques used in the determination of fair values within Level 3, as well as the significant unobservable
inputs used in the valuation models.
Valuation technique
Significant unobservable inputs
Comparison method: The valuation method
consider the sales and listing of comparable
properties recorded in the area and
adjustments are made between the subject
properties and those similar properties. The
adjustments are made in relation to location
and accessibility, size and shape of the
lot, physical features, legal and legislation
constraints, building design and condition,
supply and demand, building code and
public restriction.
Adjustment rate based on the comparable
of sales in the past that was analysed by
the National Property Information Centre
(NAPIC) under Valuation and Property
Services Department, Ministry of Finance
Malaysia.
Inter-relationship between significant
unobservable inputs and fair value
measurement
The estimated fair value would increase
(decrease) if:
- the rate were higher or lower
- the historical sales transaction were higher
or lower
129
4.
The Group’s and the Company’s investment properties were valued by independent professional valuer firms, using the comparison, cost and
investment methods of valuations, where applicable.
In the comparison method approach, the sales and listings of comparable properties within nearby locations are compiled. From the compiled
data, adjustments are made by the valuers between the subject property and those similar properties.
The adjustments made are in relation to location, size and shape of the lot, physical features, legal and legislative constraints, building design
and condition, time element, planning provision, improvements and renovation works made, if any, surrounding developments, facilities and
amenities available and other factors that may affect the value of the subject property. These adjustments are therefore subject to uncertainties
such as property market outlook, potential increases in rental rates and general economic conditions.
In the cost method approach, the indication of values consists of the sum of the present worth of the improvement value.
For the valuation of the improvements, the valuers have considered the following:
Valuation processes applied by the Group and the Company for Level 3 fair value
i)
Cost of replacement of the building in accordance with current trend of market prices for materials, labour, contractor’s overhead, profit and
fees;
ii) Accrued depreciation as evidenced by the observed condition and present and prospective serviceability in comparison with new units of
like kind; and
iii) Extent, character and utility of the property.
The investment method is the capitalisation of net rent from a property. Net rent is the residue of gross annual rent less annual expenses
(outgoings) required to sustain the rent with allowance for void and management fees. During the year, the external valuers performed an update valuation of market value of these investment properties in arriving at the fair value,
after considering the properties’ existing condition. In prior year, the external valuers have considered the results of all these three methods in
their valuation and applied professional judgement in the selection of the fair value of these investment properties.
130
5.
Investments in subsidiaries
Company Takaful Operator/
Company
20132012
RM’000RM’000
At cost
Unquoted shares
Less: Accumulated impairment losses
80,759
(22,047)
80,759
(17,030)
58,712
63,729
Details of the subsidiaries are as follows:
Name of subsidiaries
Principal activities
Country of
incorporation
Effective ownership interest
2013
2012
Asean Retakaful
International (L)
Ltd. (ARIL)**
Family and General
retakaful business
Malaysia
63.09%
63.09%
P.T. Syarikat Takaful
Indonesia and
its subsidiaries*
Investment holding
Indonesia
56.00%
56.00%
P.T. Asuransi Takaful
Umum*
General Takaful
business
Indonesia
64.70%
64.70%
P.T. Asuransi Takaful
Keluarga*
Family Takaful
business
Indonesia
74.80%
74.80%
* Not audited by KPMG Desa Megat & Co
** Members’ Voluntary Winding-up commenced on 21 May 2012. The subsidiary has been consolidated based on management accounts.
Non-controlling interests in subsidiaries
The Group’s subsidiaries that have non-controlling interests (NCI) are not material to the Group.
131
6.
Investment in associate company amounting to RM2,473,000 (2012: RM2,473,000) was fully impaired during the financial year ended
30 June 2007.
7.
Other investments
The other investments comprise the following:
GroupCompany
2013201220132012
Takaful Operator
Available-for-sale (AFS)
Fair value through profit or loss (FVTPL)
Held-to-maturity (HTM)
(a) 475,590391,994468,467384,209
(b)
6,614
634
-
(c)
1,965
1,585
-
-
484,169394,213468,467384,209
Family Takaful
(a) 3,094,3853,012,0793,022,3042,922,533
(b)
181,689
219,665
67,506
113,682
(c) 366,741253,271361,354241,908
3,642,8153,485,0153,451,1643,278,123
General Takaful
(a) 569,349565,764567,669563,442
(c) 35,90235,57532,67432,722
605,251601,339600,343596,164
Group / Company
(a) 4,101,2293,928,8574,020,3453,829,204
(b)
188,303
220,299
67,506
113,682
(c) 404,608290,431394,028274,630
4,694,1404,439,5874,481,8794,217,516
132
7.
Other investments (continued)
(a) AFS financial assets
GroupCompany
2013201220132012
At fair valueRM’000RM’000RM’000RM’000
Takaful Operator
Equity securities
-
Quoted in Malaysia93,17337,00493,17337,004
- Quoted outside Malaysia
508
-
-
-
Unquoted in Malaysia380380380380
- Unquoted outside Malaysia
36
43
-
94,09737,42793,55337,384
Unit trusts
- Quoted in Malaysia
23,303 5,712 24,844 6,730 23,303 - 24,844
-
29,015 31,574 23,303 24,844
Institutional Trust Account
64,268 61,270 64,268 61,270
Malaysian Government Islamic papers
10,013
20,155
10,013
20,155
Islamic debt securities
867
-
-
-
Unquoted in Malaysia239,235199,576239,235199,576
-
1,012
-
240,102200,588239,235199,576
Investment in linked funds
38,095
40,980
38,095
40,980
475,590391,994468,467384,209
Family Takaful
Equity securities
-
34
52
-
704,524394,347704,490394,295
Unit trusts
83,133 66,435 31,955 79,889 83,133 - 31,955
-
149,568 111,844 83,133 31,955
196,482 187,332 196,482 187,332
383,832
550,388
383,832
550,388
4,267
-
-
-
Unquoted in Malaysia1,654,3671,758,5631,654,3671,758,563
1,345
9,605
-
1,659,9791,768,1681,654,3671,758,563
3,094,3853,012,0793,022,3042,922,533
133
7.
(a) AFS financial assets (continued)
GroupCompany
2013201220132012
General Takaful
Equity securities
133,234
85,161
Unit trusts
20,874 1,680 10,935 2,322 20,874 - 10,935
-
22,554 13,257 20,874 10,935
38,147 36,379 38,147 36,379
61,886
93,916
61,886
93,916
133,234
85,161
-
569,349565,764567,669563,442
Group / Company
Equity securities
-
542
52
-
-
Unquoted in Malaysia380380380380
36
43
-
931,855516,935931,277516,840
Unit trusts
127,310 73,827 67,734 88,941 127,310 - 67,734
-
201,137 156,675 127,310 67,734
298,897 284,981 298,897 284,981
455,731
664,459
455,731
664,459
5,134
-
-
-
Unquoted in Malaysia2,207,1302,295,1902,207,1302,295,190
1,345
10,617
-
2,213,6092,305,8072,207,1302,295,190
4,101,2293,928,8574,020,3453,829,204
134
7.
(b) FVTPL financial assets
GroupCompany
2013201220132012
Takaful Operator
Equity securities
2,573
-
-
-
4,041
-
-
634
-
-
-
4,041
634
-
-
6,614
634
-
-
Family Takaful
Equity securities
-
27,010
32,330
-
78,24972,08351,23939,753
Investment units in commodity, equity
and fixed income closed end fund
- Unquoted in Malaysia
-
59,662
-
59,662
Unit trusts
18,451
29,580
-
-
68,722
-
-
-
-
44,073
-
84,98958,34016,26714,267
181,689
219,665
67,506
113,682
135
7.
(b) FVTPL financial assets (continued)
GroupCompany
2013201220132012
Group / Company
Equity securities
-
29,583
32,330
-
80,82272,08351,23939,753
and fixed income closed end fund
- Unquoted in Malaysia
-
59,662
-
59,662
Unit trusts
18,451
29,580
-
-
72,763
-
-
-
-
44,707
-
89,03058,97416,26714,267
188,303
220,299
67,506
113,682
(c) HTM financial assets
GroupCompany
2013201220132012
At amortised costRM’000RM’000RM’000RM’000
Takaful Operator
1,965
1,585
-
-
Family Takaful
5,387
11,363
-
-
254,024140,490248,637129,127
112,717
112,781
112,717
112,781
366,741253,271361,354241,908
136
7.
(c) HTM financial assets (continued)
GroupCompany
2013201220132012
At amortised costRM’000RM’000RM’000RM’000
General Takaful
3,228
32,674
2,853
32,722
-
32,674
32,722
35,90235,57532,67432,722
Group / Company
10,580
15,801
-
-
259,217144,928248,637129,127
145,391
145,503
145,391
145,503
404,608290,431394,028274,630
At fair value
Takaful Operator
1,944
1,598
-
-
Family Takaful
5,338
11,563
-
-
252,179153,596246,841142,033
112,851
115,176
112,851
115,176
365,030268,772359,692257,209
General Takaful
3,169
32,778
2,937
33,351
-
32,778
33,351
35,94736,28832,77833,351
Group / Company
10,451
16,098
-
-
257,292158,131246,841142,033
145,629
148,527
145,629
148,527
402,921306,658392,470290,560
137
7.
(d) Carrying values of financial instruments
AFS
FVTPL
HTM
Group
At 1 January 2012 3,254,122174,392309,579
3,738,093
Purchases 2,490,821 94,162
9,6782,594,661
Maturities (40,799)(1,500)(9,852)
(52,151)
Disposals(1,743,679)(45,925)(16,407)
(1,806,011)
Fair value gains / (losses) recorded in:
Profit or loss
26
-
6,334
-
6,334
39.2
3,844
-
-
3,844
Participants’ fund
(12,300)
-
-
(12,300)
Allowance for impairment in financial assets
31
(8,304)
-
-
(8,304)
Amortisation of premiums,
net of accretion of discounts
(6,824)
-
(223)
(7,047)
(8,024)
(7,164)
(2,344)
(17,532)
4,439,587
At 31 December 2012 / 1 January 2013 3,928,857220,299290,431
Purchases 2,951,239138,913121,285
3,211,437
Maturities (142,032) (60,602) (4,526)(207,160)
Disposals (2,517,880) (94,047)
-(2,611,927)
Dividend capitalised
13,916--
13,916
Profit or loss
26
-
3,575
-
3,575
39.2
2,721
-
-
2,721
(106,412)
-
-
(106,412)
Net asset value attributable
to unitholders
(3,881)
-
-
(3,881)
31
(2,037)
-
(210)
(2,247)
(8,616)
-
(322)
(8,938)
(14,646)
(19,835)
(2,050)
(36,531)
At 31 December 20134,101,229 188,303 404,6084,694,140
138
7.
(d) Carrying values of financial instruments (continued)
AFS
FVTPL
HTM
Company
At 1 January 2012 3,165,939108,913274,670
3,549,522
Purchases 2,422,920 20,931
-2,443,851
Maturities (38,500) (1,500)
-(40,000)
Disposals (1,697,864) (21,143)
-(1,719,007)
Profit or loss
26
-
6,481
-
6,481
39.2
3,754
-
-
3,754
(11,917)
-
-
(11,917)
31
(8,304)
-
-
(8,304)
(6,824)
-
(40)
(6,864)
4,217,516
At 31 December 2012 / 1 January 2013 3,829,204113,682274,630
Purchases 2,912,127 47,440 119,4743,079,041
Maturities (142,032) (60,602)
-(202,634)
Disposals (2,485,797) (41,790)
-(2,527,587)
Dividend capitalised
13,916--
13,916
26
-
8,776
-
8,776
Profit or loss
39.2
3,356
-
-
3,356
(96,424)
-
-
(96,424)
Net assets value attributable
to unitholders
(3,881)
-
-
(3,881)
31
(1,508)
-
-
(1,508)
(8,616)
-
(76)
(8,692)
At 31 December 2013 4,020,345
67,506 394,0284,481,879
139
7.
(e) Fair values of financial instruments
Quoted market prices category are financial instruments that are measured in whole or in part by reference to published quotes in an
active market. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an
exchange and published market price from print medias.
Market observable financial instruments are measured using a valuation technique based on assumptions that are supported by prices
from observable current market transactions and are instruments for which pricing is obtained from Bond Pricing Agency Malaysia and
regulatory agency. The fair value of investments in structured products are obtained via investments bankers and / or fund managers.
Non-market observable inputs means that fair values are determined in whole or in part using a valuation technique based on assumptions
that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available
market data. The main asset class in this category are unquoted equity securities and Institutional Trust Account.
The fair values of the unquoted equity securities were determined to approximate the carrying amount as these are immaterial in the
context of the financial statements.
(f) Maturity of other investments
The following investments mature after 12 months:
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Takaful Operator
AFS financial assets249,845210,727249,248209,672
FVTPL financial assets
4,041
634
-
HTM financial assets
1,944
1,585
-
Family Takaful
AFS financial assets1,959,0352,238,5361,956,1432,228,931
FVTPL financial assets77,69942,31715,805 9,733
HTM financial assets363,869248,519361,354241,908
General Takaful
AFS financial assets370,388388,298370,388385,976
Group / Company
AFS financial assets2,579,2682,837,5612,575,7792,824,579
FVTPL financial assets81,74042,95115,805 9,733
140
8.
Retakaful assets
GroupCompany
2013201220132012
Family Takaful
Claims liabilities
Actuarial liabilities
18(a)35,12318,67133,62117,575
18(c)
148,340
63,856
142,240
58,161
General Takaful
Claims liabilities
Contribution liabilities
183,463
82,527
175,861
75,736
18(a)372,270282,479357,445265,454
18(b)80,20072,29777,54569,745
452,470354,776434,990335,199
Group / Company
Claims liabilities
Contribution liabilities
18(a)407,393301,150391,066283,029
18(b)80,20072,29777,54569,745
18(c)
148,340
63,856
142,240
58,161
635,933
437,303
610,851
410,935
141
9.
Deferred tax assets / (liabilities)
<------------------------------------------------------------- Group ----------------------------------------------------------->
AssetsLiabilities Net
201320122013201220132012
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Other investments
Loans and receivables, excluding
takaful receivables
Takaful receivables
Other payables
Expense reserves
Unabsorbed tax losses
411630
720863
12,17711,435
32,49521,918
860
2,253
Tax assets / (liabilities)
Set off of tax
46,663
(4,939)
Net tax assets
41,72434,382
-
-
-
- (359)(404)(359)(404)
- (1,989)(1,992)(1,989)(1,992)
-(2,591)(321)
(2,591)(321)
37,099
(2,717)
(4,939)
4,939
411630
720863
12,17711,435
32,49521,918
860
2,253
Set off of tax
46,663
(4,939)
Net tax assets
41,72434,382
142
-411630
-720863
-12,17711,435
-32,49521,918
-
860
2,253
(2,717)
2,717
-
Group
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
-
-
-
-
-
-
-
-
41,724
-
34,382
-
-41,72434,382
- (425)(616)(425)(616)
- (1,923)(1,780)(1,923)(1,780)
-(2,591)(321)
(2,591)(321)
37,099
(2,717)
-
-
-
-
-
(4,939)
4,939
-
-411630
-720863
-12,17711,435
-32,49521,918
-
860
2,253
(2,717)
2,717
41,724
-
34,382
-
-41,72434,382
9.
Deferred tax assets / (liabilities) (continued)
<----------------------------------------------------------- Company -------------------------------------------------------->
AssetsLiabilities Net
201320122013201220132012
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Investment in subsidiaries
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
321383
704863
8,7948,317
31,82021,243
Set off of tax
45,023
(4,744)
Net tax assets
40,27930,623
-
- (1,989)(1,992)(1,989)(1,992)
3,3842,130
-
-3,3842,130
-
-(2,755)(321)
(2,755)(321)
32,936
(2,313)
-
-
-
-
(4,744)
4,744
(2,313)
2,313
-
Company
Other investments
takaful receivables
Takaful receivables
Other payables
Expense reserves
321383
704863
8,7948,317
31,82021,243
Set off of tax
45,023
(4,744)
Net tax assets
40,27930,623
-321383
-704863
-8,7948,317
-31,82021,243
40,279
-
30,623
-
-40,27930,623
-
-
(66)
(212)
(66)
(212)
-
- (1,923)(1,780)(1,923)(1,780)
3,3842,130
-
-3,3842,130
-
-(2,755)(321)
(2,755)(321)
32,936
(2,313)
-
-
-
-
(4,744)
4,744
-321383
-704863
-8,7948,317
-31,82021,243
(2,313)
2,313
-
40,279
-
30,623
-
-40,27930,623
143
144
(4)
(129)
2,455 (322)
(359)
1,325 17,304 263 20,533 976 1,222 10,280 4,614 2,182 15,811 Tax assets / (liabilities)
20,321 15,811 Tax assets / (liabilities)
25 (1,651)
(1,837)
(322)
(359)
1,325 17,304 263 976 1,222 10,280 4,614 2,182 Group
Other investments
excluding takaful
receivables
Takaful receivables
Other payables
Expense reserves
(4)
(341)
2,455 25 (1,651)
(1,837)
Other investments
excluding takaful
receivables
Takaful receivables
Other payables
Expense reserves
(1,601)
-
-
-
-
-
(662)
-
(939)
(1,389)
-
-
-
-
-
(450)
-
(939)
(361)
(24)
-
(170)
-
(192)
25 -
-
(361)
(24)
-
(170)
-
(192)
25 -
-
34,382 630 863 11,435 21,918 2,253 (616)
(1,780)
(321)
34,382 630 863 11,435 21,918 2,253 (404)
(1,992)
(321)
8,638
(197)
(141)
1,080
10,577
(1,181)
54
(143)
(1,411)
8,784 (197)
(141)
1,080
10,577
(1,181)
54
3
(1,411)
(693)
-
-
-
-
-
146
-
(839)
(839) -
-
-
-
-
-
-
(839)
(603)
(22)
(2)
(338)
-
(212)
(9)
-
(20)
(603) (22)
(2)
(338)
-
(212)
(9)
-
(20)
41,724
411
720
12,177
32,495
860
(425)
(1,923)
(2,591)
41,724
411
720
12,177
32,495
860
(359)
(1,989)
(2,591)
Recognised
Recognised
Recognised
in other
Effect of
Recognised
in other
Effect of
in profitcomprehensive
movement
As at
movement
As at
or loss
income in exchange
31.12.2012 /
or loss
income in exchange
As at
1.1.2012
(Note 32)
(Note 32)
rate
1.1.2013
(Note 32)
(Note 32)
rate
31.12.2013
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
9.
(297)
(359)
1,499 17,304 680 1,222 6,818 3,939 11,301 Tax assets / (liabilities)
(297)
(359)
1,499 17,304 680 1,222 6,818 3,939 11,301 Tax assets / (liabilities)
20,473 -
(129)
-
2,455 -
(1,651)
2,130 (1,837)
Company
Other investments
Loans and receivables, excluding takaful
receivables
Takaful receivables
Other payables
Expense reserves
20,261 (341)
-
2,455 (1,651)
2,130 (1,837)
Company Takaful Operator
Other investments
Loans and receivables, excluding takaful
receivables
Takaful receivables
Other payables
Expense reserves
(1,151)
-
- - - (212)
-
-
(939)
(939)
-
-
-
-
-
-
(939)
30,623 383 863 8,317 21,243 (212)
(1,780)
2,130 (321)
30,623 383 863 8,317 21,243 (1,992)
2,130 (321)
10,349 (62)
(159)
477
10,577
-
(143)
1,254
(1,595)
10,495 (62)
(159)
477
10,577
3
1,254
(1,595)
(693) -
-
-
-
146
-
-
(839)
(839) -
-
-
-
-
-
(839)
40,279
321
704
8,794
31,820
(66)
(1,923)
3,384
(2,755)
40,279
321
704
8,794
31,820
(1,989)
3,384
(2,755)
Recognised
Recognised
Recognised
in other
Recognised
in other
As at
As at
or loss
income 31.12.2012 /
or loss
income
As at
1.1.2012
(Note 32)
(Note 32)
1.1.2013
(Note 32)
(Note 32)
31.12.2013
RM’000RM’000RM’000RM’000RM’000RM’000RM’000
9.
145
10. Loans and receivables, excluding takaful receivables
GroupCompany
2013201220132012
Takaful Operator
Financing receivables
Secured financing
Unsecured financing
Staff financing
Allowance for impairment
21
325
5,230
(1,245)
284 538 7,250 (1,253)
-
325
4,015
(1,026)
216
538
5,509
(1,253)
4,331 6,819 3,314 5,010
Fixed and call deposits with licensed financial institutions
with maturity more than three months
Licensed banks in Malaysia
Banks outside Malaysia
98,731
4,037
49,378 5,252 85,737
-
49,378
-
102,768 54,630 85,737 49,378
Other receivables
Investment receivable
Sundry deposits
Due from Family Takaful Fund 21
Due from General Takaful Fund
21
Prepayment
Sundry receivables
5,043
350
25,661
9,746
5,465
7,173
10,994 347 34,390 14,161 5,210 6,830 5,043
350
25,661
9,746
4,148
752
10,994
347
27,761
13,970
3,602
727
53,438 71,932 45,700 57,401
160,537 133,381 134,751 111,789
Family Takaful
Secured financing
70,301
(301)
70,625 (301)
70,301
(301)
70,625
(301)
70,000
70,324 70,000 70,324
391,281
7,179
293,738 9,879 383,575
-
288,188
-
398,460 303,617 383,575 288,188
Other receivables
Due from Takaful Operator
21
Sundry deposits
Sundry receivables
40,902
10,491
1,181
868
64,768 -
1,263 1,149 40,157
-
1,181
585
64,768
1,263
531
53,442 67,180 41,923 66,562
521,902 441,121 495,498 425,074
146
10. Loans and receivables, excluding takaful receivables (continued)
GroupCompany
2013201220132012
General Takaful
Secured financing
5,381
(381)
5,561 (381)
5,381
(381)
5,561
(381)
5,000
5,180 5,000
5,180
62,732
1,762
80,172 2,381 60,175
-
77,807
-
64,494 82,553 60,175 77,807
Other receivables
Sundry deposits
Due from Takaful Operator
21
Due from Family Takaful Fund 21
Prepayment
Sundry receivables
7,214
574
6,101
2,540
35
3,618
8,764 1,062 5,263 12,631 -
823 7,214
574
-
2,540
35
-
8,764
1,062
12,631
-
20,082 28,543 10,363 22,457
89,576 116,276 75,538 105,444
Group / Company
Secured financing
Unsecured financing
Staff financing
75,703
325
5,230
(1,927)
76,470 538 7,250 (1,935)
75,682
325
4,015
(1,708)
76,402
538
5,509
(1,935)
79,331
82,323 78,314
80,514
552,744
12,978
423,288 17,512 529,487
-
415,373
-
565,722 440,800 529,487 415,373
Other receivables
Sundry deposits
Prepayment
Sundry receivables
53,159
2,105
5,500
11,659
84,526 2,672 5,210 8,802 52,414
2,105
4,183
1,337
84,526
2,672
3,602
1,258
72,423 101,210 60,039 92,058
717,476 624,333 667,840 587,945
147
10. Loans and receivables, excluding takaful receivables (continued)
The following loans and receivables, excluding takaful receivables mature after 12 months:
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Takaful Operator
Other receivables
3,552
5,000
350
5,091 -
347 2,738
5,000
350
3,284
347
8,902 5,438 8,088 3,631
Family Takaful
Other receivables
70,000
43,000
1,181
70,000 12,778 1,263 70,000
43,000
1,181
70,000
2,899
1,263
114,181 84,041 114,181 74,162
General Takaful
Other receivables
5,000
7,000
574
5,000 4,314 1,062 5,000
7,000
574
5,000
1,933
1,062
12,574 10,376 12,574 7,995
Group / Company
Other receivables
78,740
55,000
2,105
80,091 17,092 2,672 77,738
55,000
2,105
78,284
4,832
2,672
135,845 99,855 134,843 85,788
Offsetting of financial assets and financial liabilities
No financial assets and liabilities have been set off for presentation purposes.
148
11. Takaful receivables
GroupCompany
2013201220132012
Family Takaful
Due contributions
Due from retakaful / co-takaful 46,601
24,377
59,998 12,375 44,851
20,738
58,099
8,644
Less: Allowance for impaired debts
39.4
70,978 (2,781)
72,373 (3,901)
65,589 (2,754)
66,743
(3,850)
68,197 68,472 62,835 62,893
General Takaful
Due contributions
12,948
22,380 10,143 36,591
9,554
17,575
6,931
39.4
54,700 (5,741)
32,523 (6,982)
46,145 (5,634)
24,506
(6,901)
48,959 25,541 40,511 17,605
Group / Company
Due contributions
37,325
82,378 22,518 81,442
30,292
75,674
15,575
39.4
125,678 (8,522)
104,896 (10,883)
111,734 (8,388)
91,249
(10,751)
117,156 94,013 103,346 80,498
Offsetting of financial assets and financial liabilities
No financial assets and liabilities have been set off for presentation purposes.
