Fund Management Function
The fund management function of Aberdeen Standard Islamic World Equity Fund has been delegated to Aberdeen Asset Managers Limited. Aberdeen Asset Managers Limited manages RM196.36 million as at 31 December 2019 for the Aberdeen Standard Islamic World Equity Fund.
Aberdeen Asset Managers Limited
The Manager has delegated the fund management function of the Fund to Aberdeen Asset Managers Limited. Aberdeen Asset Managers Limited’s duties include, amongst others, managing the Fund’s investments in accordance with the objective, investment strategy and policy, permitted investments and investment restrictions and limits of the Fund. Aberdeen Asset Managers Limited is the principal operating arm of Aberdeen Asset Management PLC, which has been listed on the London Stock Exchange since 1991. Regulated by the Financial Services Authority, the company manages corporate funds, investment trusts, unit trusts and life and pension funds and has been doing so since 1988.
On 15 February 2018, the Aberdeen Asset Managers Limited announced that Lloyds Banking Group (LBG) and Scottish Widows had sent Standard Life Aberdeen (SLA) a notice on 14 February purporting to terminate the long-term asset management arrangements between them (IMAs) covering, in aggregate, around £109bn of AUM at the end of a 12-month notice period. SLA has informed LBG that it does not agree that, following the merger of Aberdeen Asset Management PLC and Standard Life plc, SLA was in material competition in the UK with LBG and that, therefore, SLA does not consider that LBG, Scottish Widows or their respective affiliates has the right to terminate the IMAs. The parties continue to engage with each other within the framework of the dispute resolution process envisaged in the IMAs and an arbitral tribunal has been appointed to rule on the issues in dispute. Aberdeen Asset Managers Limited is a party to the arbitration.
Aberdeen Standard Investments (Asia) Limited
The Manager has delegated the fund management function of the Fund to Aberdeen Standard Investments (Asia) Limited which is regulated by the Monetary Authority of Singapore. Aberdeen Asset Management Asia Limited’s duties include, amongst others, managing the Fund’s investments in accordance with the objective, investment strategy and policy, permitted investments and investment restrictions and limits of the Fund. Aberdeen Standard Investments (Asia) Limited , a wholly-owned subsidiary of Aberdeen Asset Management PLC, was established in Singapore in May 1992, as the regional headquarters of the Aberdeen Group to oversee all of its Asia-Pacific assets, including collective investment schemes. Aberdeen Standard Investments (Asia) Limited has managed collective investment schemes and/or discretionary funds since May 1992.
As at 31 December 2018, Aberdeen Standard Investments (Asia) Limited is not engaged in any material litigation and arbitration, including those pending or threatened, and is not aware of any facts likely to give rise to any proceedings which might materially affect the business/financial position of the Manager and any of its delegates.
Amanie Advisors Sdn Bhd
Amanie Advisors Sdn Bhd (''Amanie'') is a Shariah advisory, consultancy, training and research and development boutique for institutional and corporate clientele focusing on Islamic financial services. Amanie is a registered Shariah advisory company for Islamic unit trust with the SC. It has been established with the aim of addressing the global needs for experts' and Shariah scholars' pro-active input. This will ultimately allow the players in the industry to manage and achieve their business and financial goals in accordance with the Shariah Principles. Amanie also focuses on organizational aspect of the development of human capital in Islamic finance worldwide through providing updated quality learning embracing both local and global issues on Islamic financial products and services.
The company is led by Datuk Dr. Mohd Daud Bakar and teamed by an active and established panel of consultants covering every aspect related to the Islamic banking and finance industry both in Malaysia and the global market. Currently the team comprises of seven (7) full-time consultants who represent dynamic and experienced professionals with a mixture of corporate finance, accounting, product development, Shariah law and education.
Amanie meets every quarter to address Shariah advisory matters pertaining to our Shariah-compliant Funds’ investments. Since 2005, Amanie has acquired thirteen (13) years of experience in the advisory role of unit trusts and as at 31 December 2018 there are more than 170 funds which Amanie acts as Shariah adviser.
The roles of Shariah Adviser are:
- To ensure that the Fund is managed and administered in accordance with Shariah Principles.
- To provide expertise and guidance in all matters relating to Shariah Principles, including on the Fund's deed and prospectus, its structure and investment process, and other operational and administrative matters.
- To consult with SC where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process.
- To act with due care, skill and diligence in carrying out its duties and responsibilities.
- Responsible for scrutinizing the Fund's compliance report as provided by the compliance officer and investment transaction reports provided by, or duly approved by, the Trustee to ensure that the Fund's investments are in line with Shariah Principles.
- To prepare a report to be included in the Fund's interim and annual reports certifying whether the Fund have been managed and administered in accordance with Shariah Principles for the period concerned.
The designated person responsible for Shariah advisory matters of the Fund is Datuk Dr. Mohd Daud Bakar as the Executive Chairman.
Dr. Mohd Daud Abu Bakar, Executive Chairman
Dr. Bakar is the Chairman of the Amanie Group and was previously the Deputy Vice-Chancellor at the International Islamic University Malaysia. He is currently the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia and the Shariah Supervisory Board of The International Islamic Liquidity Management Corporation (IILM).
Ph.D., University of St. Andrews, Scotland
Bachelor of Shariah (Fiqh wa Usuluhu), Kuwait University, Kuwait
Bachelor of Jurisprudence (external), University of Malaya, Malaysia
- Erna Salihuddin
- Nurul Liyana Kasman