12. Qardh receivables
GroupCompany
2013201220132012
Takaful Operator
At 1 January
Increase during the year
Qardh written off 31
At 31 December
-
11,458
(11,458)
-
277 3,274 (3,542)
(9)
-
-
-
-
-
-
-
-
-
149
13. Cash and cash equivalents
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Takaful Operator
Cash and bank balances
with maturity less than three months
1,933
6,507 840
4,775
62,310
24,928
71,483 24,982 44,933
-
44,242
-
89,171 102,972 45,773 49,017
Family Takaful
39,750
29,983 32,871
24,769
171,816
54,170
191,102 67,087 171,816
-
186,479
-
265,736 288,172 204,687 211,248
40,705
11,731 37,240
10,344
25,539
9,468
37,799 11,578 25,539
-
32,171
-
75,712 61,108 62,779 42,515
82,388
48,221 70,951
39,888
259,665
88,566
300,384 103,647 242,288
-
262,892
-
430,619 452,252 313,239 302,780
General Takaful
Group / Company
150
14. Assets held for sale
As at 31 December 2013, the assets held for sale are as follows:
Group and Company
2013
2012
Note
RM’000
RM’000
Takaful Operator
At 1 January
Settlement for asset held for sale
Transferred from investment properties
4
1,340 (1,340)
1,730
1,340
At 31 December
1,730 1,340
Family Takaful
At 1 January
4
1,360 (1,910)
2,810
668
(668)
1,360
At 31 December
2,260 1,360
General Takaful
At 1 January
4
540 (540)
2,850
540
At 31 December
2,850 540
Group / Company
At 1 January
Transferred from property and equipment
3
4
3,240 (3,790)
1,260
6,130
668
(668)
3,240
At 31 December
6,840 3,240
The carrying value of investment properties is the same as its carrying value before being reclassified to current assets.
15. Share capital and reserves
Takaful Operator / Group / Company
Number of
Number of
Amount
shares
Amount
shares
2013201320122012
RM’000
’000
RM’000
’000
Authorised
Ordinary shares of RM1.00 each
Issued and fully paid
Ordinary shares of RM1.00 each 500,000 500,000 500,000 500,000
162,817 162,817 162,817 162,817
151
15. Share capital and reserves (continued)
Ordinary shares
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Company.
Share premium
Share premium comprises the premium paid on subscription of shares in the Company over and above the par value of the shares.
Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.
Fair value reserve
The fair value reserve comprises the cumulative net change in the fair value of available-for-sale financial assets recognised in other
comprehensive income until the investments are derecognised or impaired.
Revaluation reserve
The revaluation reserve relates to the revaluation of land and buildings.
LTIP (Long Term Incentive Plan) reserve
The LTIP reserve comprises the cumulative value of employee services received for the issue of Restricted Share Plan and Performance Share
Plan. When the LTIP is exercised, the amount from the LTIP reserve is transferred to share premium. When the LTIP expires, the amount from
the LTIP reserve is transferred to retained earnings. LTIP is disclosed in note 16.
Retained earnings
The Company may distribute single tier exempt dividend to its shareholders out of its retained earnings. Pursuant to Section 60(1) of the
IFSA, the Company is required to obtain Bank Negara Malaysia’s written approval prior to declaring or paying any dividend with effect from
financial year beginning 1 January 2014.
Pursuant to the RBC Framework for Takaful Operator, the Company shall not pay dividends if its Capital Adequacy Ratio position is less than
its internal target capital level or if the payment of dividend would impair its Capital Adequacy Ratio position to below its internal target.
16. Employee benefits
Share-based payments arrangement
At the Extraordinary General Meeting held on 24 July 2013, the Company’s shareholders approved the establishment of a Long Term Incentive
Plan (LTIP), which comprises a Restricted Share Plan (RSP) and a Performance Share Plan (PSP), of not more than 10% of issued and paidup share capital of the Company (excluding treasury shares) to eligible employees and executive director of the Company. The LTIP was
effected on 20 August 2013 following the submission of the By-Laws for the LTIP to Bursa Malaysia Securities Berhad, the receipt of all required
approvals and the compliance with the requirements pertaining to the LTIP.
152
16. Employee benefits (continued)
Share-based payments arrangement (continued)
The salient features of the LTIP are, inter alia, as follows:
i)
The RSP is a restricted share plan for selected key employees and the executive director of the Group. The RSP Grant is intended as a
one-off grant, subject to the discretion of the LTIP Committee for future grants, to retain key employees for the development, growth
and success of the Group. The RSP will be vested to the RSP Grantees at no consideration over a period of up to three (3) years pro-rata
which may include additional holding periods for each vesting as determined by the LTIP committee, whereby selected employees will
be assessed based on, amongst others, the individual performance and achievement, which may include but are not limited to, profit
after zakat and taxation and / or other financial measures as may be relevant, in accordance with terms and conditions stipulated and
determined by the LTIP Committee in its discretion. The LTIP Committee is a committee established by the Board to implement and
administer the LTIP in accordance with the LTIP By-Laws.
ii)
The PSP is a performance share plan for selected key employees and the executive director of the Group. The PSP Grant is an annual
grant to incentivise key employees for the long-term success and growth of the Group as well as shareholders’ value enhancement. The
PSP will be vested to the RSP Grantees at no consideration over a period of up to three (3) years cliff vesting schedule whereby selected
employees will be assessed based on, amongst others, the total shareholders’ return, which is the improvement in stock price including
dividends paid, and the long-term financial performance of the Company over a period of three (3) financial years, or such other period
of time should the LTIP Committee choose to do so, in accordance with terms and conditions stipulated and determined by the LTIP
Committee in its discretion.
iii) Eligible employees are those executives (including executive director) of the Group (other than subsidiaries which are dormant)
who have attained the age of 18 years; entered into a full-time or fixed-term contract of employment with and is on the payroll of a
company within the Group; have not served notice of resignation or received notice of termination on the date of the offer; whose
service / employment have been confirmed in writing; and have fulfilled other eligibility criteria which has been determined by the LTIP
Committee at its sole and absolute discretion from time to time.
iv) The total number of Takaful Malaysia Shares to be offered to any one of the employees and / or to be vested in any one of the grantees
shall not be more than 10% of the Takaful Malaysia Shares made available under the LTIP and shall not either singly or collectively
through persons connected with the said employee, holds 20% or more of the Company’s issued and paid up share capital.
v)
The maximum number of Takaful Malaysia Shares to be allotted and issued under LTIP shall not be more than in aggregate 10% of the
issued and paid-up ordinary share capital of the Company at any point in time during the duration of the LTIP.
vi) The LTIP shall be in force for a period of ten (10) years from the effective date of implementation of the LTIP.
vii) The new Takaful Malaysia Shares to be allotted and issued pursuant to the LTIP shall, upon allotment and issuance, rank pari passu
in all respects with the then existing issued Takaful Malaysia Shares and shall be entitled to any rights, dividends, allotments and / or
distributions attached thereto and / or which may declared, made or paid to the Company’s shareholders, provided that the relevant
allotment date of such new shares is before the record date (as defined in the LTIP By-Laws) for any right, allotment or distribution.
viii) If the LTIP Committee so decides (but not otherwise), in the event of any alteration in the capital structure of the Company during the
duration of the LTIP, such corresponding alterations (if any) may be made in the number of unvested Takaful Malaysia Shares and / or the
method and / or manner in the vesting of the Takaful Malaysia Shares comprised in a grant.
153
16. Employee benefits (continued)
During the year, the number of the shares granted are as follows:
RestrictedPerformance
Shares
Shares
Number of
Number of
sharesshares Total
’000’000’000
At 1 January, 2013
Granted during the year
-
607
-
724 1,331
Outstanding at 31 December, 2013
607
724 1,331
The fair value of services received in return for Restricted Shares and Performance Shares granted are based on the fair value of Restricted
Shares and Performance Shares granted respectively, measured using Monte Carlo Simulation, with the following inputs:
Restricted
Performance
shares
shares
Fair value and assumption
2013
2013
Fair value at grant date
7.194
6.996
Weighted average share price
7.194
6.996
7.755
7.755
Share price at grant date
Expected volatility (weighted average volatility)
34.30%
34.30%
Option life (expected weighted average life)
3
3
0.0384
0.0384
Expected dividends
Risk-free interest rate (based on Malaysian government bonds) 3.30% to 3.52%
3.43%
Value of employee services received for issue of shares
Group and Company
RestrictedPerformance
shares
share
Total
RM’000RM’000RM’000
Expense recognised as share-based payments Shares granted in 2013
154
1,148 868 2,016
17. Qardh payables
Group
2013
2012
RM’000
RM’000
Family Takaful
At 1 January
Increase / (Decrease) during the year
10,398 11,458
1,172
11,398
(592)
(408)
At 31 December
23,028 10,398
General Takaful
At 1 January
Increase / (Decrease) during the year
23,888 -
1,746
20,798
3,866
(776)
At 31 December
25,634 23,888
18. Takaful contract liabilities
The takaful contract liabilities comprise the following:
GroupCompany
2013201220132012
Family Takaful
(a)
(c)
General Takaful
Provision for unearned contributions
(a)
(b)
(c)
195,807
4,554,923
148,565 4,254,771 176,375
4,282,474
140,673
3,958,110
4,750,730 4,403,336 4,458,849 4,098,783
665,467
296,425
219,124
584,509 295,439 220,795 633,291
280,111
213,801
545,389
279,351
217,693
1,181,016 1,100,743 1,127,203 1,042,433
Group / Company
(a)
861,274
733,074 809,666
686,062
Provision for unearned contributions
(b)
296,425
295,439 280,111
279,351
(c)
4,735,952
4,434,586 4,458,180
4,134,823
5,893,651 5,463,099 5,547,957 5,100,236
155
18. Takaful contract liabilities (continued)
(a) Provision for outstanding claims
The provision for outstanding claims and its movements are further analysed as follows:
<-------------------------------------------------------------- Group------------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
Provision for claims
reported by participants
Provision for IBNR
40,150
155,657
(2,278)
(32,845)
37,872
122,812
28,387 120,178 (3,707)
(14,964)
24,680
105,214
Provision for
outstanding claims
195,807 (35,123) 160,684 148,565 (18,671)
129,894
General Takaful
Provision for IBNR
433,215
232,252
(291,300)
(80,970)
141,915
151,282
389,557 194,952 (221,036)
(61,443)
168,521
133,509
Provision for
outstanding claims
665,467 (372,270)
293,197 584,509 (282,479)
302,030
Group
Provision for IBNR
473,365
387,909
(293,578)
(113,815)
179,787
274,094
417,944 315,130 (224,743)
(76,407)
193,201
238,723
Provision for
outstanding claims
861,274 (407,393) 453,881 733,074 (301,150)
431,924
<------------------------------------------------------------ Company ---------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
Provision for IBNR
26,139
150,236
(1,568)
(32,053)
24,571
118,183
25,386 115,287 (2,854)
(14,721)
22,532
100,566
Provision for
outstanding claims
176,375
(33,621) 142,754 140,673 (17,575)
123,098
General Takaful
Provision for IBNR
407,039
226,252
(277,129)
(80,316)
129,910
145,936
356,014 189,375 (204,619)
(60,835)
151,395
128,540
Provision for
outstanding claims
633,291 (357,445)
275,846 545,389 (265,454)
279,935
Company
Provision for IBNR
433,178
376,488
(278,697)
(112,369)
154,481
264,119
381,400 304,662 (207,473)
(75,556)
173,927
229,106
809,666 (391,066)
418,600 686,062 (283,029)
403,033
Provision for
outstanding claims
156
(a) Provision for outstanding claims (continued)
Movement of provision for outstanding claims:
<----------------------------------------------------------- Group------------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
NoteRM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
At 1 January
28
Claims incurred
during the year
Claims paid
during the year
28
Increase in IBNR
exchange rates
At 31 December
28
General Takaful
At 1 January
28
Claims incurred
during the year
Adjustment to claims
incurred in prior
accident years
Claims paid
during the year
28
Increase in IBNR
exchange rates
At 31 December
28
Group
At 1 January
28
Claims incurred
during the year
incurred in prior
accident years
Claims paid
during the year
28
Increase in IBNR
exchange rates
At 31 December
28
148,565
(18,671)
129,894 102,681 (8,002)
94,679
618,967
(45,815)
573,152 482,686 (31,992)
450,694
(607,451)
35,479
47,009
(17,881)
(560,442) 17,598
(484,087)
47,734 29,475 (8,241)
(454,612)
39,493
247
235
482 (449)
89 (360)
195,807
(35,123) 160,684 148,565 (18,671)
129,894
584,509
(282,479)
302,030 531,501 (254,017)
277,484
313,703
(179,774)
133,929 196,791 (49,523)
147,268
(91,255)
74,157
(17,098) (18,639)
15,631 (3,008)
(176,055)
37,300
32,834
(19,633)
(143,221)
17,667
(173,590)
51,093 26,523 (22,800)
(147,067)
28,293
(2,735)
2,625
(110) (2,647)
1,707 (940)
665,467
(372,270) 293,197 584,509 (282,479)
302,030
733,074
(301,150)
431,924 634,182 (262,019)
372,163
918,583
(225,695)
692,888 675,824 (81,515)
594,309
(91,255)
74,157
(17,098) (18,639)
15,631 (3,008)
(769,419)
72,779
79,843
(37,408)
(689,576)
35,371
(654,024)
98,827 55,998 (31,041)
(598,026)
67,786
(2,488)
2,860
372 (3,096)
1,796 (1,300)
861,274
(407,393)
453,881
733,074 (301,150)
431,924
157
(a) Provision for outstanding claims (continued)
<--------------------------------------------------------- Company ---------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
Family Takaful
At 1 January
28
Claims incurred
during the year
Claims paid
during the year
28
Increase in IBNR
At 31 December
28
(17,575)
123,098
93,693 (7,045)
86,648
541,505
(35,555)
505,950 415,213 (21,507)
393,706
(540,752)
34,949
36,841
(17,332)
(503,911) 17,617
(415,977)
47,744 19,349 (8,372)
(396,628)
39,372
176,375
(33,621) 142,754 140,673 (17,575)
123,098
545,389
(265,454)
279,935
477,281 (227,776)
249,505
299,608
(175,963)
123,645 187,837 (53,553)
134,284
General Takaful
At 1 January
28
Claims incurred
during the year
incurred in prior
accident years
Claims paid
during the year
28
Increase in IBNR
(91,255)
74,157
(17,098) (18,639)
15,631 (3,008)
(157,328)
36,877
29,296
(19,481)
(128,032)
17,396
(153,229)
52,139 23,382 (23,138)
(129,847)
29,001
At 31 December
633,291 (357,445)
275,846 545,389 (265,454)
279,935
686,062
(283,029)
403,033 570,974 (234,821)
336,153
829,670
(211,518)
618,152 599,397 (75,060)
524,337
28
Company
At 1 January
28
Claims incurred
during the year
incurred in prior
accident years
Claims paid
during the year
28
Increase in IBNR
(91,255)
74,157
(17,098) (18,639)
15,631 (3,008)
(686,637)
71,826
66,137
(36,813)
(620,500) 35,013 (565,553)
99,883 42,731 (31,510)
(522,822)
68,373
At 31 December
809,666 (391,066) 418,600 686,062 (283,029)
403,033
28
158
140,673
(b) Provision for unearned contributions
The provision for unearned contributions and its movements are further analysed as follows:
<----------------------------------------------------------- Group------------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful / Group
Provision for unearned
contributions
296,425
(80,200)
216,225
295,439 (72,297)
223,142
<---------------------------------------------------------- Company --------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful / Company
Provision for unearned
contributions
280,111
(77,545)
202,566
279,351 (69,745)
209,606
Movement of provision for unearned contributions:
<------------------------------------------------------------ Group ----------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
General Takaful
At 1 January
Contributions written
during the year
23
Contributions earned
during the year
23
exchange rates
At 31 December
Group
At 1 January
during the year
23
during the year
23
exchange rates
At 31 December
295,439
(72,297)
223,142
352,154 (88,597)
263,557
428,406
(141,347)
287,059
401,437 (105,688)
295,749
(424,992)
132,969
(292,023)
(457,129)
121,955 (335,174)
(2,428)
475
(1,953)
(1,023)
33 (990)
296,425
(80,200) 216,225 295,439 (72,297)
223,142
295,439
(72,297)
223,142
352,154 (88,597)
263,557
427,808
(141,347)
286,461
400,960 (105,688)
295,272
(424,394)
132,969
(291,425)
(456,652)
121,955 (334,697)
(2,428)
475
(1,953)
(1,023)
33 (990)
216,225
295,439 (72,297)
223,142
296,425 (80,200) SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
159
(b) Provision for unearned contributions (continued)
<----------------------------------------------------------- Company -------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
General Takaful
At 1 January
during the year
23
during the year
23
At 31 December
279,351
(69,745)
209,606
327,063 (85,326)
241,737
386,635
(134,271)
252,364
349,547 (97,408)
252,139
(385,875)
126,471
(259,404)
(397,259)
112,989 (284,270)
280,111 (77,545) 202,566 279,351 (69,745)
209,606
279,351
(69,745)
209,606
327,063 (85,326)
241,737
Company
At 1 January
during the year
23
during the year
23
386,037
(134,271)
251,766
349,070 (97,408)
251,662
(385,277)
126,471
(258,806)
(396,782)
112,989 (283,793)
At 31 December
280,111 (77,545) 202,566 279,351 (69,745)
209,606
(c) Participants’ fund
Participants’ fund balance at end of the reporting period comprise the following:
<------------------------------------------------------------ Group ----------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
Unallocated surplus /
accumulated surplus
AFS reserve
Translation reserve
Net assets value
attributable to unitholders
160
3,708,819
(148,340)
3,560,479
3,274,935 (63,856)
3,211,079
699,984
(2,177)
1,238
-
-
-
699,984
(2,177)
1,238
681,054 97,326 359 -
-
-
681,054
97,326
359
147,059 -
147,059
201,097 -
201,097
4,406,583
4,254,771 (63,856)
4,190,915
4,554,923 (148,340) General Takaful
accumulated surplus
AFS reserve
Translation reserve
215,677
3,556
(109)
-
-
-
215,677
3,556
(109)
209,283 10,464 1,048 -
-
-
209,283
10,464
1,048
219,124 -
219,124 220,795 -
220,795
(c) Participants’ fund (continued)
<--------------------------------------------------------------- Group ----------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Group
accumulated surplus
AFS reserve
Translation reserve
Net assets value
3,708,819
(148,340)
3,560,479
3,274,935 (63,856)
3,211,079
915,661 1,379
1,129
-
-
-
915,661
1,379
1,129
890,337 107,790 1,407 -
-
-
890,337
107,790
1,407
108,964 -
108,964
160,117 -
160,117
4,587,612 4,434,586 (63,856)
4,370,730
4,735,952 (148,340) <------------------------------------------------------------- Company --------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
accumulated surplus
AFS reserve
Net assets value
3,498,433
(142,240)
3,356,193
3,061,645 (58,161)
3,003,484
699,984
8,465
-
-
699,984
8,465
675,594 98,215 -
-
675,594
98,215
75,592 -
75,592
122,656 -
122,656
4,282,474 (142,240)
4,140,234 3,958,110 (58,161)
3,899,949
General Takaful
accumulated surplus
AFS reserve
210,101
3,700
-
-
210,101
3,700
207,320 10,373 -
-
207,320
10,373
213,801 -
213,801 217,693 -
217,693
3,498,433
(142,240)
3,356,193
3,086,592 (58,161)
3,028,431
910,085
12,165
-
-
910,085
12,165
857,967 108,588 -
-
857,967
108,588
37,497
-
37,497
81,676 -
81,676
4,315,940 4,134,823 (58,161)
4,076,662
Company
accumulated surplus
AFS reserve
Net assets value
4,458,180 (142,240) SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
161
The participants’ fund movements are analysed as follows:
<--------------------------------------------------------------- Group ------------------------------------------------------>
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
At 1 January
Investment income
Fees deducted (net)
Profit paid to participants
Increase in actuarial liabilities
Profit attributable
to the Takaful Operator
Excess payment transferred
to participants
Change in AFS reserve
Withholding tax
exchange rates
At 31 December
General Takaful
At 1 January
Investment income
Fees deducted (net)
Profit attributable
Withholding tax
exchange rates
At 31 December
162
4,254,771 1,098,994 181,023 117,092 9,025 1,133 (654,446)
(245,834)
(8,796)
(762)
38,482 (92,464)
7,067 (99,503)
(3,417)
(63,856)
(51,952)
- - - - 63,696 - - - (85,501)
4,190,915
1,047,042
181,023
117,092
9,025
1,133 (590,750)
(245,834)
(8,796)
(762)
(47,019)
3,935,483 987,661 186,381 98,082 10,634 6,587 (530,420)
(195,496)
(12,722)
(2,330)
(14,309)
(64,808)
(46,869)
-
-
-
-
40,233 -
-
-
489 3,870,675
940,792
186,381
98,082
10,634
6,587
(490,187)
(195,496)
(12,722)
(2,330)
(13,820)
(11,745)
(104,209)
(135,816)
6,636 (129,180)
7,067
(99,503)
(3,417)
-
(13,384)
(41,036)
-
-
-
(13,384)
(41,036)
- - - (47,442)
1,018 (46,424)
(24,544)
463 (24,081)
4,554,923 (148,340)
4,406,583
4,254,771 (63,856)
4,190,915
220,795 292,023
30,877
15,844
596
1,798
(134,498)
(116,324)
(2,985)
(30,877)
184,039 335,174 31,031 13,508 (306)
5,675 (172,553)
(80,600)
(5,319)
(27,558)
-
-
-
-
-
-
-
-
-
-
184,039
335,174
31,031
13,508
(306)
5,675
(172,553)
(80,600)
(5,319)
(27,558)
(49,447)
(6,908)
(613)
- - - (49,447)
(6,908)
(613)
(61,833)
1,084 (1,773)
-
-
-
(61,833)
1,084
(1,773)
(1,157)
- (1,157)
226 -
226
219,124 - 219,124 220,795 -
220,795
220,795 292,023 30,877 15,844 596 1,798 (134,498)
(116,324)
(2,985)
(30,877)
-
<--------------------------------------------------------------- Group ----------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Group
At 1 January
Investment income
Fees deducted (net)
Profit attributable
to participants
Withholding tax
exchange rates
At 31 December
4,434,586 1,391,017 211,900 132,936 9,621 2,931 (782,178)
(362,158)
(11,781)
(31,639)
38,482 (63,856)
(51,952)
- - - - 63,696 - - - (85,501)
4,370,730 1,339,065
211,900
132,936
9,621 2,931
(718,482)
(362,158)
(11,781)
(31,639)
(47,019)
4,081,300 1,322,835 217,412 111,590 10,328 12,262 (702,973)
(276,096)
(18,041)
(29,888)
(14,309)
(64,808)
(46,869)
-
-
-
-
40,233 -
-
-
489 4,016,492
1,275,966
217,412
111,590
10,328
12,262
(662,740)
(276,096)
(18,041)
(29,888)
(13,820)
(145,792)
(11,745)
(157,537)
(200,407)
6,636 (193,771)
7,067
(106,411)
(4,030)
-
(12,300)
(42,809)
-
-
-
(12,300)
(42,809)
7,067 (106,411)
(4,030)
- - - (48,599)
1,018 (47,581)
(24,318)
463 (23,855)
4,735,952 (148,340)
4,587,612
4,434,586 (63,856)
4,370,730
<------------------------------------------------------------- Company --------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
At 1 January
Investment income
Fees deducted (net)
Profit attributable
to participants
Withholding tax
At 31 December
3,958,110 978,839 170,831 108,016 11,808 1,096 (576,454)
(215,885)
(7,899)
(390)
37,409 (96,907)
7,067 (89,750)
(3,417)
4,282,474 (58,161)
(41,004)
- - - - 52,887 - - - (84,079)
3,899,949
937,835 170,831
108,016
11,808
1,096
(523,567)
(215,885)
(7,899)
(390)
(46,670)
3,660,092 862,722 165,218 92,909 10,256 5,514 (462,957)
(164,817)
(11,596)
(1,572)
(15,603)
(59,755)
(33,244)
-
-
-
-
29,879 -
-
-
1,594 3,600,337
829,478
165,218
92,909
10,256
5,514
(433,078)
(164,817)
(11,596)
(1,572)
(14,009)
(11,883)
(108,790)
(128,082)
3,365 (124,717)
7,067
(89,750)
(3,417)
-
(12,938)
(41,036)
-
-
-
(12,938)
(41,036)
4,140,234 3,958,110 (58,161)
3,899,949
- - - (142,240)
163
<------------------------------------------------------------ Company ---------------------------------------------------->
2013
2012
Gross Retakaful
Net
Gross Retakaful
Net
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful
At 1 January
Investment income
Fees deducted (net)
Profit attributable
Withholding tax
At 31 December
Company
At 1 January
Investment income
Fees deducted (net)
Profit attributable
to participants
Withholding tax
At 31 December
164
217,693 259,404 29,824 15,641 596 1,267 (123,943)
(97,867)
(2,898)
(30,655)
217,693
259,404
29,824 15,641
596
1,267
(123,943)
(97,867)
(2,898)
(30,655)
199,469 284,270 30,164 13,358 (306)
4,953 (160,277)
(57,430)
(3,732)
(27,558)
-
-
-
-
-
-
-
-
-
-
199,469
284,270
30,164
13,358
(306)
4,953
(160,277)
(57,430)
(3,732)
(27,558)
(47,975)
(6,673)
(613)
- - - (47,975)
(6,673)
(613)
(64,466)
(1,773)
1,021 -
-
-
(64,466)
(1,773)
1,021
213,801 - 213,801
217,693 -
217,693
4,134,823 1,238,243 200,655 123,657 12,404 2,363 (693,631)
(313,752)
(10,797)
(31,045)
37,409 (58,161)
(41,004)
- - - - 52,887 - - - (84,079)
4,076,662
1,197,239
200,655 123,657
12,404
2,363
(640,744)
(313,752)
(10,797)
(31,045)
(46,670)
3,821,339 1,146,992 195,382 106,267 9,950 10,467 (623,234)
(222,247)
(15,328)
(29,130)
(15,603)
(59,755)
(33,244)
-
-
-
-
29,879 -
-
-
1,594 3,761,584
1,113,748
195,382
106,267
9,950
10,467
(593,355)
(222,247)
(15,328)
(29,130)
(14,009)
(148,763)
(11,883)
(160,646)
(195,306)
3,365 (191,941)
7,067
(96,423)
(4,030)
-
(11,917)
(42,809)
-
-
-
(11,917)
(42,809)
4,315,940 4,134,823 (58,161)
4,076,662
7,067 (96,423)
(4,030)
4,458,180 -
- - - (142,240)
19. Expense reserves
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
At 1 January
Provision for the year, net
At 31 December
20. Takaful payables
89,486
42,770
(734)
19,739 70,110 (363)
84,973
42,306
-
15,758
69,215
-
131,522 89,486 127,279 84,973
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Family Takaful
Due to retakaful companies
Due to intermediaries / participants
17,941
7,918
11,674 8,827 14,807
7,918
6,491
8,827
25,859 20,501 22,725 15,318
General Takaful
43,418
6,151
20,069 2,556 42,298
6,151
17,949
2,556
49,569 22,625 48,449 20,505
Group / Company
61,359
14,069
31,743 11,383 57,105
14,069
24,440
11,383
75,428 43,126 71,174 35,823
165
21. Other payables
GroupCompany
2013201220132012
Takaful Operator
Deposit payable
Outstanding purchases of investment securities
Due to Family Takaful Fund
10
Due to General Takaful Fund
10
Zakat payable
Other payables and accruals
272
1,207
10,491
6,101
1,505
71,791
294 1,552 -
5,263 1,211 76,211 272
1,207
-
-
1,009
64,378
294
1,552
789
70,045
91,367 84,531 66,866 72,680
Family Takaful
Advanced takaful contribution
Deposit payable
Profit payable to participants
Unclaimed monies
Due to Takaful Operator
10
Due to General Takaful Fund
10
4,325
6,081
1,193
659
6,542
25,661
2,540
76,786
9,215 1,828 1,028 14,544 7,605 34,390 12,631 75,193 4,325
1,963
16
659
6,542
25,661
2,540
76,550
7,178
1,828
31
14,544
7,605
27,761
12,631
73,579
123,787 156,434 118,256 145,157
General Takaful
Deposit payable
Due to Takaful Operator
10
6,610
328
2,038
2,481
9,746
46,058
5,099 313 2,583 1,569 14,161 37,767 6,610
328
1,670
2,481
9,746
44,264
5,099
313
2,315
1,569
13,970
37,037
67,261 61,492 65,099 60,303
Group / Company
Deposit payable
Unclaimed monies
Zakat payable
10,935
6,681
3,231
659
10,230
1,505
194,635
14,314 2,435 3,611 14,544 10,726 1,211 189,172 10,935
2,563
1,686
659
10,230
1,009
185,192
12,277
2,435
2,346
14,544
10,726
789
180,661
227,876 236,013 212,274 223,778
166
22. Operating revenue
GroupCompany
2013201220132012
Takaful Operator
Investment income
24
24,529
19,456 21,669
17,000
Family Takaful
Gross contributions Investment income
23
24
1,052,493
181,023
973,005 186,381 932,169
170,831
848,711
165,218
1,233,516 1,159,386 1,103,000 1,013,929
428,406
30,877
401,437 31,031 386,635
29,824
349,547
30,164
459,283 432,468 416,459 379,711
1,480,301
232,705
1,373,965 233,569 1,318,206
219,175
1,197,781
209,708
1,713,006 1,607,534 1,537,381 1,407,489
General Takaful
23
24
Group / Company
23
24
23. Net earned contributions
GroupCompany
2013201220132012
Family Takaful
(i) Gross contributions
22
Change in actuarial reserves / unearned
contributions reserves
1,052,493 973,005 932,169
848,711
46,501
14,656 46,670
14,011
1,098,994 987,661 978,839 862,722
(ii) Retakaful
(51,952)
(45,798)
(41,004)
(33,244)
-
(1,071)
-
-
Contributions ceded to retakaful
(51,952) (46,869)
(41,004) (33,244)
1,047,042 940,792 937,835 829,478
(iii) Net earned contributions
167
23. Net earned contributions (continued)
GroupCompany
2013201220132012
General Takaful
18(b), 22
428,406
401,437 386,635
349,547
(3,414)
55,692 (760)
47,712
18(b)
424,992 457,129 385,875 397,259
18(b)
(ii) Retakaful
(141,347)
(105,688)
(134,271)
(97,408)
8,378
(16,267)
7,800
(15,581)
(132,969) (121,955)
(126,471) (112,989)
292,023 335,174 259,404 284,270
1,480,301
1,373,965 1,318,206
1,197,781
43,087
70,348 45,910
61,723
1,523,388 1,444,313 1,364,116 1,259,504
(ii) Retakaful
(193,299)
(151,486)
(175,275)
(130,652)
8,378
(17,338)
7,800
(15,581)
(184,921) (168,824)
(167,475) (146,233)
1,338,467 1,275,489 1,196,641 1,113,271
18(b)
Group / Company
22
168
24. Investment income
GroupCompany
2013201220132012
Takaful Operator
Rental income from investment properties
4
Dividend income
- Equity securities
- quoted outside Malaysia
Profit income
- Islamic debt securities
AFS financial assets
Dividend income
- Equity securities - quoted in Malaysia
- Unit trusts
Profit income
-
- Malaysian Government Islamic papers
Amortisation of premiums, net of accretion of discounts
Profit income - Islamic debt securities
LAR profit income
Cash and cash equivalents profit income
Investment expenses
Total investment income
22
642 742 642 737
272 - - -
172 - - -
2,121 5
1,458 1,603 - 619 2,121 - 1,458 1,603
619
3,1192,9153,1192,915
10,934 8,085 10,837 8,085
408 404 408 404
(1,104)
(513)
(1,104)
(513)
121 5,349 1,317 (285)
466 4,290 1,425 (580)
24,529 19,456 - 4,457 16 (285)
21,669 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
3,717
13
(580)
17,000
169
24. Investment income (continued)
GroupCompany
2013201220132012
Family Takaful
4
Dividend income
Profit income
Dividend income
- Unit trusts
Profit income
-
LAR profit income
Investment expenses
170
22
7,320 8,821 6,709 8,172
1,255 1,470 1,255 1,470
4,638 13,042 802 776
17,001 3,903 12,802 1,087 17,001 3,903 12,802
1,087
9,5089,0599,5089,059
88,532 95,064 87,781 91,017
18,059 19,644 18,059 19,644
(5,495)
(4,453)
(5,495)
(4,453)
10,206 4,368 (275)
21,310 3,548 (2,855)
6,647 4,369 (178)
17,041 3,623 (1,657)
9,095 4,368 (29)
20,660 69 (2,855)
6,464
4,369
5
16,406
57
(1,657)
181,023 186,381 170,831 165,218
GroupCompany
2013201220132012
General Takaful
4
Dividend income
- Equity securities
- quoted in Malaysia
- Unit trusts
Profit income
-
LAR profit income
Investment expenses
22
783
1,032 783
1,032
3,461
525
3,022 181 3,461
525
3,022
181
1,8451,7641,8451,764
17,108
17,330 17,108
17,330
3,066
3,653 3,066
3,653
(2,017)
(1,858)
(2,017)
(1,858)
271
1,279
(47)
4,220
592
(209)
181 1,280 (45)
4,416 619 (544)
-
1,279
(47)
4,007
23
(209)
1,280
(45)
4,326
23
(544)
30,877 31,031 29,824 30,164
171
GroupCompany
2013201220132012
Group / Company
4
Dividend income
- Equity securities
Profit income
Dividend income
- Equity securities
- Unit trusts
Profit income
-
LAR profit income
Investment expenses
172
22
3,087
4,901 3,051
4,872
1,255
272
1,470 -
1,255
-
1,470
-
4,810
13,042 802
776
22,583
5
5,886
17,427 -
1,887 22,583
-
5,886
17,427
1,887
14,47213,73814,47213,738
116,574
120,479 115,726
116,432
21,533
23,701 21,533
23,701
(8,616)
(6,824)
(8,616)
(6,824)
10,598
5,647
(322)
30,879
5,457
(1,415)
7,294 5,649 (223)
25,747 5,667 (386)
9,095
5,647
(76)
29,124
108
(1,415)
6,464
5,649
(40)
24,449
93
(386)
232,705
233,569 219,175 209,708
25. Realised gains and (losses)
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Takaful Operator
Realised gains / (losses):
391
159 147
126
27
-
27
-
7,417
166
5,882 133 7,417
-
5,882
-
1,969
377
1,492 412 1,969
-
1,492
-
1,151
-
163
1,410 74 137 1,151
-
163
1,410
137
155
-
155
-
11,398
9,540 10,855 8,921
11,816 9,699 11,029 9,047
Family Takaful
-
(72)
-
(72)
Asset held for sale
(691)
-
(691)
-
61,236
-
37,632 79 61,236
-
37,632
-
2,729
9,076
3,522 4,308 2,729
-
3,522
-
40,065
-
4,677
50,702 786 1,125 40,065
-
4,677
50,702
1,125
117,783 98,154 108,707 92,981
117,092 98,082 108,016 92,909
Asset held for sale
Equity securities
Unit trusts
- unquoted in Malaysia
- unquoted outside Malaysia
Investment units in commodity, equity and fixed
income closed end fund
Equity securities
Unit trusts
173
25. Realised gains and (losses) (continued)
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
General Takaful
Asset held for sale
(16)
-
(16)
-
11,517
8,036 11,517
8,036
859
203
391 150 859
-
391
-
2,544
737
4,733 198 2,544
737
4,733
198
15,860
13,508
15,657
13,358
15,844 13,508 15,641 13,358
Group / Company
391
159 147
126
-
(72)
-
(72)
Asset held for sale
(680)
-
(680)
-
80,170
166
51,550 212 80,170
-
51,550
-
5,557
9,656
5,405 4,870 5,557
-
5,405
-
43,760
-
5,577
56,845 860 1,460 43,760
-
5,577
56,845
1,460
144,886 121,202 135,064 115,260
144,597 121,289 134,531 115,314
Equity securities
Unit trusts
Equity securities
Unit trusts
174
26. Fair value gains and (losses)
GroupCompany
2013201220132012
Takaful Operator
Fair value gains / (losses) arising from:
4
317 FVTPL financial assets
Equity securities
(334)
845 - 840
- - -
(178)
- - -
(512)
-
- -
(195)
-
840
845
Family Takaful
4
4,938
4,300 3,032
Equity securities
Commodity, equity and fixed income closed end fund
3,775
7,551
(1,297)
3,922 -
7,551
-
3,922
-
(3,392)
(403)
-
1,628
-
(46)
(147)
2,605 -
(403)
-
1,628
(46)
2,605
4,087 6,334 8,776 6,481
9,025 10,634 11,808 10,256
596
(306)
596
(306)
General Takaful
4
175
26. Fair value gains and (losses) (continued)
GroupCompany
2013201220132012
Group / Company
4
Equity securities
Commodity, equity and fixed income closed end fund
27. Other operating income
6,101
2,257 5,754
2,315
7,551
(1,631)
3,922 -
7,551
-
3,922
-
(3,570)
(403)
-
1,628
-
(46)
(147)
2,605 -
(403)
-
1,628
(46)
2,605
3,575 6,334 8,776 6,481
9,676 8,591 14,530 8,796
GroupCompany
2013201220132012
Takaful Operator
Income from Family Takaful business,
service charge and management fees
Writeback of allowance for impaired financing
Miscellaneous income 11,090
8
853
8,072 849 1,931 6,755
227
-
6,571
570
-
11,951 10,852 6,982 7,141
Family Takaful
Recovery of bad debts written off
Writeback of allowance for impaired debts 39.4
Miscellaneous income -
1,120
-
13
518 1,666 643 3,760 -
1,096
-
-
518
1,591
643
2,762
1,133 6,587 1,096 5,514
General Takaful
Miscellaneous income -
1,241
-
557
7
2,540 643 2,485 -
1,267
-
-
7
2,543
643
1,760
1,798 5,675 1,267 4,953
176
27. Other operating income (continued)
GroupCompany
2013201220132012
Group / Company
Income from Family Takaful business, service charge
and management fees
Miscellaneous income 1,691
-
2,361
8
1,423
1,501 525 4,206 2,135 8,176 -
-
2,363
227
-
525
4,134
1,856
4,522
5,483 16,543 2,590 11,037
28. Net benefits and claims
GroupCompany
2013201220132012
Family Takaful
Gross benefits / claims paid
Retakaful recoveries
18(a)
18(a)
Net benefits / claims paid
(607,451)
47,009
(484,087)
29,475 (540,752)
36,841
(415,977)
19,349
(560,442) (454,612)
(503,911) (396,628)
Gross change in contract liabilities:
At 31 December
18(a) (195,807)(148,565)(176,375)(140,673)
Less:
At 1 January
18(a)
(148,565)
(102,681)
(140,673)
(93,693)
247
(449)
-
Change in contract liabilities ceded to v retakaful companies:
At 31 December
18(a)
Less:
At 1 January
18(a)
(46,995) (46,333)
(35,702) (46,980)
35,123
18,671 33,621
17,575
18,671
235
8,002 89 17,575
-
7,045
-
16,687 10,758 16,046 10,530
(590,750) (490,187)
(523,567) (433,078)
177
28. Net benefits and claims (continued)
GroupCompany
2013201220132012
General Takaful
18(a)
18(a)
(176,055)
32,834
(173,590)
26,523 (157,328)
29,296
(153,229)
23,382
143,221 (147,067)
(128,032) (129,847)
At 31 December
18(a) (665,467)(584,509)(633,291)(545,389)
Less:
At 1 January
18(a) (584,509)(531,501)(545,389)(477,281)
(2,735)
(2,647)
-
Change in contract liabilities ceded toretakaful companies:
At 31 December
18(a)
Less:
At 1 January
18(a)
(83,693)
(55,655)
(87,902) (68,108)
372,270
282,479 357,445
265,454
282,479
2,625
254,017 1,707 265,454
-
227,776
-
92,416 30,169 91,991 37,678
Group / Company
18(a)
18(a)
(134,498) (172,553)
(123,943) (160,277)
(769,419)
79,843
(654,024)
55,998 (686,637)
66,137
(565,553)
42,731
(689,576) (598,026)
(620,500) (522,822)
At 31 December
18(a) (861,274)(733,074)(809,666)(686,062)
Less:
At 1 January
18(a) (733,074)(634,182)(686,062)(570,974)
(2,488)
(3,096)
-
(130,688) (101,988)
(123,604) (115,088)
Change in contract liabilities ceded toretakaful companies:
At 31 December
18(a)
407,393
301,150 391,066
283,029
Less:
At 1 January
18(a)
301,150
262,019 283,029
234,821
2,860
1,796 -
109,103 40,927 108,037 48,208
(711,161) (659,087)
(636,067) (589,702)
178
29. Management expenses
GroupCompany
2013201220132012
Takaful Operator
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
5,468
977
3,907 806 5,383
696
3,550
783
105
304
117,379
14,174
133 205 102,811 12,553 68
168
97,098
14,038
4
193
83,506
12,315
138,407 120,415 117,451 100,351
3
Depreciation of property and equipment
Auditors’ remuneration
Company auditors
- Statutory audit
- Other services
Other auditors
- Statutory audit
License fees Legal fees
Professional fees
Rental of properties
Rental of equipments
Repair and maintenance
- property and equipment
Travelling expenses
Utilities
Communication costs
Advertising
Other expenses
9,499
11,308 7,956
9,934
572
20
547 60 572
20
547
60
121
220
192
15,956
7,522
1,256
96 191 251 13,612 8,057 1,403 -
154
123
14,530
5,429
1,251
191
181
12,600
5,611
1,396
8,302
3,241
1,823
6,338
3,455
39,388
9,221 3,968 2,030 6,437 4,347 26,096 7,472
2,914
929
4,892
1,754
36,340
7,647
3,557
998
4,672
2,677
20,812
97,905 87,624 84,336 70,883
Total management expenses
236,312 208,039 201,787 171,234
All management expenses are borne by the Takaful Operator.
179
29. Management expenses (continued)
GroupCompany
2013201220132012
Group / Company
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
5,468
977
3,907 806 5,383
696
3,550
783
105
304
116,781
14,174
133 205 102,334 12,553 68
168
96,500
14,038
4
193
83,029
12,315
137,809 119,938 116,853 99,874
Depreciation of property and equipment
3
Auditors’ remuneration
Company auditors
- Statutory audit
- Other services
Other auditors
- Statutory audit
License fees
Legal fees Professional fees
Rental of properties
Rental of equipments
Repair and maintenance
- property and equipment
Travelling expenses
Utilities
Communication costs
Advertising
Other expenses
13,574
15,161 11,241
13,059
572
20
547 60 572
20
547
60
121
220
192
15,956
1,864
1,256
96 191 251 13,612 2,363 1,403 -
154
123
14,530
346
1,251
191
181
12,600
542
1,396
8,302
3,241
1,823
6,338
3,455
39,388
9,221 3,968 2,030 6,437 4,347 26,096 7,472
2,914
929
4,892
1,754
36,338
7,647
3,557
998
4,672
2,677
20,812
96,322 85,783 82,536 68,939
Total management expenses
234,131 205,721 199,389 168,813
All management expenses are borne by the Takaful Operator.
180
30. Key management personnel compensation
The key management personnel compensation are as follows:
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Directors of the Company
Executive:
Salaries and other emoluments
Fees
Benefits-in-kind
5,067
66
91
3,541 3
15 5,049
-
91
3,458
7
5,224
3,559 5,140 3,465
Non-executive:
Other emoluments
Fees
Benefits-in-kind
401
911
193
366 803 12 334
696
192
92
783
-
1,505 1,181 1,222 875
Other key management personnel:
Short-term employment benefits
Benefits-in-kind
8,530
150
6,625 226 7,698
94
5,729
-
8,680 6,851 7,792 5,729
Total
15,409
11,591 14,154 10,069
The estimated monetary value of benefits-in-kind received by the Directors are RM284,000 (2012: RM27,000) and RM283,000 (2012: RM7,000)
at Group and Company level respectively.
181
31. Other operating expenses
GroupCompany
2013201220132012
Takaful Operator
Impairment of:
- Property and equipment
3
- Investment in subsidiaries
5
- AFS financial assets
- HTM financial assets
Write off of property and equipment
Qardh written off 12
Agency related expenses
Miscellaneous expenses
-
-
184
210
51
11,458
5,836
201
197 -
1,081 -
46 3,542 3,646 326 -
5,017
184
-
37
-
5,836
201
1,081
46
3,646
318
Family Takaful
Impairment of:
- Investment properties
4
Bad debts written off
17,940 8,838 11,275 5,091
-
1,418
251
7,127
26 5,523 -
7,173 -
889
251
6,759
26
5,523
6,047
8,796 12,722 7,899 11,596
General Takaful
Impairment of:
435
1,168
1,382
1,700 -
3,619 435
1,168
1,295
1,700
2,032
2,985 5,319 2,898 3,732
Group / Company
Impairment of:
- Property and equipment
3
- Investment properties
4
- Investment in subsidiaries
5
7(d)
- HTM financial assets
7(d)
Write off of property and equipment
Agency related expenses
6
-
-
2,037
210
1,419
51
5,836
8,670
848 26 -
8,304 -
-
46 3,646 10,819 -
-
5,017
1,508
-
1,419
37
5,836
8,215
479
26
8,304
46
3,646
8,098
18,229 23,689 22,032 20,599
182
32. Tax expense
GroupCompany
2013201220132012
Takaful Operator
Recognised in profit or loss
Current tax expense
Malaysian - current 51,988
44,847 52,045
44,847
Total current tax recognised in profit or loss
51,988 44,847 52,045 44,847
Deferred tax benefits
Deferred tax recognised in profit or loss
9
(8,727)
(20,321)
(10,495)
(20,261)
Total tax expense
43,261 24,526 41,550 24,586
Reconciliation of tax expense
Profit for the year
Zakat
Total income tax expense
132,949
1,517
43,261
101,590 1,000 24,526 138,881
1,268
41,550
103,294
789
24,586
177,727 127,116 181,699 128,669
Income tax using Malaysian tax rate of 25%
Effect of tax rates in foreign jurisdictions
Items not subject to tax
Non deductible expenses
43,491
531
(6,493)
5,732
31,779 (826)
(11,955)
5,528 45,425
-
(9,607)
5,732
32,167
(12,839)
5,258
Tax expense
43,261
24,526 41,550 24,586
9
839
939 839
939
9
-
450 -
-
9
839 1,389 839 939
Recognised directly in equity
Deferred tax
- Revaluation reserve
183
32. Tax expense (continued)
GroupCompany
2013201220132012
Group / Company
Recognised in profit or loss
Current tax expense
Malaysian - current 51,988
44,847 52,045
44,847
Total current tax recognised in profit or loss
51,988 44,847 52,045 44,847
9
(8,581)
(20,533)
(10,349)
(20,473)
Total tax expense
43,407 24,314 41,696 24,374
Reconciliation of tax expense
Profit for the year
Zakat Total income tax expense
134,380
1,517
43,407
100,144 1,000 24,314 139,318
1,268
41,696
102,657
789
24,374
179,304 125,458 182,282 127,820
Income tax using Malaysian tax rate of 25%
Effect of tax rates in foreign jurisdictions
Items not subject to tax
Non deductible expenses
43,637
531
(6,493)
5,732
31,365 (826)
(11,753)
5,528 45,571
-
(9,607)
5,732
31,955
(12,839)
5,258
Tax expense
43,407
24,314 41,696 24,374
Deferred tax benefits
Deferred tax recognised in profit or loss
Recognised directly in equity
Deferred tax
- Revaluation reserve
9
839
939 839
939
9
(146)
662 (146)
212
9
693 1,601 693 1,151
The existing Section 60AA of the Income Tax Act 1967 (ITA) does not provide deduction on commission expense incurred by Shareholders’ Fund
(also known as Takaful Operator).
Based on the recent amendment of Section 60AA of the Income Tax Act 1967 (ITA) pursuant to Finance Act 2014 (Act 761) gazetted on 23 January
2014, a tax deduction is only allowed on commission expenses incurred by Shareholders’ Fund in connection with the General Business. The
deductibility of commission payment relating to family business was not provided in the Finance Act 2014.
184
32. Tax expense (continued)
The Malaysian Takaful Association has presented the issue on non-deductibility of commission expenses incurred by the Shareholders’ Fund
in connection with Family business to Ministry of Finance (MOF) on 16 January 2014. The MOF noted the disparity of tax treatment on the said
commission expenses between takaful and conventional insurance and is currently assessing / studying the matter to determine the appropriate
tax treatment for the said commission expenses.
Based on the opinion of the Company’s tax agent, the Directors are of the view that the Group and the Company has reasonable ground to claim
the deduction of the said commission expenses. Accordingly, the Group and the Company continues to deduct the said commission expenses
in estimating the provision for income tax.
33. Other comprehensive income
<------------------------------------------------------------ Group --------------------------------------------------------->
2013 2012
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
to profit or loss
and equipment
- Gains arising during the year
- Realisation of revaluation
surplus arising from
disposal of property
and equipment Items that may be
to profit or loss
differences for foreign operations
financial assets
- Reclassification adjustments
for gain on disposal included
in profit or loss
2,808
146
2,954
6,874 (450)
6,424
(575)
-
(575)
-
-
-
2,233
146
2,379
6,874 (450)
6,424
(7,314)
-
(7,314)
(6,321)
-
(6,321)
14,119
(3,553)
10,566
13,384 (773)
12,611
(11,398)
2,714
(8,684)
(9,540)
(166)
(9,706)
(4,593)
(839) (5,432) (2,477)
(939)
(3,416)
(2,360) (693) (3,053) 4,397 (1,389)
3,008
185
33. Other comprehensive income (continued)
<------------------------------------------------------------- Group -------------------------------------------------------->
2013 2012
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
Family Takaful
Items that may be reclassified subsequently
to profit or loss
financial assets
for gain on disposal
included in profit or loss
General Takaful
to profit or loss
financial assets
186
(1,000)
-
(1,000)
17 -
17
18,280
-
18,280
84,770 -
84,770
(117,783)
-
(117,783)
(98,154)
-
(98,154)
99,303
-
99,303
13,641 -
13,641
(1,200) -
(1,200) 274 -
274
(2,861)
-
(2,861)
1,476 -
1,476
8,951
-
8,951
14,592 -
14,592
(15,860)
-
(15,860)
(13,508)
-
(13,508)
8,066
-
8,066
(2,259)
-
(2,259)
(1,704) -
(1,704) 301 -
301
<------------------------------------------------------------- Group -------------------------------------------------------->
2013 2012
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
Group
to profit or loss
- Realisation of revaluation
surplus arising from disposal
of property and equipment
to profit or loss
financial assets
6,636
146
6,782
13,960 (450)
13,510
(575)
-
(575)
-
-
-
(4,265)
-
(4,265)
(6,010)
(212)
(6,222)
1,796 146 1,942 7,950 (662)
7,288
(7,299)
-
(7,299)
(6,036)
-
(6,036)
14,119
(3,553)
10,566
13,384 (773)
12,611
(11,398)
2,714
(8,684)
(9,540)
(166)
(9,706)
(4,578) (839) (5,417) (2,192)
(939)
(3,131)
(2,782) (693) (3,475) 5,758 (1,601)
4,157
187
<------------------------------------------------------------ Company ----------------------------------------------------->
2013 2012
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Item that will not be
to profit or loss
126
-
126
56 -
56
126 -
126 56 -
56
14,211
(3,553)
10,658
12,675 (3,170)
9,505
(10,855)
2,714
(8,141)
(8,921)
2,231 (6,690)
to profit or loss
financial assets
3,356 (839) 2,517 3,754 (939)
2,815
3,482 (839) 2,643 3,810 (939)
2,871
Family Takaful
to profit or loss
financial assets
188
18,957
-
18,957
80,043 -
80,043
(108,707)
-
(108,707)
(92,981)
-
(92,981)
89,750
-
89,750
12,938 -
12,938
-
-
-
-
-
-
<--------------------------------------------------- Company ----------------------------------------------------->
2013 2012
Tax
Tax
Before (expense)/
Net
Before (expense)/
Net
tax
benefit
of tax
tax
benefit
of tax
RM’000RM’000RM’000RM’000RM’000RM’000
General Takaful
to profit or loss
financial assets
Company
to profit or loss
to profit or loss
financial assets
8,984
-
8,984
14,379 -
14,379
(15,657)
-
(15,657)
(13,358)
-
(13,358)
6,673
-
6,673
(1,021)
-
(1,021)
-
-
-
-
-
-
1,139
146
1,285
5,866 (212)
5,654
(1,596)
-
(1,596)
(4,961)
-
(4,961)
(457) 146 (311) 905 (212)
693
14,211
(3,553)
10,658
12,675 (3,170)
9,505
(10,855)
2,714
(8,141)
(8,921)
2,231 (6,690)
3,356 (839) 2,517 3,754 (939)
2,815
2,899 (693) 2,206 4,659 (1,151)
3,508
189
34. Earnings per share - Group
Basic earnings per ordinary share
The calculation of basic earnings per ordinary share at 31 December 2013 was based on the profit attributable to ordinary shareholders of
RM138,999,000 (2012: RM101,245,000) and a weighted average number of ordinary shares outstanding of 162,817,000 (2012: 162,817,000).
Diluted earnings per ordinary share
The calculation of diluted earnings per ordinary share at 31 December 2013 was based on the profit attributable to ordinary shareholders of
RM138,999,000 (2012: RM101,245,000) and a weighted average number of ordinary shares outstanding after adjustment for the effects of all
dilutive potential ordinary shares, calculated as follows:
Group
2013
2012
Unit’000
Unit’000
Weighted average number of ordinary shares (basic)
Effect of Restricted / Performance shares on issue
162,817 1,047
Weighted average number of ordinary shares (diluted) 163,864 35.Dividends
Dividends recognised by the Company:
Sen per
Total
share
amount
(single tier)
RM’000
2013
Ordinary dividend paid, first interim for financial year 2013
Ordinary dividend paid, second interim for financial year 2012
12.00
30.00
19,538 48,845
162,817
162,817
Date of
payment
4.10.2013
23.12.2013
Total amount
68,383
2012
Ordinary dividend paid, final for financial year 2011
Ordinary dividend paid, first interim for financial year 2012
Ordinary dividend declared, second interim for financial year 2012
10.00
15.00
10.00
16,282 24,422 16,282 28.5.2012
21.9.2012
11.1.2013
Total amount
56,986
Subsequent to the end of the reporting period, the Directors proposed a final dividend as set out below. The dividends will be recognised in
subsequent financial period upon approval by owners of the Company.
Sen per
Total
share
amount
(single tier)
RM’000
Final dividend proposed (ordinary) for financial year 2013
190
40.00
65,127
36. Operating segments
Segment information is presented in respect of the Group’s geographical segments. This is based on the Group’s management and internal
reporting structure. Inter-segment pricing, if any, is determined based on negotiated terms. The Group does not present information by business
segment as it is principally engaged as an operator of Family and General takaful / retakaful businesses. The financial position and performance
of the Family and General Takaful businesses managed by the Group and the Company have been disclosed separately within these financial
statements.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Unallocated items comprise expenses, which are all incurred by Takaful Operator for the management of Takaful funds.
Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are expected to be used for more than one
year.
Geographical segments
In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers.
Segment assets are also based on the geographical location of assets. Malaysia
Indonesia
Consolidated
Geographical segmentsRM’000RM’000RM’000
2013
Total external revenue
Inter-segment revenue
1,537,994
-
175,012
-
1,713,006
-
Total segment revenue
1,537,994
175,012
1,713,006
Segment result / Profit before zakat and taxation
175,338
3,966
179,304
Zakat
(1,517)
Tax expense
(43,407)
Profit for the year
134,380
Segment assets by location of assets
6,529,042
395,501
6,924,543
Segment liabilities by location of liabilities
5,992,278
342,366
6,334,644
Capital expenditure by location of assets
6,589
933
7,522
Depreciation and amortisation
11,258
2,316
13,574
Non-cash expenses other thandepreciation and amortisation
2,964
759
3,723
191
36. Operating segments (continued)
Malaysia
Indonesia
Consolidated
Geographical segmentsRM’000RM’000RM’000
2012
Total external revenue
Inter-segment revenue
1,408,284 -
199,250 -
1,607,534
-
Total segment revenue
1,408,284 199,250 1,607,534
Segment result / Profit before zakat and taxation
123,780 1,678 125,458
Zakat
(1,000)
Tax expense
(24,314)
Profit for the year
100,144
Segment assets by location of assets
5,946,218 425,426 6,371,644
Segment liabilities by location of liabilities
5,478,471 367,812 5,846,283
Capital expenditure by location of assets
6,891 583 7,474
Depreciation and amortisation
13,095 2,066 15,161
Non-cash expenses other than depreciation and amortisation
8,376 -
8,376
37. Risk management framework
The Board with the assistance of the management team is responsible for the Risk Management Framework within the Group. The Board
delegates the responsibility of oversight and monitoring of management’s initiatives in managing key risk areas and ensure the functioning of
the risk management processes to the Board Risk Committee (BRC). The BRC is supported by the Management Risk Committee (MRC) who is
represented by the respective heads of divisions and headed by the Group Managing Director.
The Group established the Operational Risk Management (ORM) Framework to ensure an ongoing process of identifying, evaluating, monitoring
and managing the significant risk exposures surrounding its business operations.
By executing the risk management process through robust controls, monitoring and responding to potential risks, the Group is able to mitigate
risks to within the risk appetite of the Board. Operational Loss Incidences reporting based on the Basel II are reported to BRC and the Board to act
as a gauge on the effectiveness of the ORM in place.
Whistle Blowing Policy & Fraud and Integrity Policy, Shariah Governance Framework and Assets and Liabilities Management Framework are also
in place to provide basic structure and further strengthen the existing control mechanism underlying the business activities.
Business Continuity Management is consistently practiced in accordance with Bank Negara Malaysia guidelines. The Group tested the Business
Continuity Plan annually to safeguard the lives of the employees and others in the office premises and tested the Disaster Recovery Plan twice a
year to ensure the critical IT systems are up and running at all times.
192
37. Risk management framework (continued)
In Financial Risk, the Group has a Risk and Capital Management Framework to maintain financial resilience and stability, whilst having the
flexibility of pursuing strategic business opportunities to optimize shareholder value.
Stress Testing is conducted twice a year by the Actuarial Division together with Investment Department and Risk Management Department to
ensure the Group’s financial standing is secure under several risk scenarios.
Asset and Liability Management Framework is also in place to enhance Financial Risk Management and facilitate in the Group’s and the
Company’s investment strategy.
38. Takaful risk management
(a) Family Takaful Fund
The Family Takaful contracts consist of:
(i) Family Takaful non-investment-linked contracts
The Family Takaful non-investment-linked contracts are mainly credit related takaful products, group takaful schemes, yearly
renewable individual ordinary medical plans, regular contribution individual ordinary plans and annuity plans. The main product
types are Mortgage Reducing Term Takaful (MRTT), Group Credit Takaful, Group Term Takaful and Group Medical Takaful.
(ii) Family Takaful investment-linked contracts
The Family Takaful investment-linked contracts are mainly made up of regular contribution investment-linked products and a single
contribution structured investment-linked plan. The main products are Takaful myInvest and Takaful myGenLife.
The key coverage for the Family Takaful contracts
The key coverage for the Family Takaful contracts are death, total and permanent disability, hospital and surgical benefits, personal accident
benefits, daily hospitalisation cash allowance benefits, dread disease benefits, waiver of contribution benefits and survival benefits (for
annuity).
Concentration of Family Takaful risk
The following gives details of the Group’s and the Company’s concentration of risks based on outstanding actuarial reserves by main
product categories:
193
38. Takaful risk management (continued)
(a) Family Takaful Fund (continued)
<------------------------------ Group --------------------->
Gross Retakaful
Net
Note
RM’000
RM’000
RM’000
2013
Term
Endowment Mortgage
Annuity
824,558
1,367,608
1,187,668
328,985
(77,821)
-
(70,519)
-
746,737
1,367,608
1,117,149
328,985
Total Family actuarial liabilities
3,708,819 (148,340) 3,560,479
2012
Term
Endowment Mortgage
Annuity
568,419 1,367,038 1,020,053 319,425 (19,433)
-
(44,423)
-
548,986
1,367,038
975,630
319,425
3,274,935 (63,856)
3,211,079
18(c)
18(c)
<------------------------- Company---------------------->
Gross Retakaful
Net
Note
RM’000
RM’000
RM’000
2013
Term Endowment Mortgage
Annuity
823,259
1,198,261
1,152,418
324,495
(77,821)
-
(64,419)
-
745,438
1,198,261
1,087,999
324,495
3,498,433 (142,240) 3,356,193
2012
Term Endowment Mortgage
Annuity
515,922 1,196,245 1,030,053 319,425 (19,433)
-
(38,728)
-
496,489
1,196,245
991,325
319,425
3,061,645 (58,161)
3,003,484
18(c)
18(c)
Key assumptions
Reserves for all plans were valued on a basis that the Appointed Actuary considers adequate and appropriate, and in-line with the valuation
basis set out by BNM in respect of the Guidelines on Valuation Basis for Liabilities of Family Takaful Business (BNM/RH/GL 004-20).
194
Key assumptions (continued)
The key assumptions to which the estimation of actuarial liabilities is particularly sensitive are as follows:
-
Mortality and morbidity rates This is significant for contracts with significant coverage for death, total permanent disability and critical illness and the increase in the
mortality or morbidity rates would have direct impact on the liability.
-
Discount rate
As the liabilities are the present value of future cash flows, both income and outgo, a decrease in discount rate would have an increasing
impact on the liabilities and vice-versa.
-
Surrender rate
This is only applicable to long-term products, where when the rate is reduced (products with PIF) or increased (products without PIF),
the impact is an increase of the liability.
Sensitivities
A summary of key assumptions used for sensitivity analysis is as below:
<----------------Group and Company------------------>
Mortality and
morbidity
Discount Surrender
rates
rate
rate
2013
Endowment+10%(i) -1%-20%
Mortgage+10%(i) -1%-20%
Investment-linked+10%(i) -1%-20%
2012
Endowment+10%(i) -1%-20%
Mortgage+10%(i) -1%-20%
Investment-linked+10%(i) -1%-20%
(i) 10% Industry mortality and morbidity experience tables M8388 and M9903
195
Sensitivities (continued)
The analysis below is performed for reasonably possible movements in each of the key assumptions with all other assumptions held
constant, showing the impact on gross and net liabilities, and unallocated surplus. The correlation of assumptions will have a significant
effect in determining the ultimate claims liabilities, but to demonstrate the impact due to changes in assumptions, assumptions had to be
changed on an individual basis. It should be noted that movements in these assumptions are non-linear. Sensitivity information will also
vary according to the current economic assumptions.
<------------------------------------------- Group ---------------------------------->
Impact on Impact on Impact on
Change in gross net unallocated
assumptions liabilities liabilities surplus
RM’000 RM’000 RM’000
2013
Mortality / morbidity rate
+10%
180,259
135,607
(135,607)
Discount rate
-1%146,481130,140(130,140)
Surrender rate -20%49,62942,032(42,032)
2012
Discount rate
Surrender rate
+10%
-1%
-20%
134,205
130,517 14,377 106,949
120,713 11,270 (106,949)
(120,713)
(11,270)
<----------------------------------------- Company ------------------------------->
RM’000 RM’000 RM’000
2013
+10%
127,987
91,219
(91,219)
Discount rate -1%98,88188,809(88,809)
Surrender rate
-20%
2,457
976
(976)
2012
Discount rate
Surrender rate
196
+10%
-1%
-20%
79,015 80,342 14,377 59,266 76,390 11,270 (59,266)
(76,390)
(11,270)
(b) General Takaful Fund
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.
<----------------------------- Group ---------------------->
Gross
Retakaful
Net
Note
RM’000
RM’000
RM’000
2013
Fire
Motor
Marine
Miscellaneous
154,544
187,435
5,134
81,293
(80,917)
(30,647)
(2,796)
(26,987)
73,627
156,788
2,338
54,306
Gross contribution
428,406 (141,347) 287,059
120,820 188,568 12,675 79,374 (65,550)
(4,543)
(4,292)
(31,303)
55,270
184,025
8,383
48,071
23 2012
Fire
Motor
Marine
Miscellaneous
Gross contribution
23 401,437 (105,688)
295,749
<------------------------ Company --------------------->
Gross Retakaful
Net
Note
RM’000
RM’000
RM’000
2013
Fire
Motor
Marine
Miscellaneous
141,660
170,837
3,755
70,383
(77,951)
(29,567)
(2,003)
(24,750)
63,709
141,270
1,752
45,633
Gross contribution
386,635 (134,271) 252,364
2012
Fire Motor
Marine
Miscellaneous
103,270 167,616 10,637 68,024 (62,511)
(3,305)
(3,515)
(28,077)
40,759
164,311
7,122
39,947
Gross contribution
349,547 (97,408)
252,139
23 23 SYARIKAT TAKAFUL MALAYSIA BERHAD (131646-K)
197
(b) General Takaful Fund (continued)
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 and business mix for each
accident year.
Additional qualitative judgements are used to assess the extent to which past trends may not apply in the future, for example, isolated
occurrences, changes in market factors such as public attitude to claiming, economic conditions, as well as internal factors such as portfolio
mix, underwriting policy, policy conditions and claims handling procedures.
Other key circumstances affecting the reliability of assumptions include delays in settlement and changes in foreign currency rates.
Sensitivities
The General Takaful claim liabilities are sensitive to the above key assumptions and change in these assumptions may impact the liabilities
and operating surplus of the General Takaful Fund significantly. It has not been possible to quantify the sensitivity of certain assumptions,
such as, legislative changes or uncertainty in the estimation process.
The analysis below is performed for reasonably possible movements in key assumptions with all other assumptions held constant, showing
the impact on gross and net liabilities and operating surplus. The correlation of assumptions will have a significant effect in determining the
ultimate claims liabilities, but to demonstrate the impact due to changes in assumptions, assumptions had to be changed on an individual
basis. It should be noted that movements in these assumptions are non-linear.
The key assumptions to which the estimation of actuarial liabilities is particularly sensitive are as follows:
-
Fire loss ratio for latest accident year
This is significant as Fire portfolio is one of the largest under general business, a change in loss ratio estimate will impact the liabilities
significantly.
-
Motor Act loss ratio for latest accident year
Motor Act business is long tailed in nature and need years before the claim experience matures. A significant impact may result if the
ultimate experience differs from current estimation.
-
Average claim cost
Reserves are based on assumption that historical average claim cost is reflective of the future experience. Increase in average cost will
increase future liabilities.
198
-
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.
Below shows the summary of changes in key assumptions and the impact to the gross and net claim liabilities, and the operating surplus.
<------------------------------------------ Group ----------------------------------->
RM’000 RM’000 RM’000
2013
Fire loss ratio for AY 2013
Motor Act loss ratio for AY 2013
Average claim cost
2012
Average claim cost
+10%
+10%
+10%
+10%
Increase by
6 months
14,351
2,783
58,903
31,943
5,884
2,478
28,075
20,651
(5,884)
(2,478)
(28,075)
(20,651)
11,675
7,541
(7,541)
+10%
+10%
+10%
+10%
Increase by
6 months
15,261 2,828 56,393 28,896 5,244 2,810 29,231 21,291 (5,244)
(2,810)
(29,231)
(21,291)
11,270 7,934 (7,934)
199
<------------------------------------ Company -------------------------------->
RM’000 RM’000 RM’000
2013
Average claim cost
+10%
13,202
5,380
+10%
2,468
2,211
+10%
57,014
27,603
+10%
29,865
20,132
Increase by 6 months
10,249
7,074
(5,380)
(2,211)
(27,603)
(20,132)
2012
Average claim cost
+10%
+10%
+10%
+10%
Increase by
6 months
(7,074)
13,734 2,815 54,059 26,480 4,642 2,798 28,541 20,576 (4,642)
(2,798)
(28,541)
(20,576)
9,656 7,055 (7,055)
Claims development table
The following tables show the estimate of cumulative incurred claims, including both claims notified and IBNR for each successive accident
year at the end of reporting period, together with cumulative payments to-date.
In setting provisions for claims, the Group and the Company give consideration to the probability and magnitude of future experience
being more adverse than assumed and exercise the degree of caution in setting reserves when there is considerable uncertainty. In general,
the uncertainty associated with the ultimate claims experience in an accident year is greatest when the accident year is at an early stage of
development and the margin necessary to provide the necessary confidence in adequacy of provision is relatively at its highest. As claims
develop and the ultimate cost of claims becomes more certain, the relative level of margin maintained should decrease..
200
(50,291)
(109,315)
(142,410)
(152,230)
(156,264)
(157,581)
-
-
(157,581) 211,719 163,964 170,990 194,484 182,666 165,483
-
-
165,483 (71,393)
(132,370)
(146,646)
(153,005)
(155,143)
-
-
-
(155,143)
151,643 159,147 202,227 186,882 172,266
-
-
-
172,266 (101,724)
(174,690)
(205,770)
(221,959)
-
-
-
-
(221,959)
256,026 325,009 314,734 289,971
-
-
-
-
286,971 (58,326)
(132,258)
(164,490)
-
-
-
-
-
(164,490)
252,127 256,803 237,588
-
-
-
-
-
237,588 (51,497)
(113,394)
-
-
-
-
-
-
(113,394)
235,113 226,965
-
-
-
-
-
-
226,965 2,272,860
(56,640)
-
-
-
-
-
-
-
(56,640) (1,676,840)
348,058
348,058 Additional risk margin
74,829
(5,382)
Gross General Takaful contract liabilities per
financial position (Note 18(a))
665,467
9,13815,758 7,90217,12368,01273,098
113,571
291,418596,020
(63,455)
(179,619)
(204,297)
(219,658)
(227,646)
(233,071)
(234,596)
-
(234,596)
At end of accident year
(303,099)
(435,275)
One year later
Two years later
(471,808)
Three years later
(491,345)
Four years later
(554,228)
Five years later
(567,199)
Six years later
(568,920)
Seven years later
(573,037)
Cumulative payments to-date(573,037)
Gross General Takaful contract liabilities
363,421 308,462 269,303 261,723 258,296 257,029 250,354
-
250,354 Before
20062007200820092010201120122013 Total
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000 RM’000
546,594 613,407 580,549 584,290 568,242 591,723 584,251 582,175
582,175
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Current estimate of cumulative claims incurred
Accident year
Gross General Takaful contract liabilities for 2013 (Group):
201
202
5,356 (47,717)
(85,148)
(94,843)
(102,483)
(107,236)
(114,486)
(114,787)
-
(114,787) 106,409 118,800 117,551 119,607 115,828 121,362 120,143
-
120,143 5,014 (33,040)
(60,702)
(74,740)
(84,233)
(87,523)
(88,292)
-
-
(88,292) 102,188 86,706 92,132 98,093 96,590 93,306
-
-
93,306 6,011 (44,099)
(79,458)
(92,171)
(97,214)
(98,469)
-
-
-
(98,469) 107,014 109,700 115,733 107,449 104,480
-
-
-
104,480 179,670 183,927 179,313
-
-
-
-
-
179,313 169,228 169,004
-
-
-
-
-
-
169,004 26,030 34,480 67,385 (84,167)
(53,570)
(47,769)
(143,180) (119,794) (101,619)
(158,560) (144,833)
-
(171,555)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(171,555) (144,833) (101,619) 211,276 214,389 203,874 197,585
-
-
-
-
197,585 108,275 260,254
(48,340)
-
-
-
-
-
-
(48,340) (1,065,305)
156,615
-
-
-
-
-
-
-
156,615 1,325,559
Additional risk margin
33,993
(1,050)
Net General Takaful contract liabilities per
293,197
7,703 (200,642)
(247,024)
(263,486)
(275,639)
(289,875)
(294,686)
(296,738)
(297,410)
(297,410) At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Cumulative payments to-date
Net General Takaful contract liabilities
293,199 309,196 307,674 307,343 308,487 310,058 307,526 305,113
305,113 Before
20062007200820092010201120122013 Total
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Accident year
Net General Takaful contract liabilities for 2013 (Group):
3,432 12,546 6,050 15,088 57,300 224,758 287,375 277,643 248,672
-
-
-
-
248,672 71,126 220,483 232,454 215,580
-
-
-
-
-
215,580 109,602 215,615 209,161
-
-
-
-
-
-
209,161 283,934 331,800
331,800 559,078
2,045,719
Additional risk margin
74,213
Gross General Takaful contract liabilities per
633,291
Gross General Takaful contract liabilities
114,835 113,473 154,775 139,639 123,689
-
-
-
123,689 (282,834)(50,179)(36,888)(37,036)(79,900)(48,450)(43,107)(47,866)
(407,606) (164,274)
(94,478)
(90,453) (148,043) (113,694)
(99,559) (440,999) (187,483) (127,247) (102,785) (178,214) (144,454) -
(458,574) (202,364) (135,664) (106,453) (191,372) -
-
(520,877) (209,324) (139,549) (108,601) -
-
-
(531,818) (214,730) (140,865) -
-
-
-
(533,566) (216,255)
-
-
-
-
(537,669) -
-
-
-
-
-
(537,669) (216,255) (140,865) (108,601) (191,372) (144,454) (99,559) (47,866) (1,486,641)
197,826 148,112 152,046 174,438 162,567 146,915
-
-
146,915 At end of accident year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Cumulative payments to-date
347,965 292,058 250,498 239,114 236,734 235,469 228,801
-
228,801 522,361 582,768 545,802 545,411 526,878 546,947 541,468 541,101
541,101 Before
20062007200820092010201120122013 Total
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Accident year
Gross General Takaful contract liabilities for 2013 (Company):
203
204
164,771 166,938 162,745 -
-
-
-
-
162,745 155,701 155,158 -
-
-
-
-
-
155,158 2,037 2,779 3,189 5,47225,09134,16265,739
103,995242,464
193,764 194,943 184,831 175,340 -
-
-
-
175,340 Additional risk margin
33,382
Net General Takaful contract liabilities per
275,846
Net General Takaful contract liabilities
90,320 89,557 93,924 85,745 82,749 -
-
-
82,749 (928,909)
91,338 74,215 76,563 81,426 79,913 78,153 -
-
(184,201)
(37,770)
(22,618)
(29,194)
(68,055)
(44,725)
(40,054)
(41,956)
(223,534)
(73,387)
(49,154)
(62,390) (125,883) (104,575)
(89,419) One year later
Two years later
(236,905)
(81,612)
(62,879)
(73,271) (140,510) (128,583) -
Three years later
(247,069)
(88,771)
(70,969)
(76,033) (150,249) -
-
(260,712)
(92,652)
(74,198)
(77,277) -
-
-
Four years later
Five years later
(263,530)
(99,887)
(74,964) -
-
-
-
(265,620) (100,188) -
-
-
-
-
Six years later
Seven years later
(266,273) -
-
-
-
-
-
Cumulative payments to-date(266,273) (100,188) (74,964) (77,277) (150,249) (128,583) (89,419) (41,956)
94,925 106,623 102,978 101,230 98,655 104,183 102,967 -
102,967 1,171,373
272,615 282,839 277,265 272,773 271,419 269,616 269,014 268,310 268,310 Before
20062007200820092010201120122013 Total
145,951
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Accident year
Net General Takaful contract liabilities for 2013 (Company):
39. Financial instruments
39.1 Categories of financial instruments
The table below provides an analysis of financial instruments categorised as follows:
(a) Loans and receivables (LAR);
(b) Fair value through profit or loss (FVTPL) - Held for trading (HFT);
(c) Available-for-sale financial assets (AFS);
(d) Held-to-maturity financial assets (HTM); and
(e) Financial liabilities measured at amortised cost (FL).
<----------------------------------------------------- Group --------------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
2013
RM’000RM’000RM’000RM’000RM’000
Financial assets
Takaful Operator
Other investments
484,169
-
6,614
475,590
1,965
155,072
89,171
155,072
89,171
-
-
-
-
-
728,412 244,243 6,614 475,590 1,965
3,642,815 2,278
-
2,278
181,689
-
3,094,385
-
366,741
-
521,902 68,197
265,736 521,902
68,197 265,736
-
-
-
-
-
-
-
General Takaful
Other investments
Retakaful assets
Takaful receivables
4,500,928 858,113 181,689 3,094,385 366,741
605,251 291,300
-
291,300
-
-
569,349
-
35,902
-
89,541 48,959 75,712 89,541
48,959
75,712
-
-
-
-
-
-
-
1,110,763 505,512 -
569,349 35,902
4,694,140 293,578 -
293,578
188,303
-
4,101,229
-
404,608
-
711,976 117,156 430,619 711,976
117,156
430,619
-
-
-
-
-
-
-
-
6,247,469 1,553,329 188,303 4,101,229 404,608
Family Takaful
Other investments
Retakaful assets
Takaful receivables
Group
Other investments
Retakaful assets
Takaful receivables
205
39. Financial instruments (continued)
39.1 Categories of financial instruments (continued)
<-------------------------------------------------- Company -------------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
2013
RM’000RM’000RM’000RM’000RM’000
Financial assets
Takaful Operator
Other investments
Family Takaful
Other investments
Retakaful assets
Takaful receivables
General Takaful
Other investments
Retakaful assets
Takaful receivables
Company
Other investments
Retakaful assets
Takaful receivables
206
468,467
-
-
468,467
-
130,603 45,773
130,603
45,773 -
-
-
-
-
644,843 176,376 -
468,467 -
3,451,164 1,568
-
1,568 67,506
-
3,022,304
-
361,354
-
495,498 62,835 204,687 495,498
62,835
204,687
-
-
-
-
-
-
-
4,215,752 764,588 67,506 3,022,304 361,354
600,343 277,129
-
277,129
-
-
567,669
-
32,674
-
75,503 40,511 62,779 75,503
40,511
62,779
-
-
-
-
-
-
-
1,056,265 455,922 -
567,669 32,674
4,481,879
278,697
-
278,697
67,506
-
4,020,345
-
394,028
-
663,657
103,346 313,239
663,657
103,346
313,239 -
-
-
-
-
-
-
5,840,818 1,358,939 67,506 4,020,345 394,028
2013
Takaful Operator
Other payables
<----------------------------------------------------- Group --------------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000RM’000RM’000RM’000RM’000
(91,367)
(91,367)
`-
-
-
Family Takaful
Qardh payables
Takaful payables
Other payables
(23,028)
(40,150)
(25,859)
(123,787)
(23,028)
(40,150)
(25,859)
(123,787)
-
-
-
-
-
-
-
-
-
-
-
-
(212,824)
(212,824)
-
-
-
General Takaful
Qardh payables
Takaful payables
Other payables
(25,634)
(433,215)
(49,569)
(67,261)
(25,634)
(433,215)
(49,569)
(67,261)
-
-
-
-
-
-
-
-
-
-
-
(575,679)
(575,679) -
-
-
Group
Takaful payables
Other payables
(473,365)
(75,428)
(277,876)
(473,365)
(75,428) (277,876)
-
-
-
-
-
-
-
(776,669)
(776,669) -
-
-
207
2013
Takaful Operator
Other payables
208
<--------------------------------------------------- Company ------------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000RM’000RM’000RM’000RM’000
(66,866) (66,866)
-
-
-
Family Takaful
Takaful payables
Other payables
(26,139)
(22,725)
(118,256) (26,139)
(22,725)
(118,256)
-
-
-
-
-
-
-
(167,120) (167,120) -
-
-
General Takaful
Takaful payables
Other payables
(407,039)
(48,449)
(65,099)
(407,039)
(48,449)
(65,099)
-
-
-
-
-
-
-
(520,587) (520,587)
-
-
-
Company
Takaful payables
Other payables
(433,178)
(71,174)
(212,274)
(433,178)
(71,174)
(212,714)
-
-
-
-
-
-
-
(716,626) (716,626) -
-
-
2012
Financial assets
Takaful Operator
Other investments
<------------------------------------------------------- Group -------------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000RM’000RM’000RM’000RM’000
394,213 -
634 391,994 1,585
128,171 102,972 128,171 102,972 -
-
-
-
-
625,356 231,143 634 391,994 1,585
3,485,015 3,707 -
3,707 219,665 -
3,012,079 -
253,271
-
441,121 68,472 288,172 441,121 68,472 288,172 -
-
-
-
-
-
-
4,286,487 801,472 219,665 3,012,079 253,271
601,339 221,036 -
221,036 -
-
565,764 -
35,575
-
116,276 25,541 61,108 116,276 25,541 61,108 -
-
-
-
-
-
-
Group
Other investments
Retakaful assets
Takaful receivables
1,025,300 423,961 -
565,764 35,575
4,439,587 224,743 -
224,743 220,299 -
3,928,857 -
290,431
-
619,123 94,013 452,252 619,123 94,013 452,252 -
-
-
-
-
-
-
5,829,718 1,390,131 220,299 3,928,857 290,431
Family Takaful
Other investments
Retakaful assets
Takaful receivables
General Takaful
Other investments
Retakaful assets
Takaful receivables
209
2012
Financial assets
Takaful Operator
Other investments
Family Takaful
Other investments
Retakaful assets
Takaful receivables
General Takaful
Other investments
Retakaful assets
Takaful receivables
Company
Other investments
Retakaful assets
Takaful receivables
210
<--------------------------------------------------- Company ------------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000RM’000RM’000RM’000RM’000
384,209 -
-
384,209 -
108,187 49,017 108,187 49,017 -
-
-
-
-
541,413 157,204 -
384,209 -
3,278,123 2,854 -
2,854 113,682 -
2,922,533 -
241,908
-
425,074 62,893 211,248 425,074 62,893 211,248 -
-
-
-
-
-
-
3,980,192 702,069 113,682 2,922,533 241,908
596,164 204,619 -
204,619 -
-
563,442 -
32,722
-
105,444 17,605 42,515 105,444 17,605 42,515 -
-
-
-
-
-
-
966,347 370,183 -
563,442 32,722
4,217,516 207,473 -
207,473 113,682 -
3,829,204 -
274,630
-
584,343 80,498 302,780 584,343 80,498 302,780 -
-
-
-
-
-
-
5,392,610 1,175,094 113,682 3,829,204 274,630
2012
Takaful Operator
Other payables
<------------------------------------------------------ Group -------------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000RM’000RM’000RM’000RM’000
(84,531)
(84,531)
-
-
-
Family Takaful
Qardh payables
Takaful payables
Other payables
(10,398)
(28,387)
(20,501)
(156,434)
(10,398)
(28,387)
(20,501)
(156,434)
-
-
-
-
-
-
-
-
-
(215,720)
(215,720)
-
-
-
General Takaful
Qardh payables
Takaful payables
Other payables
(23,888)
(389,557)
(22,625)
(61,492)
(23,888)
(389,557)
(22,625)
(61,492)
-
-
-
-
-
-
-
-
-
(497,562)
(497,562)
-
-
-
Group
Takaful payables
Other payables
(417,944)
(43,126)
(236,013)
(417,944)
(43,126)
(236,013)
-
-
-
-
-
-
-
(697,083)
(697,083)
-
-
-
211
2012
Takaful Operator
Other payables
<--------------------------------------------------- Company ------------------------------------------->
Carrying
LAR/
amount
(FL)
FVTPL
AFS
HTM
RM’000RM’000RM’000RM’000RM’000
(72,680)
(72,680)
-
-
-
Family Takaful
Takaful payables
Other payables
(25,386)
(15,318)
(145,157)
(25,386)
(15,318)
(145,157)
-
-
-
-
-
-
-
(185,861)
(185,861)
-
-
-
General Takaful
Takaful payables
Other payables
(356,014)
(20,505)
(60,303)
(356,014)
(20,505)
(60,303)
-
-
-
-
-
-
-
(436,822)
(436,822)
-
-
-
Company
Takaful payables
Other payables
(381,400)
(35,823)
(223,778)
(381,400)
(35,823)
(223,778)
-
-
-
-
-
-
-
-
-
(641,001)
(641,001)
-
212
39.2 Net gains and losses arising from use of financial instruments
GroupCompany
2013201220132012
Takaful Operator
Net gains / (losses) arising on:
- recognised in profit or loss
- recognised in other comprehensive income
7(d)
LAR
(68)
-
-
-
2,721
28,155
30,876 (89)
(4,784)
3,844 21,572 25,416 466 3,022 3,356
27,510
30,866 -
4,700
3,754
20,953
24,707
4,300
25,935 28,904 35,566 29,007
Family Takaful
18(c)
- recognised in participants’ fund
LAR
9,980
20,846 10,833
8,727
(99,503)
247,873
148,370 14,299
25,727
(13,384)
225,834 212,450 10,838 23,491 (89,750)
238,575
148,825 13,434
21,574
(12,938)
216,614
203,676
10,838
19,215
198,376 267,625 194,666 242,456
(6,908)
39,413
32,505 1,503
4,885
1,084 35,900 36,984 1,416 8,225 (6,673)
39,210
32,537 1,232
4,129
1,021
35,750
36,771
1,235
7,542
38,893 46,625 37,898 45,548
9,912
20,846 10,833
8,727
2,721
(106,411)
315,286
211,596 15,713
37,286
3,844 (12,300)
283,306 274,850 12,720 38,280 3,356
(96,423)
305,140
212,073 14,666
30,403
3,754
(11,917)
273,317
265,154
12,073
31,057
274,507 346,696 267,975 317,011
General Takaful
18(c)
LAR
Group / Company
- recognised in other comprehensive income
7(d)
18(c)
LAR
213
39.3 Financial risk management
The Group and the Company have exposure to the following risks arising from its use of financial instruments:
- Credit risk
- Liquidity risk
- Market risk (currency risk, profit rate risk, price risk)
- Operational risk
39.4 Credit risk
Credit risk is the potential financial loss resulting from the failure of a customer, an intermediary or counterparty to settle its financial and
contractual obligations to the Group and the Company as and when they fall due.
The Group’s and the Company’s portfolio of Islamic debt securities, and to a lesser extent short-term and other investments, are subject
to credit risk. This risk is defined as the potential loss resulting from adverse changes in a borrower’s ability to repay the debt. The Group’s
and the Company’s objective is to earn competitive relative returns by investing in a diversified portfolio of securities. Management has
an investment credit risk policy in place. Limits are established to manage credit quality and concentration risk.
The Group and the Company have takaful and other receivables balances that are subject to credit risk. Among the most significant of
these are retakaful recoveries. To mitigate the risk of the counterparties not paying the amount due, the Group and the Company have
established certain business and financial guidelines for retakaful approval, incorporating ratings by major agencies and considering
currently available market information. The Group and the Company also periodically review the financial stability of retakaful companies
from public and other sources and the settlement trend of amounts due from retakaful companies.
Cash and deposits are generally placed with banks and financial institutions licensed under the Banking and Financial Institutions Act
1989 (repealed on 30 June 2013), Financial Services Act 2013 (effective on 30 June 2013), the Islamic Banking Act 1983 (repealed on 30
June 2013) and Islamic Financial Services Act 2013 (effective on 30 June 2013) 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
RM174,999,000 (2012: RM296,001,250) and investment in a Institutional Trust Account amounted to RM298,897,000 (2012: 284,891,000).
214
39.4 Credit risk (continued)
Credit exposure
The table below shows the maximum exposure to credit risk for the components recognised in the statements of financial position.
GroupCompany
2013201220132012
RM’000
RM’000
RM’000
RM’000
Takaful Operator
LAR
Loans and receivables, excluding takaful receivables
Family Takaful
LAR
Retakaful assets
Takaful receivables
64,268 240,102
10,013
61,270 200,588 20,155 64,268 239,235
10,013
61,270
199,576
20,155
4,041
634 -
-
1,965
1,585 -
-
155,072
89,171
128,171 102,972 130,603
45,773
108,187
49,017
564,632
515,375
489,892
438,205
196,482 1,659,979
383,832
187,332 1,768,168 550,388 196,482 1,654,367
383,832
187,332
1,758,563
550,388
84,989
58,340 16,267
14,267
254,024
112,717
140,490 112,781 248,637
112,717
129,127
112,781
2,278
521,902
68,197
265,736
3,707 441,121 68,472 288,172 1,568
495,498
62,835
204,687
2,854
425,074
62,893
211,248
3,550,136 3,618,971 3,376,890 3,454,527
215
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
General Takaful
LAR
Retakaful assets
Takaful receivables
Group / Company
LAR
Retakaful assets
Takaful receivables
216
38,147 313,528
61,886
36,379 337,051 93,916 38,147 313,528
61,886
36,379
337,051
93,916
3,228
32,674
2,853 32,722 -
32,674
32,722
291,300
89,541
48,959
75,712
221,036 116,276 25,541 61,108 277,129
75,503
40,511
62,779
204,619
105,444
17,605
42,515
954,975 926,882 902,157 870,251
298,897 2,213,609
455,731
284,981 2,305,807 664,459 298,897 2,207,130
455,731
284,981
2,295,190
664,459
89,030
58,974 16,267
14,267
259,217
145,391
144,928 145,503 248,637
145,391
129,127
145,503
293,578
711,976
117,156
430,619
224,743 619,123 94,013 452,252 278,697
663,657 103,346
313,239
207,473
584,343
80,498
302,780
5,015,204 4,994,783 4,730,992 4,708,621
Credit exposure by credit rating
The table below provides information regarding the credit risk exposure of the Group and the Company by classifying assets according
to the Group’s and the Company’s internal credit ratings of counterparties.
<----------------------------------------- Group ----------------------------------->
Neither Past-due
past-due but not
nor impaired impaired Impaired Total
2013
RM’000 RM’000 RM’000 RM’000
Takaful Operator
64,268 - - 64,268
240,102
-
-
240,102
10,013
-
-
10,013
4,041
-
-
4,041
1,614
351
210
2,175
LAR
153,255
1,817
1,245
156,317
Qardh receivables
-
-47,95047,950
89,171
-
-
89,171
562,464 2,168 49,405 614,037
Family Takaful
196,482 - - 196,482
1,659,101
878
471
1,660,450
383,832
-
-
383,832
84,989
-
-
84,989
254,024
-
-
254,024
112,717
-
-
112,717
LAR
Retakaful assets2,278
-
-2,278
521,902
-
301
522,203
Takaful receivables63,557 4,640 2,78170,978
265,736
-
-
265,736
3,544,618 5,518 3,553 3,553,689
217
Credit exposure by credit rating (continued)
<----------------------------------------- Group ----------------------------------->
Neither Past-due
past-due but not
2013
RM’000 RM’000 RM’000 RM’000
General Takaful
38,147 - -
38,147
313,528 - - 313,528
61,886
-
-
61,886
3,228
-
-
3,228
32,674
-
-
32,674
LAR
-
-291,300
89,541
-
381
89,922
Takaful receivables37,88411,075 5,74254,701
75,712
-
-
75,712
943,900 11,075 6,123 961,098
Group
298,897 - - 298,897
2,212,731 878 471 2,214,080
455,731
-
-
455,731
89,030
-
-
89,030
258,866
351
-
259,217
145,391
-
-
145,391
LAR
-
-293,578
710,159
1,817
1,927
713,903
Takaful receivables101,441 15,715 8,523125,679
430,619
-
-
430,619
218
4,996,443 18,761 10,921 5,026,125
<------------------------------------------ Group ---------------------------------->
Neither Past-due
past-due but not
2012
RM’000 RM’000 RM’000 RM’000
Takaful Operator
LAR
Qardh receivables
Family Takaful
LAR
Retakaful assets
Takaful receivables
61,270 200,588 20,155 - -
-
- -
-
634 -
-
634
951 634 -
1,585
128,171 -
102,972 -
-
-
1,253 34,286 -
129,424
34,286
102,972
514,741 634 35,539 550,914
187,332 1,768,168 550,388 61,270
200,588
20,155
- -
-
- -
-
58,340 -
-
58,340
140,490 112,781 -
-
-
-
140,490
112,781
3,707 441,121 61,098 288,172 -
-
7,374 -
-
301 3,901 -
3,707
441,422
72,373
288,172
3,611,597 7,374 4,202 3,623,173
187,332
1,768,168
550,388
219
<------------------------------------------ Group ---------------------------------->
Neither Past-due
past-due but not
2012
RM’000 RM’000 RM’000 RM’000
General Takaful
LAR
Retakaful assets
Takaful receivables
Group
LAR
Retakaful assets
Takaful receivables
220
36,379 337,051 93,916 - -
-
- -
-
36,379
337,051
93,916
35,575 -
-
35,575
221,036 116,276 16,310 61,108 -
-
9,231 -
-
381 6,982 -
221,036
116,657
32,523
61,108
917,651 9,231 7,363 934,245
284,981 2,305,807 664,459 - -
-
- -
-
284,981
2,305,807
664,459
58,974 -
-
58,974
144,294 145,503 634 -
-
-
144,928
145,503
224,743 619,123 77,408 452,252 -
-
16,605 -
-
1,935 10,883 -
224,743
621,058
104,896
452,252
4,977,544 17,239 12,818 5,007,601
<---------------------------------------- Company -------------------------------->
Neither Past-due
past-due but not
2013
RM’000 RM’000 RM’000 RM’000
Takaful Operator
LAR
Family Takaful
LAR
Retakaful assets
Takaful receivables
64,268 239,235
10,013
- -
-
- -
-
64,268
239,235
10,013
130,603
45,773
-
-
1,026 -
131,629
45,773
489,892 - 1,026 490,918
196,482 1,654,367
383,832
- -
-
- -
-
16,267
-
-
16,267
248,637
112,717
-
-
-
-
248,637
112,717
1,568
495,498
58,270
204,687
-
-
4,565 -
-
301 2,754 -
1,568
495,799
65,589
204,687
3,372,325 4,565 3,055 3,379,945
196,482
1,654,367
383,832
221
<---------------------------------------- Company -------------------------------->
Neither Past-due
past-due but not
2013
RM’000 RM’000 RM’000 RM’000
General Takaful
LAR
Retakaful assets
Takaful receivables
Company
LAR
Retakaful assets
Takaful receivables
222
38,147 313,528
61,886
- -
-
- -
-
38,147
313,528
61,886
32,674
-
-
32,674
277,129
75,503
31,872
62,779
-
-
8,639 -
-
381 5,635 -
277,129
75,884
46,146
62,779
893,518 8,639 6,016 908,173
298,897 2,207,130
455,731
- -
-
- -
-
298,897
2,207,130
455,731
16,267
-
-
16,267
248,637
145,391
-
-
-
-
248,637
145,391
278,697
663,657
90,142
313,239
-
-
13,204 -
-
1,708 8,389 -
278,697
665,365
111,735
313,239
4,717,788 13,204 10,097 4,741,089
<---------------------------------------- Company -------------------------------->
Neither Past-due
past-due but not
2012
RM’000 RM’000 RM’000 RM’000
Takaful Operator
LAR
Family Takaful
LAR
Retakaful assets
Takaful receivables
61,270 199,576 20,155 - -
-
- -
-
61,270
199,576
20,155
108,187 49,017 -
-
1,253 -
109,440
49,017
438,205 - 1,253 439,458
187,332 1,758,563 550,388 - -
-
- -
-
14,267 -
-
14,267
129,127 112,781 -
-
-
-
129,127
112,781
2,854 425,074 55,883 211,248 -
-
7,010 -
-
301 3,850 -
2,854
425,375
66,743
211,248
3,447,517 7,010 4,151 3,458,678
187,332
1,758,563
550,388
223
<---------------------------------------- Company -------------------------------->
Neither Past-due
past-due but not
2012
RM’000 RM’000 RM’000 RM’000
General Takaful
LAR
Retakaful assets
Takaful receivables
Company
LAR
Retakaful assets
Takaful receivables
224
36,379 337,051 93,916 - -
-
- -
-
36,379
337,051
93,916
32,722 -
-
32,722
204,619 105,444 11,516 42,515 -
-
6,089 -
-
381 6,901 -
204,619
105,825
24,506
42,515
864,162 6,089 7,282 877,533
284,981 2,295,190 664,459 - -
-
- -
-
284,981
2,295,190
664,459
14,267 -
-
14,267
129,127 145,503 -
-
-
-
129,127
145,503
207,473 584,343 67,399 302,780 -
-
13,099 -
-
1,935 10,751 -
207,473
586,278
91,249
302,780
4,695,522 13,099 12,686 4,721,307
89,079 163,325 103,155 - - - 351 208,722 - 564,632
790,081 1,053,575 241,005 4,866 323 877 - 1,401,233 58,176 3,550,136
* Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by Standard & Poor.
Family Takaful
- - - - - - - 196,482 - 196,482
597,561
847,511
3,360
4,866
323
877
-
205,481
- 1,659,979
Malaysian Government
Islamic papers
-------
383,832*-
383,832
3,88215,40010,397
-
-
-
-19,52235,788 84,989
99,150
32,610
4,198----
118,066-
254,024
Islamic papers
-------
112,717*-
112,717
LAR
Retakaful assets
-------
2,278-
2,278
excluding takaful receivables15,350
76,572
190,656----
237,284
2,040
521,902
Takaful receivables
-2
1,781----
66,414-
68,197
74,13881,48030,613
-
-
-
-59,15720,348265,736
Takaful Operator
- - - - - - - 64,268 - 64,268
77,773
156,886-----
5,443-
240,102
Islamic papers
-------
10,013*-
10,013
-
1,434
1,348----
1,259-
4,041
269-
1,345---
351--
1,965
LAR
-
5,000
47,994----
102,078-
155,072
11,0375
52,468----
25,661-
89,171
The table below provides information regarding the credit risk exposure of the Group and of the Company by classifying assets according to the Rating Agency of Malaysia’s
(RAM) credit ratings of counterparties. AAA is the highest possible rating. Assets that fall outside the range of AAA to A are classified as speculative grade.
<------------------------------------------------------------------------------- Group ----------------------------------------------------------------------------->
AAA AA A
BBB
BB
C
D Not-rated Unit-linked Total
2013
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
RM’000
225
226
129,893 236,524 91,794 1,088 46 - - 495,630 - 954,975
1,009,053 1,453,424 435,954 5,954 369 877 351 2,051,046 58,176 5,015,204
Group
- - - - - - - 298,897 - 298,897
783,489 1,190,130
3,360
5,561
369
877
-
229,823
- 2,213,609
Islamic papers
-------
455,731*-
455,731
3,88216,83411,745
-
-
-
-20,78135,788 89,030
99,419
33,955
7,157---
351
118,335-
259,217
Islamic papers
-------
145,391*-
145,391
LAR
Retakaful assets
-------
293,578-
293,578
excluding takaful receivables20,500
122,129
282,484----
284,823
2,040
711,976
Takaful receivables
-2
8,574
393---
108,187-
117,156
101,763
90,374
122,634----
95,500
20,348
430,619
General Takaful
- - - - - - - 38,147 - 38,147
108,155
185,733-
695
46--
18,899-
313,528
Islamic papers
-------
61,886*-
61,886
-
1,345
1,614----
269-
3,228
Islamic papers
-------
32,674*-
32,674
LAR
Retakaful assets
-------
291,300-
291,300
-
5,150
40,557----
43,834-
89,541
Takaful receivables
--
6,793
393---
41,773-
48,959
16,588
8,889
39,553----
10,682-
75,712
<------------------------------------------------------------------------------ Group ----------------------------------------------------------------------------->
AAA AA A
BBB
BB
C
D Not-rated Unit-linked Total
2013
RM’000 RM’000 RM’000
RM’000 RM’000 RM’000 RM’000
RM’000
RM’000
RM’000
112,154 161,891 46,027 - - 169,820 - 489,892
786,146 1,035,611 214,970 4,866 323 1,302,934 32,040 3,376,890
Family Takaful
- - - - - 196,482 - 196,482
Islamic debt securities597,561846,136
- 4,866
323205,481
-
1,654,367
Malaysian Government Islamic papers-----
383,832*-
383,832
Islamic debt securities------
16,267
16,267
99,150
31,421---
118,066-
248,637
112,717*-
112,717
LAR
Retakaful assets-----
1,568-
1,568
15,350
76,572
182,950
-
-
218,855
1,771
495,498
Takaful receivables-2
1,784--
61,052-
62,835
Cash and cash equivalents74,08581,48030,239
-
- 4,88114,002204,687
Takaful Operator
- - - - - 64,268 - 64,268
74,460
156,886---
4,889-
239,235
10,013*-
10,013
LAR
-
5,000
35,000
-
-
90,603
-
130,603
34,694
5
11,027
-
-
47
-
45,773
<-------------------------------------------------------- Company -------------------------------------------------------->
AAA AA A
BBB
BB Not-rated Unit-linked Total
2013
RM’000 RM’000 RM’000
RM’000 RM’000 RM’000
RM’000
RM’000
227
228
124,612 199,772 82,226 1,088 46 494,413 - 902,157
343,223 5,954 369 1,929,220 32,040 4,730,992
1,022,912 1,397,274 Company
- - - - - 298,897 - 298,897
783,176 1,188,755
-
5,561
369
229,269
- 2,207,130
455,731*-
455,731
Islamic debt securities------
16,267
16,267
99,150
31,421---
118,066-
248,637
145,391*-
145,391
LAR
278,697-
278,697
15,350
86,722
255,950
-
-
303,864
1,771
663,657
Takaful receivables-2
8,574
393-
94,377-
103,346
125,236
90,374
78,699
-
-
4,928
14,002
313,239
General Takaful
- - - - - 38,147 - 38,147
108,155
185,733
-
695
46
18,899
-
313,528
61,886*-
61,886
32,674*-
32,674
LAR
277,129-
277,129
-
5,150
38,000
-
-
32,353
-
75,503
Takaful receivables--
6,793
393-
33,325-
40,511
16,457
8,889
37,433----
62,779
<----------------------------------------------------------- Company---------------------------------------------------------->
AAA AA A
BBB
BB Not-rated Unit-linked Total
2013
RM’000 RM’000 RM’000
RM’000 RM’000
RM’000
RM’000
RM’000
2012
Takaful Operator
Islamic papers
LAR
Family Takaful
Islamic papers
Islamic papers
LAR
Retakaful assets
Takaful receivables
<-------------------------------------------------------------- Group ------------------------------------------------------->
AAA AA A
Not-rated Unit-linked Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
- 64,654 - 134,922 - -
61,270 1,012 -
-
61,270
200,588
-
-
-
20,155* -
20,155
-
-
-
634 -
634
-
-
-
1,585 -
1,585
-
11,837 25,767 35,380 8,611 29,550 93,793 26,205 -
-
128,171
102,972
76,491 196,069 38,161 204,654 - 515,375
- 649,657 - 820,169 - 12,437 187,332 285,905 - -
187,332
1,768,168
550,388* -
550,388
58,340 58,340
-
-
-
-
-
-
-
-
48,501 91,989 -
140,490
-
-
-
112,781* -
112,781
-
-
-
3,707 -
3,707
700 -
78,279 42,270 11 52,360 76,468 324 30,246 320,589 68,137 112,041 1,094 -
15,246 441,121
68,472
288,172
728,636 914,810 167,976 74,680 3,618,971
-
1,732,869 * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by
Standard & Poor.
229
2012
<------------------------------------------------------------- Group -------------------------------------------------------->
AAA AA A
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
General Takaful
Islamic papers
Islamic papers
LAR
Retakaful assets
Takaful receivables
Group
Islamic papers
Islamic papers
LAR
Retakaful assets
Takaful receivables
- 104,412 - 193,123 - 1,777 36,379 37,739 - -
36,379
337,051
-
-
-
93,916* -
93,916
-
-
-
2,853 -
2,853
-
-
-
32,722*
-
32,722
-
-
-
221,036 -
221,036
-
-
9,606 10,411 206 19,488 28,811 1,014 12,025 77,054 24,321 19,989 -
-
-
116,276
25,541
61,108
114,018 223,228 43,627 546,009 - 926,882
- 818,723 - 1,148,214 - 14,214 284,981 324,656 - -
284,981
2,305,807
-
664,459
58,340 58,974
-
-
-
664,459*
-
-
-
634 -
-
48,501 96,427 -
144,928
-
-
-
145,503* -
145,503
-
-
-
224,743 -
224,743
700 -
99,722 78,448 217 107,228 113,890 1,338 71,821 424,991 92,458 158,235 1,094 -
15,246 619,123
94,013
452,252
919,145 1,334,107 249,764 74,680 4,994,783
2,417,087 * Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by
Standard & Poor.
230
2012
<----------------------------------------------------------- Company ----------------------------------------------------->
AAA AA A
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Takaful Operator
- - - 61,270 - 61,270
Islamic debt securities 64,654
134,922---
199,576
Islamic papers
-
-
-
20,155*
-
20,155
LAR
-
25,767
8,611
73,809
-
108,187
11,829
35,137
2,004
47
-
49,017
76,483 195,826 10,615 155,281 - 438,205
Family Takaful
- - - 187,332 - 187,332
649,657
820,169
12,437
276,300
-
1,758,563
Islamic papers
-
-
-
550,388*
-
550,388
----
14,267
14,267
-
-
48,501
80,626
-
129,127
Islamic papers
-
-
-
112,781*
-
112,781
LAR
Retakaful assets
---
2,854-
2,854
700
42,270
70,918
310,136
1,050
425,074
Takaful receivables
-
11 32462,558
-62,893
78,270
52,101
25,349
46,266
9,262
211,248
728,627 914,551 157,529 1,629,241 24,579 3,454,527
* Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by
Standard & Poor.
231
2012 <----------------------------------------------------------- Company ----------------------------------------------------->
AA A
AAA RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
General Takaful
- - - 36,379 - 36,379
104,412
193,123
1,777
37,739
-
337,051
Islamic papers
-
-
-
93,916*
-
93,916
Islamic papers
-
-
-
32,722*
-
32,722
LAR
Retakaful assets
---
204,619-
204,619
-10,41126,44668,587
-
105,444
Takaful receivables
- 206 1,01416,385
-17,605
9,604
19,458
5,651
7,802
-
42,515
114,016 223,198 34,888 498,149 - 870,251
Company
- - - 284,981 - 284,981
818,723
1,148,214
14,214
314,039
-
2,295,190
Islamic papers
-
-
-
664,459*
-
664,459
----
14,267
14,267
-
-
48,501
80,626
-
129,127
Islamic papers
-
-
-
145,503*
-
145,503
LAR
Retakaful assets
---
207,473-
207,473
excluding takaful receivables 700 78,448105,975398,170 1,050584,343
Takaful receivables
- 217 1,33878,943
-80,498
99,703
106,696
33,004
54,115
9,262
302,780
919,126 1,333,575 203,032 2,228,309 24,579 4,708,621
* Malaysian Government Islamic papers are not rated by RAM but instead is rated A- based on Malaysia sovereign rating accorded by
Standard & Poor.
232
Age analysis of takaful receivables past-due but not impaired
A financial asset is deemed past-due when the counterparty has failed to make payment even though the outstanding amount is
contractually due. Receivables past-due but not impaired includes contribution due and claims recovery from retakaful which remained
outstanding after the contractual due date for more than 6 months.
The age analysis of takaful receivables past-due but not impaired as at the end of the reporting period based on days past-due was as
follows:
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Family Takaful
Days past-due
1-30 days
31-60 days
61-90 days
91-180 days
> 180 days
1,754
37
2
700
2,147
2,031 989 497 1,358 2,499 1,696
25
-
697
2,147
1,775
974
475
1,324
2,462
4,640 7,374 4,565 7,010
General Takaful
Days past-due
1-30 days
31-60 days
61-90 days
91-180 days
> 180 days
552
748
478
2,335
6,962
310 316 256 2,365 5,984 413
659
334
1,913
5,320
167
308
226
2,214
3,174
11,075 9,231 8,639 6,089
Group / Company
Days past-due
1-30 days
31-60 days
61-90 days
91-180 days
> 180 days
2,306
785
480
3,035
9,109
2,341 1,305 753 3,723 8,483 2,109
684
334
2,610
7,467
1,942
1,282
701
3,538
5,636
15,715 16,605 13,204 13,099
233
Impairment loss of takaful receivables
The Group and the Company assess impairment on an individual and collective basis. The Group and the Company will assess on a case
by case basis, whether there is any objective evidence that the outstanding due is impaired for contribution due and claims recovery that
are considered individually significant. The criteria that the Group and the Company use to determine whether there is objective evidence
of impairment for those selected for individual assessment include:
(i)
contribution due or claims recovery past-due for 6 months or more and where outstanding receivables is above 2% of total takaful
receivables and RM200,000 for Family and General takaful receivables respectively;
(ii) significant financial difficulty of customer / intermediaries;
(iii) long outstanding balances where these are disputed and not resolved; and
(iv) breach of contract, such as default or deliquency in payments.
The Group and the Company record impairment allowance for loans and receivables and takaful receivables in separate “Allowance for
Impairment” accounts. Unless the Group and the Company are satisfied that recovery of the amount is possible, the amount considered
irrecoverable is written off against the receivables directly.
A reconciliation of the allowance for impairment losses for takaful receivables was as follows:
GroupCompany
2013201220132012
Family Takaful
At 1 January
Writeback of impairment loss
11
27
3,901
(1,120)
5,567 (1,666)
3,850
(1,096)
5,441
(1,591)
At 31 December
11
2,781 3,901 2,754 3,850
General Takaful
At 1 January
11
27
6,982
(1,241)
9,522 (2,540)
6,901
(1,267)
9,444
(2,543)
At 31 December
11
5,741 6,982 5,634 6,901
Group / Company
At 1 January
11
27
10,883
(2,361)
15,089 (4,206)
10,751
(2,363)
14,885
(4,134)
11
8,522 10,883 8,388 10,751
At 31 December
234
39.5 Liquidity risk
Liquidity risk is the risk that the Group and the Company will encounter difficulty in meeting obligations associated with financial
instruments. In respect of catastrophic events, there is also a liquidity risk associated with the timing differences between gross cash
outflows and expected retakaful recoveries.
The following policies and procedures are in place to mitigate the Group’s and the Company’s exposure to liquidity risk:
- The Group and the Company-wide liquidity risk policy setting out the evaluation and determination of the components of liquidity
risk of the Group and the Company. Compliance with the policy is monitored and reported monthly and exposures and breaches are
reported to the Group’s and the Company’s Risk Management Committee as soon as practicable. The policy is regularly reviewed for
pertinence and for changes in the risk environment.
- Setting up guidelines on asset allocations, portfolio limit structures and maturity profiles of assets, in order to ensure sufficient funding
is available to meet takaful and investment contracts obligations.
- Setting up contingency funding plans which specify minimum proportions of funds to meet emergency calls as well as specifying
events that would trigger such plans.
- The Company’s catastrophe excess of loss retakaful contracts contains clauses permitting the immediate draw down of funds to meet
claims payments should claims events exceed certain amount.
Maturity profiles
The table below summarises the maturity profile of the financial liabilities of the Group and of the Company based on remaining
undiscounted contractual obligations, including profit payable.
For takaful contract liabilities, maturity profiles are determined based on estimated timing of net cash outflows from the recognised
takaful liabilities. Investment-linked liabilities are repayable or transferable on demand and are included in the “up to a year” column.
2013
Takaful Operator
Other payables
Family Takaful
Qardh payables
Takaful payables
Other payables
<----------------------------------------------------- Group --------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000RM’000RM’000RM’000RM’000RM’000RM’000
91,36788,466
798
12 2,091
-91,367
23,028
23,028----
23,028
40,150
39,077
369
284
420
-
40,150
25,859
25,859----
25,859
123,787
122,410
1,124
217
36
-
123,787
212,824 210,374 1,493 501 456 -
212,824
* expected utilisation or settlement is within 12 months from the reporting date.
235
39.5 Liquidity risk (continued)
Maturity profiles (continued)
2013
General Takaful
Qardh payables
Takaful payables
Other payables
25,634
25,634----
25,634
433,215
163,421
151,542
100,969
17,283
-
433,215
49,569
48,833
736---
49,569
67,261
67,149
90
22
-
-
67,261
575,679 Group
Takaful payables
Other payables
473,365
202,498
151,911
101,253
17,703
-
473,365
75,428
74,692
736---
75,428
227,876
223,486
2,012
251
2,127
-
227,876
2012
Takaful Operator
Other payables
236
<----------------------------------------------------- Group --------------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000RM’000RM’000RM’000RM’000RM’000RM’000
305,037 152,368 100,991
17,283 -
575,679
776,669 500,676 154,659 101,504 19,830 -
776,669
84,531 77,771 774 46 5,940 -
84,531
Family Takaful
Qardh payables
Takaful payables
Other payables
10,398 28,387 20,501 156,434 10,398 27,829 20,501 144,711 -
418 -
2,010 -
140 -
24 -
-
-
24 -
-
-
9,665 10,398
28,387
20,501
156,434
215,720 203,439 2,428 164 24 9,665 215,720
General Takaful
Qardh payables
Takaful payables
Other payables
23,888 389,557 22,625 61,492 23,888 130,898 20,922 61,298 -
180,980 1,703 181 -
54,543 -
13 -
23,136 -
-
-
-
-
-
23,888
389,557
22,625
61,492
497,562 237,006 182,864 54,556 23,136 -
497,562
Group
Takaful payables
Other payables
417,944 43,126 236,013 158,727 41,423 217,965 181,398 1,703 2,965 54,683 -
83 23,136 -
5,964 -
-
9,036 417,944
43,126
236,013
697,083 418,115 186,066 * expected utilisation or settlement is within 12 months from the reporting date.
54,766 29,100 9,036 697,083
2013
Takaful Operator
Other payables
<----------------------------------------------------- Company ----------------------------------------------->
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000RM’000RM’000RM’000RM’000RM’000RM’000
66,866
66,594
272---
66,866
Family Takaful
Takaful payables
Other payables
26,139
26,139
-
-
-
-
26,139
22,725
22,725----
22,725
118,256
116,879
1,124
217
36
-
118,256
167,120 General Takaful
Takaful payables
Other payables
407,039
143,168
145,619
100,969
17,283
-
407,039
48,449
48,449----
48,449
65,099
64,987
90
22
-
-
65,099
520,587 Group
Takaful payables
Other payables
433,178
169,307
145,619
100,969
17,283
-
433,178
71,174
71,174----
71,174
212,274
210,513
1,486
239
36
-
212,274
716,626 165,743 256,604 450,994 1,124 145,709 147,105 217 100,991 101,208 36 17,283 17,319 -
-
-
167,120
520,587
716,626
* expected utilisation or settlement is within 12 months from the reporting date.
237
2012
Takaful Operator
Other payables
238
<--------------------------------------------------- Company ------------------------------------------------>
Carrying
Up to
1 - 3
3 - 5 More than
No
value
a year*
years
years
5 years Maturity
Total
RM’000RM’000RM’000RM’000RM’000RM’000RM’000
72,680 72,386 294 -
-
-
72,680
Family Takaful
Takaful payables
Other payables
25,386 15,318 145,157 25,386 15,318 143,099 -
-
2,010 -
-
24 -
-
24 -
-
-
25,386
15,318
145,157
185,861 183,803 2,010 24 24 -
185,861
General Takaful
Takaful payables
Other payables
356,014 20,505 60,303 105,902 20,505 60,109 172,433 -
181 54,543 -
13 23,136 -
-
-
-
-
356,014
20,505
60,303
436,822 186,516 172,614 54,556 23,136 -
436,822
Group
Takaful payables
Other payables
381,400 35,823 223,778 131,288 35,823 221,232 172,433 -
2,485 54,543 -
37 23,136 -
24 -
-
-
381,400
35,823
223,778
641,001 388,343 174,918 * expected utilisation or settlement is within 12 months from the reporting date.
54,580 23,160 -
641,001
39.6 Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three (3) types of risk - foreign exchange rates (Currency risk), market profit yields (Profit Yield risk) and market prices
(Price risk).
The key features of the Group’s and the Company’s market risk management practices and policies are as follows:
- 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 certificate holders in line with terms of the respective contracts expectations of
policies. The Group’s and the Company’s policies on asset allocation, portfolio limit structure and diversification benchmark have been
set in line with Group’s and Company’s risk management policy after taking cognisance of the regulatory requirements in respect of
maintenance of assets and solvency.
The Group and the Company also issue unit-linked investment policies. In the unit-linked business, the certificate holders bear investment
risk on the assets held in the unit-linked funds as the certificate benefits are directly linked to value of the assets in the funds. The Group’s
and Company’s exposure to market risk on this business is limited to the extent that income arising from asset management charges is
based on the value of the assets in the funds.
39.7 Currency risk
Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign
exchange rates.
The Group’s and the Company’s primary transactions are carried out in Ringgit Malaysia (RM) and its exposure to foreign exchange risk
arises principally with respect to Indonesia Rupiah (Rp) and US Dollar (USD).
As the Group’s and Company’s business is conducted primarily in Malaysia, the Group’s and the Company’s financial assets are also
primarily maintained in Malaysia as required under the Takaful Act, 1984 (repealed on 30 June 2013) and Islamic Financial Services Act 2013
(effective on 30 June 2013), and hence, primarily denominated in the same currency (the local RM) as its takaful and investment contract
liabilities. Accordingly, the main foreign exchange risk from recognised assets and liabilities arises from transactions other than those in
which takaful and investment contract liabilities are expected to be settled.
As the Group’s and the Company’s main foreign exchange risk from recognised assets and liabilities arises from retakaful transactions for
which the balances are expected to be settled and realised in less than a year, the impact arising from sensitivity in foreign exchange rates
is deemed minimal as the Group and the Company has no significant concentration of foreign currency risk.
The Group’s and the Company’s exposure to currency risk is immaterial in the context of the financial statements and hence, sensitivity
analysis is not presented.
239
39.8 Profit yield risk
Profit yield risk is the risk that the value or future cash flows of a financial instrument will fluctuate because of changes in market profit
yield.
Floating rate / yield instruments expose the Group and the Company to cash flow risk, whereas fixed rate / yield instruments expose the
Group and the Company to fair value risk.
Risk management objectives, policies and processes for managing the risk
The Group’s and the Company’s profit risk policy requires Management to manage the risk by maintaining an appropriate mix of variable
and fixed rate / yield instruments. The policy also requires Management to manage the maturities of profit-bearing financial assets and
liabilities. Floating rate / yield instruments will be re-priced at intervals of not more than one (1) year. Profit on fixed rate / yield instruments
is priced at inception of the financial instrument and is fixed until maturity.
Exposure to profit yield risk
The profit yield profile of the Group’s and the Company’s significant profit-bearing financial instruments, based on carrying amounts as at
the end of the reporting period was as follows:
GroupCompany
2013201220132012
Fixed rate instrumentsRM’000RM’000RM’000RM’000
240
Takaful Operator
LAR
250,115
4,041
1,965
194,337
220,743 634 1,585 157,914 249,248
-
-
133,984
219,731
98,630
450,458 380,876 383,232 318,361
Family Takaful
LAR
2,043,811
84,989
366,741
694,446
2,318,556 58,340 253,271 632,130 2,038,199
16,267
361,354
625,391
2,308,951
14,267
241,908
544,991
3,189,987 3,262,297 3,041,211 3,110,117
39.8 Profit yield risk (continued)
Exposure to profit yield risk (continued)
GroupCompany
2013201220132012
Fixed rate instrumentsRM’000RM’000RM’000 RM’00
General Takaful
LAR
375,414
35,902
104,501
430,967 35,575 137,110 375,414
32,674
90,714
430,967
32,722
115,158
515,817 603,652 498,802 578,847
Group / Company
LAR
2,669,340
89,030
404,608
993,284
2,970,266 58,974 290,431 927,154 2,662,861
16,267
394,028
850,089
2,959,649
14,267
274,630
758,779
4,156,262 4,246,825 3,923,245 4,007,325
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 ----------------------------------->
Impact on
Impact on
Impact on
Change in
profit Impact on operating participants’
variables before tax
equity*
surplus
fund
2013RM’000RM’000RM’000RM’000
Takaful Operator
+50bps +50bps -
11
(8,351)
11
-
-
-
11
(8,340)
-
-
-
(11)
10,603
(11)
-
-
-
(11)
10,592
-
-
-50bps -50bps
Family Takaful
+50bps +50bps -
-
-
-
-
(325)
(118,321)
(325)
-
-
(325) (118,646)
-50bps -50bps -
-
-
-
-
368
158,130
368
-
-
368 158,498
* impact on equity reflects adjustments for tax, when applicable.
241
<--------------------------------------- Group ---------------------------------->
Impact on
Impact on
Impact on
Change in
equity*
surplus
fund
RM’000RM’000RM’000RM’000
2013
General Takaful
+50bps -50bps -
-
-
-
-
-
(16,681)
20,933
Group
+50bps +50bps -
11 (8,351)
11 -
(325)
(135,002)
(325)
11 (8,340) (325) (135,327)
-50bps -50bps -
(11)
10,603
(11) -
368
179,063
368
(11) 10,592 368 179,431
2012
Takaful Operator
+50bps -50bps -
-
(5,218)
5,284 -
-
-
Family Takaful
+50bps +50bps -
-
-
-
-
(217)
(81,435)
(217)
-
-
(217)
(81,652)
-50bps -50bps -
-
-
-
-
223 92,453
223
-
-
223 92,676
General Takaful
+50bps -50bps -
-
-
-
-
-
(11,860)
12,302
Group
+50bps +50bps -
-
(5,218)
-
-
(217)
(93,295)
(217)
-
(5,218)
(217)
(93,512)
-50bps -50bps -
-
5,284 -
-
223 104,755 223
-
5,284 223 104,978
242
<------------------------------------ Company -------------------------------->
Impact on
Impact on
Impact on
Change in
equity*
surplus
fund
2013RM’000RM’000RM’000RM’000
Takaful Operator
+50bps -50bps -
-
(8,354)
10,606
-
-
-
Family Takaful
+50bps +50bps -
-
-
-
-
(667)
(118,348)
(667)
-
-
(667) (119,015)
-50bps -50bps -
-
-
-
-
710
158,157
710
-
-
710 158,867
General Takaful
+50bps -50bps -
-
-
-
-
-
(16,681)
20,933
Company
+50bps +50bps -
-
(8,354)
-
-
(667)
(135,029)
(667)
-
(8,354) (667) (135,696)
-50bps -50bps -
-
10,606
-
-
710
179,090
710
-
10,606 710 179,800
243
<------------------------------------ Company -------------------------------->
Impact on
Impact on
Impact on
Change in
equity*
surplus
fund
2012RM’000RM’000RM’000RM’000
244
Takaful Operator
+50bps -50bps -
-
(5,219)
5,285 -
-
-
Family Takaful
+50bps +50bps -
-
-
-
-
(217)
(81,483)
(217)
-
-
(217)
(81,700)
-50bps -50bps -
-
-
-
-
223 92,501
223
-
-
223 92,724
General Takaful
+50bps -50bps -
-
-
-
-
-
(11,860)
12,302
Company
+50bps +50bps -
-
(5,219)
-
-
(217)
(93,343)
(217)
-
(5,219)
(217)
(93,560)
-50bps -50bps -
-
5,285 -
-
223 104,803
223
-
5,285 223 105,026
39.9 Other price risk
Equity price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices (other than those arising from profit yield risk or currency risk), whether those changes are caused by factors specific to the
individual financial instrument or its issuer or factors affecting similar financial instruments traded in the market.
The Group’s and the Company’s equity price risk exposure relates to financial assets whose values will fluctuate as a result of changes in
market prices (excluding those investment securities held for the account of unit-linked business).
Risk management objectives, policies and processes for managing the risk
The Group’s and the Company’s price risk policy requires it to manage such risks by setting and monitoring objectives and constraints
on investments, diversification plans, limits on investments in each country, sector, market and issuer, having regard also to such limits
stipulated by BNM. The Group and the Company comply with BNM stipulated limits during the financial year and have no significant
concentration of price risk. Equity price risk sensitivity analysis
The analysis below is performed for reasonably possible movements in key variables with all other variables held constant, showing the
impact on OCI / Equity for Takaful Operator, and showing the impact on operating surplus / participants’ fund for 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 ----------------------------------->
Impact on
Impact on
Impact on
Change in
equity*
surplus
fund
2013RM’000RM’000RM’000RM’000
Takaful Operator
Market price
Market price
+15%
-15% (39) 39
17,331
(17,331)
-
-
-
Family Takaful Market price
Market price
+15%
-15% -
-
-
-
5,736
(5,736)
124,525
(124,525)
General Takaful Market price
Market price
+15% -15% -
-
-
-
-
-
23,085
(23,085)
Group
Market price
Market price
+15% -15% (39)
39
13,045
(13,045)
5,736
(5,736)
147,610
(147,610)
245
39.9 Other price risk (continued)
Equity price risk sensitivity analysis (continued)
<--------------------------------------- Group ---------------------------------->
Impact on
Impact on
Impact on
Change in
equity*
surplus
fund
2012RM’000RM’000RM’000RM’000
Takaful Operator
Market price
Market price
Family Takaful
Market price
Market price
+15% -15% -
-
12,578 (12,578)
-
-
-
+15% -15% -
-
-
-
15,249 (15,249)
91,178
(91,178)
General Takaful
Market price
Market price
+15% -15% -
-
-
-
-
-
14,763
(14,763)
Group
Market price
Market price
+15% -15% -
-
7,967 (7,967)
15,249 (15,249)
105,941
(105,941)
<----------------------------------- Company ------------------------------->
Impact on
Impact on
Impact on
Change in
equity*
surplus
fund
2013RM’000RM’000RM’000RM’000
Takaful Operator
Market price
Market price
+15%
-15% -
-
17,389
(17,389)
-
-
-
-
Family Takaful Market price
Market price
+15%
-15% -
-
-
-
7,686
(7,686)
125,829
(125,829)
General Takaful
Market price
Market price
+15%
-
-
-
23,116
-15% ---
(23,116)
Company
Market price
Market price
+15%
-15% * impact on equity reflects adjustments for tax, when applicable
246
-
13,103
7,686
148,945
- (13,103) (7,686)(148,945)
39.9 Other price risk (continued)
Equity price risk sensitivity analysis (continued)
<------------------------------------ Company --------------------------------->
Impact on
Impact on
Impact on
Change in
equity*
surplus
fund
2012RM’000RM’000RM’000RM’000
Takaful Operator
Market price
Market price
+15% -15% -
-
11,568 (11,568)
-
-
-
Family Takaful
Market price
Market price
+15% -15% -
-
-
-
5,963 (5,963)
69,900
(69,900)
General Takaful Market price
Market price
+15% -15% -
-
-
-
-
-
14,414
(14,414)
-
-
6,958 (6,958)
5,963 (5,963)
84,315
(84,315)
Company
Market price
+15% Market price
-15% * impact on equity reflects adjustments for tax, when applicable.
39.10 Fair value information
The carrying amounts of cash and cash equivalents, and short-term receivables and payables reasonably approximate their fair values
due to the relatively short-term nature of these financial instruments. It was not practicable to estimate the fair value of the Group’s investment in unquoted shares due to the lack of comparable quoted
market prices in an active market and the fair value cannot be reliably measured. Please refer to the respective note for the fair values of
other financial assets and liabilities, together with the carrying amounts shown in the statements of financial position.
247
248
383,832
957,346 2,122,246 -
782,773
-
-
782,773 101,584 66,435 - 168,019 - - 196,482 196,482 72,989 1,671,979
- 1,744,968 383,832 196,482 3,276,074 -
481,788 Family Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
64,268 254,960 162,560 10,013 -
-
96,254 - 29,015 64,268 64,268 -
244,143 -
38,095
10,013
96,254
-
23,303 5,712 - - 4,908
239,235
38,095
-
-
Takaful Operator
Financial assets
Equity securities
Unit trusts
Islamic papers
-
-
-
- - -
-
5,338 -
359,692
112,851
-
-
- - - - 5,338
246,841
1,944 -
-
- - 1,944
-
1,944 -
483,732 10,013
-
96,254
- 29,015 - 64,268 1,944 246,087
-
38,095 483,753
10,013
96,254
29,015
64,268
246,108
38,095
-
-
496,683 496,549
365,030 3,641,104 3,642,815
112,851 -
- 782,773 782,773
- - 168,019 168,019
- - 196,482 196,482
-
252,179 1,997,147 1,998,992
-
-
-
- - -
-
39.10Fair value information (continued)
The table below analyses financial instruments carried at fair value and those not carried at fair value for which fair value is disclosed, together with their fair values and
carrying amounts shown in the statement of financial position.
<------------------------------------------------------------------------------ Group ------------------------------------------------------------------------------>
Fair value of financial instruments
Total Carrying
carried at fair value
not carried at fair value
fair value amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
2013
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000 RM’000
Group
Financial assets
Equity securities
Unit trusts
General Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2013
375,414 61,886
38,147 -
569,349 61,886 -
133,234 - 22,554 38,147 38,147 -
313,528 455,731
-
455,731 1,237,5992,752,620 298,8974,289,116
-
1,012,261
-
- 1,012,261 147,441 72,147 - 219,588 - - 298,897 298,897 77,897 2,224,742
- 2,302,639 155,788 -
133,234
-
22,554 - - - -
313,528
32,778 32,778
-
- - -
145,629
10,451 392,470
-
-
-
- - - - 10,451
246,841
3,169 -
-
- - 3,169
35,947 32,778 605,296 94,664 - 133,234
- 22,554 - 38,147 3,169 316,697
605,251
94,560
133,234
22,554
38,147
316,756
145,629 601,360
601,122
- 402,9214,692,037 4,693,724
-
-
- 1,012,261 1,012,261
- - 219,588 219,588
- - 298,897 298,897
-
257,292 2,559,931 2,561,856
-
-
-
- - -
<------------------------------------------------------------------------------ Group ------------------------------------------------------------------------------>
Total Carrying
fair value amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
249
250
383,832
838,862 2,054,466 -
383,832 196,482 3,089,810 -
468,087 10,013 755,729
-
-
755,729 83,133 - - 83,133 - - 196,482 196,482 - 1,670,634
- 1,670,634 64,268 -
Family Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
249,248 10,013
-
93,173 - 23,303 64,268 64,268 -
239,235 -
38,095 154,571 -
93,173
-
23,303 - - - -
239,235
38,095
-
-
-
-
- - -
-
-
-
- - -
-
359,692 112,851
-
- - 246,841
-
-
-
- - -
-
-
-
-
- - -
-
-
-
- - -
-
468,087 10,013
496,683 359,692 3,449,502 112,851 - 755,729
- 83,133 - 196,482 246,841 1,917,475
-
-
-
93,173 - 23,303 - 64,268 - 239,235
-
38,095
3,451,164
496,549
755,729
83,133
196,482
1,919,271
468,087
10,013
93,173
23,303
64,268
239,235
38,095
<---------------------------------------------------------------------------- Company --------------------------------------------------------------------------->
Total Carrying
fair valueamount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Takaful Operator
Financial assets
Equity securities
Unit trusts
Islamic papers
2013
455,731
1,109,446 2,679,128 -
455,731 982,136 127,310 298,897 2,223,397 567,669 61,886 298,897 4,087,471 -
982,136
-
-
127,310 - - - - 298,897 - 2,223,397
-
38,147 -
Company
Financial assets
Equity securities
Unit trusts
Islamic papers
375,414
61,886
-
133,234 - 20,874 38,147 38,147 -
313,528
154,108 -
133,234
-
20,874 - - - -
313,528
-
-
-
- - -
-
-
-
- - -
392,470 145,629
-
- - 246,841
32,778 32,778
-
- - -
-
-
-
- - -
-
-
-
- - -
601,360
982,136
127,310 298,897 2,470,238
600,447 94,664
601,122
982,136
127,310
298,897
2,472,034
600,343
94,560
133,234
20,874
38,147
313,528
392,470 4,479,941 4,481,499
145,629 -
- - 246,841 32,778 32,778 - 133,234
- 20,874 - 38,147 - 313,528
<------------------------------------------------------------------------------ Company ------------------------------------------------------------------------->
Total Carrying
fair value
amount
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
General Takaful
Financial assets
Equity securities
Unit trusts
Islamic papers
2013
251
<---------------------------------------------------------- Group ----------------------------------------------------->
Fair value
of financial
instrument
Fair value of
not carried
financial instruments
at fair
Total Carrying
value* fair value amount
Level 1
Level 2
Level 3
Total
Total
2012
RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Financial assets
Equity securities
Unit trusts
Malaysian Government Islamic papers Family Takaful
Financial assets
Equity securities
Unit trusts
Investment units in commodity,equity
and fixed income closed ended fund
Malaysian Government Islamic papers General Takaful
Financial assets
Equity securities
Unit trusts
Malaysian Government Islamic papers Group
Financial assets
Equity securities
Unit trusts
Malaysian Government Islamic papers 252
37,004 -
31,574 - - - - 201,222 40,980 -
-
20,155 109,558 466,430 141,424 - 221,377 -
37,004 - 31,574 61,270 61,270 - 201,222 -
40,980 -
20,155 -
37,004 - 31,574 - 61,270 1,598 202,820 -
40,980 -
20,155 37,004
31,574
61,270
202,807
40,980
20,155
61,270 1,598 393,803 393,790
- 466,430 - 141,424 - 187,332 466,430
141,424
187,332
392,205 -
- 466,430 - - 141,424 - 187,332 187,332 -
-
- 1,826,508 - 550,388 59,662 59,662 - 1,826,508 - 550,388 -
59,662 59,662
153,596 1,980,104 1,966,998
115,176 665,564 663,169
607,854 2,376,896 246,994 3,231,744 268,772 3,500,516 3,485,015
85,161 -
13,257 - - - - 337,051 -
93,916 -
85,161 - 13,257 36,379 36,379 - 337,051 -
93,916 -
85,161 - 13,257 - 36,379 2,937 339,988 33,351 127,267 85,161
13,257
36,379
339,904
126,638
98,418 36,379 36,288 602,052 601,339
- 588,595 - 186,255 - 284,981 588,595
186,255
284,981
588,595 186,255 - 430,967 565,764 -
- 588,595 - - 186,255 - 284,981 284,981 -
-
- 2,364,781 - 664,459 59,662 59,662 - 2,364,781 - 664,459 -
59,662 59,662
158,131 2,522,912 2,509,709
148,527 812,986 809,962
774,850 3,029,240 344,643 4,148,733 306,658 4,455,391 4,439,164
<--------------------------------------------------------- Company -------------------------------------------------->
Fair value
of financial
instrument
Fair value of
not carried
financial instruments
at fair
Total Carrying
value* fair value amount
Level 1
Level 2
Level 3
Total
Total
2012
RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Takaful Operator
Financial assets
Equity securities
Unit trusts
Malaysian Government Islamic papers 37,004 -
24,844 - - - - 199,576 40,980 -
-
20,155 102,828 219,731 -
37,004 - 24,844 61,270 61,270 - 199,576 -
40,980 -
20,155 -
37,004 - 24,844 - 61,270 - 199,576 -
40,980 -
20,155 37,004
24,844
61,270
199,576
40,980 20,155
61,270 -
383,829 383,829
- 434,048 - 31,955 - 187,332 434,048
31,955
187,332
Family Takaful
Financial assets
Equity securities
Unit trusts
Malaysian Government Islamic papers 383,829 434,048 31,955 - -
-
- 1,772,830 - 550,388 59,662 59,662 - 1,772,830 - 550,388 -
59,662 59,662
142,033 1,914,863 1,901,957
115,176 665,564 663,169
466,003 2,323,218 246,994 3,036,215 257,209 3,293,424 3,278,123
-
- 434,048 - - 31,955 - 187,332 187,332 General Takaful
Financial assets
Equity securities
Unit trusts
Malaysian Government Islamic papers 85,161 -
10,935 - - - - 337,051 -
93,916 -
85,161 - 10,935 36,379 36,379 - 337,051 -
93,916 -
85,161 - 10,935 - 36,379 - 337,051 33,351 127,267 85,161
10,935
36,379
337,051
126,638
96,096 36,379 33,351 596,793 596,164
- 556,213 - 67,734 - 284,981 556,213
67,734
284,981
Company
Financial assets
Equity securities
Unit trusts
Malaysian Government Islamic papers 556,213 67,734 - 430,967 563,442 -
- 556,213 - - 67,734 - 284,981 284,981 -
-
- 2,309,457 - 664,459 59,662 59,662 - 2,309,457 - 664,459 -
59,662 59,662
142,033 2,451,490 2,438,584
148,527 812,986 809,962
623,947 2,973,916 344,643 3,942,506 290,560 4,233,066 4,217,136
* Comparative figures have not been analysed by levels, by virtue of transitional provision given in Appendix C2 of MFRS 13.
253
Policy on transfer between levels
The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused
the transfer.
Level 1 fair value
Level 1 fair value is derived from quoted price (unadjusted) in active markets for identical financial assets or liabilities that the entity can
access at the measurement date.
Level 2 fair value
Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the identical financial
assets or liabilities, either directly or indirectly.
Non-derivative financial liabilities
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows,
discounted at the market rate of interest at the end of the reporting period. Transfer between Level 1 and 2 fair values
There has been no transfer between Level 1 and 2 fair values during the financial year (2012: no transfer in either direction).
Level 3 fair value
Level 3 fair value is estimated using unobservable inputs for the financial assets and liabilities.
The following table shows a reconciliation of Level 3 fair values:
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
254
Takaful Operator
Balance at 1 January
Purchases
Investment income - realised
61,270 -
48,726 10,000 61,270 -
48,726
10,000
2,998
2,544 2,998
2,544
Balance at 31 December
64,268 61,270 64,268 61,270
39.10 Fair value information (continued)
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Family Takaful
Purchases
187,332 -
174,649 4,087 187,332 -
174,649
4,087
9,150
8,596 9,150
8,596
196,482 187,332 196,482 187,332
36,379 -
33,711 1,000 36,379 -
33,711
1,000
1,768
1,668 1,768
1,668
38,147 36,379 38,147 36,379
284,981 -
257,086 15,087 284,981 -
257,086
15,087
13,916
12,808 13,916
12,808
298,897 284,981 298,897 284,981
General Takaful
Purchases
Group / Company
Purchases
Investment units in commodity, equity and fixed
income closed ended fund
Family Takaful / Group / Company
59,662 63,906 59,662 63,906
Redemption
(688)
(2,350)
(688)
(2,350)
Maturity(60,602)
-(60,602)
Fair value gains and losses
- unrealised
1,628
(1,894)
1,628
(1,894)
-
59,662 -
59,662
255
39.10 Fair value information (continued)
The following table shows the valuation techniques used in the determination of fair values within Level 3, as well as the key unobservable
inputs used in the valuation models.
(a) Financial instruments carried at fair value
Significant
unobservable
Type
Valuation technique
inputs
Inter-relationship
between significant
unobservable inputs and
fair value measurement
Institutional
Discounted cash flows Discount rate
Trust Account
using market interest
of 3.58%
rates for a similar
instrument at the
measurement date
Sensitivity analysis for Level 3
The estimated fair value
would increase / (decrease)
if the discount rate were
(lower) / higher.
<-------------------------------------- Group ----------------------------------->
Impact on
Impact on
Impact on
Change in
equity*
surplus
fund
2013RM’000RM’000RM’000RM’000
Takaful Operator
Discount rate
Discount rate
+1% -1% -
-
(707)
733
-
-
-
Family Takaful
Discount rate Discount rate
+1% -1% -
-
-
-
-
-
(1,950)
2,003
General Takaful
Discount rate
Discount rate
+1% -1% -
-
-
-
-
-
(546)
562
Group
Discount rate
Discount rate
+1% -1% -
-
(707)
733
-
-
(2,496)
2,565
Valuation processes applied by the Group for Level 3 fair value
The Group has an established control framework in respect to the measurement of fair values of financial instruments. This includes a
valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, which
reports directly to the Chief Investment Officer and Chief Financial Officer. The valuation team regularly review significant unobservable
inputs and valuation adjustments.
256
40. Operating leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
GroupCompany
2013
2012
2013
2012
RM’000RM’000RM’000RM’000
Takaful Operator
Non-related parties:
Less than one year
Between one and five years
1,465
4,465
3,049 11,342 1,465
4,465
2,845
11,179
5,930 14,391 5,930 14,024
Related party:
Less than one year
177
1,567 -
-
177
1,567 -
-
6,107 15,958 5,930
14,024
Group / Company
Less than one year
1,465
4,465
3,049 11,342 1,465
4,465
2,845
11,179
5,930 14,391 5,930 14,024
Lease commitments are wholly payable from the Takaful Operator. The Group and the Company lease a number of computers and equipment
under operating leases. The leases typically run for a period of five years, with an option to renew the lease after that date.
Leases as lessor
The Group and the Company lease out their investment properties (see Note 4). The future minimum lease receivables under non-cancellable
leases are as follows:
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Takaful Operator
Less than one year
31
29
171 2
31
29
171
2
60 173 60 173
Related party:
Less than one year
432
568
1,107 357 432
568
702
357
1,000 1,464 1,000 1,059
1,060 1,637 1,060 1,232
257
40. Operating leases (continued)
Leases as lessor (continued)
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Family Takaful
Less than one year
4,169
3,091
6,212 3,276 4,169
3,091
6,212
3,189
7,260 9,488 7,260 9,401
Related party:
Less than one year
1,403
553
2,670 1,536 1,226
553
1,508
1,536
1,956 4,206 1,779 3,044
9,216 13,694 9,039 12,445
General Takaful
Less than one year
353
254
663 362 353
254
663
362
607 1,025 607 1,025
Related party:
Less than one year
309
323
228 71 309
323
228
71
632 299 632 299
1,239 1,324 1,239 1,324
Group / Company
Less than one year
4,553
3,374
7,046 3,640 4,553 3,374 7,046
3,553
7,927 10,686 7,927 10,599
Related party:
Less than one year
1,967
1,444
2,438 1,964 1,967
1,444
2,438
1,964
3,411 4,402 3,411 4,402
11,338 15,088 11,338 15,001
258
41. Capital commitments
Authorised by the Directors and contracted for
Group and Company
2013
2012
RM’000
RM’000
1,357
645
42. Related parties Identity of related parties
For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the Company
has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating
decisions, or vice-versa, or where the Group or the Company and the party are subject to common control or common significant influence.
Related parties may be individuals or other entities. Related parties also include key management personnel defined as those persons having authority and responsibility for planning, directing
and controlling the activities of the Group either directly or indirectly. The key management personnel include all the Directors of the Group,
and certain members of senior management of the Group. Compensation paid to key management personnel have been disclosed in Note 30.
The Group has related party relationship with its holding companies, significant investors, subsidiaries and associates, Directors and key
management personnel.
Significant related party transactions
Related party transactions have been entered into in the normal course of business under normal trade terms. The significant related party
transactions of the Company, other than key management personnel compensation as disclosed in Note 30, are as follows:
Ultimate holding company
Contribution income for General Takaful
Claims paid for Family Takaful
Claims paid for General Takaful
Holding company
Dividend paid
Related companies Contribution income for General Takaful
Claims paid for Family Takaful
Claims paid for General Takaful
Investment income
Lease rental expense
Rental income
Commision paid
Bank commissions
Group and Company
20132012
RM’000RM’000
2,677
-
1,726
2,204
600
183
41,372
36,003
626 -
9,685 1,911 -
2,567 232 708 2,457
229
215
970
99
2,640
370
415
259
42. Related parties (continued)
The significant outstanding balances of the Group and of the Company as at 31 December 2013 with its related parties, are as follows:
Group and Company
20132012
RM’000RM’000
Takaful Operator
Bank balances
Fixed and call deposits
770 -
770
149
2,454
2,603
Family Takaful
Bank balances
22,941 11,055 2,261
28,229
33,996 30,490
General Takaful
Bank balances
36,824 2,120 174
7,473
38,944 7,647
Group / Company
Bank balances
60,535 13,175 2,584
38,156
73,710 40,740
43.Contingencies
The Group subsidiary in Indonesia, P.T. Asuransi Takaful Keluarga, was served with additional tax assessment for year
of assessment 2007 amounting to approximately RM5.2 million (Rp19.5 billion) on 30 December 2013. The additional
assessment raised by the Indonesian tax office is mainly due to the disallowance of unit linked contribution reserves (arising from the
increase in value of unit linked investments) as tax deduction.
Similiar tax assessments have been raised by the Indonesian tax authorities to other conventional life insurers and takaful companies. The
Indonesia Life Insurance Association (AAJI) is involved in representing the industry to address the issue specifically with the Indonesian tax
authorities pertaining to the fair deduction of unit linked contribution reserve to be allowed for tax deduction with the tax authority.
The Board of Directors is of the view that they have justifiable ground to object to the additonal tax assessment. Hence no tax provision has been
made. The management has submitted an objection letter to the tax office on 4 February 2014.
260
44. Supplementary financial information on the breakdown of realised and unrealised profits or losses
The breakdown of the retained profits of the Group and of the Company as at 31 December, into realised and unrealised profits, pursuant to
Paragraphs 2.06 and 2.23 of the Bursa Malaysia Main Market Listing Requirements, are as follows:
GroupCompany
2013201220132012
RM’000RM’000RM’000RM’000
Total retained profits of the Company and its subsidiaries:
- Realised
- Unrealised
319,388
47,869
261,790 39,289 370,775
28,398
310,188
18,050
Total share of retained profits of associates:
- Realised
- Unrealised
367,257 301,079 399,173 328,238
-
-
-
-
-
-
-
Add: Consolidation adjustments
367,257 32,234
301,079 27,221 399,173 -
328,238
-
Total retained profits
399,491 328,300 399,173 328,238
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.
261
Maklumat Hartanah
a. Pelaburan Hartanah / Investment Properties
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
31.12.2013
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
1
No. 325A & 325B
Blok 41, Kompleks
Perniagaan Fajar
91000 Tawau
Sabah
Tiga unit Kompleks
Perniagaan/ Pejabat 4
tingkat
Three units of 4 storey
Commercial Complex/
Office
Pajakan bandar
999 tahun berakhir
pada 31.12.2895
999 years town
lease expiring on
31.12.2895
22
4,025/
6,037
2,950,000
31.12.2013
2
No. 64 & 65
Kompleks Jitra
Jalan Sungai Korok
06000 Jitra
Kedah Darul Aman
Dua unit Rumah kedai/
Pejabat 2 tingkat
Two units of 2 storey
Shophouse/Office
Pegangan bebas
Freehold
27
3,095/
6,935
1,080,000
31.12.2013
3
No. 23
Medan Istana 3
Bandar Ipoh Raya
30450 Ipoh
Perak Darul Ridzuan
Satu unit Rumah kedai/
Pejabat 3 tingkat
One unit of 3 storey
Shophouse/Office
Pajakan 99 tahun
berakhir pada
30.03.2081
99 years lease
expiring on
30.03.2081
18
1,539/
4,255
550,000
31.12.2013
4
No. 84
Batu 3 1/4
Jalan Gombak
53000 Kuala Lumpur
Pejabat 5 tingkat
Shophouse/Office
Pegangan bebas
Freehold
27
1,883/
8,700
1,388,000
31.12.2013
5
Lot 54 & 55
Bandar Wilayah Jasa
Jalan Bunga Raya
91100 Lahad Datu
Sabah
Pejabat 3 tingkat
Shophouse/Office
Pajakan bandar
99 tahun berakhir
pada 31.12.2090
99 years town
lease expiring on
31.12.2090
18
2,400/
7,200
1,680,000
31.12.2013
6
No. 24
Jalan USJ 10/1B
47620 UEP
Subang Jaya
Pejabat 3 tingkat
Shophouse/Office
Pegangan bebas
Freehold
19
3,200/
9,600
5,140,000
31.12.2013
7
No. 15 & 17
Jalan Kelibang
Langkawi Mall
07000 Kuah
Langkawi
Kedah Darul Aman
Pejabat 2 tingkat
Shophouse/Office
Pegangan bebas
Freehold
20
1,440/
7,720
650,000
31.12.2013
262
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
31.12.2013
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
Dua unit Rumah kedai/ Pegangan bebas
Pejabat 3 tingkat
Freehold
Shophouse/Office
15
3,293/
8,840
1,200,000
31.12.2013
No. 433 & 434
Jalan Kulas
93400 Kuching
Sarawak
Pejabat 4 tingkat
Freehold
Shophouse/Office
18
3,589/
12,855
3,550,000
31.12.2013
10
No. 312
Jalan Bandar 13
Taman Melawati
53100 Kuala Lumpur
Satu unit Rumah kedai/ Pegangan bebas
Pejabat 4 tingkat
Freehold
Shophouse/Office
19
1,920/
7,070
1,653,000
31.12.2013
11
No. 20, Fasa 1A
Jalan Haji Manan
86000 Kluang
Johor Darul Takzim
Pejabat 4 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
10.12.2108
99 years lease
expiring on
10.12.2108
17
2,658/
9,930
2,000,000
31.12.2013
12
Lot 13 & 14
Lazenda Commercial
Centre
Jalan Okk Abdullah
87007 Wilayah
Persekutuan Labuan
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 999 tahun
berakhir pada
30.06.2902
999 years lease
expiring on
30.06.2902
19
2,504/
7,200
2,200,000
31.12.2013
13
No. 1 & 2
Jalan Kelicap
Taman Pekan Baru
34200 Parit Buntar
Perak Darul Ridzuan
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
05.09.2078
99 years lease
expiring on
05.09.2078
26
3,956/
7,044
790,000
31.12.2013
14
No. 46 & 47
Jalan Rahmat
83000 Batu Pahat
Johor Darul Takzim
Pejabat 4 tingkat
Freehold
Two units of 4 Storey
Shophouse/Office
24
3,220/
12,092
1,480,000
31.12.2013
15
No. 180 & 181
Jalan Tuan Hitam
22000 Jerteh
Terengganu Darul
Iman
Pejabat 4 tingkat
Freehold
Shophouse/Office
23
3,200/
12,250
1,714,000
31.12.2013
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
8
No. 26 & 28
Jalan Perda Barat
Bukit Mertajam
Seberang Prai
14000 Penang
9
Hakmilik/
Tenure
263
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
31.12.2013
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
16
Lot 82, 84 & 86
Jalan Rugbi 13/30
Seksyen 13
40100 Shah Alam
Tiga unit Rumah kedai/
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
22.01.2102
99 years lease
expiring on
22.01.2102
14
6,339/
11,309
3,047,000
31.12.2013
17
No. 229
Jalan Shahab 2
Shahab Perdana
Jalan Sultanah
Sambungan
05350 Alor Star
Kedah Darul Aman
Pejabat 2 1/2 tingkat
Freehold
One unit of 2 1/2 storey
Shophouse/Office
17
1,400/
3,570
500,000
31.12.2013
18
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
14
2,001/
3,120
523,300
31.12.2013
19
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
13
3,200/
8,019
2,500,000
31.12.2013
20
No. 27
Pusat Komersil
Temerloh
28000 Temerloh
Pahang Darul Makmur
Shophouse/Office
Pajakan 99 tahun
berakhir pada
01.04.2095
99 years lease
expiring on
01.04.2095
13
1,398/
5,017
676,000
31.12.2013
21
No. 2 & 4
Jalan 6C/7
43650 Bandar Baru
Bangi
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
08.07.2086
99 years lease
expiring on
08.07.2086
26
6,383/
8,032
1,914,000
31.12.2013
22
Lot 14
Seremban City Centre
Jalan Tuanku Munawir
70000 Seremban
Khusus
Pejabat 6 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
07.04.2082
99 years lease
expiring on
07.04.2082
17
1,500/
14,589
3,644,000
31.12.2013
264
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
31.12.2013
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
23
No. 29, Jalan Delima
Pusat Perdagangan
Pontian
82000 Pontian
Johor Darul Takzim
Pejabat 3 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
25.09.2097
99 years lease
expiring on
25.09.2097
12
3,899/
10,248
1,640,000
31.12.2013
24
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
11
3,600/
23,637
6,390,000
31.12.2013
25
No. 616 & 617
Jalan Besar
73000 Tampin
Khusus
Dua unit bangunan
Pejabat 2 tingkat
Office building
Pajakan 99 tahun
berakhir pada
05.10.2088
99 years lease
expiring on
05.10.2088
21
4,498/
8,685
1,694,000
31.12.2013
26
No. 6
Jalan 6C/7
43650 Bandar Baru
Bangi
Pejabat 2 tingkat
Shophouse/Office
Pajakan 99 tahun
berakhir pada
08.07.2086
99 years lease
expiring on
08.07.2086
26
1,905/
3,508
763,000
31.12.2013
27
Suite 3B/G
Blok 3B, Plaza Sentral
Jalan Stesen Sentral 5
50470 Kuala Lumpur
Satu tingkat bangunan Pegangan bebas
Pejabat 22 tingkat
Freehold
One floor of 22 storey
Office building
12
6,409*
8,500,000
31.12.2013
28
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
32
1,600/
4,000
700,000
31.12.2013
29
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
31
3,200/
15,200
2,032,000
31.12.2013
265
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
31.12.2013
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
Dua unit bangunan
Pegangan bebas
Pejabat
Freehold
Blok Utama - 26 tingkat
Blok Annex - 29 tingkat
Two units of
Office building
Main Block - 26 storey
Annexe Block – 29
Storey
Blok Utama/
Main Block
- 40
Blok Annex/
Annexe
Block
- 33
90,427/
393,508
170,000,000
31.12.2013
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
17
2,800/
5,300
800,000
31.12.2013
32
No. 76A & 76
Pusat Perniagaan
Jalan Tupai
34000 Taiping
Perak Darul Ridzuan
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pegangan bebas
Freehold
10
3,134/
18,304
1,530,000
31.12.2013
33
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
11
3,852/
9,120
2,179,000
31.12.2013
34
No. 4197
Jalan Teluk Wanjah
05200 Alor Star
Kedah Darul Aman
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pegangan bebas
Freehold
11
8,716/
18,440
1,800,000
31.12.2013
35
No. 10 & 8
Jalan Padi Emas 5/2
Bandar Baru UDA
81200 Johor Bharu
Johor Darul Takzim
Dua unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
16.02.2099
99 years lease
expiring on
16.02.2099
8
3,080/
8,024
1,900,000
31.12.2013
36
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
28
1,400/
5,510
670,000
31.12.2013
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
30
Menara Takaful
Malaysia
No.4, Jalan Sultan
Sulaiman
50000 Kuala Lumpur
31
266
Hakmilik/
Tenure
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
31.12.2013
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
37
No. 16, Jalan
Cenderawasih
Jalan Kilang Lama
09000 Kulim
Kedah Darul Aman
Satu unit bangunan
Pejabat 3 tingkat
Office building
Pegangan bebas
Freehold
14
1,600/
4,172
400,000
31.12.2013
38
Lot 1340
Miri Waterfront
Commercial Centre
98000 Miri
Sarawak
Satu unit bangunan
Pejabat 4 tingkat
Office building
Pajakan 60 tahun
berakhir
30.09.2066
60 years expiring
on 30.09.2066
9
1,400/
5,500
1,384,000
31.12.2013
39
No. 6, Jalan Padi Emas
5/2, Bandar Baru UDA
81200 Johor Bharu
Johor Darul Takzim
Satu unit bangunan
Pejabat 3 tingkat
Office building
Pajakan 99 tahun
berakhir pada
16.02.2099
99 years lease
expiring
on 16.02.2099
8
1,540/
4,012
950,000
31.12.2013
40
No. 148, Kompleks
Munshi Abdullah
75200 Melaka
Satu unit bangunan
Office building
Pajakan 99 tahun
berakhir pada
23.04.2102
99 years lease
expiring
on 23.04.2102
20
1,470/
6,117
1,014,000
31.12.2013
41
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
14
3,218/
9,280
1,610,000
31.12.2013
Jumlah/Total
246,785,300
* Kawasan Bina/Built-up Area
267
Maklumat Hartanah
B. Hartanah yang dihuni-sendiri / self-occupied property
Hakmilik/
Tenure
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
1
No. 435
Jalan Kulas
93400 Kuching
Sarawak
Pejabat 4 tingkat
Freehold
Shophouse/Office
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
31.12.2013
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
18
1,214/
4,262
1,370,000
31.12.2013
C. Aset pegangan untuk dijual / asset held for sale
No
Lokasi/
Location
Penerangan
Kegunaan/
Description of
Existing Use
Hakmilik/
Tenure
Usia
Bangunan/
Building
(tahun/
years)
Keluasan
Tanah,
Kawasan Bina/
Land,
Built-up Area
(kaki persegi/
square feet)
Nilai Buku
Bersih pada/
Net Book
Value as at
31.12.2013
(RM)
Tarikh
Penilaian
Semula/
Date of
Revaluation
1
Lot 28, 30 & 32
Jalan 2/3A
Pasar Borong
68100 Selayang
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
26
4,447/
16,800
2,850,000
31.12.2012
2
Lot 12680
Level 1 & Mezzanine
Jalan Bukit Timbalan
80000 Johor Bharu
Johor Darul Takzim
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
15
8,354*
1,730,000
31.12.2012
3
Lot 12680, Level 3
Jalan Bukit Timbalan
80000 Johor Bharu
Johor Darul Takzim
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
15
6,594*
1,000,000
31.12.2012
4
No. 29 & 31
Pusat Komersil
Temerloh
28000 Temerloh
Pahang Darul Makmur
Two units of 2 1/2
storey
Shophouse/Office
Pajakan 99 tahun
berakhir pada
01.04.2095
99 years lease
expiring on
01.04.2095
13
2,796/
10,034
1,260,000
31.12.2012
* Kawasan Bina/Built-up Area
268
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 19 Februari 2014 : 162,817,000 saham biasa bernilai RM1.00 sesaham
Issued and fully paid-up capital as at 19 February 2014 162,817,000 ordinary shares of RM1.00 each
Jumlah pemegang saham pada 19 Februari 2014
No. of shareholders as at 19 February 2014
: 2,344
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 19 FEBRUARI 2014
SUBSTANTIAL SHAREHOLDERS’ SHAREHOLDINGS (5% AND ABOVE) AS AT 19 FEBRUARY 2014
Nama Pemegang Saham
Name of Shareholders
Jumlah Saham
Number of Shares
Peratus (%)
Percentage (%))
BIMB Holdings Berhad
Citigroup Nominees (Tempatan) Sdn Bhd
(Employees Provident Fund Board)
98,504,285
13,361,720
60.50
8.21
Jumlah / Total
111,866,00568.71
PEGANGAN SAHAM PARA PENGARAH PADA 19 FEBRUARI 2014
DIRECTORS’ SHAREHOLDINGS AS AT 19 FEBRUARY 2014
Nama Pengarah Name of Directors
Jumlah Saham
Number of Shares
Peratus (%)
Percentage (%)
Dato’ Mohamed Hassan Kamil Datuk Rozaida Omar Mahadzir Azizan Dato’ Sulaiman Mohd Yusof Johan Abdullah Zakaria Ismail
-
-
-
-
-
-
-
-
-
269
ANALISA PEGANGAN SAHAM MENGIKUT SAIZ PADA 19 FEBRUARI 2014
ANALYSIS BY SIZE OF SHAREHOLDINGS AS AT 19 FEBRUARY 2014
Saiz Pegangan Saham
Size of Shareholdings
Bilangan Jumlah
Pemegang Saham
Peratus (%)
Pegangan Saham
Peratus (%)
Number Number
of Shareholders
Percentage (%)
of Shareholders
Percentage (%)
Kurang dari 100
Less than 100
582
24.83
100 - 1,000
662
28.24
372,167
0.23
1,001 - 10,000
844
36.01
2,526,692
1.55
10,001 - 100,000
183
7.81
5,816,500
3.57
100,001 sehingga kurang daripada 5% saham diterbitkan
100,001 to less than 5% of issued shares
71
3.03
46,315,475
28.45
5% dan lebih saham diterbitkan
5% and above of issued shares
2
0.09
107,780,205
66.20
Jumlah / Total
2,344
100.00
5,9610.00
162,817,000100.00
TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 19 FEBRUARI 2014
THIRTY (30) LARGEST SHAREHOLDERS AS AT 19 FEBRUARY 2014
Nama Pemegang Saham Name of Shareholders Jumlah Saham
Number of Shares
Peratus (%)
Percentage (%)
BIMB Holdings Berhad 98,504,285
60.50
(Employees Provident Fund Board)
9,275,920 5.70
Bimsec Nominees (Asing) Sdn Bhd
(Islamic Development Bank)
7,000,000 4.30
Amsec Nominees (Tempatan) Sdn Bhd
(Amtrustee Berhad for CIMB Islamic Dali
Equity Growth Fund (UT-CIMB-DALI))
5,261,200
3.23
3,015,000 1.85
Lembaga Kemajuan Tanah Persekutuan (FELDA) 2,961,400 1.82
(Exempt An for American International
Assurance Berhad)
2,596,700
1.59
AmanahRaya Trustees Berhad
(Public Islamic Select Treasures Fund)
270
TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 19 FEBRUARI 2014 (sambungan)
THIRTY (30) LARGEST SHAREHOLDERS AS AT 19 FEBRUARY 2014 (continued)
Number of Shares
Peratus (%)
Percentage (%)
2,379,900
1.46
(Employees Provident Fund Board (CIMB PRIN))
2,112,500
1.30
Employees Provident Fund Board
1,500,000
0.92
CIMB Group Nominees (Tempatan) Sdn Bhd (Amtrustee Berhad for CIMB Islamic Dali Equity Theme Fund)
1,296,100
0.80
(Kumpulan Wang Persaraan (Diperbadankan) (CIMB Equities))
917,500
0.56
Maybank Nominees (Tempatan) Sdn Bhd (Etiqa Takaful Berhad (Family PRF EQ))
791,800 0.49
Amanah Raya Berhad
(Kumpulan Wang Bersama Syariah)
727,000
0.45
(Universal Trustee (Malaysia) Berhad
for CIMB-Principal Equity Fund)
681,800
0.42
HSBC Nominees (Asing) Sdn Bhd
(BBH and Co Boston for Prusik Asian Smaller
Companies Fund Public Limited Company)
637,300 0.39
T. O. Lim Holdings Sdn Bhd
570,000
0.35
Universiti Sains Malaysia 500,000 0.31
AmanahRaya Trustees Berhad
(Public Islamic Opportunities Fund)
492,300
0.30
Meng Hin Holdings Sdn Bhd
489,300
0.30
(Employees Provident Fund Board (PHEIM))
473,300
0.29
HSBC Nominees (Asing) Sdn Bhd
(Exempt An for JPMorgan Chase Bank,
National Association (Norges BK))
459,600
0.28
Amsec Nominees (Tempatan) Sdn Bhd
(Amtrustee Berhad for Apex Dana Al-Sofi-I (UT-APEX-SOFI))
444,900
0.27
(Bank Negara Malaysia National Trust Fund (CIMB))
439,200
0.27
Cartaban Nominees (Tempatan) Sdn Bhd (Exempt An for Eastspring Investments Berhad)
271
TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 19 FEBRUARI 2014 (sambungan)
THIRTY (30) LARGEST SHAREHOLDERS AS AT 19 FEBRUARY 2014 (continued)
Number of Shares
Peratus (%)
Percentage (%)
HSBC Nominees (Tempatan) Sdn Bhd
(HSBC (M) Trustee Bhd for
Pertubuhan Keselamatan Sosial
(CIMB-P 6939-404))
433,600
0.27
Citigroup Nominees (Asing) Sdn Bhd (CBNY for DFA Emerging Markets Small Cap Series)
431,200
0.26
HSBC Nominees (Tempatan) Sdn Bhd
(HSBC (M) Trustee Bhd for Hwang Ai Iman Growth Fund (4207))
404,100
0.25
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 Ashfak Ahmad Bin Alarakha)
393,000
0.24
Jumlah / Total 145,988,905 89.67
272
Rangkaian Cawangan & Syarikat Subsidiari
Branch Network & Subsidiary Companies
IBU PEJABAT /
HEAD OFFICE
26th Floor, Annexe Block, Menara Takaful Malaysia
No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur
P.O. Box 11483, 50746 Kuala Lumpur
Tel
: +603-2268 1984
Fax
: +603-2274 0237
Toll Free
: 1-300-8-TAKAFUL (8252385)
Email
: [email protected]
Website
: www.takaful-malaysia.com.my
TAKAFUL myCARE CENTRES
MENARA TAKAFUL MALAYSIA
Tingkat Bawah, Blok Utama
50000 Kuala Lumpur
PETALING JAYA
No. 10-2 & 12-2, Tingkat 1
Jalan 14/22, The Right Angle
46100 Petaling Jaya
SHAH ALAM
Tingkat Bawah
Lot No. 82, 84, 86
Jalan Rugbi 13/30, Seksyen 13
40100 Shah Alam
PUTRAJAYA
Lot 11F, Tingkat 1, Blok E16
Parcel E, Precinct 1 Anjung
62000 Putrajaya
IPOH
No. 23, Medan Istana 3
Bandar Ipoh Raya
30000 Ipoh
Perak Darul Ridzuan
SEREMBAN
Suite 14 – 2, Tingkat 2
Seremban City Centre
Jalan Tuanku Munawir
70000 Seremban
Negeri Sembilan Darul Khusus
MELAKA
148, Kompleks Munshi Abdullah
Jalan Munshi Abdullah
75100 Melaka
BATU PAHAT
Tingkat Bawah
No. 46, Jalan Rahmat
83000 Batu Pahat
Johor Darul Takzim
JOHOR BAHRU
Tingkat Bawah, No. 5, Jalan Setia
Tropika 1/30
Taman Setia Tropika
81200 Johor Bahru
Johor Darul Takzim
KUALA TERENGGANU
Tingkat 2
Jalan Sultan Ismail
20100 Kuala Terengganu
Terengganu Darul Iman
BANDAR PERDA
No. 28, Jalan Perda Barat 1
Bandar Baru Perda
14000 Bukit Mertajam
Pulau Pinang
KOTA BHARU
Lot 331 & 332, Tingkat Bawah
Jalan Sultan Yahya Petra
Wakaf Siku
15200 Kota Bharu
Kelantan Darul Naim
GELUGOR
No. 2480, Tingkat Bawah
Jalan Sultan Azlan Shah
11700 Gelugor
Pulau Pinang
KUANTAN
No. 45, Tingkat Bawah
Jalan Teluk Sisek
25000 Kuantan
Pahang Darul Makmur
ALOR SETAR
No. 229
Jalan Shahab 2
Shahab Perdana
Jalan Sultanah Sambungan
05150 Alor Setar
Kedah Darul Aman
TEMERLOH
No. 27, Jalan Dato’ Bahaman 3
Pusat Dagangan Temerloh
28000 Temerloh
Pahang Darul Makmur
SUNGAI PETANI
No. 4, Kompleks Seri Temin
Jalan Ibrahim, 08000 Sungai Petani
Kedah Darul Aman
MIRI
Lot 1340, Tingkat Bawah & 1
Miri Waterfront, Commercial Centre
Jalan Waterfront
98000 Miri, Sarawak
KUCHING
No. 435, Tingkat 1 & 2
Bangunan Tuanku Haji
Mohammad Al-Edrus
Jalan Kulas, 93400 Kuching
Sarawak
KOTA KINABALU
Lot A 202 & 203
Tingkat 2, Blok A
Wisma MUIS, Jalan Tengku
Abdul Rahman
88850 Kota Kinabalu
Sabah
TABUNG HAJI CAWANGAN
TANAH MERAH
Tingkat 1, Bangunan TH
Lot 211, Jalan Hospital
17500 Tanah Merah
Kelantan Darul Naim
: 09-955 7411
Tel Fax : 09-955 7413
TAKAFUL RETAIL CENTRES
KUALA PILAH
Bangunan Tabung Haji
Lot No 234
Jalan Dato’ Undang Johol
72000 Kuala Pilah
Negeri Sembilan Darul Khusus
Tel : 06-481 0971
: 06-481 0972
Fax
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 myDESK
JALAN TUN RAZAK
2nd Floor, Menara Tabung Haji
201, Jalan Tun Razak
50732 Kuala Lumpur
: 03-2162 1307
Tel : 03-2164 7446
SYARIKAT SUBSIDIARI /
SUBSIDIARY COMPANIES
ASEAN RETAKAFUL
INTERNATIONAL (L) LTD. (LL01129)
(in members’ voluntary liquidation)
Level 14, Blok 4
Financial Park Complex
Jalan Merdeka
87000 Wilayah Persekutuan Labuan
: 087-451 301
Tel : 087-451 302
Fax : 087-451 300
BAGAN SERAI
No. 110, Jalan Besar
34300 Bagan Serai
Perak Darul Ridzuan
Tel : 05-721 0320
: 012-505 2009
Fax
: 05-721 0323
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
: 6221-790 1435
Fax
BUTTERWORTH
Bangunan TH, No. 2828-G-1
Jalan Bagan Luar
12000 Butterworth
Pulau Pinang
Tel : 04-323 2892
PT ASURANSI TAKAFUL
KELUARGA
Graha B, Graha Takaful Indonesia
Tel : 6221-799 1234
: 6221-799 2345
Fax : 6221-790 1435
BENTONG
Jalan Ah Peng
28700 Bentong
Pahang Darul Makmur
Tel : 09-2220 840
Fax : 09-2220 839
KOTA TINGGI
No. 24, Jalan Niaga 1
81900 Kota Tinggi
Johor Darul Takzim
Tel : 07-883 2880
: 012-774 7553
Fax : 07-882 2790
PT ASURANSI TAKAFUL UMUM
Graha A, Graha Takaful Indonesia
Tel : 6221-799 1234
: 6221-799 2345
Fax : 6221-790 1944
273
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Borang Proksi/Proxy Form
FOR 29TH AGM
Syarikat Takaful Malaysia Berhad (131646-K)
(Diperbadankan di Malaysia di bawah Akta Syarikat, 1965/
Incorporated in Malaysia under the Companies Act, 1965)
Saya / Kami / I / We...................................................................................................................................................................................................................................................................................................
(Nama Penuh Pemegang Saham / Full Name of Shareholder)
NRIC No./ Passport No./ Company No...............................................................................................................................................................................................................................................................
dari / of.........................................................................................................................................................................................................................................................................................................................
(Alamat / Address)
No. Telefon / Telephone no .......................................................................................... sebagai ahli / ahli - ahli Syarikat Takaful Malaysia Berhad (“Syarikat”) dengan ini melantik /
being a member / members of Syarikat Takaful Malaysia Berhad (“the Company”), hereby appoint;
.........................................................................................................................................................................................................................................................................................................................................
(Nama Penuh & NRIC No / Full name & NRIC No)
dari / of.........................................................................................................................................................................................................................................................................................................................
(Alamat / Address)
dan/ atau jika beliau tidak dapat hadir/ and/ or failing him/her:
.........................................................................................................................................................................................................................................................................................................................................
(Nama Penuh & NRIC No / Full name & NRIC No)
dari / of.........................................................................................................................................................................................................................................................................................................................
(Alamat / Address)
atau jika beliau tidak dapat hadir, Pengerusi Mesyuarat sebagai proksi saya / kami untuk mengundi bagi pihak saya / kami di MESYUARAT AGUNG TAHUNAN SYARIKAT
TAKAFUL MALAYSIA BERHAD yang KEDUA PULUH SEMBILAN yang akan diadakan di Dewan Ahmad Mohamed Ibrahim, Tingkat 5, Blok Annex, Menara Takaful Malaysia, No.
4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur pada hari Selasa, 22 April 2014 pada jam 10:00 pagi dan pada sebarang penangguhannya.
or failing him, the Chairman of the Meeting as my / our proxy to vote for me / us on my / our behalf at the TWENTY NINTH ANNUAL GENERAL MEETING of SYARIKAT TAKAFUL MALAYSIA
BERHAD to be held at Dewan Ahmad Mohamed Ibrahim, 5th Floor, Annexe Block, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur on Tuesday, 22 April
2014 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 /
FOR
1
Untuk menerima Penyata-penyata Kewangan yang telah diaudit bagi tahun kewangan berakhir 31 Disember 2013, beserta
laporan Pengarah dan Juruaudit berkaitan dengannya.
To receive the Audited Financial Statements for the financial year ended 31 December 2013, together with the reports of the Directors
and auditors thereon.
2
Untuk meluluskan dividen akhir sebanyak 40% tier tunggal bagi tahun kewangan berakhir 31 Disember 2013.
To approve a final dividend of 40% single tier in respect of the financial year ended 31 December 2013.
MENENTANG /
AGAINST
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:
3
4
Johan Abdullah
5
Datuk Rozaida Omar
6
Untuk meluluskan bayaran yuran Pengarah-pengarah sebanyak RM696,000 bagi tahun kewangan berakhir 31 Disember 2013.
(RM783,000 bagi tahun kewangan berakhir 31 Disember 2012)
To approve the payment of the Directors’ fees of RM696,000 for the financial year ended 31 December 2013.
(RM783,000 for the financial year ended 31 December 2012)
7
Untuk meluluskan bayaran yuran Ahli-ahli Badan Penasihat Syariah sebanyak RM168,000 bagi tahun kewangan berakhir
31 Disember 2013. (RM193,000 bagi tahun kewangan berakhir 31 Disember 2012)
To approve the payment of Shariah Advisory Body Members’ fees of RM168,000 for the financial year ended 31 December 2013.
(RM193,000 for the financial year ended 31 December 2012)
8
Untuk melantik semula Tetuan KPMG Desa Megat & Co. sebagai Juruaudit Syarikat dan memberi kuasa kepada Pengarahpengarah 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.
9
Cadangan Mandat Pemegang-Pemegang Saham bagi Urusniaga-Urusniaga yang Berulang dengan Pihak Berkaitan.
Proposed Shareholders’ Mandate for Recurrent Related Party Transactions.
JUMLAH SAHAM
NO. OF SHARES
Pada / Dated this ......... haribulan / day of ......... 2014
Untuk pelantikan dua proksi, jumlah saham dan peratusan pemegangan saham yang
akan diwakili oleh proksi-proksi adalah seperti berikut/
For appointment of two proxies, the number of shares and percentage of shareholdings to be
represented by the proxies are as follows:
Jumlah saham /
No. of shares
Peratus / Percentage
Proksi 1 / Proxy 1
Tandatangan/ Cop Mohor Pemegang Saham
Signature/ Common Seal of Shareholders
Proksi 2 / Proxy 2
Jumlah / Total
100%
Nota-Nota:
(i)
Seorang ahli Syarikat yang berhak menghadiri dan mengundi di mesyuarat ini layak untuk melantik tidak lebih daripada dua (2) proksi untuk menghadiri dan mengundi bagi pihaknya
pada mesyuarat yang sama dan proksi itu tidak semestinya seorang ahli Syarikat.
(ii) Sekiranya ahli Syarikat melantik dua (2) proksi, pelantikan tersebut akan menjadi tidak sah melainkan beliau menyatakan nisbah pegangan yang akan diwakili oleh setiap proksi.
(iii) Sekiranya ahli Syarikat adalah nomini berkecuali yang dibenarkan seperti yang ditakrifkan di bawah Akta Perindustrian Sekuriti 1991 (Depositori Pusat) yang memegang saham-saham
biasa Syarikat untuk beberapa pemilik benefisial dalam satu akaun sekuriti (“akaun omnibus”), tidak ada had untuk bilangan proksi yang boleh dilantik oleh nomini berkecuali yang
dibenarkan bagi setiap akaun omnibus yang dipegangnya.
(iv) Suratcara pelantikan proksi bagi individu hendaklah ditandatangani oleh pelantik atau peguamnya dan dalam hal perbadanan, ia mestilah dimeterai atau ditandatangani oleh
seorang pegawai atau peguamnya yang telah diberi kuasa sewajarnya.
(v) Suratcara pelantikan seorang proksi mestilah dihantar ke Pejabat Berdaftar Syarikat di Tingkat 26, Blok Annex, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala
Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan bagi mengadakan mesyuarat atau sebarang penangguhannya.
(vi) Hanya ahli yang tersenarai di dalam Rekod Pendeposit pada 15 April 2014 yang layak untuk hadir, bersuara dan mengundi pada AGM atau melantik seorang proksi (proksi-proksi)
untuk hadir, bersuara dan/atau mengundi bagi pihak mereka.
Notes:
(i)
A member of the Company entitled to attend and vote at this meeting is entitled to appoint not more than two (2) proxies to attend and to vote instead of him at the same meeting and a proxy
need not be a member of the Company.
(ii) Where a member of the Company appoints two (2) proxies, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.
(iii) Where a member of the Company is an exempt authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991 which holds ordinary shares in the Company for
multiple beneficial owners in one securities account (“omnibus account”), there is no limit to the number of proxies which the exempt authorised nominee may appoint in respect of each
omnibus account it holds.
(iv) The instrument appointing a proxy in the case of an individual shall be signed by the appointer or his attorney and in the case of a corporation, must be under seal or under the hand of an officer
or attorney duly authorised.
(v) The instrument appointing a proxy must be deposited at the Registered Office of the Company at Tingkat 26, Blok Annex, Menara Takaful Malaysia, No. 4, Jalan Sultan Sulaiman, 50000 Kuala
Lumpur not less than forty eight (48) hours before the time for holding the meeting or any adjournment thereof.
(vi) Only members whose names appear in the Record of Depositors on 15 April 2014 shall be eligible to attend, speak and vote at the AGM or appoint proxy(ies) to attend, speak and/or vote on their
behalf.
stamp
Setiausaha Syarikat / The Company Secretary
Syarikat Takaful Malaysia Berhad
Tingkat 26, Blok Annex
50000 Kuala Lumpur

syarikat takaful malaysia berhad (131646

Transcription

